These General Terms and Conditions of Use of the Website (hereinafter “T&C”) supersedes previous versions thereof.
1 ― PARTIES
These T&C are signed between,
- BITIT, A “société par actions simplifiée” [French simplified limited company] with share capital of 6,053.00 Euros, listed on the PARIS Trade and Companies Register under number 810 222 513, the registered office of which is at 40 rue Alexandre Dumas 75011, Paris - France, EC VAT number FR 35 810222513, (hereinafter 'Bitit'); and
- The User using the Website.
Hereinafter referred to, together or separately, depending on the context, as the 'Party/Parties'.
2 ― DEFINITIONS
« T&C » : refers to these General Terms and Conditions of Use, i.e. the terms and conditions on access to and the operation of the Bitit Website, and specify the resources available to users.
« Crypto-asset »: refers to any digital representation of a security which is not issued or guaranteed by a central bank or by a public authority, which is not necessarily attached to a currency that is legal tender and which does not have the legal status of a currency, but which is accepted by natural persons or legal entities as a means of trade and which may be transferred, stored or exchanged electronically, in accordance with Article L. 54-10-1-2 of the French Monetary and Financial Code.
« Force majeure » : refers to any exceptional circumstance which makes it impossible for one of the Parties to perform an obligation. Under the terms of these T&C, force majeure will apply if it is of an unforeseeable, unavoidable and external nature.
« Client » refers to a User who has opened a client space with Bitit, in accordance with the general terms and conditions of purchase or sale of Crypto-assets.
« Website »: refers to the website available at: https://bitit.io.
« User »: refers to any person using the Website or any of the services offered by the Website.
3 ― WARNINGS
3.1 The price of Crypto-assets is extremely volatile and variations are unpredictable. The price of Crypto-assets may increase or decrease very quickly. Buying Crypto-assets is high risk and includes the risk of losing the total value of a Crypto-assets purchase.
3.2 You must act with caution and vigilance by limiting your purchases of Crypto-assets to the amount you can bear to lose without putting yourself in financial jeopardy. As such, it is not recommended that you convert all your liquid assets to Crypto-assets given that Crypto-assets are volatile and can decrease without warning.
3.3 Crypto-assets may be subject to hacking attempts, the adverse effects of which cannot be borne by Bitit. Similarly, Bitit cannot be held liable for any incident relating to the availability, integrity or confidentiality of Crypto-assets or for any technical limitations resulting from the computer systems used to preserve and store Crypto-assets. Bitit does not offer a Crypto-asset custody service, it does not accept any liability in case of the hacking, loss, theft, corruption or destruction of Crypto-assets regardless of the medium used to preserve and store them.
3.4 Bitit is a commercial company that does not provide any investment services, payment services or banking services. As such, Bitit is not approved, supervised or controlled by the French Prudential Control Authority (Autorité de Contrôle Prudentiel et de Résolution).
3.5 The service offered by Bitit is not a market place connecting buyers and sellers for the purchase/sale of crypto-assets.
4 ― PURPOSE
4.1 These General Terms and Conditions of Use (hereinafter the “T&C”) define the terms and conditions on access to and the operation of the Website. They specify the resources available to users (hereinafter the “Users”).
4.2 Bitit creates and develops an online platform available on the Website, allowing Clients to benefit from Bitit’s solutions, including becoming a Client by opening a customer space which, once approved, allows for the purchase or sale of Crypto-assets in accordance with the general terms and conditions of sale and purchase available on the Website at https://bitit.io/terms.
4.3 The T&C do not exclude the application of other general or specific terms and conditions between Bitit and the Users.
4.4 Each User acknowledges that it has read and unreservedly accepted the T&C before using the Bitit solutions. If the Users do not object to these T&C and continue to use the Website, they will be deemed to have accepted the T&C. The T&C form an integral part of any purchase or sale agreement between the Users as a client, where applicable, and Bitit through the Website.
4.5 If you are under the age of eighteen (18), you may only use the Website with the express permission of and supervision by a parent or guardian.
5 ― LEGAL INFORMATION
5.1 The website https://bitit.io (hereinafter the “Website”) is owned and operated by Bitit, a joint stock company (société par actions simplifiée) with share capital of €6,053.00, listed in France on the Paris Trade and Companies Register under number 810 222 513, the registered office of which is at 40 rue Alexandre Dumas, 75011, Paris – France, EC VAT number FR 35 810222513, contactable at the email address firstname.lastname@example.org
5.2 The Website is hosted by Amazon Web Services.
5.3 Bitit buys and sells digital assets against currency that is legal tender, in accordance with Article L. 53-10-2 of the French Monetary and Financial Code.
5.4 The publication director is Nicolas Katan.
6 ― ACCESS TO SERVICES
6.1 In particular, the User of the Website has access to the following services:
- Information on services offered by Bitit, including on the purchase or sale of Crypto-assets;
- Space to create a customer account and access to the various features available to clients that have registered;
- Links to a list of physical sales outlets distributing the electronic currency accepted as payment for a Crypto-asset;
- The price of Crypto-assets from one of the main trading platforms for crypto-assets;
- Access to Frequently Asked Questions (FAQ), which answers questions about the services offered by Bitit and comprises information on Crypto-assets and their uses in general;
- Pricing policy;
- Links to Bitit’s social networks.
6.2 Any User with web access may access the Website free of charge, from any location. The costs relating to access (internet connection, computer hardware, etc.) incurred by the User are not payable by Bitit.
