The present Customer Agreement outlines the Terms (“Terms”), applying to your access to the inner sections of Livecoin.net website (“Website”), including access to the Trading Platform (“Platform”). Please, read the Terms carefully and do not use the Website or the Platform, if you do not accept them. The Platform, operated by Livecoin (“Service”), enables the buyers (“Buyer”) and sellers (“Seller”), generally addressed as “Customers”, to buy and sell on-line the digital assets, also known as “Cryptocurrency”.
When opening the account (“Account”), the Customer acknowledges and warrants, that:
1. She/he accepts the present Terms
2. She/he is at least 18 years or older and is legally fully eligible to accept these Terms and trade on the Platform
The Service reserves the right to change, add or remove parts of these Terms at any time at its sole discretion. The Customer commits to monitor all the amendments made to the present Customer Agreement. Continued use of the Website after the modifications are made would mean that the Customer accepts and agrees with the amendments. The Customer agrees, that all subsequent transactions will comply with these Terms. As long as the Customer agrees with the Terms and any such modifications, the Service grants her/him a personal and non-transferable limited right to log in and use the Website and the Platform.
The Customer’s acceptance of these Terms, as may be amended, entitles the Service to act as an intermediary between Buyers and Sellers for trading on the Platform in accordance with the sub-clauses laid down below and to perform the functions described below.
The Platform is a technical, operational and institutional framework, managed by the Service, to enable the Buyers and Sellers to conclude transactions in Cryptocurrencies.
Cryptocurrency is a type of digital currency, the issuance and accounting of which is based on encryption and application of different cryptographic methods of protection, such as Proof-of-work (scheme of proof of the work fulfillment, when the work is difficult to make, but easy to check) or Proof-of-stake (scheme of proof of balance on the account, which is checked easily, but is expensive to store), as well as other methods. The functioning of such systems is decentralized in distributed computer networks.
“Seller” is a person who places a sell order for Cryptocurrency on the Platform.
“Buyer” is a person who a places a buy order for Cryptocurrency on the Platform.
“Customer” means Buyer and Seller, as well as any account holder.
“Transaction” means an agreement between the Buyer and the Seller to exchange Cryptocurrency using the Platform at a mutually agreed price.
“Price” is a price in conventional units, at which the Customer is ready to buy or sell Cryptocurrency using the Platform for transactions.
“Commission” is the fee payable to the Service for transactions, including the reward to commission agent.
“Arbitrage“ is a stack of buy/sell transactions executed with the aim of earning a profit taking advantage of a price difference between the rates of Cryptocurrencies.
THE ACCOUNT OF THE CUSTOMER
The Customer is responsible for confidentiality of her/his account/username information, including the password and PIN code, and for other activities, involving operations with her/his account. The Customer agrees to immediately notify the Service of any unauthorized use of login or password, or any other breach of security. The Customer is liable for losses of the Service or of any other user of the Website incurred by actions of a third party using the Customer's password or login. The Customer should not use any account other than her/his own account. The Customer should not attempt to get unauthorized access to the Website, and any attempt to do so or to assist other Customers or third parties in doing this (including disclosure of manuals, software and tools for this purpose) will result in termination of service and loss of all the funds at the Customer’s account. The Service, in such a case, reserves the right to take any other measures against the Customer.
The Customers agrees to provide the Service with accurate, current and comprehensive personal information as requested upon registration of the account, and to update this information as necessary.
The Customer may have only one account at a time and may not use or create any account other than her/his own account. Multiple accounts of the same Customer would be blocked by the Service without notice. In case of violation of this rule the Service reserves the right to unilaterally refuse service to the Customer without refunding the remaining balance of the account.
Any claims regarding financial transactions should be filed within 30 days of the transaction completed. No claims will be accepted after the deadline.
Livecoin.net Exchange provides data (orders, incoming/outgoing transactions) for the last 30 days only.
Customer acknowledges and agrees that in order to ensure the safety of the Customer’s account, to prevent money-laundering, in order to enforce its internal security policies, the Service by default uses internal controls and software programs for such control. The Service, through these programs and controls, collects and stores any essential information on the Customer and her/his transactions, including personal data of the Customer, submitted upon registration of the account or requested by the Service upon transactions effected, as well as some indirect information, including IP-addresses, operating systems, software configurations, and other information collected with the use of “cookies” in order to create statistical records.
