Terms and Use of Service
Please read these terms and conditions that ("Terms") carefully as they form a contract between you and iPayBTC ("iPayBTC", "we" "our" "us"). This Terms governs your access and use of our Services. Services refers to the iPayBTC website, APIs, mobile applications (each an "App") and any software services provided by iPayBTC.
This Terms of Use and Service is an agreement between you and iPayBTC. It details iPayBTC's obligations to you. It also highlights certain risks on using the Services and you must consider such risks carefully as you will be bound by the provision of this Agreement through your use of this website or any of our services.
This Terms of Use and Service hereby incorporates our Privacy Policy, Acceptable Use Policy and Cookies Policy as if they are set out hereunder. iPayBTC is committed to managing your Personal Information in line with global industry best practices. You can read our Privacy Policy to understand how we use your information and the steps we take to protect your information.
As a bitcoin and cryptocurrency wallet, the Services enable you to interface with bitcoin, permitted cryptocurrency and blockchain network to view and transmit information about a public cryptographic key commonly referred to as a bitcoin or blockchain address
Digital Assets Protocol
IPayBTC does not own or control the underlying software protocols which govern the operations of Digital assets. Digital Asset protocols are subject to changes in protocol rules (referred to as “forks”) and such forks may materially affect the value, function or name of the digital asset. You acknowledge and agree (i) that iPayBTC is not responsible for the operation of the underlying digital asset protocols and that iPay BTC makes no guarantee of their functionality, security, liquidity or availability; and (iii) if a fork occurs and iPayBTC may decide not to support the forked protocol entirely or may configure its services to enable you transfer the affected Digital Asset.
Managing Your Keys
IPayBTC controls all the keys for Digital Asset wallet provided by the Service. We are solely responsible for maintaining the security of the keys.
Wallets and Digital Assets
iPayBTC cannot cause transactions, transferring digital assets from your wallets except in conjunction with a request or instruction through the Services by you.
Password and SECURITY
You are responsible for maintaining adequate security and control of any of and all log in IDs and passwords that you use to access the Service. You will prevent unauthorized access to or use of the Services using your password and notify us promptly of any such unauthorized access or use. You shall be responsible for any loss of your digital assets on the Services caused by 3rd party access to your password or log in details or as a result of any hack of your devices and exposure of your password to 3rd party. IPayBTC has a duty to honour any transaction carried out by you or through your password on the Services.
Registration
To use iPay BTC, you have to create an iPay BTC account by registering. To register, you will provide us with certain information such as your email, first name, last name, and phone number and we may seek to verify your information, (by ourselves or through third parties), after which we will approve your account unless deemed risky. You give us permission to do all these.
You must be at least 18 years old or such age required by applicable law, to register for iPayBTC Services account. You will provide iPayBTC accurate, current and complete information about yourself as prompted by the registration process or as iPayBTC may, from time to time, request, and keep such information updated. You may authorize iPayBTC to make such inquires that it considers necessary to validate your identity and you agree that iPayBTC may do so using third party service providers.
Change of Information
In the event that you change any information provided to us at registration such as name, phone number and email you will be unable to access the Services with a different name, email or phone number until we are able to effect any requested change to that effect.
Representation and Warranties
You represent and warrant to iPay BTC that:
1. you have full power and authority to enter into, execute, deliver and perform this Agreement
2. you are duly organized, authorized and in good standing under the laws of the Federal Republic of Nigeria or any state, region or country of your organization and are duly authorized to do business in all other states, regions or countries in which your business operates.
Account Security
You agree not to allow anyone else to have or use your password details or private keys and to comply with all reasonable instructions we may issue regarding account access and security. In the event you share your password details or private keys, iPay BTC will not be liable to you for losses or damages. You will also take all reasonable steps to protect the security of the personal electronic device through which you access iPay BTC’s services (including, without limitation, using PIN and/or password protected personally configured device functionality to access iPay BTC’s services and not sharing your device with other people)
Risks
You acknowledge that using digital assets, their networks and protocols, involves serious risks. It is your duty to learn about all the risks involved with digital assets, their protocols and networks. The risks involved are non-exhaustive. iPayBTC has no responsibility to alert you to all these risks. IPayBTC has no control over, and makes no representations regarding the value of digital assets or security of their networks or protocols.