6.3 The following services are only available to the User if the User is a Client in accordance with the general terms and conditions of purchase and sale:
- The interface for the sale of Crypto-assets to Bitit;
- The interface accessible by Clients for the purchase or sale of Crypto-assets to Bitit in accordance with Bitit’s general terms and conditions of purchase and sale.
6.4 The Website may be accessed free of charge, from any location, by any User with web access. All costs incurred by the User to access the Website (computer hardware, software, internet connection, etc.) are payable by the User.
6.5 The Website and its various services may be interrupted or suspended by Bitit during maintenance or a Force Majeure event.
7 ― INTELLECTUAL PROPERTY
7.1 Elements reproduced on the Bitit website include photographs, visuals, text, drawings, logos and images, which are the exclusive property of Bitit and which are protected by copyright, trademark rights and/or patent or third-party rights.
7.2 Trademarks and domain names, as well as designs and models on the Website, are also the exclusive property of Bitit.
7.3 No licence or intellectual property rights other than the right to visit the Website are granted to the User.
7.4 The reproduction of documents on the Website is exclusively for information only, for strictly personal and private use. Any person who reproduces and/or disseminates these elements, without Bitit's prior consent in writing, may be prosecuted.
7.5 Users may print a copy and download extracts of any page(s) of the Website for their personal reference. However, Users shall not modify paper or digital copies of any material from the Website, which is printed or downloaded in any way, and shall not use any part of such material from the Website for commercial purposes or create any link to the Website without Bitit's prior consent in writing.
8 ― LIABILITY
8.1 The Client has login information for which it is solely responsible. It bears the risks associated with the use of its login information, which remains confidential.
8.2 Bitit does not accept any liability in case of the disclosure of login information. The User is fully liable for its use of the information and content on the Website.
8.3 The Website must be compensated for any use of the service by the User resulting directly or indirectly in damage.
9 ― AMENDMENT
These T&C may be revised, amended, updated and/or supplemented by the publication of a new version on the Website. If Users do not object to that new version and continue to use the Website, they will be deemed to have accepted that new version.
10 ― APPLICABLE LAW
10.1 The T&C are subject to French law.
10.2 Bitit informs the Client that he/she is entitled to contact the consumer ombudsman whose contact information is stated below: the consumer ombudsman: the AMF ombudsman: 17, Place de la Bourse – 75082 Paris Cedex 02 – France Tel.: +33 (0)1 53 45 60 00 – Fax: +33 (0)1 53 45 61 00, available at the following address: AMF mediation.
11 ― PERSONAL DATA
Bitit is a platform for the direct sale and purchase of Crypto-assets. You can therefore buy Bitcoins directly from Bitit. You can also sell your Crypto-assets to Bitit within the limits defined below.
The service offered by Bitit is not a market place connecting buyers and sellers for the purchase/sale of crypto-assets. Bitit does not provide any cryptocurrency Portfolio service. The Client is solely responsible for its personal cryptocurrency Portfolio.
These General Terms and Conditions of Sale and Purchase of Crypto-assets (hereinafter “T&C”) supersedes previous versions thereof. Please read them carefully. You are also advised to download and/or print them and to keep a copy of them. You must read and accept the T&C whenever You make a purchase or sale with Bitit, such that You are informed of the applicable contractual terms in force.
1 ― PARTIES
These T&C are between,
- BITIT, A “société par actions simplifiée” [French simplified limited company] with share capital of 6,053.00 Euros, listed on the PARIS Trade and Companies Register under number 810 222 513, the registered office of which is at 40 rue Alexandre Dumas 75011, Paris - France, EC VAT number FR 35 810222513, (hereinafter “Bitit”);
- The Client who has opened a Client Account on the Bitit Platform;
Hereinafter referred to, together or separately, depending on the context as the “Party/Parties”.
2 ― DEFINITIONS AND INTERPRETATION
All of the terms defined below starting with a capital letter, whether used in the singular or in the plural, shall have the following meanings:
« Purchase »: refers to any purchase of Crypto-assets by an Identified Client, in accordance with these T&C.
« Purchaser »: refers to a Client who has decided to purchase Crypto-assets in return for currency that has legal tender or fiat currency (euros, dollars etc.).
« Bank Card »: refers to 3D-Secure-compatible credit and debit cards, issued by a credit institution or payment organisation.
« T&C »: refers to these General Terms and Conditions of Sale governing the contractual relationship between the Client and Bitit. The T&C are accepted by the Client when they create their Client Account available from the Bitit Platform and at the time of each purchase or sale by the Client.
« Client » ou « You »: refers to an individual aged 18 or over who has created a Client Account and is able to exercise and enjoy rights in accordance with Article 414 of the French Civil Code. A Client who has created an Identified Client Account may be a Purchaser and/or a Seller.
« Identified Client »: refers to a Client with an Identified Client Account. An Identified Client may be a Purchaser or a Seller.
« Consumer »: refers to any individual acting for purposes that are not covered by their commercial, industrial, craft, self-employment or agricultural business.
« Pre-paid Vouchers » ou « E-Wallet »: Electronic Money instruments, exhaustively listed on the Bitit Platform, that can be used to purchase Crypto-assets.
« Crypto-asset »: Any digital representation of a security which is not issued or guaranteed by a central bank or by a public authority, which is not necessarily attached to a currency that is legal tender and which does not have the legal status of currency, but which is accepted by natural persons or legal entities as a means of trade and which may be transferred, stored or exchanged electronically, in accordance with Article L. 54-10-1-2 of the French Monetary and Financial Code. The list of the Crypto-assets sold by Bitit is available on the Bitit website at the following address: https://bitit.io/available_cryptocurrencies. This list may be amended by Bitit at any time.
