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Terms of Use
User Policy
Concepts
2.1. Beneficial owner is a natural person who, by taking advantage of their influence, makes a transaction, act, action, operation, or step or otherwise exercises control over a transaction, act, action, operation, or step, or over another person, and in whose interests, favor, or on whose account a transaction or act, action, operation, or step is made.
2.1.1. In the case of legal persons, a beneficial owner is the natural person who ultimately owns or controls a legal person through direct or indirect ownership of a sufficient percentage of the shares, voting rights, or ownership interest in that person.
2.1.2. Direct ownership is a manner of exercising control whereby a natural person holds a shareholding of 25 percent plus one share or an ownership interest of more than 25 percent in a company.
2.1.3. Indirect ownership is a manner of exercising control whereby a company, which is under the control of a natural person, holds or multiple companies, which are under the control of the same natural person, hold a shareholding of 25 percent plus one share or an ownership interest of more than 25 percent in a company.
2.1.4. When the beneficial owner cannot be identified after exhausting all possible means of identification, and there is no doubt that such a person exists, or when there are doubts as to whether the identified person is a beneficial owner, the natural person who holds the position of a senior managing official is deemed the beneficial owner.
2.2. Politically exposed person is a natural person who is or has been entrusted with a prominent public function and includes the following:
2.2.1. Head of state, head of government, minister, and deputy or assistant minister.
2.2.2. Member of parliament or similar legislative body.
2.2.3. Member of the governing body of a political party.
2.2.4. Member of the supreme court.
2.2.5. Member of a court of auditors or of the board of a central bank.
2.2.6. Ambassador, chargé d'affaires, and high-ranking officer in the armed forces.
2.2.7. Member of an administrative, management, or supervisory body of a state-owned enterprise.
2.2.8. Director, deputy director, member of the board, or equivalent function of an international organization, except middle-ranking or more junior officials.
2.3. Family members include the following:
2.3.1. The spouse or a person considered to be equivalent to a spouse of a politically exposed person or local politically exposed person.
2.3.2. A child and their spouse or a person considered to be equivalent to a spouse of a politically exposed person or local politically exposed person.
2.3.3. A parent of a politically exposed person or local politically exposed person.
2.4. Persons known to be close associates include the following:
2.4.1. A natural person who is known to be the beneficial owner or to have joint beneficial ownership of a legal person or a legal arrangement or any other close business relations with a politically exposed person or a local politically exposed person.
2.4.2. A natural person who has sole beneficial ownership of a legal entity or legal arrangement known to have been set up for the de facto benefit of a politically exposed person or local politically exposed person.
Identification and Verification
3.1. Upon implementing due diligence measures, the Company shall identify the following persons:
3.1.1. The client.
3.1.2. The representative of the client.
3.1.3. The beneficial owner of the client.
3.1.4. Politically exposed persons.
3.2. The person specified in section 3.1 shall be identified either by being present or by using information technology means.
3.3. The client will be required to fill in the KYC questionnaire, where the client shall provide at least the following information:
3.3.1. For natural persons:
i. Name.
ii. Personal code/date of birth.
iii. Address/location.
iv. Citizenship.
v. Occupation, area of activity.
vi. Name and date of issuance of the document used for identification.
vii. Postal code and city.
viii. The country of tax residency.
ix. Email and telephone.
x. Purpose of the business relationship.
3.3.2. For legal persons:
i. Name.
ii. Registry code or registering number and the date of registration.
iii. Address/location.
iv. Name and number of the document used for identification and verification of the identity of a foreign legal person.
v. Postal code and city.
vi. The country of tax residency.
vii. Area of activity.
viii. Email and telephone.
ix. Have the securities of the company been accepted for trading on a regulated securities market? If yes, then on which securities market?
x. Information about the beneficial owners.
xi. Information about the authorized persons (representatives).
xii. Information about the members of the management board.
xiii. Purpose of the business relationship.
xiv. Information whether the person is a politically exposed person.
