General Terms and Conditons of Use

Last update: October 26, 2023

In case of discrepancy, the French version shall prevail.

Bity SA (hereinafter referred to as “Bity”), a public limited company under Swiss law, having its registered office in Neuchâtel, Switzerland, offers on its website (hereinafter referred to as the “Website”) a crypto-asset related service as described under “Services” below. The consultation and use of this Website are subject to these General Terms and Conditions (hereinafter referred to as the “GTC”). Any specific Terms of Use relating to a Service or product offered by Bity having you or your representative (hereinafter referred to as “You”, “Your” or “Yours”) as a co-contractor are applicable in addition to the GTC. However, in the event of a conflict, the provisions contained in the specific Terms of Use will prevail over the GTC.

By consulting or using this Website (including downloading information, data and documents from Bity's Website) You confirm that You have read, understood and accepted the GTC. Furthermore, You agree that Bity may modify these GTC at any time and without prior notice. If You do not accept the GTC, do not consult or use this Website in any way.

1. Services

Bity offers the following services (hereinafter referred to as the “Services”):

  1. Crypto exchange
  2. KYC&AML services for ICOs
  3. Online bill pay
  4. Crypto exchange API
  5. OTC trading
  6. Crypto-asset ATM terminals
  7. Non-custodial wallet services

2. Important Information

The terms and conditions for using Bity’s Services, such as crypto exchange, crypto exchange API, online bill pay, KYC&AML services for ICOs and OTC trading are subject to these GTC.

The use of Bity’s crypto-asset ATM terminals is subject to specific Terms of Use.

The use of Bity’s non-custodial wallet services is subject to specific Terms of Use.

In the event of any discrepancy and/or contradiction between the GTC and the crypto-asset ATM terminal Terms of Use and the non-custodial wallet Terms of Use, these Terms of Use shall take precedence over the GTC.

3. Local Restrictions - Provision of Cross-Border Services

The Services available are permitted in Switzerland. They are not intended for persons who, due to their nationality, place of business, domicile, or other reasons, are subject to a legal order that prohibits the use of foreign virtual asset service providers or that prohibits or restricts access to the websites of foreign virtual asset service providers.

Bity does not advertise any financial services in Switzerland and in other countries. Bity also does not advertise services related to the provision of virtual assets in other countries.

This Website may contain information, in particular on the Services related to the provision of virtual assets and products offered by Bity, which could be considered by the authorities of the above-mentioned countries as a public offer of financial securities or as financial solicitation intended for persons domiciled in those countries. If You are domiciled outside of Switzerland, You confirm that You are visiting this Website on Your own initiative, without having been solicited by Bity. You also confirm that You are entirely and solely responsible for finding out whether the legislation applicable to You, such as the legislation of Your place of residence, authorizes You to use the Services offered on this Website.

4. Ownership of the Website

This Website belongs exclusively to Bity. The reproduction or any other use of this Website does not alter the property rights of Bity.

5. Copyright and trademarks

The content and presentation of this Website are protected by copyright (all rights reserved) and by other intellectual property rights, the owner of which is Bity.

Downloading onto a hard disk, printing, or any other reproduction of information on this Website, for personal and private use, is authorized, provided that the copyright notices and other legally protected designations are reproduced. The reproduction of information available on this Website, in any manner whatsoever, does not give You any right to these elements; Bity retains all rights. The use outside this Website or the reproduction of any software or other tool available on this Website, in any manner, is strictly forbidden.

Except with prior written consent from Bity:

a. hyperlinks and “inline-links” for example, framing, as well as consultation of this Website through “inline-links” or framing are prohibited;
b. reproduction in whole or in part, transmission by electronic means or otherwise, modification or use of copyrighted material on this Website for public or commercial purposes is prohibited;
c. nothing in these GTC gives You the right to use Bity’s name, nor the trademarks, logos, domain names, other distinctive attributes, and exclusive rights of the Bity brand.

6. No offer or advice

The information published on this Website is provided for information purposes only and DOES NOT CONSTITUTE AN OFFER, ADVICE OR RECOMMENDATION to buy or sell any assets or to engage in any transaction, nor does it constitute advice of any other nature, such as tax or legal advice.

All decisions made by You are based solely on Your own assessment of Your financial situation and objectives. These decisions are Your sole responsibility.

7. Disclaimer of liability

Bity, as well as its directors, officers, employees, agents and shareholders, and third-party information providers, as well as their directors, officers, employees, agents and shareholders, assume NO LIABILITY FOR DIRECT OR INDIRECT LOSSES OR DAMAGES OF ANY KIND resulting from access to this Website or from the use of the information and Services available on this Website, or from the inability to access or use the information and Services available on this Website.

