Last Updated: Saturday, 20 May 2019
CashOut Limited is a private limited company incorporated under the laws of India and having its registered office at London (herein after referred to as “Company” or “CashOut”, which term shall refer to and include its owners, directors, investors, employees or other related parties. Persons availing of the CashOut Services, directly or indirectly, are referred to herein, as “Users”.
CashOut provides CashOut Website(collectively “CashOut Website” ) and / or CashOut website at “www.cashoutbitcoin.in (“CashOut Website”) and / or use of the current or future services, products or any other features, technologies, or functionalities (collectively “CashOut offers”). CashOut Website, CashOut Website and CashOut Offers are collectively referred to hereunder, as “CashOut Services”. The terms governing such offer of services, the consideration payable, limitations Website applicable thereto and the representations and warranties of CashOut are more fully set out herein.
Users are required to read, review, understand and then agree to the terms hereunder for using or availing of the CashOut Services, by clicking on the “I Accept” option in CashOut Website. By executing this agreement, Users are deemed to have understood the technology behind creation and circulation of cryptocurrencies including “Bitcoins” and are deemed to have expressly given their consent to be bound by the Terms herein, including the representations, warranties and disclosures set out hereunder. Once the terms contained hereunder are accepted by a User, the same shall be binding on the User availing of the CashOut Services. User shall ensure that no third party uses its account on the CashOut Website or CashOut Website without executing the terms hereof. Further, in addition to the terms contained herein, Users shall be bound by the terms and conditions governing purchase, sale or trading of Cryptocurrencies including “Bitcoins”, as stipulated by the issuers thereof. Users shall be permitted to avail of the CashOut Services including the User Account only after reading the terms herein and in the policy documents set out hereunder and after accepting the same.
a. “Website applicable Laws” means and refers to the laws of India including the Anti – Money Laundering laws contained in the Prevention of Money Laundering Act, 2002 and the Information Technology Act, 2000, as amended and other Website applicable laws of the land;
b. “Bitcoin” refers to a type of cryptocurrency, whose creator is identified only as “Satoshi Nakamoto” and which is created using open source software. Bitcoin is not issued by any centralized authority or Government but uses “peer-to-peer technology” to operate, manage transactions and ensure authenticity (for more information on Bitcoins, please refer to http://www.bitcoin.org).
c. “Cryptocurrency”, means virtual currencies, which are open instruments usable on any online platform and which may be acquired or disposed off only as a digital transaction.
d. “INR” shall mean Indian Rupees.
2.LIMITATIONS ON USE OF CASHOUT SERVICES
a) CashOut offers a platform for trading in cryptocurrencies. Presently the platform offers trading in Bitcoins. CashOut is neither the creator nor administrator of any cryptocurrencies including Bitcoins. It merely trades in the same. CashOut has no control over the generation, distribution, retention (except in its wallets) or termination of cryptocurrencies including Bitcoins. CashOut does not control market volatility of Cryptocurrencies including bitcoins. It merely acts as an intermediary for the services offered, which are more fully set out hereunder.
b) CashOut does not provide any warranty of any kind, either express or implied. CashOut Services and the products offered therein including bitcoins are provided on an “as-is”and “as available” basis. User avails of the CashOut Services and / or dealing in bitcoins at their own risk and with full disclosure of possible wiping out of the entire holding or valuation in the account of the User, in the event of the occurrence of any of the Risk Factors including but not limited to changes in regulatory or legal position in India or restrictions that may be placed on CashOut. It is hereby expressly declared that CashOut offers no warranty of any kind regarding CashOut Website and CashOut Services.
