P2P Terms of Use

1. Introduction

Welcome to the BITFLEX P2P platform (the "Platform"). These Terms of Use ("Terms") govern your access to and use of the peer-to-peer ("P2P") services provided by BITFLEX ("we," "us," or "our"). The Platform enables users to buy, sell, or trade cryptocurrencies directly with other users. By accessing or using the Platform, you agree to comply with and be bound by these Terms. If you do not agree to these Terms, you must not access or use the Platform.

 

Definitions

"Blockchain": A decentralized digital ledger that stores transaction data, not controlled by a single individual or entity, providing tamper-proof records based on cryptography.

"User": Any individual or entity that accesses or uses BITFLEX P2P Services.

"User Data": Data provided by users to facilitate trading, including but not limited to personal information, transactional history, and other related data.

"User Funds": Digital assets controlled by users that are traded, transferred, or stored within the BITFLEX P2P system.

"Validator Rewards": Cryptocurrency generated as a result of operating validator nodes, such as block rewards or transaction fees.

"Buyer": A user who purchases digital assets through BITFLEX P2P.

"Seller": A user who sells digital assets through BITFLEX P2P.

"Verified Merchants": Experienced users who meet specific criteria set by BITFLEXP2P, enabling them to access higher trading limits and additional benefits.

2. Eligibility

2.1. Age Requirement: You must be at least 18 years of age, or the legal age in your jurisdiction, whichever is greater, to use the Platform.

2.2. Compliance with Laws: You represent and warrant that your use of the Platform complies with all applicable local, state, national, and international laws, rules, and regulations, including but not limited to anti-money laundering (AML) and counter-terrorism financing (CTF) laws. You agree to provide accurate, current, and complete information during the account registration process and as otherwise requested by us, and you further agree to update such information to keep it accurate, current, and complete.

2.3. Identity Verification: You agree to comply with our Know Your Customer (KYC)procedures, which may require you to provide personal information and documents to verify your identity. We reserve the right to refuse registration or suspend accounts if identity verification fails or if you are suspected of engaging in illegal activities.

2.4. Account Registration: To access the Platform, you must create an account by providing accurate, current, and complete information. You are responsible for maintaining the confidentiality of your account credentials and for all activities that occur under your account. We reserve the right to reject any account registration or to suspend or terminate any account that we suspect is involved in fraudulent or illegal activities.

 

3. P2P Services

3.1. Service Description: The Platform allows users to buy, sell, or trade cryptocurrencies directly with other users (the "P2P Service"). While we provide a venue for these transactions, we do not act as a counterparty to any trade. We do not guarantee the execution or settlement of transactions, and users transact at their own risk.

3.2. User Obligations: You agree to conduct transactions in good faith and to fulfill your obligations promptly. You are responsible for ensuring that any cryptocurrency you buy or sell is legally obtained and does not infringe on the rights of any third party. Users must also comply with any transaction limits set forth by the Platform.

3.3. Transaction Limits: We may impose limits on the volume or value of transactions you can execute through the Platform, in accordance with applicable regulations and our internal risk management policies. These limits are subject to change and will be communicated through the Platform.
3.4 Escrow System: When an Order is placed, BITFLEX P2P locks the specified digital assets in escrow. The assets remain locked until both parties confirm the completion of the fiat transfer. If disputes arise, BITFLEX P2P reserves the right to mediate and resolve based on the evidence provided by both parties.

3.5 Order Completion: Sellers must confirm the receipt of fiat payments within 15minutes of receiving them. Upon confirmation, digital assets are released to the Buyer. Sellers are responsible for ensuring that payments match the verified identity information provided by the Buyer. Buyers are responsible for covering any applicable transaction fees. If a Buyer fails to transfer the full fiat amount, the Seller may cancel the transaction.

3.6. Disclaimer of Responsibility: BITFLEX does not guarantee the continuous availabilityof the Platform or its error-free operation. We are not responsible for any delays, failures,or losses resulting from technical issues, network failures, or any other reasons beyondour control.

