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PLEASE NOTE; ZENOFI UAB NO LONGER OFFERS UK RESIDENTS OVER THE COUNTER (OTC) SERVICES.
TO VIEW ZENOFI UAB'S CUSTOMER TERMS AND CONDITIONS, PRIVACY POLICY AND COOKIE NOTICE PLEASE SEE BELOW.
Last Updated: 04/01/2024
ZenoFi UAB Customer Terms & Conditions
Part I
01 INTRODUCTION
02 APPOINTMENT FOR SERVICES
03 YOUR REPRESENTATIONS
04 OUR REPRESENTATIONS
05 YOUR OBLIGATIONS
06 EXECUTION-ONLY BROKERAGE SERVICE
07 LENDING SERVICE
08 WHEN MAY WE NOT ACT ON YOUR INSTRUCTIONS?
09 TAX EVASION AND BRIBERY
10 VARIATION OF THIS AGREEMENT
11 CONFLICT OF INTERESTS
12 INTELLECTUAL PROPERTY
13 OUR LIABILITY
14 YOUR LIABILITY
15 SUSPENSION
16 COMPLAINTS
17 COMMUNICATIONS?
18 AUTHORISED PERSONS
19 DATA PROTECTION
20 CONFIDENTIALITY
21 GENERAL
SCHEDULE I- RISKS OF DEALING IN CRYPTOASSETS
SCHEDULE 2- ADDITIONAL RISKS WHEN LENDING CRYPTOASSETS
YOU SHOULD ONLY DEAL IN CRYPTOASSETS IF YOU CAN AFFORD TO LOSE ALL OF YOUR INVESTMENT AS INVESTING IN ALL CRYPTOASSETS INVOLVES A HIGH DEGREE OF RISK. THE VALUE OF CRYPTOASSETS CAN GO UP OR DOWN, MAY BE VERY VOLATILE AND THERE CAN BE A SUBSTANTIAL RISK THAT YOU LOSE MONEY DEALING IN CRYPTOASSETS.
YOU SHOULD CAREFULLY CONSIDER WHETHER DEALING IN CRYPTOASSETS IS SUITABLE AND APPROPRIATE FOR YOU IN LIGHT OF YOUR OWN FINANCIAL SITUATION AND ATTITUDE TO RISK, AS EVALUATED BY YOU CAREFULLY. WE DO NOT MAKE ANY REPRESENTATIONS OR RECOMMENDATIONS REGARDING THE ADVISABILITY OR OTHERWISE OF DEALING IN CRYPTOASSETS.
OUR SERVICES ARE REGULATED BY THE BANK OF LITHUANIA. PLEASE NOTE ALSO THAT OUR SERVICES ARE NOT COVERED BY A FINANCIAL SERVICES COMPENSATION SCHEME.
PLEASE NOTE; ZENOFI UAB NO LONGER OFFERS UK RESIDENTS OVER THE COUNTER (OTC) SERVICES.
BACKGROUND
a. ZenoFi UAB (“we”, “us” or “our”) provides various Services in cryptoassets, as further described in clause 2.
b. The individual or company/corporate entity agreeing to this agreement who wishes to benefit from our Services (“you”, “your”).
c. This agreement (this “Agreement”) sets out the basis on which we provide our Services to you. It is important you read this Agreement carefully before using our Services, because we will rely on it in our dealings with you.
d. A copy of this Agreement is available on request, however, you should keep a hard copy safe for future reference.
YOU AND WE AGREE AS FOLLOWS:
INTERPRETATION
1.1 In this Agreement the following words and expressions have the following meanings unless inconsistent with the context:
“Adequate Procedures” means in respect of any person, adequate procedures designed to prevent persons associated with it from undertaking conduct causing it to be guilty of an offence under Anti-Bribery Laws;
"Agreement" means this agreement;
“Anti-Bribery Laws” means any and all statutes, statutory instruments, bye-laws, orders, directives, treaties, decrees and laws (including any common law, judgment, demand, order or decision of any court, regulator or tribunal) which relates to anti-bribery and/or anti-corruption;
“Applicable Law” refers to all applicable laws, statutes, regulations and regulatory guidance that apply to you, us and this Agreement from time to time;
"Business Day" means any day other than Saturday or Sunday or a public or bank holiday in Lithuania;
"Commencement Date" means the date of this agreement on the time at which KYC Chain records this agreement;
“Confidential Information” means, subject to clause 20.6:
(a) any information (whether written, oral, in electronic form or in any other media) that is disclosed by us or on our behalf to you or any of your Representatives;
(b) the terms of or subject matter of this Agreement or any discussions or documents in relation to it; and
(c) information which: (i) is secret in the sense that it is not, as a body or in the precise configuration and assembly of its components, generally known among, or readily accessible to, persons within the circles that normally deal with the kind of information in question; (ii) has commercial value because it is secret, and (iii) has been subject to reasonable steps under the circumstances, by us, to keep it secret;
but excluding information that is trivial or by its nature immaterial.
“dealing in” or “deal in” is a reference to any participation in cryptoassets including buying, acquiring, accepting, holding, selling, disposing of and / or otherwise make use of cryptoassets;
"Data Protection Laws" Means all applicable statutes and regulations in any jurisdiction pertaining to the processing of personal data, including the privacy and security of personal data;
“Personal Data” means any information relating to an identified or identifiable natural living person;
“Representatives” means any body corporate which is your holding company or subsidiary; any other body corporate which is a subsidiary of that holding company, as well as your and their officers, directors, employees, consultants and professional advisers; and “Representative” means any of them;
“Services” has the meaning set out at clause 2.1; and
“Virus” means any viruses, bugs, glitches, spyware, malware, adware or other harmful or deleterious programs, material, code and / or software.
1.2 Any reference to “dealing in” or “deal in” cryptoassets is a reference to any participation in cryptoassets including buying, acquiring, accepting, holding, selling, disposing of and / or otherwise make use of cryptoassets.
1.3 Any phrase introduced by the term “include”, “includes”, “including” or any similar expression will be construed as illustrative and will not limit the sense of the words preceding that term.
1.4 Headings are for convenience only and have no bearing on the interpretation of this Agreement. In this Agreement, unless the context otherwise requires: references to clauses, sub-clauses and schedules are to clauses, sub-clauses of, and schedules to this Agreement; the singular includes the plural and vice versa; “person” denotes any person, partnership, corporation or other association of whatever nature; and any references to any statute, statutory instrument or regulations shall be references to such statute, statutory instrument or regulations as from time to time amended, re-enacted or replaced and to any codification, consolidation, re-enactment or substitution thereof as from time to time in force and any reference to a regulator and rules made by a regulator shall, apart from in this clause, include its successor as regulator and rules made by the successor as regulator in substitution for those rules. Headings are for convenience only and have no bearing on the interpretation of this Agreement.
2. APPOINTMENT FOR SERVICES
2.1 With effect from the Commencement Date, we are appointed by you to provide the following services (the “Services”):
2.1.1 an execution-only brokerage service in relation to any cryptoasset.
2.1.2 a lending service, where we arrange for you to custody your assets with a custodian, and for you to be able to lend your cryptoassets to a borrower/provider.
2.1.3 (to the extent agreed from time to time) we may provide you with education and advice in relation to cryptoasset brokerage and lending.
2.2 You will be our client and not any third party for whom you may be acting as an agent, even if that third party’s name is disclosed to us.
2.3 We do not provide any investment advice or crypto custody services, nor do we check whether any investment is suitable or appropriate for you. We are not qualified to give legal, tax or accounting advice, or to prepare any legal, tax or accounting documents, and we are not responsible for dealing with these matters when you use our Services.
3. YOUR REPRESENTATIONS
3.1 You agree, covenant and represent at all times that:
3.1.1 (if you are a body corporate) you are duly organised and validly existing under the laws of the jurisdiction of your establishment, and have full power, authority and right to bind yourself to this Agreement and to receive our Services, including as regards performing all actions and obligations under this Agreement, which therefore constitute valid and legally binding obligations.
3.1.2 (if you are an individual), you are at least 18 years old and eligible to agree to this Agreement and all related obligations, including as regards any age, residency, legal capacity, competency and all other requirements.
3.1.3 you are legally permitted under Applicable Law to deal in cryptoassets, and there is no other reason to prevent you from agreeing to this Agreement.
3.1.4 you are not, under the Applicable Law of your jurisdiction, making a regulated investment or carrying on a regulated activity when you make use of our Services.
3.1.5 you have the necessary and relevant experience, knowledge and understanding to be able to competently enter this Agreement and deal in cryptoassets.
3.1.6 you have not received any advice from us regarding whether dealing in any cryptoasset is suitable for you, and you are solely responsible for any evaluations, decisions and actions you make concerning cryptoasset and use of our Services.
3.1.7 you have familiarised yourself with the risks associated with dealing in cryptoassets and using our Services, including those set out at Schedule 1.
3.1.8 you accept responsibility for safekeeping your cryptoassets, for ensuring the security of the wallet you use to hold your cryptoassets (including any requisite private key(s) or other credentials necessary to access such wallet) and for ensuring that your wallet is compatible with the relevant software supporting the cryptoassets in which you deal.
3.1.9 all information you supply to us is accurate and not misleading and you will notify us promptly of any change to such information provided to us.
3.1.10 you understand that we need to comply with the rules and regulations of any relevant cryptoasset markets and exchanges we use, and you authorise us to take all steps that may be required or permitted by these relevant markets or exchanges, as well as to generally act in accordance with good market practice.
3.1.11 you waive any right you may have to participate in a class action lawsuit or a class wide arbitration against us, any entity which is part of the same company group as us, and / or any individual involved with us.
3.1.12 you understand the tax implications when dealing in cryptoassets and accept sole responsibility for any tax in relation to your use of our Services and dealing in cryptoassets.
3.2 You shall as soon as reasonably practicable give us written notice upon a breach, or suspected breach, of clause 3.1.
4. OUR REPRESENTATIONS
4.1 We represent and warrant as at the Commencement Date and at all times throughout the term of this Agreement that:
4.1.1 we are duly established and validly existing under the laws of Lithuania; and
4.1.2 we have the appropriate authority and full power to enter into this Agreement and to perform our obligations contemplated by this Agreement.
4.2 We are authorised by and registered with the Bank of Lithuania. The day-to-day management of the carrying on of our business and our Services is conducted from our establishment in Lithuania, and please see clause 17 for further information regarding how to contact us.
5. YOUR OBLIGATIONS
5.1 You must:
5.1.1 comply with all your obligations as set out in this Agreement.
5.1.2 always ensure that you comply with all Applicable Law when using our Services.
5.1.3 provide us with whatever information we request for the purposes of satisfying our own regulatory, compliance and contractual obligations, such as, but not limited to, identification checks, money laundering checks, prevention of terrorist financing, KYC checks, and preventing any suspected fraud or any other financial crime.
5.1.4 ensure that all information you provide to us is accurate, complete and kept up to date.
if you access our Services via a third party, comply with any relevant terms of that third party.
5.2 In relation to any information you provide us pursuant to clause 5.1.3:
5.2.1 you authorise us to make any inquiries, whether directly or through third parties, that we consider necessary to verify your identity or to protect you and/or us against fraud or other financial crime, and to take any action we reasonably deem necessary based on the results of such inquiries.
5.2.2 you acknowledge that in carrying out inquiries, your personal information may be disclosed by us to identity verification, credit reference and fraud prevention or financial crime agencies and that these agencies may respond to inquiries in full (this is an identity check only and should have no adverse effect on your credit rating).
