TERMS OF USE

Last updated on March 20, 2019.

Welcome to Bitz and our own websites! Bitz (“Bitz” or the “Website”) is a platform that provides digital asset trading services (hereafter refer to as the “Services”). Before you use any our services, please read the user agreement (the “Agreement”, this “Agreement”) thoroughly and carefully to fully understand the terms, and pay special attention to exempt clauses, limitation clauses, arbitration clauses and resolution clauses. You have to be legally bound to the terms (the “Terms”) of this Agreement prior to using the products and the services. If you do not comply with all the terms and conditions of the Agreement, please do not access to or use the services.

Bitz reserves the right to amend the Agreement, including but not limited to any rules, policies and guides of the Website.  We may inform our users through site announcement, inbox or messages. We reserve the right not to notify you individually. Please review and pay attention to the Agreement which might be revised from time to time. The amendments will apply to all the Services, if you don’t agree with the revised terms, please do not access to the Website. By continuing to register or access to the Services or the Website, you shall be deemed to have read, understood and agreed with the Agreement and the amended Terms.

• 1. Eligibility

  • To open a BitZ account, you guarantee that: (a) you are over 18 or have reached the statutory age for entering into contracts as required by applicable laws; (b) you are an individual, a legal person or other organization with full legal capacity of civil liability and authentication; (c) you fully understand the risk of digital asset transaction and have necessary experience and knowledge; (d) have never been disqualified or terminated to access the Services; (e) do not have BitZ account.
  • Users with or without full civil capacity and complete capacity of civil conduct, once click on the register button, shall be deemed to register and use the BitZ trade platform Services by users’ legal representatives .
  • BitZ reserves the right to decide the countries and regions where to provide the Services, and has the right to deny or limit access of citizens in certain countries or regions to the Services.

• 2. Registration and Commitment

  • You agree to provide valid information following the requirements on the user registration page, including but not limited to your name, ID number, birth date, phone number, email address, user name, identity document card and any other information required during registration. Without BitZ's consent, users shall not use other people's identity information or other verified real-name accounts information during the account registration or authentication. You shall guarantee the authenticity, integrity, accuracy of the information you provide, and bear any direct or indirect losses and adverse consequence resulting from it. You shall update your information if any change occurs.
  • If the applicable laws, rules or regulations of the country or region where you locate demand real name for mobile phone users, you shall agree to provide phone number registered under real-name-system, otherwise you shall bear the direct or indirect losses and adverse consequence arising from it.
  • BitZ will provide BitZ account and passwords to you after verifying your information. You are deemed to authorize BitZ to conduct investigation at your registration information directly or through third party, and take necessary action according to the result.
  • Upon obtaining your BitZ account and password, your registration shall be deemed as successful. You agree to receive emails or short messages sent by the Website related to the management and operation thereof.
  • You shall refrain from using the Website to engage in any illegal activities or to disrupt order of digital asset transactions on the Website. You shall represent and warrant that you do not belong to any terrorist organization and are not on the list of any terrorist organization.

• 3. Rules of Digital Asset Trading

  When access to BitZ and trade digital assets with other users, users undertake to abide by the following rules of digital asset transaction of BitZ:

  • Review Transaction Information

    When users review digital assets transaction information, users shall read all the content of transaction carefully and thoroughly, including but not limited to prices, amount, commission fees, buy or sell. Users shall agree with all contents of the transaction before continue to click the button to start the trade.

  • Place an Order

    After reviewing and confirming the trading information, user can place an order. Upon submission of the order, users are deemed to authorize BitZ to conclude the transaction through trade matching. BitZ will automatically settle the transaction without advance notice to users when trade details of a counterparty match user’s expected price.

  • Review Transaction

    Users can review and check trading particulars on trading history.

  • Revoke/Revise Delegation

    Before the delegation is agreed upon, users have right to revoke or revise the delegation at any time.

