Qoinup India Pvt. Ltd., is a private limited company incorporated under the laws of India and has its registered office at Unit No 611, 6th floor, Reliable Business Center Commercial Premises Co-op Society, Anand Nagar, Jogeshwari West, Mumbai, Maharashtra 400102 (herein after referred to as the "Company", which term will, unless repugnant to the context or meaning, include its affiliate, successors and permitted assigns). The Company is engaged in the business of providing a platform to trade specified cryptocurrencies through its online platform www.qoinup.com and mobile applications Qoinup iOS app and Qoinup Android App (the Website and App are collectively referred to as "Platforms").
1. DESCRIPTION OF SERVICES
2. USER ACCOUNT
2.2 The User will comply with procedures for opening the User Account including providing valid and subsisting email address and other identification information, completing the verification process and providing all requisite details and documents. The User will be permitted to use the User Account to avail the Services on the Platforms subject to account verification in terms of the Company's KYC and AML policy. The Company reserves the right to reject registration or validation of a User Account on any grounds it deems suitable.
3. USER WALLETS
3.1 The Company will provide a fiat money wallet ("Fiat Wallet") and a coin wallet upon registration of the User Account. These wallets enable the User to purchase, send, receive or store cryptocurrencies supported by the Platforms. The User will maintain a minimum balance of funds in these wallets prior to initiating any order or transactions on the Platforms. The User will comply with the directions of the Company, from time to time, with respect to the wallets and transactions which may be undertaken through the Platforms.
3.2 The User is not entitled to any interest on the funds or assets held in the Fiat wallet or coin wallet.
4.1 The Company reserves the right to collect a fee, by whatsoever name called, for facilitating the buying, selling and trading of cryptocurrencies amongst Users through its Platforms. The Company will provide the details of the fees on the Platforms and the User agrees to make the payment of such fees, on terms set out on the Platforms.
4.2 All payments due to the Company will be automatically debited from the relevant User Account, and User consents to such debit on a periodic basis. Any fees due from a User, which cannot be debited from the concerned User Account on account of an insufficiency of funds, or for any other reasons whatsoever, will be charged to such User through an invoice issued by the Company to the User, which will be paid by the User in accordance with the terms set forth in such invoice.
4.3 Any payments to be made by the Company to any User in relation to any transaction entered into between Users (and facilitated by the Company on the Platform) will be made in INR or other fiat currency as may be permitted, by the Company from time to time, ("Permitted Fiat Currency") and will be subject to appropriate deductions and withholding under applicable law.
5. OBLIGATIONS OF THE USER
5.1 The User will use the User Account only for its personal use and will be the sole beneficiary of the User Account. The User will not permit any third party to access the User Account.
5.2 The User will not use or access any other User Account or assist any person to obtain unauthorized access to any other User Account.
5.3 The User agrees that the Services on the Platforms may also be subject to terms and conditions governing sale, purchase and trade of cryptocurrencies listed on the Platform and agrees to comply with terms and conditions governing the listed cryptocurrencies.
5.4 The User will comply with applicable law and will not, directly or indirectly, use the Platform or Services for any purpose or activity prohibited under applicable law.
5.5 The User will maintain the confidentiality of the User Account, including password and for all activity and transactions posted to the User Account. Accordingly, the User agrees to be solely responsible to the Company for all activities that occur from the User Account. The User is required to notify the Company immediately of any unauthorized use of the User Account or password, or any other breach of security at firstname.lastname@example.org. In the event of any suspicious activity related to the User Account, the Company may, at its sole discretion, require the User to provide additional information or documentation or freeze any transactions pending resolution of the issue.
5.6 The User agrees that the Company does not provide any representations or warranties in respect of other Users with whom the User has entered into or proposes to enter into a transaction for selling, buying or trading cryptocurrencies through the Platform.
5.7 The User will not use the Platforms in any manner that could damage or overburden the Company's server, or any network connected to the Company's server or interferes with any third party's use of the Platforms.
5.8 The User will maintain sufficient funds in the User wallets before initiating any order and/or transaction failing which the Company will be entitled to cancel the existing order or execute a partial transaction using the available funds, as may be deemed fit by the Company.
5.9 The User will not cancel any pending orders on the Platforms. The Company may in its sole discretion permit a User to cancel any pending orders or partially executed orders. The User agrees that all orders or transactions are irreversible once executed.
5.11 That User will conduct all transactions in relation to the Services only through its duly authenticated, and legally opened and maintained bank accounts in India.
