General Terms and Conditions Bitonic B.V.

Introduction

The User Agreement, including all Appendices, must be explicitly accepted before an Account can be created and the Services (as defined below, as well as all capitalised words) can be used. The User Agreement exclusively applies to the relationship with Bitonic and the Foundation, and covers all Services provided by them.

The User Agreement constitutes an agreement between the User on one hand, and Bitonic and the Foundation on the other hand. The sole task and purpose of the Foundation is to keep Users' Funds separated in order to create a separate estate from Bitonic.

Bitonic is an institution within the meaning of the Dutch Anti-Money Laundering and Counter-Terrorist Financing Act (Wwft). As such, Bitonic is registered with the Dutch Central Bank (DNB) under registration number R125217. However, this does not imply that the DNB monitors Bitonic's financial health. Bitonic and the Foundation are not under the supervision of the Dutch Authority for the Financial Markets (AFM). Bitonic is not a bank or credit institution. The deposit guarantee scheme and the investor compensation scheme do not apply to the Services offered by Bitonic.

The User Agreement must be read in conjunction with the following Appendices, which are an integral part of the User Agreement:

Risks

  1. The User understands that there are risks associated with using the Services and has carefully considered whether their financial situation and risk tolerance are suitable for using the Services. The User declares that they are not using Funds for the Services that they are not fully prepared to lose.
  2. The User has the relevant knowledge to make responsible and informed decisions regarding the Buying and Selling Bitcoin.
  3. The User declares that they proceed with the Buying and/or Selling of Bitcoin at their own risk and understands that a completed Transaction cannot, in principle, be undone, reversed, or refunded.
  4. The User understands that Bitonic does not provide advice regarding the Buying and/or Selling of Bitcoin. If Bitonic suspects that the User is directly or indirectly involved in fraud, scams, and/or other illegal activities, the User will be warned, or appropriate measures will be taken to mitigate risks.
  5. The User declares to have reviewed the Risk disclosure and acknowledges that they understand the risks described therein.

Article 1: Definitions

Account
An Account with Bitonic, providing access to the Services.
API
A (public) Application Programming Interface that allows information to be exchanged in a structured way between Bitonic and the User, or for automated Orders to be executed on BL3P.
App
A mobile application issued by Bitonic.
Bitonic
Bitonic B.V., a private company with limited liability under Dutch law, having its statutory seat and office at Hoogte Kadijk 143 F 8, 1018 BH Amsterdam, registered with the Dutch Chamber of Commerce under number 58276149.
Bitonic Instant
A service through which the User can Buy Bitcoin and have it sent directly to, or Sell from, a hosted and/or personal wallet owned by the User.
Bitonic Portfolio
A service through which the User can deposit, withdraw and store Bitcoin and/or Euro Credit, with the Funds tied to a specific User.
Bitonic Savings
A service through which the User can periodically Buy and store Bitcoin in the Bitonic Portfolio or have it sent to a hosted and/or personal wallet owned by the User.
Bitcoin
A crypto-asset as defined in article 3 section 1 under 5 MiCA.
BL3P
A service through which the User can Buy and/or Sell Bitcoin with Market Orders and/or Limit Orders and deposit, withdraw, and store Bitcoin and/or Euro Credit, with the Funds tied to a specific User.
Bonus Code
A code issued by Bitonic (both digital and printed). Using the Bonus Code provides the User with one or more benefits.
Buy
A purchase of Bitcoin for Euro and/or Euro Credit.
Euro
An official currency that can be used for Buying and Selling Bitcoin.
Euro Credit
A payment instrument with limited usage, issued by Bitonic. This instrument is issued at par upon receipt of Euro by the Foundation and enables the User to engage in Buying and/or Selling Bitcoin within a limited network.
Foundation
Stichting Bitonic Payments, a foundation under Dutch law, having its statutory seat and office at Hoogte Kadijk 143 F 8, 1018 BH Amsterdam, registered with the Dutch Chamber of Commerce under number 58799117.
Funds
Bitcoin and Euro held in custody by the Foundation and segregated to create a separate estate from Bitonic.
GDPR
Regulation (EU) 2016/679 of the European Parliament and of the Council on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation).
Incident
An event where a third party unlawfully and without authorisation gains access to the User's Account, such as stealing privacy-sensitive information or unauthorised execution of one or more Transactions.
Lightning
A second-layer network linked to the Bitcoin blockchain, enabling the User to deposit and withdraw Bitcoin.
Limit Order
An instruction from the User to Buy and/or Sell Bitcoin at a specified minimum or maximum price.
Market Order
An instruction from the User to immediately Buy and/or Sell Bitcoin at the best available price at that time.
MiCA
Regulation (EU) 2023/1114 of the European Parliament and of the Council on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937.
Network Confirmation
The inclusion of a Bitcoin Transaction in a block on the Bitcoin blockchain.
Order
A Limit Order or Market Order.
Order Book
n overview of open Limit Orders (both bids and asks) on BL3P.
OTC
A service that allows the User to Buy and/or Sell Bitcoin at a pre-agreed price quote, outside the App or Website.
Personal data
Any information relating to an identified or identifiable natural person as referred to in article 4 under 1 GDPR.
Processing
Any operation or set of operations which is performed on Personal data or on sets of Personal data as referred to in article 4 under 2 GDPR.
Receiving Address
A Bitcoin address of a hosted and/or personal wallet owned by the User, or a Bitcoin address of a wallet hosted by Bitonic (either belonging to Bitonic itself or linked to a specific User).
Referral Code
A personal code associated with a specific User, used to refer third parties to open an Account and become a User themselves. Using the Referral Code provides one or more benefits to both the referred and referring User.
Referral Program
The program that allows a User to refer third parties as new Users, as further described in article 21 of the User Agreement.
Return Address
A Bitcoin address provided by the User from a hosted and/or personal wallet owned by the User.
Sell
A sale of Bitcoin for Euro and/or Euro Credit.
Services
All Services offered by Bitonic via the App and/or Website.
TFR
Regulation (EU) 2023/1113 of the European Parliament and of the Council on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849 (recast).
Transaction(s)
A Transaction between Bitonic and the User (including Buying or Selling Bitcoin).
User(s)
A natural or legal person with a verified Account, who uses the Services.
Website
https://bitonic.nl/, https://bitonic.com/, https://bl3p.eu/ and related (sub)domains.

