PLEASE READ THESE TERMS CAREFULLY AS THEY GOVERN YOUR USE OF THE SERVICES. AS WITH ANY ASSET, THE VALUE OF CRYPTO CURRENCIES CAN GO UP OR DOWN AND THERE CAN BE A SUBSTANTIAL RISK THAT YOU WILL LOSE MONEY BUYING, SELLING, HOLDING, OR INVESTING IN DIGITAL CURRENCIES. BY USING THE SERVICES YOU ACKNOWLEDGE AND AGREE THAT (1) YOU ARE AWARE OF THE RISKS ASSOCIATED WITH TRANSACTING IN DIGITAL CURRENCIES (2) THAT YOU ASSUME ALL RISKS WITH RESPECT TO YOUR USE OF THE SERVICES AND TRADING IN DIGITAL CURRENCIES AND (3) BINANCE IS NOT RESPONSIBLE OR LIABLE FOR ANY SUCH RISKS OR ADVERSE OUTCOMES.
BY ACCESSING, USING OR ATTEMPTING TO USE THE SERVICES IN ANY CAPACITY, YOU ACKNOWLEDGE THAT YOU ACCEPT AND AGREE TO BE BOUND BY THESE TERMS. IF YOU DO NOT AGREE, DO NOT ACCESS OR USE THE SERVICES.
By opening an Account, you expressly represent and warrant:
- That you are at least 18 years of age and have the full capacity to accept these Terms and enter into a transaction involving digital assets.
By accessing or using Senit Services, you further represent and warrant that:
- you will not be using the Senit Services for any illegal activity, including, but not limited to, illegal gambling, money laundering, fraud, blackmail, extortion, ransoming data, terrorism financing, other violent activities or any prohibited market practices, including, but not limited to, those listed under Restricted Activities.
USDC is a “ERC-20” digital asset, a stablecoin, issued by Circle International Financial, Inc that operates on the Ethereum blockchain (“USDC” or “USD//Coin”). USDC is fully backed by U.S. Dollars or equivalent assets held by Circle with its U.S. banking partners in segregated accounts, on behalf of, and for the benefit of, Users. This means for every USDC that is issued by Circle and remaining in circulation, Circle will hold on behalf of Users one U.S. Dollar in its bank account(s) or other approved investments (the “Segregated Accounts”).
The process of retrieval of USDC into U.S. Dollar is called funds tokenization (“tokenization”, “tokenized”, “tokenizing”). For a description of the process for tokenizing U.S. Dollar funds to USDC and redeeming USDC for U.S. Dollar funds, please see here. The process of tokenization is part of Senit Services and is performed automatically on behalf of the Senit users. You will not have to perform this process manually on the Senit platform.
Each USDC will have an established value of one (1) U.S. Dollar at the time of being tokenized, subject to the terms set forth in this Agreement and fees where applicable. While you are in possession of your USDC funds, you give Senit a right to use these funds for the process of tokenization.
This process is performed by Senit on the Senit platform on your behalf when you wish to use any of the Senit Services, as outlined below, subject to the terms of this Agreement.
You also agree that Senit is entitled to any income from the use of your funds, or interest accrued with respect to your funds, prior to redemption.
DESCRIPTION OF SERVICES
Senit currently provides below services to its users. This list may be updated as new services are launched.
a) USDC-based mobile wallet. Your Senit account is a USDC-based wallet. This means that the funds kept in your Senit account are USDC. All cash-in and cash-out transactions consist of below steps:
i. Cash-in process:
1. We receive your FIAT (currency other than crypto) funds in our bank account
2. We then tokenize your funds into USDC. This means that we purchase the equivalent USDC on your behalf.
3. These USDC funds are then placed into your Senit account.
ii. Cash-out process:
1. We redeem your USDC funds for U.S. Dollar funds on your behalf. This means that we sell your USDC funds for equivalent U.S. Dollar funds.
