Terms of Service
This User Agreement (“Agreement”) is a contract between you and CX and applies to your use of CX services. You must read, agree with and accept all of the terms and conditions contained in this Agreement.
This is an important document which you must consider carefully when choosing whether to use CX services.
By signing up to use the CX account through the Site “cx.coins.asia” website, the CX API, and/or any associated websites or mobile applications (collectively the “Coins exchange site”), you agree to comply with and be legally bound by this Agreement, as revised from time to time. If you do not agree to any of the terms set forth in this Agreement, or any subsequent modification to the Agreement, you may not access or use any of the CX Services.
1.1 We may amend or modify this Agreement by posting on the CX site or emailing to you the revised Agreement, and the revised Agreement shall be effective at such time. We may (a) modify or discontinue any portion of the CX services, and (b) suspend or terminate your access to the CX Services, at any time, and from time to time, without notice to you in certain, limited circumstances described herein. You agree that we shall not be liable to you or any third party for any modification or termination of the CX services, or suspension or termination of your access to the CX Services, except to the extent otherwise expressly set forth herein.
Betur, Inc., dba Coins.ph is duly registered with the Bangko Sentral ng Pilipinas (BSP) as Remittance & Transfer Company (RTC) with Money Changing (MC)/ Foreign Exchange Dealing (FXD) & Virtual Currency Exchange (VC) service, and all such activity is subject to the rules and regulations of the Bangko Sentral ng Pilipinas and the Anti-Money Laundering Act (AMLA), as amended.
1.3 Order Book Exchange
CX offers an order book for various Digital Currency and Fiat Currency trading pairs (each an ‘Order Book’). Refer to your CX account to determine which Order Books are available to you, as they might change from time to time. The Service operated by CX allows buyers (“Buyers”) and sellers (“Sellers”) to buy and sell Digital Currencies.
1.4 Access to the Service
1.5 Your Account
Your CX account consists of the following:
- A dedicated Hosted Digital Currency Wallet for each Digital Currency offered on the CX
- A dedicated Fiat Currency Wallet.
- Associated user tools, accessible at [URL] and through API
Please note the following risks of using the CX Services:
- Digital currency purchased using a bank account or credit card may be reversed at a later time, for example, if such a payment is subject to a chargeback, reversal, claim or is otherwise invalidated.
- A digital currency transaction may be unconfirmed for a period of time (usually less than one hour, but up to one day) and never complete if it is in a pending state.
- You agree that disputes between you and CX will be resolved by binding, individual arbitration and you waive your right to participate in a class action lawsuit or class-wide arbitration.
- Holding and trading digital currency is high risk. The price or value of digital currency can change rapidly, decrease, and potentially even fall to zero, and could cause large losses. Please consider carefully before purchasing or holding any digital assets, taking into consideration your financial circumstances.
- Unlike other commodities or currencies, Cryptocurrencies have inherent and unique risks. They are 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 at any given moment.
- Legal Risk: The legal status of certain Digital Currencies may be uncertain. This can mean that the legality of holding or trading them is not always clear. Whether and how one or more Digital Tokens constitute property, or assets, or rights of any kind may also seem unclear. Participants are responsible for knowing and understanding how Digital Tokens will be addressed, regulated, and taxed under applicable law
2. Our Relationship with You
2.1 CX helps you trade Digital Assets. It also provides a digital currency wallet service where you can store your digital currency. CX also allows users to buy and sell digital currency. CX is an independent contractor for all purposes. CX does not have control of, or liability for, the products or services that are paid for with CX services. We do not guarantee the identity of any user or other party or ensure that a Buyer will complete a transaction. CX assists its users in digital currency transactions. Coins Pro and/or its affiliates may be buyer or seller in the trades.
2.3 Privacy of Others; Marketing. If you receive information about another user through the CX services, you must keep the information confidential and only use it in connection with CX services. You may not disclose or distribute a user’s information to a third party or use the information for marketing purposes unless you receive the user’s express consent to do so. You may not send unsolicited email to a user through the CX.