3.4. The Company shall request clients (natural and legal persons) to declare and submit information regarding their beneficial owner.
3.5. For identification and verification purposes, the Company shall request the submission of the following documents:
3.5.1. For natural persons, any of the following documents:
i. Personal ID card (ID card, e-resident card, or residence permit card); or
ii. Passport or diplomatic passport; or
iii. Travel document issued in a foreign country; or
iv. Driving license (if it contains the name, facial image, signature, and personal code or date of birth of the holder).
3.5.2. If the natural person is a representative of a legal or another natural person, then that natural person is also required to submit a document certifying the right of representation and its scope. If the right of representation does not arise from law, the document's name serving as the basis for the right of representation, the date of issue, and the name of the issuer shall be provided.
3.5.3. For legal persons, any of the following documents:
i. If the legal person or the branches of foreign companies are registered in the Republic of Seychelles, identification shall be conducted based on an extract of a registry card of the commercial register.
ii. Foreign legal persons shall be identified based on an extract of the relevant register or a transcript of the registration certificate or an equivalent document issued by a competent authority or body, not earlier than six months before submission.
3.6. A copy shall be made of the page of the identity document containing at least the personal data and a photo of the client.
3.7. The Company may require additional information and documents from the client as deemed necessary.
3.8. Clients are required to promptly update the Company if there are any changes to the information submitted.
4. Updating Data and Documents
>4.1. The Company may request the client to update the information and/or documents as necessary after the initial identification and verification of the client.
4.2. The Company may verify the client's identity on an ongoing basis, especially if there are changes to the submitted information
5. Risk Assessment
The Company will establish a risk profile for each client and apply due diligence measures in accordance with the client's risk profile.
6. Registering and Storing Data
The Company will register and store customer data in accordance with the Company's Privacy Policy and the legal requirements for AML/KYC and prevention of terrorist financing.
7. Refusing to Open Client Account, Making Transactions, or Terminating the Client Relationship
The client account for using the services of the Company will be activated upon completion of the identification and verification process. However, the Company reserves the right to refuse to open an account for the client, refuse transactions, or terminate the client relationship in accordance with applicable laws if the client fails to submit the requested information or documents to comply with AML/KYC requirements, or if there is suspicion of money laundering or terrorist financing.
Risk Disclosure
THE WEBSITE AND MOBILE APPLICATION AND ALL OF THE FEATURES AND OTHER SERVICES THEY PROVIDE ARE OWNED AND OPERATED BY VorpenX. BY USING OR OTHERWISE ACCESSING THE WEBSITE, MOBILE APPLICATION, OR OTHER CONTENT, YOU ACKNOWLEDGE AND AGREE THAT: (1) YOU HAVE READ AND UNDERSTAND ALL OF THE TERMS AND CONDITIONS IN THIS AGREEMENT, AND ALL OBLIGATIONS AND RULES THAT MAY BE INCLUDED OR REFERRED TO THEREIN IN THEIR ENTIRETY; (2) YOU WILL ABIDE BY AND BE BOUND BY THESE TERMS; (3) YOU GIVE YOUR CONSENT TO THE COLLECTION, USE, DISCLOSURE, AND OTHER HANDLING OF INFORMATION AS DESCRIBED IN OUR PRIVACY POLICY; (4) YOU MEET THE ELIGIBILITY REQUIREMENTS SET FORTH BELOW IN SECTION 1.1; AND (5) THESE TERMS ARE A BINDING AGREEMENT BETWEEN VorpenX AND YOU.
IF AT ANY TIME YOU DO NOT AGREE WITH THESE TERMS, YOU MUST IMMEDIATELY STOP AND REFRAIN FROM USING AND/OR OTHERWISE ACCESSING THE VorpenX SERVICES.