« Cryptocurrency Portfolio »: refers to the physical or digital medium for storing or using Crypto-assets. These media may be presented in the form of private cryptographic keys allowing the retention, storage and transfer of one or more Crypto-assets. A cryptocurrency Portfolio must be opened by the Client with a third-party provider. Bitit does not provide this service.
« Bitit cryptocurrency Portfolio »: ”: refers to the cryptocurrency Portfolio held by Bitit, on which the Crypto-assets offered for sale by Bitit are stored.
« Issuer »: refers to Clear Junction Ltd, an electronic money institution, the registered office of which is at 17 Hanover Square W1S 1BN London, registered in the United Kingdom with the FCA under number 900684, supplying its services in France under the freedom to provide services.
« Client Account »: refers to the client account opened by the Client on the Bitit Platform in accordance with the terms stipulated in clause 7 of the T&C.
« Identified Client Account »: refers to the client account opened by the Client on the Bitit Platform, in accordance with the terms stipulated in clause 7 of the T&C, for which the registration procedure and identity checks have been successfully completed.
« EUR-Wallet »: refers to the electronic money portfolio provided by the Issuer, allowing the Client to receive the sum from the Sale of their Crypto-Assets in currency that is legal tender or to pay the sum for the Purchase of Crypto-Assets to Bitit and to transfer the value of the electronic money stored to the Client’s bank or payment account.
« Force majeure »: refers to any exceptional circumstance which makes it impossible for one of the Parties to perform an obligation. Under the terms of these T&C, force majeure will apply if it is of an unforeseeable, unavoidable and external nature, in accordance with the case-law of the French Court of Cassation.
« Fees »: refers to the fees applied by Bitit, as defined in clause 16.
« Payment Instrument »: refers to the payment methods that may be used to purchase Crypto-assets on the Platform, namely:
- Prepaid Vouchers, a list of which is on the Website
« Electronic Money »: refers to a monetary value stored electronically, including magnetically, issued by an approved electronic money institution and accepted by Bitit for the purchase of Crypto-assets. The units contained in the EUR-Wallet and Prepaid Vouchers or the value stored in the E-Wallet are units of Electronic Money.
« Bitit Platform »: refers to the online platform operated by Bitit, which can be accessed via the internet from a computer, tablet or smartphone. The Bitit Platform is hosted by Amazon Web Services.
« Professional »: refers to any individual acting for purposes covered by their commercial, industrial, craft, self-employment or agricultural business.
« Repayment »: refers to a credit of the Seller’s EUR-Wallet further to a Sale of Crypto-assets on the Bitit Platform.
« Customer Service »: refers to Bitit’s Customer Service Department which may be contacted:
- By e-mail to : email@example.com;
- By post at the address 40 rue Alexandre Dumas 75011, Paris.
- By phone : +33 1 86 91 90 09
« Website »: refers to the website available at the following address https://bitit.io
« Seller »: refers to a Client with an Approved Space, who has decided to sell their Crypto-assets to Bitit.
« Sale »: refers to the sale of Crypto-assets by the Client to Bitit in accordance with these T&C. Bitit does not offer any guarantee in relation to the Sale of Crypto-assets. The sale of Crypto-assets by the Client is only possible within the purchase limits defined by Bitit.
3 ― PURPOSE OF THE T&C
3.1 The purpose of the T&C is to define the terms and conditions under which:
- Clients can create and access their Client Account and open an Identified Client Account
- Clients can Purchase Crypto-assets from Bitit on the Bitit Platform.
- The terms under which Bitit can offer its Clients the option of selling their Crypto-assets.
- Only the T&C shall be authentic between the Parties in the event of a dispute.
4 ― CRYPTO-ASSET RISK WARNINGS
4.1 Warnings on the legal nature of Crypto-assets.
4.2 Crypto-assets are not legal tender, in accordance with Article L. 111-1 of the French Monetary and Financial Code, or electronic money, in accordance with Article L. 315-1 of the French Monetary and Financial Code.
4.3 Bitit draws your attention to the fact that the sustainability of Crypto-assets and their value cannot be guaranteed; they are only determined in relation to investor supply and demand.
4.4 Crypto-assets may be subject to hacking attempts, the adverse effects of which cannot be borne by Bitit. Similarly, Bitit cannot be held liable for any incident relating to the availability, integrity or confidentiality of Crypto-assets or for any technical limitations resulting from the computer systems used by the Client to preserve and store Crypto-assets. The Client is responsible for ensuring that it has the necessary, adequately secure IT resources to preserve and store its Crypto-assets and its Cryptocurrency Portfolio. As Bitit does not offer any Cryptocurrency Portfolio services, it does not accept any liability in case of the hacking, loss, theft, corruption or destruction of Crypto-assets, regardless of the medium used to preserve and store them.
4.5 Warnings on the security of the storage medium of Crypto-assets:
4.6 You must ensure that your computer and telecommunications equipment are secure to avoid your data being hacked (including personal data).
4.7 Bitit does not provide or recommend any particular storage medium. Such media remain your sole responsibility and Bitit cannot be held liable for the loss or theft of Crypto-assets and/or of any media containing them, such as, for example, USB keys, hard drives or any other physical or digital device.