Updates, Modifications & Amendments
IPayBTC may in its sole discretion, make unscheduled deployments of changes, updates or enhancements to the Service at any time. We may add or remove functionalities or features, and may discontinue the Services altogether. Depending on your device settings, we may automatically check your version of the App and notify you of the update or change to enable you download to your device new versions of the App.
We may need to update, modify or amend our Terms of Use as our technology evolves. We reserve the right to make changes to this Terms of Use at any time by giving notice to users on this page.
We advise that you check this page often, referring to the date of the last modification on the page If a user objects to any of the changes to the Terms of Use, the User must cease using our website and/or services immediately
Know Your Customer
You agree that, in registering on our platform and website, we may request certain information in order to verify your identities and ensure that you are authorized to carry out the transactions on our platform, and determining your eligibility to carry out the transactions
Our Fees & Pricing Schedule
You agree to pay us for the services we render. Our Fee will be calculated based on the pricing formula to be stated on our website which is integral to and forms part of this Agreement.
We reserve the right to revise our Fees. In the event that we revise our fees we will notify you accordingly.
Our fees do not include taxes, levies, duties or similar governmental assessments of any nature, including for example, value added tax or withholding taxes assessable by any jurisdictions whatsoever. You are responsible for paying all Taxes associated with your digital assets
Transaction Errors
You agree to notify us immediately any error is detected while carrying out transactions on our platform or website. We are not responsible for your loss as a result of such errors unless the errors are due to our fault. You shall have the responsibility of proving that the errors are due to our fault
Termination
You may terminate this Agreement by closing your iPay BTC Account. We may suspend your iPay BTC Account and your access to our services and any funds, or terminate this Agreement, if;
1. you do not comply with any of the provisions of this Agreement;
2. we are required to do so by a Law;
3. where a suspicious or fraudulent transaction occurs
Disputes & Reversal
If you believe that an unauthorized or otherwise problematic transaction has taken place, you agree to notify us immediately, to enable us take action to help prevent financial loss. We are responsible only for claims arising from losses caused by us and you have the duty to prove that the we are responsible for your losses. All claims against us should be made within thirty (30) days after the date of such transaction. It will be taken that you waive all claims against us, to the fullest extent of the law after the said period of time. If you enter into a transaction with a third party and have a dispute over the goods or services you paid for through our website and platforms, we have no liability for such goods or services. We are not under any obligation to recall or cancel such transaction. Our only involvement with regard to such transaction is as a payment gateway.
IPAYBTC Peer-to-Peer (IPAYBTC P2P)
By subscribing to IPAYBTC Peer-to-Peer available at https://ipaybtc.app or such other URL as may be designated by IPAYBTC from time to time (“IPAYBTC P2P”), you acknowledge that you have read, understood and accepted all of the terms and conditions in these Peer-to-Peer Product Terms (“P2P Terms”), and you acknowledge and agree that you will be bound by and will comply with these P2P Terms. If you do not understand and accept these P2P Terms in their entirety, you should not subscribe.
1. Overview of IPAYBTC P2P
1.1. IPAYBTC P2P is a platform on the IPAYBTC website that allows users to directly trade Bitcoin (“Digital Currencies”) with other Users. IPAYBTC P2P allows you to trade Digital Currencies as a Vendor or a Buyer.
a. As a Vendor, you may publish an offer on IPAYBTC P2P to buy or sell Digital Currencies (“Offer”). An Offer includes the amount of Digital Currencies that you would like to trade, the price that you would like to trade for your Digital Currencies, the Order Limit, the payment method that you would like to use, the Payment Window and other applicable terms and conditions for your offer. In consideration for the use of IPAYBTC P2P, we may charge Vendor fees as set out on our Applicable fees page. We may adjust the fees at our sole discretion from time to time and without notice of such adjustments to you.
b. As a Buyer, you may place an Order to an Offer previously published by indicating the amount of Digital Currencies that you would like to trade. As a Buyer, you must use a payment method supported by the Offer for which you are placing an Order and you must comply with the terms and conditions determined by the Vendor. Unless expressly provided otherwise by IPAYBTC,
1.2. We may require you to satisfy certain eligibility criteria to be able to publish an Offer on IPAYBTC P2P, as may be amended by IPAYBTC from time to time. Only verified users of IPAYBTC will be able to use the P2P system.