VorpenX MAY MODIFY THESE TERMS BY PROVIDING NOTICE OF SUCH CHANGES SUCH AS BY SENDING YOU AN E-MAIL, PROVIDING A NOTICE THROUGH THE SERVICES, OR UPDATING THE "LAST UPDATED" DATE AT THE COMMENCEMENT OF THESE TERMS ON THE WEBSITE. BY USING OR OTHERWISE ACCESSING THE WEBSITE, MOBILE APPLICATION, OR OTHER CONTENT, YOU CONFIRM YOUR AGREEMENT TO THE MODIFIED TERMS. VorpenX ENCOURAGES YOU TO FREQUENTLY REVIEW THE TERMS TO ENSURE YOU UNDERSTAND THE TERMS AND CONDITIONS THAT APPLY TO YOUR ACCESS TO AND USE OF THE VorpenX SERVICES.
The risk of a significant loss of funds in trading or holding Digital Currency can be substantial, and these include, without limitation, the risks set out in Appendix 4 below. You should, therefore, carefully consider whether trading or holding Digital Currency is suitable for you in light of your financial condition, risk appetite, and other financial considerations and obtain professional, financial, investment, and legal advice accordingly before making any decisions to hold or trade in Digital Currency. You hereby warrant and represent that you have not and will not obtain any professional, financial, investment, or legal advice from VorpenX and that you will obtain all such advice separately.
1. Eligibility.
1.1.1 To be eligible to use the VorpenX Services, you must be at least 18 years old. You represent and warrant that: (a) you are of legal age to form a binding contract, i.e., at least 18 years of age; (b) have not previously been suspended or removed from using the VorpenX Services; and (c) have full power and authority to agree to these Terms.
1.1.2 You may not use the VorpenX Services if you are located in or a citizen or resident of the United States of America or any state, country, territory, or other jurisdiction forming part of the United States of America or where your use of the VorpenX Services would be illegal or otherwise violate any applicable law. You represent and warrant that you are not a citizen or resident of any such jurisdiction and that you will not use the VorpenX Services while located in any such jurisdiction. You may also not use the VorpenX Services if you are located in or a citizen or resident of any other jurisdiction where VorpenX has determined, at its sole discretion, to prohibit the use of the VorpenX Services.
It is currently envisaged that the VorpenX Services will be used by persons located in, citizens or residents of various countries pursuant to onboarding processes. Such a list of countries may be changed, extended, or reduced from time to time at the discretion of VorpenX, which may implement controls to restrict access to the VorpenX Services from any jurisdiction prohibited under this Section.
1.1.3 You are responsible for complying with the laws applicable to your jurisdiction.
1.2. VorpenX Services.
Your VorpenX account ("VorpenX Account") encompasses the following services ("VorpenX Services"):
(i) wallets that allow users to store certain supported digital currencies, like Bitcoin or Ethereum ("Digital Currency" and "Digital Currency Wallet," accordingly);
(ii) to track, transfer, and manage supported Digital Currencies; and
(iii) Digital Currency conversion services through which users can buy and sell Digital Currencies in transactions with VorpenX (the "Conversion Services"). These VorpenX Services may be changed, terminated entirely, and/or additional services may be added at VorpenX's sole discretion.
2.1. Registration of VorpenX Account. In order to use the VorpenX Services, you will need to register for a VorpenX Account. During the account registration process, we will ask you for information, including your name and other personal information to verify your identity. You must provide complete and truthful information. We may, in our sole discretion, refuse to open a VorpenX Account for you and/or limit the number of VorpenX Accounts that you may hold.
