ACCEPTANCE OF TERMS OF SERVICE
The Service operated by KFCHANGE also allows all registered users of the Service (“Members”) to:
Transfer Bitcoins to you or other Members or other users of Bitcoin outside the KFCHANGE site.
Use Bitcoins for purchasing goods.
By opening an account to use the Service (“Account”), You expressly represent and warrant:
You have accepted these Terms; and
You are at least 18 years of age and have the full capacity to accept these Terms and enter into a transaction involving Bitcoins.
The trading of any goods and products, including virtual currencies involves significant risk. Prices can fluctuate on any given day. Due to such price fluctuations, you may increase or lose value in your assets at any given moment. Any currency – virtual or not – may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading anything on a market.
Bitcoin trading also has special risks not generally shared with official currencies or goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, or by commodities such as gold or silver, Bitcoin is a unique kind of “fiat” currency, backed by technology and trust. There is no central bank that can take corrective measure to protect the value of Bitcoins in a crisis or issue more currency.
Instead, Bitcoin is an as-yet autonomous and largely unregulated worldwide system of currency firms and individuals. Traders put their trust in a digital, decentralized and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity.
Bitcoin trading is probably susceptible to irrational (or rational) bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in Bitcoin because of unexpected changes imposed by the software developers or others, a government crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems: if the anonymity of the system is compromised, if money is lost or stolen, or if hackers or governments are able to prevent any transactions from settling.
You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading Bitcoins.
We use our banking providers in order to receive client moneys and making payments. Our banking providers DO NOT transfer Bitcoins, exchange Bitcoins, or provide any services in connection with Bitcoins.
LIMITED RIGHT OF USE
Unless otherwise specified, all Materials on this Site are the property of KFCHANGE and are protected by copyright, trademark and other applicable laws. You may view, print and/or download a copy of the Materials from this Site on any single computer solely for your personal, informational, non-commercial use, provided you keep intact all copyright and other proprietary notices.
The trademarks, service marks and logos of KFCHANGE and others used in this Site (“Trademarks”) are the property of KFCHANGE and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video and audio used on this Site belong to KFCHANGE. The Trademarks and Material should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other Site or networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties.
MAINTAINING YOUR ACCOUNT
This Site is only for Your personal use. We are vigilant in maintaining the security of our Site and the Service. By registering with us, you agree to provide KFCHANGE with current, accurate, and complete information about Yourself as prompted by the registration process, and to keep such information updated. You further agree that You will not use any Account other than Your own, or access the Account of any other Member at any time, or assist others in obtaining unauthorized access.
The creation or use of Accounts without obtaining the prior express permission from KFCHANGE will result in the immediate suspension of all said Accounts, as well as all pending purchase/sale offers. Any attempt to do so or to assist others (Members or otherwise), or the distribution of instructions, software or tools for that purpose, will result in the Accounts of such Members being terminated. Termination is not the exclusive remedy for such a violation, and KFCHANGE may elect to take further action against You.
You also are responsible for maintaining the confidentiality of Your Account information, including your password, safeguarding your own Bitcoin, and for all activity including Transactions that are posted to Your Account. If there is suspicious activity related to your Account, we may, but are not obligated, to request additional information from You, including authenticating documents, and to freeze any transactions pending our review. You are obligated to comply with these security requests, or accept termination of Your Account. You are required to notify KFCHANGE immediately of any unauthorized use of Your Account or password, or any other breach of security by email addressed tosupport@KFCHANGE.com. Any Member who violates these rules may be terminated, and thereafter held liable for losses incurred by KFCHANGE or any user of the Site.
Finally, You agree that You will not use the Service to perform criminal activity of any sort, including but not limited to, money laundering, illegal gambling operations, terrorist financing, or malicious hacking. We will report all crimical activities to the law enforcement agencies.
You may terminate this agreement with KFCHANGE, and close your Account at any time, following settlement of any pending transactions.
