GBX PLATFORM (GBX DAX)
USER TERMS AND CONDITIONS
Welcome to the Global Blockchain Exchange User Terms and Conditions for personal accounts (“User Terms”). GBX is incorporated as GBXOÜ, a private limited liability company registered in Estonia under register code 14687762 and licensed by the Estonian Financial Intelligence Unit (FIU) as a virtual currency against fiat currency exchange service provider and virtual currency wallet service provider under Estonian Money Laundering and Terrorist Financing Prevention Act (“GBX”, “us”, “we”, or “our”). If you wish to open a corporate or business account on the GBX platform, please refer instead to the document called USER TERMS AND CONDITIONS (CORPORATE ACCOUNT) (https://exchange.gbx.global/), alternatively you may contact GBX support ([email protected]) which will provide the respective details.
GBX is a secondary market platform that enables the buying, selling, holding and exchanging of virtual currency (collectively and individually, “Virtual Currency”) against Virtual Currency and fiat currency (“Fiat Currency”). Virtual Currency may include cryptocurrencies such as Bitcoin and Ethereum, in addition to various utility tokens that are not classified as securities under European laws. Under the under Estonian Money Laundering and Terrorist Financing Prevention Act, Virtual Currency means a value represented in digital form, which is digitally transferable, preservable or tradable and which natural persons or legal persons accept as a payment instrument, but that is not the legal tender of any country or funds for the purposes of Article 4(25) of Directive (EU) 2015/2366 of the European Parliament and of the Council on payment services in the internal market (amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, pp. 35–127) or a payment transaction for the purposes of points (k) and (l) of Article 3 of the same Directive).
These User Terms set out the agreement between GBX and you, the person who uses the Services and/or the Site (the “user,” “you”). These User Terms govern your use of the GBX DAX website and all related subdomains and electronic applications including our Mobile Services (the “Site”) and our products and services, including access to and use of the GBX DAX (the “Services”).
- deposit and withdraw Fiat Currency and Virtual Currency;
- buy and sell various Virtual Currencies;
- trade various Virtual Currency against Fiat Currency and/or other Virtual Currency; and
- store (hold) your Virtual Currency on your Account.
The Site and the Services are subject to continuous development and so the actual functionality of the Site and the available Services shall be those referenced on the Site from time to time.
Depending on your eligibility, you may not be able to use all of the Services and functions of the Site. It is your responsibility to comply with the rules and laws in your country of residence and the country or jurisdiction from which you access the Site and the Services.
- you have read, understood and agree to be bound by these User Terms;
- you have reviewed all risk warnings, disclaimers and information contained in any documentation provided by the Issuers and/or whitepapers in respect of any specific Virtual Currency that you buy;
- you will abide by all applicable law and regulations that may apply to you; and
- you will not engage in activity on the GBX platforms that endangers or compromises the integrity of the GBX DAX.
We may, at our sole discretion, suspend, modify, remove or add to the Services at any time.
GBX accepts no responsibility whatsoever for verifying or ensuring that you are using the Services and/or the Site in accordance with these User Terms, as updated from time to time.
Subject to your continued compliance with these User Terms, GBX grants you a personal, non-exclusive, non-transferable, non-sub licensable and limited right to visit and use the Site and the Services.
Subject to satisfying GBX’s know-your-customer (“KYC”) procedures, persons who reside in the following jurisdictions are permitted to open an account on the DAX:
- UK including British Overseas Dependent Territories (Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Guernsey, Isle of Man, Jersey)
- EU, European Economic Area (“EEA”) and Switzerland (Liechtenstein, Iceland, Norway, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland)
- Hong Kong
Virtual Currency represent a relatively new form of digital information and potential value. We encourage all users to ensure that they research and understand the nature of the blockchain and distributed ledger technologies.
WHERE APPLICABLE THE ISSUERS (“DLT ISSUERS”) OF VIRTUAL CURRENCY THAT ARE ADMITTED TO THE GBX DAX PROVIDE THEIR OWN INFORMATION IN RELATION TO FUNCTIONALITY AND RISKS OF THE VIRTUAL CURRENCY. GBX HAS IMPLEMENTED A NUMBER OF RULES APPLICABLE TO ANY VIRTUAL CURRENCY ADMITTED TO THE GBX DAX. VIRTUAL CURRENCY IS BROADLY CONSIDERED AS AN UNREGULATED FORM OF CROWD-FINANCING, PAYMENT OR UNREGULATED EXCHANGES OF CRYPTOGRAPHICALLY REPRESENTED VALUE.