2. We then send these U.S Dollar funds to the external source chosen by you.
b) Digital currency services. These Services operated by Senit allow buyers (“Buyers“) and sellers (“Sellers“) to buy and sell digital currencies.
c) P2P services. These Services operated by Senit allow its users (“Members“) to send and receive digital assets to each other using Senit platform as a peer-to-peer transaction. You understand that during this process Senit is sending USDC to another address thus automatically transfers and assigns to the owner of that address (a “Holder”), and any subsequent Holder, the right to redeem USDC for U.S. Dollar funds so long as the Holder is eligible to, and does, register a USDC Account with Senit or any other third part application.
The trading of goods and products, real or virtual, as well as virtual currencies involves significant risk. Prices can and do fluctuate on any given day. Such price fluctuations may increase or decrease the value of your assets at any given moment. Any currency – virtual or not – 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.
Digital currency trading also has special risks not generally shared with official currencies or goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, or by commodities such as gold or silver, digital currencies are unique type of “fiat” currency, backed by technology and trust. There is no central bank that can issue more currency or take corrective measures to protect the value of digital currencies in a crisis.
Instead, cryptocurrencies are an as-yet autonomous and largely unregulated global system of currency firms and individuals. Traders put their trust in a digital, decentralised and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity.
The trading of cryptocurrencies is often susceptible to irrational (or rational) bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in Cryptocurrencies because of unexpected changes imposed by software developers or others, a government crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems: if the anonymity of the system is compromised, if money is lost or stolen, or if hackers or governments are able to prevent any transactions from settling.
You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading digital assets.
We use our banking providers in order to receive client funds and make payments. Our banking providers DO NOT transfer, exchange, or provide any services in connection with digital currencies.
LIMITED RIGHT OF USE
Unless otherwise specified, all Materials on this Site and App are the property of Senit and are protected by copyright, trademark and other applicable laws. You may view, print and/or download a copy of the Materials from this Site and Senit app on any single computer or mobile phone solely for your personal, informational and/or non-commercial use, provided you comply with all copyright and other proprietary notices.
The trademarks, service marks and logos of Senit and others used in this Site and Senit App (“Trademarks“) are the property of Senit and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video and audio used on this Site and Senit App belong to Senit. The Trademarks and Material should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other Site, mobile phone or networked computer environment for any other purpose is strictly prohibited; any such unauthorised use may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties.
MAINTAINING YOUR ACCOUNT: OUR RULES
This Site and our app are for your personal and non-commercial use only. We are vigilant in maintaining the security of our Site, App and the Service. By registering with us, you agree to provide Senit with current, accurate and complete information about yourself, as prompted by the registration process, and to keep such information updated. You further agree that you will not use any Account other than your own or access the Account of any other Member at any time or assist others in obtaining unauthorised access. You also understand that if the information provided by you is intentionally incorrect and that any misrepresentation by you is a violation of these Terms.
If Senit determines that you have violated these Terms, including, but not limited to, engaging in Restricted Activities then Senit may be forced to terminate your Account and you may forfeit any U.S. Dollar funds otherwise eligible for redemption.
The creation or use of Accounts without obtaining prior express permission from Senit will result in the immediate suspension of all said Accounts, as well as all pending purchase/sale offers. Any attempt to do so or to assist others (Members or otherwise), or the distribution of instructions, software or tools for that purpose, will result in the Accounts of such Members being terminated. Termination is not the exclusive remedy for such a violation, and Senit may elect to take further action against you.
You are also responsible for maintaining the confidentiality of your Account information, including your password, safeguarding your own digital assets, and all activity including Transactions that are posted to your Account. Any actions on the Site and mobile App, transactions, orders and operations initiated from your Account or using your password (1) will be considered to have been made by you, and (2) is irrevocable once validated using your password or made through your Account. If there is suspicious activity related to your Account, we may, but are not obligated to, request additional information from you, including authenticating documents, and to freeze any transactions pending our review. You are obligated to comply with these security requests or accept termination of your Account.