c) CashOut Services are strictly available for use only within jurisdictions that permit transactions or trading in cryptocurrencies or where such transactions have not been curtailed. In the event that a User resides in any such jurisdiction where transactions in Cryptocurrencies or in particular Bitcoins is prohibited, Users shall not use CashOut Website and / or CashOut Services to conduct any transaction in Cryptocurrencies and / or Bitcoins. In the event that such transgression is brought to the notice of CashOut, the Company shall forthwith cease operation of the CashOut account by the User and shall extend all cooperation to the enforcement authorities. Users are therefore duly warned against availing CashOut services, where there is a specific ban against the transactions envisaged and offered by CashOut. Users shall be solely responsible for ensuring compliance with the above duty and responsibility to follow the laws of the country of residence. Subject to confirmation by the User to be bound by the terms contained herein, CashOut hereby grants to the User a personal, non-exclusive, non-transferable, non-sub-licensable, and limited right to use CashOut Websiteand CashOut Services.
d) Users are hereby duly cautioned that presently in India, Virtual Currencies including Bitcoins, as a medium for payment is not authorized by any central bank or monetary authority of India. The Reserve Bank of India (“RBI”) has issued two circulars in 2013 and again in 2017, cautioning users regarding the risks involved with respect to Virtual Currency. Users in India shall therefore avail of the CashOut services subject to the above caution issued by the Reserve Bank of India.
e) CashOut may use third party service providers including for rendering some of the CashOut Services or for facilitating the same. User agrees and confirms consent for collection, use, dissemination and retention by such third parties of the personal and sensitive personal data of User. User shall be bound by the terms of service of such third parties to the same extent as CashOut would be bound. CashOut shall however not be responsible or liable for any commissions or omissions by such third parties including with respect to data protection or compliance with Website applicable laws and regulations with respect thereto.
f) These terms shall be Website applicable to existing and new Users. CashOut reserves the right to modify or amend the terms herein and an intimation thereof shall be sent to existing Users, who may decide to opt out of the service. Continued use of the CashOut Services shall be deemed to amount to confirmation and acceptance of the modified or altered terms hereof.
g) The Parties affirm that the terms set out hereunder signify their mutually agreed terms, supported by just consideration and shall be binding on both parties.
3.SCOPE OF SERVICES
a) CashOut offers a platform for its registered Users to buy or sell Cryptocurrencies. Presently CashOut offers its services for buying and selling of Bitcoins.
b) Subject to the conditions set out above, Users may utilize the CashOut Services to:
i. Send and receive Bitcoins from or to other CashOut Users or to third parties. Authentication of such third parties is solely the responsibility of User;
ii. Purchase and / or sell Bitcoins.
c) User shall also ensure that all of the above services are availed of only for legal purposes and through legal means.
User may open an account with CashOut subject to the following conditions.
a) Opening of Account
i. User may create an account by first downloading the CashOut Website on his Android smartphone by using the Play Store.
ii. Downloading of the CashOut Website and installation thereof shall be subject to the terms contained herein.
iii. User shall comply with the procedures prescribed for opening the account including providing valid and subsisting email address and complete the
verification process and providing requisite details and documents.
iv. CashOut reserves the right to reject validation of an account, if it identifies the jurisdiction to be one among those restricting transactions in Cryptocurrencies or in Bitcoins.
b) Data Disclosures & Consent
i. User hereby allows access to and consents to CashOut availing of and using the personal data of the User including but not limited to:
1. Name; Address; Identification Documents and details contained therein;
2. Mobile Numbers and IP addresses from which the CashOut Services are being accessed;
3. Identity numbers and details of all equipment utilized to access or avail of the CashOut Services including Devices from which the CashOut Services are accessed; the Device numbers, Model and such or other details that may be culled out through automated processes; IMEI, ISMI, Operating System, Device model, RAM and CPU for computers and mobile phones and Unique installation number, iCloud device or email id for all products; fingerprinting details and other sensitive personal information required for allowing or completing the transactions envisaged herein;
ii. CashOut may call upon User to furnish additional details and / or documents, either pursuant to governmental or regulatory compliance or due to modifications in CashOut terms. User hereby agrees and undertakes to comply with the same within the timelines prescribed.
