The AML/KYC Policy is an integral part of the Terms and Conditions. Accepting the Terms and Conditions you are automatically agreeing with the AML/KYC Policy.
Terms and Conditions
Last updated: 02/05/2022
Bitrizza Terms and Conditions (hereinafter may also be referred to as “Agreement”, “Terms”, “Terms and Conditions”) is an digital agreement between you (hereinafter referred to as “you”, or “your” and/or “User”, “Customer”) and UAB “Bitrizza”, an entity duly incorporated under the laws of Lithuania, with the registration number 305940645 (hereinafter “we”, “us”, “Bitrizza”, “Company”), that applies to your use of this website https://bitrizza.com, the platform, all the services, or content embedded into the website in question.
If you do not agree with the conditions of this Agreement, you should not register at https://bitrizza.com and you also should not use the platform and/or the Services provided through the Website in question. If there are any questions or concerns in regards to the content of the present Terms, we are kindly asking you to contact us via [email protected] prior to attempting to register at the Platform.
2. Terms and definitions
2.1. In addition to the other terms defined elsewhere in this Agreement, the following terms shall have the meanings ascribed to them below:
Anti-Money Laundering and Counter Terrorist Financing policy – a set of internal rules and procedures (covering the KYC and Due Diligence measures) aimed at prevention of laundering of money derived from criminal activity and financing of terrorism. This array of Policies constitutes an essential part of the present Agreement. The summary of the content of the AML/CFT policy is available at the dedicated section of the website: https://bitrizza.com/en/AML.
Business Day – any calendar day apart from Saturday or Sunday, excluding also state holidays or other days on which financial institutions are authorized to close in Lithuania.
Confidential Information - any information that you receive or learn as a result of receiving Bitrizza's Services, or otherwise as a result of your access and use of the Platform, which is confidential or proprietary to Bitrizza, and/or its third party licensors, including any information derived from, or relating to, any Bitrizza's products and Services or the Platform, such as: concerning business operations, financial data, technology, regardless of whether or not such information is designated as confidential.
Cryptocurrency, Digital Currency, Digital Assets: a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and check the legitimacy of the transfers made between the users.
Currency - Fiat money (e.g. EUR, GBP, USD) and Cryptocurrency (e.g. BTC. ETH. XRP).
Deposit – A transfer of funds in favor of UAB “Bitrizza” (either a wire transfer or a bank card payment) made by the User for the purpose of execution of the exchange order placed at the Platform.
Fee – a commission deducted from the final amount of funds, transferred to UAB “Bitrizza” by Users, as a fee for the provision of the exchange services.
Fiat money – Government – issued and backed currency, which serves as a legal tender of exchange in the country of issuance, and is recognized by the authorities of other jurisdictions.
Funds - the amount of Fiat money and/or Cryptocurrency, which are transferred to the Company and used for the exchange purposes.
Governmental Authority - any national, federal, state, provincial, county, municipal or local government, foreign or domestic, or any entity, authority, agency, ministry or other similar body exercising executive, legislative, judicial, regulatory and/or administrative authority or functions of or pertaining to government.
Bitrizza (also referred to as “we”, “us”, “the Company”) – UAB “Bitrizza”, registered under the registry code 305940645) with legal office address located at Ateities G. 10a, LT-08303, Vilnius, Lithuania. Depending on the context, for the purposes of this Agreement Bitrizza may also mean services, products, websites, content and other materials, provided by Bitrizza.
Bitrizza Account - functional part of the Platform which is available for access by the User upon successful completion of the verification procedure. By using the account, the Customer can place Orders for further execution of exchange operations with Bitrizza. Bitrizza Account reflects information about placed and cancelled Orders, finalized exchanges, as well as the available cryptocurrency balance and other User information within the scope of the Service provision.
Bitrizza Account Data - User’s data necessary to access and use the Platform – login, password, email address, 2FA (if enabled) and other data deemed necessary by Bitrizza for the account access.
Law - all applicable laws, regulations, judgments, decrees, treaties, ordinances, orders and rulings, interpretations and statements of policy of any Governmental Authority or regulatory or self-regulatory organisation, authority, agency or body, in each case which has jurisdiction over Bitrizza, the User, or their respective operations.
Order - is a bid or offer entered through the Website, which expresses the User's willingness to enter into an Exchange operation on Bitrizza Platform, and receive a cryptocurrency equivalent of the order amount, as expressed in Fiat. The Orders of the Clients are settled on the basis of the current market rate of a given Cryptocurrency Pair at the point where the Fiat Funds are received.
Party, Parties - Bitrizza and/or the User, as well as any of the third parties involved into the interaction between the User and Bitrizza. The list of such parties includes, but is not limited to: Banking Partners, Liquidity Providers, Third – Party KYC Tools implemented by UAB “Bitrizza” within the scope of customer screening, etc.
Personal Data - information that identifies an individual, such as name, address, email address, and banking details. Personal Data does not include anonymised and/or aggregated data that does not identify a specific User.
Platform - Bitrizza exchange platform, accessible using the internet, application program interface or other front-end trading interface as Bitrizza may establish or permit from time to time to enable authorized Users of the trading platform to enter into Transactions.
Representative - a person’s officers, directors, members, managers, employees, agents and/or any individuals authorized by the Law, constitutional documents, power of attorney or similar document.
Services - all and any service provided by Bitrizza.
Transaction - a transaction submitted by the User through the Platform – in either Fiat or Cryptocurrency.
User - any person, who uses the Website and/or the Platform as well as any other Services and whom has consented to this Agreement with Bitrizza.
Website - set of information, texts, graphic and design elements, pictures, photo, video and other intellectual creations, as well as the set of computer programs contained in the information system, which ensures the accessibility of this information located at https://bitrizza.com including all its subdomains.
Withdrawal - an operation involving a transfer of Cryptocurrency Funds from the User’s Bitrizza Account.
2.2. Other undefined terms and definitions that can be found in the text of this Agreement should be construed by the Parties in accordance with the laws of Lithuania. Clause, schedule and paragraph headings do not affect the interpretation of this Agreement. The titles of different sections (articles) of the Agreement have been included only to make the text easier to understand and do not have any literal legal effect.
3. Agreement conditions.
3.1. Under this Agreement, Bitrizza renders to the Users the following services:
- Provides access to the Services in order to carry out the Exchange Orders;
- Provides access to the Website, as well as to Bitrizza Account within the Platform;
- Provides information necessary to use the Platform and carry out Exchange Orders.
3.2. Bitrizza may render hereunder other services specified in this Agreement and/or which are from time to time made available on the Website or within the Platform.
3.3. Bitrizza also maintains the right to determine markets and jurisdictions to operate and may restrict or deny the Services in certain countries, in accordance with the applicable legislation; guidelines and the internal policies of the Company (Please refer to the “Eligibility” section below for more elaborate details).
3.4. Bitrizza reserves the right to modify or change the Agreement at any time and at its sole discretion. Bitrizza will provide notice of these changes by updating the revised Agreement on the Website https://bitrizza.com and changing the date on this page. All modifications or changes to this Agreement will be effective immediately after the respective changes have been added to the Agreement on the website. The website always contents the most up-to-date version of the policy. As such, your continued use of Bitrizza’s Website and Services acts as acceptance of the amended agreement and rules. If you do not agree to any modification to this Agreement, you must stop using the Website and our Services. Bitrizza encourages you to regularly monitor the Agreement in the dedicated section of the website, to ensure you are aware of the current Terms and Conditions, which are applicable to your use of the website, and the Services of the Platform.
4.1. Before using the Website (s) all Users are strongly encouraged to get accustomed to the Agreement, and tick the relevant box, thus confirming that you understand and agree to the policies contained herein. Any acceptance of the present Terms, expressed by ticking the box, is interpreted as if the User has read and understood the Agreement in full.
4.2. You can view content on the Website (s) without registering, however, as a condition for using any service offered by the Platform, you might need to register on the Website and create a Bitrizza Account. This process includes choosing an e-mail address to be used as login, e-mail address confirmation and password selection.
4.3. By registering a Bitrizza Account (as defined in section 8 below), you represent and warrant that:
- All information that you provide to us is true, current, complete and accurate;
- You are at least 18 years old or of legal age to form a binding contract under applicable law;
- Your use of the Services does not violate applicable laws or regulations in your country, or any laws of Lithuania;
- You are an individual, legal entity or any other formation with full legal capacity to enter into this Agreement;
- You have not previously been suspended or prohibited from using our Services and/or the Platform;
- You do not own any other account at Bitrizza. The Platform explicitly prohibits the use of several accounts, assigned to one user;
- If you are a representative of a legal entity, who is not a beneficiary of the company, you should possess a written authorization for the account opening from the Director of the company, or a Management Board Member. The authorization should specify your Name and your position in the company, as well as the written claim that you are authorized to enter into a commercial relationship with the Company. The template of the resolution is provided below, however a free – form text could also be accepted, if deemed sufficient by the Company. The resolution must contain the name and the signature of the person (as well as the date of signing), authorizing you to open and operate the account on the behalf of the legal entity, which you are representing. The sample text for the resolution is as follows
OF THE MANAGEMENT BOARD OF
As per the meeting, which took place on DD/MM/YYYY, the following resolution was adopted by the management board of the company “XXX” LTD:
1. To open on behalf of the Company an account with Bitrizza cryptocurrency exchange platform (the Account) for the purposes to buy, sell, store and withdraw digital assets, within the scope of the business needs of “XXX” LTD.
