Terms and conditions

This agreement (“Agreement”) is between you (referenced herein as “Profile Holder”, “user”, “you” or “your”) and UAB Monitok, a virtual currency exchange and depository virtual currency wallet service provider, supervised by the Financial Crime Investigation Service of Lithuania, incorporated under the laws of Lithuania (company number 306005345, registered at Uzupio st. 30, LT-01203, Vilnius, Lithuania) (referenced herein as “Monitok”, “us”, “our” or “we”) (each referred to as “Party” and collectively referred to as “Parties”). 

We provide digital currency services (“Services”), which can be accessed via platform, through which we operate (“Platform”) at the address of https://monitok.io

By using the Services via the Platform, you agree that you have read, understood and accepted all of the terms and conditions of the Agreement, together with documents, which are related to this Agreement, i.e., Privacy Policy, Cookie Policy, AML Policy, etc. Any Agreement related documents are integral parts of the Agreement and together constitute one document and are legally binding to you. If you do not accept the Agreement or other documents that may be related to the Services, you must stop using the Services through the Platform.

We reserve the right to amend the Agreement at any time and at our sole discretion. We may at our sole discretion and without liability to you or any other third party, at any time, change, modify, remove or discontinue (temporarily or permanently) the use of the Services or the use of any part of the Services, functions, features and without indicating the reasons of such action, and you confirm that we will not be liable to you for any such change, modification, removal or termination.  

For the avoidance of doubt in the event of any changes of the Agreement or other documents that may be related to the Services, information on pending changes will be made available to you by servicing you with an e-mail 30 (thirty) days prior such changes become effective. If you do not accept such amendments to the Agreement or other documents that may be related to the Services, you must stop using the Services through the Platform.

The capitalized terms indicated in the Agreement have the meaning set forth in the Glossary below.

 

  1. Glossary

1.1. The following terms as used in the Agreement shall have the definitions indicated:

1.1.1. Affiliate – in relation to a person or entity, another person or entity that directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or common control with the person or entity, or a person’s or entity’s principal partners, shareholders, or owners of some other ownership interest.

1.1.2. AML – Law on Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania.

1.1.3. AML Policy – the Anti-Money Laundering and Terrorist Financing Prevention Policy.

1.1.4. Crypto, Virtual Currency, Digital Currency – one or another convertible virtual currency, such as Bitcoin: (i) that is indicated in the Service as compatible with the Service; (ii) in which both you and a Platform wish to carry out a Transaction; and (iii) that is not illegal to own, purchase or sell in Your Jurisdiction.

1.1.5. Data – information concerning you, a Platform, a third party related to the Service and relevant to you or a Transaction of yours as described in section.

1.1.6. Fiat – means real money issued by a sovereign nation, such as, for example, United States Dollars (USD) or Euros (EUR).

1.1.7. Intellectual Property Rights means  all  intellectual  property  rights  and   all  tangible embodiments of such rights, wherever located, including but not limited to the following: (i) all trademarks, service marks or other designations of origin, including all registrations and related applications and all goodwill associated with any of the foregoing; (ii) all copyrights, moral rights, and other rights in works of authorship, including all registrations and related applications; (iii) all inventions and ideas, whether patentable or not, and all patent rights, patents and patent applications; (iv) all know-how, trade secrets, confidential information, and other proprietary rights and information; and (v) all other rights covering intangible property recognized in any jurisdiction.

1.1.8. KYC – know-your-customer procedure performed by Monitok before entering into an agreement with you.

1.1.9. Materials – Services, products, Website, content or other materials.

1.1.10. Monitok – Monitok UAB, a limited liability company registered in the Register of Legal Entities of the Republic of Lithuania under number 306005345, having its registered office at Užupio g. 30, LT-01203 Vilnius, Lithuania, e-mail (e-mail address) or any of its Affiliates.

1.1.11. Privacy Policy – the privacy policy of Monitok applicable to the Services posted at  https://monitok.io/privacy.

1.1.12. Offer Price – the liquidity-adjusted price of a given digital currency amount in terms of local currency as quoted on the Monitok Website or other partner website through which Monitok is providing its Services.

1.1.13. Profile – a profile of the user, also referred to as User or Profile Holder (as defined below) which means that Monitok has your details in its database and may provide you with a possibility of exchanging digital currency (like bitcoin) and Fiat currency through the Platform. For the avoidance of doubt, Monitok does not open a traditional account where you could log into your personal account and perform desired actions.

1.1.14. Profile Holder – a natural person or legal entity who enters into an agreement with Monitok Services under these Terms.

1.1.15. Transaction means an actual or attempted purchase or sale by you of Crypto through the Platform as described in these Terms.

 1.1.16. Your Jurisdiction – any of the following or combination thereof:

  • the place where you are located and/or domiciled.
  • your IP address.
  • where KYC procedure is performed to You.
  • Your banking address.

1.1.7. Your Wallet – a hosted or unhosted Crypto wallet that is owned and operated exclusively by you and that is compatible with the Crypto that is the subject of a Transaction.

1.1.18. Prohibited Use means any act or omission that is illegal in the place where you are located or normally domiciled or where Monitok is located or for any of the following:

  • Credit counseling or repair agencies;
  • Credit protection or identity theft protection services;
  • Direct marketing or subscription offers;
  • Inbound or outbound telemarketing businesses including lead generation businesses;
  • Internet, mail or telephone order pharmacies or pharmacy referral services;
  • Items that encourage, promote, facilitate or instruct others to engage in illegal activity;
  • Items that may be counterfeit including, but not limited to: designer handbags, clothing and accessories, and consumer electronics;
  • Items that may infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the laws of any jurisdiction;
  • Items that promote hate, violence, racial intolerance, or the financial exploitation of a crime;
  • Items that promote, support or glorify acts of violence or harm towards self or others;
  • Live animals;
  • Medical equipment;
  • Multi-level marketing businesses (MLM);
  • Payment aggregators;
  • Prepaid phone cards or phone services;
  • Purchase, sale or promotion of drugs, alcohol, or drug paraphernalia, or items that may represent these uses;
  • Rebate based businesses;
  • Sales of money-orders or foreign currency;
  • Up-sell merchants;
  • Using the Service as a means to transfer funds between bank accounts held in the same name;
  • Using the Service for any illegal purpose, or in violation of any local, state, national, or international law, including, without limitation, laws governing intellectual property, taxation and other proprietary rights and data collection and privacy;
  • Using the Service in a manner that Monitok reasonably believes to be an abuse of their respective service;
  • Using the Service in any manner that could damage, disable, overburden, or impair Monitok including without limitation, using the services in an automated manner;
  • Using the Service in violation of the terms of these Terms, as reasonably determined by Monitok;
  • Using the Service to collect payments that support pyramid or ponzi schemes, matrix programs, other “business opportunity” schemes or certain multi-level marketing programs;
  • Using the Service to control an account that is linked to another account that has engaged in any of the foregoing activities;
  • Using the Service to defame, harass, abuse, threaten or defraud others, or collect, or attempt to collect, personal information about users, registered recipients, or third parties without their consent;
  • Using the Service to intentionally interfere with another user’s enjoyment of it, by any means, including uploading or otherwise disseminating viruses, adware, spyware, worms or other malicious code;
  • Using the Service to make unsolicited offers, advertisements, proposals, or to send junk mail or spam to others;
  • Using the Service to send or receive what Monitok considers to be funds for something that may have resulted from fraud or other illegal behavior;
  • Using the Service while impersonating any person or entity or falsely claiming an affiliation with any person or entity;
  • Or weapons including replicas and collectible items;
  • Weight loss programs;
  • Wire transfer money orders;
  • Using Service on or with respect to any good or service, which in itself or which contains any information or content that may be considered as abusive, harassing, threatening, inciting hatred, encouraging or facilitating anti-social behavior, promoting the tobacco or alcohol products or their industry or the armaments industry, obscene, defamatory, libelous, or racially, sexually, religiously, or otherwise objectionable, offensive and/or violating in any way the legal rights of others or where presence of the Content or any reference to Monitok and/or the Service might be perceived as damaging to Monitok’s reputation and goodwill or actually bring Monitok into disrepute;
  • Using the Service to transmit, distribute, display or otherwise make available through or in connection with the Service any content, which may infringe third party rights, including Intellectual Property rights and privacy rights, or which may contain any unlawful content;
  • Using the Service to impersonate any person or entity or provide false information on the Service, whether directly or indirectly;
  • Using the Service to falsely state or otherwise misrepresent your affiliation with any person or entity, or express or imply that Monitok or any third party endorses you, your business, or any statement you make, or present false or inaccurate information about and/or through the Service;
  • Using the Service to make funds or economic resources available to sanctioned individuals and/or entities or any other activity violating the sanctions regime or otherwise contrary to the international sanctions, including without limitation the US (OFAC) sanctions, the EU restrictive measures and/or sanction of any other country, and/or participating in any activities that would directly or indirectly aim to circumvent such prohibitions or facilitate any such circumvention;
  • Using the Service to for or in connection with any form of spam, unsolicited mail or similar conduct; or
  • Bypass any measures which may be used to prevent or restrict access to the Service or certain functionalities therein or those of third parties.

1.1.19. Website – Monitok website https://monitok.io/ or such other sites or portals through which the Service is provided to you.

  1. Services

2.1. Services. The Service offered by us entails facilitating the purchase or sale of Crypto on behalf of the Profile Holder using different payment methods such as bank cards, bank wire transfers or similar means, as well as other Digital Currency related services, including access to Digital Currency trading, spot and margin trading, and the ability to withdraw digital Currency and/or Fiat. However, we do not exercise any possession or control over the Crypto involved in the transactions. Additionally, we do not offer any payment service, electronic money related service, or any other regulated financial service. It is important to note that we do not keep or manage any Fiat deposits of the User.

2.2. Furthermore, it should be clarified that we do not offer any investment advice regarding the Services covered by the Agreement. While we may provide information on the price, range, volatility of Crypto and events that have affected the price of these, such information is not considered investment advice and should not be construed as such.

2.3. Additionally, by using our Services, Profile Holder acknowledge and agree that Profile Holder understands the risks associated with Digital Currency trading and that the Profile Holder are solely responsible for conducting your own due diligence and research regarding any Digital Currency the Profile Holder chooses to trade. The Profile Holder retains the sole responsibility for any decision to purchase or sell Crypto, and we will not be liable for any loss suffered.

2.4. We are an independent Digital Currency exchange and Digital Currency wallet operator business that allows users to deal directly with us.

2.5. Before executing the exchange of Crypto or Fiat currency, we reserve the right to suspend the transaction and require documents that demonstrate the legal source of the funds related to the exchange. Failure to submit such documents may result in our refusal to execute the exchange and may lead to the provision of related information to relevant authorities, if required under applicable laws. If a third-party payment service provider (e.g., in case of SWIFT payments) is involved in the Crypto Currency exchange, we may terminate the transfer of funds or Crypto currency lawfully at the request of those payment service providers.

2.6. If the Crypto or Fiat currency is sent to the incorrect recipient due to incorrect data provided by the Profile Holder (e.g., indicating a wrong IBAN number of the e-money Profile or an incorrect address of a blockchain Wallet), we will not be obliged to repay the transferred amount to the Profile Holder. However, we shall take all reasonable measures to track the executed payment operation and make reasonable efforts to recover the funds. The Profile Holder shall provide all necessary information to track the executed payment operation to the extent permitted under applicable laws to enable direct contact with the person who received the payment for the purpose of returning the transferred funds or Crypto currency.

  1. Use of the Platform & Services

3.1. You agree to comply with all guidelines, notices, rules and policies pertaining to the use of the Services via the Platform. We may, from time to time and without giving any reason or prior notice, upgrade, modify, suspend provision of the Services via the Platform, and shall not be liable if any such upgrade, modification, suspension or discontinuation prevents you from using the Services or any part thereof.

3.2. You agree and undertake not to: 

(a) use or upload, in any way, any software or material onto the Platform, in particular those that contain, or which you have reason to suspect contain, computer virus or other malicious, destructive or corrupting code, agent, program or macros;

(b) post, promote or transmit any materials or information on the Platform while using the Services, which are or may be illegal, misleading, offensive, indecent, defamatory or which may not be lawfully disseminated under applicable laws, any applicable Internet standards or otherwise are objectionable.