BUYING VIRTUAL CURRENCY INVOLVES MANY DIFFERENT RISKS. VIRTUAL CURRENCIES OFTEN INVOLVE THE USE OF EXPERIMENTAL SOFTWARE, TECHNOLOGIES AND EVEN BUSINESS MODELS THAT MAY NOT COME TO FRUITION OR ACHIEVE THE OBJECTIVES SPECIFIED IN THE INFORMATION PROVIDED TO PARTICIPANTS. THERE IS A RISK OF ILLIQUIDITY. VIRTUAL CURRENCY ADMITTED TO THE GBX DAX ARE NOT INTENDED TO REPRESENT SECURITIES OR FINANCIAL INSTRUMENTS AND THEREFORE DO NOT CARRY THE SAME PROTECTIONS AS THOSE INSTRUMENT TYPES.
YOU SHOULD UNDERTAKE YOUR OWN RESEARCH TO UNDERSTAND THE VARIOUS RISKS RELATING TO BUYING, HOLDING AND SELLING VIRTUAL CURRENCY AND MAKE DECISIONS BASED ON YOUR OWN RISK APPETITE. RISK FACTORS ARE SET OUT IN THESE USER TERMS AND GBX MAY PUBLISH AND MAINTAIN A NON-EXHAUSTIVE LIST OF POTENTIAL RISK FACTORS (“RISK FACTORS”) ASSOCIATED WITH THE PRODUCTS AND SERVICES AVAILABLE ON THE SITE AND YOU ARE DEEMED TO HAVE REVIEWED ANY SUCH RISK FACTORS AND CONSIDERED THEM WHEN USING THE SITE AND ASSOCIATED PRODUCTS AND SERVICES. PLEASE REFER TO THE RISK FACTORS AND SEEK FURTHER INFORMATION ON VIRTUAL CURRENCY TO MAKE YOURSELF AWARE OF AND CONSIDER THE ASSOCIATED RISKS.
USERS SHOULD BE AWARE THAT THE MARKETS FOR VIRTUAL CURRENCY ARE SUBJECT TO VERY SIGNIFICANT VOLATILITY. THESE FLUCTUATIONS MAY INCREASE OR DECREASE THE VALUE OF YOUR VIRTUAL CURRENCY AT ANY GIVEN MOMENT AND IN SOME CASES ANY SPECIFIC VIRTUAL CURRENCY MAY EVEN BECOME WORTHLESS. THERE IS A RISK THAT MATERIAL LOSSES WILL ARISE TO USERS AS A RESULT OF VOLATILITY AND/OR SPECULATION. USERS MUST ENSURE THEY TAKE ALL RISK FACTORS INTO ACCOUNT WHEN DECIDING ON THE AMOUNT THEY WISH TO BUY, HOLD OR SELL AND THE FREQUENCY WITH WHICH THEY WISH TO TRADE. IF YOU FEEL UNCOMFORTABLE WITH THE RISKS OR YOURACCOUNT POSITION THEN YOU MAY NEED TO REDUCE OR EVEN ELIMINATE YOUR EXPOSURE TO BUYING OR SELLING VIRTUAL CURRENCY.
VIRTUAL CURRENCY ARE NOT NORMALLY BACKED BY ANY GOVERNMENTAL BODY, LEGAL ENTITIES OR BY REAL ASSETS. THIS MEANS THEY MAY NOT HAVE ANY REDEMPTION VALUE AND THEIR TRADING IS NOT SUPERVISED. VIRTUAL CURRENCY ARE BACKED BY TECHNOLOGY AND THE TRUST OF USERS IN TECHNOLOGY TO CREATE SUITABLE TRUSTLESS PROTOCOLS TO MANAGE TRANSACTIONAL INFORMATION. THERE IS NO CENTRAL BANK OR REGULATOR THAT WILL TAKE CORRECTIVE MEASURES IN THE EVENT OF A FAILURE OF A VIRTUAL CURRENCY OR THE WIDER MARKET AND ANY TRADING LOSSES WILL REMAIN FOR YOUR OWN ACCOUNT.
THE ABOVE RISK FACTORS ARE NOT INTENDED TO BE A COMPLETE LIST OF RISKS THAT ARE APPLICABLE TO BUYING, SELLING, HOLDING AND TRADING VIRTUAL CURRENCY. YOU ARE RESPONSIBLE FOR TAKING CARE TO UNDERSTAND THE TECHNICAL, ECONOMIC AND LEGAL NATURE OF VIRTUAL CURRENCY AND FOR CAREFULLY MANAGING YOUR EXPOSURE IN ACCORDANCE WITH THAT UNDERSTANDING AND YOUR RISK APPETITE FOR INNOVATIVE, VOLATILE AND SPECULATIVE NEW TECHNOLOGIES AND VIRTUAL CURRENCIES.
