Terms of Use - Qovex USA Inc

Last Updated Date: 12 February 2025

ACCEPTANCE OF TERMS OF USE

By using this website (“Site”), registering for a Qovex Account (“Account”) or using any other services, products, data, content or other material available through the Site (“Services”) and provided by Qovex USA, Inc. (“we”, “us”, “our”), you (“you, your, or yourself”) are agreeing to accept and comply with the terms and conditions of use stated below (“Terms of Use” or “Terms”). You should read the entire Terms of Use carefully before using this Site or any of the Services.

IF YOU DO NOT ACCEPT THE TERMS OF USE AND CONDITIONS OUTLINED BELOW, YOU MAY NOT ACCESS THIS SITE NOR USE THE SERVICES.

BY USING THE SITE, YOU, THE “USER,” AFFIRM THAT YOU ARE OF LEGAL AGE TO ENTER INTO THESE TERMS.

IF YOU ARE AN INDIVIDUAL ACCESSING OR USING THE SITE ON BEHALF OF, OR FOR THE BENEFIT OF, ANY CORPORATION, PARTNERSHIP OR OTHER ENTITY WITH WHICH YOU ARE ASSOCIATED (AN “ORGANIZATION”), THEN YOU ARE AGREEING TO THESE TERMS ON BEHALF OF YOURSELF AND SUCH ORGANIZATION, AND YOU REPRESENT AND WARRANT THAT YOU HAVE THE LEGAL AUTHORITY TO BIND SUCH ORGANIZATION TO THESE TERMS. References to “you,” “your,” and “yourself” in these Terms will refer to both the individual using the Site and to any such Organization.

RISK DISCLOSURE: BY ACCESSING OR USING ANY BITSTAMP SERVICES YOU ARE VOLUNTARILY CHOOSING TO ENGAGE IN SOPHISTICATED AND RISKY FINANCIAL TRANSACTIONS. YOU ARE FURTHER ACKNOWLEDGING THAT YOU ARE AWARE OF THE MANY RISKS ASSOCIATED WITH THE USE OF THESE SERVICES AND WITH ENGAGING IN TRANSACTIONS IN VIRTUAL CURRENCIES OR OTHER DIGITAL ASSETS, INCLUDING BUT NOT LIMITED TO, RISKS OF FINANCIAL LOSS, TECHNOLOGY GLITCHES (INCLUDING BUT NOT LIMITED TO PROBLEMS WITH THE BLOCKCHAIN TECHNOLOGY), AND HACKING. BITSTAMP WORKS HARD TO PROVIDE STATE-OF-THE-ART SYSTEMS AND SECURITY. NONETHELESS, CERTAIN ISSUES AND RISKS ARE UNAVOIDABLE, AND IF SUCH ISSUES OR PROBLEMS ARISE IN CONNECTION WITH YOUR USE OF Qovex SERVICES, INCLUDING TECHNICAL DIFFICULTIES WITH DEPOSITING OR TRADING VIRTUAL CURRENCIES OR OTHER DIGITAL ASSETS, IT MAY TAKE DAYS, WEEKS, OR MONTHS TO RESOLVE, AND SOME ISSUES MAY NOT BE RESOLVED AT ALL. BY AGREEING TO THESE TERMS, YOU ACKNOWLEDGE THAT BITSTAMP IS NOT RESPONSIBLE FOR THE AFOREMENTIONED RISKS, AND YOU VOLUNTARILY ASSUME AND ACCEPT SUCH RISKS IN DECIDING TO ENGAGE IN VIRTUAL CURRENCIES OR OTHER DIGITAL ASSETS TRANSACTIONS ON THE BITSTAMP PLATFORM.

SECTION 25 CONTAINS A WAIVER OF ANY RIGHT TO PARTICIPATE IN A CLASS ACTION AS WELL AS A MANDATORY ARBITRATION CLAUSE THAT GOVERNS RESOLUTION OF CERTAIN DISPUTES AND WAIVES YOUR RIGHT TO SUE IN COURT OR HAVE A TRIAL BY JURY.

1 MODIFICATION OF TERMS

Qovex may modify these Terms by providing notice of such changes, such as by sending you an email, providing notice through the Services, or updating the “Last Updated” date at the top of these Terms. By clicking on an “I Agree” button or checkbox presented with the modified Terms, or by continuing to access or use the Services, you confirm your agreement to the modified Terms. If you do not agree to any modification to these Terms, you must stop using the Services. Qovex encourages you to frequently review the Terms to ensure you understand the terms and conditions that apply to your access to, and use of, the Services. If you have any question regarding the use of the Site or Services, please contact our Support Team by .

2 ABOUT BITSTAMP AND THE SERVICES

As used in these Terms of Use, “Qovex” refers to the company Qovex USA, Inc., whose registration is filed with the Delaware Secretary of State, whose registered agent is Incorp Services Inc. and whose registered office at 27 Union Square West, New York, NY 10003, as well as its owners, directors, investors and employees. Depending upon the context, “Qovex” may also refer to the services, products, website, content or other materials (collectively “Services”) provided by Qovex. Other services offered by Qovex or one or more affiliate or third-party vendor may be described in the appendices.

These Terms of Use and any terms incorporated herein (“Terms”) apply to any access to, or use of, any services made available by Qovex using the website www.bitstamp.net (the “Site”) or our mobile applications (“Apps”), and to any other related Services provided by Qovex. Among other Services and products provided by Qovex, the Services operated by Qovex allow buyers (“Buyers”) and sellers (“Sellers”) to buy, sell, trade, and hold Virtual Currencies and other Digital Assets.

For the avoidance of doubt, we do not provide any investment advice in connection with the Services described in these Terms of Use. We may provide information on the price, range and volatility of Virtual Currencies and other Digital Assets that are available on our platform and events that have affected the price of such Virtual Currencies and other Digital Assets, but this must not be considered investment advice, nor should it be construed as such. Any decision to purchase or sell Virtual Currencies and other Digital Assets is solely your decision, and we shall not be liable for any loss suffered.

3 GENERAL TERMS TO THE SITE

Depending on your country of residence, incorporation or registered office, you may not be able to use all the functions of the Site. It is your responsibility to follow the rules and laws in your country of residence and/or country from which you access this Site and Services. As long as you agree to and comply with these Terms of Use, Qovex grants you the personal, non-exclusive, non-transferable, non-sublicensable and limited right to enter and use the Site and the Service.

All our Services are provided without warranty of any kind, either express or implied, and, in particular, without implied warranties of merchantability and fitness for a particular purpose, as set out in further detail in the “Disclaimer of Warranties” section below.

We will use reasonable effort to ensure that the Services and the Site can be accessed by you in accordance with the present Terms of Use. However, we may, at any time and without liability, discontinue or modify all or part of the Site or the Services or suspend the use of the Site and Services for maintenance, in which case we will make reasonable efforts to give you a prior notice of this. You acknowledge in this context that this may not be possible in case of an emergency, and accept the risks associated with the fact that you may not always be able to use the Services and the Site, or carry out urgent transactions using your Account.

4 ELIGIBILITY

4.1 General Requirements

The Services are intended solely for users who are 18 or older and who satisfy the criteria described in these Terms. You represent and warrant that you: (a) are of legal age to form a binding contract (at least 18 years old in the U.S.) and reside in the United States or U.S. territories; (b) have not previously been suspended or removed from using our Services; (c) are not identified as a “Specially Designated National” by the Office of Foreign Assets Control or otherwise subject to U.S. blocking sanctions; (d) are not owned or controlled by a person or entity subject to U.S. blocking sanctions; (e) are not placed on the U.S. Commerce Department’s Denied Persons List; and (f) have full power and authority to agree to these Terms.

4.2 Restricted Locations

You may not use the Services if you are located in, or a citizen or resident of any state, country, territory or other jurisdiction that is embargoed by the United States or where your use of the Services would be illegal or otherwise violate any applicable law. You represent and warrant that you are not a citizen or resident of any such jurisdiction and that you will not use any Services while located in any such jurisdiction. You also may not use the Services if you are located in, or a citizen or resident of, any other jurisdiction where Qovex has determined, at its discretion, to prohibit use of the Services. Qovex may implement controls to restrict access to the Services from any jurisdiction prohibited pursuant to this Section 4.2. You will comply with this Section 4.2, even if Qovex methods to prevent use of the Services are not effective or can be bypassed.

4.3 Corporate User

Unless Qovex has provided prior, written approval to use your account for trading on behalf of a corporation or other legal entity (a “Corporate User”), you will use the Services and your Qovex Account (as defined below) only for your own account and not on behalf of, or for the account of, any third party. If Qovex has approved your account for trading on behalf of a Corporate User, you will use the Services and your Qovex Account solely for the account of the specified Corporate User. If you use any Services on behalf of any Corporate User, you agree to these Terms on behalf of yourself and any such Corporate User, and you represent and warrant that you have the authority to bind the Corporate User to these Terms and that both you and the Corporate User will be jointly and severally liable under these Terms for any violation of these Terms or any other act or omission by the Corporate User or by you.

5 BITSTAMP ACCOUNT

5.1 Qovex Account

In order to use any Services, you must create and maintain an account through the Services (“Qovex Account”). To create or maintain your Qovex Account, or enable functions on your Qovex Account, you will be required to provide Qovex with certain information and documentation, including, as applicable, the information and documentation associated with identity verification and other screening procedures described in Section 5.2, below, and in the Appendix 2, below. You will: (a) create a unique password; (b) provide complete and accurate information; (c) promptly update any information you have provided so that the information is complete and accurate at all times; (d) maintain the security of your Qovex Account by protecting your password from unauthorized access or use; (e) promptly notify Qovex if you discover or suspect any unauthorized access or use of your Qovex Account or any security breaches related to your Qovex Account; and (f) be responsible for all activities that occur under your Qovex Account, and accept all risks of any authorized or unauthorized access to your Qovex Account.

By registering your Qovex Account you agree to be responsible for all activity that occurs under your Qovex Account. Qovex may, in our sole discretion, refuse to open a Qovex Account, suspend or terminate any Qovex Account, limit, suspend or terminate the sending of Digital Assets from your Account, or limit, suspend or terminate the trading of Digital Assets in your account, including, but not limited to, for your failure to comply with the verification procedures described in Section 5.2 below.

5.2 How We Verify Your Account

The creation and use of your Account are subject to verifications, as required by statutory and regulatory obligations incumbent on us. You agree to provide us with the information we request for the purposes of identity verification, compliance with know-your-customer rules, as well as detection of money laundering, terrorism financing, fraud or any other financial crime. The information Qovex requires to verify your identity includes but is not limited to: your name, email address, contact information, phone number, government-issued ID, date of birth, social security number and other information collected during account registration and verification process. Qovex, in its sole discretion, may require you to provide or verify certain additional information before permitting you to access certain Qovex Services or permitting you to engage in transactions beyond certain volume limits. Note that the referenced access to Services or transactional limits may, among other things, depend on your level of identity verification. For example, you may be prohibited from making any Virtual Currency or other Digital Assets withdrawals from your Qovex Account verified at Level 1 (limited KYC and identity verification), unless you verify the same Qovex Account at Level 2 (full KYC and identity verification). Please refer to Appendix 2, below, for the description of the verification procedures, relevant account levels and transaction limits.

The requested information may include Personal Data (please refer to our Privacy Policy). By providing us with the information we request, you confirm that it is true and accurate, and agree to inform us in case of change concerning such information. Your Account will be blocked until we are satisfied with the information you have provided and determine in our sole discretion that it is sufficient to validate your Account. In the meantime, you will not be allowed to terminate your Account or request the deletion of the Personal Data processed in the course of verification operations.

We expressly reserve the right to cancel and/or terminate Accounts that have not been verified by the User despite efforts made in good faith by Qovex to contact you to obtain such verification (“Unverified Accounts”). We reserve the right to transfer all Unverified Accounts, which have been inactive for a period of 6 months or more, to a third-party escrow (the “Unverified Escrow”). Once transferred, the account assets will no longer be maintained or under the legal responsibility of Qovex. The administrator/trustee of the Unverified Escrow shall make any and all additional reasonable efforts required by law to determine and contact each Unverified Account owner and, after suitable effort and time has been expended, we may be required to convert the residual Virtual Currency or other Digital Assets into Fiat Currency and send it to a government authority responsible for the safekeeping of such assets. For more information about this process, please see Section 15.3 (Unclaimed Property).

You hereby authorize Qovex, directly or through a third party, to make any inquiries or investigations Qovex considers necessary to verify your identity and/or protect you and/or us against fraud, including but not limited to: (a) query identity information contained in public reports (e.g., your name, address, past addresses, or date of birth); (b) query account information associated with your linked bank account or telephone number (e.g., name or account balance and social security number); and (c) take action Qovex reasonably deems necessary based on the results of such inquiries and reports. You further authorize any and all third parties to which such inquiries or requests may be directed to fully respond to such inquiries or requests. Qovex will have no liability or responsibility for any permanent or temporary inability to access or use any Services, including your inability to withdraw Virtual Currency or other Digital Assets or execute “Trades”, as a result of any identity verification or other screening procedures.

You also hereby authorize your wireless carrier to use or disclose information about your account and your wireless device, if available, to Qovex or its service providers for the duration of your business relationship, solely to help them identify you or your wireless device and to prevent fraud. For more information about how Qovex will your data, please see our Privacy Policy.

5.3 Number of Qovex Accounts

Qovex may, in its sole discretion, limit the number of Qovex Accounts that you may hold, maintain, or acquire.

5.4 Application of UCC

Except as otherwise provided in these Terms or applicable law, the Qovex Account is governed by Article 8 of the New York Uniform Commercial Code (“Article 8”). Under Article 8 and these Terms, (i) you are an “entitlement holder” and, unless you instruct us otherwise, any Digital Assets or fiat currency credited to the Qovex Account shall be treated as “financial assets”; (ii) the Qovex Account is a “securities account”; and (iii) Qovex is a “securities intermediary” with respect to all financial assets held in the Qovex Account. Treating Digital Assets and fiat currency in the Qovex Account as financial assets under Article 8 does not determine the characterization or treatment of such fiat currency or Digital Assets under any other law or rule.

