Depending upon context, "TokenExchange" may also refer to the services, products, website, content or other materials (collectively, "Materials") provided by the Company.
Terms of Service:
- TokenExchange is neither the creator nor the administrator of any Virtual Currency. It merely acts as an aggregator and intermediary between the User and the various virtual currency exchanges across the globe through External Websites.
- The Service operated by the Company in the name of TokenExchange allows buyers ("Buyers") and sellers ("Sellers"), to buy, sell and exchange VCs on virtual currency exchanges by accessing External Website via the Website. The Service provided by TokenExchange allows all users of the Website, to exchange VCs directly with other VCs from various virtual currency exchanges.
- All kinds of fee are included in the quantities shown to You during the comparison of rates across the VC exchanges. All payments towards fee shall be made by way of VCs only.
- TokenExchange has no control over the generation, distribution, retention or termination of VCs. TokenExchange does not control market volatility of VCs. It merely acts as an intermediary for the services offered, which are more fully set out herein
TokenExchange does not provide any warranty of any kind, either express or implied.
- Services and the Website and any information or content contained therein is provided on an “as-is” and “as available” basis. User avails of the Services and / or dealing in VCs does so at their own risk and with full disclosure of possible wiping out of the entire holding or valuation, in the event of the occurrence of any of the risk factors including but not limited to changes in regulatory or legal position in India or restrictions that may be placed on TokenExchange, it is hereby expressly declared that TokenExchange offers no warranty of any kind regarding the Website or the Services.
- Users are hereby also duly cautioned that presently in India, VCs including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority of India. The Reserve Bank of India ("RBI") has issued two circulars, in 2013 and again in 2017, cautioning users regarding the risks involved with respect to VCs. Users in India shall therefore avail of the Services and access the Website subject to the above caution issued by the RBI and solely at their own risk.
- TokenExchange does not encourage the violation of any laws and cannot be held responsible for violation of such laws in any jurisdiction of the world. It is Your responsibility to follow the laws of Your country of residence and/or country from which You access this Website.
It is Your responsibility to determine, collect, report, and submit any taxes applicable to the payments You make or receive in connection with the use of the Website and the Service to the appropriate tax authority. TokenExchange is not responsible for determining whether taxes apply to Your transaction, or for collecting, reporting or remitting any taxes arising from any transaction undertaken via the Website.
TokenExchange collects information with respect to Your VC wallet addresses and Your IP address. TokenExchange does not in any way obscure the information that it does request or obtain. Due to the inherent transparency of blockchains of VCs, transactions to and from the Website are public, and may be disclosed by Us, to any third party, including but not limited to government regulators.
We may also place cookies on Your device while You access the Website. Cookies collect User information including Website usage, visits to the Website and other User generated information. Cookies allow Users to navigate from page to page without having to re-login each time, count visits, and see which areas and features of the Website are popular.
Any sensitive information in these cookies are encoded so that only TokenExchange can interpret the information stored on them. The cookies are placed for the following purposes:
- Recognize You as a TokenExchange User,
- Collect information about Your computer to mitigate risk and help prevent fraud,
- Customize Your experience, content, and advertising, and
- Measure promotional effectiveness.
TokenExchange may also ask for mobile/phone verification from user while creating transactions for some exchanges and store this information to provide a better experience to our users. Phone numbers that end users provide for authentication will be sent and stored by third party phone verification services to improve thier spam and abuse prevention.
TokenExchange may also uses third party analytical tools to collect data about usage of Website. The information collected identifies the types and timing of actions taken, including installation, registration, uploading, and certain types of navigation. All of this information is used internally for the purpose of understanding how the Website is being used and to improve the same.
You are advised to not utilizing TokenExchange to obscure transactions or assets in any way. Law enforcement has full access to blockchain information with respect to VCs that go in or out of TokenExchange’s system. You accept that TokenExchange will comply with all legal requests for information and reserves the right to share the information shared by You in its sole discretion.
The use of the Website and the Service may entail the following risks:
- Virtual Currency transactions are irreversible after they hits the network and once a transaction is initiated by You, it can neither be cancelled, modified nor reversed by Us.
- The values of VCs are highly volatile and tends to fluctuate, due to which there may be increase or decrease in the value of the VC You receive after conversion. VCs are subject to large swings in value and may even become worthless. There is always an inherent risk of losses associated with buying, selling or trading in VCs. It is also possible that the valuation and price of VC changes after the transaction has been initiated by You or during the course of the transaction, and You are hereby advised of the same. Under no circumstance shall TokenExchange be liable for any such changes or fluctuations.
- VCs are an as-yet autonomous and largely unregulated worldwide system of value transfer between private parties. It is not backed by any government or commodities and hence may be susceptible to risks not generally associated with other forms of legal tenders.
- As VC is digital cash managed by a peer-to-peer system of networks, there is also the risk of loss of confidence in VC trading. The valuation of VCs is based on a supply and demand economy model.
- You should carefully assess whether Your financial situation and tolerance for risk is suitable for buying, selling or trading VCs.
Limited Right of Use:
Unless otherwise specified, all Materials on this Website are the property of the Company and are protected by copyright, trademark, and other applicable laws. You may view, print, and/or download a copy of such Materials on any single computer solely for Your personal, informational, non-commercial use, provided You keep intact all copyright and other proprietary notices. The trademarks, service marks, and logos of TokenExchange and others used in this Website ("Trademarks") are the property of the Company and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video, and audio used on this Website belong to Company. The Trademarks and Materials should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other website or networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, trademark, and other applicable laws and could result in criminal or civil legal actions and penalties.