Article 2: Opening the Account

  1. Opening or using an Account is reserved for a natural person or legal entity (represented by an authorised representative) residing or having its statutory seat in the European Economic Area, Switzerland or the United Kingdom. By opening and using an Account, the User confirms that they meet this requirement and informs Bitonic of any changes.
  2. Only natural persons and (representatives of) legal entities are permitted to open an Account and use the Services who:
    1. are of legal age (at least 18 years old) and fully competent and capable of managing their own assets (or those of the legal entity being represented);
    2. are entitled under applicable laws and regulations to enter into the User Agreement and use the Services;
    3. do not qualify as a 'US Person'.
  3. The above conditions are, to the extent reasonably possible, verified by Bitonic. Based on these checks and other reasonable grounds, Bitonic may refuse to provide an Account and access to the Services.
  4. By opening an Account and using the Services, the User declares and assures to Bitonic and the Foundation that the User:
    1. has read and is familiar with and agrees to the User Agreement;
    2. is at least 18 years old, or the minimum age required in their country of residence to access the Services;
    3. understands the risks associated with (trading in) crypto-assets (as described in the Risk disclosure) and accepts these risks;
    4. is fully authorised to conduct (legal) actions independently and manage their assets and rights;
    5. has verified that all information and documentation provided to Bitonic is accurate and complete;
    6. lawfully acquired all Funds deposited and that these originate from bank accounts or hosted and/or own (Lightning) wallets owned by the User;
    7. will only create and use one Account;
    8. will not use the Services in violation of the User Agreement, other applicable laws and/or regulations, or in any fraudulent and/or illegal manner;
    9. is not a 'US Person';
    10. is not listed on any sanctions list;
    11. is not a PEP (Politically Exposed Person), and that none of their family members or close associates are PEPs; and
    12. is not a resident of a country subject to sanctions by the Netherlands, the European Union, and/or the United Nations.
  5. If Bitonic suffers damage due to a false statement by the User, Bitonic can recover this damage from the User.

Article 3: Accessing and using the Account

  1. Depending on the country of residence or the country from which the User accesses the Services, the User may be restricted from using the Services. The User is responsible for complying with the laws and regulations applicable in the country where they reside and/or the country from which they access the Services. The User declares and assures that their use of the Services is allowed under applicable laws and regulations.
  2. If the User is a legal entity, the Account may only be used by an authorised representative. The User is responsible for limiting access to the Account to authorised individuals only.
  3. Transactions on behalf of a legal entity or partnership (excluding sole proprietorships) may only take place from a business bank account in the name of the relevant entity. In all cases, Bitonic can and may verify this.
  4. The User must provide Bitonic with up-to-date, accurate, and complete information when opening an Account and during the verification process. The User is obligated to notify Bitonic of any changes in the provided information or other relevant facts or circumstances within 14 days. Any negative consequences or damages suffered by the User due to failure to comply are entirely at their own risk.
  5. The User may only act on their own behalf. The User is not allowed to transfer their Account or allow it to be used by another individual or entity, regardless of whether this is done on behalf of the User, unless Bitonic has expressly given written consent.
  6. The User may not use the Account and the Services for any criminal activities, including but not limited to money laundering, terrorism financing, sanctions evasion, fraud, and/or other illegal activities.
  7. Bitonic will make efforts to provide the User with 24/7 access to their Account and use of the Services but cannot guarantee this. Bitonic will announce scheduled major maintenance at least 24 hours in advance.