In particular, BITY's LIABILITY, as well as that of its administrators, directors, employees, agents and shareholders, for any prejudice or loss suffered as a result of an error, technical or otherwise, a transfer failure, an overload situation, a difficulty in use, a service interruption (including, among others, the system maintenance service), a delay in the transmission of information, an incompatibility between this Website and Your files and/or software (in particular, the “browser”) and/or computer, malfunction, interference, transmission of a virus to Your computer, illegal intrusion (e.g., as a result of hacking), intentional blocking of telecommunication tools and networks (e.g., as a result of mass emailing or denial of service attacks) or any other inadequacy of telecommunication or network service providers IS EXCLUDED. Bity is neither the manager nor is it responsible for the blockchain of the crypto-assets offered on the Website. Neither Bitcoin (BTC) nor any other crypto-asset You may have access to is managed by Bity or is under the responsibility of Bity. Bity is not responsible for the crypto-assets made available. By using Bity's Services, You acknowledge that Bitcoin (BTC), Ethereum (ETH), or any other crypto-assets, are experimental alternative assets, which are currently under development, and that their operation and evolution are not predictable. THE RISK OF EXCHANGE RATE AND FOREIGN CURRENCY LOSSES AS WELL AS FLUCTUATIONS IN YIELDS DUE TO AN UNFAVOURABLE DEVELOPMENT OF EXCHANGE RATES CANNOT BE EXCLUDED. INVESTMENTS IN CRYPTO-ASSETS ARE ASSOCIATED WITH SPECIFIC RISKS (SECTION 8. BELOW). THE LOW CAPITALISATION OF THE MARKET, ITS SPECULATIVE NATURE, AND THE ONGOING CHANGES IN THE REGULATORY FRAMEWORK IN VARIOUS COUNTRIES CONTRIBUTE TO HIGH VOLATILITY. YOU SHOULD FAMILIARISE YOURSELF CLOSELY WITH TECHNICAL AND REGULATORY DEVELOPMENTS IN THIS AREA, INCLUDING THE PUBLICATIONS OF THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY (FINMA).

You acknowledge, that You have unrestricted right and authority to enter into these GTC and perform all Your obligations under or in connection with these GTC. You also acknowledge that these GTC constitute a legal, valid, and binding obligation enforceable against You in accordance with these GTC.

8. Risk factors

Crypto-assets are subject to technology-specific and other particularities, limitations and developments, and may be affected by various events. Crypto-assets are new, and the underlying technology, the blockchain, remains untested.

You acknowledge that there are high risks associated with using the Services, especially in a nascent environment like the crypto-assets and the blockchain/distributed ledger technologies. In this context, some risks are already identified, but some may not be identified at the date of the GTC. For this reason, risks related to the Services performed by Bity are high and may lead to the loss, damage, deletion, removal, destruction, unavailability, inaccessibility and/or confiscation of all or part of Your crypto-assets, risks that You fully acknowledge without reservation.

You also acknowledge risks related to the fact that Bity is making the Services available through the Internet and/or through other means mutually acceptable to You and Bity, and that access to the Internet and the Services is dependent on numerous factors, technologies and systems, all of which are beyond the authority and control of Bity. You acknowledge and agree that Bity shall not be liable or responsible for any of Your inability to access the Services due to blockchain and/or computer network issues.

Bity takes commercially reasonable measures to identify and mitigate the risks associated with crypto-assets. Such risks include without limitation the following:

a. hacking and other attacks and attempts by third parties, in particular with respect to data establishing access to and enabling the disposition over crypto-assets, or individual transactions in crypto-assets; including but not limited to, denial of service attacks, smurfing, Sybil attacks, malware attacks or consensus-based attacks;
b. data theft, including hardware theft by physical intrusion;
c. the failure of hardware, software, solutions, third-parties’ services and/or solutions, and internet connection;
d. loss of data;
e. internal or external fraudulent activities;
f. communication failures, disruptions, errors, distortions or delays You may experience when using the Services;
g. rules and conditions of the network protocols, including but not limited to bonding, lock-up, blocking, freezing periods, vesting, slashing ineligibility to receive crypto-assets or benefits for partial periods and minimum balances required.

Finally, holding crypto-assets may involve particular risks on the markets. Consequently, Bity shall not be responsible for any damage or loss resulting from the general investment risk in the markets, or due to the holding of crypto-assets in any country, including (but without limitation) any damages, losses or costs resulting from nationalization, civil unrest, any act by an administration or other acts or threats by any authority (de jure or de facto), expropriation or any other governmental act, regulations enacted by regulatory authorities in the banking or finance sector, any change in market regulations, currency devaluation, exchange control, or market conditions affecting the proper performance of transactions on securities or the value of assets of any kind.

In addition to the risk stipulated above, there are other risks that Bity cannot foresee at the time of the GTC and may depend on internal and external factors.

Risks may also occur as unanticipated combinations or as changes, evolution, or adjustments of the risks stipulated above. Bity provides no guarantee against the consequences of such risks.

Bity does not warrant nor guarantee in any form whatsoever the integrity of the crypto-assets related to the Services of Bity.

You acknowledge and accept that Bity shall not be responsible for any of these above-mentioned risks. In particular, You shall bear any loss or damage resulting from non-compliance with Your own duties of care as well as any other loss or damage resulting from events or the materialisation of risks outside the sphere of influence of Bity, including without limitation any hacking, intrusions or other attacks by third parties targeting any elements outside the sphere of influence of Bity, such as the external systems, nodes or other physical or virtual elements of blockchains, digital, distributed and encryption ledgers or other databases not operated by Bity, or individual addresses within such databases, as may be relevant to the existence, access to or disposition over Your crypto-assets.

