How to trade Bitcoin and Litecoin legal and safe in Europe

CNEX.eu Terms and Conditions

1. What are these Terms and Conditions?

1.1 These Terms and Conditions set out the terms on which CNEX.eu provides the Platform and provides the Services and on which You agree to use the platform and to use the Services. These Terms and Conditions apply to all Orders made via the Platform.

1.2 Please review these Terms and Conditions carefully and make sure that You understand them before using the Platform and/or making an Order. If You do not agree to these Terms and Conditions, You must cease use of the Platform and must not make an Order through the Platform.

2. Acceptance of Terms and Conditions

2.1 By using the Platform and/or making an Order, You accept and agree to be bound by these Terms and Conditions.

2.2 CNEX.eu may at any time modify these Terms and Conditions. CNEX.eu will notify You of any changes to these Terms and Conditions either by emailing You (at the email address entered by You into the registration form on the Platform) and/or by posting a notice on the Platform. By continuing to use the Platform and/or making any Order after changes to these Terms and Conditions are made and notified to You, You agree to be bound by such changes.

2.3 You can review the most current version of our Terms and Conditions at any time by clicking on the "Terms and Conditions" link located at the bottom of the Platform. It is Your responsibility to ensure that You are familiar with the current Terms and Conditions. You are advised to check the above link on a regular basis.

3. Definitions

3.1 In these Terms and Conditions:

Account” means the account of a User with CNEX.eu which is created when a User registers with CNEX.eu by completing the registration form available on the Platform.

AML Documentation” means the documentation required to be provided by the Customer as set out in our Anti-Money Laundering Policy.

Bitcoin” means the virtual currency known as “Bitcoin”.

CNEX.eu”, “we” and “us” are references to CNEX.eu Limited, a limited company incorporated in England with registered number 08493818 and registered address at c/o 96 High Street, Upwood, Huntingdon, PE26 2QE.

Customer”, “Your and “You” means a user of the Platform who makes an Order via the Platform.

Order” means any request by a User to purchase any Goods made by selecting one or more Listings, adding such Listings to Your Basket and making payment for the contents of Your Basket (as further detailed in clause 6).

Platform” means the trading platform published by CNEX.eu from time to time including without limitation the trading platform at CNEX.eu.co.uk, CNEX.eu.com and their subdomains.

4. What is CNEX.eu?

4.1 CNEX.eu is a limited company incorporated in England with its headquarters in London at 96 High Street, Upwood, Huntingdon, PE26 2QE.

4.2 CNEX.eu is fully complied with Know your Customer (KYC) legislations

4.3 CNEX.eu operates the Platform. The Platform is an electronic web interface through which Customers can either:

(a) place an Order for the purchase of Bitcoin; or

(b) place an Order for the sale of Bitcoin.

4.4 In placing an Order, the Customer seeks to convert from GBP to Bitcoin or from Bitcoin to GBP or EUR to Bitcoin and Bitcoin to EUR.

5. Registering as a User

5.1 You may access the public areas of the Platform which contain general information about CNEX.eu and our service without registering as a Customer.

5.2 If You wish to place an Order, you will first be required to register as a Customer. Due to compliance with regulatory requirements, registration is a three step process as follows:

(a) completion of the new Customer registration form which can be found on the Platform;

(b) provision to CNEX.eu of the AML Documentation (as set out in our Anti-Money Laundering Policy); and

(c) provision to CNEX.eu of a signed copy of the Customer Agreement.

5.3 Once CNEX.eu has received all of the required documentation as set out in paragraph 5.2 and our Anti-Money Laundering Policy, CNEX.eu will undertaken certain additional security checks on You.

5.4 If CNEX.eu in its sole and absolute discretion is satisfied that You comply with all applicable requirements, CNEX.eu will provide You with a verified account to access the Platform.

5.5 Please note that you will not be able to make an Order under any circumstances until the regulatory requirements have been met.

5.6 The Customer undertakes to provide CNEX.eu as soon as practicable on demand with any and all information that CNEX.eu may require, or in CNEX.eu’s sole and absolute discretion considers necessary, including without limitation for the purposes of providing such information to any applicable governmental or regulatory authority in relation to regulatory compliance or anti-money laundering laws and regulations.

6. Orders

6.1 CNEX.eu and the Customer will from time to time enter into Orders in accordance with the Customer’s electronic instructions issued through the Platform.

