PumpX terms and condition of product and
service
CONTENTS
____________________________________________________________
CLAUSE
Our terms
1.1 What these terms cover. These are the terms and conditions
on which we supply products to you, whether these are goods, services or
digital content.
1.2 Why you should read them. Please read these terms carefully
before you start using our
products. These terms tell you who we are, how we will provide products to
you, how you and we may change or end the contract, what to do if there is a
problem and other important information. Please also read the terms of our
Privacy Policy. If you think that there is a mistake in these, please
contact us to discuss. By opening and using an Account of our service, you
agree to comply with all of the terms and conditions in this Agreement, Privacy
Policy, and any other agreements that apply to you.
2. Information about us
and how to contact us
2.1 What is PumpX. PumpX refers
to an ecosystem comprising PumpX websites, mobile
applications, clients and other applications that are developed to offer PumpX Services.
2.2 Who we are. We are
operators of PumpX, including but not limited to
legal entities, unincorporated organizations, and other teams that provide
PumpX Services and are responsible for such
services, Mainly the INITIAL BLOCKCHAIN TECH PTE., LTD registered in Singapore.
For convenience, unless otherwise stated, references to ��PumpX��
and ��we�� in these Terms specifically mean PumpX
Operators. Under these terms, PumpX operators may
change as PumpX business adjusts, in which case, the
changed operators shall perform their obligations under these terms with you
and provide services to you, and such change does not affect your rights and
interests under these terms. Additionally, the scope of PumpX
operators may be expanded due to the provision of new PumpX
Services, in which case, if you continue to use PumpX
services, it is deemed that you have agreed to jointly execute these terms with
the newly added PumpX operators.
2.3 How to contact us. You can contact us by telephoning
our customer service team at +44 (0) 7803785431or by
writing to us at [email protected]
2.4 How we may contact you. If we have to contact you, we will
do so by telephone or by writing to you at the email address or postal address
you provided to us.
2.5 "Writing" includes emails. When we use the words
"writing" or "written" in these terms, this includes
emails.
3. Eligibility
3.1 General requirement. By using our
Services and entering into this Agreement, you affirm that you are an
individual, at least 18 years of age or older, have the capacity to enter into
this Agreement and agree to be legally bound by the terms and conditions of
this Agreement, including the Privacy Policy and Terms and Conditions when
applicable.
3.2 Prohibited
Jurisdictions. You should not in, under
control of, or a resident of Afghanistan, Algeria, Bangladesh, Bolivia, China
Mainland, Cuba, Egypt, Iran, Morocco, Nepal, North Korea, Syria, and Ontario of
Canada (each a ����Prohibited Jurisdiction). Also, you should not supply any
acquired or stored digital asset or Service to a Prohibited Jurisdiction,
or resident of a Prohibited Jurisdiction.
3.3 Prohibited
Person. You should not be a person on the economic sanctions
lists as published from time to time by applicable authorities. Also, you
should not supply any acquired or stored digital asset or Service to a
Prohibited Person.
3.4 Discretion of
decision. We may cancel and/or suspend your Account and/or block
transactions immediately, with or without notice, in the event a state,
province, territory or country becomes a Prohibited Jurisdiction, or we
determine, in our sole discretion, that you do not meet the eligibility
requirements set forth in the Agreement.
4. Access to our product
4.1 Create an Account. In order to use the
Services, you must create an Account. You will be asked to provide certain
registration details and information that identifies each person who opens an
Account. We may, in our sole discretion, refuse to open an Account for anyone.
We do not allow duplicate accounts to be opened by you and will open one and
only one account per User. You agree not to circumvent any operational or
technological measure that controls the number of accounts you can maintain with
us. You will need a valid mobile number and email address to open an Account
which may be required to be verified by us, and you must set up a password for
your Account. You represent and warrant that you have full legal title and
ownership of such mobile number or email address you provide to us, and that
you will be solely responsible for the use of such mobile number or email
address for the purpose of creating an Account.
4.2 Compliance. Your access to one or
more Services may be contingent upon creating a user account and satisfying our
onboarding processes as well as our Compliance Program. ��Compliance Program��
means the requirements set by PumpX for collecting,
verifying, recording and reporting information about you, upon first accessing
certain Services and on an ongoing basis, whether for our business
risk-management purposes or to comply with legal requirements applicable to us.