You shall be required to cooperate with Bity as required or deemed useful by Bity to address and mitigate the risks in connection with the Services. In particular, You shall under no circumstances communicate or pass on any distributed ledger addresses provided to You by Bity in connection with the Services to any other person or third party. Any costs associated with the creation of new distributed ledger addresses and transfers of crypto-assets in connection with a violation by You of such duty shall be borne by You.

9. No warranties

WE DO NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES, REPRESENTATIONS OR ENDORSEMENTS WHATSOEVER WITH REGARD TO THE BITY WEBSITE, ANY MERCHANDISE, INFORMATION OR SERVICE PROVIDED THROUGH THE BITY WEBSITE OR ON THE INTERNET GENERALLY. IT IS YOUR RESPONSIBILITY TO EVALUATE THE ACCURACY, COMPLETENESS AND USEFULNESS OF ALL OPINIONS, ADVICE, SERVICES, MERCHANDISE AND OTHER INFORMATION PROVIDED THROUGH THE WEBSITE, THIRD-PARTY PROVIDER OR ON THE INTERNET GENERALLY. WE DO NOT WARRANT THAT THE SERVICE WILL BE UNINTERRUPTED OR ERROR-FREE.

Services and information are provided on an “as is” and “as available” basis.

10. Indemnity

You undertake to indemnify Bity and hold Bity harmless from and against:

a. all claims, damages, commitments, disbursements, taxes and other liabilities incurred or suffered by Bity resulting directly from Bity carrying out its obligations under the GTC;
b. all reasonable charges and expenses, including legal and correspondent fees, suffered by Bity resulting directly from Bity carrying out its obligations under the GTC, in line with relevant market practice;
c. all claims, losses or commitments resulting from a breach by You of the representations and warranties made by You in the GTC;
d. all economic and legal consequences (a) of any measures taken by authorities, regulatory or self-regulatory bodies in any relevant jurisdiction(s), including without limitation those where the Services concerning the crypto-assets are used, or (b) resulting from the exercise of consensus or similar mechanisms in respect of crypto-assets, including without limitation any prohibitions or restrictions of transfers, limitations to, suspension or exclusion of convertibility or changes to functionality, which may affect Your crypto-assets used in connection with the Services.

The Parties irrevocably and unconditionally waive any right they may have to claim damages and/or terminate these General Terms and Conditions as a result of the breach of a warranty not contained in these General Terms and Conditions, or of a misrepresentation whether or not contained in these General Terms and Conditions, unless such misrepresentation was made fraudulently.

11. Linked Websites

Activating certain links on the Bity Website may, under certain circumstances, cause You to leave the Bity Website. Bity has not checked the websites linked to the Bity Website and does not explicitly or implicitly guarantee the quality, relevance, accuracy, completeness, updating, availability, and legality of their content, and does not assume any responsibility for the products and services, information and other content offered by these linked websites.

In addition, prior written authorization must always be obtained before placing a link from an external website to Bity’s Website.

12. Confidentiality and encryption

The data exchanged between Bity and Yourself is transmitted through open, public (e.g., via the Internet) and uncontrolled networks. The data transferred may be transmitted across Swiss borders, even if Bity is located in Switzerland and You are also located in Switzerland. Moreover, even if the data transmitted is encrypted, it is not necessarily encrypted throughout its journey, nor is it encrypted in principle at Your premises: the data may be intercepted.

Furthermore, You declare that You are aware of the laws of Your country and that they may prohibit or restrict the import, export and use of encryption algorithms. Bity does not assume any responsibility for the violation of provisions concerning the import, export, and use of encryption algorithms. You alone are responsible for this.

Information transmitted by electronic means, such as email or SMS, is in principle not encrypted and may be intercepted.

Throughout the entire term of the GTC and for 5 years after its expiry, You and Bity (hereinafter referred to as the “Party” or the “Parties”) strictly undertakes not to reveal, reproduce or circulate to anyone, apart from the members of their personnel directly involved in performing the GTC, any exchanged data between the Parties unless a law, regulation or an administrative or judicial authority so requires or when the other Party has already given its consent in writing, or as otherwise provided in this section. The Parties agree that any personnel or other persons receiving the exchanged data between the Parties in order to perform the Services or carry out any duties under the GTC, shall be bound by obligations of confidentiality consistent with the obligations pursuant to the GTC.

Each Party undertakes to take all useful measures to protect and preserve the security of exchanged data in proper condition, regardless of the nature, form or medium in question, entrusted to it by another Party to carry out its assignment.

Each Party undertakes to directly notify the contracting partner of any event, within or beyond its control, which is liable to interfere with this duty of confidentiality.

Each of the Parties also undertakes not to use the exchanged data for commercial purposes on its own behalf or on behalf of third parties. The Parties agree that any personnel or other parties receiving exchanged data in order to perform the Services or carry out any duties under the GTC, shall be bound by obligations of confidentiality no less strict then in the GTC.

