§ 1 General provisions
- The Regulations define the rules for the provision of Services by electronic means by Pinewood Holdings Limited company with its registered office in 66, Old Bakery Street VLT 1454 Valletta, Malta, entered into the Registration of Entrepreneurs under number C86244 (hereinafter referred to as: “BitBay”), as part of the bitbay.net website and subdomains (hereinafter referred to as: "Website") as well as, the rules of using the Website by Users.
- The BitBay data communication system includes a group of cooperating IT devices and software, ensuring processing and storage, as well as sending and receiving data via telecommunications networks, using the end device appropriate for a given type of network.
- The system retains Users’ personal data and processing thereof takes place pursuant to the provisions of the Regulation of the European Parliament and of the Council (UE) 2016/679 of 27th April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data and repealing Directive 95/46/CE (hereainafter: “the Regulation”) and Directive of the European Parliament and of the Council (EU) 2016/680 of 27 April 2016 on the protection of individuals with regard to the processing of personal data by competent authorities for the purpose of crime prevention, prosecution, detection and prosecution of criminal offenses and punishment, on the free movement of such data and repealing Council Framework Decision 2008/977 / JHA.
- The provision of Services by electronic means by BitBay consists in providing the possibility of associating the Users via the Website to make them enter into transactions for the purchase or sale of cryptocurrencies available on the Website (hereinafter referred to as: the “Service”). BitBay does not conduct any exchange rate games on the Website - BitBay is not a market maker. The rates of individual cryptocurrencies on the Website result from transactions concluded by the Users without BitBay's interference.
The Service is provided for:
- a. natural persons with full legal capacity (i.e. persons over 18 years of age who have full legal capacity),
- b. other entities with legal capacity based on separate provisions,
that have accepted the Regulations and concluded the Service Provision Agreement (hereinafter referred to as: the “User”).
- The Service is provided for a fee. Detailed rules for charging fees are indicated in the Table of Fees and Commissions constituting an appendix to these Regulations, located on the Website in the “Table of Fees and Commissions” tab.
- The conclusion of the Service Provision Agreement occurs at the moment of clicking the “Registration” button in the process of the account registration on the Website (hereinafter referred to as: “Account Registration”).
- The Account Registration on the Website is tantamount to acceptance of these Regulations.
- By accepting these Regulations, the User declares that:
- a. he/she is aware of the risk of investing in cryptocurrencies and is aware that one of the elements of this risk is the possibility of losing all the invested funds as a result of changes in the cryptocurrency rates;
- b. he/she is aware that the primary threat to any Internet user, including those using Services provided by electronic means, is the possibility that third persons shall take control of the User's devices or otherwise acquire data in order to take over the User's account on the Website, which may result in theft of funds of User;
the User shall be solely responsible for the above-described events, and cannot make any claims against BitBay in this respect.
§ 2 Types and scope of Service covered by the Regulations
- A device with access to the Internet that supports a web browser (e.g. Mozilla, Opera, Chrome) and allowing in the browser the use of Java Script and Cookies services shall be required for the correct use of the Website. BitBay hereby notifies that using an outdated Internet browser may cause the Website to work improperly.
- The User shall be solely responsible for ensuring technical compatibility between the computer hardware or end device used thereby and the data communication system, and the Website.
- BitBay shall notify the User about updating the Website in the event of changes related to technological changes of the Service provided, via email to the address stored on the Website or by placing information in a visible place on the Website. The change of technical requirements shall not be treated as an amendment to the Regulations, unless it results in the inability of BitBay to provide the Service to the User.
- BitBay reserves the right to suspend or terminate the provision of individual Website functionalities due to the need of maintenance, review or extension of the technical database, if it is required for the stability of the Website. BitBay shall use its best efforts to notify in advance the User in this respect by providing the date and time of the technical breaks.
- The use of the Services shall be done by logging in to the Website through the bitbay.net website. Using the Website with the use of external applications, overlays or plug-ins shall be done at the sole risk of the User, for which BitBay shall not be responsible.
- The Website uses software technology in the available client-server architecture. The client of a given cryptocurrency is an open source multi-platform application that communicates with a given network via the Internet. The Website shall not be responsible for incorrect operation of the given cryptocurrency client.
- The moment of showing the transaction in the User's account balance is the moment of concluding a cryptocurrency sale agreement between the Users. Each price indicated in the offer to buy or sell a cryptocurrency is a price derived from the User, and the decision to introduce the offer for concluding a transaction to the Website is only a manifestation of the will of the Website User. The Website does not guarantee and have never guaranteed a profit on changing the exchange rate difference of the cryptocurrencies.