5.2.3 you acknowledge that your access to our Services may be altered, on an ongoing basis, as a result of the information provided.
5.3 You must not, and must not attempt, to:
5.3.1 interfere with any other user’s access to our Services.
5.3.2 create any lien, charge or other security interest or encumbrance in relation to cryptoassets where this could interfere with this Agreement.
5.3.3 deal in cryptoassets or use our Services in relation to any use, intended use or purpose that may be in breach of or cause a breach of Applicable Law, or use funds for dealing in cryptoassets which come from illegal or unethical sources.
5.4 You shall as soon as reasonably practicable give us written notice upon a breach, or suspected breach, of any of your obligations under this Agreement.
6. EXECUTION-ONLY BROKERAGE SERVICE
6.1 When you execute a transaction with us if you are dealing with us:
6.1.1 via a third party, such as an exchange, we will quote a current price for buying / selling cryptoassets, in which case you instruct us to buy / sell cryptoassets at our quote price. Cryptoassets and fiat money are placed in an escrow account, and the transaction occurs when both you and we confirm we are happy for the transaction to proceed.
6.1.2 directly, we will quote our fee for the transaction (which we refer to as our “percent premium”), in which case you instruct us to buy / sell cryptoassets at the rate available to us on the exchange(s) we use, and we will disclose the rate applied after the transaction is complete.
6.2 Notwithstanding clause 6.1, if you seek different terms to those quoted, you can discuss your requirements with us to see if we can agree to bespoke terms. If we agree bespoke terms, you will need to send us your cryptoassets / fiat money, and we will arrange for the fiat money / cryptoassets to be deposited into your bank account / wallet (as applicable).
6.3 We will confirm your instructions in writing before execution, and we will give you written confirmation of your transaction(s) after execution.
6.4 The prices we quote for cryptoassets will incorporate our fees for obtaining those cryptoassets for you. Fees may be paid with a credit or debit card. Please note that it is possible that taxes or costs may exist in addition to those which we pay or impose.
7. LENDING SERVICE
7.1 Lending cryptoassets involves both the risks of dealing in cryptoassets generally (on which see Schedule 1) as well as those specific to lending cryptoassets (on which see Schedule 1). We have not provided you with any advice or recommendation in relation to the suitability of our lending service for you, and we have not undertaken any assessment of the appropriateness of our lending service for you. In using our lending service, you acknowledge that:
7.1.1 you have read and made yourself familiar with the risks which relate to this type of activity and have taken professional advice if required to understand those risks, and
7.1.2 you accept the risks involved.
7.2 Our lending service is available only in relation to cryptoassets and not fiat money. As such, before using our lending services, you need to either:
7.2.1 send your cryptoassets to a custodian we select for the purpose of holding your cryptoassets; or
7.2.2 use our execution-only brokerage service to acquire cryptoassets (on which see clause 6), which you then authorise for us to arrange custody of on your behalf with a custodian we select, and
you may then instruct us to arrange for the cryptoassets held for you by such custodian to be lent to a provider on your behalf.
7.3 We will only arrange for you to lend cryptoassets to providers who are not “consumers”, and so for example we may only arrange for you to lend to a corporate business. The provider will hold any cryptoassets you lend to it in its own name, and may use any cryptoassets you lend to it for its own commercial purposes in whatever way the provider sees fit.
7.4 When you lend, we will provide you with an option to accept one or more of the set lending packages we provide. Please note that we do not make investment decisions on your behalf, and as such you are solely responsible for deciding the parameters of any lending you engage in, such as but not limited to:
7.4.1 whether to lend;
7.4.2 how much to lend (subject to any minimum lending amount we may specify from time to time in accordance with clause 7.5);
7.4.3 on what terms to lend, including as regards any interest rate;
7.4.4 when to lend; and
7.4.5 how long to lend for,
however we reserve the right to pre-set parameters in relation to these, in which case you will have the choice whether or not to accept the pre-set terms offered.
7.5 We may, at our absolute discretion, set a minimum amount you must lend in order to use our lending services, and we reserve the right to set additional controls and limits at our discretion. We will give you reasonable notice of any such requirements.
7.6 We will also, before you lend to a borrower, confirm your lending instructions with you in writing, and as part of this we will provide you with a quote of our fees for the arrangement. You will only lend once you have given us written confirmation that you wish to lend, and by giving us this confirmation you accept our fees for the arrangement.
7.7 We reserve the right to terminate any lending relationship we arrange for you:
7.7.1 when in our view there is a substantial risk that:
7.7.1.1 the provider will not pay back the amount lent by you to the provider;
7.7.1.2 the lending arrangement constitutes a regulated activity without the required licence being in place, or otherwise breaches any Applicable Law;
7.7.1.3 to do otherwise would run an unacceptable security risk; and / or
7.7.2 if we in good faith believe you are in breach of the terms of this Agreement; and / or
7.7.3 if we are required to take such action by any regulatory body or competent court, and
we do not accept any liability for any decision to terminate, or not to terminate, under this clause 7.7.
7.8 At the end of any lending relationship with a provider, you may either withdraw your cryptoassets back to your own wallet, or instruct us to convert your cryptoassets back to fiat money, and to then send that fiat money back to you.
8. WHEN MAY WE NOT ACT ON YOUR INSTRUCTIONS?
8.1 We reserve the right not to act on your instructions if:
8.1.1. to do so may involve us or you in a breach of Applicable Law; or
8.1.2 to do so would run the risk of us suffering financial loss, and
we will endeavour to advise you promptly if such circumstances arise.
9. TAX EVASION AND BRIBERY
9.1 You will ensure that none of you, nor any person acting on your behalf in connection with this Agreement, shall by any act or omission commit, cause, facilitate or contribute to the commission by any person of a tax evasion offence or facilitation of a tax evasion offence. For these purposes, a tax evasion offence includes cheating a public revenue authority or being knowingly concerned in, or in taking steps with a view to, the fraudulent evasion of tax, and tax includes duties and social security contributions.
9.2 You shall:
9.2.1 not do or omit to do any act or thing which constitutes or may constitute: (A) directly or indirectly offering, promising or giving any person a financial or other advantage to: (i) induce that person to perform improperly a relevant function or activity; or (ii) reward that person for improper performance of a relevant function or activity; (B) directly or indirectly requesting, agreeing to receive or accepting any financial or other advantage as an inducement or a reward for improper performance of a relevant function or activity in connection with this Agreement; and / or (C) committing any offence under Anti-Bribery Laws, legislation creating offences concerning fraudulent acts and / or at common law concerning fraudulent acts relating to this Agreement.
9.2.2 without prejudice to clause 9.2.1 not do or omit to do any act or thing which causes or may cause us to be guilty of an offence under Anti-Bribery Laws (or would or may do so if we were unable to prove that we had in place Adequate Procedures designed to prevent persons associated with us from undertaking such conduct).
9.2.3 (if you are a body corporate) have, and comply with, Adequate Procedures (to the extent relevant).
9.2.4 from time to time, at our reasonable request, confirm in writing that you have complied with this clause 9 as relevant, and provide information as reasonably requested by us in support of such compliance.
9.3 You shall as soon as reasonably practicable give us written notice upon a breach, or suspected breach, of any of your obligations in relation to this clause 9, and on your becoming aware of any allegation, investigation, evidence or report relating to a breach or possible breach of any of requirement set out in this clause 9.
10. VARIATION OF THIS AGREEMENT
10.1 No variation of this Agreement shall be effective unless it is in writing, expressed to be a variation and signed by you and us.
10.2 Notwithstanding clause 10.1, we may make changes to the terms of this Agreement by us unilaterally giving you notice if they are (or are as a consequence of):
10.2.1 changes required by any regulatory or tax authority or industry guidance or codes of practice;
10.2.2 changes required by any Applicable Law, or the expectations of any relevant regulator or court;
10.2.3 changes to the way we, you and / or cryptoassets are taxed (including the requirement to pay any government or regulatory levy);
10.2.4 to make this Agreement easier to understand and any other changes that are in your favour;
10.2.5 to respond to and mitigate the potential impact of circumstances beyond our reasonable control;
10.2.6 to reflect changes to the range of cryptoassets we make available to you from time to time; and / or
10.2.7 to reflect improvements to our Services and the provision of additional services;
and:
10.2.8 changes to this Agreement which are due to reasons outside our control or are not detrimental to you will take effect immediately and we will notify you at the next appropriate opportunity, otherwise
10.2.9 we will give you reasonable advance notice before a change becomes effective.
11. CONFLICT OF INTERESTS
11.1 We will always endeavour to act in your best interests as our client. However, circumstances can arise where we or one of our other clients may have some form of interest in business being transacted for you. If this happens, we will take appropriate steps to manage the conflict of interests fairly wherever possible.
11.2 So long as we use reasonable commercial endeavours to manage potential conflicts, we will have no liability to you for any conflicts of interest that may arise as a result of your use of our Services.
12. INTELLECTUAL PROPERTY
12.1 You acknowledge that any intellectual property or proprietary information of ours, including any intellectual property in relation to our Services, are our exclusive property. Any consent or deemed consent by us to the use of such intellectual property and / or proprietary information by you shall immediately cease upon termination of this Agreement.
13. OUR LIABILITY
13.1 No term of this Agreement shall limit or exclude our liability for fraud, fraudulent misrepresentation, death or personal injury, or any other liability to the extent that it may not be limited or excluded by Applicable Law.
13.2 We are not liable for any loss (of whatever nature and regardless of whether that loss is foreseeable and / or consequential) as a result of:
13.2.1 one or more the risks set out at Schedule 1 materialising;
13.2.2 your breach the terms of this Agreement;
13.2.3 exercising any of our rights under this Agreement;
13.2.4 anything for which we have explicitly excluded liability under this Agreement; and/or
13.2.5 events outside our reasonable control.
13.3 We are in no event liable for any losses other than where caused directly and reasonably foreseeably by our gross negligence (and in no event shall we be liable for any indirect or consequential losses, or for any loss of profit, revenue, contracts, data, goodwill or other similar losses).
13.4 To the extent that we may be deemed under Applicable Law to owe you any fiduciary duties or to be in a fiduciary relationship, we explicitly exclude and reject any such duties or relationship to the extent permitted by Applicable Law.
13.5 Our total liability for losses of whatever nature in relation to this Agreement shall not exceed the total commission received by us from you in relation to this Agreement in the year preceding the breach. We will provide details of any commission we receive on request.
14. YOUR LIABILITY
14.1 You agree to indemnify us for any losses that arise from or relate to:
14.1.1 any breach by you of any Applicable Law;
14.1.2 your breach of the rights of any person (including rights of privacy and intellectual property rights);
14.1.3 any regulatory inquiry, legal action, litigation, dispute or investigation, whether such situations occur or are anticipated, that relate to you; and
14.1.4 any loss resulting from your breach of any of the terms of this Agreement.
14.2 Losses for the purposes of this clause 14 include direct and indirect losses, as well as any costs and expenses (including legal fees).
15. SUSPENSION AND TERMINATION
15.1 We may suspend your ability to use our Services or terminate this Agreement with immediate effect if:
15.1.1 we are required to take such action by any regulatory body, or otherwise for security, legal or regulatory reasons;
15.1.2 we suspect fraud, a security breach or that communications are being made without your authorisation
15.1.3 you breach any part of this Agreement (including any document we refer to in this Agreement);
15.1.4 we reasonably believe that we need to do so in order to protect our reputation;
15.1.5 we are unable to satisfactorily verify your identity and/or complete any required due diligence checks; and / or
15.1.6 it is reasonably necessary for us to do so to prevent you or us from breaching any Applicable Law.