2.2. Identity Verification. During registration of your VorpenX Account, you must provide the information we request for the purposes of identity verification (including KYC) and the detection of money laundering (AML), terrorist financing, fraud, or any other financial crime and also permit us to keep a record of such information, including signing on the VorpenX KYC/AML Policy and any documentation required thereunder. You will need to complete certain verification procedures before you are permitted to use the VorpenX Services. Your access and the limits that apply to your use of the VorpenX Services may be altered as a result of information collected about you on an ongoing basis. The information we request may include certain personal information, including, but not limited to, your name, address, telephone number, email address, date of birth, taxpayer identification number, a government identification, and information regarding your bank account (such as the name of the bank, the account type, routing number, and account number). Our third-party partner for identity verification is Jumio, which will collect information such as telephone numbers to proceed with identity verification using Jumio. By providing us with this or any other information, you confirm that the information is accurate and authentic. You agree to notify us immediately if any of the information you provided changes. You authorize us to make inquiries, whether directly or through third parties, that we consider necessary to verify your identity or protect you and/or us against fraud or other financial crime, and to take action we reasonably deem necessary based on the results of such inquiries. When we carry out these inquiries, you acknowledge and agree that your personal information may be disclosed to third-party service providers, including payment processors for credit reference, liquidity (currency) providers, fraud prevention or financial crime and other agencies, and that these agencies may respond to our inquiries in full. This is an identity check only and should have no adverse effect on your credit rating. Additionally, we may require you to wait for some amount of time after the completion of a transaction before permitting you to use further VorpenX Services and/or before permitting you to engage in transactions beyond certain volume limits.
3.1. VorpenX reserves the right to refuse to process or cancel any pending Digital Currency Transaction as required by law or in response to a subpoena, court order, or other government request or to enforce transaction limits as determined in its discretion. VorpenX cannot reverse a Digital Currency Transaction that has been submitted to a Digital Currency network. The Hosted Digital Currency Wallet services are available only in connection with those Digital Currencies that VorpenX, in its sole discretion, decides to support, and it may change such support at any time. If you have any questions about which Digital Currencies VorpenX currently supports, please visit the Website. Under no circumstances should you attempt to use your Hosted Digital Currency Wallet services to store, send, request, or receive digital currencies in any form that is not supported by VorpenX. VorpenX assumes no responsibility or liability in connection with any attempt to use VorpenX Services for digital currencies that VorpenX does not support.
3.2. Digital Currency Transactions. VorpenX processes supported Digital Currency according to the instructions received from its users, but we do not guarantee the identity of any receiver, requestee, or other party. You should verify all transaction information prior to submitting instructions to VorpenX. Once submitted to a Digital Currency network, a Digital Currency Transaction will be unconfirmed for a period of time pending sufficient confirmation of the transaction by the Digital Currency network. A transaction is not complete while it is in a pending state. Funds associated with transactions that are in a pending state will be designated accordingly and will not be included in your VorpenX Account balance or be available to conduct transactions (or withdrawals). VorpenX reserves the right to delay any Digital Currency Transaction if it perceives a risk of fraud or illegal activity.
3.3. Digital Currency Storage and Transmission Delays. VorpenX stores all Digital Currency private keys in a combination of online and offline storage. As a result, it may be necessary for VorpenX to retrieve certain information from offline storage in order to facilitate a Digital Currency Transaction in accordance with your instructions, which may delay the initiation or crediting of such Digital Currency Transaction, even though VorpenX will seek to initiate or carry out all transactions as soon as possible. You acknowledge and agree that a Digital Currency Transaction facilitated by VorpenX may be delayed, notwithstanding the efforts of VorpenX. VorpenX is not acting as a custodian of currencies or funds and does not have a custodian license.
3.4. Third-Party Payments. VorpenX has no control over or liability for the delivery, quality, safety, legality, or any other aspect of any goods or services that you may purchase or sell to or from a third party (including other users of VorpenX Services). VorpenX is not responsible for ensuring that a buyer or seller you may transact with will actually complete the transaction or is authorized to do so. If you experience a problem with any goods or services purchased from or sold to a third party in connection with Digital Currency transferred using the VorpenX Services or if you have a dispute with such third party, you must resolve the dispute directly with that third party. If you believe a third party has behaved in a fraudulent, misleading, or inappropriate manner, or if you cannot adequately resolve a dispute with a third party, you may notify VorpenX Support at the Website so that we may consider what action to take, if any.
