Terms And Conditions
As used herein, "GBBIT or Company" refers to the holding company of GBBIT Technologies Pvt Ltd ('Company'), a private limited company incorporated under the laws of India and having its registered office at 1135 , Gilund , Railmagra , Rajsamand , Rajasthan India 313207 its owners, directors, investors, employees or other related parties.
The Services operated by Company in the name of GBBIT allows buyers ("Buyers") and sellers (“Sellers”), to buy and sell Bitcoins (for more information on Bitcoins, please refer to http://www.bitcoin.org).
GBBIT also allows all registered users of the Services (“Members”) to:
1. send and receive Bitcoins from other GBBIT Members or other users of Bitcoin,
2. purchase and sell Bitcoins, and
3. use Bitcoins for purchasing voucher codes, Pay mobile bills, DTH bills and similar services.
4. send and receive INR from other GBBIT Members.
5. Person-to-person trade , create advertisement of Buy and Sell bitcoins ("https://trade.gbbit.com/").
It is your responsibility to determine, collect, report and submit any taxes applicable to the payments you make or receive in connection with the use of GBBIT App and Services to the appropriate tax authority. GBBIT is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.
GBBIT adopts the following Know Your Customer and Anti-Money Laundering Policy (hereinafter referred to as “KYC and AML Policy”) to ensure that GBBIT App and Services and any future platforms that we might support, are not used to facilitate money laundering or the funding of terrorism or any other criminal activities.
This policy is applicable on all the present as well as prospective Members who uses or wishes to use GBBIT App and Services through proper registration. It lays down the procedure that we follow to collect information and maintaining a record of our Members. It is the duty of Member to comply with this KYC and AML Policy in order to ensure that it does not abuse the relationship with GBBIT for any illegal purposes, including money laundering or other financial crimes. Any action, including those that might not have been foreseen and included in this policy, that has the effect of the abuse as contemplated above shall be restricted under this policy.
GBBIT reserves the right to decline business proposal, at its discretion, with present as well as prospective Members at all times. It is the discretion of GBBIT to suspend or terminate any action in favor of the Member until a reasonable and satisfactory explanation with supporting documents is provided, on suspicion of the Member abusing the relationship as contemplated above.
* Customer Identification
GBBIT collects the following basic information from its customers for its records:
1. Residential Address
2. Contact Number
3. Email Address
4. Picture of Permanent Account Number (PAN) Card
5. Bank Details
6. Last Name
7. First Name
* Measures for implementation of KYC and AML policy
GBBIT appoints a competent and qualified employee as an AML and KYC Policy Compliance Person who reviews and updates the KYC and AML Policy to ensure the compliance with all relevant and applicable legislation, regulations and recommendations and monitor compliance of KYC and AML Policy. GBBIT employees would be trained to identify and take action on suspicious transactions through GBBIT App and Services and make regular internal reports on such suspicious transactions. GBBIT would regularly inspect the transactions done through its Services and would report them to relevant supervisory and/or law enforcement authorities. GBBIT reserves the right to determine suspicious and unusual transactions that result into abuse of relationship with GBBIT.
Changes to KYC and AML Policy
GBBIT reserves the right to change, amend, alter or delete some or all parts of this KYC and AML Policy, include new procedure and exclude existing procedures in this KYC and AML Policy. It is the duty of the Member to keep updated and comply at all times with the KYC and AML Policy as and when updated on the Website.
Associated Risks / Risk of using GBBIT Services / Investment Risk
The use of GBBIT App and Services may entail the following risks:
Bitcoin transactions are irreversible. The Bitcoins you buy will be sent to your GBBIT wallet or to the Bitcoin address provided by you. If you lose or delete your own bitcoin wallet, you will lose your Bitcoins in it and the same cannot be restored.
Bitcoin value is volatile and keeps on increasing or decreasing. Bitcoins are 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 in Bitcoins.
Bitcoin is an as-yet autonomous and largely unregulated worldwide system of value transfer between individuals. It is not backed by any government or central bank backed currencies.
There is also the risk of loss of confidence in Bitcoin trading, which could collapse demand relative to supply. For example, confidence might collapse in Bitcoin because of unexpected changes imposed by the software developers, the creation of superior competing alternatives, a deflationary or inflationary spiral, or due to governmental actions. Confidence might also collapse because of technical problems, for instance, if the anonymity of the system is compromised, or if any entity is 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 Bitcoins.
We use our banking service providers only for the receipt of client money and making payments. Our banking service providers do not transfer Bitcoins, exchange Bitcoins, or provide any services in connection with Bitcoins.
We do not entertain Refund and Cancellation in any circumstances.
Prohibited usage / Limited Right of Use / Limited Licence
Unless otherwise specified, all materials on GBBIT App and Services are the property of GBBIT and are protected under copyright, trademark and other applicable laws. You may view, print, and/or download a copy of such Materials on any single computer solely for your personal, informational, non-commercial use, provided you keep intact all copyright and other proprietary notices.