OUR PAYMENT SERVICE PROVIDERS HAVE NO INVOLVEMENT IN BUYING, SELLING, HOLDING OR EXCHANGE OF VIRTUAL CURRENCY AND ARE ONLY INVOLVED IN THE TRANSFER AND SAFEKEEPING OF OUR AND/OR USER’S FIAT CURRENCY.
Your use of the Site and Services may be subject to agreement of such additional terms and/or policies (“Additional Terms”) as are relevant, and may include terms that govern your rights in association with any Virtual Currency that you buy, sell or hold on your Account.
GBX makes no representation that materials on the Site are appropriate, lawful or available for use in any locations other than Estonia. Those who elect to access or use the Site from locations outside Estonia do so on their own initiative and are responsible for compliance with local laws, if and to the extent local laws are applicable.
The Site will be accessible via a mobile or wireless device such as a tablet or smartphone (“Mobile Services”). Your use of the Mobile Services is subject to your mobile service provider’s regular messaging, data and other rates. Mobile Services are also limited by your mobile service provider, which may not work with all providers and devices, and your provider may prohibit or restrict you from downloading and installing the Mobile Services. You bear sole responsibility of checking if your mobile service provider allows for use of the Mobile Services and the costs that you may thereby incur. All use of the Site, including Mobile Services, must be in accordance with these User Terms.
The Services allow you to exchange certain types of Virtual Currency with the Site’s Registered Users (the “Registered Users”). GBX may, at its sole discretion, amend the list of Virtual Currency at any time.
Virtual Currency may be exchanged, on a per transaction basis, for other Virtual Currency or for Fiat Currency. Such exchanges may only be transacted between Registered Users and shall be subject to having first satisfied: (i) the requirements for opening an Account on GBX (as described in REGISTRATION AND ACCOUNTS); and (ii) the relevant due diligence process, the determination of which shall both be at the sole discretion of GBX.
We reserve the right to refuse to process, or to cancel or reverse, any transaction in our sole discretion, regardless of whether or not Virtual Currency has been credited to or debited from your Account.
The instructions and details provided by you to GBX shall determine: the exchange of Virtual Currency with Registered Users; buying or selling of Virtual Currency on the GBX DAX, any delivery of Virtual Currency to you, and/or crediting or wiring of Fiat Currency to you. GBX shall not, and you understand and agree that GBX shall not, accept any responsibility whatsoever for any errors contained in the instructions or other details you provide to us. You also understand and agree that GBX shall not be liable for any such errors.
To trade on the GBX DAX, you must first prefund your GBX DAX account with Fiat Currency or the Virtual Currency you wish to trade to ensure the transaction is processed.
The Virtual Currency you deposit shall be delivered to an omnibus digital enterprise wallet controlled by us, and such deposits shall be recorded under your Account.
Fiat Currency you deposit shall be deposited by you with GBX’s payment provider, details of which can be found on the GBX DAX website (https://exchange.gbx.global/). Alternatively you may contact GBX support ([email protected]) which will provide the respective details.
Once we receive confirmation of your Fiat Currency deposit, the deposit will be recorded in your Account.
There are minimum amounts for both Virtual Currency and Fiat Currency deposits which can be found on the GBX DAX website (https://exchange.gbx.global/). Alternatively you may contact GBX support ([email protected]) which will provide the respective details.
Virtual Currency deposits are processed automatically on GBX DAX meaning, subject to any disruption in the functionality of the GBX DAX or planned maintenance, your deposit is likely to be processed within one hour of you transmitting your Virtual Currency to GBX DAX.
Fiat Currency deposits are processed manually on GBX DAX meaning that deposits will only be processed on business days during business hours and therefore may take up to up to several days to process, especially if initiated at the end of the working week, over a weekend or on a public holiday.
Virtual Currency withdrawals are made from an omnibus digital enterprise wallet controlled by us, and such withdrawals shall be recorded under your Account.
Fiat Currency withdrawals shall be processed via GBX’s payment provider, details of which can be found as per the GBX DAX website (https://exchange.gbx.global/). Alternatively you may contact GBX support ([email protected]) which will provide the respective details.
When a Fiat Currency withdrawal has been processed, the withdrawal will be recorded in your Account.
There are minimum amounts for both Virtual Currency and Fiat Currency withdrawals which can be found as per the GBX DAX website (https://exchange.gbx.global/). Alternatively you may contact GBX support ([email protected]) which will provide the respective details.