Article 4: Termination of the Account

  1. Bitonic may terminate an Account for compelling reasons, thereby canceling the User Agreement. This means that outstanding Transactions will be settled. During the settlement, all applicable conditions from the User Agreement remain in force.
  2. The User may terminate the User Agreement and their Account at any time, with immediate effect, unless prohibited by applicable laws or regulations.
  3. Termination of the User Agreement will automatically close the Account, and the Services will no longer be provided unless necessary in connection with rights and obligations existing prior to the termination date.
  4. The User has 14 days to withdraw their Funds. If the User takes no action within this period, Bitonic reserves the right to sell the Funds and deposit the proceeds, minus any costs incurred, into the User's bank account.
  5. In case of a violation of the User Agreement, illegal use, or misuse of the Services by the User, or any other action by the User that (potentially) damages or risks the Services, Bitonic has the right to suspend or block specific or complete use of an Account, suspend or cancel a pending Buy, Sell, or Order, suspend or cancel a deposit or withdrawal of Funds, freeze the Funds related to an Account, or suspend the cancellation of an Account. This may be temporary, pending investigation, or permanent. This also applies if a third-party seizure is placed on the User's Funds. Bitonic will only share data with governments or law enforcement agencies if legally obligated to do so.

Article 5: Verification

  1. Upon opening and during the use of the Account, the User agrees to continuously provide Bitonic, upon request or proactively, with all the information Bitonic deems necessary or reasonably necessary to fulfill its legal obligations (e.g., anti-money laundering and sanctions regulations).
  2. The verification process and any additional requirements may take some time. This could lead to delays in Services, which may have adverse consequences for the User. The User acknowledges this and releases Bitonic from any resulting liability.
  3. If Bitonic has not received all required information during verification, or if the information received raises concerns, Bitonic may terminate the Account.
  4. By using the Services, the User consents to the collection and use of information in accordance with the Privacy policy.

Article 6: Limits

  1. The User's access to the Services includes restrictions, including (a combination of) daily, weekly, monthly, annual, and/or total:
    1. trading limits;
    2. deposit limits;
    3. withdrawal limits.
  2. Minimum amounts may also be set for the above limits of Funds. These limits are typically determined based on the information provided by the User.
  3. Bitonic reserves the right to change the procedures and limits from time to time without prior notice.
  4. The User may request an increase in limits. Bitonic will decide whether to raise the limits based on the provided information and/or documentation.

Article 7: Bitcoin

  1. When a User deposits Bitcoin into the Bitonic Portfolio or BL3P, Bitcoin is held separately by the Foundation to create a separate estate independent from Bitonic. The User holds a claim against the Foundation proportionate to the amount held by the Foundation. The Foundation is not entitled to dispose of the respective Bitcoin independently.
  2. Bitonic will send Bitcoin upon the User's request to a Receiving Address or Lightning invoice provided by the User. This Receiving Address or Lightning invoice, from a hosted and/or own (Lightning) wallet, must be owned by the User. Bitonic strives to support all hosted wallets but cannot guarantee it. Withdrawals may be delayed due to security measures taken by Bitonic, network congestion on the Bitcoin network, exceeded limits, untimely payment of a Lightning invoice, or the availability of channels and liquidity on Lightning.
  3. A deposit of Bitcoin is added to the User's Account balance as soon as possible after one or more Network Confirmations. Bitonic, at its discretion, determines the sufficient number of Network Confirmations. The User is responsible for obtaining these confirmations. A deposit made via Lightning is immediately added to the User's Account balance if the Lightning invoice is paid in a timely manner by the User.
  4. The User acknowledges that storing Bitcoin in the Bitonic Portfolio or on BL3P carries risks. Bitonic and the Foundation take necessary security measures to protect the Funds in the Bitonic Portfolio and on BL3P to prevent Incidents. The User acknowledges that the use of the Bitonic Portfolio or BL3P is at the User's own risk.
  5. The User agrees to only deposit Bitcoin into the Bitonic Portfolio or BL3P from a hosted and/or own (Lightning) wallet that is owned by the User and not directly from an unregulated gambling platform, Darknet Market, or other illegal sources, or from a direct payment by a third party to the User, unless the deposit is from another User's Bitonic Portfolio. Bitonic may verify this.
  6. The User agrees to only withdraw Bitcoin from the Bitonic Portfolio or BL3P to a hosted and/or own (Lightning) wallet owned by the User, not to a Receiving Address at an unregulated gambling platform, Darknet Market, or other illegal sources, or a Receiving Address used for a direct payment to a third party, unless it is a withdrawal to another User's Bitonic Portfolio. Bitonic may verify this.
  7. Only in cases where Bitonic explicitly states that the User is entitled to claim a crypto-asset from a network split (fork) can it be claimed by the User. In all other cases, the User has no right to the proceeds of a network split. Bitonic is not liable for damages or lost income resulting from the choice to support the split network. Bitonic reserves the right to determine which network applies to the crypto-assets offered by Bitonic.