- BitBay does not guarantee that the list of offers to buy or sell the cryptocurrencies (orderbook) displayed in the User's web browser reflects its real items and values at all times. The displayed current rate or the value of offers to buy or sell are influenced, among others, by the browser performance, as well as Internet speed and stability.
- it is necessary to add to the Account an amount of at least: PLN 10, EUR 10 or USD 25, in order to purchase the Cryptocurrency via the Website.
- The User may add funds to the Account using the instructions from the Website, especially listed in the “Payment Methods” tab. In order to correctly add funds to the User's Account by a bank transfer is a correct provision of the transfer title is needed for each of the FIAT currencies. In order to correctly add specific Cryptocurrencies a correct indication of additional data identifying the User (eg id, tag) is needed during the transfer .
- In the case of adding funds to the Account using the bank transfer made from a bank account not belonging to the User, the funds shall be returned within 30 days returned, at the sender's cost and risk, into the bank account from which they were initially transferred. If the sender cannot be identified, the funds shall be returned into the account of Poczta Polska S.A. or another operator via which they were transferred. The amount corresponding to the costs of performing the transfer by the bank of BitBay shall be deducted from the returned amounts. If the amount to be returned is lower than the amount mentioned at paragraph 9 above, it will be deducted as handling costs.
- Transfers made in violation of the Regulations or instructions available on the Website including within scope the procedure for making transfers of some Cryptocurrencies shall be added to the User’s Account within 60 days. For such operation a handling fee of 20% will be charged each time.
- The User shall be obliged to indicate as a recipient his/her bank account from which he/she had previously added any funds to the Account when ordering withdrawal of the funds via a bank transfer.
- All transfers shall require entering the name and surname, account number and address of the account holder as well as the transfer title, and the SWIFT number in the case of international transfers. Failure to meet the above requirement may result in the failure of a given transfer execution.
- The incoming transfers in FIAT currencies are promptly updated in accordance with the sessions of BitBay bank, with the exception of Saturdays, Sundays and public holidays (“Business Days").
- Payments made in FIAT currencies are ordered to be processed within 2 (two) Business Days.
- The value of a single transaction (ASK) and (BID) should not be lower than PLN 5 or the equivalent of that amount in a given currency or cryptocurrency on the transaction date. Transactions with a lower value may not be realized.
- The fee for the Service provided (using the Website) shall be automatically charged on the User's account at the time of registration of the given transaction.
- The cryptocurrency is not a financial instrument or an electronic payment instrument within the meaning of the generally applicable provisions of law.
- The funds in FIAT currency, paid by the User for concluded transactions, remain at the sole User’s disposal.
§ 3 Terms of the services provision
- The User may stop using the Service at any time.
- The User shall be obliged to protect his/her passwords, email accounts and data needed to log in to the Website, in particular not disclose them to third parties.
- The use of BitBay bank accounts to add funds to the Users' accounts, for purposes related to the User's business, as well as indicating to third parties that account, as the User’s account used for billing purposes are prohibited.
- The User shall be obliged to refrain from performing any unlawful actions within the use of the Service, in particular:
- a. use the Service directly or indirectly for purposes contrary to the law, the Regulations, good customs or generally accepted principles of using the Internet;
- b. use the Service in a manner that infringes the rights of BitBay or third parties;
- c. providing by or to the BitBay data communications system any data that:
- cause disruption of work or overload data communication system of the BitBay or of third parties who participate directly or indirectly in the provision of the Service;
- otherwise infringe the law, Regulations, BitBay or third-party goods, good customs, commonly accepted principles of using the Internet.
- BitBay may permanently or temporarily cease providing the Service to the User in the event of a violation or a reasonable suspicion of a material violation (temporarily until the settlement) or a material violation of the law, Regulations, BitBay or third parties rights, good customs, commonly accepted principles of using the Internet.
- The permanent cessation of the Service provision may result in the removal of all data from the BitBay data communication system introduced by the User, unless:
- a. legal regulations state otherwise, or
- b. the removal of any data entered by the User to the BitBay data communication system shall not be possible due to the nature of the Service.
- The temporary cessation of the Service provision shall result in restricting the User in using the Service.
- BitBay shall be entitled to prevent (block) access to data entered by the User into the BitBay data communication system in the case of:
- a. receiving an official notice of the unlawful nature of the stored data or related activities,
- b. obtaining reliable information or learning about the unlawful nature of the stored data or related activities.
- In the case referred to in the above paragraph, BitBay shall immediately notify the User about its intention to prevent (block) the access to data. The notification shall be sent to the email address or telephone number of the User indicated and confirmed upon registration or - to any changed and confirmed email address or telephone number, in the case of a change made by the User after the registration date.
