Terms & Conditions
As used herein, “BuyUcoin or Company” refers to the holding company of BuyUcoin being Iblock Technologies Private Limited (‘Company’), a private limited company incorporated under the laws of India and having its registered office at 87, Collector Ganj 4th floor, Railway Road, Hapur-245101, India its owners, directors, investors, employees or other related parties. Where the context so permits, Depending upon context, “BuyUcoin” may also refer to the services, products, website, content or other materials (collectively, “Materials”) provided by the Company.
The Service operated by Company in the name of BuyUcoin allows buyers (“Buyers”) and sellers (“Sellers”), to buy and sell digital currencies (for more information on digital currencies, please refer to http://www.bitcoin.org).
The Service provided BuyUcoin also allows all registered users of the Service (“Members”) to:
1. transfer digital currencies to other Members or other users of digital currency outside the Website,
2. send and receive digital currencies,
3. purchase and sell digital currencies, and
4. use digital currencies for purchasing goods.
It is your responsibility to determine, collect, report, and submit any taxes applicable to the payments you make or receive in connection with the use of the Website and the Service to the appropriate tax authority. BuyUcoin is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.
To comply with AML/KYC recommendations, we require our clients to verify their identity by providing scanned copies* of the following**:
1. PAN card (mandatory),
2. Photo identity (which could be a valid passport, Aadhaar card),
3. Bank Passbook photo (mandatory), and
*Copies should be in color and a good resolution.
** The above documents provided by the clients shall be kept on the server safely and the Company shall not disclose the same to any third party unless we are mandated to do so under the provisions of any applicable laws.
BuyUcoin may use your personal information:
1. To identify you
2. To process transactions,
3. To send periodic emails with updates, promotions, company news, and notices regarding changes to policies,
4. Customize, measure, and improve BuyUcoin Service and the content and layout of our Website and applications,
5. To analyze use of the Website,
6. Prevent potentially prohibited or illegal activities, and
7. To undertake a verification of your identity with third party electronic identification providers.
By opening an account to use the Service (“Account”), you expressly represent and warrant that:
2. You do have read and understood the information provided by the Website through its How-it-works and Resources section; and
The use of the Website and the Service may entail the following risks:
1. Digital currency transactions are technically irreversible once it hits the network. The digital currencies you buy will be sent to your BuyUcoin wallet or to your own digital currency address provided. If you lose or delete your own digital currency wallet, you will lose your digital currencies in it and the same cannot be restored. The digital currency wallet address provided to you by BuyUcoin is only a way for you to deposit or accept digital currency into your BuyUcoin wallet. The owner of these digital currency wallet addresses will be BuyUcoin and the out going transactions from these digital currency wallet addresses will not be related to you or to your BuyUcoin account. When you send out digital currency from BuyUcoin wallet to other digital currency address, the “From” address for such digital currency transaction will be a temporary address and it wont be same as the digital currency wallet address provided to you. If there are any chances of reversals or pay-back for a digital currency transaction you initiated from BuyUcoin, it will be your responsibility to explicitly provide your digital currency address provided by BuyUcoin to receive such digital currency payment. Any digital currency that is not send to your BuyUcoin provided digital currency wallet address cannot be claimed to be from you. You also can neither request any reversals of such transaction nor request for the credit of those digital currency into digital currency balance in your account at BuyUcoin.
2. Digital currency value tends to fluctuate on a minute to minute basis, due to which there may be increase or decrease in the value of the digital currencies. digital currencies are subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading in digital currencies.
3. Digital currency is an as-yet autonomous and largely unregulated worldwide system of value transfer between individuals. It is not backed by any government or commodities and hence may be susceptible to risks not generally associated with government or central bank backed currencies.
4. There is also the risk of loss of confidence in digital currency trading, which could collapse demand relative to supply. For example, confidence might collapse in digital currency because of unexpected changes imposed by the software developers, the creation of superior competing alternatives, a deflationary or inflationary spiral, or due to governmental actions. Confidence might also collapse because of technical problems, for instance, if the anonymity of the system is compromised, or if any entity is able to prevent any transactions from settling.
You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading digital currencies.
We use our banking service providers only for the receipt of client moneys and making payments. Our banking service providers do not transfer digital currencies, exchange digital currencies, or provide any services in connection with digital currencies.
Limited Right of Use
Unless otherwise specified, all Materials on this Website are the property of the Company and are protected by copyright, trademark, and other applicable laws. You may view, print, and/or download a copy of such Materials on any single computer solely for your personal, informational, non-commercial use, provided you keep intact all copyright and other proprietary notices.
The trademarks, service marks, and logos of BuyUcoin and others used in this Website (“Trademarks”) are the property of the Company and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video, and audio used on this Website belong to Company. The Trademarks and Materials should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other website or networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, trademark, and other applicable laws and could result in criminal or civil legal actions and penalties.