6 GENERAL RISK DISCLOSURES; ASSUMPTION OF THE RISK; RELEASE OF BITSTAMP

The trading of goods and products, real or virtual, as well as Virtual Currencies and other Digital Assets involves significant risk (click here for more information). Prices can and do fluctuate on any given day. Such price fluctuations may increase or decrease the value of your assets at any given moment. Any currency – virtual or not – may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading anything on a market.

Virtual Currency and other Digital Asset trading also has special risks not generally shared with official currencies, goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, or by commodities such as gold or silver, Virtual Currencies are a unique type of asset, backed by technology and trust. There is no central bank that can issue more currency or take corrective measures to protect the value of Virtual Currencies in a crisis and accounts and value balances are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections. Any bond or trust account maintained by Qovex for the benefit of its Users may not be sufficient to cover all losses incurred by Users.

Instead, Virtual Currencies are an as-yet autonomous and largely unregulated global system of currency firms and individuals. Traders put their trust in a digital, decentralized and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity. Some Virtual Currency and other Digital Asset transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that the User initiates the transaction.

Trading Virtual Currencies and other Digital Assets, and use of other Services provided by Qovex, also involves significant risks and potential for financial losses, including without limitation the following:

• The features, functions, characteristics, operation, use and other properties of any Virtual Currencies and other Digital Assets (“Digital Asset Properties”) and the software, networks, protocols, systems, and other technology (including, if applicable, any blockchain) (“Underlying Technology”) used to administer, create, issue, transfer, cancel, use or transact in any Virtual Currencies and other Digital Assets may be complex, technical or difficult to understand or evaluate.

• Any Virtual Currencies and other Digital Assets and its Underlying Technology may be vulnerable to hacking, cyber attack or other attacks on the security, integrity or operation of the Virtual Currencies and other Digital Assets or its Underlying Technology (“Attacks”), including Attacks using computing power sufficient to overwhelm the normal operation of a blockchain or other Underlying Technology.

• Due to the nature of Virtual Currencies and other Digital Assets, there is an increased risk of fraud or Attacks and your assets or the value of your assets may be irretrievably stolen.

• Any Digital Currency, Digital Currency Properties or Underlying Technology may change or otherwise cease to operate as expected due to a change made to the Underlying Technology, a change made using features or functions built into the Underlying Technology or a change resulting from an Attack. These changes may include, without limitation, a “fork” or “rollback” of a Virtual Currency and other Digital Assets or blockchain.

• Any Virtual Currency and other Digital Asset may be cancelled, lost or double spent, or otherwise lose all or most of their value, due to forks, rollbacks, Attacks, changes to Digital Asset Properties or failure of the Virtual Currencies and other Digital Asset to operate as intended.

• The trading of Virtual Currencies is often susceptible to irrational (or rational) bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence in Virtual Currencies and other Digital Assets might collapse because of unexpected changes imposed by software developers or others, a government crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems: if the anonymity of the system is compromised, if money is lost or stolen, or if hackers or governments are able to prevent any transactions from settling. Additionally, legislative and regulatory changes or actions at the state, federal or international level may adversely affect the use, transfer, exchange and value of virtual currency.

• You should be aware that the value of Virtual Currency or other Digital Asset may be derived from the continued willingness of market participants to exchange Fiat Currency for Virtual Currency, which may result in the potential for permanent and total loss of value of a particular virtual currency should the market for that virtual currency disappear.

• Qovex may suspend or cease to support the transfer, storage or trading of any Virtual Currency or other Digital Asset at any time at Qovex discretion. Other exchanges and service providers may do the same.

• Qovex may not support metacoins, colored coins or other Virtual Currency and other Digital Assets, or their related side chains or other Underlying Technology that are based on a fork, airdrop, enhancement, or derivative of a different Virtual Currency and other Digital Assets or Underlying Technology (“Derivative Protocols”) even if the Derivative Protocol is based on a Virtual Currency and other Digital Asset that is supported by Qovex. Other exchanges or service providers may do the same.

• Qovex may suspend or reject your transaction requests, suspend or cease support for Virtual Currencies and other Digital Assets, or suspend or terminate your access to the Services to comply with applicable laws or regulations or an order from law enforcement or other governmental authority, for other reasons as specified in these Terms or otherwise at Qovex discretion.

• You may be unable to withdraw any Virtual Currency or other Digital Assets and limited in depositing or withdrawing Fiat Currencies, based on the on the identifying information and/or proof of identity you provide to Qovex and the corresponding level of identity verification.

• You may be unable to withdraw Virtual Currencies and other Digital Assets prior to Qovex ceasing to support transfer of any such Virtual Currencies and other Digital Assets, or you may be unable to withdraw Virtual Currencies and other Digital Assets or Fiat Currency prior to Qovex terminating any Services or your access to your Qovex Account, resulting in the loss of any such Virtual Currencies and other Digital Assets or Fiat Currency remaining in your Qovex Account.

• Any Virtual Currencies and other Digital Asset may decrease in value or lose all of its value due to various factors including discovery of wrongful conduct, market manipulation, changes to Digital Asset Properties or perceived value of Digital Asset Properties, Attacks, suspension or cessation of support for a Virtual Currency or other Digital Asset by Qovex or other exchanges or service providers, and other factors outside the control of Qovex.

• Any Virtual Currencies and other Digital Assets may decrease in value or lose all of its value due to legislative or regulatory activity, or other government action. Government regulation of Virtual Currencies and other Digital Assets is unsettled and rapidly evolving.

• Any Virtual Currencies or other Digital Asset may be lost if sent to the wrong address (for example but without limitation, if the address is improperly formatted, contains errors, or is intended to be used for a different type of a Virtual Currency or other Digital Asset). If you send Virtual Currencies and other Digital Assets to an address intended for a different type of Virtual Currency and other Digital Asset, your assets may be lost. Qovex may try, but is not obligated to, conduct recovery efforts to recover assets that were sent to the wrong address. For more information, please see below  14.6 (Transaction Recovery).

• You may be prevented from sending a transaction request, or your transaction request or email may not be received by Qovex or the Services, due to hardware, software or services issues (including, without limitation, Internet and other network connectivity issues).

• Your transaction request or email to Qovex or the Services may be lost, intercepted or altered during transmission.

• Unauthorized third parties may access or use your Qovex Account and effect transactions without your knowledge or authorization, whether by obtaining the password to your Qovex Account, obtaining control over another device or account used by you in connection with any enhanced security measures enabled for your account, or by other methods.

• There may be additional risks that we have not foreseen or identified in our Terms of Use.

The risks described in this Section 6 may result in loss of your Virtual Currencies and other Digital Assets, decrease in or loss of all value for your Virtual Currencies and other Digital Assets, inability to access or transfer Virtual Currencies and other Digital Assets, inability to trade Virtual Currencies and other Digital Assets, inability to receive financial benefits available to other Virtual Currencies and other Digital Assets holders, and other financial losses to you. You hereby assume, and agree that Qovex will have no responsibility or liability for, such risks. You hereby irrevocably waive, release and discharge any and all claims, whether known or unknown to you, against Qovex, its Affiliates and their respective shareholders, members, directors, officers, employees, agents and representatives related to any of the risks set forth herein. You waive application of Section 1542 of the Civil Code of the State of California, or any similar statute or law of any other jurisdiction. Section 1542 reads as follows: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

You represent and warrant that you have: (a) the necessary technical expertise and ability to review and evaluate the security, integrity and operation of any Virtual Currencies and other Digital Assets that you decide to acquire or trade; and (b) the knowledge, experience, understanding, professional advice and information to make your own evaluation of the merits and risks of any Virtual Currencies and other Digital Assets or Trade. You accept the risk of trading Virtual Currencies and other Digital Assets by using the Services and are responsible for conducting your own independent analysis of the risks specific to the Virtual Currencies and other Digital Assets and the Services. You should not acquire or trade any Virtual Currency or other Digital Assets unless you have sufficient financial resources and can afford to lose all value of the Virtual Currencies and other Digital Assets.

Qovex decision to support transfer, storage or trading of any particular Virtual Currencies and other Digital Assets through the Services does not indicate Qovex approval or disapproval of the Virtual Currencies and other Digital Assets or the integrity, security or operation of the Virtual Currencies and other Digital Asset or its Underlying Technology. The risks associated with Virtual Currencies and other Digital Assets and trading such assets apply notwithstanding Qovex decision to support a particular asset. Qovex does not provide trading advice, does not have any fiduciary duty to you or any other user and does not make any warranty about the suitability of any asset for trading or ownership by you.

7 SPECIFIC RISK DISCLOSURES

7.1 Virtual Currency and other Digital Asset Disclosure

Qovex will act only on your Instructions in respect of Virtual Currencies and other Digital Assets, and does not otherwise acquire any right, title or interest in them. Whilst Qovex uses reasonable care in the appointment of third-party custodians, in the event of a third-party custodian becoming insolvent or entering into an insolvency process in a relevant jurisdiction, you may have only an unsecured claim against the third-party custodian, and Users’ Virtual Currencies or other Digital Assets may be at risk subject to any protections provided at law in the relevant jurisdiction.

Please note the following additional disclosures associated with Virtual Currencies and other Digital Assets:

• Virtual Currencies and other Digital Assets are not legal tender, are not backed by the government, and accounts and value balances are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections.

• Legislative and regulatory changes or actions at the state, federal or international level may adversely affect the use, transfer, exchange and value of Virtual Currencies and other Digital Assets.

• Transactions in Virtual Currencies or other Digital Assets may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable.

• Some Virtual Currencies and other Digital Assets transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that the User initiates the transaction.

• The value of Virtual Currencies or other Digital Assets may be derived from the continued willingness of market participants to exchange Fiat Currency for Virtual Currencies or other Digital Assets, which may result in the potential for permanent and total loss of value of a particular Virtual Currency or other Digital Asset should the market for that Virtual Currencies or other Digital Asset disappear.

• There is no assurance that a person who accepts a Virtual Currency or other Digital Asset as payment today will continue to do so in the future.

• The volatility and unpredictability of the price of Virtual Currencies or other Digital Assets relative to Fiat Currency may result in significant loss over a short period of time.

• The nature of Virtual Currencies and other Digital Assets may lead to an increased risk of fraud or cyber-attack.

• The nature of Virtual Currencies and other Digital Assets means that any technological difficulties experienced by Qovex may prevent the access or use of a User’s virtual currency.

• Any bond or trust account maintained by Qovex for the benefit of its Users may not be sufficient to cover all losses incurred by Users

7.2 Fraud Disclosure

At Qovex, we strive to provide our Users with the highest levels of Account and trading safety. As fraudsters and scammers do not avoid trading platforms, our approach is to raise awareness among our Users about common fraudulent practices and offer suggestions on how to avoid being defrauded. For more information about common fraudulent practices and tips for recognizing and avoiding scams, see our FAQ page and Blog post.

Before you engage in using our Services and by confirming these Terms of Use, you agree and acknowledge that:

• Qovex will not be responsible for any loss or damage suffered by you, due to any illicit or fraudulent activity of third parties - you are solely responsible for your behavior and usage of your Account.

• Qovex operates giveaways, official promotions and referral programs only through Qovex-owned channels, e.g. the Site.

• Qovex only communicates with you through the @bitstamp.net or @team.bitstamp.net addresses.

• Qovex will never call you unexpectedly and without prior notice, regardless of cause or reason.

• Qovex will never ask you to disclose any of your sensitive authentication credentials, regardless of cause or reason, and will never demand remote access to your device or advise you to change your security settings.

• Your Account credentials should be solely used by you and you shall not disclose your login credentials to any third person or entity. You will ensure that the email and phone number which you used for registering a Qovex Account will be exclusively operated and kept in private by you.

• You will set the 2-factor authentication solely on the devices which are possessed and controlled exclusively by you, and you will not permit anybody to access or use the devices you use for the 2-factor authentication.

• Any attempt of providing instructions to any person (Users or third party), or distribution of instructions, software or tools, related to onboarding process, operating of the Account and security measures, regardless of purpose, may result in the Accounts of both the defaulting and affected Users being terminated, at the sole discretion of Qovex.

7.3 Money Transmitter License Disclosures

Qovex maintains money transmitter (or similar) licenses in all states where Qovex business activities require such a license. Pursuant to the regulations applicable to money transmitters in the states where Qovex has a license, Qovex provides the disclosures in Appendix 1, below.

Pursuant to the regulations applicable to Qovex in the State of Washington, Qovex provides the following additional disclosures:

• Fraudulent transfers may result in the loss of your Virtual Currency or Other Digital Assets or fiat currency with no recourse.

• A schedule of Qovex fees and the manner in which the fees are calculated is here. All fees will be calculated, charged and deducted from the Virtual Currency or Other Digital Assets in your Qovex wallet at the time a Trade is completed.

• The value stored in your Qovex wallet and Qovex Account are not insured by private insurance, the federal deposit insurance corporation, the securities investor protection corporation or any agency of the United States against theft or loss, including cyber theft or theft by other means.

• All Virtual Currency or Other Digital Assets transfers are irrevocable, without exception.

• Qovex has no responsibility or liability for unauthorized, mistaken, or accidental transfers of Virtual Currency or other Digital Assets or Fiat Currency.

• Due to the nature of virtual currency, there is an increased risk of fraud or cyberattack and your Virtual Currency or Other Digital Assets, or their value, may be irretrievably stolen.

• Any Virtual Currency or Other Digital Assets that you acquire may have limited convertibility.

