bfex.im User Agreement
Last Updated 6th April 2022
This User Agreement (“Agreement”) is a contract between you and Blackfridge EX Limited (“bfex.im”, “bfex”, “we” or “us”) that applies to your use of the bfex.im Services (as defined in Section 15 of this Agreement) as a user (“User”, “you” or “your”).
bfex.im is a business name of Blackfridge EX Limited. Blackfridge EX Limited is a company incorporated in the Isle of Man under company Number 133644C. Registered Address 55 Athol Street, Douglas, IM1 1BL.
Blackfridge EX Limited is registered as a Designated Business with the Isle of Man Financial Services Authority as a business engaged in convertible virtual currency activity. Further information can be found at What is “Designated Business”? (iomfsa.im).
1. About bfex
bfex is a virtual currency exchange business. bfex facilitates, on behalf of customers, the exchange of fiat to virtual currency, virtual currency to virtual currency and virtual currency to fiat.
2. Scope of bfex and Key Terms
Your use of bfex and bfex Services is subject to this Agreement and bfex.im’s obligations under this Agreement are conditional on you complying with its provisions. You understand that any violation of this Agreement may result in potential consequences, including the possible loss or forfeiture of deposited fiat currency and/or virtual currency.
Upon successful deposit of fiat or virtual currency, subject to AML/CFT checks on deposits made by you, we will exchange (within 3 working days) the deposited fiat/virtual currency as requested by you and at a rate advised by us. In the event further information is required prior to the exchange taking place we will contact you for further information.
3. Applicable Laws and Regulations
Your use of the bfex Services is subject to the laws, regulations, and rules of any applicable governmental or regulatory authority, including, without limitation, all applicable tax, anti-bribery and corruption, anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) provisions.
You unequivocally agree and understand that by registering a bfex Account and using the bfex Services in any capacity, you will act in compliance with and be legally bound by this Agreement and all applicable laws and regulations (including, without limitation, those stated in this Section 3, where applicable). For the avoidance of doubt, continued use of your bfex Account and bfex.im’s obligations to you under this Agreement are conditional on your continued compliance at all times with this Agreement and all applicable laws and regulations.
bfex.im must comply with applicable legal requirements regarding information accompanying transfers of funds, more commonly known as the “Travel Rule”. Where required, during virtual currency transfers, we will send and receive information to or from digital wallet hosts. That information may contain your name, unique identification number, address, identification number or date and place of birth as well as the receivers name and wallet address.
4. Eligibility; Limitations
The bfex Services are currently only available to individuals and institutions located in supported jurisdictions. Contact us at firstname.lastname@example.org to enquire if your jurisdiction is supported.
If you are registering to use the bfex Services as an individual, you must be at least 18 years of age and must not have been previously suspended or removed from the bfex Services or any other service or product offered by bfex.im, Blackfridge EX Limited or its affiliate entities, including but not limited to Blackfridge Holdings Limited, Blackfridge AC Limited, Blackfridge SC Limited, to enter into this Agreement.
If you are registering to use the bfex Services on behalf of a legal entity, you represent and warrant that (i) such legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization; (ii) you are duly authorized by such legal entity to act on its behalf, and (iii) such organization (and any affiliate entity) must not have been previously suspended or removed from the bfex Services or any other service or product offered by bfex.im, Blackfridge EX Limited or its affiliate entities, including but not limited to Blackfridge Holdings Limited, Blackfridge AC Limited, Blackfridge SC Limited, to enter into this Agreement.
Use of certain bfex Services may have further eligibility requirements that will need to be verified prior to you using such bfex Services or from time to time in order to continue your use of the bfex Services.
By accessing or using the bfex Services, you further represent and warrant that:
- a) you are not a Restricted Person nor are you resident of a Restricted Territory (each as defined in Section 39 below).
- b) you will not be using the bfex Services for any illegal activity, including, but not limited to, illegal gambling, money laundering, fraud, blackmail, extortion, ransoming data, terrorism financing, criminal activity, other violent activities, or any prohibited market practices, including, but not limited to, those listed under Sections 23 and 24.
You also understand that there are additional representations and warranties made by you in Section 5 (Accuracy of Information) and Section 39 (Compliance with Export Restrictions) and that any misrepresentation by you is a violation of this User Agreement.
If bfex.im determines or suspects that you have violated this User Agreement, including, but not limited to, transacting with Blocked Addresses (as defined in Section 14), or engaging in Restricted Activities or Prohibited Transactions then bfex.im may be forced to terminate your bfex Account and you may forfeit any funds or virtual currencies held by us.
Notwithstanding the foregoing, bfex.im may determine not to make the bfex Services, in whole or in part, available in every market, either in its sole discretion or due to legal or regulatory requirements, depending on the User’s location. We may without liability to you or any third-party refuse to let you register for a bfex Account.
5. Registration Process; Identity Verification
When registering your bfex Account, you must provide current, complete, and accurate information for all required elements when registering as a customer, including your full legal name. You also agree to provide us, when registering a bfex Account and on an ongoing basis, any additional information we request for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud, or any other financial crime, including, but not limited to, a copy of your government issued photo ID or evidence of residency such as a certified lease or utility bill. You permit us to keep a record of such information and authorize us to make the inquiries, whether directly or through third parties, that we consider necessary to verify your identity or protect you and/or us against fraud or other financial crime, and to take action we reasonably deem necessary based on the results of such inquiries. When we carry out these inquiries, you understand, acknowledge, and agree that your personal information may be disclosed to credit reference and fraud prevention or financial crime agencies and that these agencies may respond to our inquiries in full.