2. To assign the right of the authority over the account to the person specified below, who occupies the position of “POSITION NAME” for him/her to be able to perform direct management of the account opened, as well as to conduct all of the other related activities in relation to the account, as prescribed by the Terms and Conditions of the Platform:
Authorized by the Member of the Board:
4.4. Please kindly consider that your use of the Services, the Website and the Platform is subject to international control requirements and the conditions prescribed by the international economic sanctions, imposed by various authorities around the world. While sending, receiving, buying, selling, or soring the digital assets via or at the Platform, you agree to be compliant with such requirements. You are strictly prohibited from participating in Exchange or placing the respective Orders at the Platform or use any of the Services under the conditions where:
- You are in, under the control of, or a resident, or a national of one of the FATF prohibited-risk and other monitored jurisdictions, or jurisdictions which directly prohibit the use of Cryptocurrencies, or other jurisdiction, which has strategic deficiencies in its anti-money laundering and/or countering the financing of terrorism regimes, as specified in the Commission Delegated Regulation (EU) 2016/1675, or that is subject to the United Nations Security Council Sanctions List, or if you are a natural person indicated (not necessarily a US resident or citizen) in the U.S. Treasury Department's Specially Designated Nationals List or the U.S. Commerce Department's Denied Persons List, or the EU or UK Treasury's financial sanctions regime. The aforementioned list should not be interpreted as the one, containing full information on the sanction regime monitoring of the Company, - various domestic (i.e. both EU and Non-EU) sanction lists are also used by the company within the scope of the Customer Due Diligence Procedures;
- You are in, under the control of, or a resident, or a national of unrecognized or partly recognized country, or territory;
- You are a person who, after getting accustomed to the present Agreement, understands that you would not be able to comply with the policies or any potential requests which may be made by Bitrizza within the scope of maintaining the commercial relationship with you.
4.6. In addition, Bitrizza reserves its right to restrict or prohibit the use of the Platform and/or the Services for certain jurisdictions if applicable law, or in case our AML/CTF or AML-KYC Policy procedures will require for such prohibition or restriction, as well as to apply enhanced due diligence measures in relation to persons who are in, under the control of, or are residents, or nationals of one of the sanction risk jurisdictions.
4.7. If you are a representative of a legal entity, authorized to maintain a commercial relationship with the Company by the Management Board of the respective legal entity, you understand and agree that Bitrizza reserves a right to request additional information about your organization, including the scope of the activity, at any time. You understand and agree that Bitrizza reserves a right to cross – check the submitted data across reliable, independent and publicly available sources.
4.8. We reserve the right to close your Bitrizza Account and prohibit you from using the Website (s) at any time and for any reason at our sole discretion, without prior notification made.
5. Prohibited use.
5.1. You may not use your Bitrizza Account to participate in the prohibited activities, as specified in the Section 5.2 of the present Agreement. The specific types of use and activity listed below are representative, but not limited exclusively to the list indicated. Please submit a request to [email protected] in case you are uncertain as to whether the activity you execute or plan to execute at the website constitutes a prohibited activity as determined by the Company.
5.2. By registering a Bitrizza Account, you confirm that you will not use your Bitrizza Account and/or any Bitrizza Services to do any of the following:
- Activity which would violate, or assist in violation of, any law, statute, ordinance, or regulation or sanctions programs administered in the countries where Bitrizza conducts business, including but not limited to the sanctions or restrictions by the Lithuanian Ministry of Foreign Affairs, United Nations, European Union, U.S. Department of Treasury's Office of Foreign Assets Control (OFAC), or which would involve proceeds of any unlawful activity.
- Actions aimed at interfering with, interception, or expropriation of the technical infrastructure of Bitrizza, data or information, either received from or transmitted to Bitrizza.
- Attempt to gain unauthorized access to the Website, Bitrizza Accounts of other Users, computer systems or networks connected to the Website, through password mining or any other illicit means.
- Use Bitrizza Account information of another User to access or use the Website, or transfer your Bitrizza Account access or rights to a third party, unless by operation of law or with the express permission of Bitrizza.
- Interfere with another individual's or entity's access to or use of any Bitrizza Services; defame, abuse, extort, harass, stalk, threaten or otherwise violate or infringe the legal rights (such as, but not limited to, rights of privacy, publicity and intellectual property) of other Users.
- Incite, threaten, facilitate, promote, or encourage hate, racial intolerance, or violent acts against others; harvest or otherwise collect and store information from the Website about other Users by electronic or other means, including without limitation email addresses, or any other private information of Users.
- Activity which operates to defraud Bitrizza, Bitrizza Users, or any other person; provide any false, inaccurate, or misleading information to Bitrizza.
- Use of Bitrizza’s intellectual property, name, or logo, including use of Bitrizza trade or service names, without express consent from Bitrizza or in a manner that otherwise harms Bitrizza or Bitrizza brand; any action that implies an untrue endorsement by or affiliation with Bitrizza, or any other unauthorized data use which may constitute a copyright infringement or violation of the intellectual property of Bitrizza and/or any third party services providers of Bitrizza.
- Post or otherwise transmit any User content that is (i) illegal, false, misleading, inaccurate, threatening, abusive, malicious, excessively cruel, vulgar, obscene, pornographic, libelous, violating the privacy of third parties, inciting racial, ethnic hatred or encouraging behavior that would be considered a criminal offense, would entail civil liability or would otherwise be undesirable; (ii) demonstrates or promotes the use of narcotic drugs; (iii) uses offensive language or images; (iv) you are not entitled to transfer in accordance with any law or based on contractual or fiduciary relationships; (v) poses a threat to the privacy or security of any person; (vi) violates the intellectual property rights or other property rights of any person; (vii) is “junk mail”, “spam”, “letters of happiness”, “financial pyramid scheme”, “competition”, “sweepstakes” or any other form of unsolicited offer; (viii) contains software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software, hardware or telecommunications equipment; or (ix) by Bitrizza’s own assessment is undesirable, or restricts or impedes the use of the Website or the Services by any person, or which may expose Bitrizza or its Users to any damage or any liability.
- Violate any applicable local, state, national, international or other laws or regulations or any court order, including rules governing intellectual property law, the Internet, technology, data, email or privacy.
- Access to the Website (s) and Services from territories where such a Website and Services are considered illegal, restricted or strictly prohibited.
- Advertise or offer for purchase to the Company or other Users any goods or services for any commercial purposes that are not specifically permitted.
- Interfere with, disrupt or harm the Services, servers or networks connected to the Services, or violate any requirements, procedures, policies or rules of networks connected to the Services, including the use of viruses, Trojans, malicious code, denial of service attacks, IP spoofing, falsification of routing or email address information, or the use of similar methods or technologies.
- Use the Services to transmit, distribute, publish, or provide any information relating to another User or person without his permission.
- Register more than one Bitrizza Account or register a Bitrizza Account on behalf of a third party;
- Transfer or sell your Bitrizza Account and/or username to a third party.
- Impersonating or attempting to impersonate any natural or legal person, falsifying or otherwise distorting information about yourself or your affiliation with any natural or legal person.
- Use automatic scripts to access, search, collect information or otherwise interact with the Services (including robots or scripts) or use any other automatic device or manual method to extract, collect, monitor, mine or copy any static or dynamic web pages on the Website (s) or content contained on any such web page for commercial uses without prior written permission given from the side of the company.
- With the exception of your own User content, (i) use, reproduce, duplicate, copy, sell, resell or use the content; (ii) compile the content manually, using bots, scanners, spiders or otherwise; or (iii) otherwise remove the text, copyright or other intellectual property notices contained in the content.
- Decrypt, decompile, disassemble, analyze or otherwise try to obtain any source code or underlying technical infrastructure of the Website or any of the Services offered by the website.
- Modify, translate or otherwise create derivative works based on any part of the Services or the Website; or
- To encourage or assist any third party in the implementation of any of the aforementioned activities;
- Use the Services in such a way that it may lead to interruption or damage to the Website, the Services or the Platform, to impairment of the functionality of the Services, or jeopardizes the business relations and the business reputation of UAB “Bitrizza”, the Platform administered, the Management Board of the Company, directors, employees, or to violation of security, property and any rights of other Users or of any third parties.
6. Description of Services.
6.1. Bitrizza’s technical environment is designed as a set of structural units for easier access of individual and corporate Users to the Cryptocurrency purchases, storage and management. The cornerstone of Bitrizza infrastructure is the User profile, containing the following components:
- User Profile. Bitrizza is a B2B2C Service, which is specifically designed for a one-time CDD procedure (primary procedure enforced by Bitrizza for the purpose of establishing a commercial relationship with the User, and his/her identification for subsequent access to any part of Bitrizza or third-party websites with which the Platform is integrated. The Company also reserves a right to request additional explanations and/or documents within the scope of the ongoing business relationship monitoring (i.e. conduct EDD procedure – a more in-depth inspection of the activity of the Customer, and the origin of the Fiat funds used to execute Exchange Orders). Each User Profile has a unique ID code assigned. This ID number should be used for all Fiat payments made by a User in favor of Bitrizza.
