USER AGREEMENT

This version is effective as of September 23, 2022.

This User Agreement (hereinafter, the "Agreement") is an electronic contract between the User and Garantex Europe OU, a company incorporated and operating under Estonian law with registration number 14850239, address: Harju maakond, Tallinn, Kesklinna linnaosa, J. Poska tn 51a/1-3, 10150, and contains the rules of the Garantex Website/Platform (the "Rules") at https://garantex.io/ (the "Website") and terms of access to the services provided by the Website. Before using 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 agree to this Agreement. If the User does not accept the Agreement and does not undertake to comply with all the terms of this Agreement, the User should immediately stop using the Website.

The Website administration reserves the right to update the text of the Agreement at its sole discretion. A new version of the Agreement will take effect immediately after it is posted on the Website.

It is the User's responsibility to independently monitor new versions of the Agreement. By continuing to use the Website after the changes take effect, the User shall automatically accept 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 Website's services is restricted, make sure you meet the eligibility criteria set forth in this Agreement. Garantex does not currently provide services to residents or citizens of the U.S..

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

  • The User has read the terms of this Agreement;
  • The User expresses their consent to the processing and storage of data necessary to use the platform;
  • The User provides complete and accurate information, including username, email and password;
  • The User has clicked and selected the checkbox, as required, under the heading "I accept the terms of the User Agreement" in the registration form;
  • The User has expressed their consent and acceptance of the terms of this Agreement by clicking on the "Continue" button after the registration form.

Table of Contents:

  1. Definitions
  2. Confirmation of Risk
  3. Compliance with Requirements
  4. Contents and Usage
  5. Services
  6. Verifying an Account
  7. Deposits and Withdrawals
  8. Fees
  9. Activities
  10. Liability and Indemnification
  11. No Affiliation
  12. Governing Law and Dispute Resolution
  13. Full Consent and Waiver
  14. Other terms

1. Definitions:

  • Garantex: an online platform for trading and exchanging assets existing in the form of distributed ledger entries, hosted on the Website (hereinafter referred to as "Garantex", the "Platform").
  • Garantex Europe OU: a company incorporated 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 profile and identifies the Transactions made by the User.
  • Affiliate: with respect to any Person, any individual, corporation, partnership, firm, association, unincorporated organization or other legal entity directly or indirectly controlling, controlled by, or under common control with such Person.
  • Agreement: this User Agreement 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, photos and videos 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 should 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, cryptocurrency (these terms are used interchangeably): a cryptographically secured digital expression of value or of contractual rights that uses distributed ledger technology and can be transmitted, stored or sold electronically.
  • Intellectual property: All materials published on the Website as well as all Services provided by Garantex are the property of Garantex and are not subject to third-party use: publication, distribution, duplication.
  • Anti-Money Laundering and Countering the Terrorism Financing Policy and Know Your Customer Policy: Anti-Money Laundering and Countering the Terrorism Financing Policy and Know Your Customer Policy (AML/CTF and KYC Policy), which contain a program to prevent money laundering and terrorism financing that 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 at the link - Privacy Policy.
  • User: any person who is registered on the Platform and has agreed to the terms and conditions of this Agreement - the User is at least 18 years old, the laws of his/her country of residence do not prohibit the use of the Platform, and the User does not plan to engage in any illegal activities through the use of the Website.
  • Personal data: information that identifies an individual, such as name, address, email address, trading information and bank details. The term "Personal Data" does not include anonymous and/or aggregated data that do not allow for identification of a specific User.
  • Garantex code: a method of transferring value between Garantex Users by attaching the fiat value of code to a one-time character set, which, if activated in the profile of any User, replenishes his/her balance by the corresponding amount of funds.
  • Services: services to be 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, and available for viewing in the User's profile. Garantex has no access to your Garantex Account and cannot independently initiate transactions from your account.
  • Confidential information: any information that User receives or learns as a result of receiving Garantex's products and/or Services, or otherwise as a result of the User's access to and use of the Platform, that is confidential or owned by 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's products and Services, and information that concerns Garantex's business operations, business plans, pricing, service rates, commission fee, financial data, technology, whether or not such information has been designated as confidential.

2. Confirmation of Risk

2.1. The value of virtual currency is highly volatile, the value can go up or down at any time, and may present a substantial risk that the User will lose money at the time of buying, selling, holding, or investing in the virtual currency.

2.2. The User should carefully examine the information on whether virtual currency trading is suitable for him/her in light of his/her own financial condition and circumstances.