In certain circumstances, we may require you to submit additional information about yourself or your business, provide records, and complete other verification steps (such process may be referred to as “Enhanced Due Diligence“).
You represent and warrant that all information provided to us pursuant to this Agreement is true, accurate and not misleading in any respect. If any such information changes, it is your obligation to update such information as soon as possible.
From time to time we may be required to request further information regarding your transactions in order to comply with applicable laws and regulation. Failure to provide such information in a timely fashion may result in the suspension of your ability to use the bfex Services (until you provide such information) or the closure of your bfex Account.
We reserve the right to maintain your account registration information after you terminate your bfex Account for business and regulatory compliance purposes, subject to applicable laws and regulation. For example, we are subject to various AML and CFT regulations which, in a number of jurisdictions, require us to retain certain personal data for a minimum period following the closure of your bfex Account.
6. AML and CFT Compliance
Our AML and CFT procedures are guided by all applicable laws and regulations regarding AML and CFT. These standards are designed to prevent criminals using our products and services for money laundering or terrorist financing. We take compliance very seriously and it is our policy to take all necessary steps to prohibit criminal and fraudulent transactions, report suspicious activities or transactions, and actively engage in the prevention of money laundering and any related acts that facilitate money laundering, terrorist financing or any other financial crimes. Your details, documents held by us in relation to you, and the details of transactions on our ecosystem may be shared with law enforcement agencies, other agencies or third-party screening and verification providers (like Refinitiv World-Check and QualID) in line with relevant laws and regulations. Your details, documents held by us in relation to you, and the details of transactions on our ecosystem may also be shared with our banking partners to ensure that they comply with their AML/CFT legal requirements.
As a part of our ongoing commitment to compliance with law and regulations we may contact you at any time to request information, ensure the information we hold about you remains accurate or request clarification on information or documents that we hold about you.
We will use third parties to conduct checks on our customers as well as the wallets which hold bfex. These checks will assist us in meeting our regulatory requirements and reducing the risk of bfex being used for criminal purposes. We may freeze any fiat or virtual currency held by bfex which is believed to be linked to crime.
7. Platform transactions
Platform transactions include fiat deposits, fiat withdrawals, virtual currency deposits, virtual currency withdrawals, and fiat or virtual currency exchanges. Your ability to carry out platform transactions is conditional on you completing the customer onboarding process. Under normal market conditions platform transactions can take up to 3 working days. Under abnormal market conditions platform transactions may take up to 30 days. Fiat deposits can only be credited from or withdrawn to a bank account which has been verified to be in the name of the customer.
8. Supported virtual currencies
Your bfex Account only supports sending and receiving fiat or virtual currencies supported by our business as detailed within our website. If you attempt to send any other virtual currency, token, digital currency, or similar digital assets other than is detailed on our website (“Other Digital Assets”) to your bfex Account , such Other Digital Assets may be lost forever. If you attempt to send virtual currencies from your bfex Account to a wallet or address that does not support that virtual currency your virtual currency may be lost forever. bfex.im bears no responsibility for any losses you might incur as a result of you sending Other Digital Assets to your bfex Account or you sending virtual currency from your bfex Account to a wallet or address that does not support that virtual currency.
9. Blockchain Networks
bfex operates its services on multiple blockchain networks (“the networks”). bfex.im does not have any ability or obligation to prevent or mitigate attacks or resolve any other issues that might arise with the networks. Any such attacks or delays on the networks might materially delay or prevent you from sending or receiving virtual currencies. bfex and bfex.im shall bear no responsibility for any losses that result from such issues.
We are committed to protecting your personal information and helping you understand exactly how your personal information is being used.
By entering into this Agreement, you agree to receive electronic communications and notifications from us. We do not issue paper documents unless agreed in exceptional circumstances.
Printing and mailing correspondence, disclosures, and account statements takes time, money, and may waste resources so we like to handle these matters electronically.
All communications between you and us will be in English. Where we have provided you with a translation of the English language version of any document or agreement, you agree that such translation is provided for your convenience only and that the English language version of the document or Agreement governs your use of the bfex Services.
12. Security of User Information
You are responsible for maintaining the confidentiality and security of all account names, user IDs, passwords, personal identification numbers (PINs) and mobile unlock codes that you use to access the bfex Services. You are responsible for keeping your email address up to date in your bfex Account profile and for maintaining the confidentiality of your user information. You agree to (i) notify bfex.im immediately if you become aware of any unauthorized use of your bfex Account, the bfex Services, or any other breach of security regarding the bfex Services. We strongly advise you to enable all relevant security features such as two-factor authentication, as available: this offers you greater protection from possible attackers attempting to log in to your Account rather than password alone and in situations where your email and/or password is compromised by a third-party data breach. bfex.im will not be liable for any loss or damage arising from your failure to protect your account information.
We shall not bear any liability for any damage or interruptions caused by any computer viruses, spyware, or other malware that may affect your computer or other equipment, or any phishing, spoofing, or other attack. We advise the regular use of a reliable virus and malware screening and prevention software. If you question the authenticity of a communication purporting to be from bfex.im, you should login to your bfex Account through the bfex Services website or mobile applications, or call us on the number you usually use, not by clicking links contained in emails.
We go to great lengths to protect your account, but we need you to do the same. It is important that you always protect not only your bfex.im password but also the email account associated with your account and any device used to access your account.