3.5. Advanced Protocols. Unless specifically announced on the Website or through some other official public statement of VorpenX, we do not support metacoins, colored coins, side chains, or other derivative, enhanced, or forked protocols, tokens, or coins that supplement or interact with a Digital Currency supported by VorpenX (collectively, "Advanced Protocols"). Do not use your VorpenX Account to attempt to receive, request, send, store, or engage in any other type of transaction involving an Advanced Protocol. The VorpenX platform is not configured to detect and/or secure Advanced Protocol transactions, and VorpenX assumes absolutely no responsibility whatsoever in respect of Advanced Protocols.
3.6. Operation of Digital Currency Protocols. VorpenX does not own or control the underlying software protocols that govern the operation of Digital Currencies supported on our platform. In general, the underlying protocols are open source, and anyone can use, copy, modify, and distribute them. By using the VorpenX platform, you acknowledge and agree: (i) that VorpenX is not responsible for the operation of the underlying protocols and that VorpenX makes no guarantee of their functionality, security, or availability; and (ii) that the underlying protocols are subject to sudden changes in operating rules (a/k/a "forks") and that such forks may materially affect the value, function, and/or even the name of the Digital Currency you store on the VorpenX platform. In the event of a fork, you agree that VorpenX may temporarily suspend VorpenX operations (with or without advance notice to you) and that VorpenX may, in its sole discretion, decide whether or not to support (or cease supporting) either branch of the forked protocol entirely. You acknowledge and agree that VorpenX assumes absolutely no responsibility whatsoever in respect of an unsupported branch of a forked protocol.
4.1. You authorize VorpenX to initiate debits from your selected payment method(s) in settlement of purchase and/or sale transactions. A Transaction Fee as defined in section 4.2 applies to all purchase and sale transactions. Although VorpenX will attempt to deliver supported Digital Currency to you as promptly as possible, funds may be debited from your selected payment method before Digital Currency is delivered to your VorpenX Account. We may debit your selected payment method, such as your bank account or credit card, as soon as the same day you initiate the purchase or sale, but your payment may take longer to process. In the event that VorpenX is unable to fulfill your purchase or sale order, we will notify you and seek your approval to fulfill the purchase or sale order at the contemporaneous Quotation Price.
4.2. Each Conversion Service transaction is subject to a fee on top of the Quotation Price (a "Transaction Fee"), as well as other associated fees, commissions, bank charges, wire transfer charges, clearinghouse charges, network fees (miner fees), etc. ("Associated Fees"), all of which are payable by you. The applicable Transaction Fee is displayed to you on the Website prior to you completing a Conversion Service transaction. The availability of each payment method depends on a number of factors, including but not limited to your location, the identification information you have provided to us, and limitations imposed by third-party payment processors. You can view the current fee applicable to your location and payment method on our fees page.
VorpenX reserves the right to adjust its Transaction Fees and Associated Fees and any applicable waivers at any time. We will always notify you of the Transaction Fee that applies to your transaction when you authorize the transaction and in each receipt we issue to you.
You should be aware that in order to carry out purchases or sales of cryptocurrency, VorpenX carries out transactions with various third parties and liquidity providers of cryptocurrency, with whom it holds accounts including fiat accounts, cryptocurrency accounts, and digital wallets on behalf of VorpenX and you hereby acknowledge and agree to the same and to your fiat currencies and cryptocurrencies being held by VorpenX in accounts with such third parties and liquidity providers.
You should also be aware that the quotation of cryptocurrency for sale or purchase that VorpenX receives from the liquidity providers of the cryptocurrency includes a spread or margin for VorpenX compared to the offer that VorpenX makes to you for the sale or purchase of the cryptocurrency.
You should also be aware that the quotation of cryptocurrency for sale or purchases presented to you as "market price" or otherwise as the quoted price for the specific cryptocurrency transaction during the sale or purchase on the Website includes, inter-alia, the liquidity provider fee and VorpenX's charges for using the technology (the "Quotation Price"). The Quotation Price may be calculated as a weighted price of a number of different buyers or sellers available within the platform and/or of different liquidity providers, and there may be a time gap between the conversion order and the actual conversion that will affect the price displayed.
