Terms of Service

Please Read These Terms Before Using Our Service

Acknowledgement

These are the Terms and Conditions governing the use of this Service and the agreement that operates between You and the Platform. These Terms and Conditions set out the rights and obligations of all users regarding the use of the Service. Your access to and use of the Service is conditioned on Your acceptance of and compliance with these Terms and Conditions. These Terms and Conditions apply to all visitors, users and others who access or use the Service. By accessing or using the Service You agree to be bound by these Terms and Conditions. If You disagree with any part of these Terms and Conditions then You may not access the Service. You represent that you are over the age of 18. The Platform does not permit those under 18 to use the Service. You are not a citizen or resident of a sanctioned country according to the up-to-date lists of the US Office of Foreign Assets Control (OFAC), the United Nations, the European Union and any EU Member State, the UK Treasury, etc.; Your access to and use of the Service is also conditioned on Your acceptance of and compliance with the Privacy Policy of the Company. Our Privacy Policy describes Our policies and procedures on the collection, use and disclosure of Your personal information when You use the Application or the Website and tells You about Your privacy rights and how the law protects You. Please read Our Privacy Policy carefully before using Our Service. By entering into this Agreement, you acknowledge and confirm that you meet all the conditions set out above. In the event that we subsequently ascertain that you have not met or does not meet any of these conditions anymore, we may suspend the provision of the BitsBank Platform services to you, and do not allow you to use the BitsBank Platform services. You are aware that you use the BitsBank Platform and the Loan fully at your own risk.

Access to 3rd Party Websites

Our Service may contain links to third-party web sites or services that are not owned or controlled by the Platform. The Platform has no control over, and assumes no responsibility for, the content, privacy policies, or practices of any third party web sites or services. You further acknowledge and agree that the Platform shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods or services available on or through any such web sites or services. We strongly advise You to read the terms and conditions and privacy policies of any third-party web sites or services that You visit.

Termination

We may terminate or suspend Your access immediately, without prior notice or liability, for any reason whatsoever, including without limitation if You breach these Terms and Conditions. Upon termination, Your right to use the Service will cease immediately.

Limitation of Liability

To the maximum extent permitted by applicable law, in no event shall the Platform or its suppliers be liable for any special, incidental, indirect, or consequential damages whatsoever (including, but not limited to, damages for loss of profits, loss of data or other information, for business interruption, for personal injury, loss of privacy arising out of or in any way related to the use of or inability to use the Service, third-party software and/or third-party hardware used with the Service, or otherwise in connection with any provision of this Terms), even if the Company or any supplier has been advised of the possibility of such damages and even if the remedy fails of its essential purpose.

"AS IS" and "AS AVAILABLE"

Disclaimer

The Service is provided to You "AS IS" and "AS AVAILABLE" and with all faults and defects without warranty of any kind. To the maximum extent permitted under applicable law, the Platform, on its own behalf and on behalf of its Affiliates and its and their respective licensors and service providers, expressly disclaims all warranties, whether express, implied, statutory or otherwise, with respect to the Service, including all implied warranties of merchantability, fitness for a particular purpose, title and non-infringement, and warranties that may arise out of course of dealing, course of performance, usage or trade practice. Without limitation to the foregoing, the Platform provides no warranty or undertaking, and makes no representation of any kind that the Service will meet Your requirements, achieve any intended results, be compatible or work with any other software, applications, systems or services, operate without interruption, meet any performance or reliability standards or be error free or that any errors or defects can or will be corrected. Without limiting the foregoing, neither the Platform nor any of the Platform's provider makes any representation or warranty of any kind, express or implied: (i) as to the operation or availability of the Service, or the information, content, and materials or products included thereon; (ii) that the Service will be uninterrupted or error-free; (iii) as to the accuracy, reliability, or currency of any information or content provided through the Service; or (iv) that the Service, its servers, the content, or e-mails sent from or on behalf of the Platform are free of viruses, scripts, trojan horses, worms, malware, timebombs or other harmful components. Some jurisdictions do not allow the exclusion of certain types of warranties or limitations on applicable statutory rights of a consumer, so some or all of the above exclusions and limitations may not apply to You. But in such a case the exclusions and limitations set forth in this section shall be applied to the greatest extent enforceable under applicable law.