13. Account Suspension & Closure
We may without liability to you or any third party suspend your bfex Account, consolidate your bfex Accounts if you have more than one, or terminate your bfex Account or suspend your use of one or more of the bfex Services in accordance with the terms of this Agreement, as determined in our sole and absolute discretion. Such actions may be taken as a result of account inactivity, failure to adequately respond to customer support requests, failure to positively identify you, a court order, your violation of the terms of this Agreement (including, but not limited to, Sections 23 and 24) or for any other reason. This may result in a GBP 2,500 administration fee as well as other reasonable fees incurred to transfer any fiat to your verified bank account or virtual currency to your wallet.
bfex.im may also temporarily suspend access to your bfex Account in the event that a technical problem causes system outage or bfex Account errors until the problem is resolved.
You may terminate this Agreement at any time by closing your bfex Account in accordance with this Agreement. In order to do so, you should contact email@example.com who will assist you in closing your bfex Account. You may not terminate your bfex Account if bfex.im believes, in its sole discretion, that such closure is being performed in an effort to evade a court order or legal or regulatory investigation or to avoid paying any amounts otherwise due to bfex.im.
We encourage you to transfer any fiat or virtual currency out of your bfex Account prior to issuing a request to terminate your bfex Account. We will be unable to terminate your bfex Account at your request unless you have a zero balance in your bfex Account. We reserve the right to restrict or refuse to permit exchanges or transfers from your bfex Account if (i) your bfex Account has otherwise been suspended or unilaterally terminated by bfex.im in accordance with this Agreement or (ii) to do so would be prohibited by law or a court order or we have determined that the bfex were obtained fraudulently.
Upon closure or suspension of your bfex Account, you authorize bfex.im to cancel or suspend pending transactions and forfeit all proprietary rights and claims against bfex.im in relation to any funds otherwise eligible for exchange or transfer.
In the event that you or bfex.im terminates this Agreement or your access to the bfex Services, or cancels your bfex Account, you remain liable for all activity conducted on or with your bfex Account while it was active and for all amounts due hereunder.
If you are seeking to terminate a bfex Account on behalf of a deceased User, please contact firstname.lastname@example.org.
14. Risk Factors & Disclosures
The following list of risks associated with bfex and the bfex Services is not exhaustive.
No guarantee of price stability
Subject to the limitations set forth in this User Agreement, (i) when bfex.im exchanges fiat or virtual currency it will always do so at a rate as advised by us prior to the carrying out the transaction, less fees where applicable.
Due to a variety of factors outside of bfex.im’s control, the value of virtual currencies can fluctuate dramatically. bfex.im cannot control the value of virtual currencies and is not responsible for any losses or other issues that may result from fluctuations in the value of virtual currencies.
The price of a virtual currency is based on the perceived value of the virtual currency and subject to changes in sentiment, which make these products highly volatile. Certain virtual currencies have experienced daily price volatility of more than 20%. The risks associated with the extreme price volatility of virtual currencies and the possibility of rapid and substantial price movements, could result in significant losses. bfex is not liable for any losses or issues that may arise from the volatility in value of virtual currencies.
bfex may use third-party platforms in order to facilitate transactions, including the receipt and sending of fiat and exchange of virtual currencies. Virtual currencies exchanged by bfex may be support by other third-party platforms, but this does not imply any endorsement by bfex.im that such third-party platforms or services are valid, legal, stable, or otherwise appropriate. bfex.im is not responsible for any losses or other issues you might encounter using virtual currencies exchanged by bfex on non-bfex.im platforms.
Users accept all consequences of exchanging virtual currencies and receiving the exchanged virtual currency into their wallet. Once you exchange virtual currencies and receive them into your wallet, you accept the risk that you may lose access to, and any claim on, that virtual currency indefinitely or permanently. For example, (i) an address may have been entered incorrectly and the true owner of the address may never be discovered, (ii) you may not have (or subsequently lose) the private key associated with such address, (iii) an address may belong to an entity that will not return the virtual currency, (iv) an address belongs to an entity that may return the virtual currency but first requires action on your part, such as verification of your identity. For the avoidance of doubt, nothing in this Agreement is intended to obligate bfex.im to track, verify or determine the provenance of virtual currency balances for Users.
Blocked Addresses & Forfeited Funds
bfex.im reserves the right to “block” certain wallet addresses and customer accounts, if such addresses or accounts are bfex.im custodied addresses, freeze associated virtual currencies (temporarily or permanently) that it determines, in its sole discretion, are associated with illegal activity or activity that otherwise violates the terms of this User Agreement (“Blocked Addresses”). In the event that attempt to or send virtual currencies to a Blocked Address bfex.im may freeze such transaction and take steps to terminate your bfex Account. In certain circumstances, bfex.im may deem it necessary to report such suspected illegal activity to applicable law enforcement agencies and you may forfeit any rights associated with your virtual currency. bfex.im may also be forced to freeze and/or surrender associated fiat held in the event it receives a legal order from a valid Authority requiring it to do so.
Software protocols and operational challenges
You are aware of and accept the risk of operational challenges. bfex.im may experience sophisticated cyber-attacks, unexpected surges in activity or other operational or technical difficulties that may cause interruptions to the bfex Services. You understand that the bfex Services may experience operational issues that lead to delays, including delays in exchanging virtual currencies. You agree to accept the risk of transaction failure resulting from unanticipated or heightened technical difficulties, including those resulting from sophisticated attacks. You agree not to hold bfex.im accountable for any related losses.