Article 8: Funds

  1. The Foundation operates based on an agreement with Bitonic. The Foundation holds the User's Funds separately o create a separate estate independent from Bitonic. The Foundation is a party to the User Agreement solely for this purpose of asset segregation. The Foundation may use third parties for the safekeeping of Funds.
  2. The User declares that all current and future Funds are obtained legitimately and are not directly or indirectly connected to criminal activities of any kind, including but not limited to money laundering, financing of terrorism, evasion of sanctions, fraud, and/or other illegal activities.
  3. The User declares that they hold Funds solely for themselves and not for third parties.
  4. Bitonic reserves the right to investigate the origin of Funds and take appropriate measures to mitigate risks. Bitonic may return Funds to a bank account, provided Return Address, and/or Bitcoin address of a Bitonic-hosted wallet (owned by Bitonic or linked to a specific User).
  5. In cases of suspected fraud and/or abuse, Bitonic has the right to suspend or cancel the deposit and/or withdrawal of Funds until their legitimacy has been verified. Bitonic may, at its discretion, determine that a deposit and/or withdrawal of Funds requires additional investigation, cancellation, and/or return.
  6. The User agrees to transfer or send Funds only from a bank account or hosted and/or own (Lightning) wallet that is owned by the User. In all cases, Bitonic may verify whether the relevant bank account or hosted and/or own (Lightning) wallet belongs to the User. The use of an anonymous bank account (e.g., prepaid bank account/card) is not allowed.
  7. The User is responsible for entering the correct information (e.g., Receiving Address, Return Address, Order, amount of Bitcoin, and payment details) when depositing and withdrawing Funds and acknowledges that completed Transactions cannot generally be undone, reversed, or refunded. Bitonic is not liable for damages caused by the provision of incorrect information.
  8. Withdrawals and deposits of Funds may be delayed due to security measures taken by Bitonic, congestion on the Bitcoin network, exceeded limits, untimely payment of a Lightning invoice, the availability of Lightning channels and liquidity, and/or disruptions at payment service providers or banks. If an issue occurs during the processing of one or more Transactions, the User is entitled to support.
  9. If an Account remains inactive for 5 years and Bitonic is unable to contact the User, Bitonic may terminate the Account and the relationship with the User. In such a case, the User forfeits all rights to the Funds.
  10. The Euro Credit allows the User to Buy and/or Sell Bitcoin within the App or Website. The Euro Credit may not be used for other purposes, and no interest will be paid on the Euro Credit.

Article 9: Buy

  1. The User can Buy Bitcoin via Bitonic Instant on the Website and have it sent directly to a hosted and/or personal wallet owned by the User. The Receiving Address must not be linked to unregulated gambling platforms, Darknet Markets, or other illegal sources, or be used for direct payment to a third party. The quote for the Buy is provided at the time of Buying and becomes binding once payment is initiated through the payment service provider.
  2. The User can Buy Bitcoin via the App and/or Website and store it in the Bitonic Portfolio. The quote for the Buy has limited validity and is provided at the time of Buying.
  3. The User can periodically Buy Bitcoin via Bitonic Savings and store it in the Bitonic Portfolio or have it sent to a hosted and/or personal wallet. Once Bitonic receives the payment, the amount received in Euro is converted into Bitcoin. The User accepts the price that Bitonic pays when acquiring Bitcoin on the open market.
  4. The User can bundle Buying via Bitonic Savings up to a maximum amount. Once the User-set maximum is reached or upon request from the User, Bitcoin will be sent to the User's Receiving Address. Bitonic may adjust the maximum amount at any time and will notify the User of such a change.
  5. If a Bitonic Savings plan remains inactive for 3 months, the bundled amount will be automatically sent to the Receiving Address provided by the User.
  6. The User can Buy Bitcoin via OTC for a pre-agreed price indication (quote) in accordance with article 13 of the User Agreement.