15.2 We will try to give you advance notice of any suspension. Where advance notice is not possible, we will provide you with notice as soon as reasonably practicable thereafter. Unless we are prevented by Applicable Law, if we have them, we will try to provide you with details of the nature of the suspension, its anticipated duration and anything you have to do to remedy any error or circumstance which has led to the suspension. However, we are under no obligation to allow you to reinstate a transaction at the same price or on the same terms as any suspended, rejected, blocked, cancelled or reversed transaction.
15.3 You or we may terminate our Services at any time, without penalty, by giving 7 Business Days written notice to the other, however, there may still be pre-defined lock up periods that will remain unchanged. For our yielding product the lock up periods are 3 months for Bitcoin and Ethereum and 1 month for any other cryptoasset. We require 7 days notice to withdraw from the yield provider, if no notice is given, the cryptoassets locked in our providers service will automatically renew and be locked for another 3 or 1 month period.
15.4 On the date termination takes effect:
15.4.1 Unless we explicitly agree otherwise with you, any outstanding orders with us will be deemed cancelled.
15.4.2 You will pay us any outstanding fees accrued in relation to the Services we have provided you.
15.4.3 Your obligations in relation to Confidential Information shall continue in accordance with clause 20.
15.5 If the value of your cryptoasset(s) has fallen you will not get back the full amount you invested. Also, please be aware that we offer no refunds for payments already made to us.
15.6 The termination of processing of personal data ("The right to be forgotten") is not absolute and may be subject to certain limits or exceptions as defined by applicable laws.
16. COMPLAINTS
16.1 We are committed to providing you with a first-class service. If anything does go wrong, we aim to put it right quickly and efficiently. If we cannot resolve a problem immediately, we will contact you to tell you what we are doing about it. If you wish to complain about any aspect of our Services, please contact us using our details set out at clause 17.
17. COMMUNICATIONS
17.1 You may contact us by email to support@satoshideals.org. Emails will be deemed received on the earlier of the time at which it is accessed or 2 Business Days after receipt (except as regards emails sent to us, if there is a bounce-back stating the communication has not been delivered, the communication shall be deemed not sent).
17.2 All communications will be in English. So long as we act in good faith, should we receive a communication which purports to be from you, we are entitled, but not obliged, to rely on and conclusively presume that such communication or instruction has been given by you, and we do not accept liability for any loss (of whatever nature) caused by or as a consequence of so doing. It is vital that you keep your contact details with us up to date and ensure that only persons who have authorisation to deal with us have the ability to send us communications using your contact details.
17.3 Notwithstanding clause 17.3, where we in good faith believe that a communication has not been authorised, we are entitled to not act in accordance with any instruction in such communication, and we do not accept liability for any loss (of whatever nature) caused by or as a consequence of this.
17.4 You acknowledge and accept the risks inherent in email, particularly of its unauthorised interception and of its not reaching the intended recipient. Although we take all reasonable care to ensure all electronic communications and attachments we send to you are free from any known Virus, we will not be responsible for any loss or damage loss (of whatever nature) resulting from any Virus that may infect your computer equipment, computer programs, data or other material due to your use of our Service.
17.5 We may record and monitor conversations we have with you, and we will keep a record of all communications for as long as required by Applicable Law or we feel appropriate.
17. COMMUNICATIONS
17.1 Communications to:
17.1.1 us may be made:
17.1.1.1 by email to support@satoshideals.org;
17.1.1.2 by telephone at +447879877600; and/or
17.1.1.3 personally or by courier service to 7 Farquhar Road East, Birmingham, B15 3RD, United Kingdom.
17.1.2 you may be made:
17.1.2.1 by email to the email you provided or have used from the beginning of our business relationship; and / or
17.1.2.2 by telephone to the telephone number you provided or have used from the beginning of our business relationship.
as such details may from time to time be amended by you and us providing written notice to the other.
17.2 Communications:
17.2.1 by email will be deemed received on the earlier of the time at which it is accessed or 2 Business Days after receipt (except as regards emails sent to us, if there is a bounce-back stating the communication has not been delivered, the communication shall be deemed not sent); and
17.2.2 if hand delivered, will be deemed received when delivered.
17.3 All communications will be in English. So long as we act in good faith, should we receive a communication which purports to be from you, we are entitled, but not obliged, to rely on and conclusively presume that such communication or instruction has been given by you, and we do not accept liability for any loss (of whatever nature) caused by or as a consequence of so doing. It is vital that you keep your contact details with us up to date and ensure that only persons who have authorisation to deal with us have the ability to send us communications using your contact details.
17.4 Notwithstanding clause 17.3, where we in good faith believe that a communication has not been authorised, we are entitled to not act in accordance with any instruction in such communication, and we do not accept liability for any loss (of whatever nature) caused by or as a consequence of this.
17.5 You acknowledge and accept the risks inherent in email, particularly of its unauthorised interception and of its not reaching the intended recipient. Although we take all reasonable care to ensure all electronic communications and attachments we send to you are free from any known Virus, we will not be responsible for any loss or damage loss (of whatever nature) resulting from any Virus that may infect your computer equipment, computer programs, data or other material due to your use of our Service.
17.6 We may record and monitor conversations we have with you, and we will keep a record of all communications for as long as required by Applicable Law or we feel appropriate.
18. AUTHORISED PERSONS
18.1 Before using our Services, you must provide us with a list of those persons who have been duly authorized to provide us with instructions in relation to our Services (the “Authorised Persons”). This is done by completing a Letter of Authorisation, which we will provide separately, and sending it to support@satoshideals.org. We will confirm receipt of your list of Authorised Persons, as well as any additional persons you may add to or remove from the list from time to time (as also duly authorized by sending an updated Letter of Authorisation to support@satoshideals.org). We will agree with you in advance who may add or remove persons to / from the list of Authorised Persons.
18.2 We shall have no obligation to accept or otherwise act upon or respond to any instruction and / or communication made by any person until we confirm that such person is an Authorised Person. We will, however, be entitled to act on the instructions of such a person should we believe in good faith that that person is intended to be an Authorised Person and we have received appropriate confirmation to this effect.
18.3 We are entitled to rely upon any instruction received from, or believed by us in good faith to be from, any Authorised Person, whether or not they have actual authority to give instructions. For example, this will include a person communicating to us using your contact details. Any communication we send to an Authorised Person will also be deemed sent to you and any communication we receive from an Authorised Person will also be deemed sent by you.
18.4 You are fully responsible and liable for any action or inaction by an Authorised Person, and we will deem any such action or inaction as being made directly by you. All Authorised Persons may only enjoy any rights granted under this Agreement solely to the extent they do so in their capacity as your agent acting on your behalf, and not in their own capacity. You are responsible for ensuring that all Authorised Persons approved by you act in accordance with your obligations set out in this Agreement, and any reference in this Agreement to an obligation applying to you includes an obligation on you to ensure all Authorised Persons comply with such obligation.
18.5 You need to be mindful that any instructions made by Authorised Persons are coordinated, as if we receive instructions from two Authorised Persons, you are deemed to have intended for both instructions to be carried out and we will act on such instructions accordingly without verifying that those coordinated instructions were or were not intended to be executed together when given.
18.6 In the event that someone is no longer an Authorised Person, we must be informed immediately by someone who is a duly Authorised Person. However, as long as we have not been grossly negligent in doing so, we are not liable if we act on the instructions of someone who is no longer an Authorised Person.
19. DATA PROTECTION
19.1 Both you and we will comply with Data Protection Laws.
19.2 In order to provide our Services we may need to (only if the customer is a body corporate):
19.2.1 communicate with your owners, officers and employees (“Client Contacts”) in relation to our Services;
19.2.2 process identification details of Client Contacts in order to confirm their identities;
19.2.3 process your identification details in order to confirm your identity (only if person signing/agreeing is signing/agreeing as an individual)
19.2.4 check such Personal Data against databases of individuals who are subject to sanctions, classified as “politically exposed persons” or have committed crimes and to follow up any suspicions to ensure that we comply with our anti-money laundering and terrorism obligations and to avoid fraud;
19.2.5 record or monitor communications; and/or
19.2.6 use such Personal Data to meet our compliance and regulatory duties;
and we will be acting as a data controller in respect of such processing.
19.3 Where you provide us with Client Contact details or where requested to do so by us, you will notify such individuals that we may need to process their Personal Data for the purposes set out in clause 19.2. (only if person signing/agreeing represents a company).
19.4 We will maintain a data protection fair processing notice https://www.satoshideals.org/privacy-policy setting out the details of such processing and all other information required by, and in compliance with, Data Protection Laws, which you will also refer Client Contacts to when you make a notification under clause 19.3 (only if person signing/agreeing represents a company).
20. CONFIDENTIALITY
20.1 You will at all times, but subject to clauses 20.2 and 20.6:
20.1.1 keep the Confidential Information secret and will only disclose it in the manner and to the extent expressly permitted by this clause 20;
20.1.2 use the Confidential Information solely for the purpose (the “Purpose”) of receiving our Services and performing your obligations pursuant to this Agreement;
20.1.3 only make such copies, summaries, extracts, transcripts, notes, reports, analyses and recordings (in any form of media) that use, contain or are based on (or derived from) Confidential Information as are reasonably necessary to fulfil the Purpose; and
20.1.4 keep the Confidential Information safe and secure and apply to it documentary and electronic security measures that match or exceed those you operate in relation to your own confidential information and will never exercise less than reasonable care.
20.2 You may disclose Confidential Information:
20.2.1 to those of your Representatives who need access to that Confidential Information in order for the Purpose to be fulfilled. Prior to any such disclosure you must make that Representative aware of the fact that the Confidential Information is confidential and secret and the obligations of confidentiality contained in this clause 20, and procure that such Representative is subject to obligations of confidentiality substantially equivalent to those contained in this clause 20. You will be liable for the acts and omissions of your Representatives in respect of Confidential Information as if they were your acts or omissions;
20.2.2 to the extent required by Applicable Law, by an order of a court of competent jurisdiction or by any securities exchange, listing authority, governmental or regulatory authority to which you are subject or to which you submit. Where reasonably practicable and lawful you will notify us in writing in advance of such disclosure, will consult with us as to the content, purpose and means of disclosure and will seek to make such disclosure subject to obligations of confidence consistent, so far as reasonably possible, with the terms of this Agreement.
20.3 We or our licensors own all right, title and interest in the Confidential Information and no licence or right to use any patent, copyright, registered design, unregistered design, trademark, trade name or similar right or any right to use any Confidential Information or trade secrets is granted by us.
20.4 Within 14 days after the date on which termination takes effect you will:
20.4.1 if requested to do so, return to us all Confidential Information (including all copies and extracts) and all other of our property (whether tangible or intangible) in your possession or control;
20.4.2 if requested to do so, destroy or permanently erase (if technically feasible without incurring excessive expense and without undue effort) all documents and all records (in any media) created by you or on your behalf that use, concern or are based on any Confidential Information (“Records”); and
20.4.3 cease to use Confidential Information.
20.5 Notwithstanding clause 20.4, you may retain any Confidential Information and/or Records which you have to keep to comply with any Applicable Law or which you are required to retain for accounting or taxation purposes. The other provisions of this clause 20 will continue to apply to retained Confidential Information and Records, which may only be used for such purposes.