You are responsible for complying with applicable law. You agree that bfex.im is not responsible for determining whether or which laws may apply to your transactions, including tax laws. You are solely responsible for reporting and paying any taxes arising from your use of the bfex Services, including any accurate reporting of the tax or legal status of bfex in your jurisdiction. You agree that you have and will pay all applicable taxes as required by law for the fiat and virtual currencies used by you in connection with bfex.im.
Legislative and regulatory changes
Legislative and regulatory changes or actions in the Isle of Man or international level may adversely affect the bfex Services.
No deposit insurance
Funds received by bfex.im do not constitute deposits as defined in the Regulated Activities Order 2011 and are not covered by the Isle of Man Depositors’ Compensation Scheme.
GBP fiat or virtual currencies held in your bfex.im account is not subject to any deposit compensation scheme.
Legal treatment of virtual currency transfers
The regulatory status of virtual currency and blockchain technology is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether regulatory agencies may apply existing regulation with respect to virtual currencies, blockchain technology and its applications. Accordingly, it is not possible to determine whether a virtual currency transfer would be recognized under applicable law by a court or regulator at a local, or international level.
On-chain transactions irreversible
When virtual currencies are sent to third-party wallet addresses, such transactions are completed on blockchain. This means that such transactions are irreversible and bfex.im does not have the ability to reverse or recall any transaction once initiated. You bear all responsibility for any losses that might be incurred as a result of sending virtual currencies to an incorrect or unintended wallet address.
15. Services; Third Parties
bfex.im provides you with a secure and convenient way to establish a bfex Account for purposes of (i) exchanging fiat for virtual currencies, (ii) exchanging virtual currencies for fiat, (iii) exchanging virtual currencies for different virtual currencies (collectively, the “bfex Services”); subject to this Agreement and provided that any of these Services can be discontinued at any time in accordance with Section 20. For purposes of the foregoing, sending, or receiving virtual currencies via a non-bfex Account, are specifically excluded from the definition of bfex Services.
bfex.im does not have control of, or liability for, any products or services that are purchased or sold by third parties using the bfex Services. bfex.im is not liable for any losses or issues that may arise from such third-party transactions, including, but not limited to, legality (including any consequences for illegal transactions that might be triggered under this Agreement), quality, delivery, or satisfaction with any products purchased by means of a virtual currency transfer. If you are not satisfied with any goods or services purchased from, or sold to, a third party using the bfex Services, you must handle those issues directly with the third-party seller or buyer, as applicable.
If you use your bfex.im Account to send virtual currencies to someone in exchange for a product or service, and you have a problem with that product or service, you will need to resolve that dispute directly with the third party.
16. Mobile Services
To the extent you access the bfex Services through a mobile device, your wireless service carrier’s standard charges, data rates, and other fees may apply. By using mobile bfex Services, you agree that we may communicate with you by SMS, MMS, text message, push notification, and/or other electronic means via your mobile device and that certain information about your usage of the bfex Services may be communicated to us. In the event that you change or deactivate your mobile telephone number, you agree to promptly update your account information to ensure that your messages are not sent to any person who might acquire your old number.
In order to maintain the security of your account, two-factor authentication is highly recommended. That means that you need to have a valid phone that can receive SMS text messages and update your account information if your phone number changes.
17. Fees; Authorization
We charge fees as advised within the Fee Schedule or as otherwise agreed between you and us prior to completing a transaction. These fees are deducted as described on the Fee Schedule. You should always check the Fee Schedule before completing a transaction in your bfex Account to make sure you understand exactly what fees might be incurred. You also agree to pay any other fees that may be charged in connection with sending funds to bfex.im or receiving funds from bfex.im.
Fees may be increased from time to time. Such increases will be updated on our Fee Schedule and provided to customers with current balances at that time at least 30 days in advance of the proposed increase date. An exception to this is any gas fee incurred when withdrawing transferring virtual currencies to your or any other digital wallet involved in the exchange of virtual currencies on your behalf. Due to the fluctuating 3rd party nature of gas fees, these may be updated without notice. You will be advised of all fees to be incurred for a transaction before you proceed with that transaction.
bfex will not receive remuneration from third parties in connection with transactions effected by Blackfridge with or for customers, however, Blackfridge may receive remuneration from third parties where you are referred by bfex to them to provide other services to you.
Dormant accounts, namely accounts without any transactional activity within any rolling 12-month period, may be charged a dormancy fee in accordance with the Fee Schedule. Customers whose accounts become dormant accounts will be contacted by bfex and advised of the status of their account and what charges will be incurred at least 30 days prior to the first dormancy fee being deducted from their account.
18. Virtual Currency/Fiat Conversion
All exchanges into fiat will be credited into your verified bank account. All exchanges into virtual currencies will be transferred into your wallet address. Any conversion from one virtual currency to a different virtual currency will be, where possible, transferred to the same wallet address of the original exchanged virtual currency (roll back).
19. Transaction Limits
bfex.im reserves the right to change the conversion, storage, exchange, and velocity limits on your bfex Account as we deem necessary. We may establish individual or aggregate transaction limits on the size or number of exchanges you make during any specified time period. Any attempt to exceed limits applied will be suspended and investigated by us. We may alter limits on accounts upon satisfactory verification of source of wealth and source of funds information.
20. Right to Change/Remove Features or Suspend/Delay Transactions
We reserve the right to change, suspend, or discontinue any aspect of the bfex Services at any time, including hours of operation or availability of any feature, without notice and without liability.
Where we have concerns surrounding your transactions, we may decline to process any exchange without prior notice and may limit or suspend your use of one or more bfex Services at any time, in our sole discretion.
