TERMS OF SERVICES

The revision is effective as of October 01, 2021

This Terms of Services (hereinafter referred to as the "Agreement") is an electronic agreement between the User and Garantex Europe OU, a company registered and operating under the laws of Estonia under registration number 14850239, address: Harju Maakond, Kesklinna Linnaosa, Vesivärava 50-310, Tallinn 10152, Estonia, and contains the rules for operating on the Garantex Website/Platform (hereinafter referred to as the "Rules") at https://garantex.io/ (hereinafter the " Website") and terms and conditions of access to the services provided by the Website. Before starting working with the Website, a natural person who is a user of the Website (hereinafter referred to as the "User") must carefully read the described terms and conditions and accept this Agreement. If the User does not accept the Agreement and does not undertake to comply with all the terms and conditions of this Agreement, he/she should immediately stop using the Website.

The Administration of the Website reserves the right to update the text of the Agreement at its own discretion. The new version of the Agreement comes into force immediately after its publication on the Site.

The User must independently monitor new versions of the Agreement. Continuing to use the Site after the changes come into force, the User automatically accepts the new version of the Agreement. If the User does not agree with the terms of the new version of the Agreement, they should deactivate their account.

Access to the Site's services is restricted, make sure that you meet the selection criteria set out in this Agreement. At present, Garantex does not provide services to US residents or citizens..

This Agreement shall be deemed to have been accepted by the user subject to the following conditions:

  • The User has read the terms and conditions of this Agreement;
  • The User provides complete and accurate information, including login, e-mail and password;
  • The User has provided the required mark in a special field under the heading "I accept the terms of the User Agreement" in the registration form;
  • The User has expressed its consent and acceptance of the terms and conditions of this Agreement by clicking on the "Continue" button after the registration form.

Contents:

  1. Definitions
  2. Risk Acknowledgement
  3. Compliance with the requirements
  4. Content and Use
  5. Services
  6. Account Verification
  7. Deposits and Withdrawals
  8. Fees
  9. Activity
  10. Liability and Indemnity
  11. Non-Affiliation
  12. Governing Law & Dispute Resolution
  13. Entire Agreement and Non-Waiver

1. Definitions:

  • Garantex: an online platform for trading and exchanging assets existing in the form of distributed registry entries hosted on the Site (hereinafter referred to as "Garantex", the "Platform").
  • Garantex Europe OU: company registered in Estonia with company registration number 14850239, address: Harju maakond, Tallinn, Kesklinna linnaosa, Vesivärava tn 50, 10152, Estonia.
  • ID: a unique number that is displayed in the User's personal profile and identifies the Transactions made by the User.
  • Affiliated Person: in relation to any Person, any individual, corporation, a partnership, firm, association, unincorporated organization or other legal entity that directly or indirectly controls, is controlled or is under common control with such Person.
  • Agreement: these Terms of Services and its integral parts, subject to any additions and/or changes that may be made in the manner specified in their terms.
  • Website: a set of information, texts, graphic elements, design, images, photo and video materials and other results of intellectual activity, as well as a set of computer programs contained in an information system that make such information available at https://garantex.io/, including any subdomains, and if the domain or material of the Website is to be changed for any reason, it includes the Website after any such changes.
  • Content: All text, graphics, user interfaces, visual interfaces, photographs, trademarks, logos, sounds, music, works of art and computer code, design, structure, selection, coordination and arrangement of such content contained on websites and mobile applications are owned, controlled or licensed by Garantex and protected by trademark, patent or other proprietary rights.
  • Virtual currency, digital assets, crypto currency (used interchangeably): cryptographically protected digital expression of value or contractual rights that uses distributed registry technology and can be transmitted, stored or sold electronically.
  • Intellectual property: all materials published at the Site, as well as all Services provided by Garantex, are the property of Garantex and are not subject to third party use: publication, distribution, duplication.
  • Policy on the prevention of money laundering, terrorist financing and "Know Your Client": The Anti Money Laundering and Counter-Terrorism Financing Policy and Know Your Client Policy (AML/CTF and KYC Policy), which contain a program to prevent money laundering from criminal activities and terrorist financing, which is an integral part of this Agreement.
  • Privacy Policy: rules of collection, storage, distribution and protection of Personal Data received by Garantex from Users, which are an integral part of the Agreement and which are available in Russian under the link - Privacy Policy.
  • User: any Person who is registered on the Platform and agrees to the rules and conditions of this Agreement — the User is 18 years old, the laws of the country of his/her residence do not prohibit the use of this Platform, as well as the User does not plan to carry out any illegal activities through the use of the Site.
  • Personal data: information that identifies a person, such as name, address, e-mail address, information about bids and bank details. The term "Personal Data" does not include anonymous and/or aggregate data that does not allow for the identification of a particular User.
  • Garantex code: a method of transferring value between Garantex Users by attaching the fiat value of a code to a one-time character set, which, if activated in the personal account of any User, replenishes his/her balance by the corresponding amount of funds.
  • Services: services provided by Garantex to its Users in connection with the purchase and sale of cryptocurrency.
  • Garantex account: an account created in the Garantex system expressing the amount and composition of cryptocurrency and assets in fiat equivalent controlled by the User, available for viewing in the User's personal area. Garantex does not have access to your Garantex account and cannot independently initiate transactions from your account.
  • Confidential information: any information that the User obtains or learns as a result of receiving Garantex products and/or Services, or otherwise as a result of the User's access to and use of the Platform, which is confidential or proprietary to Garantex, its Affiliates and/or third parties, licensors (including any Third Party Providers), including any information that can be extracted from or that relates to any Garantex products and Services, as well as information that relates to Garantex business operations, business plans, pricing, service fees, commissions, financial data, technology, regardless of whether such information has been designated as confidential or not.

