UNIONXBIT TERMS AND CONDITIONS OF SERVICE
1. General Provisions
1.1. These Terms and Conditions (the “Agreement”) govern the use of the UnionXBit exchange service (the “Service”) and define the rights and obligations of the Service and the User when conducting transactions involving digital assets and fiat funds.
1.2. By using the Service, the User fully and unconditionally agrees to this Agreement, the AML/KYC Policy and the Privacy Policy published on the Website. If the User disagrees with any provision, they must stop using the Service.
1.3. The Service provides paid exchange services for digital assets (cryptocurrencies) and fiat funds (money issued by central banks). Current exchange pairs, rates and fees are published on the Website.
1.4. Exchanges are processed manually or semi-automatically with an operator’s involvement. This enables the Service to process non-standard exchange pairs and reduce the risk of restrictions on payment methods.
2. Registration and User Accounts
2.1. Registration with the Service is voluntary and is not required to create or complete an exchange order.
2.2. To place an order without registering, the User must provide accurate contact information and payment details required for the selected exchange pair.
2.3. A registered User is responsible for keeping their account credentials secure and must not give third parties access to their account.
2.4. In accordance with the AML/KYC Policy, the Service may request additional information or documents from the User regardless of whether the User has an account.
2.5. The Service may refuse registration, restrict access to an account or suspend the processing of an order if the User provides inaccurate information, suspicious activity is detected or an AML/KYC review is required.
3. Creating and Processing Exchange Orders
3.1. The Service does not accept transfers made through smart contracts and is not responsible for funds sent in this manner.
3.2. To make an exchange, the User places an order through the Service interface and specifies:
- the exchange pair;
- the transaction amount;
- accurate payment details, such as a cryptocurrency wallet address or bank details;
- confirmation that they agree to the rate and fee.
3.3. Processing of an order begins after the funds have actually reached the Service’s payment details, as confirmed by blockchain, payment systеm or bank records. For cryptocurrency, funds are considered received after the required number of network confirmations. For fiat funds, they are considered received when credited to the Service’s account.
3.4. The payout period for an order is 5 to 180 minutes from the time the funds are credited to the Service’s payment details. Processing may take longer in certain circumstances, including:
- high demand for the Service;
- additional AML checks;
- delays involving payment systems or blockchain networks;
- the need for manual processing by an operator.
For bank transfers, the time required for funds to be credited may be up to 3 business days and depends on the procedures of the banks involved. The User will be informed separately of a delay.
3.5. An order is considered completed after the full amount has been transferred to the details specified by the User. Completion may be confirmed by a blockchain record, a payment systеm notification or a bank statement.
3.6. Once processing of an order has begun, it may be cancelled only by agreement with the Service and where technically possible. If an order is cancelled, the funds are returned to the User less the Service’s actual expenses, such as network or payment systеm fees.
3.7. The Service may:
- suspend an order if amounts or payment details do not match, suspicious activity is detected or an AML review is required;
- split a payout into several transfers to reduce the risk of payment restrictions;
- recalculate an order at the current rate if market prices change by more than 0.1% before the funds are credited and the rate is fixed under clause 3.3;
- refuse to complete an order if this Agreement, the AML/KYC Policy or applicable law is violated.
3.8. Requests for any changes to an order, including a return of funds or a change of payment details, are accepted only by email to the Service’s official address from the email address specified when the order was created.
4. Information and Payment Requirements
4.1. The User must provide accurate information and payment details. The Service is not responsible for funds sent to incorrect details supplied by the User.
4.2. When fiat funds are exchanged for cryptocurrency, the Service may request verification of the payment method, including proof that the User owns the payment card, as part of its KYC procedures.
4.3. If the User provides incorrect payment details or a payment does not match the order information, the Service suspends the order and contacts the User. After verifying ownership of the payment and obtaining the correct details, the Service agrees with the User whether to complete the order or return the funds. Only actual, verifiable expenses directly related to the return may be deducted from the returned amount.
4.4. The expiry of a period for the User to respond does not end their right to request a return of funds. If the User does not make contact, the Service keeps a record of the funds until it receives the information necessary for a safe return. To resume consideration of the matter, the User must write from the email address specified in the order and provide the order number.
5. Rights and Obligations of the Service
5.1. The Service undertakes to:
- maintain the operation of the platform within its technical capabilities;
- process orders within the stated time frames;
- protect the confidentiality of the User’s personal data in accordance with the Privacy Policy;
- provide support concerning exchange transactions.
5.2. The Service may:
- change rates and fees before an order is confirmed;
- request additional documents and information as part of AML/KYC procedures;
- temporarily restrict a User’s access or block an account if violations are identified;
- suspend operation of the Service for technical maintenance;
- refuse service if this Agreement, the AML/KYC Policy or applicable law is violated, and inform the User that service has been refused.
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 keep it up to date;
- monitor the status of their orders;
- not use the Service for unlawful activities, including money laundering, terrorist financing or fraud.
6.2. The User represents and warrants that:
- all funds used in transactions have a lawful origin;
- they have the necessary rights to dispose of the assets;
- they understand the risks associated with digital assets, including price volatility, the irreversibility of transactions and the risk of payment restrictions.
7. Fees and Settlement
7.1. The exchange fee is shown when an order is created and may depend on the exchange pair, amount and current conditions.
7.2. All calculations are made at the rate fixed when the required number of network confirmations is received for cryptocurrency, or when funds are credited to the Service’s account for fiat payments. These conditions are specified when the order is created. If the market rate changes by more than 0.1% before the rate is fixed, the order is recalculated at the current rate.
7.3. The Service does not compensate for losses arising from:
- changes in market rates;
- delays involving blockchain networks or payment systems;
- errors made by the User when entering payment details;
- actions of third parties, including cyberattacks, unless they result from the Service’s gross negligence.
8. Limitation of Liability
8.1. The Service is not responsible for losses caused by:
- actions of third parties, including payment partners, banks and aggregators;
- failures of internet access, electricity supply or equipment;
- force majeure events, including natural disasters, military action, strikes and decisions of government authorities.
8.2. The Service’s maximum liability for an order is limited to the amount of that order, meaning the amount received from the User.
9. Dispute Resolution
9.1. The parties will seek to resolve disputes through negotiations. The User must submit a complaint through an official communication channel, namely email, specifying the order number and describing the issue in detail.
9.2. Complaints will be reviewed within 7 calendar days of receipt.
9.3. If a dispute cannot be resolved through negotiations, it will be considered under the applicable law of the place where the Service is registered. Until a specific jurisdiction has been selected, disputes will be resolved on the basis of generally recognised principles of international commercial arbitration.
10. Changes to This Agreement
10.1. The Service may amend this Agreement unilaterally. The current version is always available on the Website. Amendments take effect upon publication unless the amended text specifies otherwise.
10.2. Continued use of the Service after an amendment takes effect constitutes the User’s agreement to the updated version.