The obligations of confidentiality in this section shall not extend to any matter which the receiving Party can show:

a. is in, or has become part of, the public domain other than as a result of a breach of the obligations of confidentiality under the GTC;
b. was independently disclosed to it by a third party entitled to disclose the same; or
c. is required to be disclosed under any applicable law, regulation, or by order of a court or governmental body or authority of competent jurisdiction.

Bity undertakes to (i) keep during the entire term of the GTC, and (ii) destroy or return, upon the expiry of the GTC, subject to legal or regulatory constraints, the part of its reference system relating to the Parties, including copies that might have been made and to sign a statement to certify that said duty has indeed been fulfilled for You.

13. Secrecy of usernames and passwords

You are obliged to keep usernames, passwords, and other identification data secret. You are solely responsible for the disclosure of the identification elements to a third party or for the discovery of these elements by a third party and, if applicable, for their misuse and for losses and damages of any nature whatsoever related thereto. You are aware of Your duty to disconnect from the Services with identification offered by Bity before leaving Your Internet station.

14. Proper use of the Website

You agree to use the Website in an appropriate and reasonable manner and not to engage in any abusive behaviour or behaviour that could lead, for example, to an overload of the Website, a delay in the transmission of information, an interruption of Service, a blocking of access to the Website or any other inconvenience for Bity or its users. In particular, the following actions are prohibited:

a. sending mass emails or any attempt to do so, as well as any denial-of-service attack (especially “flooding”) or any other attempt to do so;
b. infecting the Website with a virus, worm, Trojan horse or similar software or any other attempt to do so;
c. unlawful access to the servers running this Website or any other attempt to do so, as well as bypassing or defeating the security features of the Website or any other attempt to do so (“hacking”);
d. updating the information on this Website by using automatic refreshers, for example those provided by other websites.

Bity reserves the right to block Your access to this Website in the event that You commit such acts, even if You are a Bity customer.

15. Recording and use of Your actions on this Website

Bity may record and analyse all Your actions on its Website and when using its Services:

a. for technical management, security and research and development purposes;
b. for customer management and marketing purposes of Bity products and Services;
c. to inform You about Bity's products and Services;
d. to comply with regulatory requirements to which Bity is subject.

Bity will keep this information in secure storage for a limited time.

Bity will not share Your personal information with third parties, except in the following specific circumstances:

a. in the context of compliance with the legal and regulatory obligations to which Bity is subject under the Federal Act on Combating Money Laundering and the Financing of Terrorism (Anti-Money Laundering Act, AMLA), the Ordinance on Combating Money Laundering and the Financing of Terrorism (AMLO), and the Regulations of the Financial Services Standards Association (VQF);
b. Bity's technical support is an external support. When You use it, personal information - such as Your username, first and last name, email address, telephone number, IP address and payment information - is stored by this external support;
c. the authentication of Your identity documents is performed by a specialized external company. Therefore, this company has access to these documents (only);
d. for the management and maintenance of (1) its internal procedures, (2) its product and Service offerings and (3) its user base, in which case Bity may use external service providers. In this case, Bity ensures that the service provider respects the same degree of vigilance as Bity in terms of confidentiality and data protection.

Under no circumstances will Bity sell Your personal information to third parties.

You warrant that all information provided by You or on Your behalf to Bity under or in connection with these GTC is true, complete and accurate and is not misleading in any respect, and no event or circumstance has occurred or arisen and no information has been omitted that results in the information provided by You or on Your behalf to Bity under or in connection with the GTC being untrue or misleading in any respect. Any change in Your personal information must be communicated to Bity immediately.

Bity will never communicate Your password to a third party and will never ask You for such information by email or telephone. Any such request should be ignored and reported to Bity.

You are not authorized to give access to Your account to any other person. You are solely responsible for all activities that occur under Your account.

You may delete Your account at any time by making a request through Bity's technical support. However, Bity is obliged to keep Your documents relating to Your identification and transactions made for ten years. This period begins when the last transaction is executed. In the meantime, Your account can be deactivated.

16. Dispute and correction of processing

You undertake to promptly inform Bity of any mistakes or omissions that You become aware of and that could have an impact on the quality of the Services. Conversely, Bity undertakes to inform You and to correct any mistake, omission or change (anomalies) notified by You and which is attributable to a manual entry or a processing operation for which You are responsible.

17. Registration and fees

Registration on the Website may be required to access and use the Services offered by Bity. Registration is free of charge and involves, after acceptance of the GTC, the creation of a User Profile. You are fully responsible for Your conduct while accessing or using the Website. You agree to use the Website only for purposes that are legal, proper and in accordance with the GTC and any applicable laws and will under no circumstances harm Bity or other users of the Website.

The submission and validation by Bity of various documents, mentioned below, may be required for the purchase, sale, and conversion of crypto-assets. There is no pre-existing right to registration. Bity may refuse any registration without having to give reasons for such refusal, may exclude any registered user - especially in cases of fraud, swindling, forgery of securities or forgery of certificates - or refuse the conclusion of any transaction. An expelled user is not permitted to re-register on the Website. By doing so, the user is subject to criminal prosecution.