3.3. With respect to all contents of transmissions or communications you make or submit while using the Services, we shall be free to reproduce, use, disclose, host, publish, transmit and distribute all such contents of transmissions or communications or any part thereof to others without limitations, and you hereby grant to us and our partners, a non-exclusive, royalty-free, irrevocable license and right to do the same.

3.4. Any materials, information, view, opinion, projection or estimate presented in relation to the Services via the Platform is made available by us for informational purposes only and is subject to change without notice. You must make your own assessment of the relevance, timeliness, accuracy, adequacy, commercial value, completeness and reliability of the materials, information, view, opinion, projection or estimate provided therein.

3.5. Please note that content, products or services of third party may be accessible on the Platform in relation to the Services, the access and / or use of such content, products or services are subject to the term and conditions stipulated by such third-party websites / platform and that you shall separately read and agree to such terms and conditions before accessing such content, products or services. We shall not be liable in any way for your access to and use of such third-party systems, services, content, materials, products or programs, or for purchases or subscriptions made in relation thereto.

  1. Verification process

4.1. For KYC performance, you may be requested to provide additional or updated information, data and / or documents. Your refusal to provide such information, data, documents and / or provision of insufficient or false information, data, documents shall be deemed to be a ground for Monitok to refuse to enter into contractual relations or to decide to terminate contractual relations with you regarding provision of Services under the Terms and may be subject for disclosure to relevant authorities, if so, required under applicable laws. Besides, for the performance of KYC, sanctions compliance or other anti-money laundering or countering terrorist financing procedures Monitok may be required to provide information received from you to third parties. By accepting the Terms, you are informed that information about you would be provided to such third parties to the extent needed for the on-boarding of the client and to perform subsequent legitimate actions (including, but not limited to monitoring of business relationships).

4.2. To use the Services, you may be asked to provide your name, surname, date of birth or legal entity name, representative name, basis of representation, e-mail address, as well as to accept the Agreement and other related documents that may be requested at our sole discretion. You agree to provide complete and accurate information before using the Services and agree to promptly update any information you provide to us so that such information is complete and accurate at all times. 

4.3. You agree to provide us with the information we request for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud and other financial crimes and permit us to retain such information. We will collect, use and share this information in accordance with our Privacy Policy. You will need to complete certain verification procedures before you are permitted to use the Services. For the identification we may request to provide information, such as, your name, surname, identification code and / or date of birth, registration address, citizenship, ID document or a legal entity name, form, code, registration and business address, extracts from register, beneficial owner name, surname, identification number and citizenship as well as representative name, surname, identification number, citizenship and power of attorney if required and other information collected at the time of registration and any such information that we may require from you from time to time under applicable law. 

4.4. We may require you to submit additional information about your source of wealth / source of funds or representative and beneficial owner of legal entity, your business, or your transactions, provide records, and complete other Customer Due Diligence steps (e.g., “Enhanced Due Diligence”) so that we may, among others, establish the source of your wealth and funds for any transactions carried out in the course of your use of the Services. 

4.5. In providing us with any information, you confirm that it is true, accurate and complete. You are responsible for any losses that occur regarding the submission of invalid / incorrect data. You undertake to immediately notify us if there is any change in the information that you have provided to us and to provide such additional documents, records and information as may be required by us. We shall have the right to send you a notice to demand corrections, remove relevant information directly and terminate all or part of the Services to you. You shall be solely and fully responsible for any loss or expenses incurred during the use of the Services if you cannot be reached through the contact information provided. You hereby acknowledge and agree that you have an obligation to keep all information provided up to date if there are any changes.

4.6. You authorize us to make inquiries, either directly or through third parties, that are deemed necessary to verify your identity or to protect you and / or us against financial crimes such as fraud and to take action that we reasonably deem necessary based on the results of such enquiries. When we carry out these enquiries, you acknowledge and agree that your information may be disclosed to credit reference and fraud prevention or financial crime agencies and that these agencies may respond to our enquiries in full. 

4.7. We may, in our sole discretion, refuse to allow you to use the Services, or suspend usage of Services, or suspend or terminate accessibility of a third party’s websites, platforms or services.

  1. Eligibility and Prohibition of Use

5.1. Legal relationships between you and Monitok are established with you when you consent to these Terms and make your first transfer to Monitok with clear intention to buy Digital Currency.

5.2. By using the Services, you represent and warrant that:

  1. you are a legal entity with full legal capacity and authority to enter into this Agreement;
  2. you are at least 18 years old or of legal age to form a binding contract under applicable law;
  3. you are an individual or the representative of the legal entity has a right and a full authority to enter into this Agreement on behalf of the legal entity;
  4. you have not previously been suspended or removed from using the Services;
  5. the use of the Services is void where prohibited by law;
  6. your use of the Services will not violate any and all laws and regulations applicable to you regarding usage of the Services, including regulations on anti-money laundering, anti-corruption, and counter-terrorist financing; 
  7. you are not subject to any trade, financial or economic sanctions, embargos or other restrictive measures established, applied or imposed by the United Nations Security Council, the European Union, the United Kingdom (including Her Majesty’s Treasury), the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury), other countries, international or governmental bodies (“Sanctioned Person“);
  8. you are not a citizen or resident of, or are a legal entity that is registered, has presence in or is controlled or owned by citizens or residents of Cuba, Iran, North Korea, Syria, Crimea, Sevastopol or any other sanctioned country or region as we may designate according to consolidated sanctions list, which we follow (“Sanctioned Country”).

5.3. For the avoidance of doubt, you (including your beneficiaries) cannot use the Services, if you fail to meet any customer due diligence standards, requests or requirements of us and / or are deemed high risk by us according to criteria established at the sole our discretion.