The information we request may include, without limitation, personally
identifiable information such as network address, name, email, address,
telephone number, date of birth, taxpayer identification or social security
number, official government-issued photo identification, and bank account
information or other information we may reasonably deem helpful in satisfying
our risk management or legal obligations. In providing this information to us
you represent that it is accurate and agree to update your information promptly,
but in no event later than 14 days following any change in your information.
Failure to provide information or update your user account promptly may result
in Services being unavailable to you.
4.3 Limited
License. By successfully creating an account, we
grant you a limited, non-exclusive, non-transferable license to access and use
the Services and the Site solely in accordance with the terms of this
Agreement.
4.4 Credentials. You must keep secret all credentials
associated with the Services. You are solely responsible for managing and
maintaining the security of any information relating to such credentials and
agree that PumpX shall not be held responsible (and
you shall not hold us responsible) for any unauthorised
access to the Services or any resulting harm you may suffer.
4.5 Third-Party Access. To the extent necessary for completion
of service, you grant express permission to some third parties to access or
connect to your Account, you acknowledge that granting permission to a third
party to take specific actions on your behalf does not relieve you of any of
your responsibilities under this Agreement. You are fully responsible for all
acts or omissions of any third party with access to your Account. Further,
you acknowledge and agree that you will not hold PumpX
responsible for, and will indemnify PumpX from, any
liability arising out of or related to any act or omission of such third party.
4.6 Delete your account. You have the right, under applicable
regulations and requirements, to delete your account at your discretion. When
you delete your account, you are no longer a client of PumpX
and are no longer bound by this agreement, with the exception of articles
14,15, and 16. If you choose to do so, PumpX will
delete your account and all related personal data associated with it, as well
as cease providing any services to you. You would not be able to withdraw or
retrieve any crypto assets in your account once you delete your account.
Moreover, by deleting your account, you are making an irrevocable statement
that you are relinquishing all of your data subject��s rights in relation to PumpX as your personal data controller.
5. Our product 1: Custodial
wallet service
5.1 Definition. The PumpX Wallet is a digital currency compliance transaction
channel aggregation and custody platform. Upon verification of your identity,
you may be provided the ability to transfer, track, store and trade supported
digital assets by giving instructions through the Services. The digital assets
that PumpX supports may change from time to time.
Under no circumstances should you attempt to use your digital wallet services
to transfer or store digital assets in any form that is not supported by PumpX.
5.2 Centralized isolated
hosting. The PumpX
Wallet team has realized users�� need to undertake different levels in the
process of using. In order to avoid the fund control flaws of decentralized
wallets, we only provide Centralized Custodial
Account. You will be prepared multiple dedicated addresses to
store digital type of digital assets from different sources.
5.3 Compliant source of digital assets. In order to maintain
the whole loop of transaction legally compliant, you cannot
recharge your account from your own decentralized digital currency
wallet or other source that are not recognized by us. You assume full
responsibility and liability in any loss resulting from intentional or
unintentional misuse of your digital wallet services.
6. Our product 2: Compliant trading service
6.1 Definition. The digital
currency compliance trading refers to the digital currency transaction
consisting of investors and regulated and licensed payment institutions,
brokerage service institutions and asset providers. PumpX
provides users with One-click buying and selling of digital currency
services. However, PumpX
Wallet lies in its positioning as a drainage platform of compliant resource
integration. We only provide
one-stop compliant source recommendation and streamlined formalities. We do not
actually act as main party of transaction, asset provider, payment service
provider, broker, or clearing entity.
6.2 Third-parties. We may, in our sole
discretion, choose the regulated and licensed external third parties as digital
asset providers, digital assets counterparty exchanges, payment institutions
and clearing service provider (each, an ��External Provider��) to complete the loop
of out trading service. We promise each
of these external providers is well compliant and licensed
recently. While we will undertake measures to carefully
select and engage external providers, PumpX does not
guarantee the security or functionality of any external provider��s software or
technology and is not responsible for any loss of digital asset due to the
failure of the external Provider��s software or technology. Also, we do not
guarantee our external providers will keep being licensed and compliant, or
never commit any illegal activities. As a result, you may risk losing digital
assets that have been placed with an external provider, and PumpX
will not be liable you for such loss. Furthermore, no compensation shall be
expected from PumpX operators under such
circumstance.