The risks described in this Section 7 may result in loss of your Virtual Currencies  and other Digital Assets, decrease in or loss of all value for your Virtual Currencies and other Digital Assets, inability to access or transfer Virtual Currencies and other Digital Assets, inability to trade Virtual Currencies and other Digital Assets, inability to receive financial benefits available to other Virtual Currencies and other Digital Assets holders, and other financial losses to you. You hereby assume, and agree that Qovex will have no responsibility or liability for, such risks. You hereby irrevocably waive, release and discharge any and all claims, whether known or unknown to you, against Qovex, its Affiliates and their respective shareholders, members, directors, officers, employees, agents and representatives related to any of the risks set forth herein. You waive application of Section 1542 of the Civil Code of the State of California, or any similar statute or law of any other jurisdiction. Section 1542 reads as follows: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

8 ACCOUNT USE

DEPOSITS AND WITHDRAWALS OF FIAT CURRENCY, VIRTUAL CURRENCY OR OTHER DIGITAL ASSETS MAY BE SUBJECT TO LIMITS.

8.1 Funding Your Account - Fiat Currency

You may fund your Account via wire deposit or Automated Clearing House (“ACH”) deposits.

8.1.1 Wire

If you have chosen to fund your Account via wire deposits, funds from a wire deposit will be made available for trading on your Account as soon as they are settled. Please note that the deposit settlement times are subject to bank holidays, the processes of partner banks and the processes of your bank. In addition to that, deposit settlement times may be delayed because of any technical issues. Please note, for deposit and withdrawals, although you generally will receive your payment within a week, settlement may take up to two weeks, depending on your financial institution.

We do not accept fiat currency deposits from third-party bank accounts. The name on your linked bank account must match the name verified on your Qovex Account. If a wire transfer is received from a third-party bank account, we will reject and return the wire immediately.

Your Account, once funded, does not and will not earn interest.

8.1.2 ACH Payment Method

If you have enabled ACH funding for your Account, ACH deposit amount will be available for trading on your Account upon receipt of your deposit. You will not be able to withdraw Fiat or Virtual Currency or other Digital Asset balances showing in your Qovex Account until the ACH deposit has settled. After any such funds are deemed settled, you will be able to make withdrawals again.

Please note that the deposit settlement times are subject to bank holidays, the processes of partner banks and the processes of your bank. In addition to that, deposit settlement times may be delayed because of any technical issues. For ACH deposit and withdrawals, we have a standard seven-day (7) hold on the funds awaiting settlement. Final settlement may take longer, depending on your financial institution.

We reserve the right to increase or decrease your daily, monthly and overall limits for ACH Payments, or make them temporarily or permanently unavailable. This may be done without notice and at our sole discretion.

8.1.3 Placing an Electronic Purchase

If you are an individual, you can perform an instant Purchase Transaction using your credit or debit card,  (“Card Purchase”), Google Pay, Apple Pay, or other valid form of payment (each a “Valid Payment Method”). The Fees we charge to process instant Purchase Transactions are detailed in our Fee Schedule. We will withhold any Virtual Currencies and/or other Digital Assets bought using a Valid Payment Method, or any funds received from such a Valid Payment Method from withdrawal for up to fourteen (14) days from the initiation of the Valid Payment Method. After that period, this restriction will be lifted and withdrawals will be re-enabled.

When making a Card Purchase on our website or mobile app, your card data is automatically stored by our card payment service provider via a tokenization process. This means that a sensitive data element (PAN-card number) is substituted with a non-sensitive equivalent called a token. This tokenization process is designed to keep your data safe and secure from unauthorized access by a third party. You can only register a credit or debit card held in your name.

Our appointed payment services provider may save and store payment information, such as credit card or debit card numbers and card expiration dates, entered by you on our website when you make a Card Purchase or use another Valid Payment Method. Such stored payment information may be used as your default payment method for further Card Purchases on our website or mobile app. At any time, you can delete your card information or enter new card information. If your card has expired, the payment information relating to that particular card will not be stored anymore by our payment service provider and you will be prompted to indicate your new card information the next time you want to proceed with a Card Purchase. You are responsible for maintaining your card information up-to-date and accurate. You consent to Qovex updating such stored information from time to time based on information provided by you, your bank or other payments services providers. You will only provide information about payment methods that you are authorized to use.

If you have any questions on how to make a Card Purchase or use another Valid Payment Method, see our FAQ page.

8.2 Funding Your Account - Virtual Currencies or Digital Assets

In order to engage in a Trade (as defined below) you must first transfer Virtual Currencies and other Digital Assets that are supported by the Services or Fiat Currencies that are supported by the Services (as described above) to your Qovex Account. The Services associated with your Qovex Account include a wallet service provided by Qovex (“Qovex Wallet”). The Qovex Wallet will permit you to generate one or more addresses to which Virtual Currencies and other Digital Assets may be transferred from an account, wallet or address not hosted or controlled by Qovex or a bank account at a financial institution (“External Account”). Qovex may require that you verify your control over an External Account or satisfy other verification or screening requirements prior to enabling transfers between the applicable External Account and your Qovex Wallet or your Qovex Account (any such External Account, an “Approved External Account”).

8.3 Recurring Buy and Recurring Sell

If you are an individual, you can set up recurring buys or sells to periodically buy or sell Virtual Currency and other Digital Assets, in the amounts and at the frequency that you choose, either by performing an instant Purchase Transaction using your Account balance or a Valid Payment Method as made available by Qovex for recurring buy transactions (“Recurring Buy”); or by selling Virtual Currency and other Digital Assets using your Account balance (“Recurring Sell”). You can manage your Recurring Buy and Recurring Sell in your Qovex Account, under Account Settings, “Recurring Buy/Sell” section. 

When setting up a Recurring Buy or Recurring Sell, you will be asked to:

• For Recurring Buy: choose the Fiat Currency and amount that will be used for payment, specify the Virtual Currency or other Digital Assets you wish to buy, select the payment method, and indicate the frequency (daily, weekly, every other week, or monthly), which includes specifying the particular day of the week or month when the Recurring Buy shall occur;

• For Recurring Sell: choose the Virtual Currency or other Digital Assets and/or amount that you wish to sell, specify the Fiat Currency and/or amount for which the Virtual Currency or other Digital Assets will be sold, and indicate the frequency (daily, weekly, every other week, or monthly), which includes specifying the particular day of the week or month when the Recurring Sell shall occur.

By clicking “Confirm Recurring Buy” or “Confirm Recurring Sell”, you will confirm your Recurring Buy or Sell setup as you defined it, confirm the initial transaction’s price quote and initiate the execution of the first transaction, and you will authorize Qovex to initiate and execute your next recurring transactions on your behalf, against your designated Valid Payment Method or Account balance, in the amounts and at the frequency you indicated in your Recurring Buy or Recurring Sell setup.

The price quote shown in the user interface at the time of setting up the Recurring Buy or Recurring Sell will be valid for the initial transaction only, and not for your future recurring transactions. Due to the inherent price fluctuations of Virtual Currency and other Digital Assets, the quoted price for your future recurring transactions shall be determined at the time of each respective transaction, it will not be displayed at the time of setting up the Recurring Buy or Recurring Sell and will differ from the quote provided for your initial transaction. The timing of your subsequent recurring transactions will generally align with the time when you set up your Recurring Buy or Recurring Sell. If, at the scheduled time, a transaction cannot be executed, Qovex will make a subsequent attempt to execute the transaction within 24 hours. If the transaction remains non-executable after this attempt, it will be rejected, and you will be promptly notified of the outcome via email. In the event of asset delisting, Qovex reserves the right to cancel the Recurring Buy or Recurring Sell setup and you will be notified of such event via email.

Your first transaction will occur immediately upon confirming your request, and your next recurring transactions will occur at the frequency you selected during your Recurring Buy or Recurring Sell setup. If you specified a day of the week or month for the Recurring Buy or Recurring Sell to occur after the initial set up date, the first scheduled transaction will be skipped, as the first transaction is considered fulfilled upon your confirmation of the Recurring Buy or Recurring Sell setup. For example, if you set up Recurring Payments on 1st January with a scheduled occurrence on the 10th of each month, your first transaction will occur on 1st January, and the subsequent one will occur on 10th February. If you specified the Recurring Buy or Recurring Sell to occur on the 29th, 30th or 31st of a month, the recurring transaction will occur on the actual last day of the month, as applicable. 

It is your responsibility to ensure that sufficient funds are available to cover your recurring transactions, and that the payment details are accurate and up-to-date at all times. If Qovex is not able to collect the required funds to complete a recurring transaction, including instances of failed Card Purchases, that recurring transaction will not be processed, and Qovex reserves the right to cancel your Recurring Buy or Recurring Sell setup should this occur for consecutive recurring periods. You will be notified of the unsuccessful transaction and/or the cancellation of the Recurring Buy or Recurring Sell setup via email. You should regularly review the status of your Recurring Buy and Recurring Sell in your Qovex Account. Qovex has no responsibility regarding the information submitted by you in your Recurring Buy and Recurring Sell setup.

You may cancel your active Recurring Buy and Recurring Sell setup in your Qovex Account, under Account Settings, “Recurring Buy/Sell” section, at any time with no charge, penalty or fee. If you cancel a Recurring Buy or Recurring Sell setup during the transaction execution time, the transaction scheduled for that time interval will be executed, and the cancellation will be effective for the subsequent scheduled transactions. Qovex reserves the right to suspend or cancel your individual recurring transactions and/or Recurring Buy or Recurring Sell setup at any time without notice and Qovex has no obligation to allow you to reinstate a buy or sell order at the same price or on the same terms as the unsuccessful transaction.

8.4 Deposits

You may periodically at your discretion transfer from an Approved External Account to your Qovex Wallet any Virtual Currency or Other Digital Assets that are supported for transfer and storage using the Services. If you transfer to your wallet any Virtual Currency or Other Digital Assets that are not supported by the Services, such assets may be permanently lost. You may periodically at your discretion transfer fiat currencies that are supported by the Services from an Approved External Account to your Qovex Account for transfer and storage using the Services. Except as expressly described herein, you will not be entitled to receive any interest or other fees on any fiat currency held in your Qovex Account or any Virtual Currency or Other Digital Assets held in your Qovex wallet, even if Qovex receives interest or other fees from any third parties.

8.5 Withdrawals

You are required to retain in your Qovex wallet a sufficient quantity of Virtual Currency or other Digital Assets and in your Qovex Account a sufficient quantity of Fiat Currency necessary to satisfy any open orders (and applicable fees). In addition, there may be limits on (a) the amounts that you are able to withdraw on a daily or other periodic basis, (b) the amount or timing of withdrawals made shortly after deposits have been made, or (c) other limits based on risk mitigation, fraud prevention and other security protocols implemented by Qovex. You may contact Qovex by filing a support request at in the event any of our security protocols cause inconvenience or hardship to explore alternative methods for mitigating a particular security issue identified by Qovex. Otherwise, you may periodically at your discretion withdraw Virtual Currency or other Digital Assets by transferring Virtual Currency or other Digital Assets from your Qovex wallet to an address not controlled by Qovex (“External Address”), and you may withdraw Fiat Currency by transferring Fiat Currency from your Qovex Account to an Approved External Account, subject to certain limitations based on the Account verification level described in Section 5.2., above, and in the Appendix 2, below. Qovex may require you to verify that any External Address to which you seek to transfer Virtual Currency or other Digital Assets is associated with an Approved External Account. You hereby authorize Qovex to use your Qovex wallet to send to any External Address specified by you using the Services, the number of Virtual Currency or other Digital Assets specified by you using the Services. Qovex is not able to reverse any transfers and will not have any responsibility or liability if you have instructed Qovex to send Virtual Currency or other Digital Assets to an address that is incorrect, improperly formatted, erroneous or intended for a different type of a Virtual Currency or other Digital Asset. You hereby authorize Qovex to use your Qovex Account to send to any Approved External Account specified by you using the Services, the amount of Fiat Currency specified by you using the Services. Qovex is not able to reverse any transfers and will not have any responsibility or liability if you have instructed Qovex to send Fiat Currency to an External Account that is incorrect, improperly formatted or erroneous.

8.6 Prohibited Transfers

You will not attempt or cause an inbound or outbound transfer of Virtual Currency or Other Digital Assets or fiat currency to or from Qovex where you have reason to know that any person or entity involved in the transfer—whether directly or indirectly—is subject to U.S. economic sanctions restrictions, including but not limited to the following persons or entities (1) the originator of the transfer, (2) the recipient of the transfer, (3) the Virtual Currency or Other Digital Assets exchange, hosted wallet service provider, bank, or other financial institution involved in the transfer.

Person or entities may be subject U.S. economic sanctions restrictions if, for example, they (1) are a resident, citizen, or otherwise located in a jurisdiction that is embargoed by the United States (e.g., Iran, Cuba, North Korea, Syria, the Crimea region of Ukraine, or any other region or country sanctioned by the U.S. Government); (2) are subject to United States blocking sanctions regardless of whether they are listed on an Office of Foreign Assets Control sanctioned parties list, (3) owned or controlled by a person or entity subject to U.S. blocking sanctions, or (4) placed on the U.S. Commerce Department’s Denied Persons List or Entity List.

8.7 Other Terms Applicable to Transfers

You will be responsible for: (a) paying all fees charged by any third party service provider associated with any External Account or External Address as well as for paying any fees charged by Qovex for any transfers and, if applicable based on service, a spread; (b) ensuring that any inbound and outbound transfers are handled in compliance with Qovex requirements, third-party service provider requirements or Virtual Currency or other Digital Assets requirements; (c) ensuring that the address to which any Virtual Currencies or other Digital Assets are to be transferred is properly formatted and suitable for the type of Virtual Currency or other Digital Assets being transferred; and (d) ensuring that there are no errors in any of the transfer instructions you provide using the Services. In the event you fail to comply with any requirements of this Section 8.6, the transferred Virtual Currency or other Digital Assets or Fiat Currency, as applicable, may be permanently lost. The timing for completing any transfer will depend on third-party actions that are outside the control of Qovex, and Qovex makes no guarantee regarding the amount of time it may take to complete any transfer. Qovex may impose limits on the amount of any inbound or outbound transfers, or suspend or terminate the ability to transfer Virtual Currency or other Digital Assets into or out of your Qovex wallet or fiat currency into or out of your Qovex Account in order to comply with applicable laws or regulations, an order from law enforcement or other governmental authority, or otherwise at Qovex discretion.