1.3. You understand and agree that placing an Order to an Offer on IPAYBTC P2P represents your acceptance of the offer published in that Offer and constitutes a promise to trade Digital Currencies. Being an escrow service platform, IPAYBTC locks the amount of Digital Currencies indicated in the Order until both parties of the transaction confirm successful completion of the Fiat Currency transfer to be performed in consideration of the Digital Currencies. You understand that the locked amount of Digital Currencies cannot be used in any way whatsoever unless the Order is cancelled or the Digital Currencies are released to the Buyer upon confirmation of the Fiat Currency transfer by both the Buyer and the Vendor.
1.4. IPAYBTC is not a party to any transaction that you may enter into on IPAYBTC P2P as you will be directly trading with other Users. IPAYBTC does not have any control whatsoever over the trading amount, price, payment method, Order Limit, Payment Window and conditions of each Offer as they are entirely set by the Vendor at its own discretion. IPAYBTC only facilitates the transactions entered into on IPAYBTC P2P as described in Clause
1.3. above. 2. Choice of Payment Method
2.1. Payment methods available on IPAYBTC P2P are displayed as options available to Users to perform the Fiat Currency transfer or other acceptable coin in consideration of the trade of the Digital Currencies. And this option might change from to time. Unless expressly provided otherwise, IPAYBTC does not have any form of relationship with the payment methods listed on IPAYBTC P2P. Availability of a payment method on IPAYBTC P2P shall not be construed as a recommendation, vetting or endorsement by IPAYBTC.
2.2. To be able to trade on IPAYBTC P2P, each Vendor must indicate one or multiple payment method(s) for their Offers, which must be a payment method available in IPAYBTC P2P and each Buyer placing an Order to such Offer must agree to use one of the payment method(s) indicated by the Vendor for the Fiat Currency transfer to be completed in consideration of the trade of the Digital Currencies.
2.3. Each party trading on IPAYBTC P2P must have a payment method with an account owner name that is identical to the name appearing on their IPAYBTC Account, as confirmed during the identity verification process. It is prohibited to use any payment method where the account owner name is not identical to the name appearing on your IPAYBTC Account. IPAYBTC reserves the right to suspend or terminate your access to IPAYBTC P2P if it is identified that you used a payment method with an account owner name that is not identical to the name appearing on your IPAYBTC Account.
2.4. You understand and agree that by placing an Order to an Offer on IPAYBTC P2P either as a Buyer or a Vendor, you authorise IPAYBTC to display your username/ merchant name and share your full name as confirmed in the identity verification process of your IPAYBTC Account with the counterparty User that you are trading with.
2.5. If you are a Buyer, you are required to make the Fiat Currency transfer in consideration of such Digital Currencies after placing an Order within the Payment Window indicated in the Offer. The Fiat Currency to be transferred to the Vendor will not be deducted by IPAYBTC, you are solely responsible for making the transfer yourself outside of IPAYBTC P2P, using one of the payment methods indicated in the Offer.
2.6. If you are a Vendor, you are solely responsible for verifying the Fiat Currency transfer made by the Buyer in consideration of the Digital Currencies and for providing instruction to IPAYBTC to release the Digital Currencies for which an Order was placed. To release such Digital Currencies, you should click on” after you fully receive the Fiat Currency payment from the Buyer. We recommend you to confirm the release of Digital Currencies within fifteen (15) minutes, and in any case within a reasonable period of time upon receiving the Fiat Currency payment from the Buyer in full. By clicking you are confirming that you successfully received the Fiat Currency transferred from the Buyer and you are instructing IPAYBTC to release Digital Currencies held in escrow to the Buyer for completion of the Order. This action is final and cannot be reversed. To avoid financial loss, do not confirm release of the Digital Currencies under any circumstances before you ensure that you received from the Buyer the corresponding Fiat Currency in full. All payments are final upon completion, unless otherwise required by law. In case the account holder information of the Buyer that you see on the payment method through which the Fiat Currency transfer was made is inconsistent with the User’s verified identity information appearing on IPAYBTC P2P, you should not release the Digital Currencies and make a refund of any Fiat Currency that you may have received. You may lose access to all or part of IPAYBTC P2P in case you repetitively fail to confirm release of Digital Currencies in a timely manner despite receipt of the Fiat Currency transfer from the Buyer.
