§ 1 General Provisions
- The following provisions constitute the regulations (hereinafter: the “Regulations”) in the meaning of Art. 8 of the act of 18 July 2002 on rendering electronic services (Dz. U. No. 144, Item 1204 as amended) (hereinafter: the “Act”).
- The Regulations set forth the principles of rendering electronic services by BitBay Spółka z ograniczoną odpowiedzialnością with the office in Katowice, at Zacisze 2 Apt. 6, entered in the Business Register of the National Court Register managed by the DISTRICT COURT KATOWICE, THE 7TH DEPARTMENT FOR COMMERCIAL ISSUES OF THE NATIONAL COURT REGISTER, KRS 0000373405 (hereinafter: “BitBay”), within the bitbay.net website (hereinafter: the “Website”) as well as principles of using the Website by Users.
- Rendering electronic services by BitBay consists in providing the possibility of meeting for Users for the purpose of concluding transactions of purchase or sale of bitcoin or litecoin (hereinafter: „Cryptocurrencies”) through the Website (hereinafter: the “Service”).
- The Services are rendered for individuals who have full capacity to perform acts in law and other entities who have capacity to perform acts in law granted to them under separate regulations (hereinafter: the User). The prior acceptance of the Regulations and conclusion of the Contract to render the Services is the condition of rendering the Services for the Users.
- The Services are rendered on the fee-paid basis. The detailed principles of collecting fees are set forth in the Fees and Commissions Table which constitutes bitbay.net/fees to these Regulations.
- The contract for rendering the Service is concluded on registration of the account of the User in the Website.
§ 2 Types and scope of the services under the regulations
- To properly use the Website, a device is required with access to the internet, capable of supporting a web browser (e.g. Mozilla, Opera, Chrome) and activating support for Java Script and Cookies in the browser.
- BitBay updates the data referred to in section 1 in case of making changes related to technological changes in the rendered Services by way of delivering such information to the email address given during the registration. Changes in the technical requirements are not regarded as a change of the Regulations.
- The Services are used by way of logging in to the Website through the bitbay.net website. Using the Services with external applications, add-ons or plugins is done on the exclusive risk of the User, with any liability of BitBay excluded.
- BitBay employs the BITCOIN/LITCOIN client available at www.bitcoin.org / www.litecoin.pl. The BITCOIN / LITECOIN client is an opensource multiplatform application communicating with the bitcoin / litecoin network through the internet. The detailed information related to the principles of operation of the BITCOIN / LITECOIN client are available at bitcoin.org / litecoin.org. The Website shall not be responsible for any improper operation of the BITCOIN / LITECOIN client.
- The time of presentation of the transaction in the balance of the account of the User is the time of concluding the contract of sale of the Cryptocurrency between theUsers. The price stated each time in the offer of purchase or sale of the Cryptocurrency is the price from the User, and the decision to enter the offer of conclusion of a transaction in the Website constitutes the statement of will of the User of the Website. The Website does not guarantee and has never guaranteed profit on changing the exchange rate of the Cryptocurrency.
- To purchase the Cryptocurrency through the Website, adding funds to the account by the User, at least in the amount of PLN 5, is necessary. Adding funds to the account may be done wire bank transfers , as well as payment in the the Polish Post Office Post Office. In particular, adding funds with credit cards is not accepted and shall be refunded on risk of the sender into the originating account. The Website does not accept “COD” orders. If adding funds to the account is attempted in this way, the funds shall be refunded into the originating account or, if its identification is not possible, into the account of Poczta Polska S.A. or any other operator through which they were sent. The amount shall be deducted from the refunded funds which is equivalent to the costs of the transfer in the bank supporting BitBay. The funds expressed in PLN, EUR or USD paid by the Users against any future transactions shall remain within the sole disposal of the User (BitBay cannot manage the accumulated funds when in excess of the instructions placed by the Users).
- Deposits in fiat currencies (PLN, EUR, USD) executed by unverified users, which are making their first payment, will be credited to the user's balance up to 72 hours. For security reasons, payments will be authorized once with the sender's bank. This rule does not apply to verified users and to unverified users who are making a subsequent deposit from a bank account assigned to the same owner.
- Incoming foreign currency transfers are updated twice a day, from Monday to Friday, with exclusion of days off as set forth in statutory regulations.