Suspension of your use of any of the bfex Services will not affect your rights and obligations pursuant to this Agreement. We may, in our sole discretion, delay exchanges if we believe the transaction is suspicious, may involve fraud or misconduct, violates applicable laws, or violates the terms of this Agreement.
21. Transactions Irreversible
Once a transaction has been initiated, it cannot be reversed. Except as set forth in this Agreement, all transactions processed through the bfex Services are non-refundable. You may have additional refund or chargeback rights under your agreement with the recipient of such funds, your bank, or applicable law. You should periodically review statements from your bank, which should reflect all applicable transactions made using that payment method. You can also access the record of your transactions by logging into your bfex.im Account or contacting us on email@example.com.
22. Insufficient Funds
If a payment made to exchange virtual currency is reversed by your bank or bfex.im’s banking partners after an exchange is completed, then bfex.im reserves the right to (i) retroactively cancel such exchange and deduct such virtual currency from your bfex Account, (ii) deduct such amounts from future exchanges or other virtual currency or fiat received into your bfex Account, (iii) suspend your bfex Account and access to the bfex Services until resolved, (iv) if you maintain more than one bfex Account, set off the negative amount in one bfex Account by applying the amount of virtual currency or fiat you hold in your other bfex Account(s) against the negative amount, and (v) pursue legal action or any other means of recovery legally available. To secure your performance of this Agreement, you grant to bfex.im the right to (a) block transfers of virtual currency from your account, including any non-bfex account, (b) set off any fees or other amounts owed by you against funds bfex.im holds on your behalf.
In the event that bfex.im is forced to engage a third party to assist with the recovery of any funds owed by you to bfex.im, you will be charged any fees or expenses that are incurred by bfex.im in connection with such recovery efforts, including, but not limited to, collection fees, legal fees or convenience fees charged by third parties. You hereby explicitly agree that all communication in relation to funds owed by you to bfex.im or a delinquent account will be made by electronic mail or phone. Such communication may be made by bfex.im or by any third party acting on its behalf, including but not limited to a third-party collection agent. Note that if bfex.im is forced to engage such third parties in connection with recovering amounts that you owe bfex.im, your credit may be negatively impacted.
23. Restricted Activities
In connection with your use of the bfex Services, you hereby agree that you will not:
- a) violate (or assist any other party in violating) any applicable law, statute, ordinance, or regulation;
- b) intentionally try to defraud (or assist in the defrauding of) bfex.im or other bfex.im users;
- c) provide false, inaccurate, or misleading information;
- d) take any action that interferes with, intercepts, or expropriates any system, data, or information;
- e) partake in any transaction involving the proceeds of illegal activity;
- f) transmit or upload any virus, worm, or other malicious software or program;
- g) attempt to gain unauthorized access to other bfex Accounts, the bfex.im website, or any related networks or systems;
- h) use the bfex Services on behalf of any third party or otherwise act as an intermediary between bfex.im and any third parties;
- i) collect any user information from other bfex.im users, including, without limitation, email addresses;
- j) defame, harass, or violate the privacy or intellectual property rights of bfex.im or any other bfex.im users; or
- k) upload, display or transmit any messages, photos, videos, or other media that contain illegal goods, violent, obscene, or copyrighted images or materials
(such activities, “Restricted Activities”).
24. Prohibited Transactions
Using the bfex Services for transfers related to the following is prohibited, and bfex.im reserves the right to monitor for transactions that relate to:
- a) any Restricted Persons or persons or entities located in Restricted Territories (as each term is defined in Section 39);
- b) weapons of any kind, including but not limited to firearms, ammunition, knives, explosives, or related accessories;
- c) controlled substances, including but not limited to narcotics, prescription drugs, steroids, or related paraphernalia or accessories, unless licensed and authorized by the jurisdiction in which the customer is based as well as by the jurisdiction in which the transaction takes place;
- d) bribery, corruption, money-laundering, or terrorist financing;
- e) any sort of Ponzi scheme, pyramid scheme, or multi-level marketing program;
- f) goods or services that infringe or violate any copyright, trademark, or proprietary rights under the laws of any jurisdiction;
- g) credit repair services, or other services that may present consumer protection risks;
- h) court ordered payments, structured settlements, tax payments, or tax settlements;
- i) any unlicensed money transmitter activity;
- j) layaway systems, or annuities;
- k) counterfeit goods, including but not limited to fake or “novelty” IDs;
- l) wash trading, front-running, insider trading, market manipulation or other forms of market-based fraud or deceit;
- m) purchasing goods of any type from “Darknet” markets, or any other service or website that acts as a marketplace for illegal goods (even though such marketplace might also sell legal goods); or
- n) any other matters, goods, or services that from time to time we communicate to you that are unacceptable and which, for example, may be restricted by our and your bank or payment partners
(such transactions, “Prohibited Transactions”).
In the event that bfex.im learns you are making any such Prohibited Transactions, bfex.im will consider it to be a violation of this Agreement and may suspend or terminate your bfex Account, which can result in the potential forfeit of any funds otherwise eligible for exchange.
25. Unauthorized Transactions
If an Error (as defined below) occurs through your bfex Account, and you follow the procedures set forth in this Section 25, bfex.im will endeavour to reimburse the amount of any Error.
What Constitutes an Error?
