TERMS AND CONDITIONS

Last updated April 2014

This Agreement (the "Agreement"), effective upon the date of electronic acceptance (the "Effective Date"), pertains to the use of Quoine (the "Platform"), an Internet application fully owned by Quoine Pte. Ltd. (The "Company"), a Singapore based corporation with registration number 201414068E. This agreement is entered into by and between Quoine Pte. Ltd., and the user of Quoine ("User" or "Member") (each herein referred to individually as a "Party", or collectively as the "Parties"). In consideration of the covenants and conditions contained herein, the Parties hereby agree to the following terms and conditions:

General Terms

Quoine is a platform that provides services that allow the exchange of virtual currencies such as Bitcoin for fiat currencies. If you wish register, engage in transactions on Quoine (The Platform), please fully read and understand the terms and conditions that follow.
This is a legal agreement ("Agreement") between you and Quoine Pte. Ltd., which will apply to you regarding any and all services offered by or acquired (the "Services") through the Platform. This Agreement sets forth the terms and conditions governing the access and use of the Platform. This Agreement may be changed at any time by the Company. It is the responsibility of the User to keep himself/herself updated with the current version of the Agreement. Users and Members waive any claim regarding this issue.This Agreement may only be amended with the express consent of the Company. Unless otherwise explicitly stated, the Terms will continue to apply even after termination of your membership to the Platform. If any provision of this Agreement is held invalid, the remainder of this Agreement shall continue in full force and effect.
Also, all and any new terms and policies not present now but added to these Terms & Conditions in future will be enforced retroactively when within our power and control to do so.  This includes amendments to existing policies and new policies we deem reasonable.

Legal Jurisdiction

You expressly agree that any claim or dispute arising from your use of our website and/or our services will be governed by the laws of Singapore without regard to the conflict of law provisions thereof. You further agree that any such claims or disputes shall be resolved in Singapore courts, and you agree to be subject to the personal jurisdiction in, and the exclusive venue of, such courts and waive any objection to such jurisdiction and venue for the purpose of litigating any such claim or dispute.

Membership And Users Of The Platform

Quoine is a platform that provides services that allow the exchange of virtual currencies such as Bitcoin for fiat currencies. If you wish register, engage in transactions on Quoine (The Platform), please fully read and understand the terms and conditions that follow.
This is a legal agreement ("Agreement") between you and Quoine Pte. Ltd., which will apply to you regarding any and all services offered by or acquired (the "Services") through the Platform. This Agreement sets forth the terms and conditions governing the access and use of the Platform. This Agreement may be changed at any time by the Company. It is the responsibility of the User to keep himself/herself updated with the current version of the Agreement. Users and Members waive any claim regarding this issue.

This Agreement may only be amended with the express consent of the Company. Unless otherwise explicitly stated, the Terms will continue to apply even after termination of your membership to the Platform. If any provision of this Agreement is held invalid, the remainder of this Agreement shall continue in full force and effect.

Age Restrictions

Use of the Platform is strictly prohibited to minors or any person under the legal age in his or her country. If you provide inaccurate information about your age in violation of this rule, your registration as a member will be cancelled. By using the Platform, you confirm and guarantee that you meet age requirements.

Personal Information & Privacy Policy

In order to use the Platform services, including but not limited to buying or selling virtual currencies, Users must create an account on The Platform (the "Account"). Your Account will be used to keep various virtual currency amounts as deposited by you as a Member. During The Account creation process, You will be asked to provide certain registration details such as legal names, residential address, scans of personal identification documents and other personal information. This information will be used by The Company in order to verify your identity and for other internal processes related but not limited to Anti-Money laundering, Politically Exposed People, and others as required. In relation with the completion of the registration form, you as a User agree to provide truthful, accurate, current and complete information about Yourself as asked in the registration form and You additionally agree to maintain and immediately update and inform us in writing or via email of any changes to your personal and registration data. As such you agree to keep all personal data and data provided during registration true, accurate, current and complete at all times while You are a Member of The Platform.