8.8 Refund Policy

All sales and purchases of Virtual Currencies and other Digital Assets done with any payment method are final. We do not accept any returns or provide refunds for your purchase of Virtual Currencies or any other Digital Assets from Qovex, except for the cases provided in these Terms of Use.

In the event the exchange of fiat currency to Virtual Currency or Other Digital Assets is not processed because of any technical issues or high price volatility during the card purchase procedure, Qovex will credit the User’s account with fiat currency.

8.9 Stop Payment Orders on Preauthorized Transfers of Virtual Currencies  and other Digital Assets

(a) You do not have a right to stop payment of a preauthorized transfer of Virtual Currencies and other Digital Assets once the order has been matched with another Qovex User’s Order. For information, please refer to Cancellations, described below in Section 13.7.

(b) To stop a payment from being processed for an order, prior to the order being matched, Users should log into their Qovex account and cancel the order.

9 Maintaining Your Account

9.1 Keep Your Information Up-to-Date

We seek to maintain the security of our Site and the Service. By registering with us, you agree to provide Qovex with current, accurate and complete information about yourself, including, for legal entities, information on directors, key personnel and beneficial owners, as well as company resolution to open the Account, as prompted by the registration process, and to keep such information updated. You further agree that you will not use any Account other than your own or access the Account of any other User at any time or assist others in obtaining unauthorized access.

The creation or use of Accounts without obtaining our prior express permission will result in the immediate suspension of all said Accounts, as well as all pending purchase/sale offers. Any attempt to do so or to assist others (Users or otherwise), or the distribution of instructions, software or tools for that purpose, will result in the Accounts of such Users being terminated. Termination is not the exclusive remedy for such a violation, and we may elect to take further action against you.

9.2 Maintain the Confidentiality of Your Account Information

You agree and understand that you are solely responsible (and you will not hold us responsible) for managing and maintaining the confidentiality and security of your Account and Account information, including your password and any other required forms of authentication, including two-factor authentication, safeguarding your own Virtual  Currencies and other Digital Assets, and all activity including Transactions that are posted to your Account.

Any actions on the Site, transactions, orders and operations initiated from your Account or using your password (1) will be considered to have been made by you, and (2) is irrevocable once validated using your password or made through your Account. You further agree and understand that we are not responsible (and you will not hold us responsible) for any unauthorized access to or use of your Account, including unauthorized Transactions conducted through 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 Qovex immediately of any unauthorized use of your Account or password, or any other breach of security, by email to . Any User who violates these rules may be terminated, and thereafter held liable for losses incurred by Qovex or any user of the Site.

You acknowledge and agree that you will only credit your Qovex Account from a bank account that is in your own name and that you will instruct payments from your Qovex Account only to a bank account that is in your own name.

We reserve the right to cancel transfers which are made by or sent to third parties.

10 Hosted Wallet and Custodial Services

10.1 Hosted Wallet Services

As part of your Qovex Account, Qovex will provide qualifying users access to: (i) hosted Digital Asset wallet(s) for holding Virtual Currency or other Digital Assets (“Digital Asset Wallet”), and (ii) a hosted US Dollars (“USD”) wallet for holding USD (a “USD Wallet“).

10.2 Hosted Digital Asset Wallet

Your Digital Asset Wallet allows you to store, track, transfer, and manage your balances of Virtual Currency or other Digital Assets. As used throughout, "Digital Asset" means only those particular digital assets listed as available to trade or custody in your Qovex Account (also referred to as “Supported Asset”). Services and supported assets may vary by jurisdiction.

10.3 Supported Digital Assets

Your Qovex Account is intended solely for proper use of Supported Digital Assets as designated on the Qovex Website. Under no circumstances should you attempt to use your Digital Asset Wallet to store, send, request, or receive any assets other than Supported Digital Assets. Qovex assumes no responsibility in connection with any attempt to use your Digital Asset Wallet with digital assets that we do not support. You acknowledge and agree that Qovex is not liable for any unsupported digital asset that is sent to a wallet associated with your Qovex Account. Qovex may in its sole discretion terminate support for any particular Digital Asset. If you do not sell or send such Digital Asset off platform before Qovex terminates its support for such Digital Asset, then Qovex may, in its discretion, remove such digital asset from your Qovex Account and credit your Qovex Account the equivalent market value of a supported Digital Asset or fiat currency minus transaction costs. If you have any questions about our current list of Supported Digital Assets, please contact 

10.4 Qovex Custody Solution

Whilst Qovex acts as custodian of your Virtual Currency or other Digital Assets, you agree that Qovex may appoint sub-custodians, a list of which is available here. In accepting these Terms, you authorize Qovex to access and transfer your Virtual Currency or other Digital Assets held with third-party sub-custodian(s) in accordance with your Instructions and as reasonably necessary for the provision of our Services, permit Qovex to withdraw Virtual Currency or other Digital Assets to Qovex own account as payment of Qovex properly incurred fees.

You accept that:

• the Virtual Currency or other Digital Assets in the Qovex Account will be held on your behalf in a wallet in the name of Qovex together with other customers’ Virtual Currency or other Digital Assets, and also may from time to time be held in the wallet together with Qovex Virtual Currency or other Digital Assets (for example where they reflect fees payable to Qovex); and

• Qovex may, at its sole discretion, convert your Virtual Currency or other Digital Assets to fiat currency in order to comply with enforcement-agency orders or regulatory actions, if required.

10.5 Digital Asset Custody and Title

All Digital Assets held in your Digital Asset Wallet are custodial assets held by Qovex or its custodial and sub-custodial partners for your benefit, as described in further detail below.

10.5.1 Ownership of Assets in Custody

Qovex does not own any Virtual Currency or Other Digital Assets that it holds for Users. Although Qovex may control all or a portion of the private keys for the blockchain addresses for deposited Virtual Currency or Other Digital Assets, you retain ownership and control of your Virtual Currency or Other Digital Assets and fiat currency while in the custody of Qovex, subject to these Terms and applicable law. While you may give control of your fiat currency or Digital Asset balance to Qovex, you do not transfer ownership of the assets. Title to Digital Assets shall at all times remain with you and shall not transfer to Qovex. As the owner of Digital Assets in your Digital Asset Wallet, you shall bear all risk of loss of such Digital Assets. Qovex shall have no liability for Digital Asset fluctuations or loss. None of the Digital Assets in your Digital Asset Wallet are the property of, or shall or may be loaned to, Qovex; Qovex does not represent or treat assets in User’s Digital Asset Wallets as belonging to Qovex. Qovex may not grant a security interest in the Digital Assets held in your Digital Asset Wallet. Except as required by law, or except as provided herein, Qovex will not sell, transfer, loan, hypothecate, or otherwise alienate Digital Assets in your Digital Asset Wallet unless Instructed by you.

10.5.2 Control of Assets in Custody

You control the Digital Assets held in your Digital Asset Wallet. At any time, subject to outages, downtime, and other applicable policies (for instance, prohibition on Digital Asset withdrawals until the Account is upgraded to Level 2 identity verification), you may withdraw your Digital Assets by sending it to a different blockchain address. As long as you continue to custody your Digital Assets with Qovex, Qovex may retain control over a portion of the electronic private keys associated with blockchain addresses operated by Qovex, including the blockchain addresses that hold your Digital Assets.

10.5.3 Customer Assets Not Segregated from other Customer Assets

In order to more securely custody assets, Qovex may use shared blockchain addresses, controlled by Qovex, to hold Digital Assets held on behalf of customers. Although we maintain separate ledgers for User accounts and Qovex accounts held by Qovex for its own benefit, Qovex shall have no obligation to segregate by blockchain address Digital Assets owned by you from Digital Assets owned by other customers.

10.6 Tracking of Assets in Custody

Qovex tracks and maintains your balances (fiat currency, Virtual Currency, or other Digital Assets) on internal ledgers maintained by Qovex. Qovex has no obligation to segregate any of your balances at a separate blockchain address. Your Virtual Currency or other Digital Assets may be commingled at one or more blockchain addresses with Virtual Currency or other Digital Assets owned by other Qovex users. For security and operational reasons, transfers of Virtual Currency or other Digital Assets by you may be reflected on Qovex internal ledgers only, without any transfer on the corresponding blockchain. Private keys may be stored by Qovex offline or in electronic or physical vaults or other secure locations that may only be accessed in accordance with established security procedures, so any transfer of Virtual Currency or other Digital Assets that will involve a transfer on the blockchain may be delayed.

10.7 Bankruptcy Considerations

We are not an intermediary, do not acquire any rights, title or interest in, and do not assume and have no rights or control over any Virtual Currency or Other Digital Assets or any other User assets other than in respect of actions taken as custodian of the assets and your Instructions. As a result, we will not transfer or sell any Virtual Currency or Other Digital Assets other than in accordance with your Instructions (which includes any instructions mandated by law, regulatory authority or enforcement agencies).

11 Closing Your Account

You may close your Account at any time.

You may terminate this Agreement with Qovex and close your Account at any time here, following settlement of any pending transactions.

12 CHANGES; SUSPENSION; TERMINATION OF YOUR ACCOUNT

12.1 Changes to Services

Qovex may, at its discretion and without liability to you, with or without prior notice and at any time, modify or discontinue, temporarily or permanently, all or any portion of any Services.

12.2 Suspension or Termination of Services

Qovex may, at its discretion and without liability to you, with notice where possible or practicable and at any time, temporarily suspend or permanently terminate your access to all or a portion of any Services.

12.3 No Liability

Qovex will not be liable for any losses suffered by you resulting from any modification of any Services or from any suspension or termination of your access to all or a portion of any Services (whether pursuant to this Section 12 or for any other reason). You acknowledge that Virtual Currency and other Digital Asset valuations and exchange rates may fluctuate during any period during which Services have been suspended and that Qovex will have no liability for any such fluctuations. You also acknowledge that in the event of permanent suspension or termination of Services the Virtual Currency and other Digital Asset and fiat currency associated with your Qovex Account may be lost due to your inability to access, transfer or otherwise control the Virtual Currency and other Digital Asset and fiat currency and that Qovex will have no liability for any such losses.

12.4 Effect of Termination

The suspension or escrow of an Account shall not affect the payment of Fees due for past Transactions.

If your Account has been suspended or frozen, and we subsequently decide to close your account, we may not be able to close your Account until we have completed our enquiries. In some cases, this process can take several weeks to complete.

Following account termination, unless restricted from doing so for regulatory reasons, we remit any balances in your account to your bank account. You are required to send details of a valid bank account to allow for the transfer of any currencies credited to your Account. This bank account must be held by you. To enable us to do so, we will perform a conversion of your Virtual Assets or other Digital Assets into fiat currency at any time, and we shall not be responsible for the changes in price or the fluctuations in the value of any Virtual Assets or Digital Assets that may occur before or after the time when conversion takes place.

We also reserve the right, but not the obligation, to remit any Virtual Assets or other Digital Assets to an external wallet held by you. Where we have agreed to transfer any Virtual Assets or Digital Assets to an external wallet held by you, you are required to send us an external wallet address held by you.

We reserve the right to validate the ownership of your bank account and/or an external wallet address held by you. We do not provide any assurances as to when the repayment or transfer will be completed.

We will arrange to send you the credit balance of your Account; however, in certain circumstances a number of intermediaries may be involved in an international payment and these or the beneficiary bank may deduct charges. We will make all reasonable efforts to ensure that such charges are disclosed to you prior to sending your payment; however, where they cannot be avoided, you acknowledge that these charges cannot always be calculated in advance, and that you agree to be responsible for such charges.

We reserve the right to not convert Virtual Currency or other Digital Assets into Fiat Currency and to return them to a Wallet that belongs to the User.

We similarly reserve the right to freeze Ripple IOU account access, according to Ripple Labs’ policy. Please see the explanation provided by Ripple Labs below:

The freeze protocol extension gives gateways the ability to 1) globally freeze all their issued funds or 2) freeze funds issued to a specific user. Frozen funds may only be sent back to the issuing gateway. The global freeze feature allows a gateway to freeze all balances it issues. The gateway may still issue payments. Accounts holding frozen balances may return the funds to the gateway. This feature is useful for migrating users from one account to another and to safeguard users in the event that the gateway account is compromised. The individual freeze is primarily intended for compliance with regulatory requirements, which may vary from one jurisdiction to another. It also allows gateways to freeze individual accounts issuances in order to investigate suspicious activity. These features allow gateways to better operate in compliance with laws and regulations.

For the avoidance of doubt, any action taken by Qovex to suspend, delay, cancel or freeze any instructions and/or to suspend your Account will not affect your rights, title or interest in respect of your Virtual Currencies and other Digital Assets which are held by a third-party custodian on your behalf, but may affect Qovex ability to execute your Instructions, which you hereby acknowledge and agree.

13 TRADING WITH BITSTAMP

13.1 Orders; Fees

Qovex maintains a transparent order book that allows Users to view all open buy and sell offers Qovex will facilitate three types of orders: instant, limit and stop orders. In the case of an instant order, Qovex will fulfill the instant order by matching it with the best-priced limit order(s). Limit orders remain open until filled or withdrawn by the User. An “Order” is created when you enter an instruction to effect a Trade using the Services. When you enter an Order you authorize Qovex to execute a Trade on a spot basis for all or a portion of the number of Virtual Currency or Other Digital Assets or the amount of fiat currency specified in your Order in accordance with such Order. You agree to pay Qovex any applicable fees for Trades and authorize Qovex to deduct any such fees from your Qovex wallet. A “Trade” is an exchange of Virtual Currency or Other Digital Assets, or an exchange of fiat currency for Virtual Currency or Other Digital Assets, in each case for which trading is supported on the Services between you and another user of the Services whereby you dispose of certain Virtual Currency or Other Digital Assets or fiat currency and acquire different Virtual Currency or Other Digital Assets or fiat currency.