2. Risk Acknowledgement

2.1. The value of the virtual currency is very volatile, the value can go up or down at any time and can represent a significant risk that the User will lose money when buying, selling, conducting or investing in virtual currency.

2.2. The User must carefully examine whether trading in virtual currency is suitable for them in the light of their own financial situation and circumstances.

2.3. Garantex does not own or control the basic software protocols that regulate the operation of virtual currency; as a rule, the basic software protocols are "open source" and anyone can use, copy, modify and distribute them.

2.4. Garantex assumes no responsibility for the operation of the basic software protocols and cannot guarantee their functionality, security or availability. The User acknowledges and accepts the risk that the basic software protocols relating to any virtual currency that the User stores in their virtual currency wallet may change.

2.5. Once the withdrawal of the virtual currency has been requested from the User's account, Garantex has no possibility to cancel the transaction. The User and only the User are fully responsible for any withdrawal transaction.

2.6. BY OPENING A GARANTEX ACCOUNT USER ACKNOWLEDGE ACCEPTANCE AND UNDERSTANDING OF ALL THE RISKS ASSOCIATED WITH VIRTUAL CURRENCY.

3. Compliance with the requirements

3.1. When registering on the Platform, the User declares and guarantees that:

  • The User has reached the age of 18 years or the User has reached the age of legal capacity to enter into a contract and assume obligations under the applicable law;

  • The User is a natural or legal person or other organization with full legal capacity and legal capacity and sufficient authority to conclude this Agreement;

  • the User has not been previously prohibited and the User has not been temporarily restricted from using the Services and/or the Garantex Platform;

  • the User currently does not have an Account with the Garantex Platform;

  • if the User enters into this Agreement on behalf of a legal entity of which the User is an authorized representative, the User declares and warrants that they have all necessary rights and authority to enter into this Agreement and to undertake obligations under this Agreement on behalf of such legal entity.