To register on the Website, You must be a natural person or a legal entity. You must also have the exercise of civil rights (be at least 18 years old and be capable of discernment). Persons under the age of 18 may register on the Website with the prior consent of their legal representative. Each User Profile is unique, personal, and non-transferable. The creation and use of multiple accounts by the same person is prohibited.

You can choose to receive optional emails such as newsletters, special offers or any other marketing related messages. These emails will be sent to Your registered email account. If You no longer wish to receive emails, You may unsubscribe by clicking on the “unsubscribe” link found in the newsletter. Unsubscribe requests will be processed as soon as possible. By unsubscribing from the newsletter, You will no longer receive marketing-related emails until You subscribe again.

18. Account levels

The information and documents you must submit to Bity and the maximum amount you can buy, sell or convert depend on your identification level.

1. Without an account

  • Limit per transaction: CHF 1'000.-
  • Daily limit: CHF 1'000.-
  • Annual limit: CHF 100'000.-

2. Standard account

  • Limit per transaction: CHF 1'000.-
  • Daily limit: CHF 1'000.-
  • Annual limit: CHF 100'000.-
  • Restrictions: Transfers of crypto-assets to an unidentified public address are not accepted.

3. Verified account

  • Limit per transaction: CHF 100'000.-
  • Daily limit: CHF 100'000.-
  • Annual limit: CHF 100'000.-

4. Expert Account

  • Limit per transaction: CHF 500'000.-
  • Daily limit: Unlimited
  • Annual limit: Unlimited

The information and documents You must submit to Bity and the maximum amount You can buy, sell, or convert depend on Your identification level. For the first two types of accounts above: (1) Without an account and (2) Standard account You do not have to be identified. For the accounts (3) Verified account and (4) Expert account a fully identification is required. Documents proving the origin of the funds must be provided beforehand, regardless of the type of the account.

When You reach an annual transaction volume of more than CHF 50'000.-, You can ask Bity, via its technical support, to upgrade Your account to the Expert level. Bity will analyse Your customer file and accept or reject Your request.

The detailed terms of the identification process for both natural persons and legal entities and the required information and documents are regulated in the AML Guidelines of Bity.

19. Terms of Use of Bity’s Services

19.1 Crypto exchange

Depending on the different accounts, You are obliged to be identified and can use different volumes of exchange services.

a. Payment methods

Only valid payment methods that Bity specifies on its Website can be used to buy, sell, or convert crypto-assets. Bity reserves the right at any time and without prior notice to change the payment methods accepted on its Website for placing an order. By placing an order to buy, sell or convert crypto-assets with Bity, You submit a legally binding offer and You represent and warrant that (a) You are authorized to use the designated payment method and (b) You authorize Bity, or Bity's payment processor, to charge the designated payment method. If Your designated payment method cannot be verified, is invalid, or is otherwise unacceptable, Your order may be suspended or automatically cancelled.

Bity reserves the right to verify Your personal data and to adopt all measures deemed necessary to verify the identity of the bank account debited. In addition, this verification may consist of a request for all bank account opening documents.

Bity cannot be held responsible for the refusal of an order or its consequences, due to the receipt of an amount different from the purchase, sale, or conversion amount, incomplete or erroneous instructions in the wording of the bank transfer, or the use of means of payment (bank account) that do not belong to You or that cannot be associated with Your customer account.

b. Fees

You authorize Bity, or Bity's payment processor, to debit or deduct from the amounts paid any applicable fees due in connection with orders (buy, sell or convert) You place through Bity. The fees are indicated on Bity’s Website.

c. Conditions of purchasing crypto-assets

You can create a purchase order by following the information displayed on the Website.

Crypto-assets, such as Bitcoin (BTC), Ethereum (ETH) or USD Coin (USDC) can be purchased with Swiss francs (CHF) or Euro (EUR). However, Bity reserves the right to expand to other crypto-assets at its sole discretion.

Prices are expressed in Euros (EUR) or Swiss Francs (CHF) or any other currency available for payment and include Swiss VAT (if applicable). Payment is made by bank transfer or any other payment method available on the Bity Website. Please note that a bank transfer may take 1 to 5 business days to reach its recipient.

The exchange rate of crypto-assets is fixed at the time Bity executes Your order, which is within 5 working days, upon receipt of payment. If the payment order is not executed within the aforementioned period, You are obliged to inform Bity immediately. If You fail to do so, You will not be entitled to any claims arising from exchange rate variation.

Your duties of care when placing a purchase order:

1. Minimum Amount

You cannot place a purchase order for an amount less than the minimum amount indicated on the Bity Website.

2. Purchase order requirements

You must open a purchase order before making a payment. Therefore, if You make a bank transfer without a corresponding purchase order, Your funds will in principle be returned. You will be responsible for the bank charges. In addition, You may be charged an administrative fee.

3. Conditions for cancellation of a purchase order by Bity

a. the amount actually received exceeds the amount stated in Your purchase order;

The order is automatically cancelled, and the funds are returned to You, subject to any bank charges or any additional administrative fee.

b. the amount actually received is lower than the amount mentioned in Your purchase order;

If the difference exceeds CHF 20.-, or the amount received is less than the minimum amount allowed per transaction, the funds received will be returned to You, subject to any bank charges or any additional administrative fee.

c. the actual amount received is less than the amount stated in Your purchase order.

