Updated: October 21, 2023
These Terms of Use constitute an electronic agreement between you (hereinafter the "User/You") and Bitfrost Limited a private limited company incorporated in Gibraltar with company number 121665, whose registered office is located at Madison Building, Midtown, Queensway Gibraltar(hereinafter "Bitfrost") that applies to the User's use of this website, any and all services, products and content provided by Bitfrost.
These Terms of Use contain important provisions, which the User must consider carefully when choosing whether to visit the Site and use the services, products and content of Bitfrost. Please read these Terms of Use carefully before agreeing to them.
These Terms of Use incorporate Privacy Policy as well as any other policies published on the Site by reference, so by accepting these Terms of Use, the User agrees with and accepts all the policies published on the Site.
IF THE USER DOES NOT ACCEPT THESE TERMS OF USE, THE USER SHALL NOT ACCESS THIS SITE AND SHALL NOT USE ANY OF BITFROST SERVICES, PRODUCTS AND CONTENT.
Capitalized terms used in these Terms of Use shall be interpreted in accordance with the definitions provided below:
Account: means an account registered by the User on Site.
Digital Currency: means peer-to-peer decentralised digital representation of value (e. g. Bitcoin, Ethereum, etc.).
Fiat currency: means government-issued currency that is designated as legal tender in its country of issuance through government decree, regulation, or law.
Funds: means Cryptocurrency and/or Fiat currency.
Site: means Bitfrost's website via https://www.bitfrost.io
Where the context so admits words denoting the singular shall include the plural and vice versa.
1.1. By registering an Account, the User expressly represents and warrants that he/she:
1.2. User is solely responsible for understanding and complying with any and all laws, rules and regulations of his/her specific jurisdiction that may be applicable to the User in connection with the use of any and all services, products and content of Bitfrost. List of restricted countries: Afghanistan, Cuba, Kuwait, Lebanon, Libya, Nigeria, Oman, Palestine, South Sudan, Sudan, Uganda, Vanuatu, Bahamas, Botswana, North Korea, Ethiopia, Ghana, Iran, Pakistan, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, Yemen, Egypt, Morocco, China, UAE, Namibia, Macedonia, Ecuador, Nepal, Bolivia, Algeria, Bahrain, Bangladesh, Qatar, Saudi Arabia, Iraq, Iceland, Cambodia, Canada, Japan and USA.
* We are also unable to provide services to any UK based retail client due to the UK's Financial Promotions Regime.
1.3. This Agreement shall enter into force as of the moment you first access the Site or use of any of the Services. By accessing, browsing or using the Site or any of the provided Services you irrevocably and unconditionally accept and agree to these Terms and confirm that you agree to be bound by them without any exemptions, limitations and exclusions, and any and all provisions of these Terms of Use shall be enforceable to the fullest extent against you. If you access the Site or use any of the Services on behalf of a business (whether registered or operating without registration), that business hereby accepts these Terms of Use.
1.4. In the event you disagree with any provision hereof and would not like to be bound by these Terms of Use, you shall cease use of the Site or the Services immediately.
2.1. Eligible Users in certain jurisdictions may buy or sell supported Digital Currency through the Conversion Services. The Conversion Services are subject to the conversion rate for the given transaction. That conversion rate will be displayed on the page of your order with all fees included. Bitfrost reserves the right to delay any Conversion Service transaction if it perceives a risk of fraud or illegal activity. Bitfrost may require you to provide or verify your personal information, or to wait some time after completion of the transaction, before permitting you to use any Bitfrost Services and/or before permitting you to engage in transactions beyond certain volume limits.
2.2. The amount that the User receives may differ from originally shown due to sharp jumps in rate. In this case, if the amount differs by more than 5 percent, the User has the right to request a refund. You can ask for a refund by contacting us. Refund will only be accepted where notice is received by no later than forty-eight (48) hours after making a Transaction.