Article 10: Sell

  1. The User can sell Bitcoin via Bitonic Instant on the Website from a hosted and/or personal wallet owned by the User. The Bitcoin must not be directly from unregulated gambling platforms, Darknet Markets, or other illegal sources, or result from a direct payment to the User. The quote for the Sell is provided at the time of Selling and has limited validity.
  2. If Bitcoin is not received by Bitonic in a timely manner, no payout can take place unless the User agrees to a new quote. Bitonic may cancel the Transaction and return Bitcoin to the provided Return Address if it is not received in time, with possible associated costs borne by the User.
  3. The User can Sell Bitcoin from the Bitonic Portfolio via the App and/or Website. The quote for the Sell is shown at the time of Selling and has limited validity.
  4. The User can Sell Bitcoin via OTC for a pre-agreed price indication (quote) as defined in article 13 of the User Agreement.

Article 11: Transactions and trading

  1. Bitonic may impose a waiting period ('cooldown period') of up to one business day for a User's first Buy, during which Bitcoin will be sent to a hosted and/or personal wallet owned by the User.
  2. The User agrees to comply with all applicable laws and regulations when Buying and/or Selling Bitcoin.
  3. Bitonic may cancel or refuse one or more (intended) Transactions for reasons within its discretion. This may include, but is not limited to, cases of insufficient supply, insufficient demand, exceptional market conditions, or if Transactions are (or appear to be) in violation of the User Agreement. Bitonic is not liable for any damages caused by the non-execution of one or more Transactions.
  4. In case of suspected fraud and/or abuse, Bitonic has the right to suspend Transactions until their legitimacy has been verified. If a Transaction is suspended for more than 60 days, Bitonic may cancel the Transaction and proceed to return Euro or Bitcoin as described in article 11 section 5 and article 11 section 6 of the User Agreement.
  5. If the Buying of Bitcoin cannot be completed due to non-compliance with the User Agreement, Bitonic may return the Buying amount in Euro, minus the costs incurred by Bitonic, to the User's bank account. These costs may include exchange rate differences arising from Selling Bitcoin reserved for the User at the current market price. The User cannot receive more Euro than their original Buying amount.
  6. If the Selling of Bitcoin cannot be completed due to non-compliance with the User Agreement, Bitonic may return the Selling amount in Bitcoin, minus the costs incurred by Bitonic, to the provided Return Address. These costs may include exchange rate differences arising from Buying Bitcoin at the current market price. The User cannot receive more Bitcoin than what was originally received by Bitonic.

Article 12: BL3P

  1. The User can place an instruction on BL3P to Buy and/or Sell Bitcoin through a Limit Order or Market Order. An Order cannot be modified into another type of Order afterward.
  2. A Market Order is generally executed immediately if there is sufficient demand and/or supply in the Order Book and cannot be canceled. The execution price of a Market Order may deviate significantly from the indicated (last) price on BL3P. This may result from changes in demand and supply in the Order Book. Bitonic provides an indication of the execution price, which carries no rights. Bitonic cannot provide an estimate of when a Market Order will be executed, nor can it guarantee the execution of a Market Order.
  3. A Limit Order may be executed immediately, fully or partially, if there is sufficient demand and/or supply in the Order Book. If a Limit Order is not executed, it may be canceled. Bitonic cannot provide an estimate of when a Limit Order will be executed, nor can it guarantee the execution of a Limit Order.
  4. Bitonic is responsible for the correct execution, handling, and settlement of Orders on BL3P. Orders are processed in the chronological order of receipt in the Order Book. If something goes wrong on BL3P, the User is entitled to support. The User must not exploit any errors and/or (technical) malfunctions on BL3P. Bitonic may, at its discretion and retrospectively, correct any errors and/or (technical) malfunctions by modifying and/or reversing executed Orders.
  5. Initiating and executing Orders are subject to rules regarding execution, costs, and integrity. These rules are further detailed in the Trading Rules.

Article 13: OTC

  1. The User can Buy and/or Sell Bitcoin via OTC for a pre-agreed price indication (quote).
  2. The User can initiate Transactions through a communication channel chosen by Bitonic. The offer provided by Bitonic is indicative and does not include all applicable costs.
  3. Once the User has confirmed the (intended) Transaction and granted Bitonic authorisation, and the Funds have been received by Bitonic, the Transaction will be executed by Bitonic on behalf of the User. The User will then receive confirmation from Bitonic, including the Transaction costs.