- Foreign currency payments are made at least twice a day, from Monday to Friday, with exclusion of days off as set forth in statutory regulations. Payments are ordered to be paid within 2 business days from the date of receipt of the the payment request. The amount of any single transaction (ASK) and (BID) may not be lower than PLN 5 or the equivalent of this amount in the Cryptocurrency on the transaction date. Transactions of lower amounts shall not be processed.
- The fee for the provided Service (using the Website) is collected automatically from the account of the User at the time of registration of the given transaction.
- The Cryptocurrency does not constitute any financial instrument or electronic payment instrument in the meaning of the regulations of the law commonly in force. The Website does not manage activities subject to regulations of the act on trading in financial instruments (the act of 29 July 2005, Dz.U. No. 183, Item 1538, i.e. of 8 October 2010, Dz.U. No. 211, Item 1384).
§ 3 Terms and conditions for providing services
- The User may discontinue using the Services at any time.
- The User shall be obliged to secure his/her passwords, email accounts and details necessary for logging in to the Website, in particular not to make them available to third parties.
- Using BitBay accounts for business purposes by the User, as well as naming this account to third parties as the account of the User is forbidden.
- The User shall be obliged to:
- a. Observe the regulations of the law, the Regulations, established customs and commonly accepted principles of using the internet.
- b. Use the Services in a way which does not violate the rights of BitBay or of third persons.
- The User shall be obliged to refrain from committing any illegal actions within the use of the Services, in particular:
- a. Using the Services directly or indirectly for any purpose contrary to the law, the Regulations, established customs or commonly acceptedprinciples of using the internet,
- b. Providing through or into the BitBay ICT system any data which would cause destabilisation of operation or overload of the BitBay ICT system or of those of third persons who directly or indirectly participate in the rendering of the Services or violating in any other way the law, the Regulations, the interests of BitBay or of any third persons, established customs, commonly acceptedprinciples of using the internet.
- In order to secure the accumulated funds and BTC, BitBay shall use the protection measures in the accounts of the Users which are described in the Security tab.
- BitBay may permanently or temporarily discontinue rendering the Services for the User in the situations set forth in section 9(1), (6), (7), (11), (13). Permanent discontinuing of rendering the Services may cause deletion of all data entered by the User from the BitBay ICT system, unless:
- a. The regulations of the law state otherwise, or
- b. Deletion of all data entered by the User from the BitBay ICT system is not possible due to the nature of the Services.
- BitBay observes the European and national law related to AML/CFT, that is the regulations related to preventing money laundering and financing terrorist organisations, in particular the act of 16 November 2000 on preventing money laundering and financing terrorism (Dz.U. Nr 116, poz. 1216, the consolidated text of 24 February 2014 r., Dz.U. 2014 r., Item 455). Joining the User to use the services provided by Bitbay constitutes acceptance of the appropriate use of the above Act.
- In connection with the proper application of the Act referred to in ust.12, BitBay keep a record of transactions with a value of 15.000,00 EUR or its equivalent calculated according to the average exchange rate announced by the NBP on transactions through the Service Bitbay, as well as transactions that are interrelated and that the sum during the financial year exceeds EUR 15,000.00 or its equivalent calculated according to the average exchange rate announced by the NBP on the day of each transaction. User identification is necessary to record transactions. User identification includes establishing and recording features of the document confirming the identity of the user, as well as its name, citizenship and address, and also social security number or date of birth, and in the case of user who does not have social security number, and number of document confirming the identity of the alien, or the country code for presentation of a passport;
- In the case of referral to BitBay by any state authority of Polish Republic (European Union or any other body appointed in an international agreement, which is a party to the Republic of Poland) of any order, which implies an obligation to arrest and transfer to the escrow account of the above-mentioned institutions in cash or BTC's. The account of the User user can be suspended and User founds accumulated on User's account may be sent to the aforementioned escrow account or payment may be blocked for the time of existence in the course of the above-mentioned judgment. The same consequences are caused by blocking the bank account to which the funds are deposited BitBay under any act of the aforementioned institution or body. In this case, BitBay notifies the User of the reason for blocking access to User's funds within 7 days from the date of blocking. BitBay at the explicit request of the relevant authorities and agencies and upon presentation of relevant documents required, has the right to share User data with the institutions described above.