- Bitrizza Referral. This is an automated multi-level referral system that allows Users to invite other Users to Bitrizza using a unique personal link, receive rewards from Bitrizza for exchange commissions paid by such invited Users (“Referral rewards”). The remuneration for the referred users is paid from the operational funds of UAB “Bitrizza”
6.3. Depending on your country of residence, you may not be able to use all the functions of the Website, or may be fully prohibited from accessing the Website. It is your responsibility to follow those rules and laws in your country of residence and/or country from which you access this Website and Services. Bitrizza is not responsible for your own personal non-compliance with the laws of the country in which you reside.
6.4. Bitrizza strives to maintain the accuracy of information posted on the Services however it cannot and does not guarantee the accuracy, suitability, reliability, completeness, performance or fitness for any purpose of the content made available through the present Terms and Conditions, and will not be liable for any loss or damage that may arise directly or indirectly from your use of such content. Information on the Services can be subjected to change without notice and is provided for the primary purpose of facilitating Users to arrive at independent decisions. All Users of the Services must understand that there are risks involved in owning Digital Currencies. Bitrizza encourages all Users to exercise prudence and conduct exchanges with caution, considering their own financial standing, as well as the Cryptocurrency market conditions.
7. Bitrizza Account registration & verification.
7.3. The identity verification information we request includes a preliminary customer questionnaire, which requires you to submit the following personal information about yourself. The preliminary customer questionnaire is similar for both an Individual Client registering, and a Representative of a Legal Entity, who is either a beneficiary of a registering business, or has been authorized to represent the business on a basis of a written resolution as prescribed in the section 4.3, subparagraph 7.
· Full name
· E-mail address
· Telephone number
· Date of birth
· Permanent Residential Address and Country of Residence
· PEP Status (Yes/No)
· US Tax resident status (Yes/No)
In providing this required information, you confirm that it is accurate and authentic. Post-registration, you must guarantee that the provided information is truthful, complete and updated in a timely manner with any changes. If there is any reasonable doubt that any information provided by you is wrong, untruthful, outdated or incomplete, Bitrizza shall have the right to send you a notice to demand corrections, remove relevant information directly and, in some cases, 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 Bitrizza Services if you cannot be reached through the contact information provided. You hereby acknowledge and agree that you have the obligation to keep all information provided up to date if there are any changes.
7.4. After the submission of the preliminary questionnaire, the User can initiate the verification procedure, the technical component of which is executed via our third party KYC service provider. The verification procedure is sub-divided into several stages, depending on the final amount of the Exchange Orders, which a User is planning to make at the Platform. The Company subdivides Customer Verification Procedure into the steps of SDD (Simplified Due Diligence) and EDD (Enhanced Due Diligence).
· A Citizen's Passport for a country where the Citizen's Passport could be used as a travel document, or an International Passport for the jurisdictions where a separate Passport is required for cross-border travel.
· an identity card;
· a residence permit card;
· an alien’s passport of a foreign country;
· a driving permit issued in Lithuania;
· a driving permit issued in a foreign country if the document includes user’s name, photograph or facial image, signature or image of a signature and date of birth or personal identification code;
· a Military ID
· Pass a “Liveness” check via a third party service provider. The “Liveness” check involves the use of a device with a working camera and a microphone.
After the verification of the document is executed successfully via the third – party service provider, the Client, who is an individual, could proceed to placing an Exchange Order at the platform. In contrast, a representative of a legal entity should proceed to the Corporate Verification by clicking the respective “Corporate Verification” button in the Profile. The Corporate Verification implies the submission of the following documents:
· Certificate of Incorporation
· Articles/Memorandum of Association
· Shareholders/Directors Registry
· Extract from Register of Legal Entities
· Latest Annual Financial Report
· POA Business – Utility Bill or a Bank Statement, dated not older than three months
· Bank account statement for 6 months
· Certificate of Good Standing/Incumbency
· Wallet Address Verification (via Blockchain signature)
· Funds Flow Chart – should include the main partners of a Legal Entity
· Estimated Transaction Volumes
· Ownership Structure – should indicate all of the Beneficiaries of a Legal Entity
The list of documents provided above is not exhaustive. The Company reserves a right to either request additional documents from a Legal Entity, in line with the corporate onboarding procedure, or permit the Legal Entity to omit certain documents from the package, if the Register of Legal Entities of the country of incorporation of an incoming Corporate Client does not recognize or issue such certain types of documents which are requested by Bitrizza. The omission is possible only in case a Legal Entity can provide substitute document/documents for the absent ones.
7.5 Within the scope of the continuation of the commercial relationship with a User, the company would implement EDD procedures under two general types of circumstances:
· When a user is not a citizen or a resident of any EU/EEA country.
· Any other case whenever the Company deems it necessary to conduct an EDD procedure. Such cases are determined by the internal risk scoring system, which assigns an individual risk profile to each registered and verified User of Bitrizza. The Company reserves a right to request the submission of the files/other actions from the User within the scope of the EDD, before the establishment or at any point of an ongoing commercial relationship with a Client.
The EDD procedure requires additional actions from the User in order to continue operating the account. If an EDD protocol has been applied to a User Profile, the User is obliged to perform the following actions:
· Fill in an additional questionnaire, consisting of a multiple choice questions on the current employment position of the Client, Source of Funds for the upcoming Exchange Orders, as well as the information on the upcoming transaction volumes
· Submit the document, indicating the Source of Funds for the upcoming transactions. The Company requires Users to submit the Bank Statements from the Bank Accounts, which were used for transferring the funds to Bitrizza, within the scope of the Exchange Order execution. A Bank statement, submitted as a Source of Funds document should clearly show how the funds which were transferred or which are planned to be transferred to Bitrizza accumulated. The list of the legitimate Source of Funds, which is recognized by the Company is the following: Salary, Dividends, Sale of Property, Sale of Securities, Loan, Inheritance, Employee Bonus, and other legitimate sources of funds which could be identified in the bank statement. Please note that the list provided above is not exhaustive. The Company does not accept the funds originating from cash deposits made to the Bank Account of the User, or funds originating from transfer of the third parties made to the account of the User without any unambiguous legal basis or supporting documents. The company reserves a right to request additional documents beyond the Bank Statement to verify the legitimacy of the Source of Funds (e.g. the Employment Contract or the Certificate of the Sale of Shares)
· Submit a Proof of Address document, indicating the current residential address of the User. The company accepts the following documents as a Proof of Address: household utility bill (gas, electricity, water or fixed line telephone, landline bill, bank statement, building society or credit card statement, solicitor’s letter confirming recent house purchase or land registry confirmation (in this case, proof of previous address will also be needed), Revenue & Customs (Inland Revenue) tax document e.g. tax assessment, statement of account, notice of coding). The submitted documents should be no more than three months old on the date of application and should show the name and current address of the Client.
After filling in the additional questionnaire, as well as submitting the Source of Funds document, the Client may be asked (subject to the internal decision of the Company), to perform either of the following actions, among which the Client would be able to select:
· Pass a “Liveness” check via a third party service provider. The “Liveness” check involves the use of a device with a working camera and a microphone.
· Download the EDD questionnaire and sign it using the electronic signature, which is compliant with the eIDAS standards of the European Union. Under the eIDAS, and electronic signature must comply with the four major criteria, which are the following: The signatory must be uniquely identified and linked to the signature; The signatory must have sole control of the signature creation data that was used to create the electronic signature; The signature must be capable of identifying if its accompanying data has been tampered with after the message was signed; In the event that the accompanying data has been changed, the signature must be invalidated. The full list of EU countries, which have implemented a national standard of the electronic signature could be found at https://ec.europa.eu/cefdigital/wiki/display/EIDCOMMUNITY/Overview+of+pre-notified+and+notified+eID+schemes+under+eIDAS. Please note that currently, Bitrizza does not recognize any standard of the electronic signature apart from the eIDAS standard implemented in the EEA.
· Verify the previously (during the SDD procedure) submitted Identification Document by scanning the biometric data of the chip of the Identity Document via the third party service provider. The biometric verification check requires a device, supporting the NFC data transmission protocol, and an Identification Document containing a chip with the biometric data of the user. Within the scope of the biometric data check, the User is required to run his or her ID against a device (normally a smartphone) with an NFC antenna installed. No additional software or hardware is required in case the device of the User is equipped with the NFC antenna, and the Identification Document of the User contains a Biometric Data chip.
· Conduct any other digital identification procedure, which Bitrizza may consider necessary to establish that the Profile of the Client is genuinely operated by the person, who has conducted the SDD procedure at Bitrizza.
All of the identification methods described above are applicable to either an Individual Person or an Authorized Representative of a Legal Entity. After all of the steps of the EDD procedures were performed, the EDD procedure is deemed closed. The Company reserves a right to refuse to continue a business relationship with the Client after the EDD procedure without disclosing the grounds for the refusal.
