Terms of Service
Service provision agreement with BitcoinLondon.co.uk
1. General provisions
This agreement (hereinafter referred to as the Agreement) describes the rules and conditions under which the services of the BitcoinLondon.co.uk multiexchange are provided and represents the official written public offer addressed to individuals (hereinafter referred to as the User) to conclude the Agreement on the provision of services by BitcoinLondon.co.uk under the conditions set forth below. Before using the BitcoinLondon.co.uk services, the User must read the terms of the "Service provision agreement with BitcoinLondon.co.uk" in full. The BitcoinLondon.co.uk services can be used only if the User accepts all the terms of the Agreement. The current version of the Agreement is publicly available on the BitcoinLondon.co.uk website (www.BitcoinLondon.co.uk).
2. Terms and definitions used in the Agreement
BitcoinLondon.co.uk service is a trademark and a commercial name of the system providing Internet services of the exchange of electronic currencies.
Website of the Service is www.BitcoinLondon.co.uk.
User is any individual willing to use the BitcoinLondon.co.uk services and having accepted the Agreement in accordance with its terms.
Payment system is a software product created by a third party, which is a mechanism for accounting the monetary and/or other liabilities, paying for goods and services on the Internet, and arranging mutual settlements between its users.
Electronic currency is a digitally expressed monetary and/or other liability between the developer of this currency and its user.
Payment/transaction is a transfer of electronic and/or other currency from the payer to the recipient.
Customer of the payment system is a person who has concluded an agreement with the corresponding payment system for the acquisition of property claim rights for it, measured in conventional units accepted in the corresponding payment system.
Application is an expression of the User's intention to use one of the services offered by the BitcoinLondon.co.uk Service by filling out the electronic form via the Service's website, under the terms described in the Agreement and specified in the parameters of this Application.
Source currency is an electronic currency that the User wishes to sell or exchange.
Source account is a wallet number or any other indication of the User's account in the Payment system from which the Source currency was sent.
Resulting currency is an electronic currency that the User receives as a result of the sale or exchange of the Source currency.
Resulting account is a wallet number or any other designation of the User's account in the Payment system to which the Resulting currency will be sent.
Currency reserve is an amount of a certain Electronic currency available at the BitcoinLondon.co.uk Service at the time of creating the Application.
Currency exchange is exchange of electronic currency of one payment system for the electronic currency of another payment system.
Rate is the value ratio of the two electronic currencies during their exchange.
Hacker is a qualified computer trespasser, an intruder who specializes in seeking and using unauthorized access to computer networks or other computerized equipment in order to unlawfully obtain information, gain profit and cause damage.
3. Subject of the Agreement
3.1. Subject of this Agreement is the provision of the service of exchange of electronic currencies to the BitcoinLondon.co.uk User.
4. Order of the services provision by the Service
4.1. BitcoinLondon.co.uk services are ordered by the User by sending the Application through the Website of the Service.
4.2. The User controls the transaction or receives information on its progress using the appropriate user interface located on the website of the Service.
4.3. The BitcoinLondon.co.uk Service executes Applications on an irrevocable basis in accordance with the terms of operation of the respective payment systems.
4.5. The BitcoinLondon.co.uk Service is not a party to the agreement between the Payment system and the Customer of the payment system, and in no case it is responsible for the actions of the Payment system and its Customer. The rights and liabilities of the Payment system and its Customer are governed by the terms of the provision of services by the respective Payment systems.
4.6. The BitcoinLondon.co.uk Service does not require certification that the sender and receiver of funds involved in the Transaction are the same person; the BitcoinLondon.co.uk Service is not a party to the relationship between the sender and the recipient of funds or electronic currency.
4.7. The BitcoinLondon.co.uk Service does not verify the eligibility and legitimacy of the User's possession of electronic currencies and/or funds involved in a particular Transaction.
4.8. Using the services of the BitcoinLondon.co.uk Service, the User confirms that he or she legally owns and manages the funds and electronic currency involved in the relevant Payment.
4.9. The User undertakes to independently calculate and pay all taxes under the tax legislation at the User's location.
4.10. Taking care of the quality of services rendered to Users, the BitcoinLondon.co.uk Service undertakes to perform all actions within this Agreement as soon as possible.
5. Price of services
5.1. The services are priced by the management of the Service, and prices are published on the Website of the Service.
5.2. The Service has the right to independently and unilaterally change the exchange rates of electronic currencies and commission fees at any time, of which the Users of the Service are notified by the advance posting of information on these changes on the Website of the Service.
5.3. The Application created by the User on the Website of the Service shall indicate the Rate, the size of the commission fee charged by the relevant Payment system for conducting the Transaction, the amount of the BitcoinLondon.co.uk Service fee, as well as the total amount of funds or Electronic currency transferred.
5.4. The BitcoinLondon.co.uk Service charges the value of its fee at the time of conducting the relevant Transaction. The Service fee is deducted from the amount of the Resulting currency.
6. Exchange of the Electronic currency
6.1. By submitting the Application, the User instructs, and the BitcoinLondon.co.uk Service on its own behalf and at the expense of the User commits the exchange of the Electronic currency of one Payment System (Source currency) for the Electronic currency of another Payment system (Resulting currency) chosen by the User.
6.2. The User undertakes to transfer the Source currency in the amount specified in the Application, and the BitcoinLondon.co.uk Service, upon receipt of the relevant Electronic currency, undertakes to transfer the Resulting currency to the User, calculated at the Rate and in accordance with the tariffs of the Service.