5.12 The User will make all payments on the Platforms in the Permitted Fiat Currency.
6. REPRESENTATIONS AND WARRANTIES
The User represents and warrants to the Company that:
(b) If the User is an individual then the User is above the age of eighteen years;
(c) If the User is an individual then, the User is an Indian resident under the Foreign Exchange Management Act, 1999;
(d) If the User is an incorporated entity then it has been validly incorporated and registered under Indian law; and
(e) The User does not fall under the Sanctions List. "Sanctions List" means the sanctions list circulated by the Reserve Bank of India ("RBI") and United Nations Security Council, including without limitation, the ISIL and Al-Qaida Sanctions List and the 1988 Sanctions List; and
(f) The bank account linked to the User Account or used to receive or make payments in the Permitted Fiat Currency on the Platform is held only with a scheduled commercial bank compliant with all know your customer (KYC) procedures mandated under the applicable laws.
7.1 A considerable loss may be sustained/incurred while trading in cryptocurrencies, hence the Users are advised to determine their financial circumstances and risk tolerance before availing the Services through the Platform and carefully consider the following risks:
(a) Cryptocurrencies are currently unregulated and trading, holding and transferring some or all cryptocurrencies may be deemed illegal in India in the future. The User is encouraged to obtain appropriate legal counsel regarding the same before using the Platforms;
(b) The value of any cryptocurrency is very volatile and the User may sustain a total loss of its funds;
(c) Due to the market being in a nascent stage, during a market disruption or during a force majeure event, the User may face difficulties or impossibility in liquidating its position under certain market conditions;
(d) Cryptocurrencies are not backed by a central bank or any other financial regulator and as such there is no third party that may take any corrective action upon the occurrence of a global/regional crisis;
(e) Since cryptocurrencies are held online, they are susceptible to security breaches and government crackdowns that may end up compromising the integrity or anonymity of the system that produce such cryptocurrencies;
(f) Most cryptocurrency transactions are irreversible and hence the Users are cautioned that cautioned that erroneous or inadvertent transfers of any cryptocurrencies (or other cryptocurrencies) cannot be reversed irrespective of the reasons for such error. User may therefore exercise due care and caution before completing any transaction of cryptocurrencies. The Company will not be responsible or liable for any loss arising from any such transactions by Users; and
(g) The RBI has through its press releases cautioned (i) users against dealing in cryptocurrencies; and (ii) entities regulated by it including banks against providing services to persons dealing in cryptocurrencies. The Users will therefore avail the Services on the Platforms subject to the above caution issues by the RBI and should be aware of the regulatory and financial risks inherent in dealing with cryptocurrencies.
7.2 The User acknowledges that the aforementioned is not an exhaustive statement of risks associated with the trade of cryptocurrencies and that there may be additional risks not listed or foreseen by the Company.
7.3 By creating the User Account, the User acknowledges that the User has carefully assessed its financial standing and risk tolerance. The User also understands and accepts the risks involved in selling, buying and trading in cryptocurrencies and availing the Services through the Platform. Further, the User acknowledges that it is aware of the technology behind creation and circulation of cryptocurrencies.
8. DISCLAIMER OF WARRANTY AND LIMITATION OF LIABILITY
8.1 All Services are provided without warranty of any kind, either express or implied. While the Company strives to provide the User with the uninterrupted Service, the Company does not guarantee that the access to the Platforms will not be interrupted, or that there will be no delays, failures, errors, omissions or loss of transmitted information. The Platforms and the Services are provided on an 'as-is' and 'as available' basis. In case there is any defect in any software being used for the provision of the Services, the Company does not make any warranty that defects in such software will be corrected. The User understands and agrees that any material and/or data downloaded or otherwise obtained through use of the Services or Platforms is done at the User’s discretion and risk and the User will be solely responsible for any damage to its computer system or loss of data that results from the download of such material or data. In case the User stores or transfers any information and/or data through the Services or the Platforms, the User strongly advised to make back-up duplicate copies and are solely responsible for any loss.
8.2 The Company may suspend use of the Platforms for maintenance and will make every effort to give the User reasonable notice. The User acknowledges that such notice, however, may not be possible in case of an emergency.
8.3 To the maximum extent permitted by law, the Company will not be liable for any consequential, incidental, special, direct, or indirect damages (including but not limited to lost profits, trading losses or damages that result from use or loss of use of the Platform and third party content, inconvenience or delay). This is true even if the Company has been advised of the possibility of such damages or losses.