3.2. The User's use of the Garantex Services, Website and Platform is subject to international control requirements and economic sanctions. By sending, receiving, buying, selling, trading or storing funds on the Garantex Platform, the User agrees to comply with these requirements. The User is not permitted to make or participate in Transactions on the Garantex Platform or use any of the Services if:

  • The User is in or under control of, or is a resident or citizen of, one of the high-risk and other controlled jurisdictions as defined by the Financial Action Task Force (FATF), or a jurisdiction prohibiting the use of Cryptographic Currency, or another jurisdiction with strategic deficiencies in the regulation of anti-money laundering and combating the financing of terrorism, which poses a significant threat to the EU financial system under Regulation (EC) Delegation of Authority (EC) 2016/1675, or the UN Security Council sanctions list (the "Sanctioned Country"), or if the User is a person on the US Treasury Department's Special Category List or the US Department of Commerce's Prohibited List, or is subject to the EU or UK Treasury Department's financial sanctions regime (the "Sanctioned Person");

  • The User is a resident and/or US citizen, or an entity in which the percentage of the US citizen and/or resident is 10% or more;

  • The User is in or under control of, or is a resident or citizen of an unrecognized country or territory, or a jurisdiction that requires a mandatory national Crypt Exchange License or special registration that Garantex may not have;

  • The User is a person who does not meet any of Garantex's standards, requests or requirements for comprehensive User verification measures, or who is a high-risk group, including but not limited to the factors listed above.

3.3. Depending on the User's place of residence, there may be other factors that will limit the User in using all or part of the Services. The User is responsible for compliance with the relevant laws in force in the territory of the User's residence (registration) and/or the territory of the User's residence from which the User enters the Website and/or the Platform and/or uses any of the Services.

3.4. In accordance with European Parliament and Council Directive 2015/849 of May 20, 2015. Garantex may restrict or prohibit use of all or part of the services, or permit use of the services only after due diligence, for customers associated with the following high-risk countries/areas: Albania, Bahamas, Barbados, Botswana, Cambodia, Canada, Cayman Islands, China, Ghana, Hong Kong, Haiti, Iraq, Israel, Jamaica, Japan, Kyrgyzstan, Malta, Mauritius, Mongolia, Morocco, Myanmar/Burma, Nicaragua, Panama, Republic of Crimea, Tajikistan, Taiwan, Trinidad and Tobago, Vanuatu, Venezuela.

3.5. Garantex does not provide use of any services without any exceptions to the following jurisdictions: Afghanistan, Burma, Central African Republic, Congo-Brazzaville, Congo-Kinshasa, Cuba, Democratic People's Republic of Korea (DPRK), Eritrea, Ethiopia, Iran, Libya, Namibia, Pakistan, Somalia, South Sudan, Sudan, Syria, Uganda, United States, Yemen, Zimbabwe.

4. Content and Use

4.1. All text, graphics, user interfaces, visual interfaces, photographs, trademarks, logos, sounds, music, works of art and computer code, design, structure, selection, coordination and arrangement of such content contained on websites and mobile applications are owned, controlled or licensed by Garantex and protected by trademark, patent or other proprietary rights.

4.2. Garantex hereby grants the User a personal, non-exclusive license to access the Website and the Platform and allows the use of the Services solely for the User's operations under this Agreement.

4.3. The User may not use Garantex content or Services for any illegal purposes or for any other purposes not mentioned in these Terms and Conditions, or allow any third party to use Garantex services on behalf of the User and not use Garantex services on behalf of or for any third party in any way.

4.4. No part of the Content may be copied, reproduced, republished, uploaded, posted, publicly displayed, encoded, translated, transmitted or distributed in any way (including "mirroring") to any other computer, server, website or other medium for publication or distribution or for any commercial use or enterprise, without the express prior written consent of Garantex.

4.5. The User may use the information specifically provided by Garantex to view or download from our website or mobile applications, provided that such information is used only for the User's personal, non-commercial information purpose; that no changes are made to any such information; and that no additional representations or warranties relating to such information are made.

4.6. The User may not use any automatic device, program algorithm or methodology or any similar or equivalent manual process to access, acquire, copy or monitor any part of our Websites, mobile applications or the Content or in any way reproduce or circumvent the navigational structure or presentation of the Websites, mobile applications or any Content in order to obtain or attempt to obtain any materials, documents or information by any means. Garantex reserves the right to block any such activity.