2.3. The Hosted Digital Currency Wallet services are available only in connection with those Digital Currencies that Bitfrost, in its sole discretion, decides to support. The Digital Currencies that Bitfrost supports may change from time to time. Under no circumstances should you attempt to use your Hosted Digital Currency Wallet services to store, send, request, or receive digital currencies in any form that are not supported by Bitfrost. Bitfrost assumes no responsibility or liability in connection with any attempt to use any Bitfrost service for digital currencies that Bitfrost does not support.
2.4. Bitfrost may in its sole discretion terminate support for any Digital Currency. Bitfrost will provide you no less than 10 calendar days' notice via email to the email address associated with your Bitfrost account to announce the end of such support.
2.5. You should verify all transaction information prior to submitting instructions to Bitfrost. Bitfrost may charge network fees (miner fees) to process a Digital Currency transaction on your behalf. Bitfrost will calculate the network fee at its discretion. You can also view more details about your fees with the detailed Fee Schedule.
2.6. Bitfrost does not offer to purchase any single security, investment, or financial instrument. Purchase of supported Digital currency is not an investment contract.
3.1. Users access the Account, interface, and the Services through the use of the user login and password, which are provided upon the User's registration at the Site. In order to create an Account at the Service, as well as to access the Services of Bitfrost, the User must first register at the Service. In order to use certain features of the Service, including transfers of Digital Currency, you may be required to provide the Service with certain personal information, including, but not limited to, your name, address, telephone number, e-mail address, date of birth and information regarding your bank account. In submitting this or any other personal information that may be required, you verify that the information is accurate and authentic, and you agree to update the Service if any information changes.
3.2. We apply a tiered approach to accounts, transaction limits and verification process. It means that the more information you provide to us in the course of the verification process (please refer to Section 8 hereof) the higher transaction limits you may receive.
3.3. Bitfrost may provide transaction limits for the existing account levels and you may be limited to a certain threshold depending on a risk profile of the User, which is determined after the initial KYC process and in the course of ongoing Customer Due Diligence / Enhanced Due Diligence.
3.4. The User may be refused for the Basic account type, and requested to pass the full verification, if Bitfrost deems necessary to request so.
3.5. If the User exceeds the designated transaction limits, Bitfrost reserves the right to limit the account's functionality in the manner that prevents the User to circumvent these limits, including restricting withdrawals from the account.
3.6. Confidentiality of User Account:
3.6.1. Account is a personal page of the User, and may only be used by the User who has access to Account through the Service. The User is prohibited to provide the account access information or the account itself to unauthorized third parties. In the case of theft of the account access information or account itself by a third party, the User bears the burden of proving he/she was not responsible. The User is liable for the actions of any third party who was provided with access to the Account.
3.6.2. You must exercise caution when accessing your Account from a public or shared computer so that others are not able to view or record your password or other Account information. You agree to ensure that you logout from your Account at the end of each session.
3.6.3. Password Information You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers (PINs) or any other codes that you use to access Bitfrost. Any loss or compromise of the foregoing information and/or your personal information may result in unauthorized access to your Bitfrost Account by third-parties and the loss or theft of any Digital Currency and/or funds held in your Bitfrost Account and any associated accounts, including your linked bank account(s) and credit card(s). You are responsible for keeping your email address and telephone number up to date in your Account Profile in order to receive any notices or alerts that we may send you. We assume no responsibility for any loss that you may sustain due to compromise of account login credentials due to no fault of Bitfrost and/ or failure to follow or act on any notices or alerts that we may send to you.
3.6.4. You accept responsibility for all activities that occur under your Account or from your devices in relation to the Account, including any misuse of your Account.
3.6.5. You undertake to immediately (i. e. right after the moment of discovery) inform Bitfrost about any unusual, suspicious, unclear or abnormal changes on his/her Account. In case of late informing or non-informing the User will be liable for the breach of the Terms of Use and Bitfrost will have the right to take any further steps accordingly, including but not limited to report to the relevant state or national authorities. Also, if you fail to notify Bitfrost accordingly, Bitfrost might not be able to prevent such unauthorized access or other breach of security or take corresponding security measures.