Article 14: Fees and costs

  1. Bitonic charges fees for Buying and/or Selling Bitcoin and depositing and/or withdrawing Funds. These fees may include trading fees, transaction fees, and service charges. The trading fees may be calculated in Euro or Bitcoin on BL3P, as indicated. If the User does not make a choice, the fees are determined automatically. Fees are rounded up to the nearest whole Euro cent. Bitonic reserves the right to adjust trading fees for specific Users or groups of Users.
  2. For both Bitonic and BL3P, the costs for Buying and/or Selling Bitcoin and depositing and/or withdrawing Funds are listed on the Website. If the User places an instruction on BL3P through a Market Order and/or Limit Order to Buy and/or Sell Bitcoin, the fees mentioned in section 1 will be deducted from the User's Account balance.
  3. Additional fees may apply for urgent payments to the User.
  4. Trading fees, transaction fees, and service charges may be changed at any time. The User acknowledges and agrees to accept changes in advance.

Article 15: Security

  1. The User is responsible for securing access to their Account, including but not limited to the following security measures:
    1. a secure internet connection;
    2. a unique and sufficiently complex password;
    3. a two-factor authentication app that only the User has access to;
    4. an up-to-date smartphone or computer, with the latest security updates on the web browser;
    5. a well-secured email account that has not been (and is not currently) involved in a data breach, protected with two-factor authentication (2FA), to which only the User has access.
  2. The security measures mentioned above are indicative, and no rights can be derived from them. Bitonic is not liable for any damages resulting from the failure to follow security measures that the User reasonably should have taken.
  3. Bitonic will never ask the User for a password and/or two-factor authentication (2FA) code through any communication channel. The User agrees never to respond to such requests.
  4. If the User knows or reasonably suspects that their authentication details have been stolen and/or could be misused, the User must immediately contact Bitonic via contact@bitonic.nl.

Article 16: Consumer rights

  1. Within the European Union, consumers have a basic level of consumer rights. However, these rights are not applicable in certain situations and with regard to specific goods or services. The Services provided by Bitonic fall under one of these situations: a Buy of Bitcoin through the App or Website cannot be revoked (canceled) due to the provisions in article 6:230p of the Dutch Civil Code (BW).

Article 17: Privacy

  1. Bitonic collects and processes the User's Personal data when using the Services.
  2. The primary purpose of collecting and Processing Personal data is to allow Bitonic to provide its Services to Users in compliance with the obligations imposed on Bitonic under applicable laws and regulations. The Privacy policy applies to every use of the Services. The User confirms that they have reviewed the document.

Article 18: Complaints

  1. The User may submit a complaint free of charge via klachten@bitonic.nl in Dutch or English. The Complaints procedure applies to this process.
  2. If the User does not provide additional information and/or documentation, Bitonic may decide not to process a complaint.
  3. Bitonic will provide the User with a template for submitting complaints upon request.

Article 19: API

  1. The API on the Website (https://bitonic.nl/) can only be used to exchange information between Bitonic and the User. The API on the Website (https://bl3p.eu/) can be used to exchange information as well as to automate the execution of Orders. Bitonic is not liable for incorrect or misinterpreted information provided by the User through the API.
  2. To automate the execution of Orders on BL3P, the User must create an API key. The User is aware that the API key(s) can provide access to the User's Account. The User is responsible for the secure use of the API and the safe storage of the API key(s).
  3. Bitonic provides documentation, including but not limited to reference implementations, for the use of the API on BL3P. Bitonic does not guarantee the accuracy of this documentation (including reference implementations) and is not liable for incorrect or misinterpreted information provided by the User.
  4. The User understands that the API on BL3P displays amounts in whole numbers in the smallest denominations in which Bitcoin and Euro can be divided.
  5. The API and related services, as offered on the Website, may be subject to changes in functionality and supported versions. Bitonic endeavors to maintain the functionality of older API versions but cannot guarantee it. Bitonic reserves the right to implement changes or remove specific features from older API versions.

Article 20: Liability

  1. The Foundation is never liable for any damages, of any kind and in the broadest sense of the word.
  2. Bitonic is never liable for indirect damages, of any kind and in the broadest sense of the word.
  3. In addition to what is stated elsewhere in the User Agreement, Bitonic is never liable for any damages, of any kind and in the broadest sense of the word, arising from and/or related to:
    1. the inability to use or delayed use of the Services via the App or Website due to (technical) malfunctions beyond Bitonic's control, including but not limited to malfunctions and/or errors in the Bitcoin blockchain (and Lightning);
    2. delays in (the provision of) the Services due to (technical) malfunctions as mentioned under sub (a);
    3. apparent errors that occur in (the provision of) the Services, including but not limited to unrealistic Buy/Sell prices;
    4. the accidental provision of incorrect information via the App, Website, or API (including reference implementations) by the User, including but not limited to entering incorrect Receiving Address(es), Return Address(es), and/or payment details;
    5. change(s) in and/or termination of Services and/or overall termination of the User Agreement due to changes in applicable laws and regulations that apply to the Services;
    6. a decrease or increase in the value of Bitcoin and/or other crypto-related (technical) risks, including but not limited to hacking;
    7. the improper storage of Bitcoin in a hosted and/or own (Lightning) wallet owned by the User;
    8. the fact that Bitonic is required by TFR to collect and pass on information about the initiator and beneficiary to competent law enforcement or regulatory authorities if Bitonic is legally obligated to do so;
    9. misuse, unauthorised use, or improper use of the Services by the User, including but not limited to the use of the Services by the User in a manner that is contrary to (the provisions in) the User Agreement and/or other applicable laws and regulations. If and to the extent that Bitonic is liable for damages suffered by the User, the extent of that liability is in all cases limited to a maximum amount of 1,000 (one thousand) Euro.
  4. If and to the extent that Bitonic is liable for damages suffered by the User, a claim for compensation lapses if the claim is not brought before the competent court within 12 (twelve) months after the facts on which the claim is based were known or reasonably could have been known by the User.
  5. If Bitonic loses Bitcoin or access to Bitcoin due to an attributable failure, the liability is limited to the market value of the lost Bitcoin at the time it was lost.
  6. If the User does not qualify as a consumer, the User indemnifies Bitonic and the Foundation against all damages, liabilities, and/or other negative consequences suffered or claimed by third parties as a result of the User's use of the Services in a manner that is contrary to (the provisions in) the User Agreement, other applicable laws and regulations, and/or due to intentional, fraudulent, and/or unlawful actions by the User.
  7. In the event of force majeure, as defined in article 6:75 of the Dutch Civil Code (BW), Bitonic is entitled to suspend its obligations towards the User and/or terminate the User Agreement. As a result of the termination of the User Agreement, the User is not entitled to compensation.

Article 21: Bonus Codes

  1. A Bonus Code is only valid if it is correctly entered and used before one or more Transactions have been made for a predetermined minimum amount in Euro. The Buying must take place via the App and/or Website, where Bitcoin is stored in the Bitonic Portfolio. Bitonic reserves the right to exclude certain Services from participation.
  2. If the User has met the requirements mentioned in section 1, the User may receive a reward in Euro or Bitcoin. The reward will be added to the balance of the User's Account. Bitonic cannot guarantee that the value of the reward in Bitcoin will remain the same after it has been awarded.
  3. A Bonus Code is only valid for a period determined by Bitonic. After this period expires, the Bonus Code can no longer be used. Bitonic reserves the right to shorten the validity period of the Bonus Code at its discretion or terminate the use of the Bonus Code immediately.
  4. A Bonus Code can only be used once per User. Bitonic reserves the right to disable or limit Bonus Codes for specific Users at any time.
  5. A Bonus Code is issued once and will not be reissued. Bitonic is not liable for damages resulting from the loss of the Bonus Code.
  6. The User is not allowed to modify, forge, or manipulate a Bonus Code in any way. A Bonus Code may only be used for the purpose for which it was issued. Use for other purposes, including commercial purposes, is not permitted unless Bitonic has explicitly granted written permission.

Article 22: Referral Program

  1. An eligible User may, within the scope of the Referral Program, share a Referral Code with eligible third parties, who can use this Referral Code to become a User themselves. When opening the Account, the third party must correctly enter the Referral Code.
  2. A natural or legal person acting in the exercise of a profession or business, as well as a third party who has previously been a User, is not eligible to be introduced as a new User.
  3. If the introduced User conducts one or more Transactions for a predetermined amount in Euro within a certain period after opening an Account, both the introduced User and the referring User may receive a reward in Bitcoin, limited to a maximum amount of 500 (five hundred) Euro per month. In such a case, the referring User may receive a reduction in fees and costs, or part of the fees and costs charged to the introduced User may be attributed to the referring User, as described in article 14 of the User Agreement.
  4. Bitonic reserves the right to contact a User at its discretion to establish specific arrangements in a related agreement.
  5. Bitonic may set a limit on the number of Referral Codes and/or the number of introduced Users, the amount of Bitcoin to be received, the maximum reduction in fees and costs, and the maximum amount of fees and costs that can be attributed to a referring User as described in article 14 of the User Agreement.
  6. Bitonic reserves the right to disable Referral Codes from specific Users at any time.
  7. Users who introduce new Users as part of the Referral Program are responsible for reporting and remitting taxes, levies, and similar obligations related to the Referral Program.
  8. In addition to what is stated elsewhere in the User Agreement, the User declares and guarantees when sharing the Referral Codes with third parties that the User complies with the following requirements and indemnifies Bitonic and the Foundation for all damages, liabilities, and/or other negative consequences suffered or claimed by third parties due to non-compliance with these requirements:
    1. clearly indicating that the medium used, the associated wording, and the information provided regarding the presentation of the Referral Code are solely the responsibility of the User and not of Bitonic or the Foundation;
    2. explicitly mentioning that the Services are provided by Bitonic and not by the User;
    3. clearly stating in all public communications, including the distribution of the Referral Code, that the User receives an amount in Bitcoin and/or a reduction in fees and costs when the Referral Code is used;
    4. ensuring that the medium, wording, and information provided regarding the presentation of the Referral Code do not:
      1. contain false or misleading information, including information about Bitonic, the Foundation, or the Services provided by them;
      2. contain sexually explicit, pornographic, offensive, or violent content;
      3. discriminate based on race, gender, ethnicity, religion, or any other protected characteristic;
      4. promote or encourage illegal activities;
      5. harm the image, reputation, or good name of Bitonic or the Foundation;
      6. infringe on the intellectual property rights of Bitonic, the Foundation, or third parties, such as copyrights or trademarks, or otherwise contain or refer to illegal or unlawful content;
    5. The Referral Code and associated information should not be presented to:
      1. natural or legal persons who do not meet the conditions established in the User Agreement and/or applicable laws and regulations to become a User;
      2. natural or legal persons residing in Belgium.
    6. The User must comply with all relevant laws and regulations applicable to them, including but not limited to the Dutch Advertising Code for Social Media & Influencer Marketing (RSM), where applicable.
    7. Upon termination of the Referral Program, all published Referral Codes must be removed as soon as possible, and at least within 48 hours of termination.
  9. A User who has introduced new Users and received a reward in Bitcoin must repay this reward in Euro if it is found that the User did not meet the requirements listed in section 8 subs (a-g), in the event of fraud and/or abuse, or in case of non-compliance with the User Agreement.
  10. Bitonic reserves the right to unilaterally modify or terminate the Referral Program and its conditions, including but not limited to those mentioned in section 3, at any time. Referral Codes and the right to Bitcoin rewards expire upon termination of the Referral Program.

Article 23: Change clause

  1. Bitonic has the right to unilaterally amend the User Agreement, the Privacy policy, the Risk disclosure, the Responsible disclosure, the Complaints procedure and the Trading Rules.
  2. Changes will be communicated to the User by email and will take effect thirty (30) days after the notification.
  3. If the User continues to use the Services after the changes take effect, this constitutes acceptance by the User. If the User does not agree to the changes, the User has the option to terminate their Account in accordance with article 4 of the User Agreement.

Article 24: Final provisions

  1. The User is responsible for reporting and remitting taxes, levies, and similar obligations in connection with the use of the Services.
  2. If one or more provisions of the User Agreement or Appendices are found to be null and void, the remaining provisions of the User Agreement and Appendices will remain in full force.
  3. In the event of any discrepancy between the Dutch text of the User Agreement, Appendices, and/or related agreements and a translation in another language, the Dutch text prevails.
  4. Bitonic reserves the right to temporarily or permanently terminate (part of) the Services at its discretion and for any reason, without any liability to the User in accordance with article 20 of the User Agreement. Bitonic will announce this at least thirty (30) days in advance.
  5. The administration of Bitonic and the Foundation constitutes full and binding evidence of (the scope of) the legal relationship between Bitonic, the Foundation, and the User.
  6. The User may not transfer their rights and/or obligations under the Services or otherwise under the (execution of) the User Agreement to a third party without prior written permission from Bitonic. This provision has both contractual and proprietary effect as referred to in article 3:83 section 2 of the Dutch Civil Code (BW).
  7. The User gives Bitonic and the Foundation prior permission to transfer all rights and obligations under the User Agreement and all related (legal) actions to third parties, either by contract transfer (article 6:159 of the Dutch Civil Code (BW)) or separately (article 6:155 of the Dutch Civil Code (BW)). Bitonic or the Foundation remains responsible for fulfilling the User Agreement until the User has been informed of the transfer and the (legal) person to whom the rights and/or obligations have been transferred.
  8. If Bitonic or the Foundation does not or only partially exercises (any of) their rights, this does not mean that they waive these rights and does not release the User from their obligations in this regard.
  9. The Services, the User Agreement, Appendices, related agreements, and their execution are exclusively governed by Dutch law.
  10. Any disputes arising from or related to (the execution of) the Services, the User Agreement, Appendices, and related agreements, or the legal relationship between Bitonic, the Foundation, and the User, can only be submitted to and resolved by the competent court in Amsterdam.

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