For purposes of this Section 25, an “Error” means one of the following: (i) if you transfer fiat currency from your bank account, bfex.im receives the funds, but you did not intend on transferring fiat to bfex, (ii) if you complete a withdrawal from your bfex.im Account and the funds are not properly delivered by bfex.im to your bank account, (iii) you transfer virtual currency from your wallet to a wallet address under the control of bfex, but you did not intend on transferring that virtual currency to bfex, or (iv) if the transaction records in your bfex Account do not accurately reflect your transactions.
If an Unauthorized Transaction (as defined below) occurs through your bfex Account, and you follow the procedures set forth in this Section 25, bfex.im will endeavour to assist you to recover the amount of any Unauthorized Transaction.
What Constitutes an Unauthorized Transaction?
For purposes of this Section 25, “Unauthorized Transaction” means a transaction that was initiated from your bfex Account without your authorization and that does not benefit you.
Notifying bfex.im of an Unauthorized Transaction or Error
You should notify us immediately if you believe that (i) an Unauthorized Transaction or Error has occurred, (ii) your password and/or two-factor authentication access has been compromised, (iii) a device on which you have downloaded the bfex.im app or which contains an active bfex.im session has been stolen or lost, or (iv) you believe there is an Error in your transaction records or account history, or you have a question regarding your transaction records or account history.
You must notify us within five (5) days of such Error showing up in your transaction history and/or account statement. If you do not notify us within five (5) days, then you will not be covered by the protections of this Section 25.
In order for Unauthorized Transactions to be investigated by bfex.im, you must notify us within five (5) days of such Unauthorized Transaction showing up in your transaction history and/or account statement. If you do not notify us within five (5) days, then bfex.im may not be able to investigate the Unauthorized Transactions.
The fastest and most efficient way to notify us of an Unauthorized Transaction or Error is to contact Support via email at firstname.lastname@example.org. You can also notify us by sending an old-fashioned letter to Blackfridge EX Limited, 55 Athol Street, Douglas, Isle of Man IM1 1BL.
However, you choose to notify us, you must include: (i) the name and email associated with your bfex Account, (ii) a detailed description of what Unauthorized Transaction or Error you believe occurred, or what information you need in order to determine if an Unauthorized Transaction or Error occurred, and (iii) the amount of such Unauthorized Transaction or Error.
Note that in connection with investigating and/or resolving any Unauthorized Transaction or Error, we may need to request further information from you regarding the circumstances of the Unauthorized Transaction or Error. If you do not provide such additional information, it may inhibit our ability to resolve your issue or limit your rights under this Section 25.
Steps bfex.im May Take Following Notification
Once you have provided us with proper notification (including delivering all of the information set forth in the subsection above and responding to any requests for further information), we will investigate the potential Unauthorized Transaction or Error. We will typically be able to complete our investigation within ten (10) days but may require up to thirty (30) days if your bfex Account is new (meaning your bfex Account has been active for less than thirty (30) days at the time we receive your notification).
Sometimes, we may need more time in order to complete our investigation (up to thirty (30) days, or sixty (60) days for a new account). If we need to take more than ten (10) days to investigate your claim (or thirty (30) days for new accounts), we will notify you.
Once we have completed our investigation, we will notify you of our findings within five (5) business days. If we determine that your claim of an Error is valid and eligible, we may credit you for the amount of the Error, subject to the limitations set forth below.
Regardless of the results of our investigation, we will send you an email explaining our findings. If you have any questions or concerns regarding our investigation, you can request further information.
Errors We Discover
If we discover an Error on our own that results in you receiving less than you are entitled, we will rectify it by crediting your Account or bank account corresponding to the difference. If we discover an Error on our own that results in you receiving more than the amount of funds to which you are entitled, we will rectify it by debiting your Account corresponding to the difference.
|You should always keep a close eye on your bfex.im account, push notifications, email receipts and monthly account statements that you receive from bfex.im to make sure that such transactions are authorized or so that you can avail yourself of the full benefits of this Section 25.
bfex.im will maintain a record of your transaction history, which you will be able to access through your bfex Account or by contacting us at email@example.com, for purposes of making any required tax filings or payments, but it is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and to collect, report, and remit the correct tax to the appropriate tax authority. This transaction history will include all transactions you complete with bfex.im including exchanging fiat or virtual currencies and depositing or withdrawing fiat to or from your bank account. bfex.im will make any tax withholdings or filings that we are required by law to make, but bfex.im is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting, or remitting any taxes arising from any transaction.
27. Indemnification; Release
You agree to indemnify and hold bfex.im, its affiliates, and service providers, and each of their officers, directors, agents, joint venturers, employees, and representatives harmless from any claim or demand (including attorneys’ fees and any losses, fines, fees, or penalties imposed by any regulatory authority) arising out of your breach of this Agreement, your violation of any law or regulation or your use of the bfex Services.
For the purpose of this Section 27, the term “losses” means all net costs reasonably incurred by us or the other persons referred to in this Section that are the result of the matters set out in this Section 27 and that may relate to any claims, demands, causes of action, debt, cost, expense, or other liability, including reasonable legal fees (without duplication).
|“Indemnify” means to compensate someone for the harm or loss they may suffer. If you breach this Agreement or violate the law and it results in bfex.im facing claims or expenses, you agree to cover those losses.
If you have a dispute with one or more Users or third parties, you release bfex.im (and its affiliates and service providers, and each of their officers, directors, agents, joint ventures, employees, and representatives) 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 dispute.
|If you have a dispute with anyone other than bfex.im, you release us from liability associated with that dispute.
