Terms and conditions for service
[Last revised: 24th AUGUST 2021]
PLEASE READ THESE TERMS CAREFULLY AS THEY GOVERN YOUR USE OF THE SERVICES. AS WITH ANY ASSET, THE VALUE OF DIGITAL CURRENCIES CAN GO UP OR DOWN AND THERE CAN BE A SUBSTANTIAL RISK THAT YOU WILL LOSE MONEY BUYING, SELLING, HOLDING, OR INVESTING IN DIGITAL CURRENCIES. BY USING THE SERVICES YOU ACKNOWLEDGE AND AGREE THAT YOU ARE AWARE OF THE RISKS ASSOCIATED WITH TRANSACTING IN DIGITAL CURRENCIES THAT YOU ASSUME ALL RISKS WITH RESPECT TO YOUR USE OF THE SERVICES AND TRADING IN DIGITAL CURRENCIES AND CRUDE IS NOT RESPONSIBLE OR LIABLE FOR ANY SUCH RISKS OR ADVERSE OUTCOMES.
BY ACCESSING, USING OR ATTEMPTING TO USE THE SERVICES IN ANY CAPACITY, YOU ACKNOWLEDGE THAT YOU ACCEPT AND AGREE TO BE BOUND BY THESE TERMS. IF YOU DO NOT AGREE, DO NOT ACCESS OR USE THE SERVICES.
Note that this Agreement uses the term “Digital Assets” to refer to bitcoin, ethereum or any other digital assets, cryptocurrencies, virtual currencies or tokens that are available for purchase and exchange through CRUDE.
1. Agreement Conditions CRUDE reserves the right to modify or change the Terms at any time and at its sole discretion. CRUDE will provide notice of these changes by updating the revised Terms on the webpage (https://bitsharescrude.i.ng) and changing the “[Last revised:]” date on this page. Any and all modifications or changes to these Terms will be effective immediately upon being announced on the website. As such, your continued use of XBITS services acts as acceptance of the amended agreement and rules. If you do not agree to any modification to these Terms, you must stop using the Services. CRUDE encourages you to frequently review the Terms to ensure you understand the terms and conditions that apply to your access to, and use of, the Services.
2. Eligibility You must be at least 18 years old. By accessing or using CRUDE services, you further represent and warrant that you are not a Restricted Person nor are you a citizen or resident of the United States. You are not a resident/citizen of any restricted country and have no links and/or ties to the restricred countries. You represent and warrant that you will not be using XBITS services for any illegal activity, money laundering, fraud, blackmail, extortion, ransoming data, the financing of terrorism, other violent activities or any prohibited market practices.
3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the EFCC, ICPC, FinCEN, FIRS, UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. CRUDE maintains the right to choose who to deal with and may restrict or deny its Services to certain users at its discretion.
4. Description of services CRUDE provides teller services for online digital asset (crypto to crypto/fiat) for products commonly known as cryptographic tokens, digital tokens or cryptographic currency (collectively, “Digital Assets”). CRUDE provides fiat trading capabilities for the Naira only. CRUDE functions as a blockchain teller only. Users may register and open an account with CRUDE but only for peer to peer teller transactions, they can buy digital assets from CRUDE in Naira only via the bitsharescrude.i.ng webportal.
CRUDE strives to maintain the accuracy of information posted on the Services however it cannot and does not guarantee the accuracy, suitability, reliability, completeness, performance or fitness for any purpose of the content made available through the Services, and will not be liable for any loss or damage that may arise directly or indirectly from your use of such content. Information on the Services can be subjected to change without notice and is provided for the primary purpose of facilitating users to arrive at independent decisions. CRUDE does not provide investment or advisory advice and will have no liability for the use or interpretation of information as stated on the Services or other communication mediums. All users of the Services must understand that there are risks involved in trading in Digital Assets. CRUDE encourages all users to exercise prudence and trade responsibly within their own means.