We strongly advise you to enable all relevant security features such as two-factor authentication, as available: this offers you greater protection from possible attackers attempting to log in to your Account than password alone and in situations where your email and/or password is compromised by a third-party data breach. Senit will not be liable for any loss or damage arising from your failure to protect your account information.
We shall not bear any liability for any damage or interruptions caused by any computer viruses, spyware, or other malware that may affect your computer, mobile or other equipment, or any phishing, spoofing, or other attack. We advise the regular use of a reliable virus and malware screening and prevention software. If you question the authenticity of a communication purporting to be from Senit, you should login to your Senit Account on our mobile application, not by clicking links contained in emails.
You are required to notify Senit immediately of any unauthorised use of your Account or password, or any other breach of security, by email to firstname.lastname@example.org. Any Member who violates these rules may be terminated, and thereafter held liable for losses incurred by Senit or any user of the App.
Senit similarly reserves the right to freeze Ripple accounts in accordance with the new policy announced by Ripple Labs, which took effect on 15 September 2014. Please see the explanation provided by Ripple Labs below:
“The freeze protocol extension gives gateways the ability to 1) globally freeze all their issued funds or 2) freeze funds issued to a specific user. Frozen funds may only be sent back to the issuing gateway. The global freeze feature allows a gateway to freeze all balances it issues. The gateway may still issue payments. Accounts holding frozen balances may return the funds to the gateway. This feature is useful for migrating users from one account to another and to safeguard users in the event that the gateway account is compromised. The individual freeze is primarily intended for compliance with regulatory requirements, which may vary from one jurisdiction to another. It also allows gateways to freeze individual accounts issuances in order to investigate suspicious activity. These features allow gateways to better operate in compliance with laws and regulations.”
The accounts that were or will be funded did not and will not earn interests.
In connection with your use of the Senit Services, you hereby agree that you will not:
a) violate (or assist any other party in violating) any applicable law, statute, ordinance, or regulation;
b) intentionally try to defraud (or assist in the defrauding of) Senit or other Senit users;
c) provide false, inaccurate, or misleading information;
d) take any action that interferes with, intercepts, or expropriates any system, data, or information;
e) partake in any transaction involving the proceeds of illegal activity;
f) transmit or upload any virus, worm, or other malicious software or program;
g) attempt to gain unauthorized access to other Senit Accounts, the Senit website, or any related networks or systems;
h) use Senit Services on behalf of any third party or otherwise act as an intermediary between Senit and any third parties;
i) collect any user information from other Senit users, including, without limitation, email addresses;
j) defame, harass, or violate the privacy or intellectual property rights of Senit or any other Senit users; or
k) upload, display or transmit any messages, photos, videos or other media that contain illegal goods, pornographic, violent, obscene or copyrighted images or materials
(such activities, “Restricted Activities”).
VERIFICATION OF ACCOUNTS
In addition to providing this information, to facilitate compliance with global industry standards for data retention, you agree to permit us to keep a record of such information for the lifetime of your account plus 5 years beyond account closing. You also authorise us to make inquiries, either directly or through third parties, that are deemed necessary to verify your identity or to protect you and/or us against financial crimes such as fraud.
The identity verification information we request may include, but is not limited to, your: Name, Email Address, Contact Information, Telephone Number, Username, Government Issued ID, Date of Birth and other information collected at the time of account registration. In providing this required information, you confirm that it is accurate and authentic.
Post-registration, you must guarantee that the information is truthful, complete and updated in a timely manner with any changes. If there is any reasonable doubt that any information provided by you is wrong, untruthful, outdated or incomplete, Senit shall have the right to send you a notice to demand corrections, remove relevant information directly and, as the case may be, terminate all or part of the Services to you. You shall be solely and fully responsible for any loss or expenses incurred during the use of Senit Service if you cannot be reached through the contact information provided. You hereby acknowledge and agree that you have the obligation to keep all information provided up to date if there are any changes.
