G.F.S&S is performing activities on the basis of the active and valid crypto-currency authorization, supervised by the General Inspector of Financial Information of Poland, and is therefore authorized to provide the following services:

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• Virtual Currency wallet service, including storage of the Virtual Currency funds and issuing of encrypted user keys;

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• Virtual Currency to Fiat Currency exchange;

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• Fiat Currency to Virtual Currency exchange;

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• Virtual Currency to Virtual Currency exchange.

By creating an account, you confirm that you have reached the legal age in your country of residence and therefore are legally capable of entering into agreements and be bound by its terms. You further acknowledge and agree to be legally bound by terms and conditions laid down in these Terms in their entirety.

You understand and affirm that by logging into your account shall constitute your agreement with these Terms and other applicable agreements between you and G.F.S&S. The same applies to any event in which the said Terms have been amended and you have logged into your account without expressing prior written notice of non-agreement to the new version of these Terms. You further acknowledge that we have a right to reaffirm your acceptance of these Terms from time to time, as we introduce amendments and that your acceptance shall be a prerequisite to further access and use of our Services. Please note that any transactions or orders placed with G.F.S&S exchange after entering into force of the updated provisions of these Terms may be subject to the said amendments. If you disagree to these Terms, you should discontinue the use of our Services and close your account in accordance with the provisions of these Terms.
 

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In order to be deemed eligible to use and engage with our Services, you must warrant that:

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• You have reached the legal age in your country of residence and therefore are legally capable of entering into agreements and be bound by its terms;

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• You have never been suspended or otherwise restricted from using our Services;

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• Entering into a binding agreement with us does not contradict or breach any other contractual terms by which you are legally bound;

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• You are not located and/or residing in any of the restricted locations and jurisdictions, including those subject to the EU and Poland economic restriction measures (i.e., embargoes);

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• You are not identified as an individual that is officially classified as a Specially Designated National and Blocked Person (the “SDN”), or is affiliated with companies, groups and entities classified as the SDN, or otherwise represent such natural or legal person;

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• You are not subject to any international sanctions, including the EU and United Nations sanctions, or affiliated with companies, groups and entities subject to international sanctions, or otherwise represent such natural or legal person.

 

Eligibility of an individual intending to use the Services of behalf of a legal entity is determined by meeting the following requirements:

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• Your organization is incorporated with all due diligence of the company formation and incorporation in the country of its legal location;

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• Your organization conducts its activities in accordance with the applicable laws and regulations;

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• You have been legally authorised to represent your organization and otherwise enter into legally binding agreements on its behalf;

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• Your organization has not been associated with, affiliated with or otherwise identified as the SDN;

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• Your organization is not subject to any international sanctions, including the EU and United Nations sanctions, or affiliated with companies, groups and entities subject to international sanctions, or otherwise represent such natural or legal persons;

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We reserve the right to evaluate your eligibility to access and use our Services at any moment by assessing your compliance with the eligibility criteria listed above. In the case of amendment, alteration, or extension of eligibility criteria, we may review your eligibility accordingly. G.F.S&S may require you to provide proof of eligibility, if necessary. Any decision, including the initial and ongoing evaluations, reviews and assessments of your eligibility, shall be final.

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Virtual Currency Exchange (the “Exchange”) enables you to execute purchases and sales of Virtual Currencies at prices and rates indicated by the Exchange via the use of your Account. You may opt to purchase Virtual Currency with Fiat Currency, and vice versa. Respectively, you may also opt to sell your Virtual Currency and receive Fiat Currency, and vice versa.
 

Orders:

Our Exchange operates on a full reserve principle. All Orders are executed on a pre-paid basis, meaning that you must ensure the sufficient amount of funds in your Account to fulfil an Order. The amount of funds necessary to execute an Order is reserved until further fulfilment, cancellation, expiration or termination of your Order. The total amount of funds necessary for placing an Order shall cover the value of the Order and all the applicable fees. Any Order the required amount of which exceeds the amount of freely available funds in your Account cannot and will
not be executed and shall be rejected.

By placing an Order, you confirm that we are not responsible for cancelling it in full or in part. You confirm that cancelling an Order may not be possible to cancel it after it has already been processed for fulfilment.

You should make sure that the following requirements are fulfilled before placing an Order:

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• You have entered the desired amount of Virtual Assets to buy or sell and made sure that the desired amount is entered correctly;

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• You have reviewed the purchase or sale rates of your Order;

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• You have reviewed the fees applicable to your Order;

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• You understand the net worth of Virtual or Fiat Assets to be received.

 

Order Fulfilment:

Once an Order has been placed, there may be a possibility that it may not be fulfilled. The reasons affecting the fulfilment of your Orders include (but are not limited to):

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• The activity status of the Exchange, including the events of downtime, planned and emergency system and software maintenance, seasonal and state holidays, etc.;

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• The effect of your Order on the condition of the Market, i.e. whether or not your Order falls under the definition of Market Manipulation;

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• The availability and sufficient amount of funds on your Account;

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• Mechanical and electronic state of the hard- and software;

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• Compliance requirements and other relevant factors.