3.7 Verified Merchants: BITFLEX P2P may grant Verified Merchant status to users who meet certain criteria, including high trading volume and completion rates. Verified Merchants enjoy additional privileges, such as higher trading limits and reduced transaction fee

 

4. Fees

4.1. Transaction Fees: We may charge fees for the use of the P2P Service. The applicable fees will be displayed before you complete a transaction and will be deducted automatically from the transaction amount. You are responsible for any fees associated with your use of the P2P Service.

4.2. Changes to Fees: We reserve the right to change our fee structure at any time. Anychanges will be communicated to you in advance through the Platform. Continued use ofthe Platform following such changes constitutes your acceptance of the new fee structure.

4.3. Taxes: You are responsible for any taxes or other governmental levies that may beapplicable to transactions conducted through the Platform. BITFLEX does not withhold or manage tax obligations for any users.

5. Dispute Resolution

5.1. Dispute Handling: BITFLEX provides a mechanism for handling disputes between users. If a dispute arises, you must follow our dispute resolution process as outlined on the Platform. BITFLEX may act as a mediator in disputes, but we do not guarantee resolution in favor of any party.

5.2. Binding Arbitration: Any dispute arising out of or relating to these Terms or the P2PService that cannot be resolved through our dispute resolution process will be resolved by binding arbitration, as provided in our Arbitration Agreement. Arbitration will take place in[Jurisdiction], in accordance with the rules of the [Arbitration Association], and the arbitrator’s decision will be final and binding.

5.3. Class Action Waiver: You agree that any arbitration shall be conducted in your individual capacity only, and not as a class action or other representative action. You expressly waive your right to file a class action or seek relief on a class basis.

 

6. Prohibited Activities

6.1. Illegal Activities: You agree not to use the Platform for any illegal activities, including but not limited to money laundering, fraud, or the purchase of illegal goods or services. You must not engage in any transactions that involve countries, individuals, or entities subject to international sanctions or embargoes.

6.2. Prohibited Transactions: You must not engage in any transactions involving cryptocurrencies that are known to be associated with criminal activities, including those that have been obtained through hacking, theft, or other illicit means.

6.3. Security Measures: You must not attempt to interfere with the security features of the Platform or gain unauthorized access to other users' accounts or data. You agree to use strong passwords and enable two-factor authentication (2FA) to protect your account.

6.4. Reporting Violations: If you become aware of any violation of these Terms, you must report it to us immediately. We reserve the right to investigate and take appropriate action against any user who violates these Terms, including reporting to law enforcement authorities.

7. Privacy and Data Protection

7.1. Data Collection: We collect and process personal data in accordance with our Privacy Policy, which forms part of these Terms. By using the Platform, you consent to such data collection and processing.

7.2. Data Security: We implement appropriate technical and organizational measures to protect your data against unauthorized access, loss, or damage. While we strive to protect your data, we cannot guarantee its absolute security.

7.3. Compliance with Data Protection Laws: We comply with all applicable data protection regulations, including the General Data Protection Regulation (GDPR) for users in the European Union. You have the right to access, correct, or delete your personal data as provided by law.

7.4. Data Retention: We retain personal data only for as long as necessary to fulfill the purposes for which it was collected or as required by applicable laws and regulations. We may share your data with law enforcement authorities if required by law or if we believe it is necessary to protect our rights or the rights of others.

 

8. Limitation of Liability

8.1. No Warranty: The P2P Service is provided "as is" and "as available" without any warranties of any kind, either express or implied, including but not limited to the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. BITFLEX does not guarantee the accuracy or completeness of the information provided on the Platform.

8.2. Liability Cap: To the maximum extent permitted by law, our total liability to you for any claims arising from or related to your use of the Platform shall not exceed the total amount of fees paid by you to us in the six months preceding the event giving rise to the claim. This limitation applies to all claims of any kind, including but not limited to direct, indirect, incidental, or consequential damages.