If the amount received is less than the amount mentioned, for example if transaction fees have been deducted by Your bank or any other intermediary, Bity will pay the equivalent in crypto-assets of the amount it has actually received (as long as the difference does not exceed CHF 20.- and the amount received is not less than the minimum amount authorized per transaction).

4. Information required for purchase orders created from Verified and Expert accounts (identified accounts)

Receiving public crypto wallet address.

If You place a purchase order and provide Bity with an invalid wallet address or a wallet address that You do not have control over (for example, an address related to an initial coin offering), Your funds will be lost. Bity may, but shall not be obliged to, undertake searches to recover lost crypto-assets. These searches are at Bity's discretion and may be undertaken when large amounts are involved. You will have to pay a search fee, which will take into account the technical complexity and the time that will have to be spent on the search.

5. Information required for purchase orders created from a Standard account or created without an account (unidentified accounts)

a. details of a bank account belonging to You (in Your name), from which the funds will be sent;

If You have sent the funds from another IBAN than the one mentioned when You opened Your order, the funds will be returned. You will be responsible for the bank charges and may be charged an additional administrative fee.

b. receiving public crypto wallet address You have control over;
c. signature of a message with the private key associated with the receiving public crypto wallet address.

If You place a purchase order and You provide Bity with an invalid wallet address, or one that You do not have control over (for example an address related to an initial coin offering), Your funds will be lost. Bity may, but shall not be obliged to, undertake investigations to recover lost crypto-assets. These searches are at Bity's discretion and may be undertaken when large amounts are involved. You will have to pay a search fee, which will take into account the technical complexity and the time that will be spent on the search.

6. Reference for bank payment

When You send funds to Bity, You must include a payment reference to Your payment instructions, i.e., a reference such as “bity.com XXXX-XXXX”, the “X” being capital letters or numbers. If the reference is not included on the payment order, Your funds will be returned. You will be responsible for bank charges and may be charged an additional administrative fee.

7. Cancellation of the purchase order by You

Purchase orders can be cancelled as long as Your funds have not been received by Bity. If You have sent Your funds but Bity has not yet received them, they will be returned. You will be responsible for bank charges and may be charged an additional administrative fee.

d. Conditions for selling crypto-assets

You can create a sell order by following the information displayed on the Website.

Crypto-assets, such as Bitcoin (BTC) or Ethereum (ETH) can be sold. However, Bity reserves the right to expand to other crypto-assets at its sole discretion.

Prices are expressed in the crypto-asset available for payment and include Swiss VAT (if applicable). Payment must be made via a crypto-asset transfer to an address provided by Bity when creating the sell order on the Website.

The sell orders are executed by Bity within 5 working days. This period starts as soon as Bity receives Your crypto-assets on the address provided by Bity and after Your transaction has been mined and registered in the relevant blockchain. If You have not received Your funds within 7 business days, You are obliged to immediately inform Bity for investigation purposes.

Your due diligence obligations when placing a sell order:

1. Minimum amount

You cannot place a sell order for an amount less than the minimum amount indicated on the Bity Website.

2. Sell order requirements

You must open a sell order before sending Your funds. Therefore, if You send Your funds without a corresponding sell order, Your funds will be returned. You will be responsible for the transaction costs. In addition, You may be charged an administrative fee.

3. Conditions to benefit from the guaranteed rate

To benefit from the guaranteed rate on the Bity Website:

a. You must make the payment of the crypto-assets within 10 minutes after placing the sell order; and
b. the amount actually received by Bity must correspond to the amount indicated in the sell order.

If neither of these two conditions is met, the conversion rate of the crypto-assets will be recalculated (provided that it is higher than the minimum amount indicated on the Bity Website) at the time Your transaction has reached a minimum number of confirmations in the blockchain and You will not be able to make any claim related to the exchange rate variation.

4. Conditions for cancellation of a sell order by Bity

The sell order will be automatically cancelled if the amount actually received by Bity:

a. is higher than the amount mentioned in Your sell order;
b. is lower than the minimum amount indicated on the Bity Website.

In these cases, the funds will be returned to You. To do so, You will have to contact Bity’s customer support service to confirm the address to which the funds can be returned. Bity has the right to keep the amount to the extent of the occurred transaction fees.

5. Transfer to the address provided by Bity

You must transfer Your crypto-assets to an address provided by Bity. If You send crypto-assets to an address other than the one provided by Bity, Your funds will be lost. Searches may, but need not, be undertaken by Bity to recover lost crypto-assets. These searches are at Bity's discretion and may be undertaken when large amounts are involved. You will be required to pay a search fee, which will take into account the technical complexity and the time required for the search.

6. Information required for sale orders created from Verified or Expert accounts (identified accounts)

Details of a bank account belonging to You (in Your name) or to a third party (in the name of a third party)

In the event of a return of funds, we will ask You to provide us with the details of another bank account to which we can return the funds. A processing fee, in addition to any bank charges, may apply.