6.2 Once an Order has been made by the Customer, it will be “matched” with the first available Order made by another Customer on the Platform. For example, if You enter an Order to sell 100 Bitcoin at or above price £X per Bitcoin, the Platform will match Your Order with an Order of a Customer who wishes to buy Bitcoin at a price above or equal to price £X per Bitcoin.

6.3 The Platform may part-perform an Order made by You and you hereby irrevocably acknowledge and agree that CNEX.eu shall be permitted to do so. For example, Your Order to sell 100 Bitcoin at or above price £X might be matched with an Order to buy 50 Bitcoin at or above £X. This would leave You with a partly-unperformed Order equal to 50 Bitcoin for sale at a price above or equal to £X.

6.4 Each Order entered on the Platform is irrevocable and binding on the Customer. CNEX.eu cannot and will not reverse an Order to the extent that it has been matched with one or more other Orders as set out above.

6.5 Where an Order has not been matched, CNEX.eu may in its sole and absolute discretion cancel the Order.

6.6 CNEX.eu shall at all times be entitled to operate on the basis that each Order is correct and does not contain any errors (including in the case of manifest errors).

6.7 Each Order will be confirmed to the Customer using the Platform’s record-keeping functionality which can be viewed by the Customer using the Customer’s account portal.

6.8 CNEX.eu records the details of every Order undertaken for a Customer including the tracking numbers of all Bitcoin provided to a Customer.

6.9 CNEX.eu may at any time right to refuse to accept a Customer’s Order without any liability.

7. Payment

7.1 Prior to making any Order, the Customer must have credited funds or Bitcoin to his Account. CNEX.eu shall not permit any Order to be placed until cleared funds have been received, and cannot accept responsibility for a delay in onward payment due to the late arrival of such funds.

7.2 The Customer expressly agrees and acknowledges that banks have cut-off times, after which they will not accept same-day payment instructions. It is the sole responsibility of the Customer to make itself aware of, and where necessary comply with, any applicable cut off times.

7.3 Funds are credited to a Customer’s Account by the Customer making a transfer from his bank account to CNEX.eu’s Client Account using the Platform. Credited funds will show as a credit balance on the Customer’s Account when received and processed by CNEX.eu.

7.4 Bitcoin is credited to a Customer’s Account by the Customer making a transfer from his Bitcoin wallet to CNEX.eu’s Client Bitcoin Wallet using the Platform. Credited Bitcoin will show as a credit Bitcoin balance on the Customer’s Account when received and processed by CNEX.eu.

7.5 All payments made to CNEX.eu under these Terms and Conditions are to be made in full without any set-off, counterclaim or deduction whatsoever.

7.6 CNEX.eu shall make payments to the Customer in full in respect of an Order less CNEX.eu’s Commission unless (i) it is required by law to deduct sums in respect of taxation, or (ii) it is or will be owed amounts which are incurred in respect of transfer charges that may be levied or (iii) the Customer owes CNEX.eu amounts in respect of other Orders or Commission which have not been settled in accordance with these Terms and Conditions.

Orders from GBP to Bitcoin

7.7 The Customer shall only be able to place an Order to exchange GBP into Bitcoin if the full amount of such Order is credited to his Account on the Platform.

7.8 In calculating how many Bitcoin can be purchased by the GBP amount set out in the Order, CNEX.eu shall be entitled to reduce its Commission on the GBP amount of the Order prior to calculating how may Bitcoin can be purchased.

7.9 CNEX.eu shall provide a confirmation to the Customer showing the exchange rate, the number of Bitcoin purchased and the GBP cost. This confirmation will be viewable in the “transaction history” section of the Platform.

7.10 On completion of an Order (or part-completion of an Order as applicable) CNEX.eu will credit to the Customer’s Account on the Platform the number of Bitcoin due.

Orders from Bitcoin to GBP

7.11 The Customer shall only be able to place an Order to exchange Bitcoin in to GBP if the full number of Bitcoin set out in such Order is credited to his Bitcoin Account on the Platform.

7.12 In calculating how much GBP can be purchased by the number of Bitcoin set out in the Order, CNEX.eu shall be entitled to reduce its Commission on the Bitcoin amount of the Order prior to calculating how much GBP can be purchased. CNEX.eu shall be permitted to take its Commission in Bitcoin or GBP as it wishes in its sole and absolute discretion.

7.13 CNEX.eu shall provide a confirmation to the Customer showing the exchange rate, the amount of GBP purchased and the Bitcoin price. This confirmation will be viewable in the “transaction history” section of the Platform.