7.6. The verification and data collection procedures implemented by Bitrizza are free of charge for the Users of the Platform, undergoing the procedure.
7.7. By signing up for a Bitrizza account you hereby authorise Bitrizza to make inquiries, whether directly or through third parties, that Bitrizza considers necessary to verify your identity or protect you and/or Bitrizza against fraud or other financial crimes, and to take action Bitrizza reasonably deems necessary based on the results of such inquiries. You also acknowledge and agree that your personal information may be disclosed to third party vendors (limited to KYC service providers and financial institutions with which Bitrizza has a commercial relationship established) or financial crime agencies and that these agencies may request additional information from the side of Bitrizza on the basis of the applicable legislation, such as the anti-money laundering and terrorist financing law of the Republic of Lithuania, or any other applicable European Directive.
7.8. Bitrizza strives to maintain the safety of those User funds entrusted to us and has implemented industry standard protections for the Services. However, there are risks that are created by individual User actions, as well as the general risks of the private data transmission over the Internet. You agree to consider your access credentials such the registered email address and password as confidential information and not to disclose such information to any third party. You also agree that you will be solely responsible for taking necessary safety precautions to protect your registered email address and password to your Bitrizza Account. The Company strongly advises all Users to enable the Google Two – Step Verification feature in their accounts, in order to additionally reinforce the security of the profiles. Please note that neither the representatives of Bitrizza, nor any of our third party vendors or service providers would ever ask you to share your account credentials with them. Any disclosure of the User Account credentials to an unauthorized third party would constitute a breach of the present Agreement.
7.9. You shall be solely responsible for all activities under your Bitrizza Account and Bitrizza will not be responsible for any loss or consequences of authorised or unauthorised use of your Bitrizza Account credentials including but not limited to information disclosure, information posting, consent to or submission of various rules and agreements by clicking on the website, online renewal of agreement, etc.
7.10. By registering a Bitrizza Account, you hereby agree that:
- You will notify Bitrizza immediately if you are aware of any unauthorized use of your Bitrizza Account and password by any person or any other violations to the security;
- You will strictly observe the security, registration, authentication, deposit and withdrawal mechanism or procedures of the Website or a particular Service;
- You will log out from the Website by taking proper steps at the end of every visit.
8.1. After registration on the Platform and getting access to your Bitrizza Account, you can operate personally using your Bitrizza Account, as well as to place the Exchange Orders at the platform, which would be executed automatically upon the reception of the bank transfer, if no prior cancellation request is received from the User.
8.2. In accordance with this Agreement, a Bitrizza Account can only be used by the person to whose name it is registered. Bitrizza reserves the right to suspend or permanently block any Bitrizza Account in case of suspicions that any account is used by person(s) other than the person to whose name they are registered. You shall immediately notify Bitrizza if you suspect or become aware of unauthorized use of your user name, password or any other Bitrizza Account data. Bitrizza shall not be liable for any loss or damage arising from any use of your Bitrizza Account by any third party (whether or not authorized by you).
8.3. All Bitrizza Account operations are carried out at your request made in a proper way through the Platform using your Bitrizza Account only. Bitrizza does not accept requests on carrying out any operations with your Bitrizza Account from any third parties (i.e. any requests made not from your Bitrizza Account), or an Exchange Order made via your registered e-mail address or any other communication mean except for the Order placement directly within the User Profile.
9. Depositing Funds to your Bitrizza Account & Exchange Order processing.
9.1. To deposit Bitrizza Account, you have to transfer Funds in accordance with the procedure of the Exchange Order placement, which is as follows:
· A registered and verified User of Bitrizza should log into the Profile at the Platform
· The User should navigate to either Buy or Sell section and indicate the amount, which he or she is willing to exchange. When purchasing Cryptocurrency, the Fiat amount (in either of the available Fiat Currencies) which the client is willing to convert into the Cryptocurrency should be indicated. When selling the Cryptocurrency, the amount in the respective Cryptocurrency to be sold should be indicated, along with the desired settlement Fiat currency.
· A User can employ two payment options for closing his/her side of the Exchange Order. It could be a direct transfer of Fiat/Cryptocurrency to the bank details/wallet address of UAB “Bitrizza”, or a payment made from the internal balance of the User at the Platform. A User can top-up the internal Fiat/Cryptocurrency balance in accordance with the instructions provided in the Top-Up sections of the profile. Once credited, the funds could be disposed by a Client at any time. A client could also withdraw the outstanding Fiat/Cryptocurrency balance to his/her bank account or cryptocurrency wallet at any time. Under the circumstances where a Client pays his/her part of the order using the available Platform balance, the settlement of Bitrizza’s side of the Exchange Order (i.e. the provision of funds from the side of UAB “Bitrizza” to the Client) would occur within the range from 15-30 minutes. If the Client chooses the direct payment option instead, the Exchange Order settlement would appear within 15-30 minutes from when the Fiat transfer is received (usual time required for SEPA reception – 1-3 business days; SWIFT – 2-5 business days), or when the Cryptocurrency payment receives sufficient number of confirmations from the applicable network (point 9.3 of the present Agreement). As mentioned previously, the company reserves the right to request Source of Funds documents from a User, based upon the conditions specified in Section 7 of the present Agreement.
9.2. Transfer of Funds during Bitrizza Account Depositing, as well as while executing Transactions between you and Bitrizza, might be carried out by third parties (electronic money institutions, payment service providers, banks etc.). Bitrizza prudently maintains the network of partners and ensures their compliance with the AML/CFT standards of Lithuania, the European Union, as well as the GDPR compliance and data security standards, by conducting its own KYB procedures. However, Bitrizza shall not bear any liability for actions of such third parties. You shall be responsible for paying commissions and Service Fees related to the transfer of Funds, and you shall assume any risks associated with submitting incorrect payment details.
When making a Fiat deposit, it is mandatory for the User to indicate the unique Profile ID, associated with the account of the Client at Bitrizza, as well as the correct IBAN and BIC/SWIFT of Bitrizza’s current account the details for which would be received by the Client upon placing an Exchange Order. The Client should send funds only to the bank details, which the Client has received right after placing the Exchange Order. Bitrizza has an automatic payment routing system in place, which assigns the bank details to which the Client should send the funds based upon an array of criteria. If a Client makes several consecutive Exchange Orders, it is highly likely that the client would encounter bank details of several different payment partners of Bitrizza, however, the Client should always use the most recent details received. Bitrizza reserves a right to refuse the processing of a payment which was sent according to bank details, which are different from the ones which the Client received from the system for the respective Exchange Order. Under the circumstance where such a refusal takes placed, the funds for the order would be returned back to the User within 3 working days for SEPA payments and 5 working days for SWIFT payments starting from the point of reception of the funds by Bitrizza, subject to the delays which are beyond the control of Bitrizza (e.g. bank holidays, technical disruption on the side of payment service providers of Bitrizza).
When making a Cryptocurrency deposit at Bitrizza, the Client should always cross – verify the wallet address, generated for the Client’s deposit. We strongly suggest against entering the destination wallet address manually, instead, it is suggested to copy the wallet address from Bitrizza and paste it into your wallet program/application. Sending Cryptocurrency to any wallet address, different from the one indicated in the deposit instructions may result in a permanent loss of the Crypto funds. Bitrizza would not bear any responsibility for the loss of the Digital Assets, resulting from the indication of an incorrect wallet address. Please also note that any transaction made in Cryptocurrency is irreversible.
9.3. Bitrizza Account deposit will be deemed to be completed when the corresponding amount of Funds is received to the respective User’s Bitrizza Account on the Platform. The number of confirmations required for the purposes of full transfer of Cryptocurrency to Bitrizza Account may vary from the number of confirmations required for the purposes of reflecting Funds on Bitrizza Account according to the information mentioned in the respective section of the User’s Bitrizza Account on the Platform. In that instance, Bitrizza shall not be liable for any preliminary notifications to Users as regards such changes.
9.4. Bitrizza is entitled to set and vary maximum and minimum limits for Deposits and Withdrawals of Funds at its own discretion. Bitrizza shall not be liable for any preliminary notifications to the Users in regards such changes.
9.5. Bitrizza reserves the right to automatically process payments from customers, received by the company, that differ from the amount indicated in the order, in which case the order will be processed based on the actual amount received.
10. Withdrawing Funds from your Bitrizza Account.
10.1. To Withdraw Funds from your Bitrizza Account, you have to fill the corresponding form in your Bitrizza Account. You may receive a message sent to your registered email address asking you to confirm or to deny the Withdrawal operation. In such a case if you deny or do not confirm the Withdrawal, the Funds will remain in Bitrizza Account.