We will notify you of any unsuccessful attempt to fulfil your Order, specifying the reasons leading to the failure to fulfil the Order and asking for your consent to re-submit and refulfil your Order given the current Exchange Rate.

Please note that in an event of inability to execute an Order due to the reasons that include, but are not limited to, the technical capabilities and failures, as well as other relevant conditions falling outside of the scope of our direct control, we shall not be liable for any failures and delays in executing your Orders.

In an event of inability to fulfil your Order due to compliance reasons, we reserve the right to delay the execution of such an Order until the compliance clearance has been completed. Any such Order will be subject to further review within a reasonable period. In case we are unable to clear an Order on the basis of the necessary compliance requirement due to the lack of sufficient information or other relevant reasons, we may require you to provide additional information about your identity and/or the nature of your transaction, as well as other important details relevant to compliance requirements.

We will not fulfil any Order failing to meet the relevant compliance requirements, given that the necessary information has not been provided and our Compliance Team has reasonable grounds not to fulfil such an Order on the basis of its non-compliance with the relevant requirements and legislation. Such Orders will not be fulfilled under any circumstances.
 

In order to place Orders and execute transactions, you should ensure your Account holds a sufficient amount of funds. You may deposit and execute Orders and transactions with Virtual and Fiat Currencies.

Please note that we shall not be liable for any error, failure, delay and/or reliability of the service providers you use to deposit your Account. Before sending funds to your Account, make sure you have reviewed and agreed to your external service provider’s policies on transferring of funds as well as the relevant compliance legislation and regulations.
 

Fiat Currency Transactions:

You may choose to purchase Virtual Currencies with Fiat Currency. You may do so by either depositing a desired amount of Fiat Currency into your Account or by linking the desired payment method associated with your source of fiat funds to the Account before an Order is placed.

If you opt to deposit Fiat Currency to your Account, we shall hold such fiat funds on your behalf in a bank account that is completely separate and independent from G.F.S&S own bank accounts. If you opt to link a payment method to your Account, you may select a desired method from a list of options that will be displayed to you and confirm it. By confirming the linking of a payment method, you grant us authorisation to debit the necessary amounts of funds to place and fulfil your Orders and transactions.

You may also opt to sell your Virtual Currency for Fiat Currency. In this case, by placing such Order, you give us authorization to deduct the necessary amount of Virtual Currency funds to receive the desired amount of Fiat Currency. The Fiat Currency shall be delivered to the payment method of your choice.

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Virtual Currency Transactions:

Any Virtual Currency funds that you hold in your Account is your property. Any funds you purchase are held by us on a custodial basis only for your benefit and on your behalf. By no means shall G.F.S&S access and use any Virtual Currency funds held in your Account for the purposes of transferring the ownership, loaning the said funds to your and third parties, claiming interests over the said funds on our or third parties’ behalf, etc. The following shall be accounted for before depositing any Virtual Currency funds at our Exchange:

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• As an owner of the deposited Virtual Currency funds, you acknowledge the risks associated with buying and selling Virtual Currencies. G.F.S&S shall not be liable for any losses as well as fluctuations in rates and value of Virtual Currencies deposited into your Account;

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• We shall not loan, transfer, sell, pledge or otherwise dispose of your Virtual Currency funds deposited at your Account at our sole discretion and by our sole decision-making. Except for the circumstances stipulated by law or by order of the competent authorities, such as law enforcement institution and courts, your Virtual Currency funds will be transferred, processed and engaged with by us in accordance with your instructions only;

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• G.F.S&S undertakes a rage of measures to ensure more secure storage of your Virtual Currency funds. Such measures may include, but are not limited to, storing your funds in shared blockchain addresses, all of which are controlled solely by us. In an event of applying such security measures to storing your Virtual Currency funds, we shall by no means transfer and store your funds unsegregated from G.F.S&S’s Virtual Currency funds. Additionally, we may opt to store your Virtual Currency funds deposited for use on our Exchange by using one or more of the appropriate storage methods, including “hot wallets”, “cold wallets” and separate ledger entities.

By depositing Virtual Currency funds four use on our Exchange, you agree that we reserve the right to cancel, terminate, or otherwise refuse the processing of any Virtual Currency transaction in accordance with law or lawful order of any law enforcement authority or court. Any transaction deemed to be associated with acts of money laundering, financing terrorism, committing fraud or other financial crimes will never be processed by G.F.S&S and appropriate action will be taken as prescribed by law, should such transaction be identified.


Fiat Currency Withdrawals:

It is permissible to withdraw Fiat Currency funds only to a bank account opened on your name. Withdrawals to any third party bank accounts, including bank accounts of authorized third parties, is prohibited. Any withdrawal must be authorized directly by you by using means of authentication.

Virtual Currency Withdrawals:

Virtual Currency withdrawals shall be processed at the speed of applicable Virtual Currency network. Please note that any delay or interruption in regards to the speed, maintenance, and operational state of any Virtual Currency network lies outside of our control and we shall not be liable for any disruption or delay thereof.

Wire Withdrawals:

Wire withdrawals are processed only to a bank account opened on your name and in accordance with normal banking hours. You understand that the withdrawal of funds may be affected by events such as bank and state holidays, weekends, the internal processes of your bank and financial institutions as well as other relevant factors.

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