4.8 Warnings on the risks associated with the ownership or value of Crypto-assets.
4.9 Crypto-asset prices are extremely volatile and variations are unpredictable. Buying Crypto-assets is high risk and includes the risk of losing the total value of a Crypto-assets purchase.
4.10 You must act with caution and vigilance by limiting your purchases of Crypto-assets to the amount You can bear to lose without putting yourself in financial jeopardy. Any Purchase must be on the basis of a risk assessment and your understanding of the underlying technologies (including of how blockchain works).
4.11 Bitit reserves the right to refuse to perform or to suspend the performance of a Purchase and/or Sale (i) in the case of unusually high transactions in the light of up-to-date knowledge we have about You or which do not appear to be lawful, (ii) if the information provided by the Client in relation to identity checks and Client knowledge appears or proves to be incorrector incomplete, (iv) if Bitit suspects fraud or a risk of money laundering or terrorist financing. It is recalled that when you sell your Crypto-assets outside the Bitit Platform, Bitit may not be held liable in the event of default by third-party providers.
5 ― LACK OF ADVICE
5.1 Bitit is a commercial company that does not provide any investment services, payment services or banking services. As such, Bitit is not approved, supervised or controlled by the French Prudential Control Authority (Autorité de Contrôle Prudentiel et de Résolution).
6 ― ANTI-MONEY LAUNDERING AND COUNTER TERRORIST FINANCING
6.1 Bitit is subject to French regulations on anti-money laundering and counter terrorist financing.
6.2 In particular, Bitit must identify and verify the identity of its Clients and, where applicable, the effective beneficiary of the Client Account and/or the transactions related thereto.
6.3 The Client acknowledges that Bitit may terminate or defer access to the Crypto-asset Purchase or Sale service at any time.
7 ― OPENING A CLIENT ACCOUNT
7.1 A Client Account is reserved for the Client's use. To create your Client Account, You must follow the procedure described below. By creating a Client Account, the Client unreservedly accepts the terms of the T&C and acknowledges that the T&C will govern its relationship with Bitit as well as its use of the Crypto-asset Purchase and Sale services.
7.2 When opening a Client Account, You must specify:
- A valid email address which belongs to you;
- Your first name and last name
You must also select a login that will allow you to access your Client Account. You must keep that login secret. If you share your login with third parties, You will remain solely liable for any damage sustained as a result of the disclosure of your login. As soon as you become aware of the disclosure (or risk of disclosure) of your login, You must notify Bitit immediately who will promptly freeze your Client Account. To reactivate your Client Account, You must contact Bitit’s Customer Service Department. To be able to Purchase or Sell Crypto-assets, the Client must satisfy Bitit’s information approval procedure. Once approval has been obtained, the Client will have access to an Identified Client Account which will allow it to use the different services offered by Bitit, including the Purchase and Sale of Crypto-assets in accordance with the terms described below. To improve account access security and to limit the risk of hacking, the Client may decide to activate two-factor authentication.
8 ― APPROVAL OF THE CLIENT
8.1 To obtain an Identified Client Account, You must provide, in addition to the information provided when creating your Client Account, the following information and documents:
- Your place of residence (address, city, postcode and country);
- Your date of birth;
- Your telephone number;
- A digital and valid copy of Your ID (front and back) (e.g. French national identity card or identity card of another EU country, European passport)
- A selfie of your face to ensure that you are the holder of the identity document provided using the authentication technology provided by our partners;
- The number of the identity document provided;
- The issue date of the identity document provided;
- The place of issue and the authority that issued the identity document;
- A proof of address (no more than 3 months old);
8.2 You may also be asked for additional information or supporting documentation at any time, in particular to allow Bitit to comply with its obligations on anti-money laundering and counter terrorist financing, such as, for example, occupation, employer’s name and address, pay slips, bank statements, proof of income, documents showing the origin of the funds, etc. This list is not exhaustive and Bitit reserves the right to request any additional documents.
8.3 Additional proof of identity will be requested when the amount of your Purchases and/or Sales is more than one thousand (1,000) euros per annum. The same shall apply when the amount of one or more transactions over one day is more than five hundred (500) euros.
- Purchase Crypto-assets from Bitit;
- Sell Crypto-assets to Bitit in accordance with the terms set out below;
- Enter the details of the Cryptocurrency Portfolio to which the Crypto-assets purchased from Bitit will be transferred;
- Access the Issuer’s subscription space to open an EUR-Wallet.
8.5 Bitit reserves the right to suspend a Client Account, Purchase (regardless of the payment method used within the limit of the payment methods accepted by Bitit) or Repayment to your EUR-Wallet, in case of Your suspected money laundering, unlawful use or fraud, or if it appears that the information provided to approve the Client Account was false, incomplete or inaccurate, in accordance with these T&C or the General Terms and Conditions of Use of the Platform available via the hyperlink: https://bitit.io/terms.
9 ― PURCHASING CRYPTO-ASSETS FROM BITIT
9.1 Provided that Bitit has received all the supporting documents requested, Crypto-assets are purchased by an Identified Client on the Bitit Platform, within the maximum weekly limit of:
- €7,500 for Purchases paid for using Bank Cards;
- €5,000 for Purchases paid for using Prepaid Vouchers;
- €100,000 for Purchases paid for by transfer from your EUR-Wallet.
By default, an Identified Client benefits from a minimum weekly spending limit of:
- €500 for Purchases paid for using Bank Cards;
- €2,500 for Purchases paid for using Prepaid Vouchers;
- €15,000 for Purchases paid for by transfer from your EUR-Wallet.