6.3 Fiat trading. Fiat Trading refers
to spot transactions in which digital assets are exchanged for fiat currencies
or vice versa. Prior to conducting Fiat Trading, in accordance with type of
fiat trading, you shall separately read and agree User Agreements with various PumpX partnered third-party OTC
platforms and / or third-party payment providers and / or clearing providers,
and comply with PumpX rules related to Fiat trading
as well as the business rules of such partners. You shall complete the
registration and identity verification for your PumpX
account and PumpX��s partners account, before you may
conduct Fiat Trading. If you choose to utilise the
Fiat Trading, you agree that INITIAL BLOCKCHAIN TECH PTE., LTD shall be the
main operator responsible for the transaction (including for the purpose of
refunds and cancellations).
6.4 Crypto-crypto
trading. By using the trading services, you may trade one
digital asset with another digital asset at a price that is chosen or confirmed
by you at your sole discretion. Once you place a purchase/sale order, we will
make reasonable efforts to fulfil your order. You acknowledge that whether an
order could be completed depends on various factors on the marketplace. Where
an order is not completed, you may cancel the order, and we will return the
digital assets that you placed for such order to your Account upon
cancellation.
6.5 The right not to
trade. We reserves the right to delay, cancel, reverse (to the extent
possible) or refuse to process, any submitted Digital Asset Transaction, if: (i) required by law or regulations or in response to a
subpoena, court order, or other government order or to enforce transaction
limits; (ii) we suspect the transaction involves (or has a high risk of
involvement in) money laundering, terrorist financing, fraud, or any other type
of financial crime or illegal activity; (iii) we reasonably suspect that the
transaction is erroneous; (iv) if we suspect the transaction relates to
prohibited use or a prohibited business as set forth in this agreement; or (v)
we suspect that you have breached any terms of this agreement. In such instances,
we are under no obligation to allow you to reinstate a purchase or sale order
at the same price or on the same terms as the delayed, cancelled, reversed or
failed transaction.
6.6 Disclaimer of
trading. PumpX does not guarantee
that all orders will be completed and assumes no responsibility for any orders
that are not completed. For the avoidance of doubt, under clause 6 of this
agreement, we do not provide investment, tax, or legal advice, we do not broker
trades on your behalf.
7. Our product 3: Entrusted asset
management
7.1 Definition. A User may, in
his/her sole discretion, elect to use asset management products offered
by the App or other forms of our service,
as opposed to manually inputting orders to buy and sell digital assets. You
will be required to fill in the trading orientations in order to use this
service. By activating this service, you show your consent of commission to let
selected third party asset management products providers to manage your digital
assets in your custodial account.
7.2 Disclaimer of
business. The asset management services are not
directly provided or operated by us. The
asset management services listed on the App or other forms of our service are
provided by regulated third parties. PumpX��s role in this
service is only an aggregate recommendation platform.
After you choose the relevant asset management service, we will authorize the
chosen third party (service provider) the access of your digital asset account
and using those assets based on the product provider��s discretion. We will
never directly use or manage your digital asset on our own behalf. By using this
service, you agree that PumpX will never be
responsible for any losses occur during you using the asset management services. Losses in this context including but not
limited to the cause by fluctuation of digital assets, malfunction of
third-parties�� system, hacker attack, breach of contract by any third-party,
legal and policy changes, force majeure, etc.
7.3 Disclaimer of
risk. We bear no responsibility for any loss that you may
sustain from the trading activities you entrust any third parties to process
based on the asset management products. By activating this service, you relieve
all liability of us to indemnify any of your loss during the performance of
entrusted asset management.
8. Our rights to make
changes of products
8.1 Minor changes to the products. We may change the product:
(a) to reflect changes in relevant laws
and regulatory requirements; and
(b) to implement minor technical
adjustments and improvements, for example to address a security threat.
Although we will to the great extent not to affect
your using of our service, these changes may affect your use of the
product.
