Rules and principles of operation of the BitFondo online cryptocurrency exchanger

I.Basic provisions

  1. The document regulates the basic rules on the basis of which the exchange of digital currencies is carried out using the online service.
  2. Individuals and legal entities - Clients of the online service who wish to transfer digital currencies using the services of this system.
  3. On the Internet, using the web transfer system, safe operations are carried out for the profitable exchange of digital currencies using the online service.
  4. The Parties must understand that the presented Rules, drawn up online, have full legal force, like other documents submitted in paper form, and regulate bilateral legal relations between the Parties.
  5. The User, agreeing to the presented terms of the Agreement, leaves an online application for receiving services for the profitable exchange of digital currencies through the online service.
  6. When signing the presented Agreement, the User and the online resource are the Parties.


II. Subject

  1. The services provided by the online system and defined in the fourth paragraph take place if the User complies with the requirements described in the ninth paragraph of the Agreement. The implementation of the established rules for the services offered is determined by the fifth paragraph, and they are also regulated by the established order of the online resource.
  2. The client pays for the services on pre-agreed terms and conditions, previously prescribed in this document.


III. Responsibilities

1. The list of main responsibilities of the online system includes:

  1.1. Through payment services (Qiwi, Webmoney, etc.), digital currencies are converted in accordance with the main regulations.

  1.2. Adhere to the preservation of the provided personal information, information about the amounts and dates of transactions, and also provide, in accordance with the User"s request, the necessary information about a particular service. Adhere to the confidentiality of the services provided for the exchange of digital currencies using specific means of payment.

  1.3. The Company, for its part, undertakes to provide round-the-clock online support to the Client on any issues related to the exchange of digital currencies.

  1.4. The Company undertakes to protect information on ongoing transactions from access by third parties. Possible exceptions:

  • official requests from government agencies and regulatory agencies operating in the online service coverage area;
  • at the request of representatives of digital systems through which digital currency exchange operations were carried out;
  • according to the current court decision extending its effect to this resource.

  1.5. Provide a system of discounts for each Client;

  1.6. When the User submits an application-complaint about the violations specified in the following paragraphs of the Agreement, within 24 hours, transfer funds to the open account of the Client (another authorized entity).

2. When using this service, the client must know his obligations:

  2.1. For the smooth conduct of manipulations for the transfer of specific amounts, the Client undertakes to provide the current details of the financial institution and the requested documents.

  2.2. Follow unconditionally the specified rules.

  2.3. Set up a notification service about the services provided through the current e-mail. Use the possibilities of the Internet using existing information systems or modern devices. When launching the service, adhere to standard protection using pre-installed anti-virus packages.

  2.4. Provide up-to-date e-mail.

  2.5. Notify through the information block of the online resource about possible illegal actions when making digital transfers to the financial account of the Client or a third party, as well as notify about facts of fraud and illegal actions described in clauses 5.4-5.6. When fixing violations, the application-complaint must be sent to the administrative online resource no later than 30 days from the date of the erroneous transaction for the exchange of digital currencies. If the application-complaint is not received at the right time, then the disputed amounts become the property of the online resource.

  2.6. Do not use any schemes for increasing traffic.

  2.7. In the course of performing various financial transactions for the transfer of specific amounts, adhere to the basic requirements of the law when using this system.

3. The online portal can carry out the following actions:

  3.1. Temporarily suspend the functioning of the online resource in order to update it and carry out technical work;

  3.2. In case of possible violations by third parties and when contacting the control and monitoring services, the manuals of these payment systems and the online resource can completely suspend the system, up to the moment the violation is completely detected.

  3.3. Prohibit the conduct of exchange manipulations without providing the required explanation.

  3.4. Determine and change the percentage of remuneration for successful transactions.

  3.5. Use the system of cumulative discounts in the course of transactions.

  3.6. In case of incorrect completion of the procedure (issue of an error), the company may require the provision of additional information about the incorrect service with the choice of any method at its discretion: confirmation via mobile device or e-mail, screenshot, etc.;

  3.7. The administration of the online resource has the right to block the provided access if the Client has violated the requirement specified in clause 3.2.7.