9.2 The E-Wallet or the EUR-Wallet may not be used for a unit Purchase of more than 5,000 euros.
9.3 When the Client uses a currency that has legal tender other than the euro to make the Purchase, the amounts are converted to euros, according to the exchange rate in force at the date of the Purchase.
9.4 Bitit may amend the weekly limits or impose new daily or monthly limits on Purchases after informing the Client. Those limits are available via the hyperlink: https://bitit.io/pricing. For more information, the Client may contact Bitit’s Customer Service Department by email.
9.5 Purchase offers presented on the Bitit Platform are valid, in the absence of any indication of a specific period, within the limit of available stock of Crypto-assets.
9.6 To purchase Crypto-assets, the Purchaser must go to their Identified Client Account and specify:
- The payment method used. The Purchaser may select one of the following methods:
- Bank Card
- EUR-Wallet or
- Prepaid vouchers or E-Wallet (currently only Neosurf vouchers may be used)
- The Crypto-asset you wish to purchase;
- The amount of Crypto-assets purchased or the amount of currency that has legal tender tendered for the Purchase; and
- The details of the Cryptocurrency Portfolio to which the Crypto-assets purchased will be transferred.
- The total fees charged by Bitit for the transaction in accordance with clause 15 shall be displayed.
- After checking that the completed information is correct, you can make the payment. Depending on the payment method selected, you will be redirected to the corresponding payment page.
9.7 Confirmation of your Purchase will appear as soon as your payment has been approved and you will receive an email confirming acceptance of your order. Confirmation of the Purchase shall result in the sending of an order to register the transaction on the blockchain and starts the transaction confirmation process. Note that this process can take time.
9.8 As from receipt of the email confirming the Purchase, the Purchase becomes irrevocable, in accordance with the terms stipulated in clause 16.
9.9 The Crypto-assets purchased may not be available in your Cryptocurrency Portfolio until the application for registration on the blockchain has been approved, in accordance with clause 11.
10 ― CONFIRMATION OF THE PURCHASE
10.1 Following receipt of the confirmation email and once the Purchase has been confirmed on the blockchain, the Purchaser receives a receipt confirming the completion of the Purchase and including the following information:
- The details of the Cryptocurrency Portfolio to which the Crypto-assets purchased will be transferred.
- The amount of the Purchase in the selected currency that has legal tender;
- The receipt number;
- The email address of the Purchaser;
- The payment method used;
- The subject-matter of the receipt;
- The date and time of the Purchase;
- The exchange rate between the Crypto-assets and the currency that has legal tender. For example, EUR/BTC for euros traded against bitcoins;
- The Purchase or Sale Fees, also referred to as “transaction fees”;
- Mining Fees.
10.2 The benchmark price of the Crypto-asset used as a reference for the Purchase is notified to the Client in accordance with clause 13.5 of the T&C.
10.3 The Crypto-assets are transferred by Bitit to the Purchaser’s Cryptocurrency Portfolio upon receipt of confirmation of the Purchase. The Crypto-assets are available in the Cryptocurrency Portfolio designated by the Purchaser in accordance with the general terms and conditions of use of the Cryptocurrency Portfolio subscribed to by the Purchaser.
11 ― AMOUNT OF CRYPTO-ASSETS PURCHASED
11.1 The amount of Crypto-assets purchased in return for the sum paid is determined by applying the Crypto-asset benchmark price notified to the Client and the Purchase Fees charged by Bitit.
11.2 The Purchase Fees and Mining Fees are added to the nominal amount specified by the Client, in accordance with clause 15 of the T&C.
11.3 The minimum Purchase amount is specified on the Website at FAQ - Mining fees
12 ― TRANSFER OF THE CRYPTO-ASSETS PURCHASED
12.1 The Crypto-assets purchased are transferred to the Cryptocurrency Portfolio specified by the Purchaser.
12.2 The Crypto-assets will be available in your Cryptocurrency Portfolio upon completion of the transaction confirmation process on the blockchain. That process confirms the transfer of ownership of the Crypto-assets.
12.3 To clarify, the duration of that confirmation process and the registration of the transfer of Crypto-assets may vary and cannot be determined in advance. Registration on the blockchain depends on the global balance between the supply of computing power and demand for registration on the blockchain. The time frame for registration on the blockchain may take a few hours to several days, or even weeks. Bitit cannot control the length of the confirmation process and cannot therefore be held liable in case of delays in the transfer of Crypto-assets to your Cryptocurrency Portfolio.
12.4 You can only use your Crypto-assets after they have been transferred to your Cryptocurrency Portfolio.
13 ― SALE OF CRYPTO-ASSETS TO BITIT
13.1 Bitit can offer its Clients the option of selling their Crypto-assets. This service is available on the Bitit Platform. To proceed with a Sale, you must:
13.1.1 Have an Identified Client Account;
13.1.2 Have an EUR-Wallet subscribed to with the Issuer;
13.1.3 Hold your Crypto-assets in a Cryptocurrency Portfolio;
13.2 From their Identified Client Accounts, Clients have access to an interface allowing them to select the amount of Crypto-assets they wish to sell and access information on the terms under which the Crypto-assets can be sold. As such, Bitit informs the Seller of the proposed Sale price for the Crypto-assets selected. The Sale price is determined by applying the benchmark price of the Crypto-asset selected as specified in clause 13.5 minus the Sale Fees retained by Bitit in accordance with clause 15 of the T&C.
