BITPACE EARN TERMS AND CONDITIONS
Published on 20.04.2022
PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY.
1. Preliminary
These Bitpace Earn terms and conditions, as amended, restated or supplemented from time to time (“Terms and Conditions”), set out the terms of the contract between you and SG Veteris Europe EOOD ( "SGV" "or" "we" or us or "Bitpace" ) for engaging in Bitpace Earn (defined below). The term “you” or “your” refers to the merchant agreeing to these Terms and Conditions.
These Terms and Conditions are supplemental and subject in all respects to the Bitpace Terms of Use , the Bitpace Privacy Policy and the corresponding Merchant Agreement entered between you and SGV. Unless otherwise stated, in case of discrepancy between the Merchant Agreement or the Bitpace Terms of Use and the present Terms and Conditions, the latter prevails.
Prior to deciding to enter Bitpace Earn, you should thoroughly consider your objectives, financial situation, level of experience and risk appetite. You should not engage in Bitpace Earn unless you fully understand the risks associated with it and the extent of your exposure to such risks. You should also be satisfied that Bitpace Earn is suitable for you in light of your circumstances and financial position.
Among other risks, and besides the risks related to cryptocurrencies generally, Bitpace Earn may require a lockup or “vesting” period, which can be a disadvantage, as you will not be able to trade the tokens during this period even if prices move. Therefore, you should consult with your own independent advisors on whether to participate in Bitpace Earn.
2. Bitpace Earn
We may choose to designate for inclusion under Bitpace Earn from time to time certain cryptocurrencies, which are subject to change and/or limitation at our sole discretion ( “Eligible Cryptocurrency” ).
Subject to applicable law and these Terms and Conditions, while you hold or commit an Eligible Cryptocurrency with Bitpace (for a fixed period or flexible period, as applicable) ( “Committed Cryptocurrency” ), you may earn interest and/or other rewards ( “Reward” ) with Bitpace, following the interest rates or list of rewards published, or as otherwise communicated by Bitpace from time to time ( “Bitpace Earn” ). Please note that Bitpace Earn is not an investment program nor a speculative tool.
Unless otherwise specified, the corresponding Reward will be added to your Bitpace Earn in the same Eligible Cryptocurrency as the Committed Cryptocurrency.
Please refer to https://merchant.bitpace.com/earn to verify the available Reward per Eligible Cryptocurrency and the relevant periods or other terms and conditions applicable to such Reward. The Reward may be expressed in an Annual Percentage Yield ( “APY” ), which indicates the interest you can earn on your Committed Cryptocurrency over one year. APY considers the effects of compounding interest which is the interest that you may earn from the original Committed Cryptocurrency and the interest earned from it.
You may exit Bitpace Earn (or part thereof) at any time and request that Bitpace return to you all or part (as applicable) of the Committed Cryptocurrencies and deliver any Reward accrued from Bitpace Earn, in each case, by transferring them to your non-earned wallet under our prevailing procedures.
3. Acknowledgements
(i) you will not be able to exercise rights of ownership with respect to the Committed Cryptocurrency;
(ii) unless otherwise stipulated by Bitpace, Bitpace Earn is free of charge, but Bitpace may receive compensation in connection with lending or otherwise using the Committed Cryptocurrency to which you have no claim or entitlement;
(iii) if Bitpace goes bankrupt, enters liquidation or is otherwise unable to repay its obligations, you may not be able to recover or regain ownership of the Committed Cryptocurrency, and other than your rights as a creditor of Bitpace under any applicable laws, you may not have any legal remedies or rights in connection with Bitpace’s obligations to you;
(iv) Bitpace does not guarantee any proceeds under any Bitpace Earn;
(v) Bitpace has the right to initiate or terminate Bitpace Earn in whole or in part, or for any Eligible Cryptocurrency, or modify any rules on Bitpace Earn thereof at any time and in its sole discretion;
(vi) Bitpace reserves the right to refuse to carry out transactions if we are unable to carry out the transaction due to errors, failures (whether mechanical or otherwise) or refusal caused by merchants, payment processors, card networks or payment schemes who are processing transactions or if carry out the transaction compromises reasonable security measures or be otherwise unlawful;
(vii) Bitpace reserves the right to adjust the characteristics, pay-out, timeframes and any other related offering of Bitpace Earn at any time without any prior notice;
(viii) the right to validate transactions may be determined by the number/amount of tokens or coins held;
(ix) a minimum amount of Committed Cryptocurrency may be required at the sole discretion of Bitpace, from time to time, to participate in Bitpace Earn;
(ix) the Reward may be linked to relevant periods and/or additional terms and conditions as detailed at https://merchant.bitpace.com/earn or as otherwise specified by Bitpace; and
(x) Bitpace has the right to take necessary steps, including but not limited to: suspension, freeze or immediate termination of your account(s) with Bitpace, or revocation, or non-awarding of the interests or any other reward if you violate any Terms or Condition of Bitpace, the present Terms and Conditions of Bitpace Earn and/or for any improper or abusive use of Bitpace Earn.