10.2. Any confirmed Withdrawal is irrevocable and, therefore, cannot be reversed.
11. Wallet Service
11.1 The Wallet Service of Bitrizza allows users to perform three general types of activities: Holding, Depositing and Withdrawing Digital Assets. In order to make a Cryptocurrency deposit to Bitrizza wallet a User should copy and paste (Bitrizza strongly suggests against typing any Wallet Address manually, in order to prevent any manual typing errors) the Wallet Address as shown within Bitrizza profile into his/her external Wallet application or program. In order to withdraw the funds from the Wallet assigned, a Client should press the respective Withdraw button in the Profile, and select/indicate the Wallet address in the respective Cryptocurrency to be withdrawn. The system would automatically check whether the indicated withdrawal address corresponds to the Wallet Address Standard of the respective Cryptocurrency, however, a User is nevertheless strongly advised to double – check the address upon withdrawal request being made. Please note that the Cryptocurrency holding in the Wallet could not be classified as an “investment” or an allocation of money (Virtual Currency) in a Mutual Fund, Trust, or any other form of an asset management entity.
11.2 Bitrizza offers all registered Users of the Platform to use the Wallet Service offered by the Platform. Each registered User, who has passed the SDD procedure (details available in the Section 7 of the present Agreement) would automatically get access to the wallet addresses for each of the Cryptocurrencies, supported by Bitrizza. Apart from the Usage of the Services conditions, specified in the Section 12 of the present Agreement, as well as other relevant provision of the present Agreement, while using Bitrizza’s Cryptocurrency wallet service, you additionally warrant and represent that:
· have sufficient experience, knowledge and understanding of the working principles of the Cryptocurrency wallets, underlying networks, as well as the associated and the embedded risks. You additionally agree and acknowledge that the Wallet Service is used at your own risk, and that the usage is not done in favor of any third party;
· have full power and authority to enter into this legal relationship and by doing so will not violate any other legal provisions, legislation, or any other legal agreements outside of the scope of the present Agreement;
· Guarantee that your crypto assets, which you transfer to the Wallet are not encumbered, not in contention, or under seizure, and that neither exist any rights of third parties to your crypto assets. You acknowledge and understand that Bitrizza has employed a cryptocurrency transaction monitoring system, and may refuse the provision of the Wallet Services to a Client, the transactions of whom were identified as having a “prohibited” risk category. The Company also reserves a right to suspend or permanently block the Profile of a User, in case reasonable suspicions, indicating that the Cryptocurrency Wallet Service may be used for ML/TF purposes by the Client occur. In addition, in case a User breached either of the Terms described in the present Agreement, or any other event as We may deem necessary, including without limitation the Force Majeure Event; maintenance work; inability of the third service provider to provide you services; your request of account cancellation; market disruption; inability to conform our requirements; lack of verification pending litigation, investigation, or government proceeding related to You or your wallet account, we may suspend or permanently block the Profile of a User as well. By the request of the supervising authorities, Bitrizza may also disclose the details about the cryptocurrency transactions of the User from the associated Profile.
· Will not use our Services or will immediately cease using those if you are a resident or become a resident at any time of the state or region (in accordance with such state or region definition of residency), where the crypto assets Transactions you are going to execute are prohibited or require special approval, permit and/or authorization of any kind, which Upvest and/or You have not obtained in this state or region, or have not previously been suspended or removed from our Services.
11.3 Despite the fact that the cryptocurrency transactions are often classified as “instant” or “almost instant” by signing up to using the Wallet Service of Bitrizza, you acknowledge and understand that certain incoming our outgoing transactions to/from Bitrizza assigned Wallet address may be subject to abnormal delays in confirmation time due to the network congestion or technological disruptions. Such delays are beyond the control of Bitrizza, and the Company should not be held accountable for the occurrence of such delays.
11.4 Each transaction is subject to the network commission, variable depending upon the current network load. Bitrizza does not impose any additional commissions for the use of the Wallet Service, apart from the ones, originating from the network protocol itself. Further information on the commission policy could be found in the Section 14 of the present agreement.
11.5 The Wallet Service offered by Bitrizza does not imply that a User should store the Private Keys from his/her Wallet. Your access to the Wallet is safeguarded by Bitrizza. If you lose the access to your Wallet or suspect that the access details for your Profile may have been compromised, you should immediately contact us via [email protected] for further instructions.
11.6 Within the scope of the Wallet Service provision, Bitrizza employs a network of outsourced wallet infrastructure providers. All of the technical providers engaged into the provision of the services are GDPR compliant and located within the EU.
11.7 Although Bitrizza’s ETH wallet addresses are ERC20 compliant, not all ERC20 tokens are supported by the Service. Transactions of currently unlisted tokens to Bitrizza Wallet addresses may appear on the applicable network scanner; however, they will not be available on your balance in the Service until they are added to our list. In case such instances occur, you should contact us at [email protected] for further support.
11.8 Bitrizza never intended or desired to provide service for tokens and/or coins that can be classified as "security" by the FMA and/or other competent national authorities and endeavors all possible measures to ensure that Cryptocurrency Assets that you can use in our Wallet cannot be classified as "security". For the avoidance of any doubt, the provisions of this clause shall not constitute or deemed to be construed to constitute any warranty and/or investment, financial, legal or any other professional advice, that any crypto asset on our Wallet is not a security. The responsibility for the fact that the instrument cannot be treated as “security” lies with the issuer of token and/or coin. If there is any risk or speculations that token and/or coin can be treated as “security”, the Wallet reserves the right to prohibit such tokens and/or coins in our Wallet and discontinue any transactions with those at its sole discretion.
12. Usage of the Services.
12.1. In connection with your use of Services, you hereby agree that:
- You will not violate (or assist any other party in violating) any applicable law, statute, ordinance, or regulation;
- Intentionally try to defraud (or assist in the defrauding of) Bitrizza or other Bitrizza users;
- Provide false, inaccurate, or misleading information;
- Take any action that interferes with, intercepts, or expropriates any system, data, or information;
- Transmit or upload any virus, worm, or other malicious software or program;
- Attempt to gain unauthorized access to other Bitrizza Accounts, Bitrizza Website, or any related networks or systems;
- Use the Services on behalf of any third party or otherwise act as an intermediary between Bitrizza and any third parties unless otherwise expressly agreed between you and Bitrizza;
- Collect any User information from other Bitrizza Users, including, without limitation, email addresses, or attempt to access the Profiles of other Users;
- Defame, harass, or violate the privacy or intellectual property rights of Bitrizza or any other Bitrizza’s Users.
12.3. Orders may be subject to, and Bitrizza shall have no liability for, delays, difficulties, and/or conditions affecting transmission or execution of orders over which Bitrizza has no control, including, but not limited to, technical or electronic failure on the side of the third – party service providers, disruptions of the electricity supply, operability of the Internet network, or market congestion.
12.4. You also are responsible for maintaining the confidentiality of your Bitrizza Account information, including your password, safeguarding your own digital assets, and for all activity including transactions that are posted to your Bitrizza Account. If there is any suspicious activity related to your Bitrizza Account, we may, but are not obligated to, request additional information from you, including additional request for the Identification documents, and to freeze any transaction until the additional checks are performed in full. You are obligated to comply with these security requests, or accept termination of your Bitrizza Account. You are required to notify us immediately of any unauthorized use of your Bitrizza Account or password, or any other breach of security by email. Any User who violates these rules may be terminated, and thereafter held liable for losses incurred by us or any User of Bitrizza Platform.
13. Suspicious, fraudulent or illegal activity and Bitrizza's actions related to the investigation of such activities.
- Block and close Order requests;
- Freezing your Bitrizza Account;
- Reporting the incident to Governmental Authority;
- Disclosing the alleged violations and actions that have been taken to Governmental Authority;
- Deleting any information that you have provided or published that is in violation.
13.2. Bitrizza may also be forced to cancel or recall any already executed Withdrawal at the request of financial institutions, which are involved in settlements related to Deposit and Withdrawal of Funds from the Users’ Bitrizza Accounts. In such cases you are obliged to cooperate with Bitrizza in order to discover the reasons for such a request.
13.3. By accessing the Service, you agree that Bitrizza shall have the right to investigate any violation of this Agreement, unilaterally determine whether you have violated this Agreement, and take actions to apply relevant rules without receiving your consent or giving prior notice to you.
13.4. You acknowledge and agree that Deposit and Withdrawal operation in Fiat money may be delayed, barring unforeseeable or unavoidable network issues, or any issues resulting from the technical issues of the third - party service providers. Bitrizza would notify you about the presence of such issues, should they occur.
13.5. Bitrizza has the right to suspend the User’s Bitrizza Account and block all Cryptocurrency or/and Fiat currency contained therein in case of fraud, illegal activity or non-fulfillment or unduly fulfillment of the Agreement by the User.
13.6. In the case of fraud, Bitrizza undertakes to report all the necessary information, including names, addresses and all other requested information, to the relevant authorities dealing with fraud and breaches of the law.
13.7. In the event that Bitrizza suspects fraudulent, illegal or any other User activity that violates this Agreement, Bitrizza reserves the right to conduct an internal investigation in relation to the User and his/her transactions, in order to clarify all the circumstances of such transaction, collect evidence of proof or refutation of such illegal activities.
13.9. For investigation purposes, Bitrizza has the right to request from the User any data and documents related to the transactions, User's identification, address and region of residence, bank accounts, confirmation of the legality of the Source of Funds and ownership of Cryptocurrency or Fiat money, as well as other data and documents required to confirm the legality of transactions and the User's obedience to Law.
13.10. The User undertakes to provide Bitrizza with the requested data and documents for the purpose of investigating and confirming the legality of transactions or other his/her activity on Bitrizza Platform.