28. Limitation of Liability; No Warranty
YOU EXPRESSLY UNDERSTAND AND AGREE THAT BFEX.IM AND OUR AFFILIATES AND SERVICE PROVIDERS, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES, AND REPRESENTATIVES WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY DAMAGES, OR DAMAGES FOR LOSS OF PROFITS INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES (EVEN IF BFEX.IM HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, RESULTING FROM: (I) THE USE OR THE INABILITY TO USE THE BFEX SERVICES; (II) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS AND SERVICES RESULTING FROM ANY GOODS, DATA, INFORMATION, OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO THROUGH OR FROM THE BFEX SERVICES; (III) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; OR (IV) ANY OTHER MATTER RELATING TO THE BFEX SERVICES.
|We will not be liable for “exemplary damages” (often called punitive damages) or other indirect losses. If there is a potential error in the service that causes you a financial loss, we will limit our indemnity to you for that financial loss and no more.
SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES. ACCORDINGLY, SOME OF THE LIMITATIONS SET FORTH ABOVE MAY NOT APPLY TO YOU. IF YOU ARE DISSATISFIED WITH ANY PORTION OF THE BFEX SERVICES OR WITH THIS AGREEMENT, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USE OF THE BFEX SERVICES AND TERMINATE YOUR BFEX ACCOUNT.
THE BFEX SERVICES ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. BFEX.IM, OUR AFFILIATES, AND OUR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES, AND SUPPLIERS SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. BFEX.im MAKES NO WARRANTY THAT (I) THE BFEX SERVICES WILL MEET YOUR REQUIREMENTS, (II) THE BFEX SERVICES WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, OR (III) THE QUALITY OF ANY PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINED BY YOU WILL MEET YOUR EXPECTATIONS.
|We cannot guarantee that bfex.im is always going to meet your demands. As we grow, we will likely add new services, change certain features and drop old features. We hope you are always happy with bfex.im, but we can’t contractually guarantee you will be.
bfex.im will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts are processed in a timely manner, but bfex.im makes no representations or warranties regarding the amount of time needed to complete processing because the bfex Services are dependent upon many factors outside of our control, such as delays in the banking system. Some jurisdictions do not allow the disclaimer of implied warranties, so the foregoing disclaimers may not apply to you.
29. Force Majeure
bfex.im shall have no liability for any failure or delay resulting from any condition beyond our reasonable control, including but not limited to governmental action or acts of terrorism, earthquake, fire, flood, or other acts of God, labour conditions, power failures, equipment failures, and Internet disturbances.
Except for claims for injunctive or equitable relief or claims regarding intellectual property rights (which may be brought, in an individual capacity only, and not on a class-wide or representative basis, in the courts specified in Section 40 without the posting of a bond), any dispute between you and bfex.im related in any way to, or arising in any way from, our bfex Services or this Agreement (“Dispute”) shall be finally settled on an individual, non-representative basis in binding arbitration in accordance with the Isle of Man Arbitration Act 1976 (or any successive Act) for arbitration of consumer-related, as modified by this Agreement, or in accordance with rules on which we may mutually agree; provided, however, that to the extent a Dispute is within the scope of a small claims court’s jurisdiction, either you or bfex.im may commence an action in small claims court, in the country of your most recent physical address, to resolve the Dispute.
Any arbitration will be conducted by a single, neutral arbitrator and shall take place in the country of your most recent physical address. The arbitrator may award any relief that a court of competent jurisdiction could award, including attorneys’ fees when authorized by law. The arbitral decision may be enforced in any court of competent jurisdiction. An arbitral decision is subject to very limited review by a court.
If there is a dispute, it will be solved by a single, neutral arbitrator, and not in a courtroom.
bfex.im may amend any portion of this Agreement at any time by posting the revised version of this Agreement with an updated revision date. The changes will become effective, and shall be deemed accepted by you, the first time you use the bfex Services after the initial posting of the revised User Agreement and shall apply on a going-forward basis with respect to transactions initiated after the posting date. In the event that you do not agree with any such modification, your sole and exclusive remedy is to terminate your use of the bfex Services and terminate your bfex Account. You agree that we shall not be liable to you or any third party as a result of any losses suffered by any modification or amendment of this Agreement.
If the revised Agreement includes a material change, we will provide you with prior notice via our website and/or email before the material change becomes effective. For this purpose, a “material change” means a significant change other than changes that (i) are to your benefit, (ii) are required to be made to comply with applicable laws and/or regulations or as otherwise required by one of our regulators, (iii) relates to a new product or service made available to you, or (iv) otherwise clarifies an existing term.
|As bfex.im grows and offers new products and services, we will need to make changes to this Agreement. If we make a big change, we’ll let you know by email. You can always tell when this Agreement was last changed by checking the “Last Updated” date at the top of the Agreement.
32. Assignment and Third-Party Holders
You may not transfer or assign this Agreement or any rights or obligations hereunder, by operation of law or otherwise and any such attempted assignment shall be void, subject to the following exception.
We reserve the right to freely assign this Agreement and the rights and obligations of this Agreement to any third party at any time without notice or consent. If you object to such transfer or assignment, you may stop using our bfex Services and terminate this Agreement by contacting us at firstname.lastname@example.org and asking us to close your bfex Account.
Upon termination of your bfex Account and this Agreement, all rights, and obligations of the parties that by their nature are continuing will survive such termination.
34. Third Party Use
bfex.im prohibits customers from allowing third parties from using their accounts. Any such use may result in account suspension or closure.
