Crypto Facilities Ltd is authorised and regulated by the Financial Conduct Authority (FRN 757895).
As a Member you will be able to trade Futures on the USD price of bitcoin (the Futures) on the Platform. The Futures represents a legal contract between you and your trade Counterparty (see definition below) and allows you to economically participate in a decline or rise in the USD price of bitcoin, depending on the direction of your position.
The Platform operates in bitcoin only which means that no fiat currency is handled by the Platform. All client accounts administrated by the Platform are funded in bitcoin only, and all profit and loss from positions in the Futures are calculated and settled in bitcoin.
This Agreement is a binding contract between you and us and will commence if and when your application for membership has been accepted by us. We are under no obligation to accept your application for membership. Please read this Agreement carefully as it sets out your and our respective rights and obligations in respect of your membership and your use of the Platform. You may be required to execute other agreements, which are intended to be consistent with this Agreement and each other, but in the event of conflict with this Agreement, this Agreement will prevail. By applying for membership you agree to observe and be bound by all of the terms of this Agreement.
We may need to make changes to this Agreement from time to time. We may unilaterally change the terms and will send you a notification of the same. Thereafter, if you use the Platform, you will be deemed to have accepted those changes.
By clicking on the sign up link on the Platform and submitting a new username and new password, you apply to become a Member and to open an account (your Account) on the Platform (your Application).
1.1 You can either apply for membership as a natural person (Individual Membership) or as a legal entity (for example, a limited company or limited liability partnership) (Corporate Membership). If you apply for Individual Membership, you need to be at least 18 years old.
1.2 The Account is personal to you and must not be shared, nor are you allowed to create multiple Accounts. If you are accepted as a Member, you alone will become the legal owner of any positions in the Futures that you enter into through trading on the Platform.
1.3 You are required to keep your details in your Account up-to-date at all times.
1.4 For an Individual Membership, if you are found to be acting on someone else's behalf, such as a trustee, fiduciary or otherwise, we will terminate your Account, and all positions in the Futures that you may have entered into will be liquidated. In this case, you will bear all associated costs.
1.5 For Corporate Membership, an agent representing your legal entity will be required to have full authorisation to enter into binding agreements on the Platform on behalf of your legal entity. We reserve the right to request proof of this authorisation.
1.6 You will be required to provide personal information about you and/or information about your legal entity, including your full name and address. We are registered with the Information Commissioner's Office in the UK for this purpose.
1.7 Once we receive your Application, we may decide at our own discretion to open your Account or not.
1.8 Once an Account has been opened for you, you are responsible to keep your password(s) for the Account secure. We may ask you to verify yourself if you have lost your password(s) and cannot access the Account.
1.9 You will be required to enable two factor authentication to activate your Account.
2.1 We may decide to verify your identity and/or the identity of your legal entity at any time using third party verification providers. You hereby consent to your data being used in this way.
3.1 Once we have opened an Account for you and this Account has been activated, you will be able to deposit bitcoins into your Account by sending bitcoins to the bitcoin address we provide you with.
3.2 Bitcoin is not 'money' nor a Specified Investment. Therefore, your bitcoin deposits will not be deemed Client Money nor are you covered by the Financial Services Compensation Scheme.
3.3 On the Platform, you can select the desired insurance and clearing solution for your Account, either Standard Account or Insured & Settled Account.
4.1 You can submit a request to withdraw bitcoins from your Account at any time. Since we manually verify and approve all bitcoin withdrawals, we may take up to 2 business days to process your withdrawal request.
4.2 You cannot withdraw bitcoins that are required to cover your losses from trading the Futures or bitcoins that serve as Collateral (see definition below) for your open positions or open orders in the Futures.
5.1 If your Account has been opened and activated, and you have a sufficient balance of bitcoins in your Account, you will be able to offer to trade the Futures with other Members on the Platform.
5.2 To open or close a trade on the Platform, you must submit an order. Once you have submitted an order we will attempt to match it with a Member on the Platform that wishes to take the other end of the trade. We are under no obligation to accept or match any order submitted by you, and we maintain discretion over whether any order is accepted, matched, or executed. There will be no contract between you and another Member until the proposed trade has been approved by us.
5.4 P&L and Collateral
5.5 Position Liquidation and Position Termination
5.6 The rules and procedure we apply regarding the calculation of the P&L of open positions in the Futures, the calculation of Collateral, the calculation of the Collateral Requirement, Position Liquidation and Position Termination are identical for all Members.