Virtual Currency withdrawals are processed via a combination of automatic and manual processes. GBX maintains a nominal balance of Virtual Currency within the hot wallet functionality of its omnibus digital enterprise wallet so that it is available to facilitate small withdrawals automatically as and when they are requested by you. Automatic processing of small withdrawals is subject to the nominal balance of Virtual Currency being available in the hot wallet. From time to time, subject to the volume of small withdrawals, the nominal balance may have been withdrawn from the hot wallet and there may not be any Virtual Currency available to automatically process such small withdrawals. When such instances occur small withdrawals will not be processed until GBX has restored a balance of Virtual Currency within the hot wallet in order to facilitate the respective withdrawal requests. GBX performs a manual top-up of its hot wallet on a daily basis, on business days, between 7am and 9am UTC; therefore it may take up to up to a few days to process small withdrawals, especially if initiated at the end of the working week, over the weekend or over a public holiday.
Large withdrawals are processed manually. GBX performs a manual top-up of its processing wallet in order to facilitate large withdrawals on a daily basis, on business days, between 7am and 9am UTC; therefore it may take up to up to several days to process large withdrawals, especially if initiated at the end of the working week, over the weekend or a public holiday. If you intend to instigate a large withdrawal you can inform GBX support ([email protected]) and inform us in advance of the intended large withdrawal. Subject to applicable compliance procedures and available withdrawal personnel, large withdrawals may be able to be processed during times outside (and in addition to) the daily processing wallet top-up procedure on business days, between 7am and 9am UTC.
Fiat Currency withdrawals are processed manually on the GBX DAX meaning that withdrawals will only be processed during business hours and therefore may take up to up to several days to process, especially if initiated at the end of the working week, over the weekend or on a public holiday.
We do not charge a fee for Fiat Currency deposits and/or Fiat Currency withdrawals. Our payment provider charges us fees for account maintenance and transactional activity. Our payment provider charges up to and in the region of US$40 for Fiat Currency withdrawals.
There are no charges for Virtual Currency deposits. Our charges for Virtual Currency withdrawals are set out as per the GBX DAX Support Centre (https://exchange.gbx.global/).
DELIVERY OF VIRTUAL CURRENCY
By accepting these User Terms, you acknowledge and hereby accept that delivery of the Virtual Currency is separate from the payment process and that transfers may not be immediate. You also acknowledge and accept that certain factors, including but not limited to, the outcome of any extant due diligence process, may prevent or delay GBX from fulfilling orders or deliveries of Virtual Currency.
GBX does not exercise any control over any electronic wallet (“Wallet”) that you may utilise outside of the Site in connection with your use of the Site. Similarly, GBX has no right or ability to control any Wallets provided by third parties.
You understand that any dispute between you and any third party Wallet provider is strictly between you and that third party Wallet provider.
PLEASE NOTE THAT YOUR USE OF OUR SITE AND ABILITY TO DEPOSIT AND WITHDRAW ARE SUBJECT TO OUR INTERNAL MANUAL PROCESSES AND CONTINUING COMPLIANCE REQUIREMENTS. VIRTUAL CURRENCY WITHDRAWALS FROM GBX CONTROLLED WALLETS AND FIAT CURRENCY WITHDRAWALS FROM GBX’S PAYMENT PROVIDERS MAY THEREFORE TAKE UP TO A FEW DAYS, ESPECIALLY IF INITIATED AT THE END OF THE WORKING WEEK, OVER THE WEEKEND OR A PUBLIC HOLIDAY. ANY ACTIVITY (INCLUDING DEPOSITS AND WITHDRAWALS) MAY ALSO BE DELAYED OR SUSPENDED AT ANY TIME IN ORDER FOR US TO MEET OUR COMPLIANCE REQUIREMENTS, INCLUDING KNOW YOUR CUSTOMER OBLIGATIONS AND VERIFICATION OF THE SAME.
BUYING AND SELLING VIRTUAL CURRENCY
Virtual Currency may be bought from or sold to other Registered Users. GBX may amend the list of available Virtual Currency at any time at its sole discretion.
The buying or selling of Virtual Currency on the Site shall be subject to you having first satisfied: (i) the requirements for opening an Account (as described in REGISTRATION AND ACCOUNTS), and (ii) the relevant due diligence process, the determination of which shall both be at the sole discretion of GBX.
We reserve the right to refuse to process, or to cancel or reverse, any Virtual Currency bought or sold on the GBX DAX, at our sole discretion (acting reasonably), regardless of whether or not the Virtual Currency has been debited from your Account.
AVAILABILITY OF SERVICES
GBX cannot, and does not, guarantee the availability of the Services at all times. You acknowledge and accept that GBX reserves the right, at all times, to delay, deny, or make unavailable, at its sole discretion, any or all of the Services, any part of the Site and/or the Site in its entirety.