4.3. Deposits. In order to initiate any transaction to buy or sell Digital Currency, you must first maintain sufficient funds in your VorpenX Account by depositing fiat and/or cryptocurrencies into your VorpenX Account, adequate to cover your desired transaction. The Digital Currency that you deposit shall be delivered into a custodial digital wallet belonging to the Company, and such deposits shall be recorded under your VorpenX Account. Fiat funds shall be deposited into a VorpenX bank account by way of either bank wire transfer or credit card processing, and once we receive the confirmation of your deposit, such deposit shall be recorded in your VorpenX Account.
When you choose to deposit fiat funds through credit card processing into your VorpenX Account, as the cardholder of your credit card, you declare and confirm that you shall always ensure that you comply with any and all applicable laws and regulations with respect to such holding of your credit card and your usage of the credit card.
4.4. Refund or Cancellation Policy. You cannot cancel, reverse, or change any transaction marked as complete or pending. If your payment is not successful or if your payment method has insufficient funds, you authorize VorpenX, in its sole discretion, either to cancel the transaction or to debit your other payment methods, including VorpenX balances or other linked accounts, in any amount necessary to complete the transaction. You are responsible for maintaining an adequate balance and/or sufficient credit limits to avoid overdraft, NSF, or similar fees charged by your payment provider. VorpenX reserves the right to refuse to process, cancel, or reverse any purchases or sales of Digital Currency in its sole discretion, even after funds have been debited from your account(s), for reasons which include, but are not limited to, technical error, market abuse or manipulation, or your failure to pass our KYC process and if: (i) VorpenX suspects the transaction involves (or has a high risk of involvement in) money laundering, terrorist financing, fraud, or any other type of financial crime; (ii) in response to a subpoena, court order, or other government order; (iii) VorpenX reasonably suspects that the transaction is erroneous; or (iv) VorpenX suspects the transaction relates to Prohibited Use or a Prohibited Business as set forth below. In such instances, VorpenX will reverse the transaction, and we are under no obligation to allow you to reinstate a purchase or sale order at the same price or on the same terms as the canceled transaction. Any refunds shall be at the sole discretion of VorpenX.
4.5. Withdrawals. At any point, you may make a request for a withdrawal to withdraw funds from your VorpenX Account. The Company shall designate certain periods during the day at which the actual withdrawal can occur pursuant to your request and the Company's approval upon obtaining the necessary documentation. Upon such approval, the Company shall deliver the applicable Digital Currency to the personal digital wallet designated by you and declared to be owned by you exclusively and which is under your sole and full control, and you acknowledge that any delivery of Digital Currency may not be immediate or may be subject to delays. Following a withdrawal request for fiat funds, we may either credit your credit card, using the details you provided, or initiate a bank transfer to the bank account through which you have deposited the funds, all according to our compliance policies and banking requirements. All of your withdrawals and financial activity on the VorpenX platform will be recorded under your VorpenX Account. Please consider that we take up to three (3) business days to process your withdrawal request. Withdrawals may take up to five (5) business days to reach your credit card or bank account.
4.6. Payment Services Partners ("PSP"). VorpenX may use a third-party payment processor to process any US Dollar (or other fiat currency) payment between you and VorpenX, including but not limited to payments in relation to your use of the Conversion Service. VorpenX cannot guarantee that all credit cards will be accepted by the PSP. The acceptability of your credit card depends on various factors such as your location, your identification information, limitations imposed by your credit card provider, and/or by the third-party payment processors. Likewise, VorpenX cannot guarantee that your bank will accept the funds received from your VorpenX Account. It is your responsibility to ensure that your credit card provider or bank will accept your funds. You also acknowledge that VorpenX will provide certain information and/or documentation about you to the PSP, as may be required to complete a transaction. With regard to any deposits in fiat, you further agree not to make or attempt to initiate chargebacks and/or deny or reverse any deposit that you have made. In any such event, we reserve the right to cease providing you with the VorpenX Services, terminate this Agreement, and take any further action we may deem appropriate, including adjusting your VorpenX Account to reflect any deduction from any balance in the deposit to set off any loss suffered due to your chargeback or reversal of transactions.
