Updated Terms & Conditions: What has changed?

We recently updated our Terms and Conditions. In this news article, we explain why we made these changes. Since terms and conditions aren’t always the most digestible documents, we have also summarized the main changes for you.

Why have the terms been changed?

With the updated terms, we are preparing for future products from Bitonic and upcoming changes due to new laws and regulations, such as the Regulation (EU) 2023/1114 (MiCA).

We have also adjusted various existing articles in our terms to make them easier to understand and to better match our products. Most of the changes are primarily textual and have no implications for the services you are accustomed to as our client.

What has changed?

Below is an overview of the most relevant articles that have been added to better align the terms with our current services:

  • We have added the concept of "business transactions" (for companies) to our terms. (3.2)
  • Users can only use our services with their own wallet. We have added to our terms that this can also be a wallet managed by the user at another service, such as an exchange. (7.5 and 7.6)
  • In the event of network splits (hard forks like Bitcoin and Bitcoin Cash), the user only has a claim to the split variant if expressly and in advance announced by Bitonic. (7.7)
  • Purchases via Bits can be bundled up to a maximum amount, after which the remaining purchases are sent to the customer's bitcoin address. We have added to our terms that after 3 months of inactivity (no purchases) the purchases are automatically sent to the customer's receiving address. (9.4 and 9.5)
  • We have added to our terms that if an account is inactive for 5 years but still has an outstanding balance with Bitonic, and Bitonic cannot get in touch with the user, Bitonic may decide to suspend the account. (8.9)
  • When selling bitcoin with us it might occur that the received amount arrives too late or the amount is not correct. The user can then choose to accept a new quote or have the bitcoin sent back to the user's return address. Previously, it was automatically returned. (10.2)

You can read the complete Terms and Conditions here. Do you have any questions? Feel free to contact us. You can do so via email (contact@bitonic.nl), chat, or by phone: +31 (0) 20 226 5289 (Mon – Fri 9.30 – 13.00 & 14.00 – 18.00).

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