2.3. Garantex does not own or control the underlying software protocols that govern virtual currency, generally the underlying software protocols are "open source" and anyone can use, copy, modify and distribute them.

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

2.5. Once a virtual currency withdrawal has been requested from the User's account, Garantex has no opportunity to cancel the transaction. The User, and the User alone, shall be solely responsible for any withdrawal transaction.

2.6. By opening an account with Garantex, the User shall assume all possible risks of the virtual currencies market.

3. Compliance with Requirements

3.1. By registering on the Platform, the User represents and warrants that:

  • The User is at least 18 years old or the User is of legal age to enter into a contract and commit to it in accordance with applicable law;

  • The User is a natural person with full legal capacity and sufficient authority to enter into this Agreement;

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

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

3.2. The User's use of the Services, the Website and the Garantex Platform is subject to international control requirements and economic sanctions requirements. By sending, receiving, buying, selling, trading or storing Funds on the Garantex Platform, 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 Services if:

  • The User is in/under the control by, or is a resident or citizen in, one of the high-risk and other controlled jurisdictions as defined by the Financial Action Task Force (FATF), or a jurisdiction that prohibits the use of Cryptocurrencies, or another jurisdiction with strategic deficiencies in anti-money laundering and countering terrorist financing regulation that pose significant threats to the EU financial system in accordance with Commission Delegated Regulation (EU) 2016/1675, or is subject to the United Nations Security Council Sanctions List (the "Sanctioned Country"), or if the User is a person designated by the United States Treasury Department on the Specially Designated Nationals List or by the United States Department of Commerce on the Denied Persons List, or is subject to EU or UK Treasury financial sanctions (the "Sanctioned Person");

  • The User is a resident and/or citizen of the United States,

  • The User is in/under the control by, or a resident of, or a citizen of, an unrecognized country or territory or jurisdiction that requires a mandatory national license for the Cryptocurrency exchange business, or special registration, which Garantex may not have;

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

3.3. Depending on where the User resides, there may be other factors that will restrict Users from using all or part of the Services. It is the User who shall be responsible for complying with the applicable Laws in force in the territory of the User's residence (registration) and/or in the territory of the User's stay, from which the User enters the Website and/or the Platform and/or uses any of the Services.

3.4. In accordance with Directive (EU) 2015/849 of the European Parliament and of the Council dated 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/zones: Albania, Burkina Faso, Barbados, Cayman Islands, Cambodia, Haiti, Jamaica, Jordan, Mali, Malta, Morocco, Myanmar, Nicaragua, Panama, Philippines, Senegal, Turkey, Bahamas, Barbados, Botswana, Cambodia, Ghana, Iraq, Jamaica, Mauritius, Myanmar, Nicaragua, Panama, Trinidad and Tobago, Vanuatu, Republic of Crimea, Canada, China, Hong Kong, Israel, Japan, Kyrgyzstan, Mongolia, Tajikistan, Taiwan, Japan, Venezuela.

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

4. Content and Usage

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 in the websites and mobile applications are owned, controlled or licensed by Garantex, and are 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 Platform and allows using the Services solely for the User's operations under this Agreement.

4.3. The User may not use Garantex Content or Services for any unlawful purpose or for any other purpose not mentioned herein, or permit any third party to use Garantex Services on the User's behalf and may not use Garantex Services on behalf or for the benefit of 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 "mirror use") to any other computer, server, website or other environment for publication or distribution or for any commercial use or enterprise, without Garantex's express prior written consent.

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

4.6. The User may not use any automated device, program algorithm or methodology, or any similar or equivalent manual process to access, acquire, copy or control any part of our websites, mobile applications or 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 through any means. Garantex reserves the right to block any such activity.

4.7. The User must not attempt to gain unauthorized access to any part or feature of the Garantex Services, or any other systems or networks connected to the Garantex Services or any server on them, through hacking, password "mining" or any other illegal means, including use of virtual private networks or any other mechanism that would facilitate prohibited use/access to content or the Services.

4.8. The User must not investigate, scan or test the vulnerability of our services or any network connected to Garantex's services, or violate security or authentication measures.

4.9. The User must not attempt to track any information about any other user or visitor to the Garantex websites or mobile applications, including any account on the Garantex websites or mobile applications not owned by the User, 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 for 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 being conducted on Garantex's websites or mobile applications.

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

4.12. The User may not use Garantex's services for any purpose that is unlawful or prohibited hereby or request to perform any unlawful activity violating the rights of Garantex or others.