20.6 Your obligations under this clause 20 will not extend to Confidential Information which:
20.6.1 we agree in writing is not Confidential Information;
20.6.2 at the time of disclosure was in the public domain or subsequently enters into the public domain other than as the direct or indirect result of a breach of this clause 20 by you or any of your Representatives;
20.6.3 you can prove to our reasonable satisfaction:
20.6.3.1 has been received by you (or one of your Representatives) from a third party who did not acquire it in confidence and who is free to make it available to you (or your relevant Representative); or
20.6.3.2 was independently developed by you (or your relevant Representative) without any breach of this Agreement.
20.7 You acknowledge and agree that damages alone would not be an adequate remedy for a breach of this clause 20. Accordingly, we will be entitled to obtain an injunction and specific performance for any breach or threatened breach of this clause 20.
21. General
No cancellation rights
21.1 We do not offer any cancellation rights in relation to your use of our Services and / or dealing in cryptoassets. We note that the price of cryptoassets is dependent on fluctuations in the financial market which cannot be controlled by us. You must therefore ensure that you are certain you wish to proceed before instructing us to make any transaction.
Legal, tax and accounting advice
21.2 We do not provide, nor do we accept responsibility for, any legal, tax or accounting advice. If you are unsure regarding any of the legal, tax or accounting aspects of dealing in cryptoassets or using our Services you should seek independent professional advice.
Delegation and assignment
21.3 We may, at our sole discretion, assign our rights and/or delegate our duties under this Agreement and engage subcontractors to perform obligations on our behalf, so long as we take due skill and care in selecting and overseeing our delegees.
21.4 You may not delegate, assign or transfer any of your rights or responsibilities in relation to this Agreement.
Illegality and severability
21.5 Each provision of this Agreement is separate, severable and enforceable. If any term of this Agreement is found by any regulator, court or authority of competent jurisdiction to be illegal, unlawful, void or unenforceable, in whole or in part, such provision shall be ineffective solely to the extent of such determination of invalidity or unenforceability without affecting the validity or enforceability thereof in any other manner and without affecting the remaining provisions of this Agreement, which shall continue to be in full force and effect.
Waiver
21.6 No failure or delay by us to exercise any right, power or remedy under this Agreement shall operate as a waiver of that right, or any other right, nor shall any single or partial exercise of any right, power or remedy preclude any other or further exercise of that right or any other right, power or remedy. A waiver is only effective if we provide it in writing from one of our duly authorised representatives. No waiver by us of any provision in this Agreement will be deemed a waiver of a subsequent breach of such provision or a waiver of a similar provision.
Third parties
21.7 A person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999, or otherwise, to enforce any terms of this Agreement. This Agreement may be varied, amended, modified, suspended, cancelled, terminated or rescinded without the consent of any third party, notwithstanding that such third party may have relied on any terms of this Agreement.
No partnership or agency
21.8 Your dealing in cryptoassets, or otherwise using our Services, does not create any form of partnership, agency, joint venture, employer-employee relationship, or franchisor-franchisee relationship or any other similar relationship between you and us, and we do not owe you any resulting fiduciary duties. Nothing in this Agreement is intended to authorise either you or us to act as agent for the other, and neither you or us shall have the authority to act in the name or on behalf of or otherwise to bind the other in any way (including the making of any representation or warranty, the assumption of any obligation or liability and the exercise of any right or power).
If you are more than one person
21.9 Each of you will be jointly responsible for complying with your obligations under this Agreement, and each of you bear full liability for any breach of these obligations. Any communication to any of you will be deemed to be given to all of you, and we may act on the instructions of any of you.
Entire agreement
21.10 This Agreement constitutes the entire agreement between you and us and supersedes any prior agreement, terms and conditions or arrangement in respect of its subject matter. Except for the express statements set out in this Agreement, you hereby acknowledge and agree that you have not relied upon any other statement or understanding, whether written or oral, with respect to your use of and access to our Services.
21.11 Neither you nor we have entered into this Agreement in reliance upon, and will have no remedy in respect of, any misrepresentation, representation or statement which is not expressly set out or referred to in this Agreement. The only remedy available for any misrepresentation or breach of any representation or statement set out or referred to in this Agreement shall be for breach of contract.
21.12 Except as set out in this Agreement, we do not make or give any representation or warranty as to the accuracy, completeness, currency, correctness, reliability, integrity, quality, fitness for purpose or originality of any information provided regarding cryptoassets, and, to the fullest extent permitted by Applicable Law, all implied warranties, conditions or other terms of any kind are excluded and we accept no liability for any loss (of whatever nature) incurred as a result of you or anyone else relying on such information.
Jurisdiction
21.13 If you are a consumer this Agreement, its subject matter and its formation, and any non-contractual obligations arising out of or in connection with it is governed by the law of Lithuania and the courts of Lithuania have non-exclusive jurisdiction to determine any dispute arising out of or in connection with this Agreement. As a consumer, you will benefit from any mandatory provisions of the law of the country in which you are resident. Nothing in this Agreement affects your rights as a consumer to rely on such mandatory provisions of local law.
21.14 If you are a business user this Agreement, their subject matter and their formation, and any non-contractual obligations arising out of or in connection with them are governed by the law of Lithuania and the courts of Lithuania have exclusive jurisdiction to determine any dispute arising out of or in connection with them (including in relation to any non-contractual obligations).
SCHEDULE I
RISKS OF DEALING IN CRYPTOASSETS
DEALING IN CRYPTOASSETS INVOLVES A HIGH DEGREE OF RISK, AND, THEREFORE, SHOULD BE UNDERTAKEN ONLY IF YOU ARE CAPABLE OF EVALUATING THE RISKS INVOLVED AND ABLE TO BEAR THE RISK OF A COMPLETE LOSS OF ALL CAPITAL USED TO DEAL IN CRYPTOASSETS.
YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED BELOW AND CONSULT WITH YOUR PROFESSIONAL ADVISORS BEFORE DEALING IN CRYPTOASSETS. DIFFERENT CRYPTOASSETS MAY HAVE UNIQUE FEATURES WHICH MAY MAKE THEM MORE OR LESS LIKELY TO FLUCTUATE IN VALUE. IT SHOULD BE NOTED THAT THE LIST OF RISK FACTORS DESCRIBED BELOW IS NOT INTENDED TO BE EXHAUSTIVE AND DOES NOT NECESSARILY INCLUDE ALL THE RISKS TO WHICH YOU MAY BE EXPOSED WHEN DEALING IN CRYPTOASSETS.
NONE OF THE INFORMATION PRESENTED IN THIS SCHEDULE 1 IS INTENDED TO FORM THE BASIS FOR ANY INVESTMENT DECISION, NO SPECIFIC RECOMMENDATIONS ARE INTENDED, AND THERE HAS NOT BEEN ANY CONSIDERATION AS TO WHETHER CRYPTOASSETS ARE A SUITABLE OR AN APPROPRIATE THING FOR YOU TO ACQUIRE. WE EXPRESSLY DISCLAIM ANY AND ALL RESPONSIBILITY FOR ANY LOSS ARISING FROM: (I) RELIANCE ON ANY INFORMATION CONTAINED IN THIS SCHEDULE 1, OR (II) ANY ERROR, OMISSION OR INACCURACY IN SUCH INFORMATION.
By dealing in cryptoassets, you expressly acknowledge and assume the following risks, which we shall not be liable for should they materialise:
1. Risk of losing access to cryptoassets
A private key, or a combination of private keys, is necessary to control and dispose of cryptoassets stored in your digital wallet or vault. Accordingly, loss of requisite private key(s) associated with your digital wallet or vault storing cryptoassets may result in loss of your cryptoassets, and we are not responsible or liable for any loss you may suffer as a result or consequence. Moreover, any third party that gains access to such private key(s), including by gaining access to login credentials of a hosted wallet service you use, may be able to misappropriate your cryptoassets.
Any errors or malfunctions caused by or otherwise related to the wallet with which you choose to receive and store cryptoassets, including your failure to properly maintain or use such wallet, may also result in the loss of your cryptoassets. A point to consider is the ability of the wallet you use to support any distributions of cryptoassets to wallet addresses (“airdrops”) as well as any changes to the usability, functions, value or versions of a cryptoasset (“forks”). It is your responsibility to obtain, maintain and secure your wallet, which must be compatible with the cryptoassets you hold.
2. Regulatory risks
Regulation of cryptoassets and underlying blockchain technologies is currently still being developed and likely to rapidly evolve. Regulation varies significantly between different jurisdictions and is subject to significant uncertainty. Regulators may in the future adopt laws, regulations, guidance or other actions that may severely impact the development, attractiveness and / or value of cryptoassets. This could result in a variety of adverse consequences and reduce the value of cryptoassets.
Regulatory changes may also limit our ability to provide our Services in your jurisdiction, and a consequence of changes could accordingly be to restrict our business and the Services we can provide to you.
3. Risks associated with blockchain protocol(s)
Because cryptoassets are generally reliant on at least one blockchain protocol, any malfunction, breakdown or abandonment of a protocol may have a material adverse effect on cryptoassets reliant on it. Moreover, advances in cryptography, or technical advances such as the development of quantum computing, could present risks to cryptoassets by rendering ineffective the cryptographic consensus mechanism that underpins the relevant protocol(s).
4. Risk of hacking and software and security weaknesses
Hackers or other malicious groups or organizations may attempt to interfere with cryptoassets in a variety of ways, including malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing, as well as attacks which overpower the consensus-based mechanism on which the blockchain is built and attacks which interfere with or otherwise cause nodes to malfunction (nodes are computers / hardware devices that help maintain the blockchain).
There is also an inherent risk that the software and related technologies and theories we use could contain a Virus. A Virus could cause, inter alia, complete loss of cryptoassets. In addition, where a cryptoasset is based on open-source software, there is a risk that someone may intentionally or unintentionally introduce a Virus into the core infrastructure supporting cryptoassets, which could negatively affect the operation and / or value of cryptoassets.
5. No refunds and Liquidity risk
After acquiring cryptoassets, you will have no right to return them for a refund, and you may not be able to sell them for as much as you bought them for. The value of a cryptoasset is dependent on the demand for that cryptoasset as well as the ability to transfer and cost of transferring that cryptoasset (“liquidity”). There may be limited liquidity in certain cryptoassets, making it harder to dispose of them for their full (or any) value.
6. Exchange risk
There are risks when dealing with crypto exchanges, for example they may cease supporting a cryptoasset, may be hacked, may face solvency issues, may be the subject of fraud or may be negligent in carrying out transactions. In addition, an exchange may reject a transaction for any or no reason, or may not be able to function properly due to operational or technical difficulties or an unexpected surge in activity. We seek to deal with reputable and reliable exchanges but we simply cannot mitigate this risk entirely for you. You accept that where we deal with an exchange, any such dealings will be subject to the risks relating to that exchange.
7. Volatility risk
The prices of cryptoassets have historically been subject to dramatic fluctuations and are highly volatile. Several factors may influence the market price of cryptoassets, including: (i) global digital asset and cryptoasset supply; (ii) the demand for cryptoassets; (iii) the security of cryptoassets exchanges and wallets that hold cryptoassets, as well the perception that the use and holding of cryptoassets is safe and secure; (iv) general expectations with respect to the rate of inflation, interest rates and exchange rates; (v) changes in the software, software requirements or hardware requirements underlying cryptoassets; (vi) changes in the rights, obligations, incentives, or rewards for the various holders of cryptoassets; (vii) interruptions in service from or failures of major cryptoasset exchanges on which cryptoassets are traded; (viii) investment and trading activities of large purchasers, including private and registered funds, that may directly or indirectly invest in cryptoassets; (ix) monetary policies of governments, as well as any trade restrictions, currency devaluations and revaluations; (x) regulatory measures, if any, that affect the use of cryptoassets and changes in Applicable Law; (xi) global or regional political, economic or financial events and situations; and (xii) expectations among participants in cryptoassets that the value of cryptoassets will soon change.
