Terms and Conditions of M-Trade LLC
(PUBLIC OFFER)
1. General Provisions
1.1. These Terms define the procedure for buying, selling, exchanging virtual assets for national currency, foreign currency, electronic money, including international electronic money when M-Trade LLP carries out activities of a cryptocurrency exchange operator (hereinafter referred to as the Terms).
1.2. As used in these Terms and Conditions, the following terms shall have the following meanings:
• Company – Limited Liability Company “M-Trade”;
• Customer means the Company’s counterparty (individual or legal entity) with whom the Company performs transactions (operations) aimed at acquisition, alienation of virtual assets, exchange of virtual assets for other virtual assets, or who has applied to the Company for such transactions (operations).
• Agreement – an agreement for the purchase and sale of virtual assets, exchange of virtual assets concluded (to be concluded) between the Company and the Client.
2. Procedure for realization of virtual assets
2.1. The Company makes the following transactions in virtual assets:
• purchase of virtual assets for national currency, foreign currency, electronic money;
• sale of virtual assets for national currency, foreign currency, electronic money;
• exchange of virtual assets of one kind for virtual assets to another.
2.2. The Company deals with virtual assets on its own behalf and in its own interest using information systems.
2.3. In order to perform a transaction with virtual assets, the Company shall receive from the Client an application (hereinafter referred to as the Application) via the Company’s information system according to the step-by-step guidelines set forth therein for the purchase and (or) sale of virtual assets for money or electronic money or the exchange of virtual assets of one type for virtual assets to another type, which shall constitute an offer and which shall determine the subject matter of the Agreement and its type.
2.4. The Company accepts and executes an Application that meets these requirements, if it is possible to do so and after reaching agreement on all necessary terms of a particular transaction.
2.5. The Company shall fix the time of execution of the Order and send the Client an e-mail message stipulating this time immediately upon receipt of the relevant Order from the Client.
2.6. When the Company makes a transaction with the Client with virtual assets, the Company sends the Client an electronic message containing all the terms and conditions of the transaction, including a clear indication of the nature and amount (quantity) of money and (or) other objects of civil rights, which will be transferred to the Company by its Client for the fulfillment of its contractual obligations.
2.7. To execute transactions with virtual assets, the Company receives from the Client money, electronic money, virtual assets on its current (settlement) bank account, in its electronic wallet, on its address (identifier) of virtual wallet, respectively, and transfers money, electronic money or virtual assets to the Client, depending on the type of transaction with virtual assets, as a counter-provision of money, electronic money or virtual assets. The Company shall fulfill its obligation to transfer money, electronic money or virtual assets to the Client immediately and only after the Client fulfills its obligation to transfer money, electronic money or virtual assets to the Company (depending on the type of transaction with virtual assets).
2.8. The Company does not operate with virtual assets:
• which are created and (or) placed in violation of the law,
• which are based on the principle of complete anonymity of the transactions made with them.
2.9. In order to establish relations with the Client (including for conclusion of the Agreement with the Client) the Company requests the following information from the Client:
• for a natural person – surname, first name, patronymic (if any), date of birth, address of residence;
• for a legal entity – name, location, payer’s registration number or Tax ID number;
• contact data of the Client allowing to establish communication with him (e-mail address and, if necessary, other contact data); other information stipulated by the legislation, local normative legal acts or contractual obligations of the Company, including in the sphere of prevention of money laundering, financing of terrorist activities and financing of proliferation of weapons of mass destruction.
2.10. The Company has the right to set minimum and maximum exchange limits for operations (transactions) with cash funds and/or virtual assets, about which it notifies Clients by placing the relevant information in its information system.
2.11. The Company has the right to determine at its own discretion the possible directions of exchange of cash, electronic money, virtual assets, about which it notifies the Clients by placing the relevant information in its information system.
2.12. The Company shall freeze funds and/or virtual assets received from the Client under the following circumstances:
• the Company has information that the participant of a financial transaction (in terms of blocking a financial transaction) the owner or holder of funds (in terms of freezing funds) is an organization, individual, including an individual entrepreneur, included in the list of organizations, individuals, including individual entrepreneurs, involved in terrorist activities (hereinafter – the List) or an organization, the beneficial owner of which is an individual included in the List;
2.13. The Company shall refund funds and/or virtual assets received from the Client under the following circumstances:
• Exclusion of an organization, individual, including an individual entrepreneur from the List.
• in case of erroneous crediting of funds and/or virtual assets in favor of the Company.