2.7. By trading on IPAYBTC P2P, the Buyer agrees to bear any Transfer Fees that may be charged by the respective payment service provider for the payment method selected by the parties for the Fiat Currency transfer to be made in consideration of the Digital Currencies, unless the Vendor has explicitly agreed to bear such additional fees or costs. Therefore, the Fiat Currency to be transferred by the Buyer as consideration of the traded Digital Currencies must be inclusive of any Transfer Fees to ensure that the Vendor receives the full Fiat Currency amount as appearing in the Order (e.g. if the order amount is 1,000 USD, and an additional 5 USD is charged by the payment service provider of the selected payment method, 1,005 USD should be paid by the Buyer, instead of 1,000 USD).
In case such Transfer Fees are charged by the respective payment service provider to the Vendor, the Vendor should clearly disclose them in the Offer (if the Vendor is the Vendor) or provide the Buyer the proof of such Transfer Fees in prior (if the Vendor is the Buyer).
3. Withdrawal Waiting Period
3.1. You may be subject to a waiting period between [ ] hours to withdraw the Digital Currencies that you purchased on IPAYBTC P2P in case you have been trading with certain Fiat Currencies, as may be determined by IPAYBTC in its sole discretion. The waiting period shall start upon the release of the Digital Currencies to you. Any other trading activity you may perform with your IPAYBTC Account will not be affected during the withdrawal waiting period.
4. Dispute Settlement System 4.1. Please be informed that IPAYBTC is not a party to the Digital Currencies trade between the Buyer and the Vendor, IPAYBTC has neither the right nor the obligation to resolve any disputes between the Buyer and the Vendor and is not liable for any loss you may incur in connection with a completed payment.
4.2. However, in case of a conflict during a trade on IPAYBTC P2P that the parties cannot solve by directly contacting each other through the Chat Service made available by IPAYBTC, IPAYBTC offers both parties the opportunity to file an appeal. You understand and agree that the appeal mechanism offered by IPAYBTC is not a representation, undertaking, or guarantee from IPAYBTC in any way whatsoever to resolve the disputes between the parties and has the sole purpose of offering a mediation channel to the Users. IPAYBTC reserves the right to suspend or terminate access to IPAYBTC P2P for Users who are uncooperative during the appeal process. You may lose access to all or part of IPAYBTC P2P in case an Offer that you have posted has multiple ongoing appeals.
4.3. IPAYBTC hereby reserves the right of any final interpretations and judgments for the sanctioning of appeal cases. Reopening of appeals will be determined at the sole discretion of IPAYBTC on a case-by-case basis.
4.4. Parties shall be required to provide necessary and relevant information and documents to aid the settlement of the disputes
4.5. Whilst the dispute settlement is ongoing, the digital assets shall be locked so that the user cannot tamper with it.
5. Ratings, Usernames and Communications between User
5.1. IPAYBTC is committed to ensuring quality of service and to promote a safe and transparent environment for users. As such, after completing a Digital Currencies trade on IPAYBTC P2P, you may be asked to rate and write feedback for the counterparty to share your experience. Your rating is visible to any User trading on IPAYBTC P2P and this may affect whether or not they decide to trade with you. You can see your current rating on IPAYBTC P2P. You may lose access to all or part of IPAYBTC P2P if your rating is below the acceptable level of rating to be determined by IPAYBTC in its sole discretion. You will be notified in case your Account is subject to such restriction and we may share information that may help you improve your rating.
5.2. You shall not include the name "IPAYBTC", names of any banks, payment service providers or any other wordings that may be misleading or sensitive in your username.
5.3. You shall not share any personal information, social network details or other contact information in the terms and conditions for an Offer, when using the Chat Service or in any other way when trading with other Users on IPAYBTC P2P.