8.2 More significant changes to the
products and these terms. In addition, as we
informed you in the description of the product on our App or other forms of our
service, we may make some substantial changes to the product, but if we do so
we will notify you and you may then contact us to end the contract before the
changes take effect. Continuously using the products
after such changes is deemed as consent to all the changes of our products.
8.3 Updates to digital content. We may update or require you to
update digital content and information, provided that the digital content and
information shall always match the description of it that we provided to you
before you use it.
9.1 General Risk. Please note that all transactions
involving digital assets such as Bitcoin, Bitcoin Cash, and Ethereum involve
substantial risks. You should therefore carefully consider whether using our
Services is suitable for you in light of your financial condition. In
considering whether to hold digital assets, you should be aware that the price
or value of a digital asset can change rapidly, decrease, and potentially even
fall to zero. Past performance is not an indicator of future performance. You
acknowledge that we are not responsible for any loss of your digital asset,
resulting from theft, loss, or mishandling of private keys outside our control.
We are not responsible for any digital asset market and we make no
representations or warranties concerning the real or perceived value of digital
assets as denominated in any quoted currency. Although we may provide
historical and/or real-time data regarding the price of digital assets, we make
no representations regarding the quality, suitability, truth, usefulness,
accuracy, or completeness of such data, and you should not rely on such data
for any reason whatsoever. You understand and agree that the value of digital
assets can be volatile, and we are not in any way responsible or liable for any
losses you may incur by using or transferring digital assets in connection with
our services.
9.2 Digital asset protocols. We use various blockchains and/or
blockchain technology to process your digital asset transactions, for example,
the Ethereum blockchain. All blockchains and/or blockchain technology may
experience unintended events or consequences, including but not limited to
backlogs, higher than normal transaction fees, changes to the network, failure,
or forks in the protocol. We do not own or control any blockchain or blockchain
technology, are not responsible for the operation of the blockchain network,
and make no guarantee regarding the blockchain network��s security,
functionality, or availability. You may suffer loss as a result of any such
events or consequences, and we will not compensate you for such loss. You
acknowledge and accept that we have sole discretion to determine our response
to any operating change to any digital asset protocol and that we have no
responsibility to assist you with unsupported currencies or protocols.
10. Fees
10.1 General. We may charge
you fees for use of any or all Services. You may view the fee schedule for
specific services on the App or other forms of our service.
10.2 Fees for using custodial wallet. We Charge no fees
for your using of our custodial wallet service.
10.3 Transaction fees. We don��t directly charge service fees for our
compliant trading service. However, we will charge transaction fees on behalf
of our external providers for the purpose of completion of your transactions.
The fee is about 4.5% of the trading value, and is subjected to fluctuations in
light of our external providers�� policy changes and changes to respective blockchain
network.
10.4 Payment mothed. All fees will
be clearly displayed and payable in digital assets. You authorize us to
automatically deduct fees directly from your Account. We will calculate all
applicable fees and show those fees when you authorize a transaction. If you
owe any outstanding amounts to us, we reserve the right and you hereby
authorize us to debit your account for such outstanding amounts.
10.5 Modification of fees. We reserve the
right to change or modify our fee schedule or increase any of our fees at any
time and from time to time. Any such changes, modifications or increases will
be effective upon being posted on our App or other forms of our service. Your
first use of your account following any changes to the fees posted on the App
and other forms of our service will constitute your acceptance of such changes.
If you do not agree to the posted changes, you may cease using the services as
provided in this agreement.
11.1 General. We respect the
intellectual property of others and we ask our users to do the same. You
acknowledge and agree that, with the exception of Materials released or anyway
made available pursuant to public license agreements, open source, MIT, or
other non-proprietary license schemes normally used by the PumpX,
PumpX owns all copyrights, trademarks, know-how or
any other intellectual property rights in respect of the App, software, text,
video, audio, artwork, logos, layout as well as the look and feel pertaining to
PumpX App and other forms of our service.
11.2 Limited use. You may view, print
and/or download a copy of proprietary materials from PumpX
services on any single mobile phone or computer solely for your personal,
informational and/or non-commercial use, provided you comply with all copyright
and other proprietary notices.