• in case the Company receives virtual assets from the Client under rejected (canceled) requests of the Client to sell virtual assets to the Company.
2.14. The Company shall return to the Client the virtual assets received from the Client under the circumstances specified in this clause in the same amount in which they were received, but less the blockchain network fee for sending the virtual assets to the Client’s virtual wallet address (identifier).
3. Procedure for determining the price of virtual assets
3.1. The company independently determines the prices of virtual assets depending on:
• the type of virtual assets to be realized,
• type of virtual asset transaction,
• payment currency in case of purchase and sale of virtual assets,
• the type of virtual assets involved in the exchange,
• the size (volume) of virtual assets to be realized,
• liquidity of virtual assets,
• actual supply and demand for virtual assets, including in the Company’s information system.
3.2. Specific prices of virtual assets sold by the Company for individual Clients are posted on the Company’s website. By concluding the Agreement, the Client acknowledges the fact of familiarization with the prices of virtual assets.
3.3. The prices of virtual assets for Legal Entity Clients shall be determined by the Company on an individual basis for each separate transaction. The prices of virtual assets applied in one such transaction shall not be the basis for their application in other transactions with the same or other Legal Entity Clients.
4. Disclosure of information on virtual assets
4.1. The Company discloses information about the virtual assets it sells (exchanges) by placing the following data on the page of the Company’s website corresponding to such virtual asset:
• information, the disclosure of which is mandatory in accordance with the requirements of the legislation of the Kyrgyz Republic and (or) local regulatory legal acts of the Company,
• information available to the Company and in respect of which the Company has decided to disclose it in order to provide Clients with the most complete and reliable information about the relevant virtual asset.
5. Disclosure of risk information
5.1. Acquisition of virtual assets may result in the total loss of funds and/or other objects of civil rights (investments) transferred in exchange for virtual assets (including as a result of volatility in the value of virtual assets; technical failures (errors), unlawful acts, including theft, committed by third parties).
5.2. Some virtual assets may be valuable to only a limited number of individuals, or may have no value at all.
5.3. Due to the innovative nature of the technologies underlying the transaction block register (blockchain) or other distributed innovation system, there is always a possibility of technical failures (errors) in their operation, including irreparable ones.
5.4. Due to different legal regulation of relations in the sphere of transactions (operations) with virtual assets in other states, there is always a probability of impossibility to fulfill these Terms in full or in part, including in connection with their invalidation, in the territory of such states.
6. Liability for breach of obligations
6.1. The Company shall be liable to the Client only for willful non-performance (improper performance) of the Agreement. In this case the Company shall reimburse the Client for losses incurred by the Client due to such circumstances in full, unless otherwise provided for by the legislation of the Kyrgyz Republic.
6.2. The Company does not bear any responsibility to the Client for the occurrence of unfavorable events due to the circumstances defined in the chapter “DISCLOSURE OF RISK INFORMATION” of these Terms and Conditions.
6.3. The Client shall be liable to the Company for any losses incurred by the Company due to the Client providing unreliable information required for the conclusion and execution of the Contract with the Company and undertakes to reimburse it in full. In addition to receiving compensation for such losses by the Company, the Company shall be entitled to apply to such Client other measures of liability provided for by the legislation of the Kyrgyz Republic.
7. Information Technology Services.
The procedure of actions of the parties in case of technical failures (errors).
Procedure for reporting to the company about identified technical failures (errors).
7.1. The Company shall take all measures aimed at maintaining uninterrupted operation of its information system, as well as measures aimed at prompt elimination of technical failures (errors) detected in its operation. In case of detection of such technical failures (errors), the Company has the right to demand from the Client mandatory performance of certain actions with informing him about such necessity by e-mail or otherwise.
7.2. In case the Client identifies technical failures (errors) in the Company’s information system, the Client shall immediately notify the Company by sending a corresponding message to the Company’s e-mail address or in any other way indicating:
• login (e-mail) or ID in the Company’s information system;
• the device on which the error was detected, the browser and its version;
• description of the sequence of actions, screenshots (screen shots) to it;
• description of the expected result;
• description of the error or undesired result, screenshots (screen shots) to it;
• suggestion for improvements (if any);
• any other information that the bidder would like to convey to the Company’s IT specialists and technical support staff.
7.3. In case of technical failures (errors), the Company may temporarily close access to the information system, if it is necessary to ensure the security of the Company’s information system and safety of the Clients’ funds. The Company is obliged to notify all Clients about the problems, measures taken, terms of their solution and resumption of access to the Company’s information system.