C) Know Your Customer Compliance
Only Users complying with the following Know Your Customers (“KYC”) procedures would be allowed to avail of CashOut Services:
i. Users shall provide the following details and digitized copies of the documents in support of the same, simultaneously with execution of these terms failing which, the account shall not be activated:
1. Name in Full, as in the PAN card / Bank Account;
2. Contact Number;
3. Email Address;
4. Digitized copy of the PAN card;
5. Bank Account Details including the Bank Account Number; Account Holder’s Name in full.
ii. User hereby consents to retention of the above details and documents by CashOut for its use. CashOut shall be entitled to retain the above details and documents even of those users, whose registration has been rejected by CashOut.
d) VERIFICATION PROCESS
i. CashOut shall activate the account upon verification of the details provided under KYC. In the event of factual inaccuracies, CashOut shall be entitled to forthwith terminate the account without notice to User and User shall not be permitted to use the account or the CashOut Website. CashOut may seek further documents or details, as per its revised policies or pursuant to Government or Regulatory requirements and User shall be bound to comply with the same. CashOut shall be entitled to terminate existing accounts for non – compliance of these norms after due notice.
ii. CashOut may, at its discretion, send to the User intimation of reasons for non-activation of the account. CashOut is not under an obligation to however notify rejection of activation of new accounts.
iii. CashOut shall allow only Users with an Indian PAN Card to register and avail of its services. Upon verification, if the PAN Card details furnished are not those issued by in India, CashOut shall forthwith terminate the account without notice to the User.
iv. Existing Users may be called upon to comply with the KYC and verification process. In the event of termination or deactivation of an existing account, Users shall be duly intimated by CashOut, along with reasons for such deactivation and the procedures for redress. Delay in termination of such accounts shall not amount to waiver of the above mandatory requirement.
5.TERMS OF PAYMENT
a) Users shall be bound by the policies, rules and User Guidelines prescribed by CashOut periodically, the terms of which shall form part of these presents.
b) User is hereby cautioned that CashOut does NOT take payments in cash and has not authorized any person including its employees to accept any payments in cash. User shall not give cash to any person including based on any representation that such person may make with respect to creating an account or depositing the same on behalf of User. User is also hereby cautioned that each account is intended only for the use of a single user. Hence no User shall either offer or accept from another services for investing in Cryptocurrencies including bitcoins through abother User’s CashOut account.
c) Users are required to conduct all transactions on the CashOut Services only through duly authenticated bank accounts of the User. All payments shall be made in Indian Rupees (INR) for purchase or sale of cryptocurrencies including Bitcoins on the CashOut Services. User shall ensure that immediate intimation of payments made, the bank details from which such payment was made and the CashOut account to which it is to be credited are immediately informed to CashOut through the CashOut Website. Payments made to CashOut without furnishing the above details shall be deemed to be “unaccounted” payments and CashOut shall not be liable for non – accounting or crediting of such sums or of the cryptocurencies including bitcoins to the User Account for the said sum. CashOut shall also not be responsible for any loss, harm or damage that may be caused to the User due to such non – crediting of the said sum including loss from fluctuations in the price of bitcoins pending verification of the above details or non – purchase or crediting thereof. User shall be solely responsible for ensuring prompt intimation of the above details to CashOut to ensure immediate completion of the transaction of purchase of Cryptocurrencies including bitcoins. CashOut shall not take any responsibility or liability for unaccounted for monies deposited to its bank account from unregistered users or from anonymous sources. CashOut shall be entitled to Websiteropriate such unaccounted payments to its account and User shall forfeit the same if the verification details sought for above are not furnished to CashOut within Seven Days of the deposit.
d) CashOut offers the CashOut Services for consideration in the form of transaction fees, as intimated to User prior to completion of the transaction. User hereby agrees to such payments, on terms set out on the CashOut Website. All payments due to CashOut shall be debited from User accounts. All payments to CashOut shall be in INR save and except for payments made through cryptocurrencies including Bitcoins.