Furthermore, concerning the Committed Cryptocurrency, you acknowledge and agree that all rights and titles are reserved to Bitpace, including ownership rights, and the right, without further notice to you, to hold the Committed Cryptocurrency in Bitpace’s own virtual wallet or elsewhere, and to pledge, re-pledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer or use any amount of the Committed Cryptocurrency, separately or together with other property, with all attendant rights of ownership, and for any period of time, and without retaining in Bitpace’s possession and/or control a like amount of cryptocurrencies or any other monies or assets, and to use or invest the Committed Cryptocurrency in Bitpace’s full discretion.
4. Disclaimer
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, BITPACE EARN, AND ANY RELATED SERVICE(S) PROVIDED BY OR VIA SGV ARE PROVIDED “AS IS”. WE AND OUR RELATED PARTIES MAKE NO WARRANTY, REPRESENTATION OR OTHER ASSURANCE IN CONNECTION WITH BITPACE EARN AND ANY RELATED SERVICE(S) PROVIDED BY OR VIA SGV, INCLUDING AS TO AVAILABILITY, ACCURACY, COMPLETENESS, RESULTS, FUNCTIONALITY, RELIABILITY, PERFORMANCE, TIMELINESS, NON-INFRINGEMENT, SUITABILITY, QUALITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE. ALL REPRESENTATIONS, WARRANTIES AND ASSURANCES (STATUTORY, IMPLIED OR OTHERWISE) ARE EXCLUDED. WE AND OUR RELATED PARTIES HAVE NO LIABILITY TO YOU OR THIRD PARTIES IN CONNECTION WITH BITPACE EARN AND ANY RELATED SERVICE(S) PROVIDED BY OR VIA SGV OTHER THAN FOR WILFUL DEFAULT, GROSS NEGLIGENCE AND FRAUD.
FURTHERMORE, SGV MAKES NO GUARANTEES THAT ANY INTEREST OR REWARDS WILL BE ACTUALLY EARNED, NOR THAT YOU WILL RECEIVE ANY PARTICULAR RETURN OVER TIME. SGV DOES NOT GUARANTEE THAT BITPACE EARN WILL REMAIN AVAILABLE ON A CONTINUOUS BASIS OR FOR ANY PERIOD OF TIME. SGV RESERVES THE RIGHT TO SUSPEND, WITHDRAW, AMEND, OR TERMINATE BITPACE EARN (OR PART THEREOF) AT ITS SOLE DISCRETION.
5. Limitation of Liability
To the maximum extent permitted by applicable law, neither we nor our directors, officers, employees, or agents shall be liable for any direct or indirect losses, damages, costs or expenses, whether arising out of negligence, breach of contract, misrepresentation or otherwise, incurred or suffered by you under these Terms and Conditions and/or in connection with Bitpace Earn, unless such loss is a reasonably foreseeable consequence or arises directly from our or their respective gross negligence, wilful default or fraud. In no circumstance shall we have liability for direct or indirect losses suffered by you or any third party for any (i) indirect, special or consequential damage, (ii) loss of profits, (iii) loss of goodwill, (iv) loss of business opportunity arising under or in connection with these Terms and Conditions and/or with Bitpace Earn, whether arising out of negligence, breach of contract, misrepresentation or otherwise, including any act or omission arising out of or in connection with any error in any instruction given by you, or in any instruction which is or reasonably appears to us to be from you. Nothing in these Terms and Conditions will limit our liability for death or personal injury resulting from our negligence or any liability that cannot be lawfully excluded or limited.
6. Suspension and Termination
In addition and notwithstanding any other provisions of these Terms and Conditions, we may at any time suspend and/or terminate your Bitpace Earn without notice if:
(i) you breach any condition of these Terms and Conditions or any other condition applicable to specific services covered by them;
(ii) you violate or we have reason to believe that you are in violation of any laws or regulations applicable to you or your use of Bitpace Earn and/or our services;
(iii) we have reason to believe that you are in any way involved in any illegal activity, fraudulent activity, money laundering, terrorist financing or any other criminal activity;
(iv) we are required to do so by law or by a regulator, or we need to do so to comply with our legal or regulatory obligations;
(v) we reasonably suspect that unauthorised or fraudulent use of Bitpace Earn has occurred, or that any of its security features have been compromised; or
(vi) we have reason to believe that you are in any way involved in prohibited transactions or your circumstances have changed to increase the risk imposed on us.