Your private information is not displayed to any member or other users of the Platform. The Platform uses industry standards, such as firewalls and SSL for communications between browsers, user interfaces such as mobile apps, and server processes, to safeguard the confidentiality of your personal private information. Note that despite the fact that measures in line with industry standards are taken to prevent disclosure of your private information, all security measures are subject to possible attacks, break-in’s. The Company cannot and does not provide any guarantees regarding the effectiveness of the measures utilized or our ability to prevent other parties, acting unlawfully, from gaining access to information that you provide to us. While the Company will do its utmost to prevent data leaks and illegal break-ins, we cannot and do not guarantee that any personally identifiable information provided to it will not become public under any circumstances.

The Platform may archive information on a regular basis. Archived data may include personal information you provide while using the Platform’s services. The Platform stores that information on servers under the Company’s control or under third parties who have agreed to comply with The Company’s commitments made under this Privacy Policy and with whom the Company has a contractual relationship. Archived information may not be erased even in cases when you terminate your membership on the Platform. Having said this, the Company is under no obligation or guarantee to keep or archive any information and does not warrant that any archived information will later be made available to Members or Users.

The Company may use personal information and Original Content for research for operational purposes or to improve the services it offers or for auditing purposes. The Company will not share your information with third parties, with the exception of disclosures pursuant to lawful requests from legal bodies, such as subpoenas or court orders, or in compliance with applicable laws. Additionally, the Company may share account or other information when it believes it is necessary to comply with law or to protect the Company’s interests or property. This may include sharing information with other companies, lawyers, agents or government agencies.

Fees, Funding & Withdrawals

Fees

As compensation for The Platform services, including the Exchange and other services provided to you as a Member, The Company charges a fee on each transaction initiated by Members of the Site ("Transaction Fee"). Details of Transaction Fees are found on the main Platform’s site.
The Company reserves the right to change, modify or increase Transaction Fee from time to time as it sees fit within reason. Any such updates, modifications or increases will take effect upon posting such changes, modifications or increases on the Platform’s site at www.quoine.com. It is the Member’s responsibility to keep updated with any changes to this agreement and fees.
Transaction Fees are charged to both the buyer and seller. The XBT buyer will be charged a fee in USD/EUR/SGD and the XBT seller will be charged a fee in XBT. Furthermore, Fees are automatically deducted and account balances adjusted accordingly as Members execute buy or sell transactions on the platform.
If You believe that You have been erroneously charged a Transaction Fee, notify The Company immediately and provide all information concerning the transaction. Claims of errors older than 30 days will not be accepted.

Withdrawals

The Platform will process withdrawals on demand. However, as we follow strict processes of reconciliation with our internal books and records, as well as other processes related to anti-money laundering, and in order to protect the best interests of our members against hacker attacks, we do not keep any bitcoin or any other virtual currencies wallets on line. Therefore, withdrawals can take up to one business day for crypto-currency and three business days for fiat currency to be processed.
By default, Individual user withdrawals in both fiat and bitcoin are limited to 30,000 USD daily and 300,000 USD monthly. Corporate user withdrawals, in both fiat and bitcoin, are limited to a maximum of 100,000 USD daily, and the monthly aggregate total of withdrawals may not exceed 1,000,000 USD in any calendar month.
Limits may be raised upon request of the customer, NOT above the following thresholds:
   - Individual users: up to 50,000 USD daily and 500,000 USD aggregated total in a calendar month
   - Corporate users: up to 150,000 USD daily and 1,500,000 USD aggregated total in a calendar month

Funding

Regarding funding, funding is accepted via bank wire to local banks in countries covered. Wire instructions and other details are provided to individuals during the funding process. Furthermore, The Company reserves the right to hold withdrawal requests if the source of the funds is suspected to be illegal. Any funds coming from an account having made a fraudulent deposit will be immediately placed on hold.

Trading & Order Execution

Only registered users or Members are allowed to buy, sell and use the services provided by the Platform. The exchange functions of The Platform will fill in orders at the best possible available market price. Note that as markets move continuously, the prices displayed on user interfaces, on our web app or on mobile apps are in no way guaranteed. The Platform, however, has been designed to allow members to fill at best possible prices and in a timely manner. Nevertheless the Company will not be liable under any circumstances for the consequences of any delay in order filling or failure to deliver or perform. Furthermore, once an order is filled, you are notified via the Platform and such an action is irreversible.