2.4 Intellectual Property. “CX” and all logos related to the CX services and/or CX services are either trademarks, or registered marks of CX, their registered owners or its licensors. The Trademarks and Material 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 Site or networked computer environment for any other purpose is strictly prohibited; any such unauthorised use may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties.
2.5 Password Security and Keeping Your Email and Address Current. You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers (PINs), or any other codes that you use to access CX Services. You are responsible for keeping your email address up to date in your Account Profile.
2.6 Notices to You. You agree that CX, via CX platform, App and/or Web Portal may provide you communications about your Account and CX services electronically.
2.7 Notices to CX. We prefer receiving notices to electronically through our support system at [email protected] Paper notifications can also be sent. See our contact page for our mailing address.
2.8 All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.
3.1 Eligibility. To be eligible to use the CX services, you must be at least 18 years old.
3.2 Identity Authentication. If you wish to buy or sell digital currency through the exchange provided by the CX, you authorize CX, directly or through third parties, to make any inquiries we consider necessary to validate your identity. you agree to provide Bitstamp with current, accurate and complete information about yourself, as prompted by the registration process, and to keep such information updated.
3.3 Multiple Accounts. CX Accounts are personal and non-transferable. By using CX Services, you agree that you will not create more than one Account, and that we may, without notice, close or suspend any or all of the Accounts of a Member who has, or whom we reasonably suspect has, opened multiple Accounts.
3.4 By using a CX Account you agree and represent that you will use CX only for yourself as Account owner, and not on behalf of any third party, unless you have obtained prior approval from CX. You may not sell, lease, furnish or otherwise permit or provide access to your CX Account to any other entity or to any individual that is not your employee or agent, if you maintain a business account. In such cases, you accept full responsibility for your employees’ or agents’ use of CX, whether such use is directly through CX website or by other means, such as those facilitated through API keys, and/or applications which you may authorize. You understand and agree that you are responsible for any and all orders, trades, and other instructions entered into CX including identifiers, permissions, passwords, and security codes associated with your CX Account.
3.5 Third Party Applications. If you grant express permission to a third party to connect to your CX account, either through the third party’s product or through CX, you acknowledge that granting permission to a third party to take specific actions on your behalf does not relieve you of any of your responsibilities under this Agreement. Further, you acknowledge and agree that you will not hold CX responsible for, and will indemnify CX from, any liability arising from the actions or inactions of this third party in connection with the permissions you grant. You may change or remove these permissions at any time from the Account Settings (API) page.
3.6 Taxes. It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. CX is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.
3.7 Your account with us is not a bank account. Our services are not financial instruments. No interest will be paid on any funds or currency you use to purchase or trade for any other currency, and such currency is not insured by the company or any government agency.
3.8 Limitations. CX may delay an order if customer has not provided personal identifying information, if it reasonably suspects that customer is in violation of the User Agreement, or if further personal identifying information is necessary to establish the identity of the customer (“KYC”). Until completion of such verification procedures, customers may experience delayed processing of digital currency Transactions or Conversion Service transactions. CX will designate any such delayed transaction as “pending,” and funds will not be available until the pending transaction is completed. CX reserves the right to refuse to process, cancel, or to reverse any customer transaction (i) as required by law, (ii) in response to a facially valid subpoena, court order, or other government order, or (iii) if reasonably suspects that the transaction is erroneous, or is in violation of the CX User Agreement. You are also responsible for maintaining the confidentiality of your Account information, including your password, safeguarding your own Cryptocurrencies, and all activity including Transactions that are posted to your Account. If there is suspicious activity related to your Account, we may, but are not obligated to, request additional information from you, including authenticating documents, and to freeze any transactions pending our review. You are obligated to comply with these security requests or accept termination of your Account. You are required to notify CX immediately of any unauthorised use of your Account or password, or any other breach of security, by email to [email protected] Any user who violates these rules may be terminated, and thereafter held liable for losses incurred by CX or any user of the Site.
3.9 Minimum allowable trade is 50 PHP in value.
3.10 Deposits. You may fund your CX Account by depositing Digital Currency and/or Fiat Currency from your Coins.ph Account, Bank Account or an external Digital Currency address into your CX Account, as they might be available from time to time. Funds in your CX Account can be used only to trade on the CX.