7.14 On confirmed receipt of Bitcoin CNEX.eu will credit to the Customer’s Account on the Platform the GBP amount due.

8. Withdrawing funds and Bitcoin

8.1 The Customer shall be permitted to withdraw funds credited to his Account on the Platform and/or Bitcoin credited to his Bitcoin Account on the Platform by making a withdrawal instruction via the Platform.

8.2 Where a withdrawal instruction is received by CNEX.eu in respect of GBP, CNEX.eu shall pay such funds to the bank account of the Customer nominated on registration. The Customer cannot receive funds into another bank account without the agreement of CNEX.eu.

8.3 Where a withdrawal instruction is received by CNEX.eu in respect of Bitcoin, CNEX.eu shall credit such Bitcoin to the Bitcoin wallet of the Customer nominated on registration or subsequently agreed with CNEX.eu.

8.4 CNEX.eu shall make payments in GBP and Bitcoin to the Customer (and shall credit the Customer’s Account) in full unless (i) it is required by law to deduct sums in respect of taxation, or (ii) it is or will be owed amounts which are incurred in respect of transfer charges that may be levied, or (iii) the Customer owes CNEX.eu amounts in respect of other Orders or Commission which have not been settled in accordance with these Terms and Conditions. In the event that CNEX.eu is required or permitted to make any deductions pursuant to this paragraph, CNEX.eu shall be permitted to make deductions in GBP or Bitcoin in its sole and absolute discretion.

9. No Financial Advice

9.1 CNEX.eu may in its sole and absolute discretion from time to time provide information to the Customer on practical aspects of dealing between GBP and Bitcoin.

9.2 Notwithstanding any such information provided by CNEX.eu, the Customer acknowledges and agrees that it enters into each Order of its own free will without reliance on any information provided by CNEX.eu and that such Order is at its own risk. The Customer shall not be entitled to rely on CNEX.eu for advice on the timing or terms of any Order.

9.3 The Customer acknowledges and agrees that the exchange rate between GBP and Bitcoin varies regularly and will be affected by matters and events outside of the control of the Customer and CNEX.eu.

10. Customer Representations

10.1 The Customer represents and warrants as at the date of each Order and on its Settlement Date that:

(a) the Customer is acting as principal in respect of the Order and is not acting for another person;

(b) the Customer has full power and authority to enter into the Order and is the beneficial owner of all monies paid or to be paid at the Settlement Date free from any charge or encumbrance;

(c) the information provided by the Customer in relation to the Order (and all AML Documentation provided by the Customer) is at the time of the Order complete, accurate, current and not misleading and that any further information requested by CNEX.eu is complete, accurate, current and not misleading in all material respects;

(d) the Customer has not relied upon any other person (including without limitation CNEX.eu) in entering into the Order.

11. Customer Representations

11.1 The Customer acknowledges that funds will be held with those of other Customers of CNEX.eu in the Client Account which is held with a major UK or EU clearing bank (the “Bank”). Funds belonging to Customers are segregated from those belonging to CNEX.eu.

11.2 The Customer shall have no fiduciary rights or claims against the Bank in respect of any of his funds held in such account or accounts.

11.3 The account or accounts with the Bank are governed by the term of a bank mandate which has been provided and is exclusively operated by CNEX.eu in accordance with its terms. The mandate states that when the Bank acts on properly mandated instructions it will receive a safe receipt and discharge and will not be bound to enquire as to the purpose to which those funds are applied and the Bank shall not be prejudiced for acting on such mandated instructions.

11.4 The Customer acknowledges that CNEX.eu is under no obligation to pay interest on any funds held on his behalf in any account.

12. Default

12.1 CNEX.eu has the right to terminate, close out or reverse an Order without notice to the Customer if:

(a) the Customer shall fail to make any payment in respect to an Order, when due and in accordance with these terms and conditions; or

(b) the Customer materially breaches any of these terms and conditions or fails to comply with its obligations to CNEX.eu or is in breach of any statute or regulation; or

(c) it becomes or may become unlawful for CNEX.eu to maintain or give effect to all or any of the obligations under the these Terms or Conditions or otherwise to carry on its business or if CNEX.eu is requested to close out a Order (or any part thereof) by any regulatory authority whether or not the request is legally binding or CNEX.eu in its absolute discretion considers it desirable or necessary to do so for its own protection; or

(d) in the event that the Customer becomes unable to meet its obligations as they become due or has a bankruptcy petition presented against them or the Customer proposes a form of composition or arrangement to its creditors or if the Customer ceases or threatens to cease all or part of its business; or

(e) any of the events specified above or anything comparable thereto occurs under the laws of any applicable jurisdiction.