• 4. User Rights and Obligations

  • Users have the right to check the information of their BitZ account and access to digital asset trading services provided by BitZ under the terms and conditions of the Agreement.
  • Users have the right to review real-time market data and trading information. And users have the right to place market order on the Website and conduct digital asset transactions.
  • Users have the right to withdraw the balance of their BitZ account, but users shall be charged of corresponding commissions.
  • You shall comply with laws, regulations, rules and policies and ensure legality of your capital source of your account. You shall refrain from engaging in any illegal activities and activities that damages rights of BitZ or other third parties, such as sending or receiving illegal information, violating the rules, infringing rights and interests of other users, engaging in pyramid selling, money laundering and fraud, etc.
  • You shall obey laws and regulations, and use and keep your BitZ account, login password and transaction pin, registered phone number with discretion. You shall ensure safety of phone verification code and confirmation email sent by the Website. You shall bear full responsibility for the consequence of using your BitZ account, login password, transaction pin, and phone verification code and confirmation email. When you notice your BitZ account, password, transaction pin, phone verification code and confirmation email is used by an unauthorized third party, you shall inform BitZ through an effective way immediately, and demand BitZ to invalidate your account. BitZ shall have the right to take actions according to your demand within a reasonable time limit, but BitZ shall not be liable for any of your losses incurred before our intervention.
  • You shall not give, lend, rent, transfer your BitZ account to anyone or share your account with other people in other ways without approval of BitZ, otherwise you shall bear the losses caused by the above actions. If the above actions cause economic losses to the Website or any third parties, you shall bear the responsibility for compensations.
  • You shall comply with the Agreement and other terms issued and updated by the Website from time to time, and follow the instruction.
  • When conducting digital assets transaction on BitZ, you shall not maliciously interfere with digital assets transaction and disrupt transaction order.
  • You shall estimate and bear all the taxes, cost of any hardware, software and service, and any other expenses incurred during your access to the Service provided by the Website.
  • If dispute between you and other users arise, you shall not demand BitZ to provide the related data through any means other than administrative approach and judicial approach.

• 5. Rights and Obligations of BitZ

  • BitZ reserves the right to accept or reject your registration. For users who fail to be eligible for registration under the Agreement, BitZ shall have the right to reject your registration and eliminate your account if you already register. For any losses caused to BitZ thereby, BitZ shall have the right to demand compensation from you or your legal representative.
  • If you haven’t been using your BitZ account and password to login the Website for over 1 year, BitZ shall have the right to eliminate your account. After elimination, BitZ shall have the right to make the account available for other users to register.
  • If your account is found to be used by people other than registrant, or to violate laws, regulations, or the Agreement, BitZ shall have the right to invalidate your account and froze capital of the account.
  • Through technical inspection and manual spot-checking, if reasonable doubt on accuracy, authenticity, validity and integrity of your information arises, BitZ has the right to inform you to correct and update your information, or reject providing service to you.
  • BitZ only provides online transaction platform services (including but not limited to digital asset transaction service, etc.) through the Website. This Website does not participate in your transaction as either buyer or seller. BitZ does not provide service to withdraw or charge in any legal render.
  • The Company may suspend or terminate your account or access to the Service, or the processing of any digital asset transaction, at any time if we determines in our sole discretion that you have violated this Agreement or your use of the Services in your jurisdiction is illegal. Use of the service by persons located in the United States shall be prohibited.
  • BitZ reserves the right to modify, suspend or terminate the Services without prior notice. Termination of one or more services shall come into effect upon the date BitZ posts the termination announcement.
  • BitZ has the right to retain registration information and transaction data of users during service period or after termination of the Agreement, but BitZ shall not use these information in illegal way.
  • BitZ shall take necessary technical means and management measures to ensure normal operation of the platform, provide indispensable and reliable environment and services, and preserve digital asset transaction order.
  • BitZ has the right to revise the information when BitZ discovers a mistake on the Website.
  • BitZ has the right to delete any information such as user comments on the Website that violates laws or regulations without prior notice.