We also reserve the right to cancel unconfirmed Accounts or Accounts that have been inactive for a period of 6 months or more, and/or to modify or discontinue our Site or Service. Members agree that KFCHANGE will not be liable to them or to any third party for termination of their Account or access to the Site.
The suspension of an Account shall not affect the payment of the commissions due for past Transactions. Upon termination, Members shall communicate a valid bank account to allow for the transfer of any currencies credited to their account. Said bank account shall be held by the Member. Bitcoins may be transferred to a valid bank account only after conversion into a currency. KFCHANGE shall transfer the currencies as soon as possible following the Member’s request in the time frames specified by KFCHANGE.
KFCHANGE will send to You the credit balance of Your account, however in circumstances a number of intermediaries may be involved in an international payment and these or the beneficiary bank may deduct charges. We will use reasonable efforts to ensure that such charges are disclosed to You prior to sending Your payment, however where they cannot be avoided, You acknowledge that these charges cannot always be calculated in advance, and that you agree to be responsible for such charges.
All services are provided without warranty of any kind, either express or implied. We do not represent that this Site will be available 100% of the time to meet your needs. We will strive to provide You with the Service as soon as possible but there are no guarantees that access will not be interrupted, or that there will be no delays, failures, errors, omissions or loss of transmitted information.
APIS AND WIDGETS
We may provide access to certain parties to access specific data and information through our API (Application Programming Interface) or through widgets. We also may provide widgets for Your use to put our data on your Site. You are free to use these in their original unmodified and un-altered state.
KFCHANGE makes no representations whatsoever about any other Site which you may access through this Site. The Site may provide links or other forms of reference to other websites (“External Web Sites”) or Resources over which we do not have control (“External Web Sites”). In such case you acknowledge that KFCHANGE is providing these links or references to you only as a convenience. KFCHANGE is not responsible for the availability of, and content provided on, third party Sites. You are requested to review the policies posted by other Sites regarding privacy and other topics before use. KFCHANGE is not responsible for third party content accessible through the Site, including opinions, advice, statements, prices, activities and advertisements, and you shall bear all risks associated with the use of such content. It is up to you to take precautions to ensure that whatever you select for your use is free of such items as viruses, worms, Trojan horses and other items of a destructive nature.
Our business model, and our Service, consists of facilitating the buying, selling and trading of Bitcoins and their use to purchase/exchange goods in an unregulated, international open payment system. The Services we provide are currently unregulated within Vietnam.
Email messages sent over the Internet are not secure and KFCHANGE is not responsible for any damages incurred by the result of sending email messages over the Internet. We suggest sending email in encrypted formats; you are welcome to send PGP encrypted emails to us. The instructions and keys to do so are available upon request.
LIMITATION OF LIABILITY
To the extent permitted by law, KFCHANGE will not be held liable for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss unless the loss suffered arising from negligence or willful deceit or fraud. Nothing in these terms excludes or limits the liability of either party for fraud, death or personal injury caused by its negligence, breach of terms implied by operation of law, or any other liability which may not by law be limited or excluded.
Subject to the foregoing, KFCHANGE’s aggregate liability in respect of claims based on events arising out of or in connection with any single Member’s use of the Site and/or Service, whether in contract or tort (including negligence) or otherwise, shall in no circumstances exceed the greater of either (a) the total amount held on Account for the Member making a claim less any amount of Commission that may be due and payable in respect of such Account; or (b) total amount of the Transaction(s) that are the subject of the claim less any amount of Commission that may be due and payable in respect of such Transaction(s).
ANTI MONEY LAUNDERING POLICY
Money laundering is defined as the process where the identity of the proceeds of crime are so disguised that it gives the appearance of legitimate income. Criminals specifically target financial services firms through which they attempt to launder criminal proceeds without the firm’s knowledge or suspicions.