3.6.6. For ensuring better protection of your Account, you are provided with an option under your Account's "Settings", to set up a two-factor authentication via Google authenticator.
3.6.7. It is obligatory for the User to change his/her password every three (3) calendar months on a regular basis in order to reduce the risk of a security breach in relation to the Account. Bitfrost also advises you not to choose a password that is easily guessed from information someone might know or gather about the User or a password that has a meaning.
3.6.8. You acknowledge and agree that to the extent permitted by applicable law, we shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by, or in connection with the unauthorized use of your Bitfrost Account arising from a failure on your part to maintain the confidentiality of your password.
4. Corporate User Account
4.1. Bitfrost Services provides the possibility to create corporate accounts for companies on its Site. After User create Account and it has been verified, he/she can receive a corporate account for a company by uploading all company's requested documents for verification. Such corporate accounts will be added to the User's account interface in the "Accounts" section.
4.2. You understand that all existing corporate users must pass the verification procedure. Bitfrost reserves the right to request a list of the company's corporate documents, including but not limited to founding documents depending on the organizational and legal form of the company.
4.3. User that added and verify a company to its Bitfrost Account can give permission to corporate account to other participants in this company's business (for example, partners, accountant, etc.) ("Regulated Party"). These users must pass the verification process and will be added by Bitfrost.
4.4. In the case you have been granted permission to the Regulated Party to access or connect to your corporate account(s), you acknowledge that such granting permission to a Regulated Party to take specific actions on your behalf does not relieve you of any of your responsibilities under this Term of Use. You are fully responsible for all acts or omissions of any Regulated Party with access to your corporate account(s) and any action of such Regulated Party shall be considered to be an action authorised by you. Further, you acknowledge and agree that you will not hold Bitfrost responsible for, and will indemnify Bitfrost from, any liability arising out of or related to any act or omission of any Regulated Party with access to your corporate account(s).
4.5. Appointment of Regulated Parties. You may appoint appropriately regulated parties to access your corporate account. If you do so, you should be aware that by virtue of such access, that Regulated Party may access your transactional and other data, and / or may initiate transfers from your corporate account and Hosted Digital Currency Wallet. You will be liable for any actions that any Regulated Parties take on your corporate account. We reserve the right to refuse access to any Regulated Parties, as set out in clause below.
4.6. Refusing to deal with Regulated Parties. We may refuse access to Regulated Parties for objectively justified and duly evidenced reasons relating to unauthorised or fraudulent access to your corporate account and Hosted Digital Currency Wallet, money laundering, terrorist financing, fraud, or any other financial crime, and as required by applicable law. In such cases, unless we are prohibited by applicable law, we will inform you that that Regulated Party's access has been denied and the reasons why. We will permit access again once we are satisfied that the reasons for refusing access no longer exist.
5.1. User has the right to enter and use Site and Bitfrost Services, as long as he/she agrees to and actually complies with the Terms of Use. By using Site, User agrees to accept and comply with the terms and conditions stated herein.
5.2. The User undertakes to comply with any and all applicable laws and regulations related to the use of the Services.
5.3. The User undertakes to monitor all and any changes on his/her Account, including but not limited to the balance matters.
5.4. The User undertakes not to use the Service to perform criminal activity of any sort, including but not limited to, money laundering, illegal gambling operations, financing terrorist organizations, or malicious hacking.
5.5. User is responsible for any and all damages caused, and all liability actions brought against Bitfrost for infringement of any third-party rights or violation of any applicable laws.
5.6. Nothing in the Terms of Use excludes or limits the liability of the User for fraud, death or personal injury caused by their negligence, breach of the terms implied by operation of law or any other liability which may not be limited or excluded by law.
5.7. Users are solely responsible for determining whether any contemplated Transaction is appropriate for them based on their personal goals, financial status and risk willingness.