7. Information required for sell orders that were created from a Standard account or created without an account (unidentified accounts)

a. sending public crypto wallet address You have control over;
b. details of a bank account belonging to You (in Your name).

If the funds are returned to us for any reason, we will ask You to provide us with the details of another bank account that also belongs to You. A processing fee, in addition to any bank charges, may apply for the return of funds.

8. Network fees

If the network fee chosen by the sender of the crypto-assets (the customer, You) is too low or the transaction is not confirmed on the corresponding blockchain within one hour of the sell order, Bity reserves the right to recalculate the exchange rate when the transaction is confirmed on the blockchain in question.

9. Cancellation of the sell order by You

Sell orders may be cancelled, as long as the crypto-assets have not been received by Bity.

e. Conditions for converting crypto-assets (swap)

You can convert one type of crypto-asset (e.g., Bitcoin (BTC)) to another type (e.g., Ethereum (ETH)) by following the information displayed on the Website. Bity reserves the right to expand to other crypto-assets at its sole discretion.

Prices are in the crypto-asset available for conversion and include Swiss VAT (if applicable). Conversion must be performed by transferring crypto-assets to an address provided by Bity during the process.

Conversion orders are executed by Bity within 5 business days. This period starts upon receipt of the order by Bity. If the conversion order is not executed within the above-mentioned period, You are obliged to inform Bity immediately. If You do not comply with this obligation, You will not be able to make any claim relating to the exchange rate variation.

Your duties of care when placing a conversion order:

1. Minimum amount

You cannot place a conversion order for an amount less than the minimum amount indicated on Bity’s Website.

2. Conversion order requirements

You must open a conversion order before sending Your funds. Therefore, if You send Your funds without a corresponding conversion order, Your funds will be returned. You will be responsible for the transaction costs. In addition, You may be charged an administrative fee.

3. Conditions to benefit from the guaranteed price

To benefit from the guaranteed price on the Bity Website:

a. You must make the payment of the crypto-assets within 10 minutes after placing the conversion order; and
b. the amount actually received by Bity must correspond to the amount indicated in the conversion order.

If neither of these two conditions is met, the conversion rate of the crypto-assets will be recalculated (provided that it is higher than the minimum amount indicated on the Bity Website) at the time Your transaction has reached a minimum number of confirmations in the blockchain and You will not be able to make any claim related to the exchange rate variation.

4. Conditions for cancellation of a conversion order by Bity

The conversion order will be automatically cancelled, if the amount actually received by Bity:

a. is higher than the amount mentioned in Your conversion order;
b. is lower than the minimum amount indicated on the Bity Website.

In these cases, the funds will be returned to You. To do so, You will have to contact Bity’s customer support service to confirm the wallet address to which the funds can be returned. Bity has the right to keep the amount to the extent of the occurred transaction fees.

5. Transfer to the address provided by Bity

You must complete the conversion by transferring crypto-assets to an address provided by Bity. If You send crypto-assets to an address other than the one provided by Bity, Your funds will be lost. Searches may, but need not, be undertaken by Bity to recover lost crypto-assets. These searches are at Bity's discretion and may be undertaken when large amounts are involved. You will be required to pay a search fee, which will take into account the technical complexity and the time required for the search.

6. Required information for conversion orders created from Verified or Expert accounts (identified accounts)

Receiving public crypto wallet address.

If You place a conversion order and provide Bity with an invalid wallet address, or one that does not belong to You, Your funds will be lost. Investigations may, but need not, be undertaken by Bity to recover lost crypto-assets. These searches are at Bity's discretion and may be undertaken when large amounts are involved. You will be required to pay a search fee, which will take into account the technical complexity and the time spent on the search.

7. Required information for conversion orders created from a Standard account or created without an account (unidentified accounts)

a. sending public crypto wallet address You have control over;
b. receiving public crypto wallet address You have control over;
c. signing a message with the private key associated with the receiving public crypto wallet address.

If You place a conversion order and provide Bity with an invalid wallet address, or one that does not belong to You, Your funds will be lost. Investigations may, but need not, be undertaken by Bity to recover lost crypto-assets. These searches are at Bity's discretion and may be undertaken when large amounts are involved. You will be required to pay a search fee, which will take into account the technical complexity and the time required for the search.

8. Network fees

If the network fee chosen by the sender of the crypto-assets (the customer, You) is too low or the transaction is not confirmed on the corresponding blockchain within one hour of the conversion order, Bity reserves the right to recalculate the exchange rate when the transaction is confirmed on the blockchain in question.

9. Cancellation of a conversion order by You

Conversion orders may be cancelled, as long as the crypto-assets have not been received by Bity.

19.2 KYC&AML services for ICOs

Bity offers Know-Your-Customer and Anti-Money Laundering (KYC&AML) services for Initial Coin Offerings (ICO) or equivalent token generating projects pursuant to the relevant legal requirements in Switzerland, which are the Anti-Money Laundering Act (AMLA), the Anti-Money Laundering Ordinance (AMLO) and the Regulations of the Financial Services Standards Association (VQF Regulations).