If you are funding from your Coins.ph account, you hereby authorise CX to initiate debits from your Coins wallet in settlement of such transactions.
3.11 Withdrawals. You may withdraw Digital Currency from your CX Account by transfer to your Coins.ph wallet or to an external Digital Currency address. You may withdraw Fiat Currency from your CX Account to fiat Coins.ph wallet.
Note that all deposits to and withdrawals from your CX Account may be subject to limits, as they may be advertised in your CX account and/or Coins.ph wallets.
3.12 Fees. may also charge a fee on certain deposit or withdrawal methods. All such fees will be clearly advertised in your CX Account. For any Trading Fees, by placing an order on CX, you agree to pay all applicable fees and you authorize CX to automatically deduct fees directly from your CX Account.
3.13 CX reserves the right to refuse to process, or to cancel or reverse, any transactions, including purchases or sales of digital currency in its sole discretion, even after funds have been debited from your account(s), if CX suspects the transaction involves (or has a high risk of involvement in) money laundering, terrorist financing, fraud, or any other type of financial crime; in response to a subpoena, court order, or other government order; if CX reasonably suspects that the transaction is erroneous; or if CX suspects the transaction CX. will reverse the transaction. In the cases of digital currency transaction, we are under no obligation to allow you to reinstate a purchase or sale order at the same price or on the same terms as the cancelled transaction.
3.14 CX will make reasonable efforts to ensure that requests for cash in to and/or cash outs from your Account are processed in a timely manner within our advertised processing times. But CX makes no representations or warranties regarding the amount of time needed to complete processing which is dependent upon many factors outside of our control. CX reserves the right to delay your cash in and/or cash out at any time. We will always notify you before you confirm your transaction, or within reasonable time after we introduce such delayed processing times.
3.15 Suspension and Cancellation. We may suspend your CX Account or your access to any one for more Order Books in accordance with the User Agreement Account suspension and termination provisions. Suspension or termination of your CX Account shall not affect the payment of fees or other amounts you owe to CX and/or Coins.ph. In the event that your Coins.ph is suspended or terminated, we will immediately cancel all open orders associated with your CX Account, block all withdrawals and bar the placing of further orders until resolution or Account cancellation.
3.16 No Warranty. We do not represent that CX and/or the CX Services, will be available without interruption. Although we will strive to provide you with continuous operations, we do not guarantee continuous access or that there will be no delays, failures, errors, omissions or loss of transmitted information, nor do we guarantee that any order will be executed, accepted, recorded, or remain open. CX reserves the right to cancel any open trades and/or suspend CX activity in accordance with the below Trading Rules.
3.17. No Investment Advice or Brokerage. For the avoidance of doubt, CX does not provide investment, tax, or legal advice, nor does CX broker trades on your behalf. All CX 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 investment, investment strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation.
3.18 Outstanding amounts In the event that there are outstanding amounts owed to CX and/or Coins.ph hereunder, CX reserves the right to debit your CX Account accordingly and/or to withhold amounts from funds you may transfer from your CX Account to your Coins.ph Account.
5. Disputes with CX
5.1 Indemnification. You agree to indemnify and hold CX, its parent, the officers, directors, agents, joint venturers, and employees harmless from any claim or demand (including attorneys’ fees) arising out of your breach of this Agreement or your use of CX services.
5.2 Release of CX If you have a dispute with one or more users, you release CX (and our parent, officers, directors, agents, joint ventures, employees and suppliers) from any and all claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes. In addition, this release extends to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if not known by him must have materially affected his settlement with the debtor.
5.3 Disputes with CX If you think we have made an error, write to us at coins.ph, or email us at [email protected] In your correspondence, you must give us information sufficient to identify you, your account, and the transaction on which you believe an error occurred. You must contact us within 30 days after the transaction occurred. Within 90 days of receiving your request, we must either correct the error or explain to you why we believe the transaction was correct.