13.3 The Sale price will be paid by Bitit in euros only, up to a limit of 10,000 euros per transaction.
13.4 The Sale option is available on the Bitit Platform in accordance with any time or value limits specified by Bitit. For more information, the Client may contact Bitit’s Customer Service Department by email.
13.5 The Sale takes place in two stages.
13.6 The first stage of the Sale takes place in the Identified Client Account:
13.6.1 The Seller must log in to their Identified Client Account;
13.6.2 The Seller selects the option to sell Crypto-assets:
- If the Sale service is available, the exchange rates of the Crypto-assets available for sale are displayed on the page;
- If the Sale service is not available, you are informed of this by a message displayed in your Client Account on the Bitit Platform, specifying that the Sale service is suspended.
- When a Sale is available, You can select the Crypto-asset and the amount you wish to sell. The price offered by Bitit as well as the total Sale Fees charged will be displayed on the page. The Sale price paid by Bitit will be credited in Electronic Money to your EUR-Wallet;
- If you agree to proposed Sale terms, you can tick the box to accept the T&C in accordance with clause 18 and then click “Next”.
- The details of Bitit’s Cryptocurrency Portfolio are displayed. You must copy those details to finalise the Sale in your Cryptocurrency Portfolio.
13.6.3 The second stage of the Sale takes place in the Seller's Cryptocurrency Portfolio:
13.6.4 The Seller goes to their Cryptocurrency Portfolio and enters the details of Bitit’s Cryptocurrency Portfolio as the beneficiary of the transfer of the Crypto-assets.
13.6.5 The Seller accepts the Transfer, in accordance with the terms and procedures specified by the Cryptocurrency Portfolio service provider.
14 ― CONFIRMATION OF THE SALE
14.1 The Sale results in the Transfer of the Crypto-assets held in the Seller's Cryptocurrency Portfolio to Bitit’s Cryptocurrency Portfolio. The Crypto-assets are transferred upon approval of the request to register the transfer on the blockchain.
14.2 The terms under which the operation becomes irrevocable depend on the contractual terms of your Cryptocurrency Portfolio. Bitit will consider the operation to be irrevocable when it has received two approvals of the transaction by the blockchain.
14.3 Bitit informs you by email of the successful performance of the transfer resulting from the Sale and of the credit of the Sale price to your EUR-Wallet through a receipt containing:
- The details of Bitit’s Cryptocurrency Portfolio;
- The number of Crypto-assets sold;
- The type of operation;
- The date and time of the Sale;
- The exchange rate between the Crypto-assets and the selected legal tender applied at the time of the sale, e.g. BTC/EUR for bitcoins against euros; and
- The value in euros of the Crypto-assets sold;
- The amount in euros of the Transaction Fees received by Bitit on the value of the Crypto-assets sold;
- The price in euros paid by Bitit to the Seller’s EUR-Wallet.
14.4 Bitit shall transfer the price to the Seller's EUR-Wallet within one (1) business day of receipt of the Crypto-assets sold in Bitit’s Cryptocurrency Portfolio.
14.5 Bitit cannot be held liable in case of error or negligence by the Client in relation to the information given for the completion of the Sale, particularly in relation to the details of Bitit’s Cryptocurrency Portfolio or the amount of Crypto-assets that the Seller wishes to sell.
14.6 Bitit reserves the right to block a transaction in accordance with its obligations on counter terrorist financing and anti-money laundering.
15 ― PRICE OF CRYPTO-ASSETS
15.1 The value expressed for a Crypto-asset in currency that has legal tender is listed on exchange platforms which are not regulated and which do not provide any financial, liquidity, technical or other guarantee.
15.2 The prices of Crypto-assets are shown on the Bitit Platform in currency that has legal tender, by default, in euros excluding tax.
15.3 The Crypto-asset price retained by Bitit for the Purchase or Sale of Crypto-assets on the Bitit Platform is shown when the transaction is registered on the blockchain. The actual amount delivered may be slightly different to the amount specified in the payment summary because the exchange rate may have fluctuated between the time of the order and the final payment confirmation.
16 ― FEES APPLIED BY BITIT
16.1 Purchase Fees: Bitit applies Purchase Fees corresponding to a percentage of the total value of the Crypto-assets purchased. Those fees are paid in addition to the value of the Crypto-assets. Mining fees: at the time of Purchase, Bitit charges fees for miners to provide their computing power to confirm the transfer on the blockchain. The amount of those Fees is specified at the time of Purchase of the Crypto-assets on the Bitit Platform. Those fees are not determined by Bitit and vary according to the terms described at the following address: FAQ - Transaction fees
16.2 Sale Fees: Bitit collects Fees upon the Sale of Crypto-assets by its Clients. Those Fees are deducted from the Sale price of the Crypto-assets. The total Sale Fees are specified in euros and are a percentage of the amount of the Sale.
16.3 The methods for calculating Fees are notified to the Client on the Bitit Platform at the following address https://bitit.io/pricing. The Client is informed of the total Fee amount prior to the confirmation of the Sale or Purchase.
17 ― NO RIGHT OF WITHDRAWAL
Purchases and Sales of Crypto-assets do not give rise to any right of withdrawal by the Consumer in accordance with the provisions of Article L. 221-28 of the French Consumer Code, which stipulates that a consumer does not have a right to withdraw from the supply of goods or services, the price of which depends on fluctuations in the financial market which are outside a professional's control and which may occur during the withdrawal period. Since the value of Crypto-assets can fluctuate rapidly due to the volatility and instability of the prices applicable to Crypto-assets, the Client will not have a right to withdraw.