- In order to meet the AML/CFT requirements, the User shall be obliged to enter the relevant transfer title for cash and foreign exchange payments which would allow the purchase of the cryptocurrency. If the required transfer title is missing, the funds shall be returned on the cost and risk of the User into the originating bank account.
§ 4 Terms and conditions of conclusion of the contract
- Rendering of the Services requires registration of the User.
- Entering specific details is necessary for the execution of the registration, including, with consent of the User, personal details.
- After the registration, in order to use the Services, the User shall be assigned his/her unique identification (Account).
- The User shall retain access to the Services with the bitbay.net domain.
- The contract for rendering of the Services shall become terminated:
- a. On demand of the User,
- b. By BitBay in the cases set forth in the Regulations.
- The termination of the contract for rendering the Services may cause deletion of all data entered by the User from the BitBay ICT system, unless the regulations of the law state otherwise, or unless the deletion of all data entered by the User from the BitBay ICT system is not possible due to the nature of the Services.
§ 6 Liability
- The User shall be liable for all actions undertaken after logging in with the login and password.
- UThe User uses the Services on his/her own risk, which does not exclude or limit responsibility of BitBay related to rendering the Services, in the scope in which it cannot be subject to exclusion or limitation by virtue of the law.
- BitBay shall be liable towards the Users for failure to execute or improper execution of the Services in the scope resulting from the Regulations, unless failure to execute or improper execution of the Services results from the circumstances for which it shall not be liable in accordance with the law.
- BitBay shall not be liable for consequences of failure to execute or improper execution of the obligations undertaken towards the User by other Users.
- BitBay shall not be liable for:
- a. Deletion of the data entered by the Users to the BitBay ICT system from any ICT systems beyond control of BitBay,
- b. Consequences of making login and password available to third partiesby the Users,
- c. Entering incorrect data by the User while making a deposit or withdrawal of funds - and, if it will be necessary to cancel the operation, the User will be charged for the cost of bank fees or service provider,
- The Regulations shall be applied with the rights of the Users resulting from consumer protection acts being taken into consideration.
§ 7 Intellectual property
- BitBay is entitled to the rights to the works, in the meaning of the regulations of the act of 4 February 1994 on copyright and related rights (the consolidated text: Dz. U. 2006, No 90, Item 631 as amended), markings and trademarks made available in the Website, in the scope necessary for rendering the Service.
- The works, markings and trademarks made available within and in order to render the Services enjoy protection set forth in the regulations of the law.
- The User shall be entitled to use the works within the allowed private use set forth in the regulations of the law.
- Any use beyond allowed private use requires prior consent of the relevant entitled entity.
§8 Complaints proceedings
- Complaints related to rendering of the Services may be filled in case of:
- a. Failure to execute the Services,
- b. Improper execution of the Services,
- The complaint requires:
- a. Written form,
- b. Electronic form by way of sending to the email address: [email protected]
- he complaint shall include:
- a. The name (login) under which the User is present in the Website,
- b. The subject matter and the circumstances which justify the complaint.
- Complaints shall be examined in the order of reception, but not later than within 15 ( fifteen) days. In justified cases, BitBay may extend the time limit for examination of the complaint by additional 15 (fifteen) days, of which the person filing the complaint shall be informed.
- The person filing the complaint shall be informed about the method of examination of the complaint in the form in which the complaint was filed.
§ 9 Transactions security procedures
- If BitBay would have any justified suspicion that a crime was committed, especially if FIAT money or BTC/LTC used in transactions might be obtained illegally, BitBay exchange can independently request full verification of the User that was participating in a transaction suspected to being a part of criminal actions. Despite above, from 23.08.2017 each new User will be obliged to do full account verification if they intend to deposit FIAT currencies (EUR, USD, PLN) on their BitBay account. Lack of full verification of those users will cause inability to deposit FIAT money on the platform.
- The verification referred to in clause 1 may consist, in particular, in sending the scanned identity card, driving licence or passport by the User, and if this proves to be insufficient, any other document with the details of the User.
- The details of the User stated during the processes of registration and verification must be identical with the details of the owner of the bank account from which the User is adding funds to the account.
- If after the verification of the User, referred to in clause 1, doubts as regards the origin of cash or BTC/LTC which are the subject matter of the transaction are not eliminated, the identity of the User is not determined, or doubts persist whether the statement of will filed by the User in the scope of the execution of the transaction is not defective, BitBay shall refuse processing the transaction.