12.2 If the Customer becomes aware of the occurrence of any event referred to in Clause 12.1 above, he shall give CNEX.eu notice of such event forthwith.

12.3 If the Customer fails to make a payment due to CNEX.eu in respect of any Order, CNEX.eu shall be entitled to collect interest on such unpaid items at a rate of 2% above the current base rate of Barclays Bank plc calculated on a monthly basis from the date payment was due to the date payment is received.

12.4 If for any reason whatsoever the Customer fails to meet its obligations to CNEX.eu hereunder and or under any Order, CNEX.eu may at its discretion terminate any Order without notice and without liability for any loss. In addition to charging interest as described in paragraph 12.3 CNEX.eu shall be entitled to make a charge of up to £250 in respect of administration fees regardless of whether any Order is terminated or not.

13. Your Conduct

13.1 By downloading and/or using the Platform, You agree not to upload, post, e-mail or otherwise send or transmit any material that contains viruses, Trojan horses, worms or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment associated with the Platform.

13.2 You agree and undertake to keep Your username and password confidential, not to disclose Your password to any other person and not to permit any other person to log in to the Platform using Your username and password.

13.3 You agree not to interfere with the servers or networks connected to the Platform or to violate any of the procedures, policies or regulations of networks connected to the Platform, including these Terms and Conditions.

13.4 You also agree not to:

(a) attempt to reverse engineer or sell, export, license, modify, copy, distribute or transmit the Platform to any third party, or jeopardize the correct functioning of the Platform, or otherwise attempt to derive the source code of the software (including the tools, methods, processes and infrastructure) that enables or underlies the Platform;

(b) attempt to gain access to secured portions of the Platform to which You do not possess access rights;

(c) impersonate any other person while the Platform;

(d) conduct Yourself in a vulgar, offensive, harassing or objectionable manner while using the Platform;

(e) resell or export the software associated with the Platform;

(f) use the Platform to generate unsolicited advertisements or spam; or

(g) use any automatic or manual process to search or harvest information from the Platform, or to interfere in any way with the proper functioning of the Platform.

14. Our Rights

In providing You with access to the Platform, and permitting you to make Orders via the Platform, CNEX.eu reserves the following rights, and in accessing, browsing or otherwise using the Platform and/or making any Order via the Platform You grant to CNEX.eu and agree that CNEX.eu shall have the following rights:

(a) the right to refuse or withdraw Your access to the Platform in accordance with applicable laws for any reason at any time (with or without notice) if in CNEX.eu’s sole and absolute discretion You violate or breach any of these Terms and Conditions;

(b) the right to suspend, amend or disable Your Account without giving You notice or any reason;

(c) the right to cancel any Order or amend in part any Order without giving You notice or any reason, save that in such circumstances CNEX.eu shall refund such part of the Order as has been cancelled by it;

(d) the right to amend or update the Platform, Commission, any Order, billing methods or these Terms and Conditions from time to time;

(e) the right to report You to the police or other judicial body if CNEX.eu believes in its sole and absolute discretion that Your conduct (whether in using the Platform, making an Order for any Goods or otherwise) is or may be unlawful.

15. Intellectual Property

15.1 CNEX.eu and/or its licensor(s) are the sole owners of the Platform, which includes any software, domains, and content made available through the Platform.

15.2 The CNEX.eu brand and the Platform are protected by UK and International copyright and other intellectual property laws. Without limitation, this means that You may not sell, export, license, modify, copy, distribute or transmit the Platform (or any part of it) or any material provided through the Platform without CNEX.eu’s prior express written consent.

15.3 Any unauthorized use of the Platform will result in the automatic termination of the limited license granted by us. CNEX.eu reserves the right to terminate the limited license without notice at any time following an unauthorized use by You of the Platform.

15.4 CNEX.eu and its graphics, logos, icons and service names related to the Platform are registered and unregistered trademarks or trade dress of CNEX.eu. They may not be used without CNEX.eu’s prior express written permission.

15.5 All other trademarks not owned by CNEX.eu that appear in connection with the Platform are the property of their respective owners, who may or may not be affiliated with, connected to or sponsored by CNEX.eu.

16. Security

Whilst we have implemented commercially reasonable technical and organisational measures to secure Your personal information from unauthorised use, we cannot guarantee that unauthorised third parties will never be able to defeat those measures. You acknowledge that You provide Your personal information at Your own risk.