18 ― PAYMENT- REFUND RIGHT
18.1 Payment of the Purchase: The purchase price of the Crypto-assets is paid in cash by the Purchaser on the Bitit Platform. Payment is made in currency that has legal tender through one of the payment instruments available, as specified on the Bitit Platform.
18.2 Payment of a Sale: The Sale price of Crypto-assets is paid in cash by Bitit by transfer to the Seller's EUR-Wallet.
18.3 Refund rights: If an Unauthorised Transaction occurs as a result of our failure, we will refund you the amount of that transaction by no later than the end of the next business day after becoming aware of the Unauthorised Transaction and send your funds back to the state it would have been in had the Unauthorised Transaction not taken place. Generally, you will not be liable for losses incurred after you have notified us of the Unauthorised Transaction or if we have failed at any time to provide you with the means for notifying us.
You will be liable of any losses you incur in respect of an Unauthorised Transaction which arises from the use of lost or stolen credentials (for example when you have failed to keep the login details for your Bitit Account secure), and if you are fraudulent, or you intentionally or negligently fail to carry out your obligations under this Agreement and this results in Unauthorised Transactions (for example, if you deliberately share your email and password with a third party, or are grossly negligent in keeping your email and password secure, in both cases you will be liable for all resultant losses incurred as a result of any such Unauthorised Transactions.
Where there is a dispute between us and you regarding whether or not a transaction is an Unauthorised Transaction, we may (but are not obliged to) deactivated credit card purchases on your account whilst we settle the dispute.
Where an Incorrect Transaction is made as a result of our action or error we shall refund to you the amount of that transaction without undue delay. We will also endeavour to provide you with reasonable notice where possible. We will also pay any charges for which we are responsible, and for any interest which you can show that you have had to pay as a consequence of any Incorrect Transaction.
All refunds and adjustments related to Card transactions must be made to the customer’s Card. Refunds requests can be made in writing by sending an email to firstname.lastname@example.org and also by registered letter addressed to SAV Bitit SAS, 40 rue Alexandre Dumas 75011, Paris - France.
19 ― ACCEPTANCE OF THE T&C
19.1 When using Bitit’s Services and in particular when creating your Client Account and completing a Sale or Purchase of Crypto-assets on the Bitit Platform, you will be asked to read the General Terms and Conditions in force at the time of the Purchase or Sale. If you agree to the application of these General Terms and Conditions to your Purchase or Sale, you will be able to tick the corresponding box to express your consent and to continue with your Purchase or Sale.
19.2 The T&C are available on the Bitit Platform where they can be viewed directly at https://bitit.io/terms.
19.3 The T&C may also be notified in writing or on a durable medium simply on request by the Client to the Customer Service Department by phone or by email.
19.4 Bitit reserves the right to amend the T&C at any time. In case of amendment of the T&C, the T&C applicable to the Client are the T&C in force on the date of the Purchase or Sale.
20 ― LIABILITY AND WAIVER OF LIABILITY
20.1 Bitit may not be held liable in the case of non-performance or improper performance of the T&C by the Client, a third party or in case of Force Majeure.
20.2 Bitit shall not be held liable for any damage or loss sustained by the Client resulting from:
- An incident affecting the payment method of the Client and/or the payment system attributable to the Client and/or the supplier of the payment methods used by Bitit;
- The sustainability and reliability of decentralised IT systems governing the Crypto-assets;
- The stability of Crypto-asset prices, due to their high volatility;
- The loss or delayed transfer of Crypto-assets to the Client due to computer and technical systems, in any way whatsoever, in particular due to any technical and/or security failures whatsoever, including due to hacking, misappropriation by hackers or the failure of the information system of the Client or a third party, over which Bitit has no control;
- The Client's negligence with respect to the preservation of logins and passwords allowing it to access its Client Account.
21 ― INTELLECTUAL PROPERTY
21.1 No intellectual property rights relating to use of the Client Account are transferred to the Client under these T&C.
21.2 Elements reproduced on the Bitit Platform include photographs, visuals, text, drawings, logos and images, which are the exclusive property of Bitit or third parties and which are protected by copyright, trademark rights and/or patent rights.
21.3 Any person who reproduces and/or disseminates these elements, without Bitit's prior consent in writing, may be prosecuted.
22 ― PERSONAL DATA
22.1 In accordance with the French Data Protection Act and Regulation (EU) 2019/679 of 27 April 2016 and the European Regulation applicable from 25 May 2018 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, the personal information collected by Bitit, as the data controller, is only used in accordance with Bitit’s personal data protection policy available at the following address: https://bitit.io/privacy_policy.
22.2 The User has a right to access, correct and object to the processing of all its data, by exercising the aforementioned rights with Bitit by email to the following address: email@example.com.
23 ― EVIDENCE
23.1 All exchanges and communications including the history of Purchases and Sales carried out on the Bitit Platform are recorded, stored and archived by Bitit on a reliable, durable medium in accordance with Article 1379 of the French Civil Code. It is agreed that such recordings have evidentiary value between the Parties.
23.2 Moreover, Purchases and Sales are recorded on the blockchain, in accordance with the protocol specified for the Crypto-asset in question.