5.8. Users are prohibited from engaging in any kind of market manipulation actions which specifically includes, without limitation: front-running, wash trading, spoofing, layering, churning, and quote stuffing. For general understanding market manipulation actions are actions taken by any User or a person acting in concert with a User which are intended to (i) deceive or mislead other Users; (ii) artificially control or manipulate the price or trading volume of Funds; (iii) aid, abet, enable, finance, support or endorse either of the above. This may include actions on Bitfrost Site and/or outside of Bitfrost Site. Actions regarded by Bitfrost as market manipulation will result in blocking User's account on the Site with the right to use blocked Funds for reimbursement of negative consequences appeared due to mentioned manipulation at sole discretion of Bitfrost.
6.1. Bitfrost has the right to suspend the User's Account and block all Digital Сurrency or/and Fiat currency contained therein in case of non-fulfilment or unduly fulfilment of the Terms of Use by the User.
6.2. Bitfrost is not responsible for any malfunction, breakdown, delay or interruption of the Internet connection or any reason why our site is unavailable at any given time.
6.3. In case of changes in the legislation of a particular country the consequences of which are stricter regulation of a Digital Сurrency presented on the Site, Bitfrost may restrict trading, this may be on a certain pair with such a Digital currency or on all Digital currency, for those Users who are subject to such changes in legislation in this particular country. In such a case the User will only be able to withdraw the limited for trading Digital currency to an external address.
6.4. In the case of fraud, Bitfrost undertakes to report all the necessary information, including names, addresses and all other requested information, to the relevant authorities dealing with fraud and breaches of the law. The Users recognize that their account may be frozen at any time at the request of any competent authority investigating a fraud or any other illegal activity.
6.5. In case when due to the Site's technical problem/error/glitch within the withdrawal the User has received the amount exceeding the requested by the User, the User undertakes to immediately notify Bitfrost and to return the exceeding amount to its Bitfrost account. In case of such return the User agrees that Bitfrost has a right to unilaterally withdraw this exceeding amount from the User's Bitfrost account without notification.
6.6. In case when Bitfrost becomes aware of such Site's technical problem/error/glitch and the situation when the User has received the amount exceeding the requested, the User acknowledges and agrees that Bitfrost has a right to switch off withdrawals on User's Bitfrost account.
In case when Bitfrost became aware of such Site's technical problem/error/glitch and requested the User to return the exceeding amount to its Bitfrost account, but the User does not return the requested funds within 60 calendar days, Bitfrost reserves the right to unilaterally sell the User's Digital currency that it has on its Bitfrost account in the necessary proportional amount at any moment by market order and set off the debt that the User owes to Bitfrost.
In case after selling the User's Digital currency Bitfrost will not be able to cover the financial loss in full Bitfrost has a right to claim full cover of the exceeding amount using all available legal options.
7.1. We grant you a limited, nonexclusive, non transferable licence, subject to these Terms of Use, to access and use the Service, and related content, materials, information (collectively, the "Content") solely for approved purposes as permitted by Bitfrost. Any other use of the Service or Content is expressly prohibited and all other right, title, and interest in the Service or Content is exclusively the property of Bitfrost and its licensors. You agree you will not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, or in any other way exploit any of the Content, in whole or in part. "bitfrost. io", "Bitfrost", and all logos related to the Bitfrost or displayed on the bitfrost. io are either trademarks or registered marks of Bitfrost or its licensors. You may not copy, imitate or use them without Bitfrost prior written consent.
7.2. Although we intend to provide accurate and timely information on the Service, the Service may not always be entirely accurate, complete or current and may also include technical inaccuracies or typographical errors. This site and its components are offered for informational purposes only; this site shall not be responsible or liable for the accuracy, usefulness or availability of any information transmitted or made available via the site and shall not be responsible or liable for any error or omissions in that information.