13.2 No Broker or Fiduciary Relationship

Qovex is not your broker, intermediary, agent, or advisor and has no fiduciary relationship or obligation to you in connection with any Trades or other decisions or activities effected by you using the Services. No communication or information provided to you by Qovex is intended as, or shall be considered or construed as, advice. Please refer to Sections 6-7 for a summary of some of the risks you should consider when choosing whether to use our Services.

13.3 Orders Confirmation

Before an Order is placed, the Services will generate and display a confirmation dialogue box summarizing the details of the proposed transaction, including type and amount of Virtual Currency or Other Digital Assets you are seeking to dispose of, the type and amount of Virtual Currency or Other Digital Assets or fiat currency that you are willing to accept in exchange for the Virtual Currency or Other Digital Assets or fiat currency you are seeking to dispose of, Qovex estimated fees if the entire Order were to be executed, and the total number and type of Virtual Currency or Other Digital Assets or the amount of fiat currency, as applicable, that will be transferred out of your Qovex wallet if the entire Order were to be executed. Your Order will be placed upon confirmation of the Order summary via the Services. Notwithstanding the foregoing, you agree that the failure of the Services to provide such Order summary or confirmation shall not prejudice or invalidate any Order submitted by you or any Trade completed based on such Order.

13.4 Order Matching and Trade Execution

Upon placement of an Order, your Qovex Account will be updated to reflect the open Order and your Order will be included in Qovex order book for matching with Orders from other users. If all or a portion of your Order is matched with another user, the Services will execute a Trade. Upon execution of a Trade, your Qovex Account will be updated to reflect that the Order has either been closed due to having been fully executed, or updated to reflect any partial fulfillment of the Order. Orders will remain open until fully executed or cancelled in accordance with Section 13.5, 13.7 and 13.8, below. For purposes of effectuating a Trade, you authorize Qovex to take temporary control of the Virtual Currency or other Digital Assets that you are disposing of in the Trade.

13.5 Order Execution Confirmation

Upon execution of a Trade or transaction, you will be able to review all completed transactions, including information related to the transaction (e.g., type of transaction, Virtual Currency or other Digital Asset involved, exchange rate, and fee disclosures), within your Qovex Account history page.

13.6 Qovex Account History

Qovex Users are able to access account information including transaction statements at any time by accessing their account history on the platform. Monthly statements of account are not sent to customers directly, but such statements can be generated and obtained on the platform within the User’s personal account. All statements will show the valuation of current balances.

13.7 Cancellations

You may only cancel an order initiated via the Services if such cancellation occurs before your Order has been matched with an Order from another user. Once your Order has been matched with an Order from another user, you may not change, withdraw, stop payment, or cancel your authorization for Qovex to complete such Order. If any order has been partially matched, you may cancel the unmatched portion of the Order unless and until the unmatched portion has been matched. Qovex reserves the right to refuse any cancellation request associated with a market Order after you have submitted such Order.

13.8 Insufficient amount of Virtual Currency or other Digital Assets or Fiat Currency

If you have an insufficient amount of Virtual Currency or Other Digital Assets in your Qovex wallet or an insufficient amount of fiat currency in your Qovex Account to fulfill an Order, Qovex may cancel the entire Order or may fulfill a partial Order that can be covered by the Virtual Currency or Other Digital Assets in your Qovex wallet or by the fiat currency in your Qovex Account (in each case after deducting any fees payable to Qovex in connection with the Trade).

13.9 Minimum Trade Size

The minimum trade size is defined by our Fee Schedule.

13.10 Our Fees

We charge Fees for our Services. By using our Services, you agree to pay all fees and, if applicable based on the service, a spread. Fees are described and available in our Fee Schedule. We reserve the right to change our Fees at any time and at our sole discretion. You will be notified of any changes in advance through your Account or email. Upon such notification, it is your responsibility to review the amended Fee Schedule. Your continued use of the Site following the posting of a notice of Fee changes signifies that you accept and agree to the changes. We will also notify you of the final price of each transaction, inclusive of pricing and fees, when you authorize the transaction and in each receipt we issue to you. Subject to applicable laws and regulations and as determined by us in our sole discretion, we reserve the right to offer negotiated fee schedules, discounts, or other incentives to certain customers which may not be available to all customers.

Qovex may include a spread in the quote when you buy or sell cryptocurrency, as well as in the exchange rate when you convert cryptocurrency. The quote may display a value approximation of the quoted amount and may not represent a guaranteed value, whereby such condition will be disclosed at the stage of quote confirmation. Qovex reserves the right to suspend a quote at its sole discretion.

13.11 Monitoring

We may monitor, evaluate, alter or remove any materials made available by you before or after they appear on the Site, or analyze your access to or use of the Site.

13.12 Sharing Information

You agree and understand that we, as well as our affiliates, service providers, their respective officers, directors, agents, joint venturers, employees and representatives (collectively, the “Qovex Service Providers”), may comply with any writ of attachment, execution, garnishment, tax levy, restraining order, subpoena, warrant, request for information from another financial institution under 314(b), or other legal process, which any of us reasonably and in good faith believe to be valid. We and any Qovex Service Provider may, but are not required to, notify you of such process by electronic communication. We and any Qovex Service Provider may charge you for associated costs, in addition to any legal process fees. You agree to indemnify, defend, and hold all of us harmless from all actions, claims, liabilities, losses, costs, attorney’s fees, or damages associated with our compliance with any process that any of us reasonably believe in good faith to be valid. You further agree that we and any Qovex Service Provider may honor any legal process, regardless of the method or location of service. For more information about when and how Qovex will disclose information about your account, please see Qovex Privacy Policy.

14 GENERAL SERVICE TERMS

14.1 Conditions and Restrictions

Qovex may, at any time and in its sole discretion, refuse any transfer request or other transaction request submitted via the Services, impose limits on the amounts of transfers or Trades that can be completed on a daily or other periodic basis or impose any other conditions or restrictions upon your use of the Services, without prior notice. For example, Qovex may: (a) limit the number of open Orders that you can establish via the Services; (b) restrict transaction requests from certain locations; or (c) restrict withdrawals or trading if there is a reasonable suspicion of fraud, diminished capacity, inappropriate activity, or if Qovex receives reasonable notice that your ownership of some or all of the Digital Assets in your Qovex Account is in dispute.

14.2 Accuracy of Information

You must provide any information required by any screen displayed within the Services. You represent and warrant that all information you provide via the Services is accurate and complete in all respects.

14.3 Support for Particular Assets

Qovex retains the right, in its sole discretion, to determine whether to support the transfer, storage or trading of any Virtual Currency or other Digital Assets using the Services, and may discontinue or terminate any support for any Virtual Currency or other Digital Assets at any time for any or no reason. Unless otherwise required by law or law enforcement, Qovex will make reasonable efforts to notify you of its decision to cease to support of a Virtual Currency or other Digital Asset. If Qovex ceases to support transfer or storage of a particular Virtual Currency or other Digital Assets using the Services, Qovex will use commercially reasonable efforts to notify you at least 30 days prior so as to afford you with an opportunity to transfer the affected Virtual Currency or other Digital Asset from your Qovex wallet to an External Address. If you do not transfer the affected Virtual Currency or other Digital Assets out of your Qovex wallet prior to cessation of support for the Virtual Currency or other Digital Assets by Qovex, the Virtual Currency or other Digital Assets may be lost due to your inability to access, transfer or otherwise control the Virtual Currency or other Digital Asset. Qovex will not be liable to you for any losses, liability or expenses related to its decision to cease any support for any Virtual Currencies or other Digital Assets.

14.4 Delisting Particular Digital Assets

From time to time, and in our sole discretion, we may remove one or more Virtual Currency or Other Digital Assets from the Platform such that you will no longer be able to access such Digital Assets as part of the Trading Services and will no longer be able to maintain balances in such Digital Assets or make any deposits or withdrawal thereof, in each case with immediate effect for any reason or no reason whatsoever, including, without limitation, where we are required to do so by any applicable law or regulation (including, without limitation, any U.S. federal or state securities laws), or any court or authority to which we are subject in any jurisdictions. You hereby acknowledge and consent to our ability to take such delisting actions, including, without limitations, to cancel your outstanding Instructions for delisted Digital Assets and require you to remove delisted Digital Assets within a reasonable period of time, beyond which you will no longer be able to access the delisted Virtual Currency or Other Digital Asset.

14.5 Our Approach to Forks and Airdrops in Virtual Currencies and other Digital Assets

Qovex has no control over the software protocols which govern or constitute the framework of Virtual Currencies or other Digital Assets. Therefore, Qovex assumes no responsibility for the update or any modification of the underlying protocols, and Qovex is not able to guarantee their functionality, security or availability.

By accepting the present Terms of Use, you acknowledge and accept the risk that underlying software protocols relating to any of the Virtual Currencies and other Digital Assets available on the platform are likely to be subject to sudden changes in operating rules (hereafter “fork”) or distribution of Virtual Currency (“airdrops”), and such forks or airdrops may materially affect the value, function and/or the name of the virtual currencies that are exchanged or acquired on the platform.

Where possible, Qovex may provide you with notices or alerts on forks or airdrops, including, to the extent possible, whether Qovex intends to support airdrops, either or both branches of a fork, and you agree that you will read such notices in order to make a decision in that respect. However, we have no obligation to support any specific forks, airdrops or similar distribution events.

It is your responsibility to make yourself aware of, and consider how to deal with, upcoming forks or airdrops, including whether to give us Instructions for the withdrawal of the balance of any Virtual Currency or Other Digital Assets. In the event of a fork or an airdrop, there is a risk that Qovex may need to temporarily suspend operations in relation to that fork or airdrop without providing advance notice to you. Qovex may, in its reasonable discretion, decline to support either or both branches of a fork or an airdrop.

You acknowledge that third-party custodian service providers may operate fork or airdrop policies and, under their terms as entered into with you in respect of custodian services, may not be obliged (or able) to support all or any forks or airdrops. You should ensure you check their fork or airdrop policies regularly (as well as the terms of your agreement with custodian-service providers instructed by Qovex on your behalf, and available here and here) and whenever you become aware of a forthcoming fork or airdrop. Notwithstanding that a third-party custodian-service provider may support a particular cryptocurrency, including a fork or an airdrop, this will not oblige Qovex to support that cryptocurrency, airdrop or fork.

In the event of a fork or an airdrop which affects Virtual Currency or Other Digital Assets pursuant to these Terms of Use, and which is unsupported by Qovex:

• We will not acquire any right, title or interest in the unsupported forked or airdropped Virtual Currencies and/or other Digital Assets; and

• We may be unable to give effect to any Instructions given in respect of those Virtual Currency or Other Digital Assets and Qovex will have no liability to you in respect of the unsupported forked or airdropped Virtual Currency or Other Digital Assets.

In the event that we subsequently decide to support the forked or airdropped Virtual Currency or Other Digital Assets, Qovex will then give effect to your Instructions.

By agreeing to the present Terms of Use, you acknowledge the risks presented by forks or airdrops and you accept that Qovex has no responsibility to assist you to move or sell Virtual Currency or other Digital Assets of an unsupported branch of a forked or airdropped protocol.

14.6 Transaction Recovery

You are fully responsible for any mistakes, errors or defects which may arise in the course of any transaction that leads to partial or complete loss of your Virtual Currency or other Digital Assets. Qovex shall not be liable for any damages resulting from any actions previously described. Qovex shall in no case be liable for any loss, including, but not limited to, transfers between addresses, transactions, deposits or withdrawals resulting from your improper actions or activities, or erroneous transactions, deposits or withdrawals resulting in your Virtual Currency or other Digital Assets being lost. Qovex shall not compensate you for any losses resulting from such actions or activities.

Qovex may provide, in certain circumstances, an investigation and possible recovery of the lost Virtual Currency or other Digital Assets as a payable service. Therefore, Qovex may, upon the request of a User, utilize its best efforts to attempt to return misdirected Virtual Currency or other Digital Assets to the User. Requests for transaction recovery shall be sent to . After receiving the transaction recovery request, Qovex will make a preliminary assessment for each transaction and reserves the right to refuse the recovery of a particular transaction.

Qovex may charge an investigation fee for any such investigation. The fee shall amount to 10% of the value of lost Virtual Currency or other Digital Assets, but in no case less than 100.00 USD. The fee will be charged and shall be paid by the User in Virtual Currency or other Digital Assets which are subject to the transaction recovery. Qovex may investigate transactions that occurred not more than thirty (30) days prior to the date of the request for the recovery of Virtual Currency or other Digital Assets. Qovex will not attempt to recover transactions with the value below $100.00 (USD). Due to the specifics and case-by-case nature, Qovex does not, in any way, guarantee success and shall not be liable if the investigation is ineffective or unsuccessful, nor can Qovex provide the exact timing for such investigations, but will strive to provide feedback within a reasonable time.

15 Compliance with Law

You are responsible for complying with all applicable laws related to your trading activities and other use of the Services, including without limitation any reporting obligations and payment of all applicable taxes.

15.1 Taxes

It is your responsibility to determine whether, and to what extent, any taxes apply to any transactions you conduct through the Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities. Your transaction history is available through your Account. Qovex is not responsible for determining whether taxes apply to your Trades or for collecting, reporting, withholding, or remitting any taxes arising from any Trades.

15.2 AML/KYC Compliance

As a registered Money Services Business, Qovex maintains an internal anti-money laundering and know your User compliance program (“AML/KYC Program”). The AML/KYC Program is a risk-based program founded on requirements of the Bank Secrecy Act, other AML laws, and implementing regulations and guidance promulgated by the Financial Crimes Enforcement Network. This AML/KYC Program may be updated from time-to-time, including the procedures Qovex uses to verify or monitor its Users’ identities.