5.4. In using IPAYBTC P2P, you may view content or utilise services provided by third parties, including hyperlinks to the third parties' websites and services of such parties (the "Third Party Content"). We do not endorse, adopt or control any Third Party Content and will have no responsibility or liability for such Third Party Content whatsoever. Your dealings or correspondence with such third parties are solely between you and the third parties. We are not responsible or liable for any loss or damage of any sort incurred as a result of any such dealings and you understand that your usage of the Third Party Content, and your interactions with third parties’, is solely at your own risk.
6. Suspicious Trading Behaviour
6.1. You acknowledge that our decision to take certain actions, including limiting, suspending, or terminating your access to IPAYBTC P2P may be based on confidential criteria that are essential to our risk management and security protocols, including but not limited to circumstances in which we are unable to provide you with information about the reasons for such limitation, suspension or termination, whilst an investigation is ongoing (by us and/or a third party such as the police). You agree that IPAYBTC is under no obligation to disclose the details of its risk management and security procedures to you.
6.2. We will restore your access to IPAYBTC P2P as soon as possible once the reasons for the suspension no longer exist. However, we are under no obligation to notify you if and when such suspension will be lifted.
7. Risk Disclosure
7.1. Digital Currencies prices can be volatile. These fluctuations may affect the value of Digital Currencies you buy or sell on IPAYBTC P2P, which may be lower or higher at the time of and after completion of the transaction. You are solely responsible for your investment decisions and IPAYBTC is not liable for any losses you may incur.
8. Security Implementations The following security system are available at IPAYBTC P2P
8.1 Password
8.2 Biometric Login 8.3 Know Your Customer (KYC) Validation 8.4 2FA Services
9. Limitation of Liability
9.1 IPAYBTC's role shall be limited to providing escrow services in respect of digital assets hosted on the IPAYBTC platforms subject to the terms provided herein.
9.2 IPAYBTC shall not have control over the currency exchange and payment outside its platform
9.3. IPAYBTC shall not be responsible for loss or technical glitches caused as a result of fraud or negligence of the users or systemic glitches outside the control of IPAYBTC
9.4 Possible fraud or glitches may be in the nature of
(i) users/buyer/vendor using a fake bank credit alert
(ii) payment reversed by the Bank
(iii) user account being hacked or other non-exhaustive glitches outside the control of IPAYBTC
10. General Terms
10.1. All terms and references used in these P2P Terms and which are defined and construed in the IPAYBTC Terms of Use (the "Terms of Use"), but are not defined or construed in these P2P Terms, shall have the same meaning and construction in these P2P Terms.
10.2. These P2P Terms are to be read together with the Terms of Use of IPAYBTC Platforms. In the event of any conflict or inconsistency between these P2P Terms and the Terms of Use, the order of precedence in which the documents are to be read is first the P2P Terms of Use and then the Terms of Use.
11. Definitions "Vendor" means a User publishing an Offer and trading on IPAYBTC P2P to sell Digital Currencies, either as an Vendor or a Buyer. A Vendor may be also referred to as a "Maker" from time to time. "Offer" means an offer published on IPAYBTC P2P that includes the amount of Digital Currencies that the User would like to trade, the price for such Digital Currencies, the payment method that the User would like to use when trading, the Order Limit, the Payment Window and other applicable terms and conditions for the offer as determined by the User publishing the offer. “Buyer” means a User trading on IPAYBTC P2P to purchase Digital Currencies, either as a Vendor or a Buyer and a User who places an Order to an Offer previously published by a Vendor. "Order" means a promised trade of Digital Currencies on IPAYBTC P2P that the Vendor and the Buyer have agreed upon based on the terms and conditions listed in the relevant Offer. An Order represents an acceptance of the offer to trade published in an Offer. "Order Limit" means the minimum and maximum amount of Digital Currencies or Fiat Currency that Buyers can trade in a single Order, as determined in a specific Offer by the Vendor. “Payment Window” means the time period set by the Vendor within which the Fiat Currency transfer in consideration of the Digital Currencies should take place. "Third Party Content" has the meaning ascribed to it in Clause 5.4. “Transfer Fees means the sum of all fees or charges imposed by the payment service provider of the payment method selected by the parties in consideration for the transfer of Fiat Currency from the Buyer to the Vendor.