7.3. Suspension, Termination, and Cancellation. Bitfrost may suspend, restrict, or terminate your access to any or all of the services, and/or deactivate or cancel your Bitfrost Account if we are so required by a facially valid subpoena, court order, or binding order of a government authority; or we reasonably suspect you of using your Bitfrost Account in connection with a Prohibited Use or Business; or use of your Bitfrost Account is subject to any pending litigation, investigation, or government proceeding and/or we perceive a heightened risk of legal or regulatory non-compliance associated with your Account activity; or our service partners are unable to support your use; or you take any action that Service deems as circumventing Bitfrost's controls, including, but not limited to, opening multiple Bitfrost Accounts or abusing promotions which Bitfrost may offer from time to time.
8.1. You hereby acknowledge and agree that in order to ensure proper functionality of the Site and provision of the Services, as well as other products, utilities and offerings, Bitfrost is entitled to collect, store, process and transmit certain information related to your use of the Site and the Services. Please note that our Privacy Policy applies to such matters.
8.2. You hereby acknowledge and agree that through the use of the Site or the Services you provide your express and unconditional consent for the collection and use of the information, including disclosure of the information: (i) at the legitimate requests of relevant authorities in compliance with applicable law; (ii) for protection of rights, interests and property of Bitfrost, holders of exclusive rights and users; (iii) in the event of sale of the Site or the Services, acquiring of Bitfrost by third party or in other similar cases; (iv) in other instances as provided by Privacy Policy.
9.1. If you have any feedback, questions, or complaints, contact us support@bitfrost.io
9.2. In the event of a complaint, please set out the cause of your complaint, how you would like us to resolve the complaint and any other information you believe to be relevant. A Customer Complaints agent will consider your complaint. The Agent will consider your complaint without prejudice based on the information you have provided, and any information provided by Bitfrost. Your complaint will be considered within a reasonable time (up to 48 hours). An Agent will offer to resolve your complaint in the way you requested; make a determination rejecting your complaint and set out the reasons for the rejection; or offer to resolve your complaint with an alternative solution. You agree to use the provided complaints procedure before filing any claim in a competent court. Failure to comply with this provision may be used as evidence of your unwillingness to settle the issue and/or the vexatious nature of the complaint.
If you are dissatisfied with the resolution of a complaint you may decide to contact the Office of Fair Trading in Gibraltar at the following link: https://www.oft.gov.gi/
10.1. You undertake to pay all your taxes and duties, which can be resulted from the use of Bitfrost Services and should be paid according to your state of residence regulations.
10.2. Bitfrost is not responsible for any violation made by the User due to his/her obligation to calculate and pay taxes and duties.
11.1. Bitfrost does not offer general or personal financial advice. Nothing in this website is intended to be or should be taken as financial, legal or taxation advice. Users should seek their own financial, legal, tax and accounting advice as to the likely outcomes for them of trading Digital Currency.
11.2. We shall not bear any liability, whatsoever, for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect your computer or other equipment, or any phishing, spoofing or other attack. We advise the regular use of a reputable and readily available virus screening and prevention software.
11.3. Although Bitfrost takes all necessary and reasonable measures to keep the Service up and working, Using the Service users do so at their own risk. The Service is provided without any guarantees, representations and warranties, express or implied, provided by law with respect to software or sites, including, but not limited to warranties or conditions of quality, performance, non-infringement, merchantability, and fitness for use for a particular purpose. The Service does not represent or warrant that the Service or any other related software will always be available, accessible, uninterrupted, timely, secure, accurate, complete and error-free, or will operate without packet loss. Subject to section Bitfrost shall not assume liability of any type for any losses or damages arising out of or in connection with the use of the Service, even if the Service was advised and/or aware of the possibility of such losses or damages. Your damages are limited to no more than the value of the supported digital currency at issue in the transaction. In particular the Service shall not be liable for:
11.4. We shall not be liable for delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control and shall not affect the validity and enforceability of any remaining provisions.