In case of suspension, we will however endeavour to notify you either prior to the suspension or promptly after the suspension, as we consider appropriate at our own discretion and unless we are prohibited by law or regulation from notifying you. If we consider that the reasons for stopping your use of Bitpace Earn cease to exist and that the suspension can be lifted, we will inform you as soon as practicable (by email or otherwise) when access to Bitpace Earn is no longer suspended.
7. Modifications
Bitpace reserves the right to update, modify, revise, suspend, or make any future changes to these Terms and Conditions and/or Bitpace Earn.ANY AND ALL MODIFICATIONS OR CHANGES TO THESE TERMS AND CONDITIONS WILL BECOME EFFECTIVE UPON PUBLICATION ON BITPACE WEBSITE OR AS OTHERWISE COMMUNICATED TO YOU. THEREFORE, YOUR CONTINUED USE OF BITPACE SERVICES HAS DEEMED YOUR ACCEPTANCE OF THE MODIFIED TERMS AND CONDITIONS. IF YOU DO NOT AGREE TO ANY CHANGES TO THESE TERMS, YOU MUST STOP USING BITPACE SERVICES IMMEDIATELY.
8. Miscellaneous
(i) In all instances, Bitpace Earn is subject to your compliance with the applicable law, Bitpace’s onboarding processes, verification, eligibility and availability of Bitpace Earn, as established by SGV in its sole discretion, AML and KYC procedures, set up by SGV from time to time. At any time, we reserve the right to request any additional documents, information or clarification from you needed for us to comply with the applicable law and regulation. If you do not comply with our information request within a timely matter, we reserve the right to suspend or freeze your activities in the account, and/or terminate your account with us without notice.
(ii) We reserve the right to carry out any necessary money laundering, terrorism financing, fraud or other illegal activity checks before authorising any withdrawal of your funds, including in relation to returning any funds to you after you have closed your account.
(iii) Any delay or omission to exercise any right, power, or remedy accruing to SGV upon any breach of default under these Terms and Conditions, shall not be deemed and must not be construed as a waiver of SGV’s rights.
(iv) If any provision of these Terms and Conditions is held invalid or unenforceable, such invalidity or unenforceability shall not affect the other provisions of these Terms and Conditions, and, to that extent, the provisions of these Terms and Conditions are intended to be and shall be deemed severable.
(v) These Terms and Conditions will be subject to the governing law and jurisdiction of the corresponding Merchant Agreement executed between you and SGV.
9. Acceptance
By accessing and/or using Bitpace Earn ticking on and/or otherwise selecting “I have read and agree to Bitpace Earn Terms and Conditions”, you acknowledge and agree that:
(i) YOU HAVE READ, UNDERSTOOD AND ACCEPTED ALL OF THE TERMS AND CONDITIONS STIPULATED HEREIN;
(ii) YOU HAVE FULL CAPACITY TO ENTER INTO THESE TERMS AND CONDITIONS, YOU HAVE ALL THE NECESSARY AUTHORITY, POWERS, CONSENTS, LICENCES AND AUTHORISATION, YOU HAVE TAKEN ALL THE NECESSARY ACTIONS TO ENABLE YOU TO ENTER INTO AND PERFORM THESE TERMS AND CONDITIONS LAWFULLY;
(iii) IF YOU ARE A LEGAL ENTITY, THE NATURAL PERSON ACCESSING AND/OR USING BITPACE EARN AND/OR TICKING ON AND/OR OTHERWISE SELECTING “I HAVE READ AND AGREE TO BITPACE EARN TERMS AND CONDITIONS” HAS FULL POWER AND AUTHORITY TO ENTER INTO THESE TERMS AND CONDITIONS FOR AND ON BEHALF OF THE LEGAL ENTITY AND BIND THE LEGAL ENTITY;
(iv) BITPACE DOES NOT PROVIDE ADVICE OF ANY KIND TO YOU IN CONNECTION WITH YOUR ACTIVITY ON THE BITPACE PLATFORM, INCLUDING YOUR PARTICIPATION IN BITPACE EARN;
(v) YOU SHALL ASSUME ALL RISKS RELATED TO PARTICIPATING IN BITPACE EARN; AND
(vi) SGV SHALL NOT BE LIABLE FOR ANY SUCH RISKS OR ADVERSE OUTCOMES.