Processing and other operations necessary to ensure the ongoing functionality of the Services may, at times, affect the availability of the Services. By accepting these User Terms, you also acknowledge and accept the requirement for such interruptions.
GBX shall accept no responsibility or liability whatsoever in connection with the unavailability of any Service and/or the Site, regardless of whether such unavailability has been caused by GBX, a third party or force majeure. You understand and accept that any such event may cause a delay in the execution or processing of your orders and transactions, and you irrevocably release GBX of any and all liability in this respect. The above shall not apply if the unavailability of any Service and/or the Site is intentionally caused by GBX or due to the gross negligence of GBX.
For the purpose of the User Terms, force majeure means an event beyond the control of GBX, including without limitation: acts of God, acts of government, fire, flood or storm damage, earthquakes, labour disputes, war, and riot.
In order to access the Services, you must set up an account (“Account”) through the use of GBX’s on-boarding platform, the Accounts Centre. Only one Account can be set up per individual. You are solely responsible for all activity that takes place under the authorisation of your Account. We will not be liable for any loss or damage arising from any un-authorised use of your credentials. You hereby release GBX from any and all liabilities arising from such activity, except where the loss or damage is caused intentionally by GBX or due to the gross negligence of GBX.
You acknowledge and hereby accept that certain information (such as your name, ID/passport number, date of birth, e-mail address, postal address, telephone number, digital Wallet address, bank details, occupation details and/or source of wealth) may be requested during the registration process. In agreeing to these User Terms, you also agree to comply with such requests and provide us with accurate information in respect of such requests.
You further agree to provide us with any additional information we may request and deem necessary, in a timely manner, over the course of the registration process or afterwards for verification purposes or any other purpose in connection to providing you with the Services.
By registering with us through the Site and opening an Account, you further confirm and warrant to us the following:
- you have reached at least the age of 18 and the legal age to enter into a binding agreement in your location;
- you are of sound mind and capable of taking responsibility for your own actions, with the full legal capacity to accept these User Terms;
- you fully understand the significance and consequences of transactions involving Virtual Currency;
- you fully understand and accept the risks associated with transactions involving Virtual Currency, including the risks set forth in these User Terms; and
- you have read, understood and accepted these User Terms.
YOUR ACCOUNT AND PERSONAL USE
You are responsible for maintaining the security and confidentiality of your Account verification details (including any password). You agree to notify us immediately at [email protected] if you suspect or know of any un-authorised use of your login credentials or any other breach of security with respect to your Account. Separate login credentials may be required to access External Sites.
Upon Account creation, you consent to provide correct and complete information, you will update the information about yourself promptly, and as necessary, to keep it current and accurate. GBX expressly disclaims any and all liability arising from revocation, cancellation or suspension of your Account for any reason, except where such limitation is not permissible under applicable law. Your Account and registration will terminate immediately upon your breach of any provisions of these User Terms.
Your Registration Details and/or Additional Details may be verified through the request of certain documentation from you. We reserve the right to carry out such verification at any time and at our sole discretion. In certain instances, and if we deem it necessary, we may request certain documentation be notarised.
Failure to comply with our requests for information or documentation from you to our satisfaction may result in the termination of your Account. The decision to terminate an Account shall be at our sole discretion and we shall be under no obligation to accept the documentation provided by you if, for instance, we suspect that such information is invalid, inaccurate or tampered with, or if our due diligence process has not, in our view, been satisfied. We are under no obligation to disclose to you our findings in relation to the documents or information submitted to us by you.
We reserve the right to, with or without prior notice, suspend or terminate your Account if activities occur on your Account which appear to or actually infringe or violate any third-party rights, damage or bring into disrepute the reputation of GBX, violate any applicable laws or regulations or be in breach of these User Terms. If messages sent to the e-mail address you provide are returned as undeliverable, then we may terminate your Account immediately without notice to you and without any liability to you or any third party. You may terminate your Account and participation as a Registered User at any time, without notice.
We may from time to time, in order to comply with our legal and/or compliance requirements, temporarily restrict access to your Account subject to you updating your personal and compliance information and documentation. This may occur without notice. During such period of updating your personal and/or compliance related information and documentation you will not be able to access your Account, and access to your Account may not be granted until such respective information and documentation has been satisfactorily provided. Processing of any information and documentation will occur during business hours and therefore may take up to up to several days to process, especially if initiated at the end of the working week, over the weekend or a public holiday. If you urgently require access to your Account during any such period of temporary restriction please contact GBX support ([email protected]) and make us aware of your requirements.