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

4.14. The User agrees that when registering on the Garantex website, as well as to use the services provided in accordance with this agreement, the User shall choose one currency for his/her registered wallet and to conduct exchange between fiat currencies and cryptocurrencies.

4.15. The User also agrees that the Garantex platform is an online platform for trading and exchanging assets, and transactions with fiat currency are possible only as part of cryptocurrency buying/selling operations. The use of the Account for the purpose of exchanging fiat currencies is prohibited.

4.16. The User also agrees that any violation of the terms of this Agreement by the User will constitute an illegal and unfair business practice and will cause irreparable harm to Garantex. Garantex reserves the right to pursue any and all remedies.

4.17. The User agrees that Garantex may, at its sole discretion and without prior notice, terminate access to the content or services when requested by law enforcement or other government agencies, or requested by the User (self-initiated account removal), as part of termination of or material change in services, or to correct a technical problem.

4.18. If 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 recover such costs, and the User agrees to pay all reasonable legal costs 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's services as a result of any violation of the terms of this Agreement.

4.20. The User agrees that, for security purposes, Garantex might limit cryptocurrency withdrawal from the User’s account, Garantex code creation as well as cryptocurrency exchange in the P2P section of the Platform for 6 (hours) since the first deposit of fiat currency on the User’s account.

5. Services

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

5.2. To provide this software platform, Garantex charges trading fees as described below.

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

5.4. As part of Garantex's service and responsibility to the User, Garantex maintains the security of the User's account. Garantex will create an individual alphabetical string associated with the email address that the User provides, a unique identifier or UID (Garantex's account) for each User at registration.

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

5.6. Garantex acts as a custodian of the virtual currency stored in User's account on Garantex's website and has no access to the User's account on Garantex's website, and is not able to initiate any transactions to or from the User's account on Garantex's website. Any transactions shall be the responsibility of the User.

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

5.8. Any misrepresentation or fraudulent use of Garantex's account shall be considered a fundamental breach of the terms of this Agreement.

5.9. If Garantex becomes aware or it is proven, in connection with trading activity, that the purpose of the User's account on Garantex's website is to commit fraud, Garantex will immediately suspend and block the User's account on Garantex's website.

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

5.11. Garantex does not provide services in all markets and jurisdictions, Garantex may restrict or prohibit use of Garantex's services in certain countries (see Section 3). Garantex does not currently provide services in the United States of America ("U.S.") or to any U.S. resident or citizen.

5.12. Garantex may, in its sole 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 must notify Garantex immediately if the User discovers or otherwise suspects a security breach related to the User's account on Garantex's website.

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

5.15. The Users must not create different accounts for their own use, any malicious, fraudulent or otherwise improper use of our platform may result in automatic suspension and/or termination of our Services.

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

5.17. Garantex's codes (ruble codes) that are generated but not used for more than six (6) months will be blocked. To unblock the relevant Garantex's code, the User should contact the support service at @garantexbot; support@garantex.io, or online chat at https://garantex.io/ and get re-identified (remote KYC procedure, personal presence at Garantex's office) or provide additional information as required by the controller.

6. Verifying an Account

6.1. In order to enter into a contract with the 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 required by law to collect personal information about the User as part of Know-Your-Client (KYC) and anti-money laundering (AML) and terrorism financing (TF) prevention practices.

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

7. Deposits and Withdrawals

7.1. The User can replenish his/her Garantex account by depositing money:

  • through offices in: Moscow and other regions of Russia, as well as in other countries around the world,
  • via the Garantex P2P platform.

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

  • through offices in: Moscow and other regions of Russia, as well as in other countries around the world,
  • to bank cards of Sberbank, Alfa Bank, Tinkoff, VTB and of any Russian bank.

8. Garantex Fees

8.1. Garantex shall charge the following fees on the User's transactions:

  • When exchanging cryptocurrencies into fiat currencies, 2 fees shall be charged depending on the User's account currency. One fee shall be charged for the execution of the order from the person who created the order ("Maker"), and the other fee shall be charged for the execution of the order from the person who accepted the trade ("Taker"). The fees shall be charged at the following rates:
     RUB account: 0.15% for the maker | 0.2% for the taker
     USD account: 0.1% for the maker | 0.1% for the taker

  • When exchanging one cryptocurrency for another cryptocurrency, 2 fees shall be charged:
    0.1% from the person who created the order (maker)
    0.1% from the person who accepted the trade (taker);

  • For the performance of any ad/announcement created in the P2P section:
    0.1% from the person who created the relevant ad/announcement (maker);

  • For Garantex code (ruble code) creation: 0% - 0.1% from the person who created the Garantex code (if the conditions of the following clause are not met)*
    *the fee shall be determined at the discretion of Garantex within the specified range