6.ANTI-MONEY LAUNDERING & ANTI – ABUSE
CashOut has zero tolerance towards use of its CashOut Services for any illegal purpose. Any such abuse by any User shall result in forthwith termination of the account and reporting of such activities to concerned regulatory and statutory authorities.
a) Users shall be bound by the terms of the Anti-Money Laundering Policy (“AML Policy”) in addition to the terms contained herein. The terms of the AML Policy shall be read as part and parcel of these presents.
b) Users shall ensure that the terms of the AML Policy is strictly complied with. CashOut shall not allow its CashOut Website and / or CashOut Services and any future platforms that it might support, to be used for any illegal purpose including for money laundering or the funding of terrorism or any other criminal activities.
c) CashOut shall report all suspicious activities to the concerned authorities to ensure initiation of investigation and prosecution. Users are therefore strongly cautioned against misuse of the CashOut Services in any manner for illegal activities.
d) Acceptance of the terms herein shall tantamount to acceptance of the AML Policy and the terms contained therein. Users are required to read, understand and affirm the AML Policy before clicking the “I Accept” button to these Terms of Service. CashOut may periodically review and revise, modify or update the AML Policy to ensure that it complies with the requisites of Website applicable Law. By accepting the terms herein and by continued use of the CashOut Services, Users are deemed to have agreed to such revised terms of the AML Policy and shall be bound by the same. Users who do not wish to abide by the same are not permitted to continue use of the CashOut Services and the same shall stand terminated upon compliance with the process set out therefor.
e) CashOut reserves the right to decline or discontinue, as the case may be, any account, at its discretion, with present as well as prospective Users at all times. In the event of any suspicious activity being disclosed or a User is suspected of abusing the CashOut Services or platform, CashOut shall have the right but not the obligation to suspend or terminate any account of a User, until a reasonable and satisfactory explanation with supporting documents is provided.
f) Where Website applicable, intimation of such suspension or termination shall be duly sent to the User and the accumulated monies or Bitcoins in the account of such User shall be duly secured and shall accrue in favor of such User, unless otherwise Websiteropriated by CashOut towards dues owed to it or is retained pending confirmation from a regulatory or statutory authority or in compliance with an order from a Government Authority or Court. Amounts lying in the accounts of Users suspected of illegal activities or of abusing the platform shall however not be released in favor of such User until the requisite documents and explanations, as set out above are furnished or upon receipt of an order permitting the same from an Websiteropriate Court or Government authority.
a) Users are hereby duly cautioned against use of the CashOut Services for illegal activities. Any such use or attempt to use CashOut Services for illegal activities shall tantamount to abuse of the terms of this Agreement, which would result in forthwith termination of this agreement without notice and Websiteropriation of the amounts lying in the User account.
b) CashOut shall engage the services of nodal officer/s for ensuring compliance with its policies including the AML and KYC Policies (“Nodal Officer”). The Nodal Officer shall also provide all details required by regulatory and statutory authorities.
c) Upon identification of “suspicious transactions”, as stipulated in the AML Policy, or as per the internal vigilance process, the Nodal Officer shall forthwith initiate processes for suspension or termination of the User account and for reporting the same Website applicable regulatory and/or law enforcement authorities.
d) CashOut may periodically review, revise, modify or update the KYC and AML Policies including to ensure its compliance with subsisting / new regulations and legal requirements. Amended AML and KYC Policies shall be uploaded on the CashOut Website and CashOut shall also intimate User of such amendments. Non-receipt of such intimation shall not exonerate User from complying with the revised AML and KYC Policies. Continued use of the CashOut Services shall be deemed consent to such revised terms. User shall ensure due compliance with such amended AML and KYC Policies within time-frames prescribed for the same. Failure to do so shall amount to a material breach, which could result in suspension, cancellation or termination of this agreement. User may also opt to terminate the Agreement by following prescribed procedures, in the event that the User does not wish to comply with such revised policies.
a) Users shall ensure strict compliance with the following user guidelines set out hereunder (“User Guidelines”):
i. Users shall ensure that they provide current, accurate, and complete information for opening the account with CashOut and shall ensure that the same is updated immediately upon change of circumstances and also when prompted by CashOut to update the same;
ii. User shall not divulge their account details to third parties. Users shall be solely responsible for ensuring the confidentiality and protection of the data pertaining to their account.
iii. Users shall not share their account passwords with third parties;
iv. Users shall not allow third parties to use their account. Each account is intended for the use of a single user, who has registered the account upon due compliance of the KYC norms prescribed.