Arbitrage trading or the ability to extract profits by exploiting pricing differences across different but related products on QUOINE is strictly prohibited. QUOINE systems monitor on going trading activities. If users are found that they have engaged in this type of trading, any funds obtained via arbitrage within the platform will be withheld and the user account might be suspended. QUOINE's platform provides features for the exchange of various crypto and fiat currencies as well as leveraged trading (trading on margin) so traders can take advantage of price gains or falls within a specific product. Arbitrage trading, on the other hand, takes unfair advantage of price discrepancies across products priced by our platform. Such discrepancies could happen from time to time due to factors beyond our control and are unintended and not to be taken advantage of.

Software experiences bugs from time to time. While we do everything in our power to QA and follow proper processes for deployment and maintenance for the QUOINE platform, we cannot guarantee with absolute certainty that bugs or system issues will not happen. As a result of system issues, which for purposes of this Terms & Conditions, includes not only software issues resulting from coding, but also configuration issues, system setup issues, hardware issues, network issues and any other issues resulting from our systems, we take no responsibility for any losses resulting from afore mentioned issues. Additionally, we reserve the right to roll back, revert any trades or actions from our users that occurred as a result either intentionally or unintentionally that may cause losses to our business due to system issues that could impact our pricing, quoting, markets, order management system (order entry, positions) or any feature included in the system at the time of the incident.

The Company and its affiliates assume no responsibility for any loss or damage incurred by members or users as a result of their use of The Platform or for a member’s or user’s failure to understand the nature and mechanics of virtual currencies or the markets under which such virtual currencies operate. The Company provides its Users and Members a service via which they can exchange, buy, sell, and/or store certain virtual currencies, and The Company and its affiliates makes no representations or warranties concerning the value, stability, or legality of supported virtual currencies.

The Platform Data & Content Copyright

All content on the Platform is protected under copyright and may not be copied, distributed, modified, published, or transmitted in any means. Violation of this policy may result in infringement of intellectual property rights and could result in significant civil and criminal penalties. Quoine, Quoine Logos, Website Art, and other identifying marks of Quonie are proprietary to the Company. You may not use these marks for any purpose without the express prior written consent of the Company. Except as expressly set forth above, this Agreement does not grant you any express, implied or other license or right under any patent, trademark or copyright of the Company.

The Platform may make market data (pricing and other information related to the virtual currencies supported) available to Members and Users and such data may also be publicly displayed. To the extent that you as a Member or as a User receive access to such data, you expressly agree that you will not redistribute, retransmit, duplicate, or otherwise make such data available in any way, either through automated, manual, or any other means. Any distribution or transmission of The Platform’s live market data is a material breach of this Agreement. Furthermore You, as a Member or a User, agree that The Company is not responsible for any failure or outage in the live market value data provided by The Company.

Representations and Warranties

As a Member or User, you agree to the following:

  • a. You will use the website and the services only in a manner that is accepted and legal according to all applicable laws and regulations.
  • b. You will follow all acceptable use policies and all other terms and conditions relating to the use of the services in respect of the website, and will not transmit offensive material, junk messages, advertisements or any type of solicitation whatsoever of any products or services to any other Members of the service.
  • c. You agree that by posting information or content to any public area of the Platform, you automatically grant, and you represent and warrant that you have the right to grant the Company and other Members an irrevocable, perpetual, non-exclusive, fully-paid, worldwide license to use, copy, perform, display and distribute such information and content and to prepare derivative works of, or incorporate into other works, such content, and to grant and authorize sublicenses of the foregoing.
  • d. You agree that use of the service is at your own risk and you are solely responsible for interactions, whether it be written, verbal or in person, with any other Member or User of the service. The Company and its officers, directors, employees, agents, affiliates and third parties assume no responsibility whatsoever for harm that may come to you as a result of your interactions with any other Member or User of the service, including but not limited to verbal and physical abuse or assault.
  • e. You will not communicate, publish, or display to any other Member or User any form of discriminatory, defamatory, slanderous, offensive, inaccurate, abusive, profane, obscene, sexually offensive, threatening, harassing, racial, or illegal material, including but not limited to nude photos of yourself or others, pornographic images, or images and any other type of unlawful or unacceptable material, as determined by the Company in its sole discretion.
  • f. You will not engage in, and the Company is not be responsible for, any form of harassment, offensive or abusive behavior of any kind whatsoever that may be armful to any other Member or User of the service, including but not limited to physical and emotional damage.
  • g. You will not conduct any illegal and/or unauthorized uses of the Platform, including but not limited to collecting usernames and/or email addresses of members by electronic or other means for the purpose of sending unsolicited email, forwarding commercial or other offers to other Members either via the Platform messaging tools or by email or by any other means external to the Platform, and unauthorized framing of or linking to the website will be investigated, and appropriate legal action will be taken, including without limitation, civil, criminal, and injunctive redress.
  • h. You agree that the Company reserves the right to change any of the terms, rights, obligations, privileges or institute new charges for access to or continued use of services at any time, with or without providing notice of such change. You are responsible for reviewing the information and terms of usage as may be posted from time to time. Continued use of the services or non-termination of your membership after changes are posted or emailed constitutes your acceptance or deemed acceptance of the terms as modified.
  • i. You agree to defend, indemnify, and hold harmless the Company, its officers, directors, employees, agents, affiliates and third parties, for any losses, costs, liabilities and expenses (including reasonable attorney’s fees on a solicitor and his own client basis) relating to or arising out of your use of the Platform or services, including any breach by you of this Agreement or other terms and conditions posted on the website from time to time.

Owner Responsibilities

  • a. The services we provide are not financial services and the products you buy or sell are not financial products. The Company is not a regulated entity. The Company does not pay interest on funds deposited with The Company in order to buy/sell virtual currencies. As The Company is not a regulated financial institution, funds or virtual currency deposits are not insured by the Company or any government as such.
  • b. You, as a Member of the Platform understand and agree that, due to technical and other restrictions, the virtual currency prices displayed by The Platform may be delayed and therefore not reflect the current, live market value of such currency.
  • c. Unless otherwise stated at time of posting of information, neither the Company nor its affiliates guarantee the accuracy, completeness, or usefulness of any information on the Platform, and neither adopts, endorses, nor is responsible for the accuracy or reliability of any opinion, advice, or statement made.
  • d. The Company reserves the right but has no obligation, whether on the basis of complaints or on its own initiative, to monitor any messaging or other activity and the materials posted in the public areas of the Platform, and to review usage, activity or the content of any messages, materials or other interchanges which are otherwise posted, sent or transmitted via the website. The Company shall have the right in its sole discretion to remove any material or posts, regardless of whether the Company determines that such materials or profiles violate, or are alleged to violate, the law or this agreement. Notwithstanding the foregoing, the Company does not undertake to monitor, control or edit any communications between its Members, and such communications may be offensive to you. You assume full responsibility and you assume all risk for the use of the services, and you are solely responsible for evaluating the accuracy, completeness, and usefulness of all services, products, communications, and other information. In no event the Company or its affiliates will be liable for any incidental, consequential, or indirect damages (including, but not limited to, any deaths, threats, torts or injuries committed by any other users, damages for loss of data, loss of programs, cost of service interruptions or procurement of substitute services) directly or indirectly arising out of the use or inability to use the services, even if the Company, its agents or representatives know or have been advised of the possibility of such damages. Notwithstanding anything to the contrary contained herein, the Company’s liability to you by the Company, its affiliates, for any cause whatsoever, and regardless of the form of the action, will at all times be limited to the amount paid, if any, by you for the services herein. The services are provided on an "as is" basis without any warranties or conditions of any kind, express, implied, statutory, in all communication with the Company, its affiliates or its representatives, or otherwise with respect to the services. The Company and/or its affiliates specifically disclaim any implied warranties of merchantability, fitness for a particular purpose, or non-infringement. Neither the Company nor its affiliates warrant that your use of the services will be secure, uninterrupted, always available, error-free, will meet your requirements, or that any defects in the website will be corrected. The Company and its affiliates disclaim all liability, regardless of the form of action, for the acts or omissions of other Members or Users (including unauthorized users, or "hackers") of the website or services.