A decrease in the price of a single cryptoasset may cause volatility in the entire cryptoasset industry and may affect other cryptoassets. For example, a security breach that affects participants’ confidence may affect the value of bitcoin. Such volatility may result in a significant loss over a short period of time.
8. Purchasers may lack information for monitoring cryptoassets
You may not be able to obtain all information you want from time to time regarding cryptoassets. Even if you do receive such information, you may not receive it on a timely basis. It is possible that you may not be aware of materially adverse changes that have occurred with respect to cryptoassets in a timely manner. As a result of these difficulties, as well as other uncertainties, you may not have accurate or accessible information relating to your dealing in cryptoassets, which could prevent you from taking actions with the potential to prevent adverse consequences relating to your holding of cryptoassets.
9. General economic risks
Please be aware that the value of cryptoassets can fall as well as rise. If you sell cryptoassets, you may not get back the full amount you spent on those cryptoassets, or anything at all. The value of cryptoassets may depend on fluctuations in the financial markets, or other economic factors, which are outside our control. Past performance is not necessarily a guide to the future performance of cryptoassets.
10. Unanticipated risks
Cryptoassets are built on relatively new and untested technology. In addition to the risks included in this Schedule 1, there may be other risks associated with your dealing in cryptoassets, including those that we cannot reasonably foresee. Additional risks may also materialize as unanticipated variations or combinations of the risks discussed above.
SCHEDULE 2
ADDITIONAL RISKS WHEN LENDING CRYPTOASSETS
As our lending service is unregulated, you do not have the regulatory protections which you would benefit from if, for example, you instead opened a deposit account with a bank. Whilst we may seek to mitigate the risks set out below, if you use our lending service you accept them, and we are not liable or responsible for any loss to you if they materialise.
1. Risks of dealing in cryptoassets
In addition to the risks set out below, the risks set out at Schedule 1 will also apply. As you are lending cryptoassets, these risks will apply throughout the time you lend cryptoassets. For example, if you receive interest in bitcoin, if the value of bitcoin falls, the actual value of your bitcoin holding may be less even if you hold more bitcoin as a result of the lending.
2. Information risks
In deciding to lend, you may not have full and accurate information on which to base this decision. If you have any queries, you accept that you have been provided with adequate opportunity to ask them, and have performed your own independent assessment of whether and on what basis to lend to any provider. Whilst we will aim to provide you with accurate information regarding lending cryptoassets, we cannot and do not guarantee that the information we provide is complete and accurate and you must view it accordingly and should not act in reliance upon it. We do not accept liability for any information provided which is inaccurate or incomplete unless this is as a result of our fraud or fraudulent misrepresentation by us.
3. Forks, airdrops and similar events
From time to time there may be distributions of cryptoassets to certain wallet addresses (“airdrops”), as well as any changes to the usability, functions, value or versions of a cryptoasset (“forks”). Where you lend to a borrower/provider, that borrower/provider may not have any obligation to support any airdrop or fork, and / or may not pass the benefit of any airdrop or fork back to you where this is not an obligation under the terms of the lending. Where this is the case, we do not accept any liability for any less as a consequence.
4. General market lending risk
You will not have oversight as to how borrowers/providers deal with the cryptoassets you lend to them. However, if a borrowers/providers goes insolvent or otherwise becomes unable to pay its debts as they fall due, then you may become a general creditor of the borrowers/providers. If this happens, you may not get back the same amount of cryptoassets as you have lent to the borrowers/providers, as the borrower’s/provider’s assets will be subject to its obligations to its other creditors.
5. Regulatory change
Lending cryptoassets is a nascent industry. As such, as the regulation and law relating to lending cryptoassets develops, this may adversely impact or restrict our ability to provide our lending service and / or the commercial viability and attractiveness of our lending service.
6. Unanticipated risks
In addition to the risks included in this Schedule 2, there may be other risks associated with your lending cryptoassets, including those that we cannot reasonably foresee. Additional risks may also materialize as unanticipated variations or combinations of the risks discussed above.
BY DEALING IN CRYPTOASSETS WITH US OR OTHERWISE USING OUR SERVICES YOU CONFIRM THAT YOU HAVE READ AND AGREE TO THE TERMS OF THIS AGREEMENT (INCLUDING ALL SCHEDULES) AND THAT YOU AGREE TO COMPLY WITH THIS AGREEMENT.
YOU ACCEPT THAT YOU UNDERSTAND THE CONTENTS OF THIS AGREEMENT, AND, TO THE EXTENT ANYTHING IS UNCLEAR, HAVE CONTACTED US OR AN APPROPRIATE ADVISOR. YOU THEREFORE ACCEPT THAT YOU HAVE OBTAINED SUFFICIENT INFORMATION ABOUT OUR SERVICES TO MAKE AN INFORMED DECISION TO USE THEM.
IF YOU DO NOT AGREE TO THE TERMS OF THIS AGREEMENT, YOU MUST NOT USE OUR SERVICES.
WE RECOMMEND THAT YOU PRINT A COPY OF THIS AGREEMENT FOR FUTURE REFERENCE.
PLEASE NOTE; ZENOFI UAB NO LONGER OFFERS UK RESIDENTS OVER THE COUNTER (OTC) SERVICES.
ZENOFI UAB PRIVACY POLICY
Welcome to the Privacy Notice for ZenoFi UAB
ZenoFi UAB respects your privacy and is committed to protecting your personal data.
1. About us
2. Purpose of this Privacy Notice
3. The data we collect about you
4. Lawful basis
5. Purposes for which we will use your personal data
6. Marketing
7. Automated Decision-Making and Data Profiling
8. Disclosures of your personal data
9. International transfers
10. Data security
11. Data retention
12. Your legal rights
13. Glossary
1. About us
ZenoFi UAB (referred to as "we", "us" or "our" in this Privacy Notice) is the owner of this website, and the controller of the personal data processed through this website. SatoshiGroup Limited (a commonly owned UK entity) and ZenoFi UAB form a group of companies, together called the “ZenoFi Group”.
We have appointed a data protection officer (DPO) who is responsible for overseeing questions in relation to this privacy policy.
If you have any questions about this Privacy Notice, our privacy practices, or how to exercise your legal rights, please contact our DPO in the following ways:
Name: Benedict Fattorini
Email address: support@satoshideals.org
Telephone number: +447484265709
ZenoFi UAB address: Vilnius, Laisvės pr. 60, LT-05120, Lithuania
You have the right to make a complaint at any time to the Information Commissioner's Office (ICO), the UK regulator for data protection issues (www.ico.org.uk) or to the State Data Protection Inspectorate (https://vdai.lrv.lt/en/) (Valstybinė duomenų apsaugos inspekcija or VDAI in Lithuanian). We would, however, appreciate the chance to deal with your concerns before you approach the relevant authority so please contact us in the first instance.
2. Purpose of this Privacy Notice
This Privacy Notice explains how we look after your personal data, how we collect and process it through your use of our website or when you purchase one of our products or services. We might also collect personal data about you from other sources, such as other companies or publicly available information.
You can find out more in the The Data We Collect About You section below.
This website is not intended for children and we do not knowingly collect data relating to children.
It is important that you read this Privacy Notice together with any other Privacy Notice or fair processing Notice we may provide on specific occasions when we are collecting or processing personal data about you so that you are fully aware of how and why we are using your data. This Privacy Notice supplements other notices and privacy policies and is not intended to override them.
2.1 Changes to the Privacy Notice and your duty to inform us of changes.
We keep our Privacy Notice under regular review. This version was last updated on 6th November 2023. Please contact us for a copy of this notice, or for previous versions, by contacting us at support@satoshideals.org.
If we change the way we use your personal data, we’ll update this notice and, if appropriate, let you know through our website, or by email.
It is important that the personal data we hold about you is accurate and current. Please keep us informed if your personal data changes during your relationship with us.
2.2 Third-party links
This website may include links to third-party websites, plug-ins and applications. Clicking on those links or enabling those connections may allow third parties to collect or share data about you. We do not control these third-party websites and are not responsible for their privacy statements. When you leave our website, we encourage you to read the Privacy Notice of every website you visit.
3. The data we collect about you
3.1 What is personal data?
Personal data, or personal information, means any information which can be used to identify you. This includes:
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information which is clearly about you (such as your name or your photo); or
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different pieces of information which do not identify you when taken individually, but when combined together can identify you. An example is your phone number (or public key), as this does not directly identify you, but when used with a phone directory (or online research) does identify you; or
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information which does not identify you, but can be used to identify you when technology is applied to the information. An example is encrypted information, which can be decrypted.
It does not include data where the identity has been removed (anonymous data).
3.2 Categories
We collect, use, store and transfer different kinds of personal data about you. We have grouped these under the headings: Contact, Financial, Identity, Marketing and Communications, Profile, Technical, Transactional, and Usage. More details about these categories are available in the Glossary: Categories of Personal Data.
3.3 Sources of personal data.
We might also collect personal data about you from different sources, as set out below.
Information you provide to us
When you open an account with us, correspond with us by post, phone, email, fill in forms, respond to surveys, take part in online discussions or contact us otherwise, you provide us with Contact Data, including information such as your billing address, email address and telephone number.
When you purchase our products or services, or pay for other products or services when using our systems or products or service, you might provide Financial Data such as your bank account, payment card details, wallet address, or tax information.
When you apply for or use our products or services, or register to use our website, you provide us with information about yourself including your name, date of birth, digital identity. You might also include your photo or video form, or other information we require to conduct KYC/AML such as your passport or driving license. We call this Identity Data.
You might also provide information about members of your family, or work, or ask us to contact third parties on your behalf, in order to conduct our KYC and AML checks.
In carrying out KYC and AML checks and a periodic review of that information we may collect Special Categories of Personal Data about you in so far as this identifies you as a politically exposed person. In this connection we may also collect information about criminal convictions and offences.
Where you have enabled location or GPS services, we will be able to see your location. We call this Location Data.
When you inform us of your marketing preferences or how you would like to receive information from us, or subscribe to our services, publications or social media, we call this Marketing Data.
When you register with us, you might create an account or profile using information such as a username and password. We call this Profile Data.
As you interact with our website, our systems automatically collect, information about your device, your platform, browser, and the other Technical Data described in the Glossary.
Automated technologies or interactions
When your devices interact with our website, we may collect data by using cookies, pixels, tracking technologies, server logs and other similar technologies
Information about your transactions, such as payments or transfers made or received, assets held, transaction dates and times, the time taken to make the transfer/payment, currencies, exchange rates, messages sent and received, Technical Data about your device. We call this Transaction Data. We also collect details of the person or entity you are transacting with (including some of their Identity Data, Technical Data, Financial Data and Contact Data).
How you have used our website, products and services. This includes information about your visit, such as the links you’ve clicked on, through and from our website (including date and time), services you viewed or searched for, page response times, download errors, length of visits to certain pages, page interaction information (such as scrolling and clicks), and methods used to browse away from the page. We call this Usage Data.
Information stored on your device, such as your contacts, location, historic use of your device, any information stored on your device, and details of other software or apps you use.
Information about your device and how it connects to other devices and networks and how you connect with the device. This includes the internet protocol (IP) address used to connect your computer to the internet, your login information, the browser type and version, the time zone setting, the operating system and platform, the type of device you use, a unique device identifier (for example, your device's IMEI number, the MAC address of the device's wireless network interface, or the mobile phone number used by the device), mobile network information, your mobile operating system and the type of mobile browser you use. We call this Technical Data.