5. Account Security CRUDE strives to maintain the security of user data entrusted to it and has implemented industry standard protections for the Services. However, there are risks that are created by individual User actions. You agree to consider your access credentials such as user name and password as confidential information and not to disclose such information to any third party. You also agree that you alone are responsible for taking necessary safety precautions to protect your own account and personal information.
You shall be solely responsible for the safekeeping of your account and password on your own, and you shall be responsible for all activities under Account and CRUDE will not be responsible for any loss or consequences of authorized or unauthorized use of your Account credentials including but not limited to information disclosure, information posting, consent to or submission of various rules and agreements by clicking on the website, online renewal of agreement, etc.
By creating an Account with bitshares, you hereby agree that: (i) you will strictly observe the security, authentication, dealing, charging, withdrawal mechanism or procedures of the website/service; and (ii) you will log out from the website by taking proper steps at the end of every visit.
6. Orders and Service Fees a. Orders Upon placing an Order to effect a trade using the Services (an “Order”), CRUDE Account will be updated to reflect the open Order (as HTLC) and your Order will be included in Bitshares blockchain (https://wallet.bitshares.org/#/explorer/blocks) The history of all HTLC transactions can be found in the Bitshares blockchain blockexplorer https://bts.ai/htlcs . once your deposit is confirmed, the Services will execute an exchange (a “Transfer”). Upon execution of the Transfer, your Account will be updated to reflect the deposit and the Order will be closed.
b. Tellers CRUDE is basically equivalent to a Blockchain teller whose aim is to process Bitshares transactions on the blockchain to be able to redeem your digital assets. CRUDE will only process transactions related to CRUDE.ASSETS or its affiliates. These assets are backed 100% by the real NGN(for fiat), BTC or ETH or any other digital assets that people use. CRUDE.ASSETS is thus in theory equivalent to the BTC you get on Poloniex, which could be prefixed POLO.BTC. In both cases you rely on the service provider, CCEDK for XBITS. assets and Poloniex for POLO. assets, to remain solvent in order to back the value of the assets they've issued. Read More: https://wallet.bitshares.org/#/help/introduction/bridges_gateways https://github.com/bitshares/bsips/blob/master/bsip-0044.md https://github.com/bitshares/bitshares-core/wiki/HTLC
c. Cancellations You or CRUDE may only cancel an order initiated via the Services if the conditions for transfer has not been met.
d. Fees You agree to pay Bitshares the fees set forth at https://wallet.bitshares.org/ which may be updated from time to time in Bitshares’s sole discretion and also gateway fees for deposit and withdrawal charges incurred as result of your transactions. Any such updated fees will apply prospectively to any trades or other transactions that take place following the effective date of such updated fees. You authorize Bitshares Blockchain to remove any amounts from your Account for any applicable fees owed by you under these Terms.
8. Liability a. Disclaimer of Warranties TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW, THE SERVICES, THE CRUDE DEX MATERIALS AND ANY PRODUCT, SERVICE OR OTHER ITEM PROVIDED BY OR ON BEHALF OF CRUDE ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS AND CRUDE EXPRESSLY DISCLAIMS, AND YOU WAIVE, ANY AND ALL OTHER WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE OR NON-INFRINGEMENT OR WARRANTIES ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE IN TRADE. WITHOUT LIMITING THE FOREGOING, CRUDE DOES NOT REPRESENT OR WARRANT THAT THE SERVICES OR CRUDE MATERIALS ARE ACCURATE, COMPLETE, RELIABLE, CURRENT, ERROR-FREE, OR FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. CRUDE DEX DOES NOT GUARANTEE THAT ANY ORDER WILL BE EXECUTED, ACCEPTED, RECORDED OR REMAIN OPEN. EXCEPT FOR THE EXPRESS STATEMENTS SET FORTH IN THIS AGREEMENT, YOU HEREBY ACKNOWLEDGE AND AGREE THAT YOU HAVE NOT RELIED UPON ANY OTHER STATEMENT OR UNDERSTANDING, WHETHER WRITTEN OR ORAL, WITH RESPECT TO YOUR USE AND ACCESS OF THE SERVICES. WITHOUT LIMITING THE FOREGOING, YOU HEREBY UNDERSTAND AND AGREE THAT CRUDE WILL NOT BE LIABLE FOR ANY LOSSES OR DAMAGES ARISING OUT OF OR RELATING TO: ANY INACCURACY, DEFECT OR OMISSION OF DIGITAL CURRENCY PRICE DATA, ANY ERROR OR DELAY IN THE TRANSMISSION OF SUCH DATA, INTERRUPTION IN ANY SUCH DATA AND ANY DAMAGES INCURRED BY ANOTHER USER’S ACTIONS, OMISSIONS OR VIOLATION OF THIS AGREEMENT. THE DISCLAIMER OF IMPLIED WARRANTIES CONTAINED HEREIN MAY NOT APPLY IF AND TO THE EXTENT IT IS PROHIBITED BY APPLICABLE LAW OF THE JURISDICTION IN WHICH YOU RESIDE.