5.1. Limited License. VorpenX grants you a limited, revocable, non-exclusive, non-transferable license, subject to the terms of this Agreement, to access and use the Website and the related content, materials, information (collectively, the "Content") solely for approved purposes as permitted by VorpenX from time to time. Any other use of the Website or Content is expressly prohibited, and all other rights, title, and interest are exclusively the property of VorpenX and its licensors. You agree you will not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the Content, in whole or in part. "VorpenX.com", "VorpenX," and all logos related to the VorpenX Services or displayed on the website are either trademarks or registered marks of VorpenX or its licensors. You may not copy, imitate, or use them without VorpenX's prior written consent.
5.2. Website Accuracy. Although we intend to provide accurate and timely information on the Website, the Website (including, without limitation, the Content) may not always be entirely accurate, complete, or current and may also include technical inaccuracies or typographical errors. In an effort to continue to provide you with complete and accurate information, information may be changed or updated from time to time without notice, including without limitation information regarding our policies, products, and services. Accordingly, you should verify all information and not rely on it. All decisions based on information contained on the Website are your sole responsibility, and we shall have no liability for such decisions. Links to third-party materials (including, without limitation, other websites) may be provided as a convenience but are not controlled by us. You acknowledge and agree that we are not responsible for any aspect of the information, content, or services contained in any third-party materials or on any third-party sites accessible or linked to the Website.
5.3. Third-Party Applications. If, to the extent permitted by VorpenX from time to time, you grant express permission to a third party to access or connect to your VorpenX Account, either through the third party's product or service or through the Website, you acknowledge that granting permission to a third party to take specific actions on your behalf does not relieve you of any of your obligations under this Agreement. Additionally, you are fully responsible for all acts or omissions of any third party accessing your VorpenX Account. Further, you acknowledge and agree that you will not hold VorpenX responsible for, and you will hold VorpenX harmless and indemnify VorpenX from, any and all liability, costs, claims, or damages arising out of or related to any act or omission of any third party with access to your VorpenX Account. You may change or remove permissions granted by you to third parties with respect to your VorpenX Account at any time through the Account Settings (Integrations) page on the Website.
5.4. Prohibited Use. In connection with your use of the VorpenX Services, you agree and represent that you will not engage in any Prohibited Business or Prohibited Use defined herein. We reserve the right at all times to monitor, review, retain, and/or disclose any information as necessary to satisfy any applicable law, regulation, sanctions programs, legal process, or governmental request. We reserve the right to cancel and/or suspend your VorpenX Account and/or block transactions or freeze funds immediately and without notice if we determine, in our sole discretion, that your VorpenX Account is associated with a Prohibited Use and/or a Prohibited Business.
5.5. Transactions Limits. The use of all VorpenX Services is subject to a limit on the amount of volume, stated in U.S. Dollar terms, you may transact or transfer in a given period (e.g., daily). To view your limits, log in to your VorpenX Account and visit the Website. Your transaction limits may vary depending on your payment method, verification steps you have completed, and other factors. VorpenX reserves the right to change applicable limits as we deem necessary in our sole discretion. If you wish to raise your limits beyond the posted amounts, you may submit a request on the Website. We may require you to submit additional information about yourself or your business, provide records, and arrange meetings with VorpenX staff (such process is referred to as the "Enhanced Due Diligence"). VorpenX reserves the right to charge you for its costs and fees associated with Enhanced Due Diligence, provided that we notify you in advance. In our sole discretion, we may refuse to raise your limits, or we may lower your limits at a subsequent time, even if you have completed Enhanced Due Diligence and paid for the costs and fees.