We may also take steps to freeze an Account if we have a reasonable suspicion that it may have been compromised. Whilst we try to mitigate the risk of fraud and cybercrime, we make no warranty that we will be able to identify or prevent un-authorised access to an Account and a Firm should check its Account(s) frequently.
You acknowledge and agree that we may, at our sole discretion, deny rights to access the Site and Services. GBX will have no liability to you or bear responsibility for any losses, queries or investigations arising from or related to this, except where such limitations are not permissible under applicable law.
You understand and accept that responsibility for maintaining the confidentiality of your Account information (for example: username, password and other sensitive, confidential details) lies fully with you. You are also fully responsible for safeguarding your own Virtual Currency and your Account’s transactional activity. Failure to act responsibly when it comes to safeguarding your Account may result in un-authorised access by a third party and loss or theft of your Virtual Currency and of details relating to any other accounts linked to your Account.
You further understand and accept that you are solely responsible for the security of your Account details and digital Wallet address on your own personal device or internet access location. GBX holds no responsibility or liability whatsoever if your Account is accessed without authorisation from such personal device (for example, hacking through any viruses or malware). In the event of such un-authorised access or other security breaches involving your personal device (for example: your login information has been compromised; a third party has gained access to your Account username and/or password, and/or your Account has been used without your authorisation), GBX should be immediately informed via email on [email protected]. Within that email, you should include all the relevant information relating to the security breach in question.
KNOW YOUR CUSTOMER (“KYC”) AND ANTI-MONEY LAUNDERING (“AML”) POLICY
Our KYC procedures include a verification process to verify your identity, together with an assessment relating to your eligibility to receive the Services. During this verification process, and aside from the details requested at registration stage, we may request certain documents and information from you(such as proof of address, proof of your payment method and a copy of a government issued identity card). If deemed necessary by GBX, we may, at our sole discretion, require such documentation to be certified or notarised at your expense. You acknowledge and accept that we are under no obligation to accept any documents and/or information as valid. Pursuant to our KYC procedure, and in addition to the information required at registration stage and provided through documentation, we may also deem it necessary to verify your identity via additional means, such as a video (“Video Identification”) and/or audio call conference (collectively, the “KYC process”).
GBX also implements certain checks to prevent any criminals from laundering, or attempting to launder, proceeds derived from criminal activity through the Site and/or Services. We do this by following the GBXAML Policy.
You understand and accept that GBX may perform enquiries during the verification process (directly or through a third party service provider) in order to fulfil its legal and regulatory obligations. GBX may, at its sole discretion, take any action it may deem necessary in respect of the outcome of such enquiries, and GBX shall not be liable, nor shall it hold any responsibility, for any resulting losses, queries or investigations.
Depending on the outcome of the due diligence checks, GBX reserves to right to prohibit, limit or suspend your use of, or access to, at any time, the Services and/or the Site. The opening of Accounts shall also be at the sole discretion of GBX.
GBX will identify you and verify the data submitted by you with the help of information technology (Video Identification) as required by the Estonian Money Laundering and Terrorist Financing Prevention Act and in accordance with the requirements stated in Section 31 of the Estonian Money Laundering and Terrorist Financing Prevention Act in the following situations:
- when you are an e-resident or a person from a country outside the EEA or when your place of residence or seat is in such country
- when you are from a contracting state of the EEA or when your place of residence or seat is in such a country and total sum of outgoing payments per calendar month exceeds:
- €15,000 if you are natural person, or
- in the case of a customer who is a legal person, €25,000.
To identify yourself, you must when entering the information system specified by GBX and confirm that you have read the information about the use of information technology means and agree to the conditions of Video Identification.
During Video Identification you must confirm that:
- you carry out the procedures personally, except when:
- you have GBX’s or third party service provider permission to use the assistance of another person to eliminate any technical problems when the identification questionnaire is carried out;
- you have GBX’s or third party service provider permission to use the assistance of another person to eliminate any technical problems when the interview is carried out.
- the data submitted by you in the course of the video identification are true and complete, and you are aware of the consequences associated with the submission of incorrect, misleading or incomplete information upon the establishment of a business relationship;
- you meet the conditions established by GBX for the establishment of business relationships and the conclusion of transactions on occasional basis; and
- you agree with the application of Estonian law.
The identification and verification of your identity with the help of information technology means is unsuccessful if:
- you have intentionally submitted data that do not correspond to the identification data entered in the identity documents database or do not coincide with the information or data obtained with other procedures;
- the session expires or is interrupted during the identification, the identification questionnaire or the interview, or the information flow that transmits synchronised sound and image does not comply with the requirements;
- you have not given the confirmations stipulated in the section above;
- you refuse to comply with GBX’s or third party service provider instructions to change your body position and place yourself and the document in the frame to make it possible to identify you and verify your identity including to view the data or images on the document, or to remove items covering the head or face and glasses, or any other instructions given in order to guarantee the identification and verification of your identity data;
- you use the assistance of another person without GBX’s or third party service provider permission; or
- there are circumstances that give rise to suspicions of money laundering or terrorist financing.