5.4. We reserve the right to refuse registration or the commencement of relationship with you under this Agreement without indicating the reasons, however, Monitok shall assure that the refusal to register will always be based on significant reasons which Monitok does not have to or might not have the right to reveal. You acknowledge and agree that it is at our sole discretion whether to provide you with any or all of the Services. You also acknowledge that we are not responsible if you are not allowed to access third party websites, platforms, services, products (including, but not limited those, that may be accessible via the Platform) as such may be subject to additional different customer due diligence requirements.

5.5. Please note that if the validity period of the residence / work permit document expires, the user with a foreign identity number who has temporary residence / work permit is also responsible for submitting new residence / work permit documents to us within 15 days. We are not responsible for submissions not made within the deadline. The user agrees that we shall not be held responsible in the event that his / her membership is not approved due to failure to provide the necessary information and documents.

5.6. The user is deemed to have made a correct statement based on the declaration of identity, address, and other contact information (i.e., mobile phone, e-mail). In case of a change in such information, the user is responsible for notifying us of the new identity, address, and contact information within 15 days after the change of information. The user, in case of a change in the information and documents of the user and in case of a change in the user’s authorized representative or in the identity, address and other contact information of the authorized representative, the added information, document, identity, address, and contact information shall be submitted to us within 15 days after the change. You are responsible for notifying these changes to us.

5.7. We may at any time suspend / freeze or cancel the accounts of the users who are found to be in violation of one or more of the conditions in this Agreement and its annexes at any time. The final decision on this matter always belongs to us.

5.8. You shall use the Service only in furtherance of Transactions involving only Crypto that has been indicated as compatible by Monitok, such as they may be from time to time and which is available on the Platform. All other Crypto Currencies or tokens that are not indicated as compatible with the Service are considered as prohibited Crypto meaning that the Service cannot be used for any Transactions involving them (“Prohibited Crypto”).

5.9. The fact of the Service being compatible with one or another Crypto shall not be construed as a representation as to the actual or future value of the Crypto or a legal or other opinion as to the status of the Crypto as a security. Nothing in the Service shall be construed as an endorsement of any Crypto.

5.10. Other conditions related to your Profile

  • Monitok reserves the right to change the buy limits on your Profile as we deem necessary;
  • You also agree to provide the correct name during verification as used with the bank account to assure Monitok can compare and validate that name on bank account from which transfer has been made and completed is the same as the name provided during verification;
  • You will provide one of your Wallet addresses to Monitok where Monitok can send Digital Currency to the Profile Holder;
  • Monitok cannot be held responsible for the loss of Digital Currencies resulting from an Profile Holder not being able to access their personal Wallet and / or Digital Currency address(es) which they provided to Monitok to be used by Monitok for sending Digital Currency to the Profile Holder;
  • When buying Digital Currencies through the Monitok, Profile Holder generates a request directly to Monitok to buy specific Digital Currency for the market price. The purchase is done once the payment from Profile Holder is received. The total exchange Service price is subject to the Monitok’ Offer Price. The Offer Price is stated as a “Buy Price” and is equivalent to Fiat at which you purchase Digital Currency from Monitok. You agree and acknowledge that by accepting the Offer Price as part of the Transaction, as a condition for using the Services, that prices on a market are changing. Thus, you will see the exact amount of Digital Currencies you get only after your payment is received by Monitok and your request to buy Digital Currency is subsequently executed;
  • Profile Holder acknowledges and agrees that the Digital Currencies’ price is based on the Offer Price. Volatile market conditions, 3rd party caused delays and API delays can affect the Offer Price negatively, for which Monitok cannot be held responsible;
  • Profile Holder also acknowledges and agrees that the payment in relation to the Transaction may be delayed due to the unavailability of banking systems, for which Monitok cannot be held responsible;
  • Due to the inherent nature of the Digital Currencies networks, Profile Holder also acknowledges and agrees that while typically execution of its request to buy Digital Currencies to their Profile may be performed swiftly, unforeseen or unavoidable network issues may cause significant delays after the payment is successfully received;
  • In case you have noticed that funds or Crypto Currency have been transferred to Your Wallet by mistake or in other ways that have no legal basis, you are obliged to immediately notify Monitok about it and unconditionally commit to repay Monitok the funds or return the Crypto Currency which was transferred by mistake in 3 (three) business days from the receipt of such request from Monitok.
  1. Generally Applicable Terms for Services 
  1. Data Sharing. In order to use the Services, including any or all functionalities or features, we or our partners may, at our (or partner’s) sole discretion, require you to provide any kind of additional information or to perform any kind of additional actions that we may deem necessary. Any of the functionalities or features available within the Platform may be subject to a separate verification process to the extent we (or our partners) deem necessary to assess your eligibility to use the Services or certain parts of such;
  2. Informing the authorities. Pursuant to Lithuanian Law on the Prevention of Money Laundering and Terrorist Financing Art 20 (31) we are obliged to notify the Financial Crime Investigation Service of your identification data and information on performed digital currency exchange operations or transactions in digital currency, if the value of such monetary operations or transaction is equal to or exceeds EUR 15,000 or its equivalent in foreign or digital currency, whether the transaction is concluded in the course of one or more related monetary transactions within one day;
  3. Cancellations and Reversals. You acknowledge that all transactions made due to the generated digital assets / digital currency payment request are final and irrevocable (that is, it cannot be cancelled). We may reverse a transaction only when compelled to do by any applicable law, regulation or AML team decision to reject payment regarding no-compliance. In such case we may charge additional fees for any reversal of transaction. Notably, the fees, applicable to reversible transaction, may substantially differ from the fees, applicable for incoming payment; 
  4. Delays in Transactions. We reserve the right to take longer than our typical processing time to process any generated digital asset / digital currency payment request and/or to suspend the processing of any transaction, for reasons such as conducting additional due diligence or pursuant to a request by our partners or any relevant governmental authority or regulator. We will have no liability or responsibility for any losses that you suffer in relation to the foregoing actions;
  5. Custody. We maintain full custody of the assets, funds and user data / information which may be turned over to Governmental Authorities in the event of user’s account suspension or termination arising from fraud investigations, investigations of violation of law or violation of this Agreement;
  6. Fees policy. We reserve the right to change or modify our transaction fee structure or increase any of our fees at any time and from time to time. Any such changes, modifications or increases will be effective from the moment they are announced on the Platform, and the Platform records are valid. Your first use of the Services following the changes, modifications or increases to the fees will constitute your acceptance of such changes. If you do not agree to such changes, you may stop using the Services. For more information about our fees in relation to the Services, please see Section 7 of this Agreement.
  1. Fees

7.1. Each buy-sell and deposit-withdrawal transactions made by users through the Platform are subject to a commission determined by us which is announced and updated continuously at (e-mail ). We shall determine the commissions unilaterally and shall have right to make changes with prior announcement. Changes are effective from the moment they are announced on the Platform, and the Platform records are valid.