BitsBank Financial Services Platform's Collateral, Repayment and Withdrawal.

BitsBank Platform will grant you a Loan in Digital Assets, if you provide the required Digital Assets as collateral by transferring them into the BitsBank service (“Collateral”). All such Digital Assets are indicated on the BitsBank service and are subject to revision from time to time.
Unless prohibited by any Applicable Law, by virtue of this Agreement BitsBank acquired the ownership of the Collateral while the Loan is outstanding.
A compound annual Interest shall commence accruing as of the start date of the Loan (“Start Date”), at the rate determined at the time the Loan is granted and indicated on the BitsBank service. The Interest shall be subject to revision from time to time, at our sole and absolute discretion.
The Interest shall be calculated on a monthly basis.
No periodic repayment of the Interest shall be due.
Annual interest rate depends on LTV that you've chosen while getting a loan and may vary due to the market conditions. There is no maturity date for loan. It can be repaid at any Date.
You may repay at any time by transferring into the BitsBank service the same Digital Asset as the loan granted. Certain rules may apply to repayments from time to time, as indicated on the BitsBank service.
Once the loan has been repaid in full, all remaining Collateral shall be transferred back to the Client’s address. BitsBank charges processing fee on withdrawal operations.
BitsBank may provide you with discounts on the loan or any part thereof, such as the principal or the Interest, at any time, under conditions it finds appropriate.
Each loan has an individual calculation of the margin call. Margin call takes into account the depth of the order book. If after the loan selling cryptocurrency price is equal to Margin call – the loan is frozen as we need to prepare for liquidation. You cannot close or top up the collateral when the loan is frozen.
When taking out a loan, you agree to the condition of liquidation of your collateral when the collateral currency exchange rate reaches the margin call.
The margin call is a decrease in the rate of the collateral currency. Margin call for the exact loan is shown on its info page.
Accumulating interest on a loan increases the loan margin call.
The margin call is displayed in the personal account of your loan.
The rate of the collateral currency is compared every second with the currency rate of liquidity partner which provides trading pairs for this currency. If at some point it drops to the liquidation rate or lower, BitsBank has the right to automatically sell the collateral.

Governing Law

The laws of the Country, excluding its conflicts of law rules, shall govern this Terms and Your use of the Service. Your use of the Application may also be subject to other local, state, national, or international laws.

Disputes Resolution

If You have any concern or dispute about the Service, You agree to first try to resolve the dispute informally by contacting the Platform .

Severity & Waiver

Severability- If any provision of these Terms is held to be unenforceable or invalid, such provision will be changed and interpreted to accomplish the objectives of such provision to the greatest extent possible under applicable law and the remaining provisions will continue in full force and effect.

Waiver- Except as provided herein, the failure to exercise a right or to require performance of an obligation under this Terms shall not effect a party's ability to exercise such right or require such performance at any time thereafter nor shall be the waiver of a breach constitute a waiver of any subsequent breach.

Translation Interpretation

These Terms and Conditions may have been translated if We have made them available to You on our Service. You agree that the original English text shall prevail in the case of a dispute.

Changes to Terms & Conditions

We reserve the right, at Our sole discretion, to modify or replace these Terms at any time. If a revision is material We will make reasonable efforts to provide at least 30 days' notice prior to any new terms taking effect. What constitutes a material change will be determined at Our sole discretion.

By continuing to access or use Our Service after those revisions become effective, You agree to be bound by the revised terms. If You do not agree to the new terms, in whole or in part, please stop using the website and the Service.

Contact Us

If you have any questions about these Terms and Conditions, You can contact us: By email: [email protected] OR email: [email protected]

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