We might also track your location if location services are enabled on your device. We call this Location Data.
We might also receive Technical Data about you if you visit other websites employing our cookies.
Our cookies will regularly collect this information in order to stay up to date (but only if you have given us permission). Please see our cookie policy below for further details.
Information from publicly available sources
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Companies House in the United Kingdom, and equivalent registers in other countries.
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Tax authorities, including HMRC in the United Kingdom and potentially tax authorities in other countries (for details about tax information, eg, VAT numbers, social security numbers).
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Electoral Registers in various countries
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Online registers or directories in various countries
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Social media, such as Telegram, Instagram, WhatsApp, Twitter, Facebook, Discord, Reddit, LinkedIn and others. We might use information from social media websites or apps to conduct due diligence or to create a profile about you.
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Websites for enhanced due diligence, security and KYC purposes.
Information from third parties
KYC/AML providers:
When you apply for our use our products or services, or create an account with us, we might receive certain background and identity check information or KYC/AML data from third parties such as credit reference agencies, financial or credit institutions, official registers and databases, fraud prevention agencies and partners who help us to provide our services.
This includes your information to help us check your identity, information about your spouse and family (if applicable in the context of an application) and information relating to your transactions.
In carrying out KYC and AML checks and a periodic review of that information we may collect Special Categories of Personal Data about you in so far as this identifies you as a politically exposed person. In this connection we may also collect information about criminal convictions and offences.
Providers of financial or payment services
We might receive information about you during the course of the transactions you engage in by using our website, products or services, from counterparties such as:
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regulated and unregulated financial or credit institutions including merchants, ATMs, custodians, wallets, exchanges, peer to peer ecosystems, in various countries globally
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joint account holders
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partners who help us to provide our services
We also collect, use and share Aggregated Data such as statistical or demographic data for any purpose. Aggregated Data could be derived from your personal data but is not considered personal data in law as this data will not directly or indirectly reveal your identity. For example, we might aggregate your Usage Data to calculate the percentage of users accessing a specific website feature. However, if we combine or connect Aggregated Data with your personal data so that it can directly or indirectly identify you, we treat the combined data as personal data which will be used in accordance with this Privacy Notice.
We do not collect any Special Categories of Personal Data about you (this includes details about your race or ethnicity, religious or philosophical beliefs, sex life, sexual orientation, political opinions, trade union membership, information about your health, and genetic and biometric data). Nor do we collect any information about criminal convictions and offences.
3.4 If you fail to provide personal data
Where we need to collect personal data by law, or under the terms of a contract we have with you, and you fail to provide that data when requested, we might not be able to perform the contract we have or are trying to enter into with you (for example, to provide you with goods or services). In this case, we might have to cancel a product or service you have with us but we will notify you if this is the case at the time.
4. Lawful basis
We use your personal data only when we have a ‘lawful basis’ (or valid legal justification) to do so. The lawful bases we commonly rely on are:
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Where we need the personal data in order to perform the contract we are about to enter into or have entered into with you. For example, we cannot provide our services to you without knowing who you are.
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Where it is necessary for our legitimate interests (or those of a third party) and your interests and fundamental rights do not override those interests.
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Where we need to comply with a legal obligation. For example, we might be required to gather information to comply with tax laws.
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Where you have agreed we can collect your personal data, or sensitive personal data, and use it in a certain way. For example, you might given us consent by ticking a box. have ticked a box.
The Lawful Basis section in the Glossary below provides more details.
5. Purposes for which we will use your personal data
5.1 Purposes of Personal Data Use, and relevant Legal Basis
We have set out below how we plan to use your personal data, and the legal bases we rely on to do so. Note that we might process your personal data for more than one lawful basis, depending on the specific purpose for which we are using your data. Please contact us if you need additional details.
How we use your personal data
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Providing our services and products
Data categories: Contact, Financial, Identity, Location, Marketing & Communications, Transaction
We use your personal data when providing our products and services to you, including:
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Registering you as a customer, including confirming your identity and eligibility, and those of and any joint account holders
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Accepting you as a customer, including setting you up as a customer on our systems
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Processing and delivering your orders or transactions, including managing payments, fees and charges and transferring and receiving assets
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Collecting and recovering money owed to us in relation to any agreement we have with you
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Providing customer support services to you. We might record and monitor any communications between you and us, including phone calls, to maintain appropriate records, check your instructions, analyse, assess and improve our services, and for training and quality control purposes
Lawful basis for Data categories: Contact, Financial, Identity, Location, Marketing & Communications, Transaction:
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Performance of a contract with you
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Legal obligations
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Legitimate interest (ensuring our efficiency in providing our services to you, on how we meet our legal obligations).
2. Managing our relationship with you
Data categories: Contact, Identity, Marketing & Communications,
We will use your personal data to:
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notify you about changes to our terms and conditions, our products or services, or our Privacy Notice
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update you about your account
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verify your identity if you contact our customer support or social media teams
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allow you to take part in interactive features of our services
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ask you to leave a review, take a survey, or provide feedback.
Lawful basis for Data categories: Contact, Identity, Marketing & Communications:
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Performance of a contract with you
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Legal obligation
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Necessary for our legitimate interests (to keep our records updated and to study how customers use our products/services)
3. Administering and protecting our business and website
Data categories: Technical
We use your personal data to manage our website including,
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troubleshooting, data analysis, testing, research, statistical and survey purposes, system maintenance, support, reporting and hosting of data
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making sure that content is presented in the most effective way for you and your device
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helping keep our website and systems safe and secure
Lawful basis for Data categories: Technical:
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Keeping to contracts and agreements between you and us
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Legitimate interests (to present content as effectively as possible for you, for running our business, provision of administration and IT services, network security, to prevent fraud and in the context of a business reorganisation or group restructuring exercise)
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Legal obligation
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Consent (where required by law)
4. Providing location-based services
Data categories: Location
Where you have enabled location-based services, we can
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provide you with location-relevant advertising, products and services, (for example, information about nearby merchants)
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protect against fraud
Lawful basis for Data categories: Location:
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Keeping to contracts and agreements between you and us
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Legitimate interests (to develop and market our products and keep to regulations that apply to us)
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Consent (to track you when you have location services switched on)
5. Improving our products and services
Data categories: Contact, , Identity, Location, Transactional.
We use your personal data to help us develop and improve our current products and services. This allows us to continue to provide products and services that our customers want to use.
Lawful basis for Data categories: Contact, Identity, Location, Transactional:
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Legitimate interests (to understand how customers use our products so we can develop new products and improve the products we currently provide)
6. Marketing and providing products and services that might interest you
Data categories: Contact, Financial, Identity, Location, Marketing & Communications, Transactional.
We use your personal data to do the following:
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to make suggestions and recommendations about our goods and services
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deliver relevant website content and advertisements, personalise your experience and marketing messages about our products and services so they’re more relevant and interesting to you (where allowed by law). This may include analysing how you use our products, services and your transactions
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if you agree, provide you with information about our partners’ promotions or offers which we think you might be interested in
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if you agree, allow our partners and other organisations to provide you with information about their products or services
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measure or understand the effectiveness of our marketing and advertising, and provide relevant advertising to you
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ask your opinion about our products or services
Remember, you can ask us to stop sending you marketing information by adjusting your marketing choices (the How do you use my personal data for marketing? section below explains how to do this).
Lawful basis for Data categories: Contact, Financial, Identity, Location, Marketing & Communications, Transactional:
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Legitimate interests (to send direct marketing, ensure our direct marketing is relevant to your interests, develop our products and services, and to be efficient about how we meet our legal and contractual duties)
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Consent (where we’re legally required to get your consent to send you direct marketing about our products or services, or partners’ promotions or offers, or for you to receive marketing from other organisations)
7. Helping with social interactions
Data categories: Contact, Identity, Location, Marketing & Communications
We use your personal data to help with social interactions through our services.
Lawful basis for Data categories: Contact, Identity, Location, Marketing & Communications:
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Legitimate interests (to develop our products and services and to be efficient in meeting our obligations)
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Consent (to access information held on your phone, for example, contacts in your contacts list, to track you when you have location services switched on)
8. Fraud prevention
Data categories: Contact, Identity,
We use your personal data to protect against fraud, comply with financial crime laws and to confirm your eligibility to use our services. We also use it to help us better understand your financial circumstances and manage fraud risks related to your account.
Lawful basis for Data categories: Contact, Identity:
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Legal obligation
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Legitimate interest (to develop and improve how we deal with financial crime and meet our legal responsibilities)
9. Meeting our legal obligations, enforcing our rights and other legal uses
Data categories: Contact, Financial, Identity, Location, Marketing & Communications, Technical, Transactional.
We use your personal data:
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to share it with other organisations (for example, government authorities, law enforcement authorities, tax authorities, fraud prevention agencies) if required by law
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to recover debts from you (for example, where you have a negative balance in your account)
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if necessary, to meet our legal or regulatory obligations
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to identify and support vulnerable customers by analysing your behaviour in the website, customer support communications and through transactions (for example, we will try to identify whether you are potentially vulnerable so we can provide you with enhanced support. Identifying and supporting vulnerable customers is a legal requirement for us in some countries)
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in connection with legal claims
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to help detect or prevent crime
You can find out more in the Do you share my personal data with anyone else? section below.
Sometimes, we’re legally required to ask you to provide information about other people. For example, we might ask you to explain:
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your relationship with a joint account holder or somebody who pays money into your account
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how somebody got the money in the first place to pay into your account
Lawful basis for Data categories: Contact, Financial, Identity, Location, Marketing & Communications, Technical, Transactional:
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Legitimate interests (for example, to protect us during a legal dispute)
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Substantial public interest (if we process your sensitive personal data to keep to legal requirements that apply to us)
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Legal obligations
10. Preparing anonymous statistical datasets
We prepare anonymous statistical datasets about our customers’ transaction patterns:
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for forecasting purposes
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to understand how customers use our website, products and services
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to comply with governmental requirements and requests
These datasets may be shared internally or externally with others. We produce these reports using information about you and other customers. The information used and shared in this way is never personal data and you will never be identifiable from it. Anonymous statistical data cannot be linked back to you as an individual.
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For example, some countries have laws that require us to report spending statistics and how money enters or leaves each country.
We’ll provide anonymised statistical information that explains the broad categories of merchants that customers in that country spend their money with. We’ll also provide information about how customers top up their accounts and transfer money. However, we won’t provide any customer-level information. It will not be possible to identify any individual customer.
Lawful basis for Preparing anonymous statistical datasets:
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Legitimate interests (to conduct research and analysis, including to produce statistical research and reports)
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Legal obligations
5.2 Change of purpose
We will only use your personal data for the purposes for which we collected it, unless we reasonably consider that we need to use it for another reason and that reason is compatible with the original purpose. If you wish to get an explanation as to how the processing for the new purpose is compatible with the original purpose, please contact us.
If we need to use your personal data for an unrelated purpose, we will notify you and we will explain the legal basis which allows us to do so.
Please note that we might process your personal data without your knowledge or consent, in compliance with the above rules, where this is required or permitted by law.
6. Marketing
6.1 Promotional offers from us
You will receive marketing communications (by post, push notification, email and text message ) from us if you have requested information from us or purchased goods or services from us and you have not opted out of receiving that marketing. Where national laws require us to get your consent to send marketing messages, we’ll do so in advance.