The Service may require identification information depending on the amounts credited to the accounts or in case of any suspicious activity that may be indicative of illegal actions. The Customer accepts and agrees, that in case there are substantial grounds to believe that the Customer's account is utilized for money-laundering or for any other illegal activity, or, the account holder conceals or deliberately provides false identification information and other details, or, if there are solid reasons to believe, that the transactions effected via the Customer account violate the Terms, the Service has the right to require from the Customer to provide any additional information and documents to clarify the circumstances. Transactions may be frozen until the documents are reviewed by the Service and approved as meeting the requirements of the legislation against legalization of proceeds of crime and financing of terrorism.
The Service may require from the Customer any additional identifying information and supporting documents at any time at the request of any competent authority or in case of enforcement of existing legislation or regulation of any country, including laws against money-laundering (legalization of the proceeds of crime), or counteracting financing of terrorism. In this case, if the Customer does not provide or provides incomplete or false information and documents, the Service has the right to unilaterally refuse service to the Customer.
Accounts may be used exclusively for the purposes specified in these Terms.
Accounts inactive for more than a year since the last visit, shall be blocked, the un-blocking is available through the Support service only. The account is considered inactive if the holder has not visited it for the last year or longer. Accounts inactive for more than two years should be terminated.
The Platform enables the Buyer to post offers for purchase of Cryptocurrency, and enables the Seller to post offers for sale of Cryptocurrency. The price of buy or sell of Cryptocurrency is determined by the Customer at his/her own discretion. The Customer acknowledges that her/his offers should be submitted only after careful consideration, and offers, once submitted by the Customer, shall be considered as available for sale or purchase of Cryptocurrency to the other Customers. The Seller and the Buyer agree, that as soon as their offers match, the transaction is binding and cannot be revoked. The transaction for a purchase of Cryptocurrency shall be completed instantly and without notice to the Seller and the Buyer, and should be considered as effected at the moment when it was actually executed.
Acting as the Buyer or the Seller in a transaction for sale or purchase of Cryptocurrency, the Customer acknowledges, that she/he loses the right to cancel the offer after the prices matched and the transaction was automatically executed.
Once the Buyer’s and the Seller’s offers match, the Service gains an exclusive right to execute the transaction in the amount corresponding to the price specified in the transaction, net of commission fee.
The funds contributed by the Customer as bets in the game or as fee for voting in favor of certain coins in the ballot are final and non-refundable in any case.
If the funds deposit is arranged in breach of the current rules, specified in the deposit forms of each cryptocurrency or fiat money, the funds are considered as lost irrevocably and not subject to compensation.
If the funds withdrawal is arranged in breach of the current rules specified in the withdrawal forms of each cryptocurrecncy or fiat money, or sent to the wrong addresses, including non-existent or invalid addresses, the funds are considered irrevocably lost and not subject to compensation. If the funds deposit and withdrawals, processed through API, are arranged in breach of rules of deposit and withdrawals, specified in the appropriate forms of deposit and withdrawal, the funds are considered irrevocably lost and not subject to compensation. The Customer commits, prior to using the API, to review the rules of deposit and withdrawal of the relevant asset.
RESPONSIBILITIES OF THE SERVICE
The Customer acknowledges and agrees that in effecting transactions she/he is trading with other Customers, and acknowledges that the Service acts solely as an intermediary in such transactions, not a counterparty. Consequently, Customer bears full responsibility for compliance with all laws and regulations related to the transactions.
The Service represents and warrants, that:
1. All reasonable efforts will be made by the Service to facilitate and ensure effective transactions between the Customers.
2. All sales-purchase transactions conducted on the Platform will be posted anonymously, i.e. so that the Buyer and Seller remain unknown to each other.
3. Transaction price will be calculated based on the actual relevant offers made by the Customers and shall include the applicable commission fees.
4. As soon as specific offers for sale and purchase of Cryptocurrency match, such offers may not be revoked.
5. All funds, including Cryptocurrency, deposited by the Customer into the Customer’s account, shall be stored by the Service on her/his behalf, in accordance with the details specified in the profile of the Customer.
6. The Service obliges to comply with all the legal and regulatory provisions applicable to the Platform
In case the Customer violates any of the provisions of the present Terms, the Service reserves the right to terminate the Customer’s account and block all funds therein, including Cryptocurrency.