The trademarks, service marks and logos of GBBIT and others used in GBBIT and Services (“Trademarks”) are the property of GBBIT and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video, and audio used on this Website belong to Company. The trademarks and materials should not be copied, reproduced, modified, republished, uploaded, transmitted, collected or distributed in any form or by any means, whether manual or automated. Any unauthorized use of such property may violate copyright, trademark, and other applicable laws and could result in criminal or civil legal actions and penalties.
Maintenance of Account
We are vigilant in maintaining the security of GBBIT App and Services and it is for your personal and non-commercial use only. By registering with us, you agree to provide GBBIT with current, accurate, and complete information about yourself as prompted by the registration process, and to keep such information updated. You further agree to use only your GBBIT account and not use the account of any other person or assist others in obtaining unauthorized access to any GBBIT account. You further agree that you shall not use GBBIT App and Services in connection with any activity violating any law, statute, ordinance or regulation.
It is your responsibility for maintaining the confidentiality of your account information, including your password / PIN, safeguarding your own Bitcoins and for all activity including transactions that are posted to 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, otherwise, GBBIT, at its sole discretion, may choose to terminate your Account. You are required to notify GBBIT immediately of any unauthorized use of your Account or password, or any other breach of security on www.gbbit.com/help/. The membership of a Member who violates these rules may be terminated, and further be also held liable for losses incurred by Company or any user of GBBIT App and Services.
You hereby agree that you shall not use the Website or our Service, in connection with any activity violating any law, statute, ordinance, or regulation. Further, you shall not deposit Bitcoins into your GBBIT wallet that is obtained through illegal activities and you will also not use the Service to perform an illegal activity of any sort, including but not limited to, money laundering, illegal gambling operations, terrorist financing, or malicious hacking. The Source of Bitcoins paid to your GBBIT wallet is not known to GBBIT and you hereby agree to ensure that it always comes from legitimate sources. GBBIT only acts as information intermediary as far as your GBBIT wallet is concerned.
For any complaint against GBBIT App and Services, you may set out the cause of your complaint, the manner in which you would like GBBIT to resolve the same and any other relevant information for understanding and resolving your complaints expeditiously.
Suspension, Termination and Cancellation
You may terminate this agreement with GBBIT, and close your Account at any time, following the settlement of any pending transactions.
Notwithstanding the above, we may, in appropriate circumstances and at our sole discretion, suspend or terminate Accounts of Members for any reason, including without limitation
(1) attempts to gain unauthorized access to GBBIT App and Services or another Member’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 GBBIT App and Services to perform illegal activities such as money laundering, illegal gambling operations, financing terrorism, or other criminal activities,
(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 GBBIT, acting in its sole discretion.
We also reserve the right to cancel unverified Accounts or Accounts that have been inactive for a period of 6 months or more, and/or to modify or discontinue GBBIT App and Services. Members agree that GBBIT will not be liable to them or to any third party for termination of their Account or access to the Website.
You hereby agree that the suspension of an Account shall not affect the payment of the commissions due for past Transactions. Upon termination, Members will receive any monies owed to them via their registered bank account with GBBIT.
All GBBIT App and Services are provided without warranty of any kind, either express or implied. GBBIT strives to ensure uninterrupted services to its customers. However, it does not give any guarantee for uninterrupted access or against any delay, failure, errors, omissions or loss of transmitted information.
GBBIT may suspend use of GBBIT App and Services for maintenance and will make every effort to give you reasonable notice. You acknowledge that such notice, however, may not be possible in case of an emergency.
Accuracy / Reliability of / Liability for Information published on website
External Websites and Services
GBBIT App and Services may provide links or other forms of reference to other websites (“External Websites”) or resources over which GBBIT may not have control. GBBIT offers to you such links or references to External Websites with the sole purpose of enhancing your experience of using GBBIT App and Services and GBBIT makes no representations whatsoever about any External Websites which you may access through GBBIT. GBBIT cannot be held responsible for the availability of, and content provided on any External Websites. GBBIT cannot be held responsible for any third party content accessible through the Website, including opinions, advice, statements, prices, activities, and advertisements, and you shall bear all risks associated with the use of such content.
Limitation of Liability
Users of GBBIT are responsible for their actions in connection with the use of GBBIT App and Services and their Accounts. Users are also responsible for protecting access information to GBBIT including, but not limited to, usernames, passwords / PIN, and bank account details. GBBIT is not responsible for the outcome, whether positive or negative, of any action performed by any of its users within or related to GBBIT App and Services. Some deposits and withdrawal methods require GBBIT to use personal details of the user including, but not limited to, name, address, email, phone number, and bank account number, IFSC code, etc. and you agree that GBBIT can use this information to facilitate deposits and withdrawals.
GBBIT App and Services is provided on an “as-is”and “as available” and your use of the Services is at your own risk. It is hereby expressly declared that GBBIT offers no warranty of any kind regarding GBBIT App and Services.
It is hereby expressly declared that neither GBBIT nor you will be liable for any delay or failure caused by conditions or events beyond the reasonable control of the respective party, including but not limited to any delay or failure due to any act of God, fire, act of terrorists, act of civil or military authorities, civil disturbance, war, strike or other labor dispute, 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 reasonable control of the respective party and the validity and enforceability of any remaining provisions shall not be affected by any such condition.
Modification of Terms