The identification and verification of your identity does not oblige GBX to establish a business relationship or guarantee the accessibility of services.
MAKING CLAIMS OF INTELLECTUAL PROPERTY INFRINGEMENTS
If you have any intellectual property rights-related complaint about the Content on the Site, please contact [email protected].
Any notice that the content hosted or distributed through GBX channels is allegedly infringing on intellectual property rights must include the following detail:
- a signature of the person authorised to act on behalf of the owner of that right;
- a description of the intellectual property alleged to have been infringed;
- a description of where that infringed material is located on the Site;
- your address, contact number and email address and other relevant contact details;
- a statement that in good faith, you believe that the use of the materials on the Site which you are submitting a complaint about is not authorised by the copyright owner, its agent or the law; and
- a statement that all the information in your notice is accurate and that, under penalty of perjury, you are the copyright or intellectual property owner or authorised to act on the copyright or intellectual property owner’s behalf.
- remove or disable access to material that GBX believes in good faith, upon notice from an intellectual property owner or his or her agent, is infringing the intellectual property of a third party by being made available through the Site;
- remove any user content submitted by users who reasonable appear to us or may be determined to be “repeat infringers”; and
- promptly terminate the Accounts of repeat infringers (though note that GBX retains the discretion to terminate the Account of any user after receipt of a single notification of claimed infringement or upon GBX’s own determination).
RESTRICTIONS ON USE OF THE SITE
Without conflict or limitation of other provisions in these User Terms, you agree not to, and to refrain from attempting to:
- decompile, decipher, or tamper with any of the GBX software or source code;
- gain un-authorised access to any portion of the Site, or any other systems or networks connected to it, or to any GBX server, or to any of the Content offered on or through the Site by circumventing the Site’s access control measures, either by hacking, password mining or any other means;
- transmit any virus, spyware, malware or any other computer file or program that may or is intended to or may reasonably be expected to disable, overburden, impair, damage or hijack the operation of any hardware, software or telecommunications equipment, or any other aspect of the Site or communications equipment and computers connected thereto;
- use or exploit any Marks or GBX Content in any manner that is not expressly authorised by these User Terms;
- provide any false information to GBX;
- utilise any device or software that can interfere, or in an attempt to interfere, with the proper working of the Site;
- delete or alter, any material GBX makes available on the Site;
- post illegal material or use the Site for illegal activity;
- create a false identity or impersonate another person or entity in any way;
- fail to provide us with the necessary information to verify your identity and source of funds or wealth;
- use any means to restrict, discourage or deny the use of the Site from any person;
- use the Site, without GBX’s prior express written consent, for any un-authorised purpose;
- violate any international, national, federal, state or local laws or regulations or these User Terms; and
- assist any person in carrying out any of the activities set out above.
Any of the above will constitute breach of these User Terms allowing us to suspend or terminate your use of the Site and any Account with immediate effect.
In order to protect GBX, the Site, you and our other users we may also be required to suspend your Account or use of the Site without notice at any time and with immediate effect where we deem it reasonably necessary to ensure the safety of our customers and to protect against the risks of fraud and cybercrime. We may also be required to suspend the Services and use of the Site due to unforeseen operational or technical difficulties.
The Site may contain links to other websites that are not owned or controlled by GBX (collectively, External Sites). GBX expressly does not make any representations or guarantees about the accuracy or completeness of the content and materials presented on such External Sites. You should contact the site administrator of these External Sites should you have any concerns regarding their content. If you access any External Sites, then you do so solely at your own risk and discretion. You will be held solely responsible for compliance with any terms of service or similar terms imposed by any External Site in connection with your use of them.
CONSENT TO ELECTRONIC COMMUNICATIONS
We acknowledge that in order to access our Site and Service, you may be required to share with us information of a confidential nature, which is not publicly available and which relates to the Firm’s activities (“Confidential Information”). We will only use such information for the purpose of providing the Firm the Services or the services of other GSX Group companies and may share the Confidential Information with other companies associated with us or our external service providers for those same purposes. When in our possessions, we will safeguard the Firm’s Confidential Information as we do our own and whenever we share your Confidential Information with third parties, we will procure that it is treated as confidential and only used for the purpose for which it is shared.