7.2. We may collect the commissions from the cryptocurrency transaction performed by user, as well as from the user’s account available on the Platform. If the user’s account balances are not available for payment of the commission, the commission may be deducted from the transfer amount, or the transfer may be rejected by the Platform. Commission are service fees and are absolutely non-refundable (even if the transfer is cancelled). The user accepts these matters in advance with this Agreement.

7.3. If you use our Services that are facilitated by a third party, additional fees may apply and will be included in the total amount of fees payable by you to us. However, for using our Services you shall be charged only transaction and maintenance fees. Third party fees do not fall within such fees and thus shall not be considered as part of the transactions’ fees.

7.4. You authorize us, or our Partner, to charge or deduct your requested digital currency transfer funds for any applicable fees owed in connection with your use of the Services.

7.5. In case of reversal of payment, digital currency related payment would be sent back to initial payer by deducting all transaction fees. Notably, the fees, applicable to reversible transaction, may substantially differ from the fees, applicable for incoming payment.

7.6. Digital Currencies such as bitcoins are digital non-returnable and non-refundable product for which you lose your right of withdrawal. The sale of Digital Currency is final sale and no returns are permitted. Monitok is not obliged to issue an invoice for the fees incurred. Monitok’ details might appear on end user bank statement.

  1. Transactions

8.1. A buy Transaction is initiated after your payment notification has been received from Monitok payment service provider and is processed by Monitok. The Digital Currency will be sent to the Digital Currency address of Your Wallet after completion of the buy Transaction. The Digital Currency price for your Transaction will be locked in for a short period, so you know exactly how much Digital Currency you will receive. If your payment takes more than the lock in period to finalize, your Digital Currency price will be updated with the Monitok Offer Price at the time of receiving your payment signal. In that case the final amount of Digital Currency sent to your Wallet may differ slightly. The minimum and maximum Transaction sizes depend on the status of your Profile and are visible at payment verification window.

8.2. When buying Digital Currency by SEPA bank transfer, you acknowledge and agree to accept:

8.2.1. That you will be provided with the details of the Monitok bank account after clicking the review order button on the payment verification (Buy) page.

8.2.2. SEPA bank transfers are processed daily after receiving a notification from our bank of your transfer. Expect a lead time of one to three working days between your bank transfer and receiving the digital currency in your Wallet.

8.2.3. Initiate your SEPA transfer from the bank account, which is under the same name you used to complete verification on Monitok Profile.

8.2.4. Put your Monitok Services payment reference in the ‘comment’ (sometimes called ‘label’ or ‘reference’) field of the bank transaction.

8.2.5. Only transfer Euro amounts within the limits of your Profile and the exact amount you saw on the payment verification window.

8.2.6 If you transfer money, but your ID verification has failed – please start the verification process again through the Platform or write e-mail to e-mail and ask for help. If within 10 working days you will not complete verification successfully because of the issues from your side, Monitok is responsible to take 10% fee from the amount you sent (with minimum of 5 euros and maximum of 20 euros). The amount will be transferred to the same IBAN account from which the transfer was made to Monitok.

8.2.7. If you transfer the amount which exceeds the one you have to pay based on the order you accepted – Monitok will exchange Crypto for the amount you have transferred with the updated amount / volume of digital asset you have selected.

8.2.8. The minimum SEPA transfer is equal to 30 euros and the maximum depends on your Profile level.

8.2.9. After your SEPA bank transfer, it usually takes 1-5 working days to show on our bank Profile.

8.2.10. Once our bank confirms your transfer, we initiate a buy Transaction and the Digital Currency will be sent to Your Wallet address.

8.2.11. The estimated amount of Digital Currency on the “Offer” details page on the Platform is based on the market price at that moment.

8.2.12. The final amount of Digital Currency you receive will differ from the estimate as the price is determined at the moment when your order is actually executed, this means – when your bank transfer is received.

8.2.13. The final exchange selection will depend on the market situation and exchange availability at the time your Transaction is processed.

8.2.14. When your Digital Currency is sent to Your Wallet you will receive a confirmation e-mail with the financial transaction details.

8.3. A sell Transaction is initiated after your Digital Currency transfer notification has been received and is being processed by Monitok. The Fiat will be sent to your IBAN account after finishing the sell Transaction. When you initiate sell Transaction you can see initial quote (price), which is indicative. After you initiate the sell Transaction you have 48 hours to send Monitok your Virtual Currency. The final price will be calculated when Monitok receives your Virtual Currency into the indicted wallet. In that case the final amount of Fiat sent to Your Wallet may differ from initial quote (Price Offer).

8.4. When selling Digital Currency, you acknowledge and agree to accept:

8.4.1. That you will be provided with the details of the Monitok Wallet after clicking the review order button on the payment verification (Sell) page.

8.4.2. Expect a lead time of 1 to 5 working days between our bank transfer and receiving the Fiat in your IBAN account.

8.4.3. Provide us with the details of a bank account which is under your name.

8.4.4. Only transfer the exact amount you saw on the transfer verification window.

8.4.5. If you transfer Digital Currency, but your ID verification has failed – please start the verification process again through the Platform or write e-mail to e-mail and ask for help. If within 10 working days you will not complete verification successfully because of the issues from your side, Monitok is responsible to take 10% fee from the amount you sent (with minimum of 5 euros and maximum of 20 euros). The amount will be transferred to your IBAN account you indicated during verification.

8.4.6. If you transfer the amount which exceeds the one you have to pay based on the order you accepted – Monitok will exchange Fiat currency for the amount you have transferred in Digital Currencies.