35. Website; Third Party Content
bfex.im strives to provide accurate and reliable information and content on the bfex.im website, but such information may not always be correct, complete, or up to date. bfex.im will update the information on the bfex.im website as necessary to provide you with the most up to date information, but you should always independently verify such information. The bfex.im website may also contain links to third-party websites, applications, events, or other materials (“Third Party Content”). Such information is provided for your convenience and links or references to Third Party Content do not constitute an endorsement by bfex.im of any products or services. bfex.im shall have no liability for any losses incurred as a result of actions taken in reliance on the information contained on the bfex.im website or in any Third-Party Content.
|From time to time we might post helpful links or articles on our website, but you should investigate those sources on your own.
36. Limited License; IP Rights
We grant you a limited, non-exclusive, non-sublicensable, and non-transferable license, subject to the terms and conditions of this Agreement, to access and use the bfex Services solely for approved purposes as determined by bfex.im. Any other use of the bfex Services is expressly prohibited. bfex.im and its licensors reserve all rights in the bfex Services, and you agree that this Agreement does not grant you any rights in or licenses to the bfex Services except for the limited license set forth above. Except as expressly authorized by bfex.im, you agree not to modify, reverse engineer, copy, frame, scrape, rent, lease, loan, sell, distribute, or create derivative works based on the bfex Services, in whole or in part. If you violate any portion of this Agreement, your permission to access and use the bfex Services may be terminated pursuant to this Agreement. “bfex “, “bfex.im”, and all logos related to the bfex Services are either trademarks, or registered marks of bfex.im or its licensors. You may not copy, imitate, or use them without bfex.im’s prior written consent. All right, title, and interest in and to the bfex.im website, any content thereon, the bfex Services, and all technology and any content created or derived from any of the foregoing is the exclusive property of bfex.im and its licensors.
|We grant you access to use our products and services, but we still own the intellectual property associated with these products and services.
37. Event of the business winding down
In the event we decide or are required to wind-down the business we will attempt to return all funds held as soon as possible.
Where you hold a fiat or virtual currency balance within the bfex.im platform we will send your virtual currency to a wallet of your choice and arrange for fiat to to be transferred to a bank account held in your name. Applicable fees may apply for the virtual currency transfer and bank transfer.
We will seek to do this as soon as possible following the decision to wind-down.
38. Unclaimed Property
If bfex.im is holding on your behalf fiat or virtual currency, and bfex.im is unable to contact you and has no record of your use of the bfex Services for several years, applicable law may require bfex.im to report the corresponding funds as unclaimed property to the applicable jurisdiction. If this occurs, bfex.im will try to locate you at the address shown in our records, but if bfex.im is unable to locate you, it may be required to deliver any such funds to the applicable state or jurisdiction as unclaimed property. bfex.im reserves the right to deduct a dormancy fee or other administrative charges from such unclaimed funds, as permitted by applicable law.
|If you haven’t logged into your account for a number of years and we are unable to get in touch with you, we might be required to consider your bfex Account balance and the underlying funds abandoned, and we might then be required to transfer your bfex Account balance and the underlying funds to your jurisdiction.
39. Legal Compliance
bfex.im is subject to Anti-Money Laundering and Countering the Financing of Terrorism, Sanctions, Export and Trade Controls and Countering Proliferation restrictions.
bfex.im is subject to United Nations, United Kingdom and Isle of Man Sanctions regimes. You confirm that you, and any other person or entity related to you is not subject to any Government (of any country) or recognised international organisation issued sanction. bfex.im may refuse to enter into any business relationship or suspend or close any business relationship with any customer which is subject to or related to a government (of any country) or recognised international organisation issued sanction.
You may not use bfex Services to contravene or overcome any Government (of any country) or recognised international organisation issued sanction.
You may not use the bfex Services if (i) you are a resident, national or agent of any of the listed “Restricted Territories” as defined by bfex.im from time to time, (ii) you are named within the US Specially Designated Nationals And Blocked Persons List (SDN) United Nations, United Kingdom and Isle of Man Sanctions regimes (“Restricted Persons”), or (iii) you intend to transact with any Restricted Territories or Restricted Persons. This list may change at any time. bfex.im reserve the right to refuse bfex services to any party.
40. Governing Law; Venue
This Agreement (including any non-contractual matters and obligations arising therefrom or associated therewith) shall be governed by, and construed in accordance with, the laws of the Isle of Man. Any dispute, controversy, proceedings or claim between the Parties relating to this Agreement (including any non-contractual matters and obligations arising therefrom or associated therewith) shall fall within the jurisdiction of the courts of the Isle of Man.
Except for those disputes that shall be resolved in arbitration or in small claims court pursuant to Section 30, each party agrees to submit to the personal and exclusive jurisdiction of the courts located in Isle of Man, provided that any claims or disputes shall be subject to the arbitration provisions set forth in Section 30. You agree with us that, if you are a consumer, the courts in the permitted region where you are resident will have non-exclusive jurisdiction.
41. Entire Agreement
42. General disclaimer
bfex and bfex.im are business names of Blackfridge EX Limited. Blackfridge EX Limited is a company incorporated in the Isle of Man under company Number 133644C. Registered Address 55 Athol Street, Douglas IM1 1BL. Blackfridge EX Limited is registered with the Isle of Man Financial Services Authority as a business engaged in convertible virtual currency activity. Blackfridge EX Limited is registered with the Isle of Man Information Commissioner. Funds received by Blackfridge EX Limited do not constitute deposits as defined in the Regulated Activities Order 2011 and are not covered by the Isle of Man Depositors’ Compensation Scheme.
Please contact Support at email@example.com to report any violations of this User Agreement or to ask any questions regarding this User Agreement or the bfex Services.