Maintaining Your Account: Our Rules
The Website is for your personal and non-commercial use only. We are vigilant in maintaining the security of our Website and the Service. By registering with us, you agree to provide Company with current, accurate, and complete information about yourself as prompted by the registration process, and to keep such information updated. You further agree that you will not use any Account other than your own, or access the Account of any other Member at any time, or assist others in obtaining unauthorized access.
The creation or use of Accounts without obtaining the prior express permission from Company will result in the immediate suspension of all said Accounts, as well as all pending purchase/sale offers. Any attempt to do so or to assist others (Members or otherwise), or the distribution of instructions, software or tools for that purpose, will result in the Accounts of such Members being terminated, in addition to BuyUcoin, at its sole discretion, initiating any civil or criminal legal action against you and such others.
You are also responsible for maintaining the confidentiality of your Account information, including your password, safeguarding your own digital currency, and for all activity including transactions that are posted to your Account. If there is suspicious activity related to your Account, we may, but are not obligated, to request additional information from you, including authenticating documents, and to freeze any transactions pending our review. You are obligated to comply with these security requests, otherwise BuyUcoin, at its sole discretion, may choose to terminate your Account. You are required to notify BuyUcoin immediately of any unauthorized use of your Account or password, or any other breach of security by an email addressed to [email protected] The membership of a Member who violates these rules may be terminated, and further be also held liable for losses incurred by Company or any user of the Website.
You hereby agree that you shall not use the Website or our Service, in connection with any activity violating any law, statute, ordinance, or regulation. Further, you shall not deposit digital currencies into your BuyUcoin wallet that is obtained through illegal activities and you will also not use the Service to perform an illegal activity of any sort, including but not limited to, money laundering, illegal gambling operations, terrorist financing, or malicious hacking. Source of digital currencies paid to your BuyUcoin wallet is not known to BuyUcoin and you hereby agree to ensure that it always comes from legitimate sources. BuyUcoin only acts as information intermediary as far as your BuyUcoin wallet is concerned. In case of any technical or manual error that happens from BuyUcoin, the Company will take the steps to do the needed corrections including the involved transactions and/or records and will intimate you about the correction in the timely manner. If such correction create a liability on you, then you will be required to clear that liability and keep your account in good standing failing which the Company can take technical and legal actions against you to recover the liability.
You may terminate this agreement with Company, and close your Account at any time, following settlement of any pending transactions.
We also reserve the right to cancel unverified Accounts or Accounts that have been inactive for a period of 6 months or more, and/or to modify or discontinue our Website or Service. Members agree that BuyUcoin will not be liable to them or to any third party for termination of their Account or access to the Website.
You hereby agree that the suspension of an Account shall not affect the payment of the commissions due for past Transactions. Upon termination, Members will receive any monies owed to them via their registered bank account with BuyUcoin.
All Services are provided without warranty of any kind, either express or implied. While we strive to provide you with the uninterrupted Service, we do not guarantee that the access to this Website will not be interrupted, or that there will be no delays, failures, errors, omissions or loss of transmitted information.
The Website may provide links or other forms of reference to other websites (“External Websites”) or resources over which we may not have control. You acknowledge that BuyUcoin is providing any such links or references of External Websites or resources to you only as a convenience and that BuyUcoin makes no representations whatsoever about any External Websites which you may access through this Website, including such External Websites being free of such items as viruses, worms, Trojan horses, and other items of a destructive nature. BuyUcoin is not responsible for the availability of, and content provided on any External Websites. You are requested to review the policies posted by such External Websites regarding privacy and other topics before use. BuyUcoin is not responsible for third party content accessible through the Website, including opinions, advice, statements, prices, activities, and advertisements, and you shall bear all risks associated with the use of such content.
Our business model, and our Service, consists of facilitating the buying, selling, sending and receiving of digital currencies, and their use to purchase goods in an unregulated yet responsible, international open payment system. The Service we provide is currently unregulated within India.
Email messages sent over Internet are not always secure and BuyUcoin is not responsible for any damages incurred by the result of sending email messages over the Internet. We recommend sending sensitive emails by visiting ‘contact-us’ form on the Website where the information passes under security layer and is encrypted.
Limitation of Liability
Users of this website are responsible for their actions in connection with the use of the Website, Service, and their Accounts. Users are also responsible for protecting access information to the Website including, but not limited to, user names, passwords, and bank account details. BuyUcoin is not responsible for the outcome, whether positive or negative, of any action performed by any of its users within or related to the Website. Some deposits and withdrawal methods require BuyUcoin to use personal details of the user including, but not limited to, name, address, email, phone number, and bank account number, IFSC code, etc. and you agree that BuyUcoin can use these information to facilitate deposits and withdrawals.
Modification of Terms