b. Indemnification You agree to indemnify and hold harmless CRUDE, its affiliates, contractors, licensors, and their respective directors, officers, employees and agents from and against any claims, actions, proceedings, investigations, demands, suits, costs, expenses and damages (including attorneys’ fees, fines or penalties imposed by any regulatory authority) arising out of or related to (i) your use of, or conduct in connection with, the Services, (ii) your breach or our enforcement of these Terms, or (iii) your violation of any applicable law, regulation, or rights of any third party during your use of the Service. If you are obligated to indemnify CRUDE, its affiliates, contractors, licensors, and their respective directors, officers, employees or agents pursuant to this clause, CRUDE will have the right, in its sole discretion, to control any action or proceeding and to determine whether CRUDE wishes to settle, and if so, on what terms.
9. No Financial Advice CRUDE is not your broker, intermediary, agent, or advisor and has no fiduciary relationship or obligation to you in connection with any trades or other decisions or activities effected by you using the Services. No communication or information provided to you by CRUDE is intended as, or shall be considered or construed as, investment advice, financial advice, trading advice, or any other sort of advice. All transactions are executed automatically in Bitshares blockchain, based on the preset conditions of your order and in accordance with posted Blockchain execution procedures, and you are solely responsible for determining whether any investment strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. CRUDE does not recommend that any Digital Assets should be bought, earned, sold, or held by you. Before making the decision to buy, sell or hold any Digital Assets, you should conduct your own due diligence and consult your financial advisors before making any investment decision. CRUDE will not be held responsible for the decisions you make to buy, sell, or hold Digital Assets based on the information and services provided by CRUDE.
10. Compliance with Local Laws It is the responsibility of the User to abide by local laws in relation to the legal usage of CRUDE in their local jurisdiction. Users must also factor, to the extent of their local law all aspects of taxation, the withholding, collection, reporting and remittance to their appropriate tax authorities. All Users of CRUDE services acknowledge and declare that the source of their funds come from a legitimate manner and are not derived from illegal activities.
11. Miscellaneous a. Independent Parties. CRUDE is an independent contractor and not an agent of you in the performance of these Terms. These Terms are not to be interpreted as evidence of an association, joint venture, partnership, or franchise between the parties.
b. Entire Agreement. These Terms constitute the entire agreement between the parties regarding use of the Services and will supersede all prior agreements between the parties whether, written or oral. No usage of trade or other regular practice or method of dealing between the parties will be used to modify, interpret, supplement, or alter the terms of these Terms.
c. Force Majeure. CRUDE will not be liable for any delay or failure to perform as required by these Terms because of any cause or condition beyond CRUDE reasonable control.
d. Severability. If any portion of these Terms are held invalid or unenforceable, such invalidity or enforceability will not affect the other provisions of these Terms, which will remain in full force and effect, and the invalid or unenforceable portion will be given effect to the greatest extent possible.
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