• 6. Special Statement

  • To the full extent permitted by law, in any case, where we fail to provide the Services or delay in providing such Services due to information network equipment maintenance, information network connectivity failures, errors in computer, communications or other systems, power failures, weather conditions, unexpected accidents, industrial actions, labor disputes, revolts, uprisings, riots, lack of productivity or production materials, fires, floods, storms, explosions, wars, failure on the part of banks or other partners, collapse of the digital asset market, actions by government, judicial or administrative authorities, and other acts that are beyond our control, or due to causes on the part of third parties, we shall not assume any responsibility for such failure to provide service or delay in providing services, or for the resultant losses you may sustain as a result of such failure or delay.
  • BitZ acts solely as the platform where you can obtain digital asset information, search for counterparties, negotiate and conduct transactions. The Website does not participate in any of your transactions, and therefore you shall, at your sole discretion, carefully assess the authenticity, legality and validity of relevant digital assets and/or information, and solely bear the responsibilities and losses that may arise therefrom.
  • All opinions, information, discussions, analyses, prices, advice and other information on this Website are general market reviews and do not constitute any investment advice. We do not bear any losses arising directly or indirectly from reliance on the abovementioned information, including but not limited to, any losses of profits.
  • The content of this Website may update from time to time without prior notice, and we have taken reasonable measures to ensure the accuracy of the information on the Website; however, we do not guarantee the degree of such accuracy, neither shall we bear any losses arising directly or indirectly from the information on this Website, internet connection failure, or delay and failure in transmitting or receiving any notice and information.
  • No service on this Website shall be paid for by credit card.
  • It is prohibited to use this Website to engage in any illegal transactions or illegitimate activities, such as money laundering, smuggling and commercial bribery. In the event that any suspected illegal transaction activities or illegitimate activities is uncovered, this Website will adopt all available measures, including but not limited to freezing the offender’s account, notifying relevant authorities, etc., and we will not assume any of the responsibilities arising therefrom and reserve the right to hold relevant persons accountable.
  • Users of BitZ.com are themselves responsible for making sure they are in compliance with legislation of the jurisdiction they operate in.
  • It is prohibited to use this Website for the purpose of malicious manipulation of the market, improper transactions or any other illicit trading activities. If any of such illicit trading activities is uncovered, this Website will adopt such preventive and protective measures as warning, restricting trading and closing accounts against any and all of such malicious manipulation of prices, maliciously influencing the trading system and any other illicit behaviors. We do not assume any of the responsibilities arising therefrom and reserve the right to hold relevant persons accountable.

• 7. Intellectual Property

  • The intellectual property of this Website including but not limited to logos, database, designs, graphics, software, photos, videos, music, audios and its foreground, software complier, relevant source code and software (including mini program and script) is owned by BitZ. All users shall not duplicate, alter, copy, send or use all the contents mentioned above for commercial purpose.
  • In the course of using the Services provided by BitZ, users shall not use or dispose intellectual property of BitZ or other people in illegal way. Users shall not release or authorize other website (or media) to use any information posed on BitZ in any way.

• 8. Privacy Statement

  • For how BitZ may collect, retain, process and protect your personal data, please refer to the Privacy Statement of the Website.

• 9. Risk Warning

  • Trading digital assets involves significant risk. Price fluctuations might open up your opportunities for profits and losses. But drastic price fluctuations might cause you to lose all your investments. Therefore, before you take part in digital asset transactions, you shall carefully evaluate investment value and investment risk of digital assets, make decision based on your economic situations and risk tolerance, adjust your position and trading strategy, and you shall bear the risk of losing all your investment by your own.
  • For losses caused by suspension or ban on digital asset transaction due to enactment and amendment of state laws, regulation and normative documents, user shall bear all the losses by their own.

• 10. Disclaimer

  • For any delay or nonperformance of the Agreement caused by reasons or situations beyond reasonable control of BitZ, BitZ shall bear no responsibility.
  • Where we fail to provide the Services or delay in providing such Services due to force majeure, BitZ shall bear no responsibility. Force majeure includes but not limits to state action, policy shift, earthquake, typhoon, flood, or any other unavoidable catastrophes, wars or events such like. Based on the unique traits of internet, force majeure also includes following situations that affect internet operation: hacker attack, computer virus attack, technical adjustment of telecommunication sector, or shutdown caused by government action.

• 11. Breach Liability

  • Shall you provide untrue, incomplete or inaccurate information, causing damage to BitZ, we shall have the right to claim compensation for the losses.
  • Shall you breach the Agreement or any applicable laws and administrative regulation, or engage in illegal activities in the Website or using BitZ account, we shall have the right to refuse providing service to you and close your BitZ account, while you shall pay to us at least US$ Two million in compensation and bear all the expenses in connection with such breach (including attorney's fees, among others). If such compensation cannot cover the actual losses, you shall make up for the difference.
  • Shall you use technical means to interfere with normal operation of BitZ or interfere with the other users’ access to BitZ, BitZ has the right to ban your BitZ account and claim compensation for the losses.
  • Shall you maliciously defame the business goodwill of the BitZ on the ground of untrue facts, BitZ has the right to demand a public apology and claim compensation for the losses, and terminate the Services provided to you.
  • Under any circumstance, our liability for your direct damage will not exceed the total cost incurred by your three (3) months' use of services offered by the Website.