- BitBay shall use the securities described in the Service in the “Security” tab, in order to secure the funds and cryptocurrencies collected in the Users' accounts.
- BitBay shall have the right to use open sources available on the Internet or to analyze metadata, in order to correctly verify the User and conduct the analysis aimed at counteracting fraud.
- BitBay adheres to European and national law regarding AML/CFT, i.e., regulations on counteracting money laundering and financing of terrorist organizations, in particular the Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing a Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 05/06/2015, p. 73-117) and the Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (OJ L 156, 19/06/2018, p. 43-74). The User use of the Services provided by BitBay means his/her acceptance of the proper application of the above-mentioned regulations.
- BitBay keeps a registration of transactions with a value of EUR 15,000.00 or the equivalent of that amount calculated on the day of transactions made via the BitBay Website, as well as transactions that are related to each other and the sum of which exceeds during the financial year the amount of EUR 15,000.00 or the equivalent of that amount calculated on the day of execution of each of the abovementioned transactions.
- In the case when BitBay receives from any government authority of the member European Union or any other authority established on the basis of an international agreement to which the Republic of Malta of any decision resulting in the obligation to retain or transfer to a depository account of the above-mentioned institution the funds or the cryptocurrency of the User, the User's Account shall be suspended, and the funds accumulated on it shall be transferred into the aforementioned account or their withdrawal shall be blocked until a new decision of the Court that finally settles the issue of the blocked funds is issued. The same consequences shall result from blocking the bank account on which BitBay funds are deposited under any decision of the above-mentioned authority. In this case, BitBay shall notify the User of the reason for blocking the access to his/her funds within 7 days from the date of blocking. BitBay shall have the right to make available to the authorities described above the User's data held at the express request of the relevant authorities and after the presentation of the required documents.
§ 4 Conditions for concluding and terminating the agreement
- The User's registration on the Website is required for the provision of the Service.
- An email address, a unique Account name, as well as, the User PIN must be provided for the registration.
- The User is assigned an individual designation (Account) after the registration, for use of the Service. Each User may have one Account on the Website.
- It is necessary to identify the User in order to obtain full functionality of the Account, by mans of:
- in the case of the User being a consumer: providing the features of the document stating the identity of the User, as well as his/her name, surname, citizenship, address of residence, country of birth, information on tax residence and occupied exposed political position, telephone number, date of birth and PESEL (personal identity number). In the case of the User who is a foreigner without PESEL (personal identity number), an equivalent of this number (or a statement about not having PESEL (personal identity number)) must be provided.
- in the case of an institutional User: sending a scan of a transcript from the Trade Register of the entity, data concerning business activity, a scan of a confirmation of assigning it a NIP (tax identification number) and assigning it a REGON (national business registry number) - unless the given number is shown in the transcript from the Trade Register, as well as, providing the features of the document stating the identity of the person authorized to represent the User, his/her name, surname, citizenship, address of residence, information on tax residence and occupied exposed political position, telephone number, date of birth and PESEL (personal identity number). In the case of the person representing the User who is a foreigner without PESEL (personal identity number), an equivalent of this number (or a statement about not having PESEL (personal identity number)) must be provided. The User is also obliged to provide the above information regarding all actual beneficiaries of the User up to the indication of natural persons.
- Moreover, the User must provide a BitBay employee with a document confirming his/her identity or send it in the form of a scan or image in .jpg or .png format via the form available on the Website, for the verification purposes. The scan/photo of the document stating the identity must meet the following conditions: the data on the document must be clear, all edges of the document must be visible, none of the data may be covered. The file cannot contain any names of digital processing (e.g. painting over an element using a graphics program). In case of doubt, BitBay may ask the User to send his/her photo of the ID document made in such a way that the User's face and the document confirming the identity are simultaneously visible (so-called selfie), possibly to call or connect with the User via a video communicator (e.g. skype).
- Confirmation of the address of the User or the person representing the User may occur on the basis of a photo in .jpg or .png format, a bill (for electricity, water, gas, etc.), an agreement with a public trust institution or an official letter showing the address of the User together with his/her name and surname, as well as the date of preparation (not older than 6 months).
- The Service is implemented through the Website located under the following domain: bitbay.net and subdomains.
- The Service Provision Agreement shall be terminated:
- a. at the User's request,
- b. by BitBay, in the cases specified in the Regulations.
- A prerequisite for terminating the Service Provision Agreement is the User's 0 (zero) balances on each of the User's portfolios available on the Website.