  3.8. Suspend the operations of money transfers in the situations specified in clauses 5.4-5.6. Agreements.

  3.9. If it is impossible to identify the Client"s identity, the online resource may suspend transactions without a refund until the final identification is made.

  3.10. Interrupt initiated negotiations with the Client, in particular, in case of gross violation of ethics, censorship, culture of behavior or unreasonable refusal to provide other information.

  3.11. In the event that unreasonable conduct of financial transactions and suspicion of illegal enrichment of the currency received when working in the online system is confirmed, the management may suspend the completion of the operation until the actual circumstances are clarified, and may also demand the reimbursement of the full specified amounts, carried out in dubious ways.


IV. Services provided by this service

  1. The online resource provides bilateral services for financial transactions with digital currencies, resorting to the use of modern payment systems in financial institutions presented on the Web service, and Services for the withdrawal of digital currencies are carried out on the basis of existing payment instruments.
  2. The online resource does not carry out mandatory verification of currencies owned by the User and involved in transactions.


V. Regulations for the transfer/exchange of digital currencies

  1. All financial transactions with digital currencies begin from the moment the funds are credited, when a specific amount is credited from the Client. If the online application was made by the User, but in reality the funds were not received, then such an application is automatically deleted after 15-25 minutes. If after the expiration of the term (for cryptocurrencies - up to 60-80 minutes) the funds are received, then the online application is carried out at the rate that was set at the stage of enrollment.
  2. As soon as the specified amount is credited to the specified financial account of the individual (legal entity) or the specified third party, the transaction will be considered completed.
  3. Transactions with digital currencies cannot be canceled (stopped) after the application is made. Amounts posted in the course of this financial transaction cannot be returned back.
  4. If, during the execution of a financial transaction, it turned out that the data specified by the User was blocked by the bank or erroneous information was provided, the operation may be automatically suspended. The amounts carried out on this transaction are returned to the Client, taking into account the accuracy of the specified information.
  5. If the amount accrued for the transaction is less or more than the amount specified by the User when making an online application, then the resource interrupts its execution. The resource continues to complete the currency exchange transaction and pays out the amount that corresponds to the amount received, taking into account the exchange rate in force at the time of filing the electronic application.
  6. If, as a result of a financial transaction, an individual (legal entity) exchanges BTC, then the estimated transfer time depends on the current regulations of the Bitcoin system. The shortest duration of a transaction is 10-15 minutes, and the total duration is several days, depending on the amounts transferred. The administration of the online system cannot regulate the duration of cryptocurrency transactions and the processing speed of third-party financial organizations.
  7. If the User changes the notes to the online application or makes a payment from another account, the resource can independently suspend this operation. The amounts spent on this transaction are fully returned to the User, if the basic requirements of the Agreement are not violated.
  8. In any case, when a refund is made, a commission of 5% is withheld, except for clause 10.10.


VI. Legal liability


  1. If the User has made an inaccuracy when filling out the electronic form for the transfer / exchange of currencies, or has violated the rules for using the online resource, then the management is not responsible for this. If misprints (offenses) are made, then the amounts transferred by the Client to the wrong financial account (attention!) are not refundable, since the transaction is considered to be fully completed.
  2. For a temporary delay in the completion of the operation and errors resulting from the operation of financial institutions (online systems), the management of is not legally responsible.
  3. The online resource cannot be held responsible for possible damage or incorrect operation of servers (its components) that suspend financial transactions in full.
  4. For incorrect interpretation by the Client of the rules for performing currency manipulations, tariffs, costs and other conditions that caused losses, the online resource cannot be held responsible.
  5. The management of the online resource cannot be held responsible for the possible costs of currency transactions and the performance of other financial transactions that occurred during errors in the transfer of funds.
  6. If possible financial costs arise during the use of the online resource, then the User must understand that the service will try to fully compensate for possible losses.
  7. When conducting transactions with digital currencies, the User confirms that all amounts involved in the transactions are his personal property and are used without violating the law.
  8. The user guarantees that in the course of interaction with the online resource he has reached the age of 18 and is legally capable in accordance with the legislation of the country where he is currently located.


