Terms & conditions
Acceptance of Terms
Acceptance of Terms
1. Introduction and Definitions
1.1. Before entering into and accepting these General Terms and Conditions you should carefully read these Terms.
1.2. When you enter into an Agreement with Vinetexchange and accept these Terms by using our platform/app, it shall be deemed that you have read, understood and accepted these Terms and you are bound by all terms and conditions of these Terms.
1.4. In these Terms the following expressions and terms shall, unless the context requires otherwise, have the following meaning(s) and is used in singular or plural throughout the Terms as appropriate;
Account means the arrangement by which a Customer is given personalized access to the platform/app;
Agreement means the contract between the Customer and Vinetexchange;
Counterparty means any bank and/or broker and/or liquidity provider and/or market maker and/or payment service provider through which Vinetexchange has a framework and arrangement in place in relation to the transactions of its Customers’; Customer means the natural person or legal entity entering into these Terms with Vinetexchange;
Currency Exchange Transaction means any transaction executed by Vinetexchange on the basis of an Agreement, involving the exchange of different currencies in order to pay out the FIAT requested by the Customer;
Cryptocurrency means a digital currency in which encryption techniques, also known as blockchain, is used to regulate the generation of units of the individual currency and to verify and track transfers. It operates independently of any central bank. It is also referred to in these Terms as “crypto” or “cryptos”.
legal relationship between you and Vinetexchange, including, but not limited to, any quote, order, transaction or equivalent.
beneficial owner of any cryptos sent to Vinetexchange and that you are the beneficial owner of the account to which the FIAT is sent. There may be no change in ownership when using the Services of Vinetexchange.
3.4. An Agreement and these Terms will only be concluded and binding upon Vinetexchange having confirmed in writing, either through e-mail or through the platform/app.
3.5. Vinetexchange may reject entering into an Agreement with any customer, even if all necessary data has been provided.
4. Services offered under these Terms.
4.1. Vinetexchange offers services for Customers to sell Cryptocurrencies in order to obtain FIAT.
4.2. Vinetexchange does not offer to hold any client funds, whether these are in FIAT or in Cryptos.
4.3. Vinetexchange does not support all FIAT and Cryptos. An overview of the available Cryptos and FIATs can be found on the platform/app. If you wish to have a currency added, you may submit a request over the platform/app, however Vinetexchange reserve the right to decline such request.
4.4. You acknowledge and accept that Vinetexchange will only be able to provide its services to you, if you use the contact details you have registered with Vinetexchange or if it is done through the platform/app.
4.5. You acknowledge and accept, that Vinetexchange operates on the principle of payment upon delivery, which means that even if you are allowed to submit the cryptos post execution no FIAT will be paid out until the cryptos are received and have undergone the Blockchain confirmation.
5. Platform and Access.
5.1. The access to the platform/app is personal and you are therefore obliged to keep your personal login details secure and confidential and you are not allowed to share these with a third party, which has not been identified towards Vinetexchange and has not receive their own personal login. If you become aware that a third party has obtained access to the platform/app or the login details, you must immediately inform Vinetexchange. The same applies, if your mobile phone has been lost or stolen, as the phone is essential for the security and integrity of your access.
5.2. Vinetexchange may block your access to the platform/app, if it has reasonable grounds to suspect a third party has access or if there is suspicions of fraud or fraudulent behavior.
5.3. You may not use the platform/app in any way which is unlawful or fraudulent, whether directly or indirectly and you acknowledge and accept that the services and platform/app of Vinetexchange may only be used for lawful purposes. If you breach these Terms or any applicable law or regulation using the services of Vinetexchange, you shall bear the full liability for any costs Vinetexchange may suffer due to this.
5.4. The platform/app is internet-based on consequently you acknowledge and accept that'll using such systems involves risks; including but not limited to failures in internet access, software, hardware, etc. and consequently Vinetexchange cannot be held liable for any failures outside its scope of responsibility.