v. Similarly, User shall only use the account allotted to the User and shall not use third party accounts. A single User shall have only one account and shall not open or maintain multiple accounts;
vi. User shall not directly or through others gain illegal access to any CashOut account including their own. Failure to follow the procedures set out for accessing one’s own account shall amount to a violation of these terms;
vii. Users shall be fully responsible for all activities that occur under the User’s Account, irrespective of whether the User claims personal knowledge of the same or otherwise;
viii. Users shall utilize the CashOut services only for the personal purposes and not for commercial purposes;
ix. Users shall use the CashOut account only for legal purposes and shall not use any part of the CashOut Services, for or in connection with or to perpetuate or commit any actions, which amount to a violation of any law, statute, ordinance or regulation. Users shall be solely liable for any such illegal activities that they undertake and the consequences arising therefrom including those initiated by CashOut, as more fully set out hereunder;
x. Without prejudice to the generality of the above, Users shall not use the CashOut services for any illegal purpose including but not limited to money laundering, terrorism or to fund any illegal act. Users shall also not use or avail of the CashOut services for converting illegal or wrongful gains including those from criminal activities;
xi. Users shall comply with the IPR policy set out herein and shall not violate the proprietary rights of CashOut, or of any of third party or of any of the third parties whose products are being offered through CashOut Services;
xii. Users shall not use circumvention or obfuscating technologies to mask their IP addresses or to hide transaction details;
xiii. Users shall not create or circulate any technologies which violate or which would facilitate other users to violate the terms hereof including for masking IP addresses or to obfuscate transaction details;
xiv. Users shall ensure that true and correct details are furnished to CashOut including the personal details required for KYC; transactional details and such or other Clarifications the company may require during the subsistence of this agreement;
xv. Users shall not misrepresent, misinform or misguide CashOut in any manner. Users are hereby duly informed that CashOut shall share all details with regulatory or legal authorities and the User shall be solely be responsible for the correctness of the contents provided or for legal action for false or incorrect information furnished;
xvi. Users shall avail of the CashOut services only for legal purposes and shall not use the same for any illegal or criminal activities or in connection therewith or in association thereof.
xvii. User shall ensure that the source of the monies used for purchase or transfer of cryptocurrencies including Bitcoins is through legal means and shall also ensure that all transactions on the account are for legal purposes. CashOut cannot authenticate or verify the details of Bitcoin transactions through transfer to the account and failure to ensure legality of such transactions shall make the User solely liable for legal action;
xviii. User shall not misuse or abuse the CashOut Services in any manner. In particular, User shall NOT:
1. Violate these terms or the terms of the policies and guidelines prescribed by CashOut;
2. Upload or share any information belonging to another person which the User does not have any right to share;
3. Impersonate another person;
4. Upload or share any information that is invasive of another person’s privacy;
5. Upload or share any information that is grossly harmful, harassing, blasphemous, defamatory, libellous, obscene or pornographic;
6. Put forth any information that is hateful, or racially, ethnically objectionable, disparaging;
7. commit any act relating to or encouraging money laundering or gambling;
8. Do any act that is paedophilic or harming minors in any way;
9. Infringe any patent, trademark, copyright or any other proprietary rights of CashOut or of third parties;
10. Violate any law in India for the time being in force;
11. Deceive or mislead or communicate any information, which is grossly offensive or menacing in nature or about the origin of messages containing such information;
12. Upload any information containing software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer resource;
13. Do any act that threatens the unity, integrity, defence, security or sovereignty of India, friendly relations with foreign states, or public order or causes incitement to the commission of any cognisable offence or prevent investigation of any offence or insult any other nation;
14. Knowingly host or upload any information or initiate the transmission of any information mentioned above from points (ii) to (xiii):
15. User shall take reasonable measures to secure personal devices and information contained on it. User will ensure not circumvent any law in force by changing the technical configuration of personal devices, which has the capability to change their normal course of operation other than what it is supposed to perform.