We might use your Identity, Contact, Technical, Usage and Profile Data to form a view on what we think you might want or need, or what might be of interest to you. This is how we decide which products, services and offers might be relevant for you (we call this marketing).
You can object to profiling for direct marketing purposes.
6.2 Third-party marketing
We will get your express opt-in consent before we share your personal data with any third party for marketing purposes. You can find out more in the Do you share my personal data with anyone else? section below.
6.3 Opting out
You can ask us or third parties to stop sending you marketing messages at any time by following the opt-out links on any marketing message sent to you or by contacting us at any time.
Where you opt out of receiving these marketing messages, this will not apply to personal data provided to us as a result of a product/service purchase, warranty registration, product/service experience or other transactions.
6.4 Our legal basis for marketing is:
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consent (where we are required by law to collect your consent); or
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legitimate interests (to send you marketing and to provide information relevant to your interests).
6.5 Cookies
We use cookies to analyse how you use our website. For more information about the cookies we use, please see our Cookie Notice below.
We may also use pixels or web beacons in the direct marketing emails that we send to you. These pixels may track whether our email was delivered and opened, and whether links within the email were clicked. They may also allow us to collect information such as your IP address, browser, email client type and other similar details. We use this information to measure the performance of our email campaigns, and for analytics. You can control whether you receive direct marketing emails by contacting us.
You can set your browser to refuse all or some browser cookies, or to alert you when websites set or access cookies. If you disable or refuse cookies, please note that some parts of this website might become inaccessible or not function properly.
7. Automated Decision-Making and Data Profiling
We might make automated decisions about you. This means that we might use technology that can evaluate your personal circumstances and other factors to predict risks or outcomes. This is sometimes known as profiling. We do this for the efficient running of our services and to ensure decisions are fair, consistent, and based on the right information.
Where we make an automated decision about you, you have the right to ask that it is manually reviewed by a person. You can find out more about this in the What are my rights? section below.
For example, we might make automated decisions about you that relate to:
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Opening accounts: conducting KYC, anti-money laundering and sanctions checks and identity and address checks
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Detecting fraud: monitoring your account to detect fraud and financial crime
Our legal basis is one or more of the following:
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keeping to contracts and agreements between you and us
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legal obligations
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legitimate interests (to develop and improve how we deal with financial crime and meet our legal responsibilities
8. Disclosures of your personal data
We might share your personal data with the parties set out below, for the purposes set out in the Purposes for which we will use your personal data section above.
We require all third parties to respect the security of your personal data and to treat it in accordance with the law. We do not allow our third-party service providers to use your personal data for their own purposes and only permit them to process your personal data for specified purposes and in accordance with our instructions.
Internal: We share your personal data within the ZenoFi Group where they act as processors and joint controllers, to the extent systems, resources and operations are shared. This is to provide you with the best service, send you information about our products and services we think you’ll be interested in hearing about, or to comply with our regulatory requirements. Our legal bases are contract, legal obligation and legitimate interest. The ZenoFi Group has offices in the United Kingdom and Lithuania.
People, wallets or entities you transfer money or assets to: Where you make a payment or transfer from your account, we’ll provide the recipient with your details alongside your transfer (for example, your name, IBAN, wallet address, unique identifier). This is because, like all financial institutions, we’re required by law to include certain information with transfers. Our legal bases are contract and legal obligation. These entities might be located globally, and outside the United Kingdom.
People, wallets or entities who send you money or assets: When you receive a payment or transfer into to your account, we’ll provide the payer or sender with your details (for example, your name, IBAN, wallet address, unique identifier). Our legal bases are contract and legal obligation. These entities might be located globally, and outside the United Kingdom.
Credit reference agencies: when conducting KYC/AML checks or when you apply for credit from us, these agencies might act as processors or joint controllers. Our legal bases are contract and legal obligation. If you are in the United Kingdom, these include Equifax and Experian.
Financial crime prevention service providers, acting as processor and joint controllers. These include identity verification service providers, fraud prevention and financial crime agencies, or other entities required by law or in connection with an investigation. Our legal bases are contract and legal obligation. The entities are located in the UK and elsewhere.
Professional advisors: acting as processor or joint controller including lawyers, bankers, auditors and insurers based in the United Kingdom, Lithuania and elsewhere who provide consultancy, banking, legal, insurance, payroll management and accounting services. Our legal bases are contract and legal obligation.
Government bodies, such as regulators, law enforcement authorities, competition authorities, and tax authorities, acting as processor or joint controller, to check your identity, protect against fraud, keep to laws (including tax laws, anti-money laundering laws, data protection or cyber security laws or any other laws), and confirm that you’re eligible to use our products and services. Our legal basis is legal obligation. These bodies include HMRC (the UK Tax Authority), the FCA (the UK financial authority), the ICO (the UK data regulator), and similar authorities in other countries.
Social media and advertising companies. When we use social media for marketing purposes, we might share your personal data (limited to only your name, email address) to check if you also hold an account with them; to send your our adverts, where we think that one of our new products or services might interest you; to send our adverts to people who have a similar profile to you. When we use advertising partners, we might share your personal data with them as described above, but we hash the personal data before we send it, and the social media platform we share it with is only allowed to use that hashed personal data as described above. Our legal basis is legitimate interests (to ensure our advertising is as effective as possible). The recipients can be located inside and outside the UK, including Ireland and the USA.
Where you ask us to share your personal data with a third party. For example, you might authorise third parties to act on your behalf (such as a lawyer, accountant or family member or guardian under a power of attorney). Our legal basis would be contract, legal obligation or legitimate interest. The entity would be located wherever you had sourced them.
Purchasers of our portfolio or assets: third parties to whom we might sell, transfer or merge parts of our business or our assets. Alternatively, we might seek to acquire other businesses or merge with them. Our legal basis would be contract and legitimate interest.
Suppliers: service providers, including but not necessarily limited to:
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IT service providers, acting as processors, who provide email/messaging services (Google Workspace, in Ireland, Google LLC, in the USA, Slack Technologies, LLC, in the USA), Cloud Computing and Web Hosting (Webflow, Inc., in the USA, Wix.com Ltd, in Israel, Google LLC, in the USA, Github, Inc., and Render.com, both in the USA), system administration, error monitoring (Osano Inc in the USA), storage (Google Workspace, in Ireland, Google LLC, in the USA), hosting, network services, software developers.
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Software application providers, acting as processors, who provide software that we use to deliver our products and services, such as document management systems (DocuSign, Inc. in the USA, Google Workspace, in Ireland)) workspace and project management (Slack Technologies, LLC, in the USA), accounting systems, marketing database, internal document storage systems.
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Mailing service providers, acting as processors, who ship our products and mail to you.
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Financial services providers and partners, acting as processor or joint controllers, who offer audit services, payment networks, custodians, staking services, wallet providers, payment processors, banking and financial services partners and payments networks such as Visa, Mastercard, Clear Junction Limited, BCB Payments Ltd in the UK).
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Analytics providers, acting as processors, who offer services such as KYC/AML analysis (Sum and Substance Ltd, in the UK, Chainalysis, Inc, in the USA, Safelement Limited, in China), surveys and statistical analysis.
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Customer-service providers, acting as processors, who offer marketing and customer assistance services (Webflow, Inc., in the USA, Wix.com Ltd, in Israel, Crisp, in France).
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Communications services providers, acting as processors, who offer video and meeting facilities (Zoom, in the USA, Google Meets, in Ireland, Microsoft Teams in the USA), community, communications and correspondence services (such as sending emails, push notifications and text messages, creating a community for customers to interact (Discord Inc., in the USA, Telegram Messenger Inc., in the British Virgin Island and in the UAE, WhatsApp Ireland Limited, in Ireland, and WhatsApp LLC in the USA).
9. International transfers
Many of our business processes are international, and the parties we interact with are based outside the UK, so your personal data will involve a transfer of data outside the UK.
For example, if you make (or receive) an international transfer, we’ll send (or receive) funds or assets to (or from) banks or wallets outside the United Kingdom.
We might also send your personal data outside the United Kingdom to abide by global legal and regulatory requirements, to provide ongoing support services, to credit reference agencies, fraud prevention agencies, law enforcement authorities or to enable us to provide you with products or services you have requested.
Whenever we transfer your personal data outside the UK, we ensure a similar degree of protection is afforded to it by ensuring at least one of the following safeguards is implemented:
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the transfer is to a country that has been deemed to provide an adequate level of protection for personal data by the Information Commissioner’s Office.
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the use of specific contracts approved for use in the UK which give personal data the same protection it has in the UK. These include Standard Contractual Clauses, International Data Transfer Agreements and Data Processing Agreements.
Please contact us if you want further information on the specific mechanism used by us when transferring your personal data out of the UK.
10. Data security
We have implemented appropriate technical and organisational measures to prevent your personal data from being accidentally lost, used or accessed in an unauthorised way, altered or disclosed. These measures include:
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Limiting access to your personal data to those employees, agents, contractors and other third parties who have a business need to know. They will only process your personal data on our instructions, and they are subject to a duty of confidentiality.
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Implementing procedures to deal with any suspected personal data breach. We will notify you and any applicable regulator of a breach where we are legally required to do so.
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Electronic data and databases are stored on secure computer systems with control over access to information using both physical and electronic means.
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Our staff receives data protection and information security training.
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We have detailed security and data protection policies which staff are required to follow when they handle your personal data.
While we take all reasonable steps to ensure that your personal data will be kept secure from unauthorised access, we cannot guarantee it will be secure during transmission by you to our website or other services.
We use HTTPS (HTTP Secure), where the communication protocol is encrypted through Transport Layer Security for secure communication over networks, for all our web and payment-processing services.
If you use a password for our website, you will need to keep this password confidential. Please do not share it with anyone.
When you use our public services, which includes our social network accounts and our community forum, do not share any personal data that you don't want to be seen, collected or used by other customers, as this personal data will become publicly available.
11. Data retention
How long will you use my personal data for?
We will only retain your personal data for as long as reasonably necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, regulatory, tax, accounting or reporting requirements. We might retain your personal data for a longer period in the event of a complaint or if we reasonably believe there is a prospect of litigation in respect to our relationship with you.
To determine the appropriate retention period for personal data, we consider the amount, nature and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal, regulatory, tax, accounting or other requirements.
By law, we have to keep basic information about our customers (including Contact, Identity, Financial and Transaction Data) for seven years after they cease being customers for tax purposes and AML purposes.
In some circumstances you can ask us to delete your data. See the section below Your Legal Rights below for further information.
In some circumstances we will anonymise your personal data (so that it can no longer be associated with you) for research or statistical purposes, in which case we might use this information indefinitely without further notice to you.
12. Your legal rights
Under certain circumstances, you have rights under data protection laws in relation to your personal data.
Right to information about how your personal data is used.
You have the right to be told how we use your personal data. This Privacy Notice is one way in which we provide this information to you. If you ask, we’ll provide a copy of the personal data we hold about you. We can’t give you any personal data about other people, personal data which is linked to an ongoing criminal or fraud investigation, or personal data which is linked to settlement negotiations with you. We also won't provide you with any communication we've had with our legal advisers.
Right to access
You have the right to access your personal data (commonly known as a "data subject access request"). This enables you to receive a copy of the personal data we hold about you and to check that we are lawfully processing it.
Request correction of the personal data that we hold about you
This enables you to have any incomplete or inaccurate data we hold about you corrected, though we might need to verify the accuracy of the new data you provide to us.
Request erasure of your personal data.
This enables you to ask us to delete or remove personal data where there is no good reason for us continuing to process it.