6. Customer Cash In
6.1 CX may introduce you to third party customers or “Tellers” for the purpose of cashing-in funds into your CX account. While we try to verify each Teller, we will not assess the suitability, legality or ability of any third party cash-in providers and you expressly waive and release the company and/or its directors, officers, and employees from any and all liability, claims or damages arising from or in any way related to the third party cash-in service provider. The company will not be a party to disputes, negotiations of disputes between you and such third party providers. Responsibility for the decisions you make regarding services offered via the software or service (with all its implications) rests solely with you. We will not assess the suitability, legality or ability of any such third parties and you expressly waive and release the company and/or its directors, officers and employees from any and all liability, claims, causes of action, or damages arising from your use of the software or service, or in any way related to the third parties introduced to you by the software or service.
6.2 Any references in the Site, Application or Services to a Customer being “verified” or “connected” (or similar language) only indicate that the Member has completed a relevant verification process, and does not represent anything else. Any such description is not an endorsement, certification or guarantee by CX about any Customer, including of the Customer’s identity and whether the Customer is trustworthy, safe or suitable. Instead, any such description is intended to be useful information for you to evaluate when you make your own decisions about the identity and suitability of others whom you contact or interact with via the Application and Services. We therefore recommend that you always exercise due diligence and care when deciding whether to trust a Teller or to accept a cash-in request from a Customer, or to have any other interaction with any other Customers.
7. General Provisions
7.1 Limitations of Liability. IN NO EVENT SHALL WE, OUR PARENT, THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF CX OR OUR PARENT BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH OUR WEBSITE, CX SERVICES, OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE). Some states do not allow the exclusion or limitation of incidental or consequential damages so the above limitation or exclusion may not apply to you. OUR LIABILITY, AND THE LIABILITY OF OUR PARENT, OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS, TO YOU OR ANY THIRD PARTIES IN ANY CIRCUMSTANCE IS LIMITED TO THE ACTUAL AMOUNT OF DIRECT DAMAGES.
7.2 No Warranty. CX SERVICES ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OF WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. CX, OUR PARENT, THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF CX OR OUR PARENT SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. CX does not have any control over the products or services that are paid for with CX services and CX cannot ensure that a buyer or a seller you are dealing with will actually complete the transaction or is authorized to do so. CX does not guarantee continuous, uninterrupted or secure access to any part of CX services, and operation of our site may be interfered with by numerous factors outside of our control. CX will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, credit cards, and check issuances are processed in a timely manner but CX makes no representations or warranties regarding the amount of time needed to complete processing because CX services are dependent upon many factors outside of our control, such as delays in the banking system or the U.S. or international mail service. Some states do not allow the disclaimer of implied warranties, so the foregoing disclaimers may not apply to you. This paragraph gives you specific legal rights and you may also have other legal rights that vary from state to state.
7.3 Force Majeure. We shall not be liable for delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our 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 our reasonable control and shall not affect the validity and enforceability of any remaining provisions.
7.4 Arbitration. Except for claims for injunctive or equitable relief or claims regarding intellectual property rights (which may be brought in any competent court without the posting of a bond), any dispute arising under this Agreement shall be finally settled by arbitration in accordance with the Arbitration Rules of the Singapore International Arbitration Center (“SIAC Rules”) for the time being in force, which rules are deemed to be incorporated by reference in this clause. The Tribunal shall consist of one or more arbitrators (if one arbitrator cannot be designated by mutual agreement of the Parties) appointed in accordance with said rules. The venue for arbitration shall be Singapore, and the language of arbitration shall be English. The arbitral award shall be final and binding on the Parties and shall be enforceable in any court having jurisdiction. The prevailing party in any action or proceeding to enforce this Agreement shall be entitled to costs and attorneys’ fees.
7.5 Time Limitation on Claims. You agree that any claim you may have arising out of or related to your relationship with CX must be filed within one year after such claim arose; otherwise, your claim is permanently barred.