8.4.7. The minimum transfer is equal to 50 euros and the maximum is equal to 15,000 euros.

8.4.8. Once we get your Digital Currency transfer to Monitok’ Wallet address, we initiate a sell Transaction, and the Fiat currency will be sent to your IBAN account.

8.4.9. The estimated amount of Fiat currency on the “Offer” details page on the Platform is based on the market price at that moment.

8.4.10. The final amount of Fiat currency you receive will differ from the estimate as the price is determined at the moment when your order is actually traded, this means – when your Digital Currency transfer is received.

8.4.11. When your Fiat currency is sent to Your Wallet you will receive a confirmation e-mail with the financial transaction details.

  1. Risks

9.1. You acknowledge and accept that there are inherent risks associated with Crypto and that such risks extend to Transactions.  These risks include but are not limited to the failure of hardware, software or internet connections, the risk of malicious software introduction and the risk of unauthorized access to Profile (if any) or Your Wallet. It is your responsibility to familiarize yourself with the risks involved with Crypto, their protocols and networks.  Some Crypto may be deemed by one or another regulator to be securities. Use of the Service does not remove these risks.

9.2. Services offered by us include mainly Services and products related to Digital Currencies. Such Services carry a high degree of risk and may not be suitable for every person (be it legal entity or natural person).

9.3. You understand that by using our Services you may face a variety of risks, e. g., Price and Liquidity Risk, Digital Currencies Risk, Market Risk, Market Fluctuation Risk, Internet and Systems Risk, IT Security Risk, Legal and Regulatory Risk, Third Party / Counterparty Risk, Digital Currency Protocol Risk, Safety and Fraud Risk, Payment Rejection Risk, Business Continuity Risk and etc. A detailed explanation of risks can be found in Risk Statement, available here (hyperlink). 

9.4. Precautionary Measures. We advise you to adopt at least the following security precautions and best practices for your personal computer and mobile device use in order to reduce the likelihood of causing malicious and / or harmful security while using the Services:

  1. secure your computer and mobile device by installing anti-virus, anti-spyware protection and firewalls;
  2. do not use public wireless networks and “internet café” computer while using our Services;
  3. regularly update you software and other operating systems to the latest versions;
  4. avoid opening e-mail attachments from unknown senders or from unknown e-mail address domain names;
  5. use data back-ups, which shall include not only online data storage but off-site and/or remote storage as well;
  6. log off from the Platform at the end of the online session and clear browser data after the online session;
  7. train authorized person who is using the Services on behalf of the company;
  8. do not use a computer or a device which you know has a breach in security vulnerability and cannot be trusted.

 

  1. Personal Data Management

10.1. You acknowledge that you are aware that we may process (collect, use and share) your personal data in relation to our Personal Data Protection and Processing Policy, available here (hyperlink).

  1. Cookies 

11.1. For information about how we and our partners use cookies, please refer to our Cookie Policy, available here (hyperlink).

  1. AML Policy

12.1. For information about how we implement AML legal requirements, please refer to our AML Policy, available here (hyperlink). 

  1. Validity, Termination and Suspension

13.1. At any time and for any reason at our sole discretion we may terminate this Agreement and reject all pending transactions request with or without prior notice to you. In such event, if such is possible, we may also give you an advance notice and guide you through the process of termination of business relationship. We will have no liability or obligation for taking such action.

13.2. In the event of a breach of this Agreement, we may, at our discretion and without liability to you, with or without prior notice, suspend your access to our Services. We may deactivate your access to the Services at our sole discretion, immediately and without prior notice, including, for instance, in the event that you breach your obligation to verify your identity.

13.3. Additionally, this Agreement may be terminated in the following events:

13.3.1. due to a mutual agreement between you and us;

13.3.2. upon the expiration of the period for which this Agreement was concluded, if the term of the Agreement was not renewed as per procedure prescribed in this Agreement;

13.3.3. if one of Party is liquidated;

13.3.4. upon the cessation of our provision of the Services;

13.3.5. by the termination notice given for any of the reasons specified below.

13.4. We may refuse to complete and / or cancel your Digital Currency payment requests, reverse a transaction, suspend, restrict, or terminate access to the Services for any reason, including the following:

  1. we are, in our reasonable opinion, required to do so by applicable law, regulation or any court or other authority to which we are subject in any jurisdiction;
  2. where we have reasonable right to believe it is necessary or desirable to protect the security of your funds is or may be used by individuals or legal entities other than the representatives whose names are registered;
  3. you are, in our reasonable opinion, in breach of the Agreement or in breach of the security requirements indicated in the Agreement; 
  4. we detect your unusual activities by using our Services and you are, in our reasonable opinion, using our Services in a suspicious, unauthorized or fraudulent manner including without limitation in relation to money laundering, terrorism financing, fraud or other illegal activities; 
  5. use of our Services is subject to any pending litigation, investigation, or government proceeding;
  6. due to other reasons as indicated anywhere in this Agreement.

13.5. In case of an account closure request by the user, the existing digital assets balances in the account will be examined as soon as possible and returned to user within 14 days if no violation is found.

13.6. Termination of the Services does not exempt you from any liabilities we incurred by way of this Agreement before. In case of termination of the Services, we have a right to claim fines, forfeits, losses and other amounts paid to third parties or the state from you. You undertake to transfer indicated amounts to your our account within 3 business days from the moment of claim.

13.7. In case of termination of the Agreement or suspension from our Services, we are under no obligation to disclose the reasons for any action taken by us.

  1. Confidentiality 

14.1. Confidential information. Confidential information shall be understood as any information that is proprietary or unique to us and which is or may be disclosed by us to you during the term of this Agreement, including the following: terms of this Agreement, information about the Services, third parties, other partners, pricing options and other information of us which is not readily available to the public (“Confidential information”).

14.2. During the term of this Agreement and thereafter, each Party shall use and reproduce the other Party’s Confidential information only for purposes of this Agreement and only to the extent necessary for such purpose and will restrict disclosure of the other Party’s Confidential information to its employees, consultants, advisors or independent contractors with a need to know and will not disclose the other Party’s Confidential information to any third party without the prior written approval of the other Party.