11.3 Trademarks. The trademarks,
service marks and logos of PumpX and others used in
the services (��Trademarks��) are the property of PumpX
and their respective owners. It is strictly prohibited to use these trademarks
without our express written authorisation or the
express written authorisation of any third parties.
12. User��s Representations and Warranties
12.1 You expressly representations and
Warranties. By using the
service provided by us, you as user expressly represent and warrant:
(a) You have the legal authority to enter
into the agreement; and that you will use the App and services in accordance
with our terms of use and fully perform all your obligations;
(b) Your use of the services will be in
compliance with all laws that are applicable to you based on your jurisdiction
and that you will not use the Services for any criminal or illegal activities
as defined by any applicable law;
(c) You will use the Services only for
yourself, and not on behalf of any third party.
(d) You will not act in a manner that is
defamatory, trade libelous, threatening or harassing; or threaten and/or harass
our employees, agents or other;
(e) You will only provide accurate, authentic, definite
information to us;
(f) You will not take any action that
imposes an unreasonable or disproportionately large load on our software and
systems (including any networks and servers used to provide any of the
services) operated by us or on our behalf or the services;
(g) You will not
facilitate any viruses, trojan horses, malware, worms or other computer
programming routines that attempts to or may damage, disrupt, corrupt, misuse,
detrimentally interfere with, surreptitiously intercept or expropriate, or gain
unauthorized access to any system, data, information or services of us.
13. Suspension and Restriction
13.1 Suspension and restriction
scenarios. Without limiting
other remedies that may be available to us, we reserve the right, in our sole
and absolute discretion, to limit or block access to or to suspend, deactivate
or terminate your account, impose limitations on part or all actions with your
account, discontinue the services, and/or freeze part or all digital assets in
your account, anytime with or without notice to you, if:
(a) We are so required by
applicable law or regulation or a facially valid subpoena, court order, or
binding order of a government authority;
(b) We are unable to
verify or authenticate any information you provide to us;
(c) We reasonably suspect
you of using your Account in connection with a restricted activity;
(d) Use of your Account
is subject to any pending litigation, investigation, or government proceeding
and/or we perceive a heightened risk of legal or regulatory non-compliance
associated with your Account activity;
(e) Due to insolvency or
bankruptcy;
(f) We suspect your
account is involved in (or has a high risk of involvement in) money laundering,
terrorist financing or any other type of financial crime or illegal activity;
(g) We believe that
someone is attempting to gain unauthorized access to your account;
(h) Your account has no
digital assets and has not been accessed in the prior year.
13.2 Following Court
order. If we are notified of a court order or other legal
process affecting you, or if we otherwise believe we are required to do so in
order to comply with applicable law or regulatory requirements, we do not have
an obligation to contest or appeal any court order or legal process involving
you or your Account. When we implement a freeze or limitation as a result of a
court order, applicable law, regulatory requirement or other legal process, the
freeze or limitation may remain in place as long as reasonably necessary as
determined by us.
14. Indemnification and Limitation of
Liability
14.1 Indemnification. Please note, you must indemnify us
and our affiliates (including each entity that we control, we are controlled by
or we are under common control with), and each of their respective directors,
officers, employees, agents, joint ventures, service providers and suppliers
for damages caused by actions related to your account and your use of the
services. You agree to defend, indemnify and hold us harmless from any claim or
demand (including reasonable legal fees) made or incurred by any third party
due to or arising out of your breach of this Agreement.
14.2 Limitation of
Liability. In no event shall PumpX and
its affiliates and service providers, or any of their respective officers,
directors, agents, employees or representatives, be liable for any lost profits
or any special, incidental, indirect, intangible, or consequential damages,
whether based in contract, tort, negligence, strict liability, or otherwise,
arising out of or in connection with authorized or unauthorized use of the
service, or this agreement, even if an authorized representative of PumpX has been advised of, knew of, or should have known of
the possibility of such damages. You may not recover for but not limited
to lost profits, lost business opportunities, or other types of special,
incidental, indirect, intangible or consequential damages. If some
jurisdictions do not allow the exclusion or limitation of incidental or
consequential damages, then the above limitation may not applicable to you.