Disclaimers
WE TRY TO KEEP iPay BTC AVAILABLE AT ALL TIMES, BUG-FREE AND SAFE, HOWEVER, YOU USE IT AT YOUR OWN RISK. OUR SERVICES ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS, IMPLIED AND/OR STATUTORY WARRANTIES (INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED OR STATUTORY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR USE OR PURPOSE, TITLE, AND NON-INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS). WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, iPay BTC MAKES NO WARRANTY THAT OUR WEBSITE AND SERVICES WILL MEET YOUR REQUIREMENTS OR THAT OUR WEBSITE AND PLATFORM WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR FREE. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU THROUGH OUR WEBSITE/PLATFORM OR FROM iPay BTC, ITS PARENTS, SUBSIDIARIES, OR OTHER AFFILIATED COMPANIES, OR ITS OR THEIR SUPPLIERS (OR THE RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, OR AGENTS OF ANY SUCH ENTITIES) (COLLECTIVELY, "iPay BTC Parties") SHALL CREATE ANY WARRANTY.
Limitation of Liability
IN NO EVENT WILL iPayBTC, ITS SUBSIDIARIES, AFFILIATES, OFFICERS, AGENTS, EMPLOYEES, REPRESENTATIVES, PARTNERS, SUPPLIERS, OR LICENSORS BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOST PROFITS, REVENUE, GOODWILL, LOSS OF DIGITAL ASSETS, OR USER CONTENT) HOWEVER CAUSED, UNDER ANY THEORY OF LIABILITY, INCLUDING, WITHOUT LIMITATION, CONTRACT, TORT, WARRANTY, NEGLIGENCE OR OTHERWISE, EVEN IF ANY OF THE FOREGOING PARTIES HAVE BEEN ADVISED AS TO THE POSSIBILITY OF SUCH DAMAGES.
IN NO EVENT WILL THE AGGREGATE LIABILITY OF iPayBTC, ITS SUBSIDIARIES, AFFILIATES, OFFICERS, AGENTS, EMPLOYEES, REPRESENTATIVES, PARTNERS, SUPPLIERS, AND LICENSORS LIABILITY ARISING FROM OR RELATING TO THESE TERMS OR THE SERVICEs EXCEED THE GREATER OF: (A) $100, OR (B) THE AMOUNT PAID, IF ANY, BY YOU TO iPAYBTC FOR THE SERVICE IN THE TWELVE MONTHS BEFORE YOUR CLAIM AROSE. THE FOREGOING LIMITATION APPLIES UNDER ANY THEORY OF LIABILITY, INCLUDING, WITHOUT LIMITATION, CONTRACT, TORT, WARRANTY, NEGLIGENCE OR OTHERWISE.
THESE LIMITATIONS AND EXCLUSIONS ALSO APPLY IF THIS REMEDY DOES NOT FULLY COMPENSATE YOU FOR ANY LOSSES OR FAILS OF ITS ESSENTIAL PURPOSE
Exclusions
Subject to such jurisdictions which do not allow the exclusion of certain warranties or the limitation or exclusion of liability for certain damages, some of the above disclaimers and limitations of liability may not apply to you. To the extent that any iPay BTC Party may not, as a matter of applicable law, disclaim any implied warranty or limit its liabilities, the scope and duration of such warranty and the extent of the iPay BTC's Party's liability shall be the minimum permitted under such applicable law.
Applicable Law
These Terms of Use shall be interpreted and governed by the laws currently in force in the Federal Republic of Nigeria and any other Country we operate from.
Legal Disputes
Parties shall make an effort to settle all disputes amicably. Any dispute arising out of this Terms of Use, which cannot be settled by Mediation. This is without prejudice to the right of parties to approach the Court with competent jurisdiction to see for injunctive reliefs.
Severability
If any portion of these Terms of Use is held by any court or tribunal to be invalid or unenforceable, either in whole or in part, then that part shall be severed from these Terms of Use and shall not affect the validity or enforceability of any other part in this Terms of Use.