13.11. All data and documents requested by Bitrizza must be provided by the User with the terms and format specified by Bitrizza. The provision of the requested data and documents by the User does not guarantee the removal or alleviating of any suspicions in illegal activity, and Bitrizza reserves the right to make a decision regarding the User and his/her Bitrizza Account at its own discretion.
13.12. If the User does not provide the requested data and documents, Bitrizza reserves the right to suspend the provision of Bitrizza Services and block the User's Bitrizza Account.
13.13. All data and documents provided by the Users are stored and processed by Bitrizza in full compliance with the requirements of the GDPR and Lithuanian legislation. Bitrizza uses such data only for the purpose of detecting and investigating fraud, money laundering, terrorist financing and other illegal activities. Any requests from Bitrizza for data and documents for the purposes of investigation and confirmation of the legality of transactions will not violate the requirements of the GDPR and legislation on protection and storage of Personal Data.
13.14. The Users also acknowledge that their Bitrizza Account, as well as all Funds on the balance sheet, may be blocked at any time at the request of any competent authority investigating a fraud or any other illegal activity in accordance with applicable laws or regulations.
14. Service fees, taxation.
14.1. The Exchange Orders at Bitrizza are subject to the Service Fee of the Platform. The fee for the Exchange Order processing is 10% of the amount, deposited by the User. The commission rate is flat and applies to both Buy and Sell orders. The Wallet Service offered by Bitrizza (the ability to deposit, withdraw and hold cryptocurrency in a assigned wallet) is free of additional commissions imposed from the side of Bitrizza. However, the network commission is applied to any transfer of Cryptocurrency made to or from Bitrizza wallet, assigned to the User. It is the User’s sole responsibility to pay the network commissions when depositing or withdrawing funds from the Cryptocurrency wallet assigned by Bitrizza.
14.2. You will be solely responsible for any taxes applicable to you in connection with your use of our Website or Services. You agree to protect and exempt Bitrizza from any liability, claims or penalties in relation to withholding any taxes at the source of payment, labour and employment law requirements, including any liability in respect of taxes at the source of payment, imposed on Bitrizza by the relevant tax authorities in relation to any funds paid or received.
14.3. Upon placing an Order to execute an Exchange using the Services (an “Exchange Order”), your Bitrizza Account will be updated to reflect the open Order and its status. The types of the statuses of a placed order are listed below:
· Awaiting Payment – the payment from the side of the User is pending reception
· Top-up – the payment from the User has been received and confirmed
· Exchange – the funds of the Client were transferred for the conversion into Fiat or Crypto
· Completed – the Exchange Order has been completed, funds were sent to the Client
14.4. You may only cancel an order initiated via the Services if such cancellation occurs before your Order has been assigned an “Exchange“ status. Once your Order assigned an “Exchange” status, you may not change, withdraw, or cancel your authorization for Bitrizza to complete such Order. Bitrizza reserves the right to refuse any cancellation request associated with an Order after you have submitted such Order.
14.5. You agree to pay Bitrizza the Fees set forth in the present Agreement. Bitrizza reserves the right to change the Fees or the principles of pricing from time to time in its sole discretion and in accordance with the terms of this Agreement. Any such updated Fees will apply prospectively to any Exchange Orders. You authorize Bitrizza to charge off any amounts of any applicable Fees owed by you under this Agreement from your Bitrizza Account.
15. External links.
This Agreement applies only to the Website (s) and the Services. When using the Services, you may be shown content and information, for example, data, text, files, information, usernames, graphics, images, photos, audio, video, messages, services or links from other users or third parties (“Third-Party Content”) on the Website (s), or through a link to third-party websites or. Since we do not view, monitor or control any such Third-Party Content, you acknowledge and agree that we are not responsible for the availability of such websites or mobile applications, nor do we acknowledge or accept responsibility, directly or indirectly, in relation to any content, advertising, products, services or other materials posted on or accessible through such third party websites or mobile applications. We do not give any warranties or representations regarding any content provided by any third party, and we do not bear any responsibility for it, including the accuracy of such content or the use of personal information that you provide to such websites. You acknowledge and agree that you use such third party websites or mobile applications or links to them at your own risk. We may remove links to any websites or mobile applications at any time and for any reason.
16. Risk warning & Exchange rate determination.
16.1. The purchase or sale of assets, real or virtual, as well as Cryptocurrencies involves significant risk. Prices can and do fluctuate on any given day. Such price fluctuations may increase or decrease the value of your assets at any given moment. Any Currency - virtual or not - may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying or selling anything on a market, as well as in case of holding the assets.
16.2 Within the scope of the aforementioned, it should be noted that the exchange rate which could be observed by the client at Bitrizza is determined based upon the aggregated data from a network of liquidity providers, with which Bitrizza has a commercial relationship established. The precise exchange rate at which an Exchange Order of the User is executed would be set in the Exchange Order window specifically when the funds of the client would be converted into the ordered currency. All of the chronology of the Exchange Order processing is logged in the Profile.
16.3. Cryptocurrency trading also has special risks not generally shared with Fiat money and/or goods and/or commodities. Unlike most Fiat money, which are backed by governments or other legal entities, or by commodities such as gold or silver, Cryptocurrencies are a unique type of Currency, backed by technology and trust. There is no central bank that can issue more Currency or take corrective measures to protect the value of Cryptocurrencies in case of a crisis.
16.4. The market of Cryptocurrencies is often susceptible to irrational (or rational) bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in Cryptocurrencies because of unexpected changes imposed by software developers or others, a government crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems: if the anonymity of the system is compromised, if money is lost or stolen, or if hackers or governments are able to prevent any transactions from settling.
16.5. There may also be additional risks that which have not been foreseen or identified in this Agreement.
16.6. In light of the above mentioned, you understand that all the operations with Cryptocurrencies have irreversible character and that Funds received or sent during the Transaction cannot be reversed. You cannot cancel, reverse, or change any Order marked as complete.
16.7. You acknowledge that you are solely responsible for determining the nature, potential value, suitability, and appropriateness of these risks for you and that Bitrizza does not give advice or recommendations. Legislative and regulatory changes or actions at the state, federal or international level may adversely affect the use, transfer, exchange and value of digital assets. As the price and liquidity of digital assets have been subject to large fluctuations in the past and may be subject to large fluctuations in the future, you acknowledge also that digital asset transactions may be subject to high risks and may cause the loss of your funds.
17. Intellectual property.
17.1. All content on this Platform (except User Content or content of third parties) is the property of Bitrizza and is protected by copyright, patent, trademark and any other applicable laws, unless otherwise specified hereby. The trademarks, trade names, service marks and logos of Bitrizza and others used on Bitrizza Website are the property of Bitrizza and its respective owners. The software, applications, text, images, graphics, data, prices, graphs, video and audio materials used on this Website belong to Bitrizza.
17.2. Website (s) contains trademarks, service marks and domain names owned by Bitrizza or third parties. Unless expressly indicated that such trademarks, service marks or domain names belong to a third party, Bitrizza owns all trademarks, service marks and domain names displayed on the Website (s), registered or unregistered, including, without limitation, the name Bitrizza, our logo, our design and other graphic images, corporate identity of the Website and signs of the origin of Bitrizza products and services. Use of our intellectual property is strictly prohibited, unless we have given our prior written consent to such use.
17.3. The content of the Website (s), including text, graphics, logos, button labels, images, and any other intellectual property, both individually and in the form in which they are arranged on the Website (s) (“Content”), as well as the software used on the Website, are the property of Bitrizza or third parties and are protected by copyright and other intellectual property rights of the European Union and other countries, as well as relevant laws, rules and regulations. Content includes materials owned or operated by Bitrizza and materials owned or controlled by third parties used by Bitrizza under license, including User Content (as described above).
17.4. The trademarks and other content on Bitrizza Website should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, no matter manual or automated.
17.5. Any use of the Content not expressly permitted by this Agreement is a violation of this Agreement and may violate copyright laws, trademark rights and other applicable laws and could result in criminal or civil penalties. You agree to abide by all copyright notices, notices or restrictions contained in or attached to any Content.
18. Refund and Recall policy
18.1. In rare circumstances relevant solely to wire transfers made to Bitrizza, including, but not limited to: (1) failure of the Client to provide the relevant KYC documents required by Bitrizza; (2) decision of the client to cancel the order, Bitrizza reserves the right to cancel wire transfer order. In the event Bitrizza cancels the order, if Bitrizza already received the funds from the Client with regards to such order, Bitrizza will, subject to applicable law and regulation, refund such funds to the Client, less the applicable third – party payment service provider commissions.