11.5. Notwithstanding any other provision of this Agreement, any translation of this Agreement is provided for your convenience. The meanings of terms, conditions and representations herein are subject to definitions and interpretations in the English language. Any translation provided may not accurately represent the information in the original English.
11.6. We shall not be liable for the circumstances that affect the transaction after the altcoins have been sent to the address stipulated. If there is a confirmation on blockchain that the altcoins have been sent, our obligations shall be treated as fully performed.
11.7. You shall be responsible for the correctness of the wallet address you specify in case of loss of the altcoins because the address proves to be wrong, invalid or unsuitable for the particular type of Digital currency.
11.8. Site and Bitfrost Services found at this Site may contain links to third-party websites that are not owned or controlled by Bitfrost. Bitfrost assumes no responsibility for the content, terms and conditions, privacy policies or practices of any third-party websites. In addition, Bitfrost does not censor or edit the content of any third-party websites. By using this Site or Bitfrost Services found at this Site, you expressly release Bitfrost from any and all liability arising from the User's use of any third-party website. Accordingly, Bitfrost encourages the User to be aware when the User leaves this Site, or Bitfrost Services found at this Site and to review the terms and conditions, privacy policies and other governing documents of any other website that you may visit.
11.9. In the event that Bitfrost is acquired by or merged with a third-party entity, we reserve the right, in any of these circumstances, to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control.
11.10. Nothing in this Agreement shall be deemed or is intended to be deemed, nor shall it cause, either you or Bitfrost to be treated as partners or joint ventures, or either you or Bitfrost to be treated as the agent of the other.
11.11. If you receive information about another user through Bitfrost Services, you must keep the information confidential and only use it in connection with Bitfrost Services. You may not disclose or distribute a user's information to a third party or use the information except as reasonably necessary to carry out a transaction and other functions reasonably incidental thereto such as support, reconciliation and accounting unless you receive the user's express consent to do so. You may not send unsolicited communications to another user through the Bitfrost Services.
11.12. We may not always strictly enforce our rights under this Agreement. If we do choose not to enforce our rights at any time, this is a temporary measure and we may enforce our rights strictly again at any time.
12.1. Bitfrost Limited is registered as a virtual currency service provider by the Gibraltar Financial Services Commission ("GFSC").
12.2. As a regulated business, Bitfrost is required to comply with the Proceeds of Crime Act 2015 (Transfer of Virtual Assets) Regulations 2021, the Terrorism Act 2018 and the Sanctions Act 2019 as well as any other Money Laundering and Terrorist Financing Prevention and International Sanctions legislation.. This requires Bitfrost to verify its clients' identities, conduct transaction monitoring, maintain records of all transactions conducted through Bitfrost, for up to five years as of the account termination for whatever reason and report certain transactions to authorities.
12.3. Identification and verification procedures (also known as 'Know Your Customer' or 'KYC') are required for all Bitfrost services. All existing and new Users of the Services must pass the verification procedure. Bitfrost reserves the right to limit the Services functionality to the Users who have not passed verification. If the User refuses to provide required documents and information necessary for KYC purposes, Bitfrost reserves the right to immediately terminate the Services provision to the User.
12.4. The User undertakes to provide Bitfrost with correct and relevant documents and personal information contained therein. In case the User provides counterfeit documents and false personal information, such behaviour will be interpreted as a fraudulent activity.
12.5. The User hereby authorises Bitfrost to, directly or indirectly (through third parties), make any inquiries as we consider it necessary to check the relevance and accuracy of the information provided for verification purposes. Personal Data transferred will be limited to strictly the necessary and with security measures in use to protect the data.
13.1. The User may terminate the Terms of Use and close their Account at any time, following settlement of any pending transactions.