BY SIGNING UP FOR ACCOUNT YOU HEREBY AUTHORIZE SENIT TO MAKE INQUIRIES, WHETHER DIRECTLY OR THROUGH THIRD PARTIES, THAT SENIT CONSIDERS NECESSARY TO VERIFY YOUR IDENTITY OR PROTECT YOU AND/OR SENIT AGAINST FRAUD OR OTHER FINANCIAL CRIMES, AND TO TAKE ACTION SENIT REASONABLY DEEMS NECESSARY BASED ON THE RESULTS OF SUCH INQUIRIES. YOU ALSO ACKNOWLEDGE AND AGREE THAT YOUR PERSONAL INFORMATION MAY BE DISCLOSED TO CREDIT REFERENCE AND FRAUD PREVENTION OR FINANCIAL CRIME AGENCIES AND THAT THESE AGENCIES MAY RESPOND TO OUR INQUIRIES IN FULL.
ACCOUNT SUSPENSION & CLOSURE
You may terminate this agreement with Senit, and close your Account at any time, following settlement of any pending transactions. In order to do so, you should contact Support who will assist you in closing your Senit Account. You may not terminate your Account if Senit believes, in its sole discretion, that such closure is being performed in an effort to evade a court order or legal or regulatory investigation or to avoid paying any amounts otherwise due to Senit.
We will be unable to terminate your Senit Account at your request unless you have zero funds in your Account. We reserve the right to restrict or refuse to permit redemptions or transfers from your Senit Account if (i) your Account has otherwise been suspended or unilaterally terminated by Senit in accordance with this Agreement or (ii) to do so would be prohibited by law or a court order or we have determined that the USDC were obtained fraudulently.
Upon closure or suspension of your Senit Account, you authorize Senit to cancel or suspend pending transactions and forfeit all proprietary rights and claims against Senit in relation to any USDC funds otherwise eligible for redemption.
In the event that you or Senit terminates this Agreement or your access to the Senit Services, or cancels your Senit Account, you remain liable for all activity conducted on or with your Senit Account while it was active and for all amounts due hereunder.
If you are seeking to terminate a Senit Account on behalf of a deceased User, please contact us at email@example.com.
USDC is a base currency of the Senit Platform. If you wire funds to Senit for cash-in then you should denominate your wire transfer in U.S. Dollars. If you transmit your wire in a currency other than U.S. Dollars, Senit’s banking partners will convert such funds to U.S. Dollars at such bank’s then applicable conversion rate and may charge additional fees for completing such currency conversion.
Your Senit Account will then be credited with an amount of USDC equal to the amount of U.S. Dollars that results following such currency conversion and deduction of any fees charged for such currency conversion. Senit is not responsible for any processing delays that may result in connection with completing such currency conversion.
Additionally, Senit’s banking partners may not support all non-U.S. Dollar currencies, and may be forced to reject or return a wire received in a non-supported currency. Note that your Senit Account only supports USDC amounts out to two decimal places, so all USDC amounts will be rounded down to two decimal places.
CUSTOMER TIERS & TRANSACTION LIMITS
Senit has classified its customers into 3 TIERs depending on the size of the transaction and customer type (individual Vs. Company). All individual customers on sign-up are automatically assigned TIER 1. Senit reserves the right to change these customer tiers as well as transactional limits as we deem necessary and without prior notice.
If a payment made to add funds to your Senit Account (cash-in) and this payment is then reversed by your bank or Senit’s banking partners after a cash-in transaction is completed, then Senit reserves the right to (i) retroactively cancel such transactions on your Senit Account and deduct such USDC from your Senit Account, (ii) deduct such amounts from future transactions in your Senit Account or otherwise received into your Account, (iii) suspend your Senit Account and access to the Services until resolved, (iv) if you maintain more than one Account on Senit platform, set off the negative amount of USDC in one Senit Account by applying the amount of USDC you hold in your other Senit Account(s) against the negative amount, and (v) pursue legal action or any other means of recovery legally available.