Each User shall ensure compliance to the following terms while availing or accessing the Website or the Service:
- The Website is solely for personal and non-commercial use.
- If there is any suspicious activity related to the transaction undertaken by You via the Website, We may, but are not obligated, to request additional information from You, including authenticating documents, and to freeze any transactions pending Our review.
- You hereby agree that You shall not use the Website or our Service, in connection with any activity violating any law, statute, ordinance, or regulation of any jurisdiction. Further, You shall not exchange VCs via using the Website that are obtained through illegal activities and You will also not use the Service to perform any illegal activity of any sort, in any jurisdiction, including but not limited to, money laundering, illegal gambling operations, terrorist financing, or malicious hacking. Source of VCs exchanged by You is not known to TokenExchange and You hereby agree to ensure that it always comes from legitimate sources.
- TokenExchange only acts as an information intermediary and an aggregator of various virtual currency exchanges. In case of any technical or manual error that happens by TokenExchange, the Company will, on a best effort basis, take the steps undertake the requisite corrections including the involved transactions and/or records and will intimate You about the correction in a timely manner. If such correction creates a liability on You, You will be required to incur that liability.
The Website may provide links or other forms of reference to other websites ("External Websites") or resources over which We have no control. You acknowledge that TokenExchange is providing any such links or references of External Websites or resources to You, including APIs to various virtual currency exchanges, only as a convenience to You and that TokenExchange makes no representations whatsoever about any External Websites which You may access through or via this Website, including such External Websites being free of such items as viruses, worms, trojan horses, and other items of a destructive nature.
Prohibition on Money Laundering / Illegal Activities:
TokenExchange has zero tolerance towards use of its Services for any illegal purpose. Any such abuse by any User shall result in forthwith restriction of access and reporting of such activities to concerned regulatory and statutory authorities. TokenExchange shall report all suspicious activities to the concerned authorities to ensure initiation of investigation and prosecution against You, if required.
- Users shall not use circumvention or obfuscating technologies to mask their IP addresses or to hide transaction details.
- Users shall not create or circulate any technologies which violate or which would facilitate other users to violate the terms hereof including for masking IP addresses or to obfuscate transaction details.
- Users shall not misrepresent, misinform or misguide TokenExchange in any manner. Users are hereby duly informed that We shall share all details with regulatory or legal authorities and the User shall be solely responsible for the correctness of the contents provided or for legal action for false or incorrect information furnished.
- Users are cautioned against undertaking any suspicious activity on or through the Website. In the event of any suspicious or large transactions being undertaken by You, TokenExchange shall have the right but not the obligation to verify such activity by sharing Your IP address with the relevant authority, and if required, suspend the transactions or freeze Your access.
- Notwithstanding the foregoing, if in TokenExchange’s sole discretion, the source of any VC is illegal or suspicious, TokenExchange reserves the right to retain and confiscate all VCs related to such illegal or suspicious activity.
Limitation of Liability:
- Users of this Website are responsible for their actions in connection with the use of the Website and Service.
- TokenExchange is not responsible for the outcome, whether positive or negative, of any action performed by any of its Users within or related to the Website / Service.
- User shall not invest in VCs under any assumption of high earnings or profits. VCs being digital assets issued by private entrepreneurs are subject to market risks and volatile pricing, which may even render them worthless. Users are therefore cautioned of the inherent risks involved in procuring VCs.
- Services are strictly available for personal use only within jurisdictions that permit transactions or trading in VCs or where such transactions have not been curtailed. In the event that a User resides in any such jurisdiction where transactions in VCs is prohibited, Users shall not use the Website or the Services to conduct any transaction in VCs. In the event that such transgression is brought to the notice of TokenExchange, the Company shall forthwith restrict Your access to the Website. Users are therefore duly warned against availing Website and Services, where there is a specific ban against the transactions envisaged and offered by TokenExchange. The Parties agree that the Users shall be solely responsible for ensuring compliance with the above duty and responsibility to follow the laws of the country of residence.
- This Agreement is subject to confirmation by the Government of India, of the legality of dealing in VCs and in the event that the Government of India were to hold such dealing to be invalid or illegal in India, this agreement shall stand automatically terminated without further notice to User. TokenExchange has given full disclosure of the current Government and regulatory status with respect to VCs in India and the risk involved in dealing with or investing in the same. By accessing the Website, You are deemed to have understood, agreed to and accepted the risk and costs of such investment.
Financial Regulation and Advice:
Our business model, and our Service, consists of facilitating the buying and selling of VCs in an unregulated yet responsible, international open payment system. The Service we provide is currently unregulated within India.
You may terminate this agreement with Us, at any time, following settlement of any pending transactions.
We may, in appropriate circumstances and at our sole discretion, initiate the above actions for any reason, including without limitation:
- attempts to gain unauthorized access to the Website or providing assistance to others’ attempting to do so;
- usage of the Service to perform illegal activities such as money laundering, illegal gambling operations, financing terrorism, or other criminal activities;
- failure to pay or fraudulent payment for transactions;
- unexpected operational difficulties; or
upon the request of law enforcement or other government agencies.
Modification of Terms: