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Terms of Service

Thank you for choosing askforbit (the “Site”). The following terms and conditions of service (these “Terms of Service”) apply to customers of the Site. Some of these Terms of Service will apply only to U.S. Persons (as defined below) using the Site. Others apply to all users of the Site. You should read these Terms of Service carefully to determine which provisions apply to you. By using any of the services, functions, or features offered from time to time on the Site (collectively or individually, the “Services”), the customer (referred to herein as “you” or “your”) agrees to these Terms of Service.

These Terms of Service constitute the agreement and understanding with respect to the use of any or all of the Services, and any manner of accessing them, between: you and one of the following parties:

a)   where you are a U.S. Person, BFXNA Inc. (“BFXNA”); and,
b)   where you are not a U.S. Person, BFXWW Inc. (“BFXWW”).

Important: Please do not use any deposit addresses created before August 9, 2016 at 19:00:00 UTC to deposit any Digital Tokens to or on the Site. Use only addresses generated by and on the Site after August 9, 2016 at 19:00:00 UTC. Among other limitations of liability, Askforbit cannot and shall not be responsible or liable for any deposits to any old wallet addresses.

For the avoidance of doubt, these Terms of Service have two parties: you and either BFXWW or BFXNA. Any and all terms, conditions, licences, limitations, and obligations contained within and on the Site are incorporated into these Terms of Service by reference, including, without limiting the generality of the foregoing, the following Site policies and pages: the Privacy Policy; the Risk Disclosure Statement; the Anti-Spam Policy; the Law Enforcement Requests Policy; and, the Fees Schedule. In particular, please note that all transactions of Digital Tokens on or off the Site may be subject to fees levied by Askforbit as set out and updated in the Fees Schedule from time to time. In the event of any inconsistency between these Terms of Service and any other pages or policies on the Site, these Terms of Service shall prevail.

By creating an account on the Site or by using any of the Services, you acknowledge that you have read, understand, and completely agree to these Terms of Service in effect from time to time. If you disagree with these Terms of Service or with any subsequent amendments, changes, or updates, you may not use any of the Services; your only recourse in the case of disagreement is to stop using all of the Services.

These Terms of Service may be amended, changed, or updated by Askforbit at any time and without prior notice to you. You should check back often to confirm that your copy and understanding of these Terms of Service is current and correct. Your non-termination or continued use of any Services after the effective date of any amendments, changes, or updates constitutes your acceptance of these Terms of Service, as modified by such amendments, changes, or updates.

The use of the Site and any Services is void where prohibited by applicable law.

1. Interpretation:

1.1. Definitions: In these Terms of Service and all documents incorporated herein by reference, the following words have the following meanings unless otherwise indicated:

1.1.1. “AML” means anti-money laundering;

1.1.2. “Associates” means BFXWW, BFXNA, iFinex, and each and every one of their respective shareholders, subsidiaries, employees, contractors, agents, directors, officers, partners, affiliates, insurers, and attorneys;

1.1.3. “BFXNA” means BFXNA Inc.;

1.1.4. “BFXWW” means BFXWW Inc.;

1.1.5. “Askforbit“ means:

1.1.5.1. where you are a U.S. Person, BFXNA; and,

1.1.5.2. where you are not a U.S. Person, BFXWW;

1.1.6. “Askforbit Marks” has the meaning set out in paragraph 14 of these Terms of Service;

1.1.7. “CTF” means counter-terrorist financing;

1.1.8. “Digital Tokens” means blockchain-based assets or rights, or other similar digital representations of rights or assets, including bitcoins, Litecoins, and ethers;

1.1.9. “FATF” means the Financial Action Task Force;

1.1.10. “Financing Order Book” has the meaning set out in paragraph 3 of these Terms of Service;

1.1.11. “Financing Provider” means any provider of financing from and on her own account on the Site;

1.1.12. “Financing Recipient” means any recipient of financing from a Financing Provider on the Site;

1.1.13. “iFinex” means iFinex Inc.;