5.6. Suspension, Termination, and Cancellation. VorpenX may: (a) suspend, restrict, or terminate your access to any or all of the VorpenX Services; and/or (b) deactivate or cancel your VorpenX Account on the occurrence of any one or more of the following:
We are so required by a subpoena, court order, or order of a government authority; or
We suspect you of using your VorpenX Account in connection with a Prohibited Use or Business; or
Use of your VorpenX Account is subject to any pending litigation, investigation, or government proceeding, and/or we perceive a heightened risk of legal or regulatory non-compliance associated with your Account activity; or
Our service partners are unable to support your use; or
You take any action that VorpenX deems as circumventing VorpenX's controls, including, but not limited to, opening multiple VorpenX Accounts or abusing promotions which VorpenX may offer from time to time; or
You breach any one or more of our policies referred to on the Website, such as KYC/AML, Privacy Policy, etc.; or
You carry out any unlawful or illegal activity; or
You are in breach of any material provisions of these Terms; or
You are in breach of any money laundering regulations or KYC requirements.
5.7. Relationship of the Parties. VorpenX is an independent contractor for all purposes. Nothing in this Agreement shall be deemed or is intended to be deemed to cause you and VorpenX to be treated as partners, joint venturers, or otherwise as joint associates for profit, employer/employee, or either you or VorpenX to be treated as the agent of the other.
5.8. Privacy of Others; Marketing. If you receive information about another user through the VorpenX Services, you must keep the information confidential. You may not disclose or distribute a user's information to a third party or use the inf
Electronic Delivery of Communications
You agree and consent to receive electronically all communications, agreements, documents, notices, and disclosures (collectively, "Communications") that we provide in connection with your VorpenX Account and your use of VorpenX Services. Communications include:
Terms of use and policies you agree to (e.g., the VorpenX Terms and Conditions of Use and Privacy Policy), including updates to these agreements or policies;
Account details, history, transaction receipts, confirmations, and any other VorpenX Account or transaction information;
Legal, regulatory, and tax disclosures or statements we may be required to make available to you; and Responses to claims, complaints, or customer support inquiries filed in connection with your VorpenX Account.
We will provide these Communications to you by posting them on the website, emailing them to you at the primary email address listed in your VorpenX profile, communicating to you via instant chat, and/or through other electronic communication such as text message or mobile push notification.
A device with an Internet connection;
A current web browser that includes 128-bit encryption (e.g., Internet Explorer version 9.0 and above, Firefox version 3.6 and above, Chrome version 31.0 and above, or Safari 7.0 and above) with cookies enabled;
A valid email address (your primary email address on file with VorpenX); and
Sufficient storage space to save past Communications or an installed printer to print them.
Please note the following disclosures associated with virtual currency:
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to Securities Investor Protection Corporation protections.
Legislative and regulatory changes or actions at the country or international level may adversely affect the use, transfer, exchange, and value of virtual currency.
Transactions in virtual currency may be irreversible, and accordingly, losses due to fraudulent or accidental transactions may not be recoverable.
Some virtual currency transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that the customer initiates the transaction.
The value of virtual currency may be derived from the continued willingness of market participants to exchange fiat currency for virtual currency, which may result in the potential for permanent and total loss of value of a particular virtual currency should the market for that virtual currency disappear.
There is no assurance that a person who accepts virtual currency as payment today will continue to do so in the future.
The volatility and unpredictability of the price of virtual currency relative to fiat currency may result in significant loss over a short period of time.
The nature of virtual currency may lead to an increased risk of fraud or cyber attack.
The nature of virtual currency means that any technological difficulties experienced by VorpenX may prevent the access or use of a customer's virtual currency.
Any bond or trust account maintained by VorpenX for the benefit of its customers may not be sufficient to cover all losses incurred by customers.
Markets 
Spot Trade