13.2. The User also agrees that Bitfrost may, by giving notice, at its sole discretion terminate his/her access to the Site and to his/her Account, including without limitation, our right to: limit, suspend or terminate the service and the Users' Accounts, prohibit access to the Site and its content, services and tools, delay or remove hosted content and take technical and legal steps to keep the Users off the Site if we think that they are creating problems or possible legal liabilities, infringing the intellectual property rights of third parties or acting inconsistently with the letter or spirit of these Terms. Additionally, Bitfrost may, in appropriate circumstances and at its discretion, suspend or terminate Accounts of Users for any reason, including without limitation: (1) attempts to gain unauthorized access to the Site or another User's account or providing assistance to others' attempting to do so, (2) overcoming software security features limiting use of or protecting any content, (3) usage of the Service to perform illegal activities described below, (4) violations of these Terms of Use, (5) failure to pay or fraudulent payment for Transactions, (6) unexpected operational difficulties, or (7) upon the request of law enforcement or other government agencies, if deemed to be legitimate and compelling by Bitfrost, acting at its sole discretion.
13.3. It is strictly forbidden to use the Account for any illegal purposes. Bitfrost will report any suspicious activity to the relevant law enforcement.
13.4. User shall ensure that he/she does not use Bitfrost Services for the transactions relating to:
13.5. Bitfrost also reserves the right to cancel unconfirmed Accounts or Accounts that have been inactive for a period of six (6) months or more and/or to modify or discontinue our Site or Service. The User agrees that Bitfrost will not be liable to them or to any third party for termination of their Account or access to the Site.
13.6. The suspension of the Account shall not affect the payment of the Transaction fees due for past Transactions. Upon termination, the User shall provide a valid bank account details or Digital currency address to allow the transfer of any currencies deposited to his/her Account. Bitfrost shall transfer the currencies as soon as possible following the User's request in the time frames specified by Bitfrost.
13.7. Bitfrost will send the credit balance of the User's Account to him/her, however in circumstances a number of intermediaries may be involved in an international payment and these or the beneficiary bank may deduct charges. Bitfrost will use reasonable efforts to ensure that such charges are disclosed to the User prior to sending the payment; however, where they cannot be avoided, the User acknowledges that these charges cannot always be calculated in advance, and that he/she agrees to be responsible for such charges.
14.1. Bitfrost reserves the right to amend or modify any portion of these Terms of Use at any time by publishing the revised version of the Terms of Use on the Site. The changes will become effective and shall be deemed accepted by User, the first time User uses Bitfrost Services after the publishing of the revised Terms of Use and shall apply on a going-forward basis with respect to any activity initiated after publishing. In the event that User does not agree with any such modification, User's sole and exclusive remedy is to terminate the use of the Services and close the Account. User agrees that Bitfrost shall not be liable to User or any third party as a result of any losses suffered by any modification or amendment of these Terms of Use.
15.1. These Terms of Use shall be governed by and construed in accordance with the laws of Gibraltar, unless otherwise expressly provided. All disputes and controversies arising out of or in connection with this website and these Terms of Use shall be submitted to the Gibraltar Courts, as the Court of first instance. If any portion of these Terms of Use shall be deemed invalid, void or for any reason unenforceable, such portion shall be deemed severable and shall not affect the validity and enforceability of any remaining portion.
15.2. Our Terms of Service and the whole procedure of work comply with the Proceeds of Crime Act 2015 (Transfer of Virtual Assets) Regulations 2021.
The trading of goods and products, real or virtual, as well as virtual currencies involves significant risk. Currency prices can and do fluctuate on any given day and historical increases in value and returns cannot be used as future indicators of developments. Due to such price fluctuations, the value of your assets may increase or decrease at any given moment. You must therefore consider if our Service is suitable for you in light of your financial circumstances and appetite towards risk.
Virtual currencies may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading anything on a market. Also, online trading platforms themselves may be vulnerable from both a security and technical perspective, for example risk of hacking, which could lead to transactions not being executed and, in the worst case, assets being lost or stolen.
It is also important to remember that, in the event of loss, virtual currencies are neither protected by the governmental investor protection schemes nor deposit guarantee schemes.