4.7. The user shall not attempt to gain unauthorized access to any part or function of the Garantex services, or any other systems or networks connected to the Garantex services or any server thereof, through hacking, "mining" passwords or any other illegal means, including the use of virtual private networks or any other mechanism that would facilitate the prohibited use/access to content or the Services.

4.8. The user must not investigate, scan or verify the vulnerability of our services or any network connected to the Garantex services, or breach security or authentication measures.

4.9. The user shall not attempt to trace any information about any other user or visitor to Garantex websites or mobile applications, including any account on non-user websites or mobile applications of Garantex, or use any service or information provided or offered by Garantex Services, including but not limited to personal identification or information other than your own, as provided by the website or platform.

4.10. The User may not use any device, software to interfere or attempt to interfere with the proper operation of our services or any transaction carried out on Garantex websites or mobile applications.

4.11. The user may not forge headers or otherwise manipulate identifiers to conceal the origin of any Garantex message or data transmission through Garantex websites or platforms.

4.12. The user may not use the Garantex services for any purpose that is illegal or prohibited by these Terms and Conditions or request any illegal activity that violates the rights of Garantex or others.

4.13. The User agrees that Garantex may, at its discretion and without prior notice, terminate access to its services and/or block future access to the User's Garantex account if Garantex finds that the User has violated the terms of this Agreement or other agreements that may be related to the User's use of Garantex services.

4.14. The user agrees that during registration on the Garantex website as well as for the general use of the services provided in accordance with this agreement, the User chooses only one currency for the wallet registered with Garantex and for the exchange between the fiat currency and crypto currency.

4.15. The user also agrees that it is prohibited to use the Account registered on the basis of Garantex for the purpose of the fiat currencies exchange.

4.16. The User also agrees that any violation of the terms and conditions of this Agreement by the User will constitute an illegal and unfair business practice and will cause irreparable damage to Garantex. Garantex reserves the right to use any legal remedy.

4.17. The User agrees that Garantex may, at its own discretion and without prior notice, terminate access to content or services, upon receipt of a request by law enforcement or other government agencies, a request from the User (self-initiated account deletion), termination or material change of services, or to eliminate a technical problem.

4.18. In the event that Garantex does take any legal action against the User as a result of the User's breach of this Agreement, Garantex will be entitled to reimbursement of such costs, and the User agrees to pay all reasonable legal fees and expenses for such legal action, in addition to any other costs incurred by Garantex.

4.19. The User agrees that Garantex will not be liable to the User or any third party for termination of the User's access to Garantex services as a result of any breach of this Agreement.

5. Services

5.1. Garantex provides a platform where buyers and sellers of virtual currency can trade virtual currency and fiat currency.

5.2. In order to provide this software platform, Garantex will charge trading fees as described below.

5.3. Garantex cannot guarantee the timely provision of services as there are external factors that may affect the continued provision of services. However, Garantex makes every effort to offer a platform that operates 24/7.

5.4. Part of the Garantex service and responsibility to the User is to maintain the security of the User's account. Garantex will create an individual alphabetic line associated with the e-mail address that the User provides, a unique identifier or UID (Garantex account) for each User when registering.

5.5. Garantex will make available a unique purse address for each account, so that the User can deposit virtual currency into that account and withdraw it to an external purse of the User's choice.

5.6. Garantex acts as a custodian of the virtual currency held in the User's account on the Garantex website, and does not have access to the User's account on the Garantex website, nor are we able to initiate any transactions in or from the User's account on the Garantex website. Any transactions are the responsibility of the User.

5.7. The User represents and warrants that the User has full authority to accept the terms and conditions of this Agreement; that the User has not been previously excluded from using the services of Garantex; that the User is not a citizen or resident of any country where digital assets are prohibited by law or of any country subject to sanctions by the Foreign Assets Control Organization and/or the United Nations; that the User is not identified as a "Specially Designated Citizen".

5.8. Any misrepresentation or fraudulent use of the Garantex account shall be deemed a material breach of this Agreement.

