Coinmotion Terms of Use
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Updated 01.11.2019
Welcome to Coinmotion through which you can deposit and withdraw cryptocurrency and fiat currency and buy, sell and store cryptocurrency (hereinafter “Service”). Coinmotion is operated by a Finnish limited liability company Coinmotion Oy (business ID: 2469683-1) that has its principal office at Kauppakatu 39, 40100 Jyväskylä, Finland (hereinafter “us” or “Company”).
Before you can use the Service or create an account on Coinmotion (hereinafter “Account”), you must to accept these terms of service and our privacy policy, which together shall be hereinafter referred to as an “Agreement”.
The Service is currently unavailable to the nationals and residents of the United States of America due to the heavy regulation of FATCA.
CHANGES TO THESE TERMS 01.11.2019
These Terms of Service have been updated on 01.11.2019 with the following changes, that will take effect on 30.11.2019 for users registered prior to the changes. For new users these Terms are up to date.1. ACCEPTANCE OF THE AGREEMENT
This Agreement is an electronic contract that establishes the legally binding terms you must accept to use the Service. This Agreement may be amended as appropriate. We may do this for a variety of reasons including to reflect changes in or requirements of the law, new features, or changes in business practices. The most recent version of this Agreement will be posted on the Service and you should regularly check for the most recent version. The most recent version is the version that applies. If the changes include material changes that affect your rights or obligations, we will notify you of the changes by reasonable means, which could include notification through the Service or via email. The changes take effect thirty (30) days after we have notified you. A shorter period of time can be used if the change is due to a change in legislation or a decision of the public authority. If you continue to use the Service after the changes become effective, then you shall be deemed to have accepted those changes. If you do not agree to these changes, you must not use the Service, and if you have an Account you must delete your Account. The Agreement may be unilaterally modified and terminate by the Company on the grounds specified in paragraph 14 (see “Termination of this Agreement”).2. ELIGIBILITY
You must be at least 18 years of age to use the Service or to create an Account. By creating an Account and/or using the Service, you represent and warrant that you can form a binding contract with us, you are not a person who is barred from using the Service under any laws and you will comply with this Agreement and all applicable local, state, national and international laws, rules and regulations.3. CREATING AN ACCOUNT ON COINMOTION AND THE RIGHT TO INFORMATION WHEN YOU USE THE SERVICE WITHOUT AN ACCOUNT
To create an Account, you will need to register, choose an Account name and set a password. You can create an Account by following the registration link and providing the asked information. For you to be able to use your Account, you have to confirm it by clicking on the link automatically sent to the email address provided by you. When you create an Account or use the Service without an Account, you authorize us to access and use certain information about you. For more information regarding the information we collect about you and how we use it, please see our privacy policy.4. USE OF THE SERVICE
You can use the Service to deposit and withdraw cryptocurrency and fiat currency and buy, sell and store cryptocurrency. As we follow relevant anti-money laundering and counter-terrorist financing (hereinafter “AML”) legislation, we apply several AML policies. Such policies include for example Know Your Customer (hereinafter “KYC”) policies, which mean that we require you to provide us specific information about yourself. We can use the identification of the authentication services provided by another third party (e.g. Tupas or equivalent).Depositing fiat currency
You can deposit fiat currency in our Service to your fiat balance (hereinafter “Balance”) to buy cryptocurrency. You can deposit fiat currency to your account via SEPA transfer, S-Bank, Sofort or credit card. Depositing fiat currency takes normally between 0-3 weekdays before the deposit shows in your Balance. Before you deposit fiat currency to your Balance, you must perform a deposit notification to us (hereinafter “Payment Notification”) through which you must provide us the correct payment information (hereinafter “Payment Information”). If you do not perform the Payment Notification and provide Payment Information to us before you deposit fiat currency to your Balance, the deposit showing in your Balance will most likely be delayed or unsuccessful. If you transfer fiat currency to us without providing us the Payment Notification and the Payment Information, you must notify us of the matter at once by email ([email protected]), or otherwise we might not be able perform your deposit and/or refund you the deposit.Depositing cryptocurrency