5.5. Restrictions or non-accessibility to the platform/app may occur at any time either due to necessary maintenance, regular update or servicing of the platform/app. You accept that Vinetexchange may perform such activities at any time and for any period deemed necessary to perform the activities and you accept and acknowledge such restriction of use. Vinetexchange cannot be held liable for any claimed losses due to restrictions or non- accessibility of the platform/app.
6. Request for sell & Submitting Orders
6.1. In order to prevent misunderstandings and keeping an electronic track-record, you are encouraged to place all sell request order(s) through the platform/app.
6.3. You acknowledge and accept, that you are responsible for the accuracy of any information, instruction or order submitted to Vinetexchange by you, no matter the medium chosen to do so.
6.4. It is your responsibility to check any sell order confirmation for discrepancies and inform Vinetexchange within 15 minutes of the notification being sent by Vinetexchange failure to act within 15 minutes of receipt, all liability of any execution error falls to you. A notification is deemed received by you the moment it is sent in the platform/app and is thus viable for you, regardless whether you are logged into the platform/app.
6.5. You acknowledge that you are obliged to act in accordance with the instructions of Vinetexchange order can be fully executed; e.g. if instructed the cryptocurrency must be submitted and received by the indicated wallet address within the stipulated time- period or otherwise the order cannot be executed and completed. You are liable for any costs, fees or equivalent Vinetexchangeincurred due to your negligence.
7. Transfer of FIAT or Cryptos .
7.1. You acknowledge and accept, that there may not be a change of beneficial ownership of the FIAT and Cryptos involved using the services of Vinetexchange. The Cryptos must be transferred from a wallet belonging solely to you and the FIAT payment must be to an account held solely in your name and belonging solely to you with a regulated and licensed financial institution. If you submit cryptos to Vinetexchange from one wallet and then do not wish to perform a transaction, the cryptos can only be returned to the wallet from which it was originally received.
7.2. You acknowledge and accept that Vinetexchange does not hold any funds or cryptos on your behalf in accordance with the Service Clause.
7.3. You accept and acknowledge that Vinetexchange may decline receipt of a transfer in of cryptos if there is not an agreement for a transaction, Vinetexchange may not return them immediately if it is able to recognize the sending wallet, however Vinetexchange will return it to the sending account if no instructions are received.
8. Fees & Charges.
8.1. Vinetexchange is entitled to receive the difference between the rate/price Vinetexchange receives from its Counterparties and the rate/price agreed with you. This can be e.g. the difference between the Quote Asset and the FIAT.
8.3. Vinetexchange may charge a fee in the event you submit cryptos to Vinetexchange and these are later returned to the submitting wallet without a transaction being performed; this can be both if you request them returned; if Vinetexchange are not able or willing to execute the conversion of FIAT on your behalf or equivalent.
8.4. Vinetexchange may implement new prices and fees or change existing prices and fees for its services and will on a best endeavor basis inform you of any such changes.
PROHIBITED USE, PROHIBITED BUSINESSES AND CONDITIONAL USE
Prohibited Use You may not use your Vinet Account to engage in the following categories of activity ("Prohibited Uses"). By opening a Vinet Account, you confirm that you will not use your Account to do any of the following:
Unlawful Activity: Activity which would violate, or assist in violation of, any law, statute, ordinance, or regulation, sanctions programs administered in the country where Vinet conducts business (Nigeria), or which would involve proceeds of any unlawful activity; publish, distribute or disseminate any unlawful material or information.
Abusive Activity: Actions which impose an unreasonable or disproportionately large load on our infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information; transmit or upload any material to the Vinet App that contains viruses, trojan horses, worms, or any other harmful or deleterious programs; attempt to gain unauthorised access to the Vinetexchange.
Fraud: Activity which operates to defraud Vinetexchange or any other person; provide any false, inaccurate, or misleading information to Vinet.
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