15.3 Unclaimed Property

In certain circumstances, Qovex may have an obligation to report any Virtual Currency or Other Digital Assets in your wallet or any fiat currency in your Qovex Account to the applicable governmental entity as unclaimed property, such as where your Qovex Account has been inactive for a period of several years (as defined by the relevant state statutes) or where Qovex ceases providing Services. If this happens, Qovex will attempt to contact you using the contact information provided by you. If you do not respond, Qovex may be obligated to turn over any Virtual Currency or Other Digital Assets in your wallet or any fiat currency in your Qovex Account to the applicable governmental entity after deducting any fees payable to Qovex. The applicable governmental entity may require Qovex to liquidate any Virtual Currency or Other Digital Assets in your Qovex Account into fiat currency and turn over the resulting fiat currency to the governmental entity. You agree that Qovex will not have any responsibility or liability for any losses, damages, or other harm that you may incur in connection with Qovex turning over Virtual Currency or Other Digital Assets or fiat currency to the applicable governmental entity or Qovex liquidation of the Virtual Currency or Other Digital Assets.

15.4 Property Disputes

If Qovex receives notice that any Virtual Currency or other Digital Assets held in your Qovex wallet are alleged to have been stolen or otherwise are not lawfully possessed by you, Qovex may, but has no obligation to, place an administrative hold on the affected Virtual Currency or other Digital Assets or your Qovex wallet. If Qovex does place an administrative hold on some or all of your Virtual Currency or other Digital Assets, Qovex may continue such hold until such time as the dispute has been resolved and evidence of the resolution acceptable to Qovex has been provided to Qovex in a form acceptable to Qovex. Qovex will not involve itself in any such dispute or the resolution of the dispute. You agree that Qovex will have no liability or responsibility for any such hold, or for your inability to withdraw Virtual Currency or other Digital Assets or execute Trades during the period of any such hold.

15.5 Death of Account Holder

For security reasons, if we receive legal documentation confirming your death or other information leading us to believe you have died, we will block certain activities from occurring on your Qovex Account. During this time, no transactions may be completed until: (i) your designated fiduciary has opened a new Qovex Account or provides access to the designated fiduciary’s currently opened Qovex Account, as further described below, and the entirety of your Qovex Account has been transferred to such new account, (ii) your designated fiduciary sends Qovex bank account information, where Qovex converts any Virtual Currency or Other Digital Assets in the account into fiat currency and the value is sent to the requestor’s bank account, or (iii) we have received proof in a form satisfactory to us that you have not died. If we have reason to believe you may have died but we do not have proof of your death in a form satisfactory to us, you authorize us to make inquiries, whether directly or through third parties, that we consider necessary to ascertain whether you have died. Upon receipt by us of proof satisfactory to us that you have died, the fiduciary you have designated in a valid Will or similar testamentary document will be required to open a new Qovex Account and complete all required verification procedures, unless they already have a verified Qovex Account opened in their name. If you have not designated a fiduciary, then we reserve the right to (i) treat as your fiduciary any person entitled to inherit your Qovex Account, as determined by us upon receipt and review of the documentation we, in our sole and absolute discretion, deem necessary or appropriate, or (ii) require an order designating a fiduciary from a court having competent jurisdiction over your estate. Documents required to begin this process must be in the English language, or translated to the English language prior to acceptance. Documents collected include: Death Certificate (color scan or photo of the original document), an official document identifying the requestor as an administrator of the deceased User’s estate or heir to the estate, a selfie and photo of a valid identification document of the requestor. Generally, a Will of the deceased person is not sufficient to satisfy these requirements. In the event we determine, in our sole and absolute discretion, that there is uncertainty regarding the validity of the fiduciary designation, we reserve the right to require an order resolving such issue from a court of competent jurisdiction before taking any action relating to your Qovex Account. Pursuant to the above, unless your fiduciary already has a Qovex Account, the opening of a new Qovex Account by a designated fiduciary is mandatory following the death of a Qovex Account owner if the fiduciary decides to keep the assets as Virtual Currency or Other Digital Assets. You hereby agree that your fiduciary will be required to hold a Qovex Account and provide the information required under Section 5 of this Agreement in order to gain access to the assets contained in your Qovex Account. No fiduciary Qovex Account is required if the designated fiduciary converts the assets to fiat currency and has the value sent to an approved bank account. Further, no fiduciary Qovex Account is required if the deceased’s account does not hold any value.

16 Unacceptable Use of Our Services or Conduct related to OUr Platform

You will not:

• violate any law, regulation, contract, intellectual property or other third-party right, or commit a tort while using the Services;

• use the Services in any manner that could interfere with, disrupt, negatively affect, or inhibit other users from fully enjoying the Services, or that could damage, disable, overburden, or impair the functioning of the Services in any manner;

• engage in any type of market manipulation. Market manipulation activities include, but are not limited to, pump and dump schemes, wash trading, self-trading, front running, quote stuffing, and spoofing and layering, regardless of whether it is prohibited by law;

• use the Services to pay for, support, or otherwise engage in any illegal gambling activities, fraud, money-laundering, or terrorist activities, or other illegal activities;

• use any robot, spider, crawler, scraper, or other automated means or interface not provided by Qovex to access the Services or to extract data;

• use or attempt to use another user’s account without authorization;

• attempt to circumvent any content filtering techniques Qovex employs, or attempt to access any service or area of the Services that you are not authorized to access;

• introduce to the Services any malware, virus, trojan worms, logic bombs, or other harmful material;

• develop any third-party applications that interact with our Services without our prior written consent, or unless otherwise agreed;

• provide false, inaccurate, or misleading information;

• post content or communications that are, in our sole discretion, libelous, defamatory, profane, obscene, pornographic, sexually explicit, indecent, lewd, vulgar, suggestive, harassing, hateful, threatening, offensive, discriminatory, bigoted, abusive, inflammatory, fraudulent, deceptive or otherwise objectionable;

• post content containing unsolicited promotions, political campaigning, or commercial messages (SPAM) or any chain messages or user content designed to deceive or trick the user of the Service;

• post content containing private information of any third party including, but not limited to, addresses, phone numbers, email addresses, Social Security numbers and credit card numbers;

• promote, offer, use or otherwise exploit the Services or use or otherwise exploit any data related thereto in connection with the formation, operation or offering of any index fund or similar product or any data package or similar product or any other derivative product utilizing the Site or the Services; or

• encourage or induce any third party to engage in any of the activities prohibited under this Section.

17 Limited Right of Use

Unless otherwise specified, all materials on this Site, including, but not limited to, text, graphics, logos, icons and images (“Materials”), are the property of Qovex and are protected by copyright, trademark and other applicable laws. You may view, print and/or download a copy of the Materials from this Site on any single computer solely for your personal, informational and/or non-commercial use, provided you comply with all copyright and other proprietary notices.

The trademarks, service marks and logos of Qovex and others used on this Site (“Trademarks”) are the property of Qovex and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video and audio used on this Site belong to Qovex. The Trademarks and Material may not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other website or networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties.

Moreover, in connection with the Site, you must not:

• Harvest or collect information about users of the Site.

• Interfere with or disrupt the operation of the Site or the servers or networks used to make the Site available, including by hacking or defacing any portion of the Site; or violate any requirement, procedure or policy of such servers or networks.

• Restrict or inhibit any other person from using the Site.

• Reverse engineer, decompile or disassemble any portion of the Site, except where such restriction is expressly prohibited by applicable law.

• Frame or mirror any portion of the Site, or otherwise incorporate any portion of the Site into any product or service, without Qovex express prior written consent.

• Systematically download and store Site content.

You are responsible for obtaining, maintaining and paying for all hardware and all telecommunications and other services needed to use the Site and the Services.

18 COPYRIGHT VIOLATIONS

Qovex has a policy of limiting access to our Services and terminating the accounts of users who infringe the intellectual property rights of others. If you believe that anything on our Services infringes any copyright that you own or control, you may notify Qovex Designated Agent. Please see 17 U.S.C. §512(c)(3) for the requirements of a proper notification. Also, please note that if you knowingly misrepresent that any activity or material on our Services is infringing, you may be liable to Qovex for certain costs and damages. You may also submit a proper notification to our Designated Agent using the contact information below:

Designated Agent: Copyright Manager

Address: 27 Union Square West, Suite 205, New York, NY 10003

Telephone Number: 1-800-712-5702

Email: 

19 COLLECTION AND USE OF YOUR DATA

Privacy is very important to us. Your submission of information through the Site and the Services is governed by our Privacy Policy, which can be found at www.bitstamp.net/privacy-policy. We recommend that you read the Privacy Policy carefully, so that you know the data that we collect, how we use the data and who we share your data with.

20 SURVIVAL

The terms of Sections 4.3, 5.2, 5.4, 6, 8, 14, 18 through 26 will survive any termination of your access to the Services.

21 Electronic NOTICES

21.1 How We Will Communicate Information to You

Key information relating to your Account, such as Account details, transaction receipts, history, confirmations, and any other Account or transaction information or statements, amendments to our Terms of Use, notices and other disclosures will be provided to you electronically (via email, mobile push notifications, text messages or other electronic means of communication) and will be available to you by logging into your Account.

We reserve the right to charge a fee for providing you with additional information or for providing the transaction history and other information about fees in a different way, but we will not charge you for records requested in connection with your good-faith assertion of an error in your Account.

21.2 Consent to Electronic Delivery

You consent to receive electronically all communications, agreements, documents, receipts, notices, and disclosures (collectively, “Communications”) that Qovex provides in connection with this Agreement, your Qovex Account or any Services. You agree that Qovex may provide these Communications to you by posting them via the Services, by emailing them to you at the email address you provide, sending them using an app or other messaging service to your account on the app or messaging service, and/or by sending an SMS or text message to a mobile phone number that you provide. Your carrier’s normal, messaging, data, and other rates and fees may apply to any mobile Communications. You should maintain copies of electronic Communications by printing a paper copy or saving an electronic copy. You may also contact Qovex Support Team to request additional electronic copies of Communications or, for a fee, paper copies of Communications (as described below) by filing a support request at .

21.3 Withdrawal of Consent

You may withdraw your consent to receive electronic Communications by sending a withdrawal notice to our Support Team by filing a support request at . If you decline or withdraw consent to receive electronic Communications, Qovex may suspend or terminate your use of the Services.

21.4 Requesting Paper Copies

If, after you consent to receive Communications electronically, you would like a paper copy of a Communication that Qovex previously sent you, you may request a copy within 30 days after the date Qovex provided the Communication to you by filing a support request with Qovex at . In order for Qovex to send paper copies to you, you must have a current street address on file with Qovex. Please note that our Services operate exclusively online and it is very burdensome for Qovex to produce paper copies of Communications. Therefore, if you request paper copies, you agree that Qovex may charge you a processing fee for each page of Communication requested.

21.5 Updating Contact Information

It is your responsibility to keep your email address and/or mobile phone number on file with Qovex up to date so that Qovex can communicate with you electronically. If Qovex sends you an electronic Communication but you do not receive it because your email address or mobile phone number on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic Communications, Qovex will be deemed to have provided the Communication to you. Please note that if you use a spam filter that blocks or re-routes emails from senders not listed in your email address book, you must add Qovex to your email address book so that you will be able to receive the Communications Qovex sends to you. You can update your email address, mobile phone number, or street address at any time by filing a support request at . If your email address or mobile phone number becomes invalid such that electronic Communications sent to you Qovex are returned, Qovex may deem your account to be inactive, and you may not be able to complete any transaction via our Services until Qovex receives a valid, working email address or mobile phone number from you.

21.6 How You Can Best Communicate with Us

Unencrypted email messages sent over the Internet are not secure and Qovex is not responsible for any damages incurred by the result of sending email messages in this way. We suggest sending email in encrypted formats; you are welcome to send PGP encrypted emails to us. The instructions and keys to do so are available upon request.

If you send unencrypted or unsecured email to us or another type of communication with us, we may respond using the same channels and you hereby accept the risks associated therewith.

22 Disclaimer of Warranties

TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW: (A) THE SITE, THE SERVICES, AND ANY THIRD-PARTY MATERIALS ARE MADE AVAILABLE TO YOU ON AN “AS IS,” “WHERE IS” AND “WHERE AVAILABLE” BASIS, WITHOUT ANY WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED OR STATUTORY; AND (B) BITSTAMP DISCLAIMS ALL WARRANTIES WITH RESPECT TO THE SITE AND ANY PRODUCTS AND THIRD-PARTY MATERIALS, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT AND TITLE. ALL DISCLAIMERS OF ANY KIND (INCLUDING IN THIS SECTION AND ELSEWHERE IN THESE TERMS) ARE MADE FOR THE BENEFIT OF BITSTAMP AND ITS AFFILIATES AND ITS AND THEIR RESPECTIVE SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES, AFFILIATES, AGENTS, REPRESENTATIVES, LICENSORS, SUPPLIERS AND SERVICE PROVIDERS (COLLECTIVELY, THE “AFFILIATED ENTITIES”), AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS.

WE DO NOT GUARANTEE THAT THE SERVICES OR THE SITE WILL BE AVAILABLE 100% OF THE TIME TO MEET YOUR NEEDS. THERE ARE NO GUARANTEES THAT ACCESS WILL NOT BE INTERRUPTED OR THAT THERE WILL BE NO DELAYS, FAILURES, ERRORS, OMISSIONS OR LOSS OF TRANSMITTED INFORMATION.

ALTHOUGH BITSTAMP ENDEAVORS TO MAINTAIN THE TIMELINESS, INTEGRITY AND SECURITY OF THE SITE, THE SITE MAY NOT ALWAYS BE ENTIRELY SECURE, ACCURATE, COMPLETE OR CURRENT AND MAY INCLUDE ERRORS AND MATERIALS THAT VIOLATE OR CONFLICT WITH THESE TERMS. ADDITIONALLY, THIRD PARTIES MAY MAKE UNAUTHORIZED ALTERATIONS TO THE SITE. IF YOU BECOME AWARE OF ANY SUCH ALTERATION, CONTACT US AT  WITH A DESCRIPTION OF SUCH ALTERATION AND ITS LOCATION ON THE SITE.