To secure your performance of these Terms, you grant to Senit the right to (a) block transfers of USDC from your account, including any non-USDC account(s), (b) set off any fees or other amounts owed by you against funds Senit holds on your behalf.
In the event that Senit is forced to engage a third party to assist with the recovery of any funds owed by you to Senit, you will be charged any fees or expenses that are incurred by Senit in connection with such recovery efforts, including, but not limited to, collection fees, legal fees or convenience fees charged by third parties.
You hereby explicitly agree that all communication in relation to a funds owed by you to Senit or a delinquent account will be made by electronic mail, SMS or phone. Such communication may be made by Senit or by any third party acting on its behalf, including but not limited to a third-party collection agent. Note that if Senit is forced to engage such third parties in connection with recovering amounts that you owe Senit, your credit may be negatively impacted.
AVAILABILITY OF SERVICES
All services are provided without warranty of any kind, either express or implied, and in particular without implied warranties of merchantability and fitness for a particular purpose. We do not represent that this Site and Senit App will be available 100% of the time to meet your needs. We will strive to provide you with the Service as soon as possible, but there are no guarantees that access will not be interrupted, or that there will be no delays, failures, errors, omissions or a loss of transmitted information.
However, we reserve the right to change, suspend, or discontinue any aspect of Senit Services at any time, including hours of operation or availability of any feature, without notice and without liability. Suspension of your use of any of Senit Services will not affect your rights and obligations pursuant to these terms. We may, in our sole discretion, delay any transaction we see as suspicious, or if they may involve fraud or misconduct, or if they violate applicable laws or violates these terms.
APIS AND WIDGETS
We may provide access to certain parties to access specific data and information through our API (Application Programming Interface) or widgets. We also may provide widgets for your use to enter your data on our Site and App. You are free to use these in their original unmodified and un-altered state.
Senit makes no representations whatsoever about any external or third-party website you may access through the Site. Occasionally, the Senit website may provide references or links to other websites (“External Websites“). We do not control these External Websites or third-party sites or any of the content contained therein. You agree that we are in no way responsible or liable for the External Websites referenced or linked from the Senit website, including, but not limited to, website content, policies, failures, promotions, products, opinions, advice, statements, prices, activities and advertisements, services or actions and/or any damages, losses, failures or problems caused by, related to, or arising from those sites. You shall bear all risks associated with the use of such content.
Our business model and our Service facilitate the buying, selling and trading of cryptoassets and their use to purchase goods in an unregulated, international open payment system. The Services we provide are currently unregulated within the UK.
Legal treatment of USDC transfers
The regulatory status of USDC and blockchain technology is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether regulatory agencies may apply existing regulation with respect to USDC, blockchain technology and its applications. Accordingly, it is not possible to determine whether a USDC transfer would be recognized under applicable law by a court or regulator in the UK or internationally.
EMAIL & COMMUNICATION
Unencrypted email messages sent over the Internet are not secure and Senit is not responsible for any damages incurred by the result of sending email messages in this way. We suggest sending email in encrypted formats; you are welcome to send PGP encrypted emails to us. The instructions and keys to do so are available upon request.
If you send unencrypted or unsecured email or other types of communications to us, we may respond using the same channels and you hereby accept the risks associated therewith.
To the extent you access the Senit Services through a mobile device, your wireless service carrier’s standard charges, data rates, and other fees may apply. By using Senit application, you agree that we may communicate with you by SMS, MMS, text message, push notification, and/or other electronic means via your mobile device and that certain information about your usage of the Senit Services may be communicated to us.
In the event that you change or deactivate your mobile telephone number, you agree to promptly update your account information to ensure that your messages are not sent to any person who might acquire your old number.