The Platform is not liable to provide any legal, tax, insurance or investment advice. The history of offers (bids) and trades is solely for the purpose of providing Customers with general information related to transactions previously executed on the Platform, and should not be considered as investment advice or recommendations from the Service. The Customer is solely responsible for determining the fact that a conceived transaction is appropriate based on her/his personal objectives, financial position and affordable risks.
RESPONSIBILITIES OF THE CUSTOMER
The Customer guarantees that she/he will use the Platform solely to effect transactions in accordance with the terms and conditions set out in these Terms and that she/he has the right and opportunity to trade on the Platform.
The Seller warrants that Cryptocurrency offered for sale or transfer, indeed represent the actual Cryptocurrency.
The Buyer warrants that the funds used for Cryptocurrency purchase are relevant to the Buyer’s actual assets and come from legitimate sources.
The Customer agrees not to utilize the Trading platform for any type of illegal activities, including, but not limited to, laundering of money, financing of terrorism, or any kind of operations producing a negative effect on the Trading Platform functioning efficiency.
The Customer acknowledges that she/he should independently monitor Livecoin Platform newsletters in order to get the latest update on the assets listing/disabling/de-listing, as well as on any other relevant information; in case the Customer fails to get a timely update, the Customer is not liable to lodge compensation claims against the Platform for the losses incurred.
The Customer agrees, that in case she/he needs to keep a few thousand open orders at a time, she/he is obliged to inform the Service Support center, specifying the reason for doing so.
The Customer agrees, that if her/his open orders are completely out of market (i.e. deviation from the current market price more than 10 times), in case the number of these orders is excessively large, the Service has the right to cancel them, because the said-above orders are considered as dust orders and might be misleading for other Customers of the Trading platform.
The Customer agrees, that, whenever the transaction is effected, the Platform sends and receives funds, Cryptocurrency (s) included, on behalf of the Buyer and on behalf of the Seller, through IT systems utilized by the Platform at the time of the transaction's execution.
The Platform is intended for trade and / or exchange of cryptocurrencies transactions. Direct transfer of cryptocurrency funds or fiat money through the Platform without trade is prohibited and will lead to the account termination without refunding of the remaining balance of the account.
The Customer guarantees not to disclose any information, obtained from the Service support operator, in any channels of communication. Violation of this rule will lead to the account termination without refunding of the remaining balance of the account.
The Customer agrees, that monitoring the newsfeed, published at the relevant section of the Website, or in social networks or other public accounts of the Service, is an obligatory condition of using the Service. The Customer agrees to bear sole responsibility for any losses of funds, incurred by neglect of the Service notifications or recommendations.
The Customer agrees, that prior to submitting claims to Livecoin Service and/or addressing a ticket to the Support service he/she has to go through account verification procedure.The Customer understands and agrees, that any claims and requests are processed through Support service via tickets in the Customer's account; requests for access recovery should be submitted only and exclusively to the following e-mail: firstname.lastname@example.org. The Customer understands and agrees, that his/her claims and requests would be handled only if submitted to an official e-mail address or via ticket in the Customer's account; claims or requests submitted in forums, social networks or other public sources would be neglected.
All rights of intellectual property, including copyright for texts, graphic images or any other material posted on the Platform are owned by the Service or by the Platform partners. Accordingly, the Customer should not copy, distribute, reproduce, republish, upload, transmit, modify, publish or otherwise use any such content.
The Customer warrants, that she/he is the rightful owner and is entitled to use all funds, including Cryptocurrencies, deposited in her/his accounts, and that the transactions effected do not violate the rights of any third party or the applicable law. The Customer agrees to indemnify the Service against all losses incurred by abuse of rights of the third parties or by violation of law through the fault of the Customer.
The Service is not be liable for any losses, including loss of profits, loss of revenue, loss of business, loss of data, direct or indirect damage sustained by the Customer if the damage is not a result of the Terms violation by the Service.
The Service is not liable for malfunction, damage, delay or interruption of access to the Internet, or, if for any reason the Website is unavailable at any time or for a specific period. The Website contains links to other websites and resources provided by third parties, but these links are provided solely as source of information. We have no control over the content of these websites or resources, and bear no responsibility for them or for any loss or damage which may result from their use. The Service is located at : livecoin.net, and is not responsible for the websites located on any other domains.