5.9. In the event that Garantex becomes aware, or in connection with trading activities, that the purpose of the User's account on the Garantex website is fraudulent, Garantex will immediately suspend and block the User's account on the Garantex website.

5.10. Garantex reserves the right to take necessary legal measures against any party to protect the rights of Garantex, the rights of Garantex users and Garantex resources.

5.11. Garantex does not provide services in all markets and jurisdictions and Garantex may restrict or prohibit the use of Garantex services in certain countries (refer to Section 3). Garantex does not currently provide services in the United States of America ("US") or for any US resident or citizen.

5.12. Garantex may, at its discretion, limit the number of accounts that the User may hold, maintain or purchase. The User is solely responsible for the password that the User assigns to the User's account, for its security and protection from disclosure.

5.13. The User shall immediately notify Garantex if the User discovers or otherwise suspects a security breach related to the User's account on the Garantex website.

5.14. The User is fully responsible for all activities related to the use of the User's Services through their Garantex account and/or using their password, as well as for the security of the User's computer systems.

5.15. The User must not create different accounts for his/her own use; any malicious, fraudulent or otherwise misuse of our platform may result in the automatic suspension and/or termination of our Services.

5.16. The User acknowledges that he/she understands that transactions that have the nature of money laundering may be blocked.

5.17. Garantex codes (ruble codes) that are generated but not used for more than six (6) months will be blocked. To unlock the corresponding Garantex code, the User shall to contact the support service at: @garantexbot; support@garantex.io, or online chat on the site https://garantex.io/ and re-identify himself (remote KYC procedure or personal presence at the Garantex representative office) or provide additional information in accordance with the operator's requirement.

6. Account Verification

6.1. In order to enter into a contract with a User, Garantex shall request from the User personal information, which may include copies of the User's documents, photographs, contact information, proof of residence in any area.

6.2. Garantex is obliged by law to collect personally identifiable information from User as part of our Know-Your-Client (KYC) and Anti-Money Laundering (AML) and Prevention of Terrorist Financing (TF) practices.

6.3. Before crediting any receipt of funds to the User's Account, Garantex has the right at any time to request certain personal information from the User, which may include a photo of the User and/or providing a copy of the User's documents, a payment bank card, and any other document /information that Garantex deems necessary.

7. Deposits and Withdrawals

7.1. The User may fund his/her Garantex Account by depositing fiat currency:

  • at the office in one of the following areas: Moscow, St. Petersburg, in any regions of Russia, Ukraine and around the world;
  • through the OTC platform of the Garantex.

7.2. The User may withdraw cash from his/her account:

  • at the office in one of the following areas: Moscow, St. Petersburg, in any regions of Russia, Ukraine and around the world;
  • to bank cards Sberbank, Alfa-Bank, Tinkoff, VTB and any Russian bank.

8. Garantex fees

8.1 Garantex charges the following fees on User transactions:

  • When exchanging cryptocurrencies into fiat currencies, 2 fees are charged depending on the User's account currency. One fee is charged for the execution of the order from the person who created the order («Maker»), and another fee is charged for the execution of the order from the person who accepted the transaction («Taker»). Fees are charged at the following rates:
     RUB account: 0.15% Maker | 0.2% Taker
     USD account: 0.1% Maker | 0.1% Taker
     UAH account: 0.1% Maker | 0.1% Taker

  • When exchanging one cryptocurrency for another cryptocurrency, 2 fees are charged:
    0.1% from the person who created the order (Maker)
    0.1% from the person who accepted the transaction (Taker)

  • For the execution of any announcement created in the OTС section:
    0 – 0.1% from the person who created the corresponding ad (from Maker)*
    *the fee is determined at the discretion of Garantex within the specified range

  • For the withdrawal of cryptocurrency to an external wallet:
    Flat fee (the amount depends on the cryptocurrency and changes from time to time; the amount of fee is shown to the User before forming an order).