VII. Data update

  1. The management of the online resource may make changes to this document at any time. This updated document is considered legally binding from the date of its official publication on the web portal.


VIII. Mandatory conditions


  1. The online resource may not be used to implement fraudulent schemes and other illegal operations. The user accepts the requirements under which for the performance of financial manipulations to transfer illegally obtained amounts, he is punished in accordance with the current legislative requirements in force at the time of the transactions.
  2. The managers of the online resource are not responsible for the final result of the currency exchange carried out by third parties at the direction of the Client.
  3. An important requirement for the execution of a currency transaction is the receipt by the User of cash equivalents from the provided digital wallet. The user is not legally responsible for the completeness of the transfer of digital funds, since it is not his responsibility to verify the legality of their origin.
  4. If the Client"s illegal actions are proven, then the online resource can inform law enforcement agencies without the knowledge of the User and redirect information about the illegal actions of an individual (legal entity) to other partner payment resources and the victim.
  5. After confirming the specified requirements of the Agreement and electronic confirmation with the "I agree ..." button, the User is legally responsible for the result of the completed transaction.


IX. Unseen circumstances

  1. The parties involved in financial transactions are not legally liable and may be released from the performance of the specified obligations under this Agreement in the event of insurmountable and unpredictable situations. An example of such situations can be natural disasters, civil wars, legislative changes, riots, pandemics, fraudulent attacks, and so on. The management of the online resource declines responsibility in case of failures due to lack of power, Internet and other communications.


X. User identification

1. The client must go through a step-by-step identification procedure. This is an important condition for using the services of an online resource.

2. During the identification procedure, the online resource has the right to request personal information:

  2.1. Name of the Client.

  2.2. Current passport details.

  2.3. citizenship data.

  2.4. Information about the place of birth.

  2.5. Information about the place of actual residence (current registration).

  2.6. Contact information (zip code, contact phone number, e-mail and other additional information).

  2.7. Other personal information in a given format that the online resource considers necessary for study.

  2.8. Scans of utility bills specifying the address of a specific person, if the submitted document does not contain information about the actual place of registration (residence).

  2.9. Scans of the document owner (Client) holding an identity document.

  2.10. Scans of passport/ID-card or international passport.

3. The information provided by the User will be used to identify the Client"s identity, identify sources of financing for terrorism, hacker attacks and other financial and credit crimes through the functionality of this online resource and its application, including the mobile application.

4. The client of the online resource gives permission to track the flow of information received about him during a specified period of activity, as well as for 5 years after the account is closed in accordance with international data storage standards.

5. The client agrees to the online resource to conduct investigations directly or through third parties in order to verify the identity, as well as protect it from financial fraud. Third parties include KYC services and other systems, the choice of which is unlimited.

6. The online resource can collect, store and study information about the client in accordance with the basic rules specified in the Privacy Policy.

7. If the management of the online resource is unable to contact the Client using the specified contact information provided to the system through registration channels on the resources of the online resource when undergoing mandatory identification, then it is the User who is responsible for the monetary expenses incurred during the period of suspension of currency transactions and blocking of this account . By accepting this condition, the Client agrees that he is fully legally responsible for the accuracy and correctness of personal data.

8. After completion of the identification stage, the Client can monitor the relevance of this procedure. If the personal information changes dramatically with the Client, then he must update it using the means of communication of the online resource or through his own account. If the management of the online resource has reasons to believe that the data provided by the User is irrelevant, inaccurate or incomplete, then the online resource may apply clause 3.3.9 of the Agreement to the Client.

9. During the identification process, the Client gives consent to the online system to conduct various studies in relation to this Party. An online resource comes to such studies at its own discretion.

10. All the specified data of digital wallets on the online resource undergo a preliminary AML check by default.

This online resource may request verification of the Client if the digital wallet address specified in the application form is associated with the following definitions:

- Darknet Service;

- Fraudulent Exchange;

- ransom;

- Illegal Service;

- Stolen Coins;

- Mixing service.

If such connections are established, then after the completion of the verification procedure, the funds are returned to the sender"s details (minus a commission of 10%).




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