17. Electronic Communications

By downloading and/or using the Platform and/or viewing Listings and/or making any Order for Goods through the Platform, You consent to receiving electronic communications and notices from CNEX.eu. You agree that any notice, agreement, disclosure or other communications that we send to You electronically will satisfy any legal communication requirements, including that such communications be in writing.

18. Privacy

You provide us with information when You register an Account via the Platform. We also collect information both relating to You (for example on Your usage and purchase history) and to Users of the Platform in general. Any information that You submit or that we collect when You are using the Platform is subject to the CNEX.eu Privacy Policy, the terms of which are hereby incorporated into these Terms and Conditions.

19. No Warranty and Liability Limit

19.1 CNEX.eu provides Platform "as is" and without any warranty or condition, whether express, implied or statutory.

19.2 CNEX.eu assumes no liability or responsibility for any errors or omissions in the Platform; any failures, delays or interruptions in the Platform or in delivery of any Order; any losses or damages arising from the use of the Platform.

19.3 CNEX.eu reserves the right to deliver the Platform and to process Orders in its sole and absolute discretion.

19.4 In no event shall CNEX.eu, its shareholders, directors, officers, employees or agents be liable (jointly or severally) to You for loss of use or any special, incidental, indirect or consequential damages arising out of or in connection with the Platform, the publication of any Listing, the placement by you of any Order, the delivery of any Goods, the failure in whole or in part to deliver any Goods or these Terms and Conditions, on any theory of liability, and whether or not advised of the possibility of damage.

19.5 CNEX.eu does not seek to exclude liability for death or personal injury caused by our negligence, or fraud or fraudulent misrepresentation on the part of CNEX.eu.

19.6 If any applicable authority holds any portion of this section to be unenforceable, then liability will be limited to the fullest possible extent permitted by applicable law.

19.7 CNEX.eu specifically excludes liability for any loss, harm, distress or damage suffered by You or any third party as a result of inaccurate information appearing on the Platform.

20. Indemnity

You agree to indemnify and hold CNEX.eu and its related companies, and each of their respective shareholders, directors, officers, employees, agents and merchant partners harmless from and against any third-party claim or cause of action, including reasonable attorneys' fees and court costs, arising, directly or indirectly, out of Your breach of these Terms and Conditions and/or Your violation of any law or the rights of any third party.

21. Disputes

21.1 You agree that these Terms and Conditions and any claim, dispute or controversy arising out of in connection with these Terms and Conditions or their subject matter or formation (including non-contractual disputes or claims), the Platform, CNEX.eu’s advertising or any related transaction between You and CNEX.eu shall be governed by and construed in accordance with English law.

21.2 Any dispute or claim arising out of or in connection with such matters (including non-contractual disputes or claims) will be subject to the exclusive jurisdiction of the courts of England and Wales.

22. Termination

CNEX.eu may change or discontinue the availability of the Platform and at any time without prior notice. CNEX.eu reserves the right to terminate these Terms and Conditions for any reason, without notice, and these Terms and Conditions shall automatically terminate in the event that You violate any of the Terms and Conditions set forth herein (with prejudice to our accumulated rights against You). In the event of any termination, You will immediately cease use of the Platform and will not make any Order.

23. General

23.1 These Terms and Conditions are agreed between You and us. No person shall have any rights under or connection with these Terms and Conditions under the Contracts (Rights of Third Parties) Act 1999.

23.2 If any court or competent authority decides that any term of these Terms and Conditions is held to be invalid, unlawful or unenforceable to any extent, such term shall, to that extent only, be severed from the remaining terms, which shall continue to be valid to the fullest extent permitted by law.

23.3 CNEX.eu reserves the right to charge interest on any late payments at the rate of 7% per annum above the base rate of the Bank of England. Interest shall accrue on a daily basis from the due date until the date of actual payment of the overdue amount, whether before or after judgment.

23.4 Headings are for reference purposes only and in no way define, limit, construe or describe the extent or scope of such section.

23.5 Our failure to enforce any provision of these Terms and Conditions shall not constitute a waiver of that or any other provision and will not relieve You from the obligation to comply with such provision.

23.6 You are not permitted to assign, transfer, charge, sub-contract or deal in any other manner with all or any of Your rights under these Terms and Conditions without our prior express written consent.

23.7 These Terms and Conditions set forth the entire understanding and agreement between You and CNEX.eu with respect to the subject matter hereof.

23.8 These Terms and Conditions and any dispute or claim arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of England.

23.9 You irrevocably agree that the courts of England shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with these Terms and Conditions agreement or their subject matter or formation (including non-contractual disputes or claims).

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