24 ― AFTER-SALES SERVICE
For any questions regarding the application of these T&C and the methods of Purchase and Sale on the Bitit Platform, the Purchaser may contact Bitit’s Customer Service Department at the following email address: firstname.lastname@example.org
25 ― MISCELLANEOUS CLAUSES
25.1 The invalidity of a non-substantive contractual clause shall not affect the validity of the T&C.
25.2 The failure by Bitit to invoke one or more clauses of the T&C shall not constitute its waiver of those clauses or of any other clauses of the T&C which shall continue to apply in full.
26 ― CANCELLATION OF THE SALE OF CRYPTO-ASSETS
26.1 Except in case of Force Majeure, any Transfer period of more than thirty (30) days may result in the cancellation of the Purchase or Sale.
26.2 The Consumer may request cancellation by registered letter with acknowledgement of receipt or in writing sent via a different durable medium (e.g. by email), if after having previously requested Bitit (in accordance with the same terms) to Transfer the Crypto-assets within a further period of fifteen (15) days, the Consumer has still not received the Crypto-assets.
26.3 In case of a request to cancel a Purchase, Bitit shall reimburse all sums paid to the Consumer within a maximum of fourteen (14) days following the date of the cancellation.
26.4 You may ask Bitit for information on the delivery period at any time by contacting the Customer Service Department or on the Bitit Platform via the hyperlink FAQ - Transaction confirmation
27 ― TERMINATION OF THE CONTRACT
27.1 The Client may terminate these T&C at any time, without notice. The termination of these T&C will result in closure of the Client Account.
27.2 Bitit may terminate these T&C in case of justified suspicion as to the declared identity of the Client or in case of non-performance of one of the Client’s obligations under these T&C (including in the case where the Client does not provide information and ID in accordance with these T&C).
27.3 The Client may terminate the T&C by contacting Bitit’s Customer Service Department by email at email@example.com
28 ― LANGUAGE OF THE CONTRACT
28.1 The T&C and any contractual information stated on the Bitit Platform shall be drafted in French and may be translated into other languages.
29 ― OMBUDSMAN
29.1 Bitit informs the Client that he/she is entitled to contact the consumer ombudsman whose contact information is stated below: the consumer ombudsman: the AMF ombudsman: 17, Place de la Bourse – 75082 Paris Cedex 02 – France Tel.: +33 (0)1 53 45 60 00 – Fax: +33 (0)1 53 45 61 00, available at the following address: AMF mediation.
29.2 The client is able to contact the ombudsman directly online at the address specified above, in particular by completing and sending the form for contacting the electronic communications ombudsman.
29.3 The Client’s recognised right to use an extrajudicial consumer dispute resolution service by contacting an ombudsman does not prevent the Client from first making a complaint to Bitit’s Customer Service Department.
30 ― COMPETENT COURTS
Notwithstanding the above, in accordance with the provisions of Article R. 631-3 of the French Consumer Code, reproduced below, provided that the Client is a Consumer, he/she has several options: “In addition to one of the courts with territorial jurisdiction under the French Code of Civil Procedure, the consumer may refer the matter, at his/her discretion, to the court in the place where he/she resided at the time of signing the contract or at the time of the damaging event.”
31 ― APPLICABLE LAW
These T&C are subject to French law.
BITIT SAS (hereinafter “BITIT”) is a Digital Asset Service Provider, established in France since 2015.
Therefore, in the course of its business, which includes the purchase and sale of digital assets in currency which is legal tender, BITIT is subject to anti-money laundering and counter terrorist financing obligations (hereinafter “AML-CTF”) in accordance with Article L. 561-2 of the French Monetary and Financial Code.
BITIT is committed to preventing money laundering and terrorist financing through the implementation of an anti-money laundering policy (hereinafter the “Policy”).
1 ― RISK CLASSIFICATION
BITIT has set up measures to identify and assess the risks of money laundering and terrorist financing to which it is exposed and has adapted the Policy to those risks in order to meet the applicable regulatory requirements.
2 ― APPLICABILITY OF THE AML-CTF POLICY
BITIT implements and maintains the appropriate procedures based on the risks defined to prevent money laundering and terrorist financing.
All BITIT employees are trained on the prevention of money laundering, such that they can immediately take the appropriate measures to fulfil due diligence obligations.
3 ― AML-CTF MEASURES
The provisions below are the minimum procedures implemented by BITIT under its AML-CTF Policy:
KNOW YOUR CUSTOMER (OR « KYC »)
As part of its due diligence measures towards clients, BITIT checks the identity of its users and applies additional due diligence measures in accordance with the provisions of the French Monetary and Financial Code.
In particular, BITIT collects the information it needs to determine the purpose and nature of its relationship with the user in order to establish a risk profile.
REPORTING SUSPICIOUS TRANSACTIONS
BITIT has implemented a risk assessment and management system comprising all technical and organisational measures to identify and report any pertinent high-risk persons and operations to the competent authorities.
Therefore, BITIT reports to the competent authorities any sums or transactions which they “know, suspect or have good reason to suspect to originate from an offence liable to a custodial sentence of more than one year or to involve the financing of terrorism”.
MEASURES ON THE FREEZING OF ASSETS
BITIT takes the necessary measures to verify that its clients are not included on assets-freeze lists and shall maintain appropriate measures on assets to be frozen, in accordance with the regulations in force.
CONTROL AND SUPERVISION
BITIT has set up an internal control system to assess its procedures and to ensure that its Policy complies with existing regulations. The Policy is continuously updated in the light of the results of any controls performed.