8.4 Except as otherwise required by law, the Company will not be liable to the User or any third party for any loss resulting from a cause over which such the Company does not have direct control. This includes failure of electronic or mechanical equipment or communications lines (including telephone, cable and internet), unauthorized access, viruses, theft, operator errors, severe or extraordinary weather (including flood, earthquake, or other act of god), fire, war, insurrection, terrorist act, riot, labor dispute and other labor problems, accident, emergency, change in applicable law or action of government.
8.5 The Company may use third party service providers to render or facilitate some or all of the Services. The User agrees that the Company will however not be responsible or liable for any act, inaction, commission or omission by such third parties, including with respect to data protection, privacy, security practices, or compliance with applicable laws and regulations with respect thereto, including (but not limited to) the Information Technology Act 2000.
8.6 No information, whether oral or written, obtained by the User while availing the Services through the Platforms will create any warranty not expressly made herein.
8.7 The Company will not be liable for responsible in case any cryptocurrencies lying in any User Account are seized pursuant to applicable law or the Company is unable to access or convert the same into Permitted Fiat Currency for payment to User.
9. INTELLECTUAL PROPERTY
9.1 The User understands that all information (such as data files, written text) which the User may have access to as a part of, or through the use of the Platforms are the sole property of the Company.
9.2 The Platforms and the content related to the Services provided on the Platforms are copyrighted works of the Company (other than third party content). Other than third party content, the Company owns all legal right, title and interest in relation to the content published on the Platforms and the User will not acquire any rights in relation to the Platforms. In addition, some of the content related to the Services on the Platforms may be the intellectual property of third party content providers and the User will not acquire any rights in relation to such content by virtue of use of the Platforms or the Services.
9.3 The Company’s trade names, trademarks, logos, domain names, and other distinctive brand features are exclusive property of the Company.
9.4 The User must not copy, reproduce modify, translate, publish, broadcast, transmit, distribute, display, or sell any content related to the Platforms, mark, trade name, logo of the Company, any copyrighted material, or other proprietary information belonging to the Company.
The User will be responsible to determine, collect, report, and submit any taxes applicable to the payments the User makes or receives in connection with the use of the Platforms and the Services to the appropriate tax authority. The Company is not responsible for determining whether taxes apply to any User transaction, or for collecting, reporting or remitting any taxes arising from any User transaction.
11. THIRD PARTY CONTENT
11.1 The Platforms may include hyperlinks to other web sites or content or resources. The Company does not have any control over any web sites or resources which are provided by third parties.
11.2 The User acknowledges and agrees that the Company is not responsible for the availability of any such external sites or resources, and does not endorse any advertising, products or other materials on or available from such web sites or resources.
11.3 The User acknowledges and agrees that the Company is not liable for any loss or damage which may be incurred by the User as a result of the availability of those external sites or resources, or as a result of any reliance placed by the User on the completeness, accuracy or existence of any advertising, products or other materials on, or available from, such web sites or resources.
12. FINANCIAL ADVICE
The Company is an intermediary and offers the Platforms to Users for the Services. The Company does not advise on the purchase or sale of any cryptocurrencies, does not guarantee returns from any investment or transactions, and does not itself buy or sell any of the cryptocurrencies that are made available for purchase or sale by Users on the Platforms. Any information, data or details including of the value, range, volatility of any cryptocurrencies, and events that may affect/have affected the value of any cryptocurrencies, is for information purposes only. The User will not rely on the same either as advice or inducement to invest in cryptocurrencies. Further, the Company does not make any representations, warranties or guarantees, whether express or implied, that the content available on its Platforms is true, complete, accurate or up to date.
(a) The User Account and rendering of the Services will stand immediately terminated and the User will not be entitled to access or use the User Account or avail any of the Services;
(c) User agrees that the Company will not be liable to User or to any third party for termination of the User Account or any restriction of access to the Services;
(d) The Company will be entitled to retain / deduct amounts due to it from the User and transfer or refund the balance lying in the User Account, except when it is unable to do so in compliance with applicable laws. Transfers from the User’s coin wallet will be to any other cryptocurrency account or wallet specified by User, and refund from the User’s Fiat Wallet will be in the Permitted Fiat Currency via its registered bank account with the Company;
15. GOVERNING LAW AND JURISDICTION
16. ENTIRE AGREEMENT
17. ASSIGNMENT AND SUB-CONTRACTING
19. CONTACT US