23 DISCLAIMER OF DAMAGES

IN NO EVENT WILL BITSTAMP, ITS AFFILIATES AND THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS, AGENTS, REPRESENTATIVES, SUPPLIERS OR CONTRACTORS BE LIABLE FOR ANY INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR SIMILAR DAMAGES OR LIABILITIES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF DATA, INFORMATION, REVENUE, PROFITS OR OTHER BUSINESS OR FINANCIAL BENEFIT) ARISING OUT OF OR IN CONNECTION WITH THE SITE, THE SERVICES, THE BITSTAMP MATERIALS, ANY PERFORMANCE OR NON-PERFORMANCE OF THE SERVICES, OR ANY OTHER PRODUCT, SERVICE OR OTHER ITEM PROVIDED BY OR ON BEHALF OF BITSTAMP, WHETHER UNDER CONTRACT, STATUTE, STRICT LIABILITY OR OTHER THEORY (INCLUDING, FOR AVOIDANCE OF DOUBT, ANY NEGLIGENCE OF BITSTAMP), EVEN IF BITSTAMP HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

24 Limitation of Liability

TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW: (A) BITSTAMP WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES OF ANY KIND, UNDER ANY CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHER THEORY, INCLUDING DAMAGES FOR LOSS OF PROFITS, USE OR DATA, LOSS OF OTHER INTANGIBLES, LOSS OF SECURITY OF SUBMISSIONS (INCLUDING UNAUTHORIZED INTERCEPTION BY THIRD PARTIES OF ANY SUBMISSIONS), EVEN IF ADVISED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES; (B) WITHOUT LIMITING THE FOREGOING, BITSTAMP WILL NOT BE LIABLE FOR DAMAGES OF ANY KIND RESULTING FROM YOUR USE OF OR INABILITY TO USE THE SITE OR THE SERVICES OR THIRD PARTY MATERIALS, INCLUDING FROM ANY VIRUS THAT MAY BE TRANSMITTED IN CONNECTION THEREWITH; (C) YOUR SOLE AND EXCLUSIVE REMEDY FOR DISSATISFACTION WITH THE SITE OR ANY SERVICES OR THIRD PARTY MATERIALS IS TO STOP USING THE SITE AND THE SERVICES; AND (D) Qovex AGGREGATE LIABILITY FOR CLAIMS BASED ON EVENTS ARISING OUT OF OR IN CONNECTION WITH ANY SINGLE USER’S USE OF THE SITE AND/OR SERVICE, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, SHALL IN NO CIRCUMSTANCES EXCEED THE FEES PAID BY YOU TO BITSTAMP DURING THE 12 MONTHS IMMEDIATELY PRECEDING THE DATE OF ANY CLAIM GIVING RISE TO SUCH LIABILITY.

Nothing in these terms excludes or limits the liability of either party for fraud, death or personal injury caused by its gross negligence, breach of terms implied by operation of law or any other liability which may not be limited or excluded by law. We may change or update the Site or the Services at any time without notice, and you should accordingly verify with independent sources all information before relying on it to take decisions or actions. You remain entirely responsible for your decisions and actions. Subject to the above, you also agree and acknowledge that Qovex has no liability or responsibility in respect of the custody of any Virtual Currency and/or Digital Assets by a third party.

25 Dispute Resolution; Binding Arbitration

Most User concerns can be resolved by contacting Qovex customer service department. In the event Customer service is unable to resolve a complaint to your satisfaction, this section explains how claims can be resolved through arbitration.

Please read the following section carefully because it requires you and us to arbitrate certain disputes and claims with each other and limits the manner in which we can seek relief from each other, unless you opt out of arbitration by following the instructions set forth below. No class or representative actions or arbitrations are allowed under this arbitration agreement. In addition, arbitration precludes you or us from suing in court or having a jury trial.

25.1 No Representative Actions

You and Qovex agree that any dispute arising out of, or related to, these Terms or our Services is personal to you and Qovex and that any dispute will be resolved solely through individual action, and will not be brought as a class arbitration, class action or any other type of representative proceeding.

25.2 Arbitration of Disputes

Except for small claims disputes in which you or Qovex seek to bring an individual action in a small claims court located in the county of your billing address or enter disputes in which you or Qovex seek injunctive or other equitable relief for the alleged unlawful use of intellectual property, you and Qovex waive our respective rights to a jury trial and to have any dispute arising out of, or related to, these Terms or our Services resolved in court. Instead, for any dispute or claim that you have against Qovex, or relating in any way to the Services, you agree to first contact Qovex and attempt to resolve the claim informally by sending a written notice of your claim (“Notice”) to Qovex by email at  or by certified mail addressed to Qovex USA, Inc., 27 Union Square West, New York, NY 10003. The Notice should (a) include your name, residence address, email address and telephone number; (b) describe the nature and basis of the claim; and (c) set forth the specific relief sought. In the event Qovex has a complaint against you, we will also follow the described above. Our notice to you will be similar in form to that described above. If you and Qovex cannot reach an agreement to resolve the claim within thirty (30) days after such Notice is received, then either party may submit the dispute to binding arbitration administered by JAMS or, under the limited circumstances set forth above, in court. See JAMS Consumer Rules, https://www.jamsadr.com/consumer-minimum-standards/. All disputes submitted to JAMS will be resolved through confidential, binding arbitration before one arbitrator. Arbitration proceedings will be held in person in the consumer’s hometown area, in accordance with the JAMS Consumer Arbitration Rules and Procedures (“JAMS Rules”). The most recent version of the JAMS Rules are available on the JAMS website at https://www.jamsadr.com/rules-download and are hereby incorporated by reference. You either acknowledge and agree that you have read and understood the JAMS Rules or waive your opportunity to read the JAMS Rules and waive any claim that the JAMS Rules are unfair or should not apply for any reason.

Arbitration Fees

You and Qovex agree that for any arbitration you initiate, you will pay the first $250 of the filing fee and Qovex will pay the remaining arbitration fees and costs. For any arbitration initiated by Qovex, Qovex will pay all JAMS fees and costs. You and Qovex agree that the state or federal courts of the State of New York and the United States sitting in New York County, New York, have exclusive jurisdiction over any appeals and the enforcement of an arbitration award.

25.3 Mass Arbitration – Batch Arbitration Approach

To increase the efficiency of administration and resolution of arbitrations, you and Qovex agree that in the event that there are one hundred (100) or more individual Requests of a substantially similar nature filed against Qovex by or with the assistance of the same law firm, group of law firms, or organizations, within a thirty (30) day period (or as soon as possible thereafter), JAMS shall (1) administer the arbitration demands in batches of 100 Requests per batch (plus, to the extent there are less than 100 Requests left over after the batching described above, a final batch consisting of the remaining Requests); (2) appoint one neutral JAMS arbitrator for each batch; and (3) provide for the resolution of each batch as a single consolidated arbitration with one set of filing and administrative fees due per side per batch, one procedural calendar, one hearing (if any) in a place to be determined by the arbitrator, and one final award (“Batch Arbitration”).

All parties agree that Requests are of a “substantially similar nature” if they arise out of or relate to the same event or factual scenario and raise the same or similar legal issues and seek the same or similar relief. To the extent the parties disagree on the application of the Batch Arbitration process, the disagreeing party shall advise JAMS, and JAMS administrators shall appoint a sole standing neutral arbitrator to determine the applicability of the Batch Arbitration process (“Administrative Arbitrator”). In an effort to expedite resolution of any such dispute by the Administrative Arbitrator, the parties agree the Administrative Arbitrator may set forth such procedures as are necessary to resolve any disputes promptly. The Administrative Arbitrator’s fees shall be paid by Qovex.

You and Qovex agree to cooperate in good faith with JAMS to implement the Batch Arbitration process including the payment of single filing and administrative fees for batches of Requests, as well as any steps to minimize the time and costs of arbitration, which may include: (1) the appointment of a discovery special master to assist the arbitrator in the resolution of discovery disputes; and (2) the adoption of an expedited calendar of the arbitration proceedings.

This Batch Arbitration provision shall in no way be interpreted as authorizing a class, collective and/or mass arbitration or action of any kind, or arbitration involving joint or consolidated claims under any circumstances, except as expressly set forth in this provision.

25.4 Interstate Commerce

You and Qovex agree that these Terms affect interstate commerce and that the enforceability of this Section 25 will be substantively and procedurally governed by the Federal Arbitration Act, 9 U.S.C. § 1, et seq. (the “FAA”), to the maximum extent permitted by applicable law. As specified by the FAA, these Terms and the JAMS Rules, the arbitrator will have exclusive authority to make all procedural and substantive decisions regarding any dispute and to grant any remedy that would otherwise be available in court, including the power to determine the question of arbitrability. The arbitrator may conduct only an individual arbitration and may not consolidate more than one individual’s claims, preside over any type of class or representative proceeding or preside over any proceeding involving more than one individual.

25.5 Confidentiality of Arbitration Proceedings

The arbitrator, Qovex and you will maintain the confidentiality of any arbitration proceedings, judgments and awards, including, but not limited to, all information gathered, prepared and presented for purposes of the arbitration or related to the dispute(s) therein. The arbitrator will have the authority to make appropriate rulings to safeguard confidentiality, unless the law provides to the contrary. The duty of confidentiality does not apply to the extent that disclosure is necessary to prepare for or conduct the arbitration hearing on the merits, in connection with a court application for a preliminary remedy, in connection with a judicial challenge to an arbitration award or its enforcement, or to the extent that disclosure is otherwise required by law or judicial decision.

25.6 Arbitration Timing

Any claim arising out of, or related to, these Terms or our Services must be filed within one year after such claim arose; otherwise, the claim is permanently barred, which means that you and Qovex will not have the right to assert the claim.

25.7 Opt Out

You have the right to opt out of binding arbitration within 30 days of the date you first accepted the terms of this Section 25 by emailing us at . In order to be effective, the opt-out notice must include your full name and address, and clearly indicate your intent to opt out of binding arbitration. By opting out of binding arbitration, you are agreeing to resolve disputes in accordance with the “Governing Law and Jurisdiction” Section 27.

25.8 Arbitration Enforceability & Severability

If any portion of this Section 25 is found to be unenforceable or unlawful for any reason, (a) the unenforceable or unlawful provision shall be severed from these Terms; (b) severance of the unenforceable or unlawful provision shall have no impact whatsoever on the remainder of this Section 25 or the parties’ ability to compel arbitration of any remaining claims on an individual basis pursuant to this Section 25; and (c) to the extent that any claims must therefore proceed on a class, collective, consolidated or representative basis, such claims must be litigated in a civil court of competent jurisdiction and not in arbitration, and the parties agree that litigation of those claims shall be stayed, pending the outcome of any individual claims in arbitration. Further, if any part of this Section 25 is found to prohibit an individual claim seeking public injunctive relief, that provision will have no effect to the extent which such relief is allowed to be sought out of arbitration, and the remainder of this Section 25 will be enforceable.

26 MISCELLANEOUS

26.1 Indemnity

To the full extent permitted by applicable law, you hereby agree to defend, indemnify, and hold harmless Qovex and the Affiliated Entities against any action, judgment, award, liability, cost, fee (including attorneys’ fees), claim, loss, damage, proceeding or expense suffered or incurred if directly or not directly arising from your use of, or activities in connection with, your Account, the Site or the Services or from your violation of these Terms of Use.

26.2 Force Majeure

If we are unable to perform the Services outlined in the Terms of Use due to factors beyond our control, including, but not limited to, an event of Force Majeure, change of law or change in sanctions policy, we shall not be liable for the Services provided under this agreement during the time period coincident with the event.

26.3 Remedies

If you violate any of these Terms, Qovex may, as it determines reasonably necessary to remedy or mitigate your violation, delete all or part of such information transmitted by you, suspend or cancel your account, or confiscate Virtual Currency and Other Digital Assets owned by you without any prior notice to you. Qovex shall in no event be responsible or liable for any damage incurred by the user as a result of an action taken by Qovex pursuant to this paragraph. Any right or remedy of Qovex set forth in these Terms is in addition to, and not in lieu of, any other right or remedy whether described in these Terms, under statute, at law or in equity.

26.4 Nonwaiver

Qovex failure or delay in exercising any right, power, or privilege under these Terms shall not operate as a waiver thereof.

26.5 Severability

The invalidity or unenforceability of any of these Terms shall not affect the validity or enforceability of any other of these Terms, all of which shall remain in full force and effect.

26.6 Assignment

Qovex may assign its rights and obligations to any Qovex affiliate, including but not limited to Qovex Europe S.A. or any other firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of Qovex. Assigned rights and obligations will be binding upon and inure to the benefit of the assignee.

26.7 Financial Regulation

Our business model and our Service facilitate the buying, selling and trading of Virtual Currencies and other Digital Assets and their use to purchase goods in an unregulated, international open payment system. The Services we provide are subject to the laws, regulations and rules of various governmental and regulatory authorities including, but not limited to:

• Money Service Business (“MSB”) regulations and other applicable guidance from the Financial Crimes Enforcement Network;

• State money transmission and financial services laws;

• The Bank Secrecy Act of 1970 (“BSA”);

• The USA PATRIOT Act of 2001 (“Patriot Act”);

• Issuances from the Office of Foreign Assets Control (“OFAC”);

• The New York Banking Law (the “NYBL”);

• Regulations promulgated by the New York Department of Financial Services (“NYSDFS”);

• The Financial Industry Regulatory Authority (“FINRA”);

• The Commodity Exchange Act (“CEA”); and

• Rules and regulations of relevant tax authorities.

26.8 API Keys and Qovex Connect

You may generate API keys that provide you access to Qovex Services through third party applications. This means that you can view and see your personal data and transactions and perform trades through such third-party applications. The scope of access you permit by such API key is defined by you when you create API Key (/settings/access-control/api/).

In addition, Qovex provides possibility to third parties (integrators) to connect their applications through API Keys (“Qovex Connect”). In the event you are the user of both Qovex and integrator, you may connect your accounts and set the permission level you wish for the purposes of such integration. When we receive a request from the integrator to connect your account using Qovex Connect, we will also require your consent on Qovex platform before the connection will be established. In the event you didn’t request the integration, report it immediately to Qovex.