14.3. Notwithstanding the foregoing, it will not be a breach of this Agreement for either Party to disclose Confidential information of the other Party if required to do so under law or in a judicial or governmental investigation or proceeding.

14.4. The confidentiality obligations shall not apply to information that:

14.4.1. is or becomes public knowledge through no action or fault of the other Party; 

14.4.2. is known to either Party without restriction, prior to receipt from the other Party under this Agreement, from its own independent sources as evidenced by such party’s written records, and which was not acquired, directly or indirectly, from the other Party;

14.4.3. either Party receives from any third party reasonably known by such receiving Party to have a legal right to transmit such information, and not under any obligation to keep such information as Confidential information; 

14.4.4. information independently developed by either Party’s employees or agents provided that either Party can show that those same employees or agents had no access to the Confidential information received hereunder; or

14.4.5. information that is shared with a third party business partners whose services you may have access to or who may provide services in conjunction with us, via the Platform.

14.5. Detailed information is available here (hyperlink).

  1. Liability and Indemnification 

15.1. You are solely responsible for actions performed by using the Services.

15.2. You are under the legal obligation to act in accordance with this Agreement and applicable law and refrain from any actions that may cause monetary or reputational damage to us, our partners, as well as other our clients.

15.3. We do not warrant that use of Services will be uninterrupted, secure or free from errors or omissions, or that any identified defect will be corrected. No warranty is given that our Services will meet the requirements of any third parties or are free from any computer virus or other malicious.

15.4. You acknowledge and agree that any records created and maintained by us of the communications, transaction requests made or performed, processed or effected through the Platform by you or any person purporting to be you, acting on your behalf or purportedly acting on your behalf, with or without your consent, shall be binding on you for all purposes whatsoever and shall be conclusive evidence of such communication and transaction requests.

15.5. To the fullest extent permitted by law, we will not be liable (whether in contract, tort, including negligence, or under any statutory implied terms) for any damages of any kind including without limitation direct, indirect, incidental, punitive, special and consequential damages (including, without limitation, loss of profits, loss of revenue, loss of data or injury) arising out of or in connection with the Services, the inability to use the Services, even if advised of the possibility of such damages.

15.6. You will be liable for all reversals, chargebacks, fees, fines, penalties and other liability and / or losses incurred by us or our partners due to your use of the Services. This will also apply when the loss is incurred by us as a result of your knowingly erroneous claims, defamatory public statements or false accusations. You are under the legal obligation to reimburse us and our partners for any and all such liability.

15.7. We accept no responsibility for any loss or damages if while requesting the Digital Currency payment to your partner or client you provide incorrect wallet address, to which Digital Currency payment shall be received. 

15.8. It is your responsibility to determine what, if any, taxes apply to your use of our Services, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. We are not responsible for determining whether taxes apply to your use of our Services, or for collecting, reporting or remitting any taxes arising from any transaction.

  1. General 

16.1. Compliance with Laws and Regulations. You must comply with all applicable laws, regulations, licensing requirements and third-party rights (including without limitation all applicable data privacy laws, tax, anti-money laundering and counter-terrorist financing provisions) in your use of the Services. You acknowledge that by accessing and or using third party’s services, you may be obliged to comply with additional legal, regulatory, license or other requirements.

16.2. Restricted Activities. In connection with your use of the Services, you agree and undertake that you will not do the following:

  1. You shall not use the Service for any Prohibited Use or in support of any Prohibited User or for any Prohibited Crypto transaction;
  2. interfere with or violate any right to privacy or other rights, or harvest or collect personally identifiable information about visitors or users of the Service without their express and informed consent, including using any robot, spider, site search or retrieval application, or other manual or automatic device or process to retrieve, index, or data-mine;
  3. violate or assist any party in violating any law, statute, ordinance, regulation or any rule of any self-regulatory or similar organization of which you are or are required to be a member through your use of the Services;
  4. engage in any illegal activity, including without limitation illegal gambling, money laundering, fraud, blackmail, extortion, ransoming data, the financing of terrorism, other violent activities or any prohibited market practices;
  5. use specific IT software (e. g., web crawler) to access our Service data or extract other sensitive data or disassemble any aspect of the Services accessible through the Platform to access any source code and algorithms;
  6. perform any unauthorized vulnerability, penetration or similar testing or take any action that imposes an unreasonable or disproportionately large load on our infrastructure;
  7. otherwise attempt to gain unauthorized access, computer systems, or networks connected to the Platform, through password mining or any other means;
  8. engage in any other activity which, in our reasonable opinion, amounts to or may amount to market abuse including without limitation the carrying out of fictitious transactions or wash trades, front running or engaging in disorderly market conduct;
  9. manipulate our brand or our users for the purpose of deceiving, damaging or providing material or moral benefits within or outside the Platform (web pages, blog content, social media posts, etc.) or making promises to our users for these purposes or directing them and making similar attempts;
  10. create membership by using the identity and address information of third parties without their knowledge and consent;
  11. open an account on social media using the names and images of us and logos, or other images as they are or created by changing them;
  12. change the content of the commitments made by us through membership / reference / competition / campaign etc. and promising different gains.

This list is non-exhaustive and nothing contained above should be construed as granting, by implication, estoppel or otherwise, any license or right for the Services to be used for illegal, unlawful, fraudulent, unethical or unauthorized purposes or to promote or facilitate such activities. 

16.3. License. We grant you a limited, non-exclusive, non-transferable license, subject to the Agreement, to access and use the Services and materials, solely for approved purposes as permitted by us from time to time. Any other use of the Platform, the Services or materials and information is expressly prohibited.

16.4. Intellectual Property and Non-Competition. We and our licensors reserve and retain all rights (including copyrights, trademarks, patents as well as any other intellectual property right) in relation to the products, services and all content, information and data contained in or provided on or via the Platform (including all source code, object code, data, information, copyrights, trademarks, texts, graphics and logos). You may not do anything that will violate or infringe such intellectual property rights and, in particular, you shall not copy, download, publish, distribute, transmit, disseminate, sell, broadcast, circulate, exploit (whether for commercial benefit or otherwise) or reproduce any of the information or content contained in or provided on or via the Platform in any form without the prior written permission from us and our licensors. Further, no part or parts of the Platform may be reproduced, distributed, republished, displayed, broadcast, hyperlinked, mirrored, framed, transferred or transmitted in any manner or by any means or stored in an information retrieval system without our or our licensors’ prior written permission. Intellectual and industrial property rights contained in this article are unlimited and none of them are waived. In case of any violation, we reserve all the rights of claim and complaint and if it is understood that the violation caused by the user’s account, we are free to deactivate / freeze the relevant user’s account and to confiscate all the contents of the relevant user’s account in order to prevent possible damages.