• 12. Know Your Customer, Anti-Money Laundering and Counter-Terrorist Financing Policy

  • Statement

    1. BitZ is dedicated to provide secure and compliant services to users. We undertake to understand and comply with Know Your User (“KYU”) and Anti Money Laundering (“AML”) regulations and rules and we shall not violate KYU and AML policy. Within reasonable control, we shall take necessary measures and employ necessary technics to provide secure service to you, and we shall do everything to save you from losses caused by money laundering of suspects.

    2. The KYU and AML policy is a synthetic international policy system, covering KYU and AML policies in different jurisdictions you locate in. The wholesome compliance framework ensures us to operate legally and sustainably on a global scale.

    3.We declare that users are prohibited to use the Website to engage in money laundering, smuggling, commercial bribery and any other illegal activities. If such an event is found, we shall suspend accounts involved and report to public security agents.

  • Know Your Customer and Anti Money Laundering Policy is as follows:

    1. Promulgate Know Your Customer and Anti Money Laundering Policy and update it from time to time to meet the requirement of corresponding laws and regulations;

    2. Issue and update guiding principles and rules of platform operation, attend trainings held by the authorities and provide trainings to employees. Our employees shall provide full service in strict accordance with laws, regulations and rules of platform operation.

    3. Design and finish programs for internal monitoring and transaction control, such as stringent authentication, establishing professional teams which are solely in charge of anti-money laundering and reviewing occurred transaction periodically.

    4. We hold the risk aversion concept and exercise due diligence and constant supervision for users’ background. The identity documents, address proof and transaction records will be kept for no less than 6 years. When we are required to provide suspicious transaction records by judiciary authorities, we will cooperation with authorities to combat money laundering and other crimes in accordance with the law.

  • BitZ is dedicated to provide secure, compliance and creditworthy service to our users. Therefore, BitZ insists on user due diligence procedure and constant analysis and reports, which includes supervision over suspicious deals and mandatory reports to international regulators. In accordance with applicable laws and contractual relationships, BitZ reserves the right to keep information and files of this kind. This applies to you after termination of relationship between you and BitZ and after you abandon your BitZ account.
  • BitZ reserves the right to reject registration of any users, put an end to any transaction with any users and terminate any relationships. On the precondition of not limiting generality of the aforementioned terms, which applies to those including but not limited to those who fail to meet the international anti-money laundering and combating the financing of terrorism and proliferation standards established by the Financial Action Task Force; politicians who belong to FATF 40 Recommendations; or those who fail the user due diligence standard or requirements or BitZ requirements. BitZ has the right to exercise intensify due diligence procedure instead of rejecting your registration. You might need to go through intensified due diligence during usage of the Services of the Website at any time.

• 13. Applicable Law and Dispute Resolution

  • Headquarter of BitZ locates in Hong Kong. The Services we provide shall be governed in accordance to the laws of Hong Kong. The laws of Hong Kong, excluding rule of conflicts, shall apply to your use of our services. Your access and use of our services might be bind to laws of other countries or regions or international law. We do not provide statement of or guarantee applicability of the Website in other regions. Shall you access to or use BitZ services outside Hong Kong, you shall bear the risk concerned and abide by all applicable laws, regulations and rules.
  • Any disputes or controversies related to or caused by the Agreement, you shall reach us through the contact information on the Website first. We attach great importance to your question and we will endeavor to settle disputes through friendly negotiation. If fail to reach settlement, you and BitZ are both entitled to submit the disputes to HKIAC. Dispute shall be resolved by arbitration with the HKIAC Administered Arbitration Rules in force as at the date of this Agreement. The place of arbitration shall be in Hong Kong. The number of arbitrators shall be three (3).The arbitration hearing shall be conducted in English. The Arbitral award is final and binding upon.

• 14. Enforcement and Interpretation

  • By clicking the "Create Account" button and by obtaining BitZ account and password, you agree to be legally bound by the Agreement and accept all the terms and condition of the Agreement.
  • For convenience of users, this Agreement is available in multiple languages.  In case of any conflict between different versions of such content or any omission in any language version, the Chinese version of such content shall prevail.
  • BitZ reserves the right to final interpretation of the Agreement.