  • For withdrawal of fiat currency at the Garantex office:
    0% – 0.3%*
    *the fee is determined at the discretion of Garantex, depending on the location of the office

  • For the withdrawal of fiat currency to a bank card:
    1-2% (depending on the User's Russian bank)
    0% (when withdrawing to the cards of Ukrainian banks)
     No withdrawals are made on USD cards

  • For topping-up fiat currency account with a bank card:
    0% (for Russian cards)
    0.8% + 5 UAH (for Ukrainian cards)
     No deposits are made from USD cards

  • For creating the Garantex code (ruble code): 0% – 0.1% from the person who created the Garantex code (if the conditions of the following paragraph are not met)*
    *the fee is determined at the discretion of Garantex within the specified range

  • For the creation of a Garantex code (ruble code) if both of the following conditions are simultaneously met: within 30 days prior to the creation of the code the User has created Garantex codes worth more than 1 million rubles, as well as the total value of the created Garantex codes exceeds by 10% the fiat equivalent of the User's turnover in the exchange sections other than OTC over the previous 30 days ("Trading Limit"). Charged when the corresponding ruble code is created: 0.1% from the person who created the Garantex code

8.2 Garantex fees are charged regardless of and in addition to blockchain commissions when withdrawing relevant cryptocurrencies to wallets outside the Platform.

9. Activities

9.1. Buyers and sellers of digital assets conduct trading with each other, Garantex is not a counterparty to any trade that you make.

9.2. Garantex does not promise, guarantee, or otherwise, assure that the Services will be error-free or uninterrupted or that any defects will be corrected, or that the User’s use of Garantex Services will provide specific results.

9.3. The Garantex Services are delivered on an “as-is” and “as-available” basis.

9.4. Garantex disclaims all liability for events out of our control, such as transactions processed through the blockchain for a particular digital asset. The User acknowledges and accepts that any transaction made on the blockchain is irreversible, the User is solely responsible to provide the correct wallet information of taker for transfers of digital assets in and out of Garantex Services.

9.5. The User is fully responsible for the use of the Garantex Services, the User's actions, orders, transactions, documentation provided and general conduct.

9.6. By using the Garantex Services, the User expresses his or her acceptance of the risks and Garantex may assume that the User has sufficient experience and knowledge to understand the risks associated with each transaction.

9.7. In the event of an event of default, Garantex may specify a cut-off and liquidation date for all valid orders ("Cut-off Date"). On or before the Liquidation Date, the User must make any additional payments in accordance with the active orders of the User. Garantex may otherwise liquidate any open position to cover any required payments.

9.8. In the event that the User's trading activity is unusual or abnormal, Garantex, at its discretion, has the right to stop processing the User's transactions until the situation is clarified, requesting further verification, or any other necessary documentation that may be required by law or an agreement with counterparties.

10. Liability and Indemnity

10.1. Except where prohibited by law, in no event will Garantex be liable to the User for any indirect, consequential, exemplary, incidental or punitive damages, including loss of profit, even if Garantex has been advised of the possibility of such damages.

10.2. The User agrees to indemnify Garantex, its officers, directors, shareholders, predecessors, successors, employees, agents, subsidiaries and affiliates against any claim, loss, liability, claim or expense, including legal fees, incurred by Garantex by any third party in connection with the use of the Garantex Services.

11. Non-Affiliation

11.1. Garantex is not affiliated with, nor endorsed by any third party; Garantex does not collaborate, work in affiliation with, or otherwise in connection with any third party, including, but not limited to different services providers such as gambling, binary, forex brokers, etc.

11.2. Garantex is a company that operates independently with no affiliation to regulated or unregulated brokers.

12. Governing Law & Dispute Resolution

12.1. The use and access to the Garantex Services are regulated under Estonian Law and any dispute emerging from the interpretation of these Terms of Services and/or breach of these Terms of Services with respect to the services shall be resolved via negotiation. In case negotiation fails, the User and Garantex agree to submit the controversy to the competent courts of the Estonia.

13. Entire Agreement and Non-Waiver

13.1. This Agreement constitutes an electronic agreement between the User and Garantex in respect of the User's use of the Services, but any other written or oral agreements previously existing between the User and Garantex in respect of such use are hereby superseded and cancelled.