  • For the creation of Garantex code (ruble code) if both of the following conditions are simultaneously met: within 30 days prior to the creation of the relevant code the User created Garantex codes worth more than 1 million rubles, as well as the total value of their created Garantex codes exceeds by 10% the fiat equivalent of the User's turnover in the exchange sections other than P2P section over the previous 30 days ("Trading Limit"). To be charged upon creation of the relevant ruble code: 0.1% from the person who created the Garantex code

  • For withdrawal of cryptocurrency to an external wallet:
    Fixed fee (the amount depends on the cryptocurrency and changes from time to time; the amount of the fee shall be shown to the User before the generation of the order).

  • For withdrawal of fiat currency at Garantex's office:
    0% – 0.3%*
    *the fee shall be determined at the discretion of Garantex depending on the office location

  • For deposit of fiat currency through a bank card:
    1-2% (depending on the Russian bank of the User)
     no withdrawals are made to USD cards;

  • For fiat currency deposit via a bank card:
    0% (for Russian cards)
     no deposits shall be made from USD cards.

8.2. Garantex's fees shall be charged regardless of and in addition to blockchain fees when withdrawing relevant cryptocurrencies to wallets outside the Platform.

9. Activities

9.1. Buyers and sellers of digital assets trade with each other, Garantex is not a counterparty to any transaction the User makes.

9.2. Garantex does not promise or warrant that the Services will be error-free or uninterrupted, or that any defects will be corrected, or that the User's use of the Garantex Services will produce specific results.

9.3. Garantex Services shall be provided on an "as is" and "as available" basis.

9.4. Garantex shall not be responsible for any events beyond Garantex's control, such as transactions processed through the blockchain for a particular digital asset. The User acknowledges and accepts that any transaction made in the blockchain is irreversible, the User is fully responsible for providing correct information about the recipient's wallet for the transfer of digital assets in Garantex's Services.

9.5. The User shall be solely responsible for the use of Garantex's Services, the User's actions, orders, transactions, submitted documentation, and general conduct.

9.6. By using Garantex's Services, the User expresses an acknowledgement of the risks, and Garantex is entitled to assume that User has sufficient experience and knowledge to understand the risks associated with each transaction.

9.7. When a default event occurs, Garantex may specify a date for termination and liquidation of all active orders ("Liquidation Date"). On or before the Liquidation Date, the User shall make any additional payments in accordance with the User's active orders. Garantex may otherwise liquidate any open position to cover necessary payments.

9.8. If 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, with a request for further verification or any other necessary documentation as may be required by law or agreement with counterparties.

10. Liability and Indemnification

10.1. Except where prohibited by law, in no event shall Garantex be liable to the User for any indirect, consequential, exemplary, incidental or other damages, including loss of profits, even if Garantex is notified of the possibility of such damages.

10.2. The User agrees to indemnify Garantex, its officials, directors, shareholders, predecessors, successors in interest, employees, agents, subsidiaries and affiliates against any demands, losses, liabilities, claims or expenses, including legal costs, incurred by Garantex from any third party in connection with use of the Garantex Services.

11. No Affiliation

11.1. Garantex is not affiliated with or supported by any third party; Garantex does not cooperate with, work in conjunction with, or otherwise work in conjunction with any third party, including but not limited to various service providers such as gambling, binary, forex brokers, etc.

11.2. Garantex is a company that operates independently, without affiliation with regulated or unregulated brokers.

12. Governing Law and Dispute Resolution

12.1. Use of and access to the Garantex Services shall be governed by Estonian law, and any disputes arising from the interpretation of the terms of this Agreement and/or breach of the Agreement with respect to the Services shall be settled by negotiation. If disputes are not resolved by negotiation, the User and Garantex agree to submit the dispute to the competent courts in Estonia.

13. Consent

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

14. Other terms

14.1. In order to complete the verification procedure, which requires personal presence at the Garantex office in Moscow, receiving face-to-face consultation, or making deposits and withdrawals of funds, the user must contact the support service in advance at the following address: via Telegram @garantexbot, via e-mail support@garantex.io, or online chat on the site https://garantex.io/ in order to issue a pass at the entrance to the office building.

14.2. To ensure security, Garantex imposes limits on the number of trusted persons specified during verification. When passing verification, a new User can specify one individual who can act on his behalf when performing transactions with the Platform. Garantex reserves the right to provide Users with individual conditions for using the Platform.

If you still have questions, email us at support@garantex.io