With the KYC&AML service of Bity You can:

a. establish the identity of the investors (either natural persons or legal entities) of Your ICO projects;
b. assess potential risks of illegal intentions or conducts of Your investors;
c. prevent, detect, and report illicit activities of Your potential investors;
d. detect the origin of funds of Your investors.

To engage in this Service, first You have to register on Bity’s Website, and You also shall be identified either as a natural person or as a legal entity.

After Your KYC&AML identification process, You shall provide Bity with the email addresses of Your investors. Bity will then provide You with the relevant instructions for the investors about how to contact Bity in order to start their KYC&AML process.

The KYC&AML process is conducted in accordance with the AML Guidelines of Bity.

After the successful KYC&AML identification, the investors can initiate the payments of their funds in accordance with the instructions provided by Bity.

19.3 Online bill pay

The conditions of the purchase and sale of crypto-assets (sections 19.1 c. and d.) are applicable to this Service.

19.4 Crypto exchange API

The API created by Bity is open and can be accessed and implemented without the permission of Bity. The API allows You and/or Your customers (both natural persons or legal entities) to integrate crypto exchange services (purchase, sale and converting of crypto-assets) to Your/their platform or application.

The description of the Service (Exchange API Product Guideline) and the documentation regarding the integration process can be accessed through Bity’s Website.

You have the possibility to contribute to develop the API Service of Bity. Before doing so, You shall enter into a partnership agreement with Bity. By becoming a partner, You benefit from a share of the profits made from the placed orders on Your system by using the Exchange API. You can also enjoy the priority technical support of Bity and the promotion of Your company on all of the digital marketing channels of Bity. The conditions for the partnership are described in the Exchange API Product Guideline on Bity’s Website.

19.5 OTC trading

You need to open an Expert account and to be fully identified to be able to use this Service of Bity. To be able to request an OTC deal, You have to place an order in an amount of at least CHF 100'000.- (or equivalent in EUR).

You can begin by opening a support ticket in the Expert account dashboard and by following the information displayed after that on the Website.

Bity offers private and personalized OTC services for You and applies industry standard transaction fees. More information is available upon Your request.

20. Miscellaneous

20.1 Commitments

Bity has made no commitments or promises orally or in writing with respect to the delivery of any future features or functions of the Services. In relation to any future features or functions, all presentations, request for proposal responses, and/or product roadmap documents, information or discussions, either prior to or following the entering into the GTC, are for informational purposes only, and Bity shall have no obligation to provide any future releases or upgrades or any features, enhancements or functions, unless specifically agreed to in writing by both Parties. You acknowledge that no decisions are based upon any future features or functions of the Services.

20.2 Notice

All notices and other communications made or to be made pursuant to these GTC shall be given in writing and You agree that all communication Bity provides to You electronically satisfy any legal requirement that such communications be in writing.

20.3 No waiver

No failure to exercise and no delay in exercising on the part of any of the Parties any right, power or privilege under the GTC shall operate as a waiver thereof nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies provided by the GTC are cumulative and not exclusive of any rights or remedies otherwise provided by law.

20.4 Severability

Every term and provision of the GTC is intended to be severable. If any provision of these GTC is determined by a competent court to be invalid, inoperative, or unenforceable for any reason, the Parties shall negotiate in good faith to modify these GTC so as to affect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consumed as originally contemplated to the fullest extent possible. In the event of one of the provisions of the GTC being void, cancelled, or rendered otherwise invalid, the validity of the remaining parts of the GTC shall not be affected or impaired.

20.5 No third-party beneficiaries

The provisions of these GTC are intended solely to benefit the Parties and, to the fullest extent permitted by applicable law, shall not be construed as conferring any benefit or right upon any other third party (including any of Your creditors) and no such other third party shall be a third-party beneficiary of this GTC, or have any right to enforce any term of the GTC.

20.6 Future changes in applicable law

These GTC are based on laws and regulations which are subject to change through legislative, judicial or administrative actions. Other legislations could be enacted that would subject the GTC to change and increase potential risk. It is Your duty to consider legal or tax advice if needed and consult Your own counsel regarding tax laws and regulations of any other jurisdiction which may be applicable to them.

21. Entire agreement

The GTC, the Terms of Use of Crypto-Asset ATM Terminals and the Terms of Use of Non-Custodial Wallet Service contain the entire agreement between the Parties in relation to the subject matter of these three Agreements. They replace and supersede all previous versions concerning the same subject.

22. Assignment

This agreement (GTC) shall not be assigned without Your prior written consent or without the prior written consent of Bity.

23. Applicable law and competent courts

The GTC shall be governed by and construed in accordance with the laws of Switzerland without giving effect to the conflict of laws of Switzerland (IPRG) or to the United Nations Convention on Contracts for the International Sale of Goods of April 11, 1980, or Your actual state or country of residence. Any dispute, controversy or claim arising out of or in relation to the GTC, Your relationship with Bity, including any non-contractual obligations, will be exclusively subject to the jurisdiction of the courts of Neuchâtel, Switzerland.

24. Place of execution

These GTC are considered to be executed solely in Switzerland.

Bity is a Swiss based brokerage for buying, selling, trading cryptocurrency
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