- Termination of the Service Provision Agreement shall result in the account deletion understood as blocking the ability to log in to the User's Account. In this case, the data provided by the User shall be removed from the Website, unless the law provides otherwise. After the termination of the Service Provision Agreement BitBay shall be obliged to store the User's billing data pursuant to tax regulations for the period indicated therein.
- The Administrator processes users’ personal data for the purpose of proper performance of the Agreement.
- The Administrator can indicate a different purpose of processing, however in such case it is necessary to receive the User’s consent to processing (pursuant to the provisions of Art. 7 of the Regulation) and to meet the information obligation with regard to the user (pursuant to Art. 11 of the a.m. Regulation).
- The User has the right to inspect their data and request their amendment or supplementation.
- The Administrator is obliged to protect personal data of the service users.
- Transfer of data to other entities can be made only upon the User’s express consent or on the basis of the provisions of law or upon the request of competent administrative bodies, which the Administrator is obliged to perform or for purposes indispensable for proper performance of the Agreement.
§ 6 Responsibility
- The User shall be responsible for all actions taken after logging in with the login and password.
- The User shall use the Service at his/her own risk, which shall not exclude or limit the responsibility of BitBay related to the provision of the Service, to the extent that that responsibility cannot be excluded or limited by law.
- BitBay shall be liable to the User for non-performance or improper performance of the Service to the extent resulting from the Regulations, unless the non-performance or improper performance of the Service is a consequence of circumstances for which it is not liable under the law.
- BitBay shall not be responsible for the consequences of non-performance or improper performance of the obligations undertaken by other Users towards the User.
- BitBay shall not be responsible for:
- a. deletion of data entered by the User into the BitBay data communication system, by data communication systems beyond the control of BitBay,
- b. consequences of providing third parties with the login and the password by the User,
- c. effects of transactions conducted on the User's Account, if they were ordered or made while observing the procedure for logging in to the Account with the User's login and password,
- d. effects of actions or omissions by external operators or other entities providing services to the User as part of the implementation of particular Website functionalities,
- e. delays in displaying the Website on devices used by the User created on servers other than BitBay servers or devices used by the User,
- f. time of transaction registration when charging portfolios of individual cryptocurrencies.
- g. incorrect entering by the User of data for payment or withdrawal of funds - in the event of the need to cancel the operation the User shall be charged with a bank or a service operator commission,
- h. financial losses incurred by the User resulting from the inability to make transactions via the Website during the technical break,
- i. financial losses of the User resulting from exchange rate differences arising during blocking of a given transaction or the User Account executed in accordance with the Regulations or at the request of government authorities,
- j. for technical problems or limitations, including the speed of data transmission of computer hardware, terminal equipment, data communication system and telecommunications infrastructure used by the User, which prevent the User from using the Website,
- k. liability for the consequences of using the Website by the User in a manner contrary to applicable law, Regulations or principles of social coexistence or custom adopted in this regard.
- The Regulations shall apply taking into account the rights of the User arising from consumer laws.
§ 7 Intellectual Property
- BitBay shall have rights to the works, markings and trademarks available on the Website, to the extent necessary to provide the Service.
- The works, markings and trademarks provided within and for the purpose of providing the Service shall enjoy the protection provided by law.
- The User shall be entitled to use the works under the permitted private use provided for by law.
- The use beyond the permitted private use shall require the prior consent of the authorized entity.
§ 8 Complaints procedure
- If, in the User's opinion, the services provided by BitBay are not performed in accordance with the provisions of the Regulations, he/she may submit a complaint in the manner set out below.
- The complaint may be submitted:
- a. in writing, and sent to the following address: Pinewood Holdings Limited 35 Strait Street Valletta VLT 1434; or
- b. electronically to the following email address: [email protected] ;
- The complaint should contain:
- a. the name (login) under which the User appears on the Website;
- b. the subject-matter and the circumstances justifying the complaint;
- c. the proposed method of resolving the complaint.
- The complaints shall be considered in the order of their receipt, but not later than within 14 (fourteen) days. If the complaint does not contain information necessary for its consideration, BitBay shall ask the User to supplement it to the necessary extent, and the period of 14 (fourteen) days shall run from the date of delivery of the completed complaint. In justified cases, BitBay may extend the complaint consideration period by additional 14 (fourteen) days, about which the person submitting the complaint shall be informed. In case of services provided by the outside companies, term of considering of the complains shall be extended by the dates provided by the regulations of given company. User shall be informed about above mentioned extend term and about company responsible for given services.
- The person submitting the complaint shall be informed about the method of considering the complaint in the form in which it was submitted.