1.1.14. “Lien” has the meaning set out in paragraph 5 of these Terms of Service;

1.1.15. “Losses” has the meaning set out in paragraph 18 of these Terms of Service;

1.1.16. “Person” includes an individual, association, partnership, corporation, other body corporate, trust, and any form of legal organization or entity;

1.1.17. “Personal Information” means information about an identifiable individual, business, organization, or other entity, but does not include the name, title, business address, or telephone number of an employee of a business, organization, or other entity;

1.1.18. “Prohibited Jurisdictions” means Bosnia and Herzegovina; Democratic People’s Republic of Korea (North Korea); Ethiopia; Iran; Iraq; Syria; Uganda; Vanuatu; and, Yemen;

1.1.19. “Prohibited Use” has the meaning set out in paragraph 12 of these Terms of Service;

1.1.20. “Service” means any of the services, functions, or features offered on the Site;

1.1.21. “Site” means the Internet website www.xca .io;

1.1.22. “Terms of Service” means these terms and conditions of service, as they may be changed, amended, or updated from time to time, including the following Site policies and pages: the Privacy Policy; the Risk Disclosure Statement; the Anti-Spam Policy; and, the Law Enforcement Requests Policy;

1.1.23. “Trading Order Book” has the meaning set out in paragraph 3 of these Terms of Service;

1.1.24. “U.S. Person” means:

1.1.24.1. in the case of an individual, a Person resident in the United States; and,

1.1.24.2. in any other case,

1.1.24.2.1. a Person resident in the United States; or,

1.1.24.2.2. a Person owned 10% or more by one or more Persons resident in the United States or by one or more corporations or entities incorporated in or formed in the United States; and,

1.1.25 “you” or “your” means the customer.

1.2 Headings: The headings and subheadings in these Terms of Service are for ease of reference only and are not to be taken into account in the construction or interpretation of any provision or provisions to which they refer.

1.3 Extended Meanings: Unless otherwise specified in these Terms of Service, words importing the singular include the plural and vice versa and words importing gender include all genders.

1.4 Governing Law: These Terms of Service shall be governed by and construed and enforced in accordance with the laws of the British Virgin Islands, and shall be interpreted in all respects as a British Virgin Islands contract. Any claim or action arising from or related to these Terms of Service shall be governed by and construed and enforced in accordance with the laws of the British Virgin Islands. For the avoidance of doubt, and without limiting the generality of the foregoing, this provision expressly applies to any tort claim against Askforbit . The venue and forum for any claim or action against or involving Askforbit shall be in the British Virgin Islands. You unconditionally attorn to the exclusive jurisdiction of the courts of the British Virgin Islands and all courts competent to hear appeals therefrom. You also unconditionally agree to the exclusive forum and venue of the British Virgin Islands in all claims or actions arising from or any dispute or question of any kind relating to these Terms of Service. The doctrine of forum non conveniens shall not apply in the selection of forum under these Terms of Service.

2 Licence to Use the Site: If you comply with these Terms of Service, Askforbit grants you the limited right to use the Site and the Services. The right to use the Site and the Services is a personal, restricted, non-exclusive, non-transferable, revocable, limited licence, and it is subject to the limitations and obligations in these Terms of Service. Nothing in these Terms of Service gives you any licence (other than as set out in this paragraph), right, title, or ownership of, in, or to the Site or any of the Services.

3 Trading & Financing Activities: The Site is a trading environment for the spot purchase and sale of Digital Tokens. The Site permits both unfinanced and financed transactions. Unfinanced purchases are fully funded by trading participants through funds deposited by you. For example, if you deposit $100.00 into your account on the Site, you may then purchase $100.00 worth of bitcoins in an unfinanced transaction. Purchases and sales of bitcoins on the Site, whether in an unfinanced transaction or a financed transaction, are settled by actual delivery of the full amount of the bitcoins or other Digital Tokens by the seller to the purchaser’s account against payment in full by the purchaser to the seller’s account.

