UAB Litbit Terms and Conditions

Effective from 08.08.2023

These Terms of Use (hereinafter referred to as the Terms) govern your use (hereinafter referred to as You or the User) of the Litbit website, including the content of all its sections (hereinafter referred to as the Website), as well as the services offered via the Website.

The Website is owned and operated by UAB Litbit, a private limited company incorporated under the laws of Lithuania, with registration code: 306154531 (hereinafter referred to as the Litbit or Us).

By accessing the Website, using it, contacting Litbit, clicking “I agree to the Privacy Policy and Terms of Use of the website” You acknowledge that You have read, understood and agree to these Terms. If You cannot read, understand the Terms or if You disagree with the Terms, You must stop using the Website.

You agree that communications between Litbit and You will take place by electronic means, such as email or the Internet, and that the electronic Terms of Use are having the same legal force as a signed paper agreement would have.

Hereinafter also Litbit and User referred to as a/the Party or jointly as the Parties.

1. RIGHT TO USE THE WEBSITE

1.1. Individuals

1.1.1. Only Users who have reached the age of majority have the right to use the Website. For the purposes of these Terms, the age of majority means the User reaching the age of eighteen (18) years or another age from which, according to the law applicable to an individual, full legal capacity begins, allowing the User to independently enter into legally significant agreements, including these Terms, and be bound by such agreements.

1.1.2. Users who have not reached the age of majority, as well as adult Users with limited legal capacity, do not have the right to use the Website and are obliged to immediately leave the Website and stop using it until they reach the age of majority or restore full legal capacity or represented by lawful representative.

1.2. Legal entities

1.2.1. The use of the Website for and on behalf of a legal entity is carried out by an individual authorized to represent and perform legal actions on behalf of a legal entity. Such an individual is subject to all the requirements provided for individuals in clauses 1.1.1-1.1.2 of these Terms.

1.2.2. The legal entity on whose behalf the use of the Website is made must be established and act in accordance with and in accordance with the law applicable to such legal entity, must not be in the process of liquidation, bankruptcy or restructuring, the use of the Website must not violate the constituent documents of the legal entity. Otherwise, the person acting for and on behalf of the legal entity must immediately leave the Website and cease its further use.

2. SERVICES

2.1. Litbit offers virtual asset exchange platform services. The conditions for the provision of services to Users are determined by these Terms together with the Agreement for the provision of services concluded later with a specific User.

2.2. By using the Services, you should be aware and understand the risks associated with Virtual assets exchange platforms and virtual assets itself.

2.3. In order to use the platform, the client must go through the Know Your Customer (hereinafter KYC) procedure.

2.4 The procedure of using the platform is the following:

2.4.1. You need to register at the platform, adding personal information, name, and email address.

2.4.2. You need to go through a verification process. Customer data is checked via name screening databases used to evaluate the risk category.

2.4.3. Customer’s background is checked against various databases and PEP and sanction lists. You might be required to provide additional documents such as proof of address, proof of funds, Proof of Ultimate Beneficial Owner (hereinafter UBO) etc. and information to be onboarded and use the services.

2.4.4. You can select virtual asset to buy, paying by credit/debit card or any other available method.

2.4.5. You can enter your wallet address with the private key.

2.4.6. You will receive virtual asset currency to your wallet.

2.5. By creating a Litbit account, you hereby agree that:

2.5.1. you will notify Litbit immediately if you are aware of any unauthorized use of your Litbit account and password or any other violation of security rules;

2.5.2. you will strictly abide by all mechanisms or procedures of Litbit regarding security, authentication, trading.

3. INTELLECTUAL PROPERTY

3.1. All intellectual property rights in relation to any objects of intellectual property rights posted on the Website belong to the Litbit. The objects of intellectual property rights include, but are not limited to, graphic materials, images, audio and video materials, the design of the Website, computer programs and code, the text design of the Website, other components of the Website, logos, trademarks, trade name, domain whether they are registered and/or subject to registration.

3.2. Litbit grants Users (who do not violate and act in accordance with these Terms) a non-exclusive and limited right to use the objects of intellectual property rights posted on the Website.

3.3. In particular, Users are prohibited from selling, copying, reproducing, distributing, publicly displaying and otherwise disposing of any materials contained on the Website for the purpose of obtaining commercial benefits, and it is also prohibited to use the Website materials in a way that may harm the Website, the Litbit and / or its employees, Users, third parties.

4. PRIVACY AND PROTECTION OF PERSONAL DATA

4.1. You agree that the Litbit collects, processes and uses Users' personal data in accordance with the rules set out in our Privacy Policy. You can learn more about your personal data collection here: https://litbit.exchange/en/privacy_policy.

4.2. Your personal data provided to the Litbit is confidential and protected by us.

4.3. Litbit, in cases where the law requires it, as well as in other cases specified in the Privacy Policy, has the right to disclose or transfer the User's personal data.

5. RESPONSIBILITY

5.1. No Warranties

5.1.1. The services and materials of the Website are offered to the User "as is", "with all faults" and "to the best of our ability", and the Litbit refuses, and you accept the disclaimer of any other warranties, express or implied, including, without limitation, warranties of commercial suitability, fitness for a particular purpose, non-infringement and other warranties.

5.1.2. In particular, the Litbit does not represent or warrant that the Website Services and materials are complete, accurate, reliable or safe, of a certain quality, suitable for your intended activity, devices, operating systems, browsers, software or tools, compatible with