As used herein, “BITFORT” refers to the Web and Mobile application software that enables Buy, Sell Storage of Crypto products. “BITFORT” is the brand name owned and managed by The Bitfort Labs Pte. Ltd. Singapore [Company Registration Number: 201308457D] registered address as 10 Anson Road, International Plaza #26-10, Singapore 079903, herein referred as ‘BITFORT’ and its owners, directors, investors, employees or other related parties which expression shall unless it be repugnant to the context or meaning thereof be deemed to include its successors, affiliates, employees and assigns. Users availing Company and BITFORT services are indirectly or directly referred herein as “Users”
The Services operated by Company in the name of BITFORT allows buyers (“Buyers”) and sellers (“Sellers”),to buy and sell Crypto Assets, viz. Bitcoin, Ethereum, Ripple and similar crypto assets.
BITFORT also allows all registered users of the Services (“Users”) to:
- To buy and sell Crypto Assets.
- To store/park Crypto Assets’ in our wallets
- To have hassle free transaction and trading platform
- No hidden charges
It is your responsibility to determine, collect, report and submit any taxes applicable to the payments you make or receive in connection with the use of BITFORT App and Services to the appropriate tax authority. BITFORT is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.
BITFORT adopts the following Know Your Customer and Anti-Money Laundering Policy (hereinafter referred to as “KYC and AML Policy”) to ensure that BITFORT App and Services and any future platforms that we might support, are not used to facilitate money laundering or the funding of terrorism or any other criminal activities.
This policy is applicable on all the present as well as prospective Users who uses or wishes to use BITFORT App and Services through proper registration. It lays down the procedure that we follow to collect information and maintaining a record of our Users. It is the duty of User to comply with this KYC and AML Policy in order to ensure that it does not abuse the relationship with BITFORT for any illegal purposes, including money laundering or other financial crimes. Any action, including those that might not have been foreseen and included in this policy, that has the effect of the abuse as contemplated above shall be restricted under this policy.
BITFORT reserves the right to decline business proposal, at its discretion, with present as well as prospective Users at all times. It is the discretion of BITFORT to suspend or terminate any action in favor of the User until a reasonable and satisfactory explanation with supporting documents is provided, on suspicion of the User abusing the relationship as contemplated above.
- Customer Identification
BITFORT collects the following basic information from its Users for its records as per the land law:
- Full Name
- Residential Address
- Contact Number
- Email Address
- Tax Id / Permanent Account Number (PAN) Card
- National ID
- Bank Account Details
- Measures for implementation of KYC and AML policy
BITFORT appoints competent and qualified personnel as an AML and KYC Policy Compliance Person who reviews and updates the KYC and AML Policy to ensure the compliance with all relevant and applicable legislation, regulations and recommendations and monitor compliance of KYC and AML Policy. BITFORT personnel would be trained to identify and take action on suspicious transactions through BITFORT App and Services and make regular internal reports on such suspicious transactions. BITFORT would regularly inspect the transactions done through its Services and would report them to relevant supervisory and/or law enforcement authorities. BITFORT reserves the right to determine suspicious and unusual transactions that result into abuse of relationship with BITFORT.
- Changes to KYC and AML Policy
BITFORT reserves the rights to change, amend, alter or delete some or all parts of this KYC and AML Policy, include new procedure and exclude existing procedures in this KYC and AML Policy. It is the duty of the User to keep updated and comply at all times with the KYC and AML Policy as and when updated on the Website.
Associated Risks / Risk of using BITFORT Services / Investment Risk
The use of BITFORT App and Services may entail the following risks:
- Bitcoin transactions are irreversible. The Bitcoins you buy will be sent to your BITFORT wallet or to the Bitcoin address provided by you. If you lose or delete your own bitcoin wallet, you will lose your Bitcoins in it and the same cannot be restored later.
- Bitcoin value is volatile and keeps on increasing or decreasing. Bitcoins are 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 in Bitcoins.
- Bitcoin is an as-yet autonomous and largely unregulated worldwide system of value transfer between individuals. It is not backed by any government or central bank backed currencies.
- There is also the risk of loss of confidence in Bitcoin trading, which could collapse demand relative to supply. For example, confidence might collapse in Bitcoin because of unexpected changes imposed by the software developers, the creation of superior competing alternatives, a deflationary or inflationary spiral, or due to governmental actions. Confidence might also collapse because of technical problems, for instance, if the anonymity of the system is compromised, or if any entity is able to prevent any transactions from settling.
You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading Bitcoins.
We use our banking service providers only for the receipt of client money and making payments. Our banking service providers do not transfer Bitcoins, exchange Bitcoins, or provide any services in connection with Bitcoins.
We do not entertain Refund and Cancellation under any circumstances.
Prohibited usage / Limited Right of Use / Limited License
Unless otherwise specified, all materials on BITFORT App and Services are the property of BITFORT and are protected under copyright, trademark and other applicable laws. You may view, print, and/or download a copy of such Materials on any single computer solely for your personal, informational, non-commercial use, provided you keep intact all copyright and other proprietary notices.
The trademarks, service marks and logos of BITFORT and others used in BITFORT and Services (“Trademarks”) are the property of BITFORT and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video, and audio used on this Website belong to Company. The trademarks and materials should not be copied, reproduced, modified, republished, uploaded, transmitted, collected or distributed in any form or by any means, whether manual or automated. Any unauthorized use of such property may violate copyright, trademark, and other applicable laws and could result in criminal or civil legal actions and penalties.