7.6. Export Controls & Sanctions. The supply of digital currency and the CX services through the Coins.ph site is subject to Philippines and international export controls and economic sanctions requirements. By acquiring any such items through the CX site, you represent and warrant that your acquisition comports with and your use of the item will comport with those requirements. Without limiting the foregoing, you may not acquire digital currency or any of the CX services through the CX site if: (1) 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 United States embargo, UN sanctions, HM Treasury’s financial sanctions regime, or if you are on the U.S. Treasury Department’s Specially Designated Nationals List or the U.S. Commerce Department’s Denied Persons List, Unverified List, Entity List HM Treasury’s financial sanctions regime; or (2) you intend to supply the acquired digital currency or CX Services to Cuba, Iran, North Korea, Sudan or Syria or any other country subject to United States embargo or UN sanctions (or a national or resident of one of these countries), or to a person on the Specially Designated Nationals List, Denied Persons List, Unverified List, Entity List, or HM Treasury’s financial sanctions regime.
Policy on Customers from the State of New York
In light of the recent New York “BitLicense” regulations we have regretfully decided to no longer service customers who are either residents of, or are located in the state of New York.
By signing up for an account with us or by using any of our products and services, you confirm that you are not a New York State resident or New York State legal entity, and that you will not be using our services from the State of New York.
Appendix 1: Prohibited Businesses and Prohibited Use
The following categories of businesses, business practices, and sale items are barred from CX services (“Prohibited Businesses”). By opening a CX account, you confirm that you will not use CX services in connection with the following businesses, activities, practices, or items:
a. Operating as an unlicensed money transmitter, money service, payment service provider, e-money, or any other financial services business which requires licensure, including but not limited to exchanges of virtual currencies, sales of money orders or traveler’s checks, and escrow services
- Counterfeit products or any product or service that infringes upon the copyright, trademark, or trade secrets of any third party
- Stolen goods
d. Narcotics, controlled substances, prescription and pharmaceutical services, drug paraphernalia, or any substances designed to mimic illegal drugs
- Gambling, except where permitted by CX
f. Sports forecasting or odds making
g. Prostitution or illegal escort services
h. Violent acts towards self or others, or activities or items that encourage, promote, facilitate or i. instruct others regarding the same
j. Funding any of the items included on this Prohibited Businesses list
k. Extortion, blackmail, or efforts to induce unearned payments
l. Unlicensed sale of firearms and certain weapons
m. Engaging in deceptive marketing practices
n. Any business that violates any law, statute, ordinance or regulation
You may not use your Coins.ph Account to engage in the following categories of activity (“Prohibited Use”). By opening a Coins.ph Account operated by CX, you confirm that you will not use your Account to do any of the following:
a. Violate or assist any party in violating any law, statute, ordinance, regulation or any rule of any self-regulatory or similar organization of which you are or are required to be a member (for example, those laws, rules, or regulations governing financial services, controlled substances, or consumer protections);
b. Partake in a transaction which involves the proceeds of any unlawful activity;
c. Partake in any transaction involving online gambling except where permitted by CX;
d. Defraud or attempt to defraud CX or other CX users;
e. Infringe upon CX’s or any third party’s copyright, patent, trademark, or intellectual property rights;
f. Provide false, inaccurate or misleading information;
g. Take any action that imposes an unreasonable or disproportionately large load on our infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information;
- Interfere with another individual’s or entity’s access to or use of any of the CX Services;
i. Defame, abuse, 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 others;
j. Publish, distribute or disseminate any unlawful material or information;
k. Transmit or upload any material to the CX Site that contains viruses, Trojan horses, worms, or any other harmful or deleterious programs;
l. Harvest or otherwise collect information from the CX Site about others, including without limitation email addresses, without proper consent;
m. Act as a payment intermediary or aggregator or otherwise resell any of the CX Services, unless expressly authorized by CX in writing;
n. Transfer any rights granted to you under this Agreement;
o. Use the CX Account information of another party to access or use the CX Site, except in the case of specific Merchants and/or applications which are specifically authorized by a user to access such user’s CX Account and information;
p. Otherwise attempt to gain unauthorized access to the Coins.ph Site, other Coins.ph Accounts, computer systems or networks connected to the CX Site, through password mining or any other means;
q. Engage in transactions involving items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the law;
r. Take any action that CX deems as circumventing CX controls, including, but not limited to, opening multiple CX Accounts or abusing promotions which CX may offer from time to time;
s. US Residents are prohibited from using Coins.ph for money transmission or to conduct any other financial activity requiring licensure or covered by regulations governing financial services.