In response to the scale and effect of money laundering, Vietnam has passed legislation designed to prevent money laundering and to combat terrorism: 31/2014/TT-NHNN (“Circular 31”) from the State Bank of Vietnam. This legislation, together with regulations, rules and industry guidance, forms the cornerstone of AML obligations for Vietnam firms and outline the offences and penalties for failing to comply. Whilst KFCHANGE are currently unregulated and do not fall with the scope of the AML obligations in the Vietnam, the senior management have implemented systems and procedures that meet Vietnam banking AML standards. This decision reflects the senior managements desire to prevent money laundering.
This AML Policy sets out the minimum standards which must be complied with and includes:
Establishing and maintaining risk-based customer due diligence, identification, verification and know your customer (KYC) procedures, including enhanced due diligence for those customers presenting higher risk, such as Politically Exposed Persons (PEPs);
Establishing and maintaining risk based systems and procedures to monitor on-going customer activity;
Procedures for reporting suspicious activity internally and to the relevant law enforcement authorities as appropriate;
The maintenance of appropriate records for the minimum prescribed periods;
Training and awareness for all relevant employees
In order to use certain features of KFCHANGE’s Services, you may be required to provide KFCHANGE with certain personal information, including, but not limited to: Your name, address, telephone number, e-mail address, date of birth, identification documents, and information regarding your bank account. KFCHANGE may also require you to answer certain questions or take actions in order to verify your identity, provide the Services to you, or comply with applicable law. In submitting this or any other personal information as may be required, you verify that the information is accurate and authentic, and you agree to update KFCHANGE if any information changes. You hereby authorize KFCHANGE to, directly or through third parties make any inquiries we consider necessary to verify your identity and/or protect against fraud, including to query identity information contained in public reports (e.g., your name, address, past addresses, or date of birth), to query account information associated with your linked bank account (e.g., name or account balance), and to take action we reasonably deem necessary based on the results of such inquiries and reports.
MODIFICATION OF TERMS
KFCHANGE reserves the right to change, add or remove portions of these Terms, at any time, in an exercise of its sole discretion. You will be notified of any changes in advance through your Account. Upon such notification, it is your responsibility to review the amended Terms. Your continued use of the Site following the posting of a notice of changes to the Terms signifies that you accept and agree to the changes, and that all subsequent transactions by you will be subject to the amended Terms.
Bitcoins: means the Peer-to-Peer internet currency further described at http://bitcoin.org.
Buyer(s): means Member(s) that are submitting an offer to buy Bitcoins through the Service.
Commission: refers to the fee which is payable to KFCHANGE on each Transaction, such as a Bitcoin Purchase Transaction.
Member(s): means Buyers and Sellers as well as any holder of an Account.
Personal Information: Information that identifies an individual, such as name, address, e-mail address, trading information, and banking details. “Personal Information” does not include anonymised and/or aggregated data that does not identify a specific user.
Price: means “price per coin” for which Members are willing to purchase or sell Bitcoins, using the Service in a Bitcoin Purchase Transaction. The Price may be expressed in any of the currencies deposited by Members in their account and supported by the Service.
Seller(s): means Member(s) that are submitting an offer to sell Bitcoins through the Service.
Service(s): means the technological platform, functional rules and market managed by KFCHANGE Ltd. to permit Sellers and Buyers to perform purchase and sale transactions of Bitcoins.
Transaction: means (i) the agreement between the Buyer and the Seller to exchange Bitcoins through the Service for currencies at a commonly agreed rate (“Bitcoin Purchase Transaction”), (ii) the conversion of currencies into Bitcoins deposited by Members on their account (“Conversion Transaction”), (iii) the transfer of Bitcoins among Members (“Bitcoin Transfer Transaction”), (iv) the transfer of currencies among Members (“Currency Transfer Transaction”) and (v) the purchase of ancillary products (“Purchase Transactions”). KFCHANGE may not offer all of these types of transactions at this time or in all places.
Transaction Price: means the total price paid by the Buyer in respect of each Transaction performed through the Service.