8.3. No Liability for Third Parties: We are not liable for any damages or losses resulting from transactions conducted between users on the Platform, including but not limited to any failure of a user to fulfill their obligations under a transaction. Our Service may include links to third-party websites or services that are not owned or operated by BITFLEX P2P. It is essential to recognize that BITFLEX P2P has no control over these external sites or services and assumes no responsibility for their content, privacy policies, or practices. You acknowledge and agree that BITFLEX P2P will not be held accountable or liable, directly or indirectly, for any damage or loss arising from or related to the use of, or reliance on, any content, goods, or services available through these third-party websites or services. We strongly advise you to review the terms and conditions as well as the privacy policies of any third-party websites or services that you visit. This will help you better understand their practices and ensure a secure and informed experience. We retain the right, though not obligated, to perform the following actions:

1. Exercise our sole discretion to refuse, limit access to, or disable (where technically feasible) any of your Contributions or any part thereof.

2. Take appropriate legal actions against any user who, at our sole discretion, violates the law or these Terms of Use. This may include reporting the user to law enforcement authorities.

3. Monitor the Site and Services to identify any violations of these Terms of Use.

4. At our sole discretion and without limitations, promptly remove from the Site or disable any files and content that are excessively large or may burden our systems in any way.

5. Manage the Site and Services in a manner that safeguards our rights and property and ensures their proper functioning.

 

9. Termination

9.1. Termination by Us: We may suspend or terminate your access to the Platform at anytime, without notice, if we believe you have violated these Terms or any applicable law. Where feasible, we will provide you with notice of termination and the reasons for it.

9.2. Termination by You: You may terminate your account at any time by following the account termination procedures on the Platform. Upon termination, you must cease all use of the Platform. Any ongoing transactions at the time of termination will be handled in accordance with our policies, and any remaining funds in your account will be returned to you after deducting any applicable fees.

10. Governing Law and Jurisdiction

10.1. Governing Law: These Terms are governed by and construed in accordance with the laws of Seychelles , without regard to its conflict of laws principles.

10.2. Jurisdiction: Any legal action or proceeding arising under these Terms will be brought exclusively in the courts located in Seychelles, and the parties hereby irrevocably consent to the jurisdiction of such courts.

 

11. Changes to the Terms

We reserve the right to modify these Terms at any time. Any changes will be effective immediately upon posting on the Platform, with a notice period of at least 30 days for any significant changes. Your continued use of the Platform after the posting of changes constitutes your acceptance of such changes. If you do not agree with the changes, you must stop using the Platform and terminate your account.

 

12. Miscellaneous

12.1. Severability: If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions will remain in full force and effect. The invalid or unenforceable provision will be replaced by a valid and enforceable provision that most closely matches the intent of the original provision.

12.2. Entire Agreement: These Terms, together with the Privacy Policy, Arbitration Agreement, and any other legal notices or agreements published by BITFLEX on the Platform, constitute the entire agreement between you and us regarding your use of theP2P Service. These Terms supersede all prior agreements or understandings, whether written or oral, regarding your use of the Platform.

12.3. No Waiver: Our failure to enforce any right or provision of these Terms will not be considered a waiver of those rights. Any waiver of any provision of these Terms will be effective only if in writing and signed by a duly authorized representative of BITFLEX.

12.4. Assignment: You may not assign or transfer any of your rights or obligations under these Terms without our prior written consent. We may assign or transfer our rights and obligations under these Terms at our discretion without restriction.

12.5. Force Majeure: We will not be liable for any delays or failures to perform our obligations under these Terms due to events beyond our reasonable control, including but
not limited to natural disasters, war, civil unrest, cyber-attacks, technical failures, or governmental actions. Intellectual Property: All content and materials available on BITFLEX P2P, including logos, trademarks, and digital assets, are owned by BITFLEX P2P or its licensors. You agree not to reproduce, distribute, or otherwise use any materials without the express written consent of BITFLEX P2P.

12.6. Contact Information: If you have any questions or concerns about these Terms, please contact us at support@bitflex.com. You can also reach us through our help center at https://help.bitflex.com/hc/en-us, or via social media channels. We are committed to resolving your concerns as efficiently as possible.