xix. User shall not induce or entice other persons to avail of the CashOut services or to open accounts;
xx. CashOut does not encourage Users to promote or advertise its services. Participation in its referral program is limited to Users sharing their experience with peers and the same should not be to misrepresent or mislead any third parties. Users shall not make any representations or any warranties with respect to CashOut services to any third parties. Users are not allowed to represent CashOut in any manner whatsoever and shall be solely liable for any third parties acting on their representations or statements;
xxi. Users shall bear all responsibility for maintaining the confidentiality of their account information, including User Name, password / PIN, safeguarding their accounts including the cryptocurrencies / Bitcoins stored therein; undertaking / implementing reasonable security measures to protect the same from malicious attacks or inadvertent losses and for any activity including transactions that are undertaken from the User Account;
xxii. CashOut shall take reasonable measures to ensure security of their infrastructure but shall not be responsible or liable for losses arising due to breach or violation of third party infrastructure;
xxiii. User shall be responsible for the confidentiality of the transactions in their account. Users have been duly notified that their transactions are not anonymous and that transaction activity will be shared if called upon by any legal, governmental or regulatory authority;
xxiv. User shall notify CashOut through “ticket.CashOut.com” immediately upon noticing suspicious activity on the User account or of any unauthorized use of the Account or password, or any other breach of security. CashOut shall not be liable for loss or damage caused to the User due to failure to notify Zebay in a timely manner;
xxv. Users are cautioned against undertaking any suspicious activity on their accounts. In the event of any suspicious or large transactions being undertaken on a User account, CashOut shall have the right but not the obligation to verify such activity and if required suspend the transactions or freeze the same, till compliance by the User with authentication processes to CashOut’s satisfaction. CashOut shall be entitled to call for transaction details, as it deems fit. CashOut shall not be liable for either taking such action to suspend or terminate such accounts or for inaction upon initiation of such suspicious activities in a User account;
xxvi. User shall not claim reversal of transactions completed, as cryptocurrency and in particular Bitcoin transactions cannot be reversed;
xxvii. User shall ensure that they do not willfully or erroneously delete, lose or tamper with the CashOut Websitein any manner such as to lose the same or the cryptocurrencies stored therein. Such loss or deletion is permanent and cannot be reversed. CashOut shall not be responsible or liable for loss if any, caused due to such loss or deletion of the wallet;
xxviii. User shall carefully verify before making direct transfers or sale of cryptocurrencies. Any errors resulting in wrong transfers are irreversible. User will not be able to retrive such cryptocurrencies / bitcoins once they are transferred. CashOut shall not be responsible for effecting any such reversals and will not be liable for loss arising therefrom to User;
xxix. User shall not invest in cryptocurrencies including bitcoins under any assumption of high earnings or profits. Cryptocurrencies being digital assets issued by private entrepreneurs are subject to market risks and volatile pricing, which may even render them worthless. Users are therefore cautioned of the inherent risks involved in procuring cryptocurrencies including bitcoins;
xxx. In the event that any transfers of cryptocurrencies are erroneously credited to the User Account, the User is bound to report the same and to arrange to refund or transfer it to CashOut or to the rightful owner, as confirmed by CashOut. Failure to do so would amount to a material breach and in addition to remedies available through court processes, CashOut shall be entitled to block the such amounts lying in the User Account and debit the same for remedying the erroneous transfer.
b) The above requirements are mandatory to ensure security of the User accounts and to ensure authenticity of the same. Failure to comply with any of the above shall amount to a material breach, which may result in suspension, cancellation and / or termination of the User account and CashOut shall be entitled to claim loss or damage caused to it due to such material breach by a User.
a) Subject to compliance of the above User Guidelines, User is entitled to the benefits of the CashOut Services;
b) CashOut shall take all measures to ensure rendering of its services to User. CashOut shall however not be responsible or liable for disruption or cessation of CashOut Services due either to Regulatory, Governmental or Judicial actions or technical issues or due to circumstances beyond their control.
c) Users shall bear all liabilities towards taxes, as Website applicable.