Maintenance of Account
We are vigilant in maintaining the security of BITFORT App and Services and it is for your personal and non-commercial use only. By registering with us, you agree to provide BITFORT with current, accurate, and complete information about yourself as prompted by the registration process, and to keep such information updated. You further agree to use only your BITFORT account and not use the account of any other person or assist others in obtaining unauthorized access to any BITFORT account. You further agree that you shall not use BITFORT App and Services in connection with any activity violating any law, statute, ordinance or regulation.
It is your responsibility for maintaining the confidentiality of your account information, including your password / PIN, safeguarding your own Bitcoins and for all activity including transactions that are posted to your Account. If there is suspicious activity related to your Account, we may, but are not obligated, to request additional information from you, including authenticating documents, and to freeze any transactions pending our review. You are obligated to comply with these security requests, otherwise, BITFORT, at its sole discretion, may choose to terminate your Account. You are required to notify BITFORT immediately of any unauthorized use of your Account or password, or any other breach of security on email@example.com. The account of a User who violates these rules may be terminated, and further be also held liable for losses incurred by Company or any user of BITFORT App and Services.
You hereby agree that you shall not use the Website or our Service, in connection with any activity violating any law, statute, ordinance, or regulation. Further, you shall not deposit Bitcoins into your BITFORT wallet that is obtained through illegal activities and you will also not use the Service to perform an illegal activity of any sort, including but not limited to, money laundering, illegal gambling operations, terrorist financing, or malicious hacking. The Source of Bitcoins paid to your BITFORT wallet is not known to BITFORT and you hereby agree to ensure that it always comes from legitimate sources. BITFORT only acts as information intermediary as far as your BITFORT wallet is concerned.
For any complaint against BITFORT App and Services, you may set out the cause of your complaint, the manner in which you would like BITFORT to resolve the same and any other relevant information for understanding and resolving your complaints expeditiously.
Suspension, Termination and Cancellation of BITFORT Account
You may terminate this agreement with BITFORT, and close your Account at any time, following the settlement of any pending transactions.
We also reserve the right to cancel unverified Accounts or Accounts that have been inactive for a period of 6 months or more, and/or to modify or discontinue BITFORT App and Services. Users agree that BITFORT will not be liable to them or to any third party for termination of their Account or access to the Website.
You hereby agree that the suspension of an Account shall not affect the payment of the commissions due for past Transactions. Upon termination, Users will receive any monies owed to them via their registered bank account with BITFORT.
Your engagement/association in transaction including buying, selling/receiving/retaining crypto assets including “Bitcoin” are subject to local laws of each jurisdiction falling under that region.
As per regional government circulars, users are cautioned against transacting in crypto assets including “Bitcoin” in lieu of a decision pending by the regulatory body. In the event the regulatory government body directs, BITFORT and its associates/affiliates will be required to close/cease all accounts and transactions be it buying or selling of crypto assets including Bitcoins. Users shall therefore be vigilant regarding any transaction in crypto assets using the BITFORT services as it is subject to a final decision and law formulation by supreme authority i.e. Government body of respective country and/or its regulatory authorities with respect to the legality of the same.
All BITFORT App and Services are provided without warranty of any kind, either express or implied. BITFORT strives to ensure uninterrupted services to its Users. However, it does not give any guarantee for uninterrupted access or against any delay, failure, errors, omissions or loss of transmitted information.
BITFORT may suspend use of BITFORT App and Services for maintenance and will make every effort to give you reasonable notice. You acknowledge that such notice, however, may not be possible in case of an emergency.
Accuracy / Reliability of / Liability for Information published on website
External Websites and Services
BITFORT App and Services may provide links or other forms of reference to other websites (“External Websites”) or resources over which BITFORT may not have control. BITFORT offers to you such links or references to External Websites with the sole purpose of enhancing your experience of using BITFORT App and Services and BITFORT makes no representations whatsoever about any External Websites which you may access through BITFORT. BITFORT cannot be held responsible for the availability of, and content provided on any External Websites. BITFORT cannot be held responsible for any third party content accessible through the Website, including opinions, advice, statements, prices, activities, and advertisements, and you shall bear all risks associated with the use of such content.
Jurisdiction and Dispute Resolution
Limitation of Liability
Users of BITFORT are responsible for their actions in connection with the use of BITFORT App and Services and their Accounts. Users are also responsible for protecting access information to BITFORT including, but not limited to, usernames, passwords / PIN, and bank account details. BITFORT is not responsible for the outcome, whether positive or negative, of any action performed by any of its users within or related to BITFORT App and Services. Some deposits and withdrawal methods require BITFORT to use personal details of the user including, but not limited to, name, address, email, phone number, and bank account number, branch code, etc. and you agree that BITFORT can use this information to facilitate deposits and withdrawals.
BITFORT App and Services is provided on an “as-is” and “as available” and your use of the Services is at your own risk. It is hereby expressly declared that BITFORT offers no warranty of any kind regarding BITFORT App and Services.
It is hereby expressly declared that neither BITFORT nor you will be liable for any delay or failure caused by conditions or events beyond the reasonable control of the respective party, including but not limited to any delay or failure due to any act of God, fire, act of terrorists, act of civil or military authorities, civil disturbance, war, strike or other labor dispute, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond reasonable control of the respective party and the validity and enforceability of any remaining provisions shall not be affected by any such condition.
Modification of Terms