18.2. Such refund shall be made to the same source from which they have originated, after deduction of any cost or expense Bitrizza incurs with regards to such transfer, including without limitation any wire transfer charges, currency exchange charges and/or payment processing charges. Client's funds may, at Bitrizza’s sole discretion, be returned to another source to which the Client is the beneficiary (the Company explicitly prohibits the processing of refunds to the third parties, even with the consent given from the Client), as long as the Client provides us with the required documents and information to verify that the account to which the funds were requested to be refunded belongs to the Client. In addition, if a Client asks for a refund to be made to the current account or a cryptocurrency wallet address, which is different from the one, used to make a deposit, a Client should provide a justified written explanation for the reasons behind using a different current account/cryptocurrency wallet address for the reception of a refund. The Company reserves a right to request additional documents, which could support the justification (e.g. a confirmation of the closure of the current account, used to make a deposit). The Company reserves a right to refuse to send a refund to the bank details/cryptocurrency wallet address of the client (previously not used to make a deposit), in case a justification provided from the side of the Client is deemed insufficient or yields significant grounds to deem this request as suspicious from the standpoint of AML/CFT legislation of Lithuania.
18.3. To comply with anti-money laundering and terrorist financing regulations or any other regulations and to prevent prohibited conduct, all payments and information related to the aforementioned refund may be verified by Bitrizza. In such case, Bitrizza may request from the Client, at its sole discretion, to provide certain documents and information, including without limitation identification documents, copy of the credit card or bank details and/or any other proof required to affect the refund. In case the Client fails to provide appropriate documents or information, or in case of any doubts as to the authenticity of provided documents and information, Bitrizza shall be entitled to cease the refund process until the Client takes appropriate measures, as requested.
18.4. Notwithstanding the above, Bitrizza reserves the right to cancel the order without any refund, or decline any refund request, if it suspects that the Client has or is engaged in, or has in any way been involved in, fraudulent or illegal activity.
18.5. Refund will be processed without undue delay, and in any event within 7 (seven) business days from cancellation of order, subject to the requirements set forth hereinabove, and provided that the Client does not fail to provide Bitrizza with any information and/or documentation required in order to process the refund.
18.6. Under the circumstances where a recall request is made via the bank account of a Client, the Company reserves a right to immediately suspend the Profile of the Client until further clarifications in regards to such a request are provided from the Client. If a Client wishes to continue using the Services of the Platform after a recall request has been received, Bitrizza reserves a right to request additional documents from the side of the Client, which could confirm that the Client does not have any financial claims against Bitrizza
19. Responsibility for exploiting vulnerabilities of Bitrizza Website, Platform or Services.
19.1. User agrees that:
- Any attempts of hacking or other attacks on Bitrizza Website, Platform or Services are considered as a crime whether these actions are carried out by User independently or as a part of a group of persons. A criminal case may be brought against the User and the User shall also be obliged to reimburse financial and reputational damage caused by Bitrizza as a results of such actions;
- Using of any vulnerabilities of Bitrizza Website, Platform or Services or taking actions aimed in violation of the integrity, security and performance of Bitrizza Website, Platform or Services is a serious offense and it leads to administrative or criminal liability as it is defined by the applicable laws;
- Using vulnerabilities of Bitrizza Website, Platform or Services for any personal or professional purposes, in order to enrich or obtain any other advantages or financial benefits except is strictly provided for by this Agreement, is a criminal offense (fraud), and that a criminal case may be instituted against the User in accordance with this applicable law;
- Using of any vulnerabilities or technical errors of Bitrizza Website, Platform or Services causes direct material (financial) damage (loss), as well as reputation damage (damage to business reputation) of Bitrizza. Based on the results of identifying and/or eliminating the vulnerability or technical error, Bitrizza shall have the right to recover from the User the amount of damage caused (real damage and/or lost profit) in full in the framework of a civil lawsuit in accordance with the applicable law;
- In the event that the User exploits vulnerability or technical error of Bitrizza Website, Platform or Services as part of a group of persons or independently, the responsibility for losses caused by Bitrizza will be shared between all intruders (users who have used vulnerabilities or technical errors), including the user himself/herself;
- In the event of any, either intentional or unintentional, use of a vulnerability or technical error of Bitrizza Website, Platform or Services in order to increase the balance of any wallet used on the Platform or the overall balance of Bitrizza Account, the User undertakes to compensate (reimburse) Bitrizza for the amount of money received illegally (accrued to the balance as a result of using such error or vulnerability). If, as a result of fixing a vulnerability or a technical error, the balance of User’s Bitrizza Account will be negative, the User undertakes to compensate (reimburse) the amount of the negative balance of Bitrizza Account within 10 business days from the date of receipt of the notification from Bitrizza;
- If the User used a vulnerability or technical error of Bitrizza Website, Platform or Services, Bitrizza Account of such User will be blocked forever (indefinitely) without the possibility of subsequent restoring, regardless of whether Bitrizza was caused any material (financial) damage or not
20. Disclaimer of liability.
20.1. Bitrizza is not your broker, intermediary, agent, or advisor and has no fiduciary relationship or obligation to you in connection with any Exchange Orders or other decisions or activities effected by you using the Services. No communication or information provided to you by Bitrizza is intended as, or shall not be considered or construed as, investment advice, financial advice, trading advice, legal or tax advice or any other sort of advice. All trades are executed automatically, based on the parameters of your order instructions and in accordance with posted trade execution procedures and you are solely responsible for determining whether any purchase, sale or related transaction is appropriate for you based on your personal financial objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. Bitrizza does not recommend that any Digital Currency should be bought, earned, sold, or held by you. Before making the decision to buy, sell or hold any Digital Currency, or making any investment decision you should conduct your own due diligence and consult your financial advisors. Bitrizza will not be held responsible for the decisions you make to buy, sell, or hold Digital Currency based on the information provided by Bitrizza.
20.2. The services that we provide are provided to you on a strictly “as is,” “where is” and “where available” basis. Bitrizza does not represent or warrant to the accuracy, completeness, currentness, non-infringement, merchantability, or fitness for a particular purpose of Bitrizza platform or the information contained therein or services contained thereon. Bitrizza shall not be liable to you or anyone else for any loss or injury resulting directly or indirectly from your use of Bitrizza or any services provided by Bitrizza, including any loss caused in whole or part by any inaccuracies or incompleteness, delays, interruptions, errors or omissions, including, but not limited to, those arising from the negligence of Bitrizza or contingencies beyond their control in procuring, compiling, interpreting, computing, reporting, or delivering services thereon or the information therein. In no event will Bitrizza be liable to you or anyone else for any decision made or action taken by you in reliance on, or in connection with your use of the website, services thereon or the information therein.
20.3. In no event will Bitrizza be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind even if Bitrizza has been advised of the possibility thereof. This limitation on liability includes, but is not limited to, the transmission of any viruses which may infect a user’s equipment, failure of mechanical or electronic equipment or communication lines, telephone or other interconnect problem, unauthorised access, theft, operator errors, strikes or other labor problems or any force majeure. We cannot and do not guarantee continuous, uninterrupted or secure access to Bitrizza, or any of its services.
20.4. To the extent permitted by law, Bitrizza is not responsible for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss unless such loss is caused by a material breach of this Agreement by Bitrizza.
20.5. Bitrizza shall not be liable for:
- Losses incurred by a User resulted from any Transactions;
- Consequences of any loss of Bitrizza Account Data or providing access to Bitrizza Account Data by User to third parties;
- Incorrect entering of data by the User into deposit or incorrect withdrawal of the Funds or Cryptocurrencies by a User;
- Effects of events which are beyond control of Bitrizza, i.e. software errors, interruptions in the Internet access, power cuts, hacking attacks, etc.;
- Deletion of data entered by the Users into Bitrizza’s Platform from any systems and databases, which are not controlled by Bitrizza.
20.7. The User agrees that Bitrizza is not liability for the loss (or theft) of any Funds owned by User on his/her Bitrizza Account, and does not compensate them, if these losses were caused by hacking, hacker attacks (including DDoS attacks, data theft or destruction) or by any other reasons which occurred not by fault or with no involvement of Bitrizza.
You agree to protect and indemnify Bitrizza, as well as our officers, employees, directors, contractors and agents in relation to any claims, basis for judicial claims, lawsuits or proceedings, as well as from any losses, liability, damage, costs and expenses (including expenses for lawyers) and all amounts paid as a result of, in connection with or because of (a) your access and/or use of the Website (s), Services or Content; (b) your violation of the terms of this Agreement; (c) your violation of any applicable law; (d) your User Content or (e) your interaction with any User. Bitrizza can implement protection and control in relation to any matter on which you release Bitrizza from liability, and you agree to help and cooperate with Bitrizza in protecting or resolving any such issues.
22. Termination of Agreement.
- Bitrizza Account is subject to a governmental proceeding, criminal investigation or other pending litigation;
- We detect unusual activity in Bitrizza Account or unauthorized access to the account;
- We are required to do so by a court order or command by a regulatory/government authority.
- In case Bitrizza terminates to provide all Services to you;
- You register in any other person’s name as Bitrizza User, directly or indirectly;
- The information that you have provided is untruthful, inaccurate, outdated or incomplete;
- When this Agreement is amended, you expressly notify Bitrizza of your unwillingness to accept the amended Agreement;
- You request for termination of all Services.