You also have the right to ask us to delete or remove your personal data where you have successfully exercised your right to object to processing (see below), where we might have processed your information unlawfully or where we are required to erase your personal data to comply with local law.
Note, however, that we might not always be able to comply with your request of erasure for specific legal reasons which will be notified to you, if applicable, at the time of your request.
As a regulated financial services provider, we must keep certain customer personal data even when you ask us to delete it. If you've closed your account, we might not be able to delete your entire file because these regulatory responsibilities take priority. We’ll always let you know if we can't delete your personal data.
Object to processing of your personal data
You can object to your personal data being processed where we are relying on a legitimate interest (or those of a third party) and there is something about your particular situation which makes you want to object to processing on this ground as you feel it impacts on your fundamental rights and freedoms.
You also have the right to object where we are processing your personal data for direct marketing purposes. In some cases, we might demonstrate that we have compelling legitimate grounds to process your information which override your rights and freedoms. If you object to us using personal data which we need in order to provide our services, we might need to close your account as we won’t be able to provide the services.
Request restriction of processing of your personal data.
This enables you to ask us to suspend the processing of your personal data in the following scenarios:
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If you want us to establish the data's accuracy.
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Where our use of the data is unlawful but you do not want us to erase it.
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Where you need us to hold the data even if we no longer require it as you need it to establish, exercise or defend legal claims.
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You have objected to our use of your data but we need to verify whether we have overriding legitimate grounds to use it.
Request the transfer of your personal data to you or to a third party.
We will provide to you, or a third party you have chosen, your personal data in a structured, commonly used, machine-readable format. Note that this right only applies to automated information which you initially provided consent for us to use or where we used the information to perform a contract with you.
Withdraw consent at any time where we are relying on consent to process your personal data
This will not affect the lawfulness of any processing carried out before you withdraw your consent. If you withdraw your consent, we might not be able to provide certain products or services to you. We will advise you if this is the case at the time you withdraw your consent.
Request a review by a person of an automated decision
You can request that a human person review any automated decision we made about you, where that automated decision significantly affects you.
12.1 Exercising your rights
If you wish to exercise any of the rights set out above, please contact us at support@satoshideals.org.
Your ability to exercise these rights will depend on a number of factors. Sometimes, we won’t be able to agree to your request (for example, if we have a legitimate reason for not doing so or the right does not apply to the particular information we hold about you).
12.2 No fee usually required
You will not have to pay a fee to access your personal data (or to exercise any of the other rights). However, we might charge a reasonable fee if your request is clearly unfounded, repetitive or excessive. Alternatively, we could refuse to comply with your request in these circumstances.
12.3 What we might need from you
We might need to request specific information from you to help us confirm your identity and ensure your right to access your personal data (or to exercise any of your other rights). This is a security measure to ensure that personal data is not disclosed to any person who has no right to receive it.
We might also contact you to ask you for further information in relation to your request to speed up our response.
12.4 Time limit to respond
We try to respond to all legitimate requests within one month. Occasionally it could take us longer than a month if your request is particularly complex or you have made a number of requests. In this case, we will notify you and keep you updated.
13. Glossary
LAWFUL BASIS
Legitimate Interest
means the interest of our business in conducting and managing our business to enable us to give you the best service/product and the best and most secure experience. We make sure we consider and balance any potential impact on you (both positive and negative) and your rights before we process your personal data for our legitimate interests. We do not use your personal data for activities where our interests are overridden by the impact on you (unless we have your consent or are otherwise required or permitted to by law). You can obtain further information about how we assess our legitimate interests against any potential impact on you in respect of specific activities by contacting us.
Performance of Contract
means processing your data where it is necessary for the performance of a contract to which you are a party or to take steps at your request before entering into such a contract.
Comply with a legal obligation
means processing your personal data where it is necessary for compliance with a legal obligation that we are subject to.
CATEGORIES OF PERSONAL DATA
Contact Data
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billing address, delivery address, email address, telephone numbers, wallet address
Financial Data
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bank account details, including the name of the account holder, account number, sort code and IBAN
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payment card details, such as the card number, and name of the card owner, including the card number, expiry date and CVC (the last three digits of the number on the back of the card)
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data extracted from documents provided as proof of source of funds/wealth
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your country of residence, tax residency information, and tax identification number
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wallet addresses and wallet details
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details of tokens/currencies/assets purchased and sold
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credit record (including information about late payments)
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we might also collect personal data from accounts you hold with third parties such as financial institutions, custodians, wallets, exchanges and DeFi ecosystems.
Identity Data
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first name, maiden name, last name, title, marital status, date of birth, gender, sex
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your image in photo or video form (where required as part of our Know-Your-Customer (KYC) checks, to verify your identity if you contact us when logged out of your account, or where you upload a photo to your account), videos, sound recordings,
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biometric data such as facial features
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place of birth, citizenship or nationality
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identity document data, such as document type (eg passport or driving license), issuing country, number, expiry date, MRZ, information embedded into document barcodes (may vary depending on the document), security features, and any other information you provide to prove you are eligible to use our services
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information about other people (such as a joint account holder, your spouse or family) when we ask you to give us this information to enable us to comply with our obligations under KYC, anti-money laundering laws and to assist with fraud monitoring. If you give us personal data about other people (such as a joint account holder, your spouse or family), or you ask us to share their personal data with third parties, you confirm that you have sought their consent beforehand.
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your registration information, username or similar identifier, passwords, unique identifiers such as public keys, wallet addresses and other identifiers
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details of the device you use (for example, your phone, computer or tablet)
Location Data
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We might track your location using GPS technology, or collect this data from your device
Marketing Data.
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preferences in receiving marketing from us and our third parties
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records of your consent regarding our marketing with you
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records of our discussions, if you contact us or we contact you (including records of phone calls)
Profile Data
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username and password
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your purchases or orders
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your interests and preferences, and your online and offline behavioural patterns
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feedback
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survey responses
Technical Data
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internet protocol (IP) address
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login data, including username, password, public keys and private keys
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browser type and version, browser plug-in types and versions
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time zone setting and location
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operating system and platform you are using
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the type of device you use
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a unique device identifier (for example, your device's IMEI number, the MAC address of the device's wireless network interface, or the mobile phone number used by the device)
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mobile network information
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your mobile operating system
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the type of mobile browser you use
Transaction Data
Information on transactions and your use of our services and products and details about payments and transfers to and from you, including:
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the date
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time
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amount
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currencies, tokens, assets
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exchange rate
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beneficiary details
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details of the entities associated with the transaction (including the locations and other details of the entities, such entities being merchants, ATMs, custodians, wallets, exchanges, and individuals on peer to peer exchanges)
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IP address and wallet address of sender and receiver
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sender's and receiver's names, registration information, wallet addresses and identifiers
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messages sent or received
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details of device used to arrange the payment or transfer
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the payment method used
Usage Data
Information about how you use our website, products and services, including:
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the links you’ve clicked on, through and from our website (including date and time)
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services you viewed or searched for
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page response times
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download errors
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length of visits to certain pages
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page interaction information (such as scrolling and clicks)
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methods used to browse away from the page
ZENOFI UAB COOKIE NOTICE
Last Updated: 6th November 2023
Welcome to the Cookie Notice for ZENOFI UAB
1. What are cookies:
Cookies are text files that are placed on websites. Each cookie includes the name of the website and a unique ID. They can be stored on your browser or the hard drive of your computer if you agree.
Cookies track things like how long a visitor spends on our website and what visitors do on our website (which pages they visit and which buttons they click on, for example). Cookies collect this information and share it with the website owner.
2. How we use cookies:
Our website may use cookies to distinguish you from other users of our website. This helps us to provide you with a good experience when you browse our website and also allows us to improve our site.
Some of the cookies we may use on our website are 'persistent' cookies. This means that they remain on your device until you erase them or they expire. The rest of these cookies are 'session' based which are more temporary in duration. This means they will be erased when you close your internet browser.
3. Types of cookies:
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Strictly necessary cookies. These are cookies that are required for the operation of our website. These essential cookies are always enabled because our website won’t work properly without them. They include, for example, cookies that enable you to log into secure areas of our website, use a shopping cart or make use of e-billing services. You can switch off these cookies in your browser settings but you may then not be able to access all or parts of our website.
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Analytical or performance cookies. These allow websites to recognise and count the number of visitors and to see how visitors move around the website when they are using it. This helps website owners to improve the way their website works, for example, by ensuring that users are finding what they are looking for easily.
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Functionality cookies. These are used to recognise you when you return to a website. This enables website owners to personalise their content for you, greet you by name and remember your preferences (for example, your choice of language or region).
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Targeting cookies. These cookies record your visit to a website, the pages you have visited and the links you have followed. Website owners will use this information to make their website and the advertising displayed on it more relevant to your interests. [Website owners may also share this information with third parties for this purpose so that they can serve you with relevant advertising on their websites.
4. The cookies we use
You can find more information about the individual cookies we use and the purposes for which we use them in the table below:
Cookie name: Marketing & Analytics Cookies
Type: Targeting
Purpose:
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Estimates our audience size and demonstrates how our website it used.
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Used to track advertising effectiveness to provide a more relevant service and deliver better ads to suit your interests.
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These cookies help us to understand how visitors interact with our website, discover errors and provide a better overall analytics.
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Stores information about your browsing preferences, and so allow us to customise our site and to provide you with offers that are targeted to your individual interests.
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Speeds up your searches.
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Recognises you when you return to our site.
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Allows you to use our site in a way that makes your browsing experience more convenient, for example, by allowing you to store items in an electronic shopping basket between visits. If you register with us or complete our online forms, we will use cookies to remember your details during your current visit, and any future visits provided the cookie was not deleted in the interim.
More information
Time limit: 21 years
Cookie name: Functional Cookies
Type: Functional
Purpose:
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We use this to restore the chat session and messages of a chatbox user when browsing between website pages and/or coming back on the website a few days after.
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These cookies collect data to remember choices users make to improve and give a more personalised experience.
More information
Time limit: No time limit
Cookie name: Necessary Cookies
Type: Strictly necessary
Purpose:
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We need this to keep track of the user visited locale, currently the only option is `en-gb`. If the user is on `/en-gb/whatever-page` and they navigate to `/another-page`, we need to prefix it with the last visited locale.
More information
Time limit: Length of visit
We share the information collected with our website hosting service, Webflow, Inc. located in the USA.
5. Cookie Preferences
You can manage your cookies preferences by emailing us at support@satoshideals.org.
You can also manage your preferences by changing your browser settings on your device to refuse the use of all or some cookies. However, if you block all cookies (including necessary cookies), you may not be able to use all or some parts of our website. You may also find that you are shown information on our website that is less interesting to you.
6. Third party cookies
Please note, other organisations, such as advertising networks, may also use cookies to track you across different websites. We have no control over these cookies.
They might include, for example, advertising networks and providers of external services like web traffic analysis services. These third party cookies are likely to be analytical cookies or performance cookies or targeting cookies:
Sum & Substance (3rd Party KYC Tool) is utilised by ZenoFi UAB in order to verify and identify customer identities. They have a separate website to ZenoFi UAB and therefore may present with separate cookies.
To deactivate the use of third party cookies, you may visit the relevant page on their website in order to manage the use of these types of cookies.
7. Changes to our cookies
If we change the cookies we use, we will update this Cookies Policy. You always can find the latest version of this Policy on our website.
If you have any questions or concerns about our use of cookies, please send us an email at support@satoshideals.org
COMPANY DETAILS:
ZENOFI UAB
Company Number: 305919366
Address: Vilnius, Laisvės pr. 60, LT-05120, Lithuania