DISCLOSURES TO LEGAL AUTHORITIES AND AUTHORIZED FINANCIAL INSTITUTIONS
We may share your Personal Data with law enforcement, data protection authorities, government officials, and other authorities when:
- Required by law;
- Compelled by subpoena, court order, or other legal procedure;
- We believe that disclosure is necessary to prevent damage or financial loss;
- Disclosure is necessary to report suspected illegal activity; or
We may also share information concerning US citizens who are Senit customers with other financial institutions, as authorized under Section 314(b) of the US Patriot Act, and with tax authorities, including the US Internal Revenue Service, pursuant to the Foreign Account Tax Compliance Act (“FATCA”), to the extent that this statute may be determined to apply to.
INTERNATIONAL TRANSFERS OF PERSONAL DATA
We store and process your Personal data on secure servers in Europe in compliance with the European Union General Data Protection Regulation 2016/679. For that purpose, Senit App Ltd is registered with the Information Commissioner’s Office (ICO) as the data controller. Registration number: ZA538964.
Disclaimer of Damages and Limitations of Liability
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT WILL SENIT, ITS AFFILIATES AND THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS, AGENTS, REPRESENTATIVES, SUPPLIERS OR CONTRACTORS BE LIABLE FOR ANY INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR SIMILAR DAMAGES OR LIABILITIES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF DATA, INFORMATION, REVENUE, PROFITS OR OTHER BUSINESS OR FINANCIAL BENEFIT) ARISING OUT OF OR IN CONNECTION WITH THE SERVICES, ANY PERFORMANCE OR NON-PERFORMANCE OF THE SERVICES, OR ANY OTHER PRODUCT, SERVICE OR OTHER ITEM PROVIDED BY OR ON BEHALF OF SENIT AND ITS AFFILIATES, WHETHER UNDER CONTRACT, STATUTE, STRICT LIABILITY OR OTHER THEORY EVEN IF SENIT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES EXCEPT TO THE EXTENT OF A FINAL JUDICIAL DETERMINATION THAT SUCH DAMAGES WERE A RESULT OF SENIT’S GROSS NEGLIGENCE, FRAUD, WILLFUL MISCONDUCT OR INTENTIONAL VIOLATION OF LAW. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE LIMITATION MAY NOT APPLY TO YOU.
NOTWITHSTANDING THE FOREGOING, IN NO EVENT WILL THE LIABILITY OF SENIT, ITS AFFILIATES AND THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS, AGENTS, REPRESENTATIVES, SUPPLIERS OR CONTRACTORS ARISING OUT OF OR IN CONNECTION THE SERVICES, ANY PERFORMANCE OR NON-PERFORMANCE OF THE SERVICES, OR ANY OTHER PRODUCT, SERVICE OR OTHER ITEM PROVIDED BY OR ON BEHALF OF SENIT OR ITS AFFILIATES WHETHER UNDER CONTRACT, STATUTE, STRICT LIABILITY OR OTHER THEORY, EXCEED THE AMOUNT OF THE FEES PAID BY YOU TO SENIT UNDER THIS AGREEMENT IN THE TWELVE-MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM FOR LIABILITY.
To the full extent permitted by applicable law, you hereby agree to indemnify and hold harmless Senit, its affiliates, contractors, licensors, and their respective directors, officers, employees and agents from and against any claims, actions, proceedings, investigations, demands, suits, costs, expenses and damages (including attorneys’ fees, fines or penalties imposed by any regulatory authority) arising out of or related to (i) your use of, or conduct in connection with, the Services, (ii) your breach or our enforcement of these Terms, or (iii) your violation of any applicable law, regulation, or rights of any third party during your use of the Service.
If you are obligated to indemnify Senit, its affiliates, contractors, licensors, and their respective directors, officers, employees or agents pursuant to this clause, Senit will have the right, in its sole discretion, to control any action or proceeding and to determine whether Senit wishes to settle, and if so, on what terms
- Independent Parties. Senit is an independent contractor and not an agent of you in the performance of these Terms. These Terms not to be interpreted as evidence of an association, joint venture, partnership, or franchise between the parties.