LAW, JURISDICTION, COMPLAINTS AND DISPUTE RESOLUTION
If you would like to raise a concern or lodge a complaint in relation to the Site or any GBX Service, please email us at [email protected]. We will always strive to resolve all concerns and complaints through set internal resolution procedures. However, should any disputes regarding the Site or GBX services nevertheless arise, these will be governed and construed in accordance with the laws of Estonia. The parties hereto agree to irrevocably submit to the exclusive jurisdiction of the courts of Estonia subject to the exclusive right for GBX to take action in any other jurisdiction as it may deem appropriate to enforce its rights herein, unless otherwise required by mandatory law.
By accepting these User Terms you agree that any dispute resolution proceedings will be conducted on an individual basis and not as part of a class, representative or consolidated action.
LIMITATION OF LIABILITY AND DISCLAIMER OF WARRANTIES
You agree that GBX has no liability in respect of:
- any inaccessibility or unavailability of the Site or any problems you may encounter with buying and/or selling on the Site;
- any breaches relating to security and cyber security that affects any function, content or service provided by GBX; and/or
- the eventual outcome of any buying or selling that you make on the Site; you remain responsible for risks of using and accessing the Site, and you should only spend what you are willing and can afford to lose and/or expose to a material loss in value.
The terms of this section apply to the maximum extent permitted by applicable law.
All information on the Site should be considered only as information. GBX makes no warranties or representations about the Services, Site or any Content thereon. Accordingly, the Site and all Content thereon are provided on an “as is” and “as available” basis without guarantees of any kind, and GBX hereby disclaims all warranties, including but not limited to, the warranties of suitability, merchantability, title and non-infringement of third party rights for a particular purpose.
Without limiting the above section, GBX does not warrant that the Site and any Content thereon will always be available or be free of errors, computer viruses or similar contamination or destructive features. If your use of the Site or any Content thereon results in the need for servicing or replacing hardware, software, other equipment or data, GBX will not be responsible nor shall it bear any part of the costs incurred in doing so.
IN NO EVENT WILL GBX BE LIABLE FOR ANY LOSS OR INJURY CAUSED, IN WHOLE OR IN PART, BY ITS ACTIONS, OMISSIONS OR NEGLIGENCE, INCLUDING BUT NOT LIMITED TO PROCURING, COMPILING OR DELIVERING THE SITE OR CONTENT; INCIDENTAL, INDIRECT, OR CONSEQUENTIAL DAMAGES, LOST PROFITS OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION RESULTING FROM, OR IN CONNECTION WITH, THE SITE AND ANY CONTENT THEREON, WHETHER BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE) OR ANY OTHER LEGAL THEORY, EVEN IF THE GBX PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.THIS SHALL NOT APPLY IF THE LOSS OR INJURY IS CAUSED BY GBX INTENTIONALLY OR DUE TO GROSS NEGLIGENCE. GBX’S LIABILITY, AND THE LIABILITY OF ANY OF THE OTHER GBX PARTIES, TO YOU OR ANY THIRD PARTIES IN ANY CIRCUMSTANCE ARISING FROM THIS AGREEMENT AND USE OF THE SITE IS LIMITED TO EURO1,000 (€1,000) IN AGGREGATE, EXCEPT WHERE THE LOSS OR INJURY IS CAUSED BY GBX INTENTIONALLY OR DUE TO GROSS NEGLIGENCE.
There may be inadvertent technical or factual inaccuracies or errors in information on the Site, and GBX makes no warranty, representation or guarantee as to the sequence, accuracy, timeliness or completeness of the Content or that the Content may be relied upon for any reason. GBX makes no warranty, representation or guarantee that the Content will be uninterrupted or error free or that any defects can be corrected. GBX hereby expressly disclaims all liability for errors or omissions in, or the misuse or misinterpretation of, any information or materials contained or displayed on the Site.
Information, whether oral or written, obtained by you from GBX or otherwise through the Site does not constitute legal or professional advice and we do not offer financial or investment advice. You are advised to consult with your own professional advisors on all matters requiring specialist knowledge.
Any dispute that may arise between you and a third party, including but not limited to other users and organisations, in connection with your use of the Site is directly between you and the said third party. Accordingly, to the utmost extent permitted by law, you hereby irrevocably release GBX from any and all claims, demands and damages, known and unknown, arising out of or in any way connected with such disputes.
To the extent permitted by law, you agree to defend, indemnify and hold GBX harmless from and against any and all liabilities including, but not limited to losses, expenses, damages, costs, and reasonable attorneys’ and accounting fees, resulting from:
- breach of these User Terms;
- misuse of the GBX Site, Content, Marks or Services; and/or
- provision to GBX of any false, inaccurate or misleading information.