TERMS AND CONDITIONS OF USING THE UNIONXBIT SERVICE
1. General Provisions
1.1. These Terms and Conditions (hereinafter referred to as the “Agreement”) govern the use of the UnionXbit exchange service (hereinafter referred to as the “Service”) and define the rights and obligations of the Service and the User when conducting transactions with digital and fiat assets.
1.2. Use of the Service implies the User’s full and unconditional consent to this Agreement, as well as to the AML/KYC Policy and the Privacy Policy posted on the Website. If the User disagrees with any provision, they must cease using the Service.
1.3. The Service provides services for the exchange of digital assets (cryptocurrencies) and fiat funds (banknotes issued by central banks) on a fee basis. Current exchange directions, rates, and fees are published on the Website.
1.4. Exchange operations are carried out in manual and semi-automatic modes with the participation of an operator, which allows processing non-standard directions and reducing the risks of payment blocking.
2. Registration and Account
2.1. To access the functionality of the Service, the User must register by providing accurate contact information (email address, phone number).
2.2. The User is fully responsible for the security of their account data (login, password, two-factor authentication codes) and undertakes not to grant access to third parties. Any actions performed using the account are deemed to have been performed by the User themselves.
2.3. In accordance with the requirements of international AML (Anti-Money Laundering) and KYC (Know Your Customer) standards, the Service has the right to request additional information or documents for User verification.
2.4. The User must immediately notify the Service of any suspicion of unauthorized access to the account through official support channels.
2.5. The Service has the right to refuse registration or block the account if it has doubts about the accuracy of the data provided or due to AML policy requirements.
3. Procedure for Creating and Executing Orders
3.1. The Service does not accept transfers made via smart contracts and is not responsible for funds sent in this way.
3.2. To perform an exchange, the User creates an order through the Service interface, specifying:
- exchange direction;
- transaction amount;
- correct payment details (cryptocurrency wallet address, bank details, etc.);
- confirmation of agreement with the rate and fee.
3.3. Order processing begins after the funds are actually received in the Service’s accounts, as confirmed by blockchain data, payment systеm, or bank. The moment of receipt is considered to be the receipt of the required number of network confirmations (for cryptocurrencies) or the crediting of funds to the Service’s account (for fiat).
3.4. The standard payout time for an order is from 5 to 180 minutes from the moment funds are credited to the Service’s accounts. In some cases, the processing time may be extended due to:
- high Service workload;
- additional AML checks;
- delays in payment systems or the blockchain network;
- the need for manual processing by an operator.
When using bank transfers, the transfer and crediting period may take up to 3 business days and depends on the regulations of the participating banks. The User will be additionally notified of such delays.
3.5. An order is considered executed after the funds are fully transferred to the details specified by the User. Confirmation is provided by a blockchain entry, payment systеm notification, or bank statement.
3.6. After processing has begun, cancellation of an order is possible only by agreement with the Service and if technically feasible. In case of cancellation, funds are returned to the User minus the actual expenses incurred by the Service (network fees, payment systеm fees, etc.).
3.7. The Service has the right to:
- suspend order processing in case of discrepancies in amounts, details, suspicious activity, or within the framework of AML procedures;
- split the payout into several transactions to reduce the risk of blocking;
- recalculate the order at the current rate if market quotes change by more than 0.1% before the moment of crediting (the fixation moment specified in clause 3.3);
- refuse to execute the order in case of violation of this Agreement, the AML/KYC Policy, or legal requirements.
3.8. Any changes to an order (refund, change of details, etc.) are accepted only via the official Service email from the address used when creating the order.
4. Requirements for Data and Payments
4.1. The User must provide exclusively accurate data and correct details. The Service is not responsible for sending funds to incorrect details provided by the User.
4.2. When exchanging fiat funds for cryptocurrency, the Service has the right to request verification of the payment instrument, including confirmation of card ownership by the User, as part of KYC procedures.
4.3. If incorrect details are provided, the order may be marked as “Erroneous.” Funds are returned upon the User’s request after identification and minus the actual expenses of the Service.
4.4. Funds from erroneous orders that are not claimed within 90 calendar days are non-refundable.
5. Rights and Obligations of the Service
5.1. The Service undertakes to:
- ensure the operability of the platform within technical capabilities;
- process orders within the established timeframes;
- maintain the confidentiality of the User’s personal data in accordance with the Privacy Policy;
- provide support regarding exchange operations.
5.2. The Service has the right to:
- change rates and fees until the order is confirmed;
- request additional documents and information as part of AML/KYC;
- temporarily restrict User access or block the account upon detection of violations;
- suspend the operation of the Service for technical maintenance;
- refuse service in cases of violation of this Agreement, the AML/KYC Policy, or legal requirements, notifying the User of the refusal.
6. Rights and Obligations of the User
6.1. The User undertakes to:
- comply with this Agreement, the AML/KYC Policy, and the Privacy Policy;
- provide accurate information and updаte it promptly;
- independently monitor the status of orders;
- not use the Service for illegal activities, including money laundering, terrorist financing, or fraud.
6.2. The User confirms and guarantees:
- the legal origin of all funds used in transactions;
- possession of all necessary rights to dispose of the assets;
- awareness of the risks associated with transactions involving digital assets (volatility, irreversibility of transactions, risks of blocking, etc.).
7. Fees and Calculations
7.1. The amount of the exchange fee is indicated when creating the order and may depend on the exchange direction, amount, and current conditions.
7.2. All calculations are made at the rate fixed at the moment of receiving the required number of network confirmations (for cryptocurrencies) or crediting funds to the Service’s account (for fiat), which are specified when creating the order. If the market rate changes by more than 0.1% before the fixation moment, the order is subject to recalculation at the current rate.
7.3. The Service does not compensate for losses arising from:
- changes in market rates;
- delays in blockchain networks and payment systems;
- errors by the User when specifying details;
- actions of third parties, including hacker attacks, if they are not caused by gross negligence of the Service.
8. Limitation of Liability
8.1. The Service is not liable for losses caused by:
- actions of third parties (payment partners, banks, aggregators);
- failures in the internet, power supply, equipment;
- force majeure circumstances (natural disasters, military actions, strikes, decisions of government authorities).
8.2. The maximum liability of the Service for any order is limited to the amount of that order (the amount received from the User).
9. Dispute Resolution
9.1. All disputes are resolved through negotiations. The User must submit a claim via official communication channels (email) stating the order number and a detailed description of the situation.
9.2. The claim review period is up to 7 calendar days from receipt.
9.3. If the dispute cannot be resolved through negotiations, it shall be considered in accordance with the applicable law of the Service’s place of registration. Until a specific jurisdiction is chosen, disputes shall be resolved based on the generally recognized principles of international commercial arbitration.
10. Amendments to the Agreement
10.1. The Service has the right to unilaterally amend this Agreement. The current version is always available on the Website. Amendments take effect upon publication, unless otherwise stated in the text.
10.2. Continued use of the Service after amendments are made implies the User’s consent to the new version.