- Entire Agreement. These Terms constitute the entire agreement between the parties regarding use of the Services and will supersede all prior agreements between the parties whether, written or oral. No usage of trade or other regular practice or method of dealing between the parties will be used to modify, interpret, supplement, or alter the terms of these Terms.
- Force Majeure. Senit will not be liable for any delay or failure to perform as required by these Terms because of any cause or condition beyond Senit’s reasonable control.
- Severability. If any portion of these Terms are held invalid or unenforceable, such invalidity or enforceability will not affect the other provisions of these Terms, which will remain in full force and effect, and the invalid or unenforceable portion will be given effect to the greatest extent possible.
- Assignment. You may not assign or transfer any right to use the Services or any of your rights or obligations under these Terms without prior written consent from us, including by operation of law or in connection with any change of control. Senit may assign or transfer any or all of its rights or obligations under these Terms, in whole or in part, without notice or obtaining your consent or approval.
- Waiver. The failure of a party to require performance of any provision will not affect that party’s right to require performance at any time thereafter, nor will a waiver of any breach or default of these Terms or any provision of these Terms constitute a waiver of any subsequent breach or default or a waiver of the provision itself.
MODIFICATION OF TERMS
Senit reserves the right to change, add or remove parts of these Terms at any time and at its sole discretion. You will be notified of any changes in advance through your Account. Upon such notification, it is your responsibility to review the amended Terms. Your continued use of the Site and the App following the posting of a notice of changes to the Terms signifies that you accept and agree to the changes, and that all subsequent transactions by you will be subject to the amended Terms.
Cryptocurrency(ies) / cryptoasset(s) / digital currencies. Digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets, including the below::
Bitcoin. The Peer-to-Peer internet currency further described at https://bitcoin.org.
Ethereum. The Peer-to-Peer internet currency further described at https://www.ethereum.org.
Ripple or XRP. The Peer-to-Peer internet currency further described at https://ripple.com.
Stablecoin. Cryptocurrencies that are pegged to fiat money, or to exchange-traded commodities and as such are redeemable in currency, commodities, or fiat money and as such are low risk. https://en.wikipedia.org/wiki/Stablecoin. One of the most common stablecoins is:
USD Coin (USDC). USDC is a stablecoin backed by US dollars, which are held in reserve by regulated financial institutions. 1 USDC = 1 USD. https://www.circle.com/es/usdc.
Buyer(s). Member(s) that are submitting an offer to buy digital currencies through the Service.
Commission. Refers to the fee which is payable to Senit on each Transaction, such as a Purchase Transaction.
Member(s). Refers to Buyers and Sellers as well as any holder of an Account.
Personal Data. Information that identifies an individual, such as name, address, e-mail address, trading information, and banking details. “Personal Data” does not include anonymised and/or aggregated data that does not identify a specific user.
Price. The “price per coin” for which Members are willing to purchase or sell digital assets, using the Service. The Price may be expressed in any of the currencies deposited by Members in their Account and supported by the Service. See our Site for a full list of currencies.
Seller(s). Member(s) that submit an offer to sell cryptoassets through the Service.
Service(s). The range of services provided on the Senit technological platform, including functionalities, rules and specifications of the Senit app.
Transaction. Includes the following:
- The agreement between the Buyer and the Seller to exchange Cryptocurrencies through the Service for currencies at a commonly agreed rate (“Purchase Transaction“);
- The conversion of currencies into Cryptocurrencies deposited by Members on their Account (“Conversion Transaction“);
- The transfer of Cryptocurrencies among Members (“Transfer Transaction“);
- The transfer of currencies among Members (“Currency Transfer Transaction“); and;
- The purchase of ancillary products (“Purchase Transactions“).
Senit may not offer all these transaction types at this time or in all locations.
Transaction Price. The total price paid by the Buyer for each Transaction performed through the Service.
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