- The User shall have the right to appeal against the decision taken by BitBay within the complaint procedure. The provisions of paragraphs 2, 3 and 4 of this § shall apply mutatis mutandis.
§ 9 Transaction security procedures
- If BitBay reasonably suspects a commitment of a crime, in particular, it suspects that funds or cryptocurrencies that are the subject-matter of the transaction originate from an offense, BitBay shall be entitled to block the transaction or the User Account, as well as to notify the law enforcement and the judiciary authorities about its suspicion. The notification referred to in the preceding sentence is made independently of other actions taken independently by BitBay. BitBay shall have the right to block the User's Account until the doubts are clarified (e.g. by re-verification of the User) or the relevant decision of the relevant authority is obtained.
- In the case of suspicion or finding that the User's data on the Website is incomplete or incorrect, BitBay has the right to request from the User to undergo another verification of the User, and may request from the User to send documentation referred to verification procedure mentioned in § 4 of the Regulations and/or other documentation justified by circumstances of the case.
- Acceptance of these Regulations is tantamount to consent of the User to the possible subsequent verification of the User by BitBay referred to in paragraph 2.
- In case where the doubts as to the origin of funds or cryptocurrencies being the subject-matter of the transaction do not disappear, re-verification of the User does not lead to the identification of the User, or there is still a doubt that the declaration of will made by the User within the transaction is fraught with a defect, BitBay shall refuse conducting the transaction.
- If in the case referred to in paragraph 1, BitBay has accepted any funds or cryptocurrencies, BitBay may block the execution of the transaction by depositing the funds or the cryptocurrencies in the blocked User Account, in a BitBay deposit account or in a court deposit until the final decision on who owns them by the competent law enforcement and justice authorities.
- Upon a justified request of a bank or other financial institution, if they suspect a possibility of commitment of a crime, BitBay may block the transaction execution by depositing the funds or the cryptocurrencies in the blocked User Account, in a BitBay deposit account or in a court deposit until the final decision on who owns them.
- In the event that BitBay determines, without any doubts, who is the owner of the funds or the cryptocurrency, it shall independently order the return of them to the owner.
- BitBay shall immediately notify the parties to the transaction of any suspension or blocking of the transaction.
- Any subsequent execution of the transaction after its previous suspension or blocking of the Account, or return of funds after the transaction suspension or blocking in connection with actions resulting from violation of the Regulations by the User or actions of BitBay performed based on the provisions of the Regulations (e.g. the need to conduct the User's re-verification procedure) shall not authorize the User to file any claims against BitBay on any grounds, in particular regarding lost profits.
- The procedures indicated in §9 shall also apply when the User performs transactions for third parties. In this case, in addition to the procedure described in paragraph 2, the verification of the User may consist in particular in demanding from the User the data enabling full verification of third parties for whom transactions are conducted in accordance with the provisions of paragraph 2 of this Clause and demonstrating the authorization to conduct transactions for those third parties.
- In the case referred to in the above paragraph, the provisions of this Clause shall apply mutatis mutandis.
- BitBay shall provide the authorities referred to in paragraph 1 with the User's data regarding User's identity, both indicated by the User himself/herself and obtained in the verification procedure referred to in paragraph 2, as well as other information about the User's activity on the Website, in the case of necessity, and without the need to obtain the consent of the User.
§ 10 Amendments to the Regulations
- BitBay shall be entitled to amend the Regulations and the amendments become effective on the date indicated by BitBay. The deadlines for the amendments implementation may not be shorter than 7 days from the time when the Regulations amendment is made available on the Website.
- When logging in to the Website for the first time from the moment when the amendment came into force, the User shall be notified of such amendments and the possibility of their acceptance. An automatic execution of the purchase or sale transactions regarding the cryptocurrencies ordered by the User is also considered as the acceptance of the amendment, even if it was held without logging in of the User to the Website. If the amendments are not accepted in order to terminate the agreement, the User should immediately notify BitBay, in writing or by email, at the following email address: [email protected]
- Change of the Table of Fees and Commissions or Methods of Payment shall not constitute an amendment to the Regulations.
§ 11 Governing Law
The law applicable to the agreement between the User and BitBay, the subject-matter of which are the services provided by BitBay within the Website, under the terms specified in the Regulations, shall be the law of the Republic of Malta. All and any disputes related to the services provided by BitBay shall be resolved by competent courts of law. The User who is a consumer has the opportunity to use the out-of-court method of dealing with complaints and pursuing claims The information on how to access the abovementioned dispute resolution procedures is available at the EU ODR Internet platform, available at the following Internet address: http://ec.europa.eu/consumers/odr/.