Important: Financing is not allowed where prohibited by applicable law. U.S. Persons may not be Financing Recipients on the Site. Furthermore, the following persons are prohibited from depositing to, withdrawing from, or trading or providing or taking financing on the Site:

3.1 persons resident in, and nationals of, Prohibited Jurisdictions;

3.2 New York and Washington state residents; and,

3.3 individual residents of the United States of America.

Financed transactions in Digital Tokens are permitted through the Site’s platform-enabled, peer-to-peer financing functionality. Financing Providers may offer financing from and on their own account if they so choose. Financing Recipients may accept financing from Financing Providers for up to 70% of the value of a Digital Token purchase. For example, if you deposit $30.00 to the Site, you may then obtain financing in an amount not exceeding $70.00 in order to buy $100.00 worth of bitcoins in a financed transaction. In other words, you may accept financing equal to a maximum total bitcoins-to-equity ratio of 3 1/3 to 1.

Financed transactions in Digital Tokens are permitted through the Site’s platform-enabled, peer-to-peer financing functionality. Financing Providers may offer financing from and on their own account if they so choose. Financing Recipients may accept financing from Financing Providers for upShorting is another type of financed transaction permitted on the Site’s platform. In a typical ‘long sale’ of bitcoin, the seller enters into a regular spot trade of bitcoin and settles the transaction by delivering bitcoin that the seller owns outright. In a ‘short sale’ of bitcoin, the seller also enters into a regular spot sale of bitcoin, except that the transaction is settled by delivering bitcoin that the seller has borrowed. to 70% of the value of a Digital Token purchase. For example, if you deposit $30.00 to the Site, you may then obtain financing in an amount not exceeding $70.00 in order to buy $100.00 worth of bitcoins in a financed transaction. In other words, you may accept financing equal to a maximum total bitcoins-to-equity ratio of 3 1/3 to 1.

Digital Tokens can be borrowed for purposes of short sales through the platform’s peer-to-peer financing functionality. The bitcoin borrower may seek offers or make a bid to borrow Digital Tokens on the Financing Order Book. Bitcoin borrowers are not permitted to borrow more than 70% of the bitcoins sold in a short sale. The fiat proceeds of any short sale serve as collateral for the borrowing of the bitcoins until those bitcoins are repaid.

Askforbit allows trading participants to use third party peer-to-peer financing from other participants on the platform to trade Digital Tokens. Financing Recipients may obtain financing in one of two general ways: they may place bids for financing on the Site’s separate, peer-to-peer financing order book (the “Financing Order Book”); or, they may elect to be automatically matched through the Site’s order matching engine with one or more Financing Providers on the Financing Order Book at the best prevailing price on the Financing Order Book. Although Askforbit is not a party to these financing contracts, Askforbitenforces the contracts established between Financing Providers and Financing Recipients on the Financing Order Book.

The Financing Order Book operates independent of the spot contract trading order book (the “Trading Order Book”). Once the desired financing is secured by a Financing Recipient, both financed and unfinanced transactions on the Trading Order Book are indistinguishable from each other to the trade matching engine.

The amount of the financing, the terms of the financing, and the interest rate are all commercial terms negotiated through the Financing Order Book between Financing Providers and Financing Recipients. For instance, assume that A has $30.00 (in dollars) in her account on the Site. A obtains $70.00 in financing at X interest rate for Y term on the Financing Order Book (thereby becoming a Financing Recipient) from B, a Financing Provider. With that aggregate amount of $100.00, A may purchase $100.00 in bitcoins on the Trading Order Book from C, or from one or more other sellers. A has the right to repay the financing (including any accrued interest) at any time without pre-payment or other penalty. Obtaining financing does not create any obligation to purchase bitcoins on the Trading Order Book. A may also replace financing from B at any time with more favorable financing.

Askforbit Ltd, The Financial Products offered by the company include Contracts for Difference (‘CFDs’) and other complex financial products. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because it is possible to lose all of your invested capital. You should never invest money that you cannot afford to lose. Before trading in the complex financial products offered please ensure to understand the risks involved.