In addition, users agree and undertake to refrain from activities that may constitute confusion or unfair competition with us and the Platform. If such a situation is detected, the relevant user’s account will be deactivated / frozen immediately, without prejudice to all other rights of us.

16.5. Electronic Communications. You agree that communications between you and us shall be electronic. You consent to receive communications from us in electronic form, including e-mail. You agree that all terms and conditions, agreements, notices, disclosures and other communications that we provide to you electronically (including emailing to you at the primary e-mail address and / or through other electronic communication such as text message or mobile push notification) satisfy any legal requirement such communications would satisfy if they were provided in writing. With respect to this Agreement, you waive any rights to require an original (non-electronic) signature or delivery or retention of non-electronic records, to the extent such waiver is not prohibited under applicable law.

16.6. Notification. For all kinds of notifications arising from this Agreement:

16.6.1. If it is made to us, Uzupio st. 30, LT-01203, Vilnius, Republic of Lithuania via return receipt requested delivery. Correspondences through support e-mail address e-mail do not substitute an official contractual notice. 

16.6.2. If it is made to the user, notices made via the e-mail address and physical address provided by the user during the membership phase of the Platform are valid. Users can choose through which communication channel they wish to receive notifications on the Platform. (e. g., SMS, push notification, instant messaging, e-mail etc.). In case of any change in the contact information, the user must immediately notify us of this situation. Otherwise, the notices made to the old address will be deemed to have been received. 

16.7. Support. We provide support services only via the e-mail address e-mail. It does not provide support services to its users with a method other than this e-mail address, does not ask for a password in support correspondence, does not provide digital assets address for users to send digital assets. This is a notification, and we cannot be held responsible for any damages and losses suffered or likely to be suffered by its users due to an e-mail sent from an address other than the mentioned e-mail address.

16.8. Indemnification. You agree to indemnify and hold us and our affiliate(s) and their respective employees, managers, directors, officers, representatives and agents from and against any suit, action, claim, demand, penalty or loss, including reasonable attorneys’ fees and expenses and any amount paid in settlement to a third party, made by or resulting from any third party (including any government agency or body) due to, in connection with or arising out of your use of the Services, any breach or alleged or claimed breach of the Agreement or the materials it incorporates by reference, or your violation of any law, regulation, order or other legal mandates, or the rights of a third party.

16.9. Remedies. We reserve the right to seek all remedies available at law and in equity for violations of these Agreement, including without limitation, the right to restrict, suspend or terminate your access to the Services without notice; and we shall be entitled to disclose information (including, but not limited to, your corporate details) when cooperating with law enforcement enquiries (whether or not such enquiries are mandatory under applicable law) or where permitted under or otherwise comply with applicable law.

16.10. Assignment. You acknowledge and agree that you may not assign, delegate, sub-contract or otherwise transfer your rights and / or obligations under the Agreement. We may transfer, assign, delegate, sub-contract or otherwise transfer its rights and / or obligations under the Agreement without notifying you or obtaining your consent.

16.11. Service Availability. We do not guarantee uninterrupted access to the Services. We may suspend access without prior notice during unscheduled system repairs or upgrades and to modify the Services at any time without prior notice. The Platform, including our Services, undergo regular maintenance. During such times, some or all of the functionalities of the Platform and the Services may be unavailable. 

16.12. Maintenance. In order to minimize disruption, we will announce beforehand any regular maintenance. Upon resumption of operations, we will work to ensure the Services are restarted in an orderly fashion. We may temporarily halt operations in the event that unanticipated maintenance is required. This may include, but is not limited to, unexpected computer or digital asset network functionality or speed, partner or vendor outages, or cybersecurity incidents. Notice of such a disruption may be communicated to you via electronic communication. During the course of any such unexpected disruption, we will take work to timely restore functionality.

16.13. Financial Services Disclaimer

16.13.1. we do not provide financial advice in any form and cannot be considered as a financial advisor or financial services company, a financial brokerage company or an investment company or fund. No content or Services available on the Platform or via any form of communication may be taken as a financial advice or a financial / investment recommendation;

16.13.2. you must read Section 9 of the Agreement (Risks) before using the Services.

16.14. Internet Access. You agree and acknowledge that any internet access or telecommunications services (such as mobile data connectivity) required by you to access and use the Services shall be your sole responsibility and shall be separately obtained by you at your own cost from the appropriate telecommunications or internet access service provider.

16.15. Waiver. Any failure or delay by us or our affiliates to enforce the Agreement or exercise any right under the Agreement will not be construed as a waiver to any extent of our rights.

16.16. Severability. If any provision of this Agreement is found to be unenforceable or invalid under any applicable law, such unenforceability or invalidity shall not render this Agreement unenforceable or invalid as a whole, and such provisions shall be deleted without affecting the remaining provisions herein.

16.17. Entire Agreement. The Agreement, including any legal notices and disclaimers contained on this Platform, constitute the entire agreement between us and you in relation to your use of the Services, and supersedes all prior agreements and understandings with respect to the same.

16.18. Dispute Resolution. Any disagreements or disputes between us, arising from the use of Services and being regulated by this Agreement will be brought before the competent courts of Republic of Lithuania and Enforcement Offices, unless they are settled by negotiations between the Parties. Nevertheless, we invite you to raise your issue first by contacting us through the post or e-mail before bringing any legal action before the courts or, as the case may be, any other institutions. If your raised issue cannot be resolved through the negotiations it shall be brought before the courts of Lithuania. 

16.19. Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the Republic of Lithuania. Any dispute arising between Parties out of this Agreement shall be resolved by Lithuanian courts.