You can deposit cryptocurrency in our Service to your cryptobalance (hereinafter “Cryptobalance”), which is accessible through your Account. You must only deposit cryptocurrency that the Service currently supports. If you deposit cryptocurrencies that the Service does not support, there is a high risk you lose the deposited amount as a whole. We are not liable for any damages that might occur when you deposit cryptocurrencies that the Service does not support to the Service. In case you deposit cryptocurrency that the Service does not support to the Service, you must notify us of the matter at once by email ([email protected]).Withdrawing fiat currency
You can withdraw fiat currency from your Balance to your bank account, e.g. after you receive fiat currency to your Balance from selling cryptocurrency. You are responsible for any possible losses that might occur when you withdraw fiat currency. As the withdrawal of fiat currency from the Service is contingent on several AML matters, you acknowledge and accept that the withdrawals might take several hours or even longer following the withdrawal request or might be denied if we detect severe AML risks in the withdrawal. You accept that we are not liable for any possible damages originating from the duration or the denial of the withdrawals.Withdrawing cryptocurrency
You can withdraw cryptocurrencies from your Cryptobalance. You are responsible for any possible losses that might occur when you withdraw cryptocurrencies (e.g. sending cryptocurrency to the wrong address or address or other service provider that does not support cryptocurrencies being sent). As the withdrawal of cryptocurrencies is contingent on several AML matters, you acknowledge and accept that the withdrawals might take several hours or even longer following the withdrawal request or might be denied if we detect severe AML risks in the withdrawal. You accept that we are not liable for any possible damages originating from the duration or the denial of the withdrawals, such as the impairment of investment assets caused by exchange rate fluctuations.Buying cryptocurrency
You can buy cryptocurrencies through the Service by paying for them with the fiat money in your Balance. Once you have successfully purchased cryptocurrency, you will receive the bought cryptocurrency to your Cryptobalance. Our Service utilizes different crypto exchanges in order to the provide best possible price for you.Selling cryptocurrency
When you sell cryptocurrencies through the Service, you receive fiat money in return to your Balance. The speed of the withdrawal of fiat money to your bank account is contingent on:- the amount of fiat money being withdrawn;
- the AML risks related to the withdrawal;
- the information you provide us;
- the duration of our Agreement;
- the banks own times of processing fiat transactions; and
- other thereto related matters.
Storing cryptocurrency
You can store cryptocurrencies through our Service to your Cryptobalance. You can store only those cryptocurrencies that our Service supports. You can also use our vault service, which provides extra security layer, to store your cryptocurrencies. Using the vault costs 1 euros per month regardless of the amount that is being stored. The fee is deducted from the stored funds as cryptocurrency with the current price of the said cryptocurrency.Your responsibility when using the Service
You acknowledge and agree that you: (i) are responsible for all direct and indirect costs induced by the use of the Service; (ii) fully comply with this Agreement, other guidelines and instructions provided by us concerning the Service; (iii) can use this Service only in accordance with the law and good practice; (iv) refrain from any actions that result or may result in any AML risks; (v) must provide sufficient identification to us in order to use the Service; (vi) are responsible for the acquisition, functionality and appropriate protection of any equipment, connections and software necessary to use the Service; and (vii) are responsible for any other such matters.Commission paid to us
Fiat currency -> cryptocurrency and cryptocurrency -> fiat currency transactions have a 2 % transaction fee. Withdrawing fiat money to your bank account also carries a fixed 0.90 € fee. When depositing money via credit card, the fee is 4 %. The minimum fiat amount the customer can withdraw is 10 euros. Additionally, we can offer great volume discounts for active traders.5. TERM AND TERMINATION
This Agreement will remain in full force and effect while you use the Service or have an Account. You may terminate your Account at any time, for any reason, by following the instructions in “Settings” in the Service. The Company may in its sole discretion terminate or suspend your Account or transaction at any time without notice if the Company believes that you have breached this Agreement. Upon such termination or suspension, you will not be entitled to any refund of unused fees. After your Account is terminated or you have used the Service, this Agreement will terminate, except the following provisions that will still apply: Section 8 and Sections 12-18.6. ACCOUNT SECURITY
Your Account and password are personal and they are not to be handed over or otherwise be made known to a third party. You are responsible for maintaining the confidentiality of your login credentials you use to sign up for Coinmotion or personal data when you use the Service, and you are solely responsible for all activities that occur under those credentials. You agree to immediately notify the Company of any disclosure or unauthorized use of your login credentials or personal data at [email protected].7. YOUR INTERACTIONS WITH OTHER USERS