- Positive verification of the User and elimination of the doubts referred to in clause 1 shall constitute the basis for the execution of the transaction by the User subjected to the verification process.
- Any later execution of the transaction after prior verification procedure shall be done at the exchange rate of BTC/LTC as at the time of refusal to execute the transaction, and neither party of the transaction shall be entitled to file any claims against BitBay related to this, in particular in the scope of lost benefits.
- Acceptance of these regulations is equivalent to the consent of the User for the verification by BitBay as referred to in clause 1.
- If BitBay has justified suspicion of perpetration of a crime, in particular suspicion that the funds or BTC/LTC which are the subject matter of the transaction come from crime, BitBay shall be entitled to suspend the execution of the transaction–to refuse reception and transfer of any cash or BTC/LTC, until the time of elimination of doubts by way of verification of the User as referred to in clause 1 or valid clearing of these doubts by law enforcement agencies and judicial authorities appointed to this.
- If in the case referred to in clause 1 BitBay accepts any cash or BTC/LTC, BitBay may block the execution of the transaction by way of depositing cash or BTC/LTC in a BitBay deposit account or in a court deposit until the time of the valid determination who is their owner by law enforcement agencies and judicial authorities appointed to this.
- Upon reasoned request of a bank or other financial institution, in the case of adopting a suspicion about the possibility of committing a crime, Bitbay can block the execution of a transaction by depositing cash or BTC / LTC on a BitBay escrow account or in court deposit until a final decision of who is their owner.
- If BitBay, in a way which does not pose doubts, itself identifies the owner of cash or BTC/LTC, it shall autonomously issue the instruction of refunding these funds to the owner. Refunding the funds by BitBay on the basis of the instruction set forth in clause 10 sentence 1 and from any other reasons shall be done after BitBay’s prior deducting of the commission from the amount of the transaction as set forth in the regulations of the operator of internet payments or of the bank for refunding funds.
- If BitBay, in a way which does not pose doubts, itself identifies the owner of cash or BTC/LTC, it shall autonomously issue the instruction of refunding these funds to the owner.
- If the transaction us suspended or blocked, BitBay shall immediately notify the parties of the transaction about this fact.
- Any later execution of the transaction after its prior suspension or blocking, or refunding the funds after suspension or blocking of the transaction, shall be done at the exchange rate of BTC/LTC as at the time of execution of the suspended or blocked transaction, and the parties of the transaction shall not be entitled to make any claims against BitBay related to the suspension or blocking of the transaction.
- The procedures set forth in clauses 1-10 shall also apply in the situation when the User executes transactions for the benefit of third persons. In this case, verification of the User, apart from the procedure described in clauses 1-5 may consist, in particular, in demanding from the User of indication of details which would allow determination of identity of any third persons for the benefit of whom the transactions are done and proving authorisation to conduct transactions for the benefit of these persons.
- In the case referred to in section 11, the provisions of this section shall be applied respectively.
- In case of directing to BitBay by any state body of the Republic of Poland (the European Union or any other institution established on the basis of any international contract in which the Republic of Poland is a party) of any decision from which the obligation follows to stop or transfer the funds or BTC of the User into the deposit account of the above institution, the account of this User may be suspended, and the funds accumulated in it may be sent to the said deposit account or their withdrawal may be blocked for the duration of the validity of the above decision. The same consequences shall arise from the blocking of the bank account in which the BitBay funds are deposited on the basis of any act from the above body or institution. In this case, BitBay shall notify the User about the cause of blocking of access to his/her funds within 7 days of the date of their blocking. BitBay, on a clear demand of the relevant bodies or offices and after submission of the relevant required documents, shall be entitled to make the details of the User available to the above described institutions.
- If BitBay has justified suspicion of perpetration of a crime, referred to in Art. 1, BitBay shall notify law enforcement agencies and judicial authorities about the suspicion. The notice referred to in the preceding sentence shall exhaust the requirement of the obligation resulting from Art. 304(1) of the Code of Criminal Procedure, and shall be done independently of any other activities undertaken autonomously by BitBay.
- If needed, without the necessity of obtaining consent of the User, BitBay shall provide the bodies referred to in clause 1thedetails of the identity of the User in its disposal, both stated by the User and obtained within the verification procedure referred to in clause 1, missing details in this respect.