6.3. The fee of the BitcoinLondon.co.uk Service is specified in the Application and is confirmed by the User by clicking the "Next" button on one of the pages of the user interface when completing the Application.
6.4. The duty of the BitcoinLondon.co.uk Service to transfer the Electronic currency to the User is considered to be fulfilled when the Electronic currency is debited in the corresponding Payment system from the BitcoinLondon.co.uk Service account, which is recorded in the transaction history of the relevant Payment system.
6.5. The BitcoinLondon.co.uk Service has the right to cancel the Application created by the User if the funds in the amount of the Source currency have not been credited to the account of the Service within 20 minutes.
6.6. The BitcoinLondon.co.uk Service has the right to suspend the transaction and to withhold User's funds in order to prevent fraudulent and other actions that can cause financial and reputation losses for the Service or the User.
6.7. The BitcoinLondon.co.uk Service has the right to establish financial and quantitative limits for the Transactions. Information about the limits is indicated on the Website of the Service.
7. Enforcement of the Agreement
7.1. This Agreement is deemed to be concluded on the terms of the public offer accepted by the User when completing the Application.
7.2. The public offer is recognized as information about the parameters and conditions of the Application displayed by the BitcoinLondon.co.uk Service.
7.3. The acceptance of the public offer is the acceptance by the User of actions to complete the Application that confirm his or her intention to use the BitcoinLondon.co.uk services on the terms described in this Agreement and specified in the Application.
7.4. The date and time of acceptance, as well as the parameters of the conditions of the Application are recorded by the BitcoinLondon.co.uk Service automatically at the moment of completion of the application.
7.5. The agreement shall come into force once the application is completed. The user has the right to refuse from performing the transaction on the Application before paying for the Transaction.
8. Responsibilities of the Parties
8.1. The BitcoinLondon.co.uk Service is responsible to the User in the amount not exceeding the amount of funds or Electronic currency entrusted by the User.
8.2. The BitcoinLondon.co.uk Service is not responsible for any malfunctions, errors or failures in the operation of the software and/or hardware that support the operation of the BitcoinLondon.co.uk Service arising for reasons beyond the control of the BitcoinLondon.co.uk Service, as well as the related User's losses.
8.3 The BitcoinLondon.co.uk Service provides only services of the exchange, purchase and sale of Electronic currencies. BitcoinLondon.co.uk in no way accepts payment in favor of any third parties and also prohibits the exchange to the wallets/accounts that do not belong to the User. BitcoinLondon.co.uk does not enter into any partnership relations, does not conclude any contracts with payees for their goods or services, and is totally against such relations. BitcoinLondon.co.uk cannot be used as an intermediate service for mutual settlements between the buyer and the seller (the customer and the performer, etc.).
8.4. The BitcoinLondon.co.uk Service is not responsible for the User's losses caused by illegal actions of third parties.
8.5. The User bears all responsibility for the reliability of the information specified when completing the Application. If the User has not specified some data or specified it incorrectly, the BitcoinLondon.co.uk Service is not responsible for the User's losses incurred as a result of the mistake.
8.6. Information on the Transaction is stored in the Service’s database and is the primary source by which the Parties to the Agreement are guided in disputable situations.
8.7. The Parties are exempted from liability for full or partial non-fulfillment of their obligations under the Agreement, if it was a consequence of force majeure circumstances that arose after the Agreement entry into force, as a result of extraordinary events that could not be foreseen and prevented by reasonable measures.
8.8. In other cases of non-fulfillment or improper fulfillment of their obligations under the Agreement, the Parties are liable in accordance with the legislation of the Russian Federation, subject to the terms of the Agreement.
9.1. The BitcoinLondon.co.uk Service has the right to unilaterally amend the Agreement by publishing changes on the Website of the System. The amendments enter into force at the moment of publication, unless another period of entry of the amendments into force is determined additionally when they are published.
9.2. The BitcoinLondon.co.uk Service has the right to refuse the User in registration of the Application without explaining the reasons for the refusal.
9.3. In case of suspicious actions during registration of the Application by the User, the BitcoinLondon.co.uk Service has the right to suspend the execution of such transactions until the reasons for these actions are clarified, in order to avoid damage from Hacker attacks.
9.4. The BitcoinLondon.co.uk Service has the right to refuse the execution of the transaction of exchange, purchase and sale of electronic currencies, if the Source currency was transferred to the account of the Service without registration of the Application using the user interfaces at the Service Website. The electronic currency credited to the Service accounts without registration of the Application using the user interfaces at the Service Website can be refunded to the User upon request, net of the fee of the Payment system, if any.
9.5. The BitcoinLondon.co.uk Service has the right to send the information on the state of the exchange process to the e-mail indicated by the User, as this is an integral part of the process of successful completion of the exchange.
9.6. All disputes and disagreements that have arisen or may arise from this Agreement shall be resolved through negotiations on the basis of a written application of the User. Upon receiving a claim from the User, the BitcoinLondon.co.uk Service must satisfy the claims or send a motivated refusal to the User within 15 (fifteen) days. All necessary documents must be attached to the reply. If the dispute is not resolved under the complaint procedure within 60 (sixty) days, either Party may seek to resolve the dispute in court at the location of the User.
The User confirms that he or she is acquainted with all the provisions of this Agreement and unconditionally accepts them.
The Agreement was published on September 19, 2016. The date of publication of the latest amendments to the Agreement is April 18, 2017.