5.7 The Futures will trade continuously from 00:01 to 24:00 UTC on every day of the year. We may suspend trading and access to the Platform at any time for system maintenance or for other reasons such as maintaining an orderly market.
6.1 Fees for transactions in the Futures
6.2 Fees for Insured, Blockchain-Settled Account
7.1 You are solely responsible for paying any taxes you might owe as a result of trading on the Platform.
7.2 We may be required to cooperate with tax authorities and you hereby consent to your information being released for this purpose where necessary.
8.2 We will make best endeavours to protect your data and we will never sell any of your data or licence it to third parties.
8.3 We own or are the licensee of all the intellectual property that constitutes the Platform.
9.1 You warrant that:
10.1 As a Member you will not:
10.2 You will comply with the rules of the Platform as or when published on the Platform.
10.3 You agree that all the warranties in this Agreement are valid at all times.
11.1 By using the Platform you acknowledge that you have understood the associated risks and that you accept these risks, in particular that:
12.1 To protect the integrity of our services we reserve the right to:
12.2 You agree and acknowledge our calculations and decisions associated with operating the Platform, in particular, but not limited to, the calculation of P&L of open positions in the Futures, the calculation of Collateral, the calculation of Collateral Requirement, Position Liquidation and Position Termination. All our calculations presented on the Platform are binding and final.
12.3 You agree and acknowledge our right to change the methodologies by which we calculate P&L of open positions in the Futures, Collateral, Collateral Requirements, Position Liquidation, Position Termination and all other rules and processes associated with operating the Platform. We will notify you of any such change.
12.4 At our own discretion we may suspend your Account whilst we are requesting information/documentation from you to verify your identity and/or the identity of your legal entity.
12.5 We will not be liable to you for any loses that result from the suspension of your Account.
12.6 If you do not cooperate with us in our request for further information or documentation during the suspension of your Account, we reserve the right to keep your Account in suspension indefinitely or to terminate your Account.
12.7 We reserve the right to freeze the bitcoin balance of your Account for regulatory or legal reasons or to mitigate any liability related to your use of the Account.
12.8 Where we suspect that you are breaching or potentially breaching or about to breach the terms of this Agreement or where we are directed to do so by a government or regulatory authority, we will suspend your Account and commence an investigation. You will not be able to use your Account during this investigation. We may not be able to give you specific information regarding the suspension, nor any time frame during which it can be resolved, and we ask that you cooperate fully with us during this period.
13.1 The Platform, including its application programming interface (API) is provided on an as is basis. We will not be liable for any losses, damages or otherwise, including indirect or consequential losses incurred by you or related parties arising out of the malfunctioning, misuse, failure or stoppage of the Platform. We do not exclude liability for death or personal injury. In the event of a claim being brought against us for breach of contract or negligence, we will only accept liability for gross misconduct or wilful negligence and our liability to you will be limited to the fees we received from you.
13.2 We exclude all liability where the damage does not relate to our conduct, for example where the cause is due to a technical failure in the bitcoin protocol, an action by another Member or a third party.
13.3 You will indemnify us for any loss, liability, costs (including reasonable legal costs), damages or expenses arising from any breach by you of the terms of this Agreement, including any fraudulent, negligent or reckless act, omission or default or your misuse of the Platform.
14.1 We are committed to providing a high standard of service. If you are dissatisfied with the service you have received and wish to raise a complaint then please submit your complaint via email to firstname.lastname@example.org.
14.2 Please provide the following details in order for us to be able to process your complaint in time:
14.3 We will provide you an acknowledgement of your complaint within 2 business days of receipt. We will aim to resolve your complaint within 2 weeks of receipt. If we are unable to address the complaint within 2 weeks then we will write to you to explain what is happening with your complaint. Within 4 weeks we will send you a final response.
15.1 You may terminate your Account at any time and for whatever reason upon 14 days notice to us. To terminate your Account, please contact us through email@example.com.
15.2 We may terminate your Account at any time and for whatever reason upon giving you 14 days notice. You will then need to withdraw your bitcoin balance from your Account.
15.3 Where you are in breach of this Agreement or involved in any fraudulent or criminal activity, we may terminate your Account and/or freeze the bitcoin balance of your Account and reserve the right to take any further or other action against you for any such breach or fraudulent or criminal activity. Any such termination of your Account or freezing of your bitcoin balance will take immediate effect.
16.1 Assignment - We may assign any of our obligations or rights under this Agreement. Your Account is personal to you and is non-assignable.
16.2 No Third Party Rights - A person who is not a party to this Agreement shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement.