22.4. If Bitrizza receives information or notification that any funds held in your Bitrizza Account are alleged to have been stolen or otherwise are not lawfully possessed by you, Bitrizza may, but has no obligation to, place an administrative hold on the affected funds and your Bitrizza Account. If Bitrizza does place an administrative hold on some or all of your funds or suspend your Bitrizza Account, Bitrizza may continue such hold until such dispute has been resolved and an evidence of such resolution has been provided to Bitrizza in a form acceptable to Bitrizza. Bitrizza will not be a party to any such dispute or take part in resolution of any such dispute. You agree that Bitrizza will have no liability or responsibility for any such hold, or for your inability to withdraw funds or execute Exchange Orders during the period of any such hold.
22.5. Once Bitrizza Account is closed/suspended, all remaining balance (which includes charges and liabilities owed to Bitrizza) on Bitrizza Account will be payable immediately to Bitrizza. Upon payment of all outstanding charges to Bitrizza (if any), the User will have 5 Business Days to withdraw all funds from Bitrizza Account. If Bitrizza Account is closed due to fraud, violation of law, or violation of this Agreement, Bitrizza maintains full custody of the funds and User data/information which may be turned over to governmental authorities in the event of Bitrizza Account suspension/closure arising from fraud investigations, violation of law investigations or violation of this Agreement.
23. Confidentiality and disclosure.
23.1. You agree that you will keep secret and confidential any Confidential Information concerning Bitrizza and its Representatives, received as a result of or in connection with this Agreement or of any investigations made in connection herewith and, if applicable, you will also cause your officers, employees and consultants to whom such information has been disclosed to comply with such commitment. The duties foreseen by this section do not apply to Confidential Information that: (i) lawfully was within your possession prior to this Agreement; (ii) was voluntarily disclosed to you by a third party so long as that party does not breach any obligation not to reveal such information; (iii) was voluntarily disclosed to the public by Bitrizza or (iv) is already generally known to the public not as a result of a breach of any confidentiality obligations.
23.2. Bitrizza will not share or otherwise transfer information regarding the Website's and/or Platform's Users and/or prospective Users, except to its Representatives as required in the ordinary course of Bitrizza's business, including, but not limited to, Bitrizza's banking or credit relationships.
23.3. Bitrizza may share your Confidential Information with law enforcement, data protection authorities, government officials, and other Governmental Authorities when:
- It is required by Law;
- To compel by subpoena, court order or decision, or other legal procedure;
- Bitrizza believes that disclosure is necessary to prevent damage or financial loss;
- Disclosure is necessary to report suspected illegal activity;
- Disclosure is necessary to investigate violations of this Agreement or any applicable Law.
It is the responsibility of the User to abide by local laws in relation to the legal usage of Bitrizza in their local jurisdiction. Users must also comply with any of their local laws and regulation regarding all aspects of taxation, withholding, collection, reporting and remittance of any applicable taxes to their appropriate tax authorities. All Users of Bitrizza and any of its services acknowledge and declare that the source of their funds come from a legitimate manner and are not derived from illegal activities. Bitrizza maintains a stance of cooperation with law enforcement authorities globally and will not hesitate to seize, freeze, terminate Bitrizza Account and funds of Users which are flagged out or investigated by legal mandate.
25. Governing law and jurisdiction.
25.1. This Agreement will be governed by Lithuanian law and any dispute arising herein is the exclusive jurisdiction of the Lithuanian courts.
25.2. Before filing a claim, you agree to try to resolve the dispute informally by contacting Bitrizza first through [email protected]. If Bitrizza hasn´t resolved your claim within 30 days of receiving your notice the dispute shall be resolved at District Court of Vilnius under the laws of Lithuania.
26.1. This Agreement constitutes the entire agreement between the parties regarding use of the Services and will supersede all prior agreements between the parties whether, written or oral. No usage of trade or other regular practice or method of dealing between the parties will be used to modify, interpret, supplement, or alter the terms of this Agreement.
26.2. If any portion of this Agreement is held invalid or unenforceable, such invalidity or enforceability will not affect the other provisions of this Agreement, which will remain in full force and effect, and the invalid or unenforceable portion will be given effect to the greatest extent possible.
26.3. You may not assign or transfer any right to use the Services or any of your rights or obligations under this Agreement without prior written consent from us, including by operation of law or in connection with any change of control. Bitrizza may assign or transfer any or all of its rights or obligations under this Agreement, in whole or in part, without notice or obtaining your consent or approval.
26.4. The failure of a Party to require performance of any provision will not affect that Party’s right to require performance at any time thereafter, nor will a waiver of any breach or default of this Agreement or any provision of this Agreement constitute a waiver of any subsequent breach or default or a waiver of the provision itself.
26.5. Your use of Bitrizza Services and the Website is subject to international export controls and economic sanctions requirements. By sending, receiving, buying, selling, or storing Digital Currency through the Website or Bitrizza Services, you agree that you will comply with those requirements. You are not permitted to acquire Digital Currency or use any of Bitrizza Services through the Website if you are in, under the control of, or a national or resident of Cuba, Iran, North Korea, Sudan, or Syria or any other country subject to UN sanctions, the European Union financial sanctions regimes or United States embargo, or if you are a person on the EU financial sanctions regime or U.S. Treasury Department's Specially Designated Nationals List or the U.S. Commerce Department's Denied Persons List, Unverified List, Entity List, or you intend to supply any acquired or stored Digital Currency or Bitrizza Services to a sanctioned country (or a national or resident of a sanctioned country) or sanctioned person.
26.6. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect under the Law of any jurisdiction: (i) the validity, legality and enforceability under the Law of that jurisdiction of any other provision; and (ii) the validity, legality and enforceability under the Law of any other jurisdiction of that or any other provision, shall not be affected or impaired in any way thereby. If any court or Governmental Authority finds that any provision of this Agreement (or part of any provision) is invalid, illegal or unenforceable, that provision or part-provision will, to the extent required, be deemed to be deleted, and the validity and enforceability of the other provisions of the Agreement will not be affected.
26.7. If you receive information about another User through Bitrizza Services, you must keep the information confidential and only use it in connection with Bitrizza Services. You may not disclose or distribute a User’s information to a third party or use the information except as reasonably necessary to carry out a transaction and other functions reasonably incidental thereto such as support, reconciliation and accounting unless you receive the User’s express consent to do so. You may not send unsolicited communications to another User through Bitrizza Services.
26.8. You are responsible for keeping your email address and/or phone number up to date in your Bitrizza Account profile in order to receive any notices or alerts that we may send you, including notices or alerts of actual or suspected security breaches.
26.9. It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions you conduct through Bitrizza Services, and to withhold, collect, report and remit the correct amount of tax to the appropriate tax authorities. Your transaction history is available through your Bitrizza Account.
26.10. This Agreement and any other documents referred to therein (including the essential parts of this Agreement referred to above) constitute the whole agreement between the Parties and supersede any previous arrangement, understanding or agreement between them relating to the subject matter of the Agreement. Each Party acknowledges that, in entering into the Agreement it does not rely on any statement, representation, assurance or warranty (“presentation”) of any Person (whether a Party to the Agreement or not) other than as expressly set out in the Agreement or other documents referred to in the Agreement .
26.11. This Agreement is personal to you and you cannot transfer or assign your rights, licenses, interests and/or obligations to anyone else. We may transfer or assign our rights licenses, interests and/or our obligations at any time, including as part of a merger, acquisition or other corporate reorganization involving Bitrizza, provided that this transfer or assignment does not materially impact the quality of Bitrizza Services you receive. Subject to the foregoing, this Agreement will bind and inure to the benefit of the parties, their successors and permitted assigns.
26.12. Bitrizza shall not be liable for delays, failure in performance or interruption of Service which results directly or indirectly from any cause or condition beyond its reasonable control, including, but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond Bitrizza’s reasonable control and shall not affect the validity and enforceability of any remaining provisions.
27. Modifications and amendments.
27.1. Bitrizza shall have the right, at its sole discretion, to make modifications and revisions to this Agreement in case of any changes in technology, standards, legislation, administrative or business practices, or any changes in providing the Services. The changes take effect from the moment the new version of Agreement is published on the Website. You can determine when this Agreement was last updated using the date mark indicated in this clause.
27.2. We reserve the right to make any changes retroactive to the extent permitted by applicable law. Any such changes will be effective from the date of validity of this Agreement, which applies to the relations of the Parties arising from January 1, 2022. If we make a material change to the Agreement, we will notify you by posting a prominent notice of the change on the Website or otherwise notify you of the changes.
27.3. At each successive using of Bitrizza Account you commit to become familiar with the effective version of the Agreement. If you continue using the Website and/or the Platform through your Bitrizza Account, this will mean that you agree with the new version of the Agreement. If you do not agree to the changes, you can terminate this Agreement at any time. In such case you should accomplish and close all outstanding trades and other obligations, withdraw any remaining balances and close down your Bitrizza account.
The current version of the Agreement has last been amended on the 02 of May 2022.
28. Contacts and feedback.
If you have any questions regarding this agreement, you may contact Bitrizza via the customer support team at [email protected]. If you have feedback, questions, or complaints regarding your Bitrizza Account or transaction please provide identifying information such as your name, Bitrizza Account ID, email address, and any other information Bitrizza may need to identify you, your Bitrizza Account and the transaction. For more information on Bitrizza, you can refer to the company and the authorization information found on Website.