By using API Keys or Qovex Connect you acknowledge, Qovex is not responsible for any activity that occurs under any of API key generated by you or by using Qovex Connect functionalities, including but not limited to unauthorized access to or use of your account, data breaches and/or loss of funds and Qovex will not be liable for any losses or damages (direct or indirect, accidental, special or consequential damages) resulting from use or instructions submitted through API Keys or Qovex Connect. It is your sole responsibility for any losses caused as a result of, or in connection with, but not limited to, any trading activity initiated through API keys or Qovex Connect.

In the event you lose the API key or suspect any misuse of API Keys or Qovex connect, report it immediately to Qovex. Qovex may suspend any API keys or Qovex Connect integration, without prior notice, if Qovex has a reason to believe compromised security.

26.9 External Websites

We make no representations whatsoever about any external or third-party website you may access through the Site. Occasionally, the Site may provide references or links to other websites (“External Websites”). We do not control these External Websites or third-party sites or any of the content contained therein. You agree that we are in no way responsible or liable for the External Websites referenced or linked from the Site, including, but not limited to, website content, policies, failures, promotions, products, opinions, advice, statements, prices, activities and advertisements, services or actions and/or any damages, losses, failures or problems caused by, related to, or arising from those sites. You shall bear all risks associated with the use of such content.

External Websites have separate and independent terms of use and related policies. We request that you review the policies, rules, terms and regulations of each site that you visit. It is up to you to take precautions to ensure that whatever you select for your use is free of items such as viruses, worms, Trojan horses and other items of a destructive nature.

27 GOVERNING LAW AND JURISDICTION

The Terms of Use shall be governed and construed in accordance with the laws of the United States (including federal arbitration law) and the State of New York, U.S.A., without regard to its principles of conflicts of law, and regardless of your location. The parties hereto agree to irrevocably submit to the jurisdiction of the courts of location where arbitration occurs.

28 DEFINITIONS

Account. The contractual arrangement wherein a Qovex User has accepted our Terms of Use, Fee Schedule and Privacy Policy, and received approval to use the Services, including the purchase and sale of Virtual Currencies and other Digital Assets, and to perform associated Transactions.

Digital Asset(s). Digitalized right to use in a binary format.

External Website(s). Websites not owned or owned by Qovex.

Fee(s). Refers to the fee which is payable to Qovex as further defined in our Fee Schedule.

Fiat Currency(s). Government-issued currency that are not backed by a physical commodity, such as gold or silver, but rather by the government that issued it. For example, U.S. Dollar is a Fiat Currency.

Instructions. Means:

• Instructions received or directed via the Site or as received directly from you in any medium other than the Site, where Qovex has expressly agreed in writing to accept such instructions from you other than via the Site;

• Acts Qovex may take as set out in these Terms of Use or in any other form of documentation establishing the legal relationship between you and Qovex, including instructions within the remit of our agency authority set out above (including the Instruction to create the legal custodial relationship with the third-party custodian for the purpose of administering the Services for you); and

• Instructions mandated by law, regulatory authority or enforcement agencies.

Personal Data. Information that identifies an individual, such as name, address, email address, trading information and banking details. “Personal Data” does not include anonymized and/or aggregated data that does not identify a specific user.

Price. The “price per coin” for which Members are willing to buy or sell a Virtual Currencies or another Digital Asset. The Price may be expressed in any of the currencies deposited by Members in their Account and supported by the Service. See our Site for a full list of currencies.

Seller(s). Member(s) that submit an offer to sell Virtual Currency or Other Digital Assets through the Service.

Service(s). The technological platform, functional rules and market managed by Qovex to permit Sellers and Buyers to purchase and sell Virtual Currencies and other Digital Assets.

Site. Qovex exchange platform as made available on websites www.bitstamp.net and www.bitstamp.com.

Trade. An exchange of Virtual Currency or Other Digital Assets, or an exchange of fiat currency for Virtual Currency or Other Digital Assets, in each case for which trading is supported on the Services between you and another user of the Services whereby you dispose of certain Virtual Currency or Other Digital Assets or fiat currency and acquire different Virtual Currency or Other Digital Assets or fiat currency

Transaction(s). Includes the following:

• The agreement between the Buyer and the Seller to exchange currencies, Virtual Currencies, or other Digital Assets through the Service for currencies at a commonly agreed rate (“Purchase Transaction”);

• The conversion of currencies into Virtual Currencies deposited by Members on their Account (“Conversion Transaction”);

• The transfer of Virtual Currencies and other Digital Assets among Members (“Transfer Transaction”);

• The transfer of currencies among Members (“Currency Transfer Transaction”); and

• The purchase of ancillary products (“Purchase Transaction”).

Qovex may not offer all these transaction types at this time or in all locations.

Transaction Price. The total price paid by the Buyer for each Transaction performed through the Service.

User(s). Refers to Buyers and Sellers as well as any registered holders of an Account.

Virtual Currency(s). Digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes. Virtual Currencies such as cryptocurrencies are a form of digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units and verify the transfer of assets. Virtual Currencies use decentralized control as opposed to centralized digital currencies and central banking systems.

29 CONTACT US

If you have any questions relating to these Terms of Use, your rights and obligations arising from these Terms and/or your use of the Site and the Service, your Account or any other matter, please contact .

Appendix 1: STATE LICENSING AND REGULATORY DISCLOSURES

Alaska

Alaska Department of Commerce, Community, and Economic Development

We are licensed as a money transmitter in the State of Alaska. Please note that this license does not cover the transmission of virtual currency.

For Alaska Residents Only:

If your issue is unresolved by Qovex & +1 800 712 57 02, please submit formal complaints with the State of Alaska, Division of Banking & Securities. 

Please download the form here: Alaska General Compliant Form  

Submit formal complaint form with supporting documents:

Division of Banking & Securities PO Box 110807 Juneau, AK 99811-0807

If you are an Alaska resident with questions regarding formal complaints, please email us at [email protected] or call Nine Zero Seven Four Six Five Two Five Two One.

Florida

Florida Office of Financial Regulation 

If you are located in the State of Florida and have a complaint, please first contact Qovex Support to resolve your issue. If you still have an unresolved complain, you may also direct your complaint to the attention of: Florida Office of Financial Regulation, 200 E. Gaines Street, Tallahassee, FL 32399-0376, phone: (800) 848-3792 (toll free).

Illinois

Illinois residents may contact the Illinois Department of Financial Institutions, Consumer Credit Section with any unresolved questions or complaints about Qovex USA, Inc. at (888) 473-4858 (toll-free).

Louisiana

Please note the license issued to Qovex USA by the Louisiana Office of Financial Institutions does not cover the exchange or transmission of virtual currency.

Qovex USA is licensed by the Louisiana Office of Financial Institutions as a money transmitter. The Louisiana Office of Financial Institutions does not license or regulate services related to virtual currency including but not limited to transmission or exchange which may be conducted by Qovex USA.

Maryland

The Commissioner of Financial Regulation for the State of Maryland will accept all questions or complaints from Maryland residents regarding Qovex USA, Inc. (License No. 12-1905429 and NMLS ID: 1905429) by contacting the Commissioner’s office at: 1100 North Eutaw Street, Suite 611, Baltimore, Maryland 21201, or (888) 784-0136. Additional information about Qovex USA, Inc. may be obtained at https://www.nmlsconsumeraccess.org/.

Minnesota

Qovex warns its users to watch out for phishing scams or other kinds of fraud. If you believe that your Qovex Account has been accessed without your authorization or if you’ve otherwise been a victim of fraud, please contact Qovex at . You can also write to Qovex at 27 Union Square West, Suite 205, New York, NY 10003, or call 1-800-712-5702.

New York

If you are located in the State of New York and have a complaint, please first contact Qovex at . You can also write to Qovex at 27 Union Square West, Suite 205, New York, NY 10003, or call 1-800-712-5702 to resolve your issue. If your complaint remains unresolved, you may direct your compliant to the New York State Department of Financial Services at One State Street, New York, NY 10004-1511. You can also contact them by phone at +1 (212) 709-1540, by email at [email protected], or visit their website at https://www.dfs.ny.gov/complaint for additional information.

Please note the following disclosures associated with virtual currency:

• Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections.

• Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and value of virtual currency.

• Transactions in virtual currency may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable.

• Some virtual currency transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that the User initiates the transaction.

• The value of virtual currency may be derived from the continued willingness of market participants to exchange fiat currency for virtual currency, which may result in the potential for permanent and total loss of value of a particular virtual currency should the market for that virtual currency disappear.

• There is no assurance that a person who accepts a virtual currency as payment today will continue to do so in the future.

• The volatility and unpredictability of the price of virtual currency relative to fiat currency may result in significant loss over a short period of time.

• The nature of virtual currency may lead to an increased risk of fraud or cyber-attack.

• The nature of virtual currency means that any technological difficulties experienced by Qovex may prevent the access or use of a User’s virtual currency.

• Any bond or trust account maintained by Qovex for the benefit of its Users may not be sufficient to cover all losses incurred by Users.

Oregon

Oregon Department of Insurance and Finance

If you are located in the State of Oregon and have a complaint, please first contact Qovex Support. If you still have an unresolved complaint regarding our money transmission activity, you may also direct your complaint to the attention of: Oregon Division of Financial Regulation, P.O. Box 14480, Salem, OR 97309-0405; +1 (866) 814-9710 (toll-free in the USA). Please visit dfr.oregon.gov for additional information.

Texas

Texas Department of Banking

If you are located in the State of Texas and have a complaint, please first contact Qovex Support. If you still have an unresolved complaint regarding our money transmission activity, you may also direct your complaint to the attention of: Texas Department of Banking, 2601 North Lamar Boulevard, Austin, TX 78705; +1 (877) 276-5554 (toll-free in the USA). Please visit www.dob.texas.gov for additional information.

Washington

If you have a complaint, first contact Qovex Support to resolve your issue. If you still have an unresolved complaint regarding the Qovex money transmission activity, please contact the Washington State Department of Financial Institutions, Division of Consumer Services using one of the following methods:

File a complaint online, mail or fax: https://dfi.wa.gov/consumers/loan-complaints

Call: 1-877-RING DFI (1-877-746-4334)

Email: [email protected]

Appendix 2:  BITSTAMP ACCOUNT VERIFICATION PROCEDURES, LEVELS AND LIMITS

Qovex is providing regulated financial services in the U.S. This means we must comply with the federal and state Know-Your-Customer/Anti-Money Laundering laws in every jurisdiction where we operate to continue offering the Services. In addition, Qovex, directly or through third parties, verifies your identity to protect you, us and the rest of the Qovex community from potentially fraudulent activity, as well as to keep sufficient records of Qovex customers.

As explained below, your access to certain Qovex Services, withdrawal, deposit and trading limits (for both Fiat Currency and Digital Assets) are based on the identifying information and/or proof of identity you provide to Qovex. There are two levels of identity verification: Level 1 and Level 2.

Level 1 verification may not be available (a) in certain states or U.S. territories, including Arizona and New Mexico; (b) for certain types of activity using Qovex Services; (c) in case of any incorrect information provided, discrepancies or red flags appeared during the Level 1 verification; and (d) otherwise in Qovex discretion. In such cases, customers will be required to complete the full Level 2 verification.

Level 1 Verification (Mandatory)

All U.S. customers who wish to use any of Qovex Services, must register a Qovex Account and verify their identity by:

• Providing your full name, valid email address, date of birth, country and state of residence;

• Accepting the Terms of Use and Privacy Policy**;

• Verifying your email address and creating a unique password;

• Providing and verifying your phone number; and 

• Further verifying your identity by providing or, if prefilled based on your provided phone number, confirming your:

  • Physical address;

  • Social security number;

• Providing an explanation of activity; and 

• Downloading or connecting your existing 2FA app (while this requirement is not mandatory to complete verification, your account activity may be substantially restricted until you install a two-factor authentication app).

Once you completed Level 1 verification, you are able to use your Qovex Account with restrictions on access to certain Services, prohibition on Virtual Currency or other Digital Assets withdrawals and transactional limits, as described below. You can upgrade the Account to Level 2 verification for unlimited features at any time.

** By providing this information and accepting the Terms of Use and Privacy Policy, you will be certifying that you are 18 years or older and reside in the U.S or U.S. territories.  

Level 2 Verification (Required for Unlimited Access)

All U.S. customers who wish to perform unlimited transactions on their Qovex Account and have access to Additional Services available in their jurisdiction must, in addition to completing the Level 1 verification steps:

• Provide a copy of an acceptable form of identification (i.e. passport, state driver's license, or state identification card);

• Provide a video of yourself from you web camera or mobile device (liveness video); and

• Complete a KYC questionnaire.

Once you completed Level 2 verification and no additional information is required, your Qovex Account restrictions and limits should be removed.

In any case and at any time, Qovex may ask you to provide additional information (beyond the Level 1 or Level 2 requirements and procedures), or to wait some amount of time after completion of a transaction, before permitting you to use any Qovex Services, or lifting any limits or restrictions on your Qovex Account.

Limits for Lifetime of Account (Unless Upgraded to Level 2)

Your Level 1 restrictions and limits will be in force for the lifetime of your Account, until you complete Level 2 verification. Your available Services and limits will be visible once you complete Level 1 or Level 2 verification. You may also check your available Services and limits, as well as upgrade to Level 2 verification, by logging into your Qovex Account and following the prompts. Here is the table with the current Account features and limitations, based on the identity verification level:

Qovex may, at any time and in its sole discretion, refuse any transaction submitted via the Services, impose other limits on transactions permitted via the Services, or impose any other conditions or restrictions upon your use of the Services for depositing or withdrawing Fiat Currency or other Digital Assets from your Qovex Account or for buying, selling, or trading Digital Assets without prior notice. Please read the Terms of Use for the description of other possible restrictions, limitations and risks associated with establishing your Account and using Qovex Services.