In case of fraud or any other illegal activity, the Service will communicate all necessary information, including names, addresses and other data requested, to the relevant authorities in charge of suppression of fraud and violations of law. The Customer acknowledges that her/his account may be frozen at any time upon a request of any competent authority.
The Service do not bear responsibility for losses incurred by vulnerability or any kind of failure of software (nodes, wallets) used by the third parties, or glitch in the software (nodes, wallets), provided by the third parties, as well as failure of blockchains or any other technical problems specific of Cryptocurrencies traded at the Platform. The Service is not liable for damages due to late report from cryptocurrency developers or representatives (or no report at all) of any issues with cryptocurrency including all sorts of forks, node technical issues or any other issues potentially resulting in fund losses. In this case there are two options of compensation for losses. The priority option - the Service is making all efforts to enforce this option – is to induce cryptocurrency developers or representatives to compensate for the losses. The other option is to write-off relevant amounts from the Customers’ accounts in proportion to their deposited amounts of this particular cryptocurrency at the Platform.
Nothing in these Terms affects the legal rights of the Customers.
Nothing in these Terms excludes or limits liability of either party for fraud, death or personal injury caused by negligence, violation of laws, or any other activity that cannot be limited or excluded by legitimate means.
In view of the above, the total liability of the Service that may result from or in connection with use of the Website and/or Platform by the Customer, civil offence (including negligence) or otherwise, under any circumstances should not exceed the greater of the total balance of the account of the Customer (less any commission fees); or 100% of the transaction (s) that is subject of the claim minus commission fees.
The Service may suspend or modify the Platform and / or revise or terminate the present Terms at any time with due notification to the Customers. If the Customer continues using the Platform after such a notification, it is considered that she/he gave consent and accepted these changes or termination. Any financial claims should be filed within 10 days after the revisions or amendments to the present Terms came into effect.
If the Customer disagrees with these Terms, she/he may close her/his account at any time.
The Customer agrees, that the Service may, acting at its sole discretion, suspend the Customer's access to the Website, including, but not limited to: restriction, suspension or termination of the account, a prohibition of access to the Website and to its contents and termination of providing any services. The Service may take technical and legal measures to prevent the Customer’s access to the Website, if the Service believes, that she/he is causing troubles and poses legal challenges, abuses intellectual property rights of third parties, or her/his actions violate the present Terms. In addition, we may, under certain circumstances and at our discretion, stop servicing of the Customer’s account for other reasons, including, but not limited to:
(1) Attempt to gain unauthorized access to the Website or the account of another Customer or to assist others in doing so,
(2) Attempt to override the software security features designed to limit the usage or protect some content,
(3) Use of the Platform for any illegal activities, including legalizing the proceeds of criminal activities, or financing of terrorism or other illegal activities,
(4) Violation of these Terms,
(5) Unexpected operational difficulties
(6) Enquiries from law enforcement agencies or other government institutions
(7) Active arbitrage (over 100 transactions) in a short period of time (during 24 hours), meaning to affect the market, or induce artificial increase of trading volume in particular this or that trading pair or out of other ill-intentioned commitments.
(8) Use of offensive language towards the Service or the Service staff, either in private, or in public.
(9)Threats to Support operators
The Service, as a private enterprise, also reserves the right to unilaterally modify or suspend the Website or the Platform, stop providing services to the Customer without explaining specific reasons. The Customer agrees that the Service will not be liable to the Customer or any third party for termination of servicing their accounts or for the Website being inaccessible.
The Customer acknowledges and agrees that her/his accounts can be blocked until her/his ID documents and/or any other information are provided to the Service, if the Service decides it necessary for servicing of the accounts, for effecting transactions, for operations and/or the Platform functioning.
In the case of force majeure, as stipulated by applicable laws, fulfillment of obligations towards the affected party under these Terms will be suspended pending resolution of the problem.
If a competent judiciary authority considers any provision of the Terms to be unenforceable, such a provision shall be enforced to a maximum extent permissible, and all other provisions shall remain in full force and effect.
If you have any questions related to the present Terms, your rights and obligations arising from these Terms and / or use of the Website and the Platform, your account or any other matter, please, contact the Service Support team.