10.REPRESENTATIONS AND WARRANTIES
a) CashOut is not the creator or developer of any cryptocurrency including “Bitcoins”. CashOut has no control over creation or issuance of any cryptocurrency including “Bitcoins”. CashOut cannot be held responsible or liable for the fluctuation or volatility of the price of any cryptocurrency including “Bitcoins”. and does not have any control over the price fluctuations in any cryptocurrency including “Bitcoins”. CashOut does not advise any User to invest or speculate in any cryptocurrency including “Bitcoins” and does not guarantee any returns or profits. CashOut does not extend any warranties with respect to any of the products or cryptocurrencies which it offers as part of CashOut services.
b) Users may decide to avail of CashOut services, subject to the above and the representations and disclosures set out hereunder:
1. Cryptocurrencies like “Bitcoins” are merely software that creates a digital asset, which is not regulated by any central authority.
2. The price or value of such cryptocurrency is not set or regulated by any central or governmental authorities.
3. Cryptocurrencies such as bitcoins do not even have an identified creator.
4. CashOut only offers a platform to users for rendering the CashOut Services set out herein and performs only the role of an intermediary. CashOut does not advise purchase or sale of cryptocurrencies including Bitcoins. It does not guarantee returns from any investment or transactions.
5. Users are cautioned against speculative investments in cryptocurrencies, in the light of the above and are directed to avail these services, including purchase or sale of cryptocurrencies or investing therein, upon fully understanding the technology that has created cryptocurrencies and subject to the risks that arise from such an unregulated asset, which only exists in digital form.
ii. Risk Factors
1. Cryptocurrencies being a digital asset are subject to loss, harm or damage arising due to unforeseen circumstances inadvertent errors, offensive attacks, or closure of business;
2. These risks set out herein above include possibility of either servers on which cryptocurrencies are hosted going out of service; or the CashOut servers becoming dysfunctional; disruption of services; inadvertent deletion of an asset class; offensive attacks including through hacking, virus, denial of service, or technology induced attacks on either the infrastructure hosting the cryptocurrencies or on the user’s personal devices.
3. Cryptocurrencies also run the risk of destruction through unforeseen circumstances i.e., technology induced or other forms of disruptions, which have not come to the fore till date.
4. Bitcoin is an as on date an autonomous and largely unregulated worldwide system of value transfer between individuals. It is not backed by any government or central bank backed currencies. India has issued cautions against dealing in the said cryptocurrency;
5. There is also the risk of loss of confidence in Bitcoin trading, which could collapse demand relative to supply. For example, confidence might collapse in Bitcoin because of unexpected changes imposed by the software developers, the creation of superior competing alternatives, a deflationary or inflationary spiral, or due to governmental actions. Confidence might also collapse because of technical problems, for instance, if the anonymity of the system is compromised, or if any entity is able to prevent any transactions from settling;
6. Trading in Bitcoins requires some effort on the part of the User to ensure that his / her privacy is maintained. Bitcoin transactions are stored publicly and permanently on the network. This means that a users’s balance and transactions is viewable by the public.
7. However, the identity of the user behind a Bitcoin address remains unknown until information is revealed during a purchase or in other circumstances.
8. Users have to therefore full care and precautions to adopt good practices in order to protect their own privacy. Additionally all Users must also be cautious and aware of the following:
a. User should carefully assess whether their financial situation and tolerance for risk is suitable for buying, selling or trading Bitcoins;
b. CashOut uses banking service providers only for the receipt of client money and making payments. The said banking service providers do not transfer Bitcoins, exchange Bitcoins, or provide any services in connection with Bitcoins;
c. CashOut does not entertain Refund and Cancellation in any circumstances;
d. CashOut Website does not store, send or receive bitcoins. Bitcoins exist only by virtue of the ownership record maintained in the Bitcoin network;
e. Any transfer of title in bitcoins occurs within a decentralized Bitcoin network, and not on the CashOut Website.
1. CashOut has taken all reasonable efforts to secure its infrastructure. CashOut however has no control over the infrastructure in which cryptocurrencies are hosted or over the personal devices of users.