Under no circumstances shall we be required to deliver to you any virtual
currency as damages, make specific performance or any other remedy. We shall
not be liable for any damages caused in whole or in part by:
(a) The malfunction,
unexpected function or unintended function of any computer or crypto network;
(b) The change in value
of crypto assets;
(c) Any change of law and
policy;
(d) Force majeure.
14.3 ENTERING INTO THIS
AGREEMENT CONSTITUTES A WAIVER OF YOUR RIGHT TO A TRIAL BY JURY AND
PARTICIPATION IN A CLASS ACTION LAWSUIT.
15. Dispute Resolution and Applicable Law
15.1 Consultation and mediation. If disputes between
you and us occur, we will try our best to address your dissatisfaction
properly. You and us agree to notify each other in writing of any dispute
within 30 days when it arises. Further, you and us agree to spend no less than
2 months on full communication, consultation and mediation before each party
bringing the dispute in question to arbitral institution.
15.2 Applicable Law. This agreement
is subjected to English Common Law, without regard to conflict of law
provisions.
15.3 Pre-trial
arbitration. If dispute in question
cannot be resolved by consultation and mediation, you and us agree the dispute
will be brought to the International Chamber of Commerce International Court of
Arbitration (ICC) according to the ICC Rules of Arbitration in effect. The
arbitration shall take place in London,
unless otherwise agreed by the parties hereto.
15.4 Court trial. Except otherwise
agreed by the parties, you agreed that any claim a you may have against us
which is not resolved by arbitration must be resolved by a court located in the
place where the defendant has his/her/its domicile or premises.
16. Miscellaneous
16.1 Assignment. You may not transfer
or assign any rights or obligations you have under this agreement without our
prior written consent. We reserve the right to assign our rights without
restriction, to any affiliate or subsidiary of us, or to any successor in
interest of any business associated with the services. Any attempted transfer
or assignment in violation hereof will be null and void. Subject to the
foregoing, this agreement will bind and inure to the benefit of the parties,
their successors and permitted assignees.
16.2 Relationship of the
Parties. We are an independent contractor for all purposes.
Nothing in this agreement will be deemed or is intended to be deemed; nor will
it cause, you and us to be treated as partners, joint ventures, joint
associates for profit, or as the agent of the other.
16.3 No waiver. Our failure to
act with respect to a breach of any of your obligations under this User
agreement by you or others does not waive our right to act with respect to
subsequent or similar breaches.
16.4 Unclaimed Property. If we are
holding digital assets in your account, and we are unable to contact you and
has no record of your use of the services for an extended period, applicable
law may require us to report such digital assets as unclaimed property to the
applicable jurisdiction.
16.5 Entire Agreement. This agreement
and the privacy policy constitutes the entire agreement among the parties with
respect to the subject matter described herein and shall supersede all prior
agreements and understandings, written or oral, among the parties. Subsequent
discussions or negotiations between you and PumpX or PumpX personnel shall only amend or become part of this
agreement by way of a written amendment specifically referencing the last
updated date and name of this agreement.
16.6 Severability. If any
provision of this Agreement is held to be invalid or unenforceable under any
rule, law or regulation or any governmental agency, local, state, or federal,
such provision shall be struck and the validity or enforceability of any other
provision of this Agreement will not be affected.
16.7 Electronic
Communications. You agree and consent to receive
electronically all communications, agreements, documents, notices and
disclosures that we provide in connection with your account and your use of the
services. We will provide these communications to you by posting them through
the App, emailing them to you at the primary email address listed in your
profile, communicating to you via instant chat, and/or through other electronic
communication such as text message or mobile push notification. You understand
and agree that if we send you an electronic communication but you do not
receive it because your primary email address on file is incorrect, out of
date, blocked by your service provider, or you are otherwise unable to receive
electronic communications, we will be deemed to have provided the Communication
to you.
16.8 Terms in English. It is the
express wish of the parties that these terms and any directly or indirectly
related documents be drawn up in English. Any translation of this agreement is
provided solely for your convenience and is not intended to modify the terms of
this agreement. In the event of a conflict between the English version of this
agreement and a version in a language other than English, the English version
shall prevail.