The Company is not responsible for the conduct of any user. As noted in and without limiting Sections 14 and 16 below, in no event shall the Company, its affiliates or its partners be liable (directly or indirectly) for any losses or damages whatsoever, whether direct, indirect, general, special, compensatory, consequential, and/or incidental, arising out of or relating to the conduct of you or anyone else in connection with the use of the Service including, without limitation, death, bodily injury, emotional distress, and/or any other damages resulting from communications or meetings with other users or persons you meet through the Service.8. PROPRIETARY RIGHTS
The Company owns and retains all proprietary rights in the Service, and in all content, trademarks, trade names, service marks and other intellectual property rights related thereto. The Service contains the copyrighted material, trademarks, and other proprietary information of the Company and its licensors. You agree to not copy, modify, transmit, create any derivative works from, make use of, or reproduce in any way any copyrighted material, trademarks, trade names, service marks, or other intellectual property or proprietary information accessible through the Service, without first obtaining the prior written consent of the Company. You agree to not remove, obscure or otherwise alter any proprietary notices appearing on any content, including copyright, trademark and other intellectual property notices.9. INFORMATION POSTED BY YOU TO US
- You represent and warrant that all information that you submit upon creation of your Account or the use of the Service is accurate and truthful and that you will promptly update any information provided by you that subsequently becomes inaccurate, incomplete, misleading or false.
- You understand and agree that the Company may, but is not obligated to, monitor or review any information you provide us as part of the Service. The Company may delete any information, in whole or in part, that in the sole judgment of the Company violates this Agreement or may harm the reputation of the Service or the Company.
- Your use of the Service, including all information you post through the Service, must comply with all applicable laws and regulations. You agree that the Company may access, preserve and disclose your account information in accordance with its privacy policy.
10. PROHIBITED ACTIVITIES
You shall not use the Service in a harmful way, misleadingly, in a racist way, unfairly, for solicitous purposes, illegally or in any other similar way. The Company reserves the right, in its sole discretion, to investigate and take any legal action against anyone who violates this provision, including removing the offending communication from the Service and terminating or suspending the account of such violators. You are not allowed to use the Service in a country that has banned, denied or in any other way blocked the buying, selling and storing of cryptocurrencies.11. INTERRUPTED ORDERS
In case a customer’s order is against our terms of service or the order is cancelled for other reasons, the customer is asked to provide information for returning the funds. The funds will then be returned after the customer has provided the required information. If the funds due to insufficient information or the nature of the order cannot be returned to the customer and are in possession of Coinmotion for over 90 days, an administration fee will be charged. The fee will be decided as a yearly percentage from the total value of the funds and it is counted as well as reduced each month. The administration fee will be charged from the beginning of December 2018 onward. The fee’s yearly percentage is 9,90% and is counted based on the actual administered days when the order has been cancelled for over 90 days.12. MODIFICATIONS TO THE SERVICE
The Company reserves the right at any time to modify or discontinue, temporarily or permanently, the Service (or any part thereof) with or without notice. You agree that the Company shall not be liable to you or to any third party for any modification, suspension or discontinuance of the Service. To protect the integrity of the Service, the Company reserves the right at any time in its sole discretion to block users from certain IP addresses from accessing the Service.13. DATA PROTECTION
Our privacy policy sets out the principles under which we may use your information.14. TERMINATION OF THIS AGREEMENT
This Agreement will continue to apply until terminated by either you or us as set out below, however, taking into consideration what has been stated in our privacy policy. If you want to terminate your legal agreement with us, you may do so by (a) notifying us at any time or (b) closing your Accounts for all of the Service, which you use, where we have made this option available to you We may at any time, terminate this legal agreement with you if:- you have breached any provision of this Agreement, for example provided us with inadequate or false information or acted against any applicable law;
- we are required to do so by law;
- we are about to no longer provide the Service to users in the country in which you are resident or from which you use the Service;
- the provision of the Service to you by us is, in our opinion, no longer commercially viable; or
- any other related reasons apply.