2. Cryptocurrencies being a digital asset are subject to known and unknown risks, malicious attacks and inadvertent losses. Such digital assets require very high security measures to be undertaken for protection at all levels, including by the User.
1. Cryptocurrencies are subject to high volatility and price fluctuations. Market forces decide the value of such digital assets and CashOut cannot be held responsible or liable for price fluctuations or volatility of any Cryptocurrency including bitcoins. There is no guarantee of assured profits to Users from procuring or trading in cryptocurrencies and there is high possibility of heavy losses including the depletion of the entire valuation of cryptocurrencies;
2. There is no guarantee of liquidity of such forms of digital assets;
3. Cryptocurrencies being decentralised with no governmental or regulatory control are high risk investments and users are cautioned against indulging in speculative trading;
1. Engaging in transaction including buying, selling, receiving or retaining cryptocurrencies including “Bitcoin” are subject to local laws of each jurisdiction;
2. Presently in India, RBI has issue 2 circulars dated 24.12.2013 and 01.02.2017 (available on the CashOut Website at www.Bitex.com/legal, wherein RBI has cautioned users against transacting in cryptocurrencies including “Bitcoin”, pending a decision by the regulator. In the event that the regulator directs, intermediaries including CashOut will be required to close all accounts and transactions pertaining to cryptocurrencies including Bitcoins. Users are therefore cautioned that any transactions in cryptocurrencies using the CashOut services are subject to final decision by Government of India and / or its regulatory authorities with respect to the legality of the same.
vi. Irreversible Errors
1. Most cryptocurrencies in particular “Bitcoin” payments are irreversible.
2. Users are cautioned that erroneous or inadvertent transfers of “Bitcoins” (or other cryptocurrencies) cannot be reversed irrespective of the reasons for such error. This is Website applicable for both direct transfers by User of bitcoins to other bitcoin users or through the CashOut Services. This is so even if the transfer is to another CashOut User.
3. User may therefore exercise due care and caution before completing any transaction of cryptocurrencies. CashOut shall not be responsible or liable for any loss arising from any such transactions by Users.
1. CashOut does not guarantee the privacy of User details or transactions;
2. Whilst CashOut takes all care and caution to ensure protection of User information, when called upon, CashOut is mandated to and shall provide details to government or regulatory authorities;
3. Users are therefore cautioned against using any circumventing or obfuscating methods to hide their personal details including IP address and from providing any incorrect or misleading or false details or documents.
c) CashOut takes best efforts to provide uninterrupted services to its customers but it shall not be responsible or liable for disruptions or cessation of CashOut Services beyond the control of CashOut. CashOut does not give any guarantee for uninterrupted access or against any delay, failure, errors, omissions or loss of transmitted information.
d) CashOut may suspend use of CashOut Websiteand Services for maintenance and will take best efforts to give reasonable notice. However in cases of emergency such prior notice may not be feasible and absence of such notice shall not amount to deficiencies of any nature, which User is hereby required to acknowledge.
e) If CashOut were to cease its operations in the event of change in regulations or law, the same shall not amount to any willful act of deficiency or otherwise and User shall not hold CashOut responsible or liable for the same.
f) CashOut does not provide any investment advice in connection with or related to cryptocurrencies including bitcoins. Any data or details including of the value, range, volatility of Bitcoins, and events that may affect/have affected the value of Bitcoins, is for information purpose only. User shall not rely on the same either as advice or inducement to invest in cryptocurrencies or bitcoins. CashOut will not be liable for any loss suffered by User in connection with any transaction involving any cryptocurrencies including Bitcoins.
a) Subject to compliance by the User of the User Guidelines and the terms contained herein, CashOut covenants to comply with the following:
i. CashOut shall continue to render its services to the User. This is subject to orders or directions that may be passed by the Government or RBI or a Court with respect to Crypto-currencies including Bitcoins;
ii. CashOut shall take all reasonable security practices to ensure the safety of its infrastructure;
iii. CashOut shall ensure compliance with requisite laws and regulations;
iv. CashOut shall take best efforts to secure the rights of the User including the crypto-currencies in the User accounts.