16.3 Severability - If any provision or part-provision of this Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of this Agreement. If any provision or part-provision of this Agreement is invalid, illegal or unenforceable, the parties shall negotiate in good faith to amend such provision so that, as amended, it is legal, valid and enforceable, and, to the greatest extent possible, achieves the intended commercial result of the original provision.
16.4 Entire Agreement - This Agreement constitutes the entire agreement between the parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter. Each party agrees that it shall have no remedies in respect of any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this Agreement. Each party agrees that it shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this Agreement.
16.5 Notices - We will send you notices to the email address you provided in your Account. These will be deemed to be delivered to you if we do not receive a failed delivery message. You must send your notices to firstname.lastname@example.org.
16.6 Force Majeure - We shall not be in breach of this Agreement nor liable for delay in performing, or failure to perform, any of our obligations under this Agreement if such delay or failure result from events, circumstances or causes beyond our reasonable control.
16.7 No Waiver - No failure or delay by a party to exercise any right or remedy provided under this Agreement or by law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.
16.8 Jurisdiction - Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes or claims. This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.
|Data||collectively all information that you submit to Crypto Facilities Ltd via the Website, by phone, e-mail, or any other way. This definition incorporates, where applicable, the definitions provided in the Data Protection Act 1998;|
|Cookies||a small text file placed on your computer by this Website when you visit certain parts of the Website and/or when you use certain features of the Website. Details of the cookies used by this Website are set out in the clause below (Cookies);|
|Crypto Facilities Ltd, or us||Crypto Facilities Ltd, a company incorporated in England with registered number 9172128 and registered address at 50 Cambridge Road, Barking IG11 8FG, United Kingdom;|
|UK and EU Cookie Law||the Privacy and Electronic Communications (EC Directive) Regulations 2003 as amended by the Privacy and Electronic Communications (EC Directive) (Amendment) Regulations 2011;|
|User or you||any third party that accesses the Website and is not either (i) employed by Crypto Facilities Ltd and acting in the course of their employment or (ii) engaged as a consultant or otherwise providing services to Crypto Facilities Ltd and accessing the Website in connection with the provision of such services; and|
|Website||the website that you are currently using, www.cryptofacilities.com, and any sub-domains of this site unless expressly excluded by their own terms and conditions.|
3.1 We may collect the following Data from you or your company:
4.1 For purposes of the Data Protection Act 1998, Crypto Facilities Ltd is the 'data controller'.
4.2 Unless we are obliged or permitted by law to do so, and subject to any third party disclosures specifically set out in this policy, your Data will not be disclosed to third parties. In particular, we will never sell any of your data or license it to third parties. This does not include our affiliates and / or other companies within our group.
4.3 All personal Data is stored securely in accordance with the principles of the Data Protection Act 1998. For more details on security see the clause below (Security).
4.4 Any or all of the above Data may be required by us from time to time in order to provide you with the best possible service and experience when using our Website. Specifically, Data may be used by us for the following reasons:
5.1 Crypto Facilities Ltd may, from time to time, employ the services of other parties for dealing with certain processes necessary for the operation of the Website. The providers of such services have access to certain personal Data provided by Users of this Website.
7.2 We may also disclose Data to a prospective purchaser of our business or any part of it.
7.3 In the above instances, we will take steps with the aim of ensuring your privacy is protected.
8.1 To use all features and functions available on the Website, you may be required to submit certain Data.
9.1 You have the right to ask for a copy of any of your personal Data held by Crypto Facilities Ltd (where such Data is held) on payment of a small fee, which will not exceed £10.
10.1 Data security is of great importance to Crypto Facilities Ltd and to protect your Data we have put in place suitable physical, electronic and managerial procedures to safeguard and secure Data collected via this Website.
10.2 If password access is required for certain parts of the Website, you are responsible for keeping this password confidential.
10.3 We endeavor to do our best to protect your personal Data. However, transmission of information over the internet is not entirely secure and is done at your own risk. We cannot ensure the security of your Data transmitted to the Website.
12.1 Data which we collect from you may be stored and processed in and transferred to countries outside of the European Economic Area (EEA). For example, this could occur if our servers are located in a country outside the EEA or one of our service providers is situated in a country outside the EEA. We also share information with our group companies, some of which are located outside the EEA. These countries may not have data protection laws equivalent to those in force in the EEA.
13.3 Unless otherwise agreed, no delay, act or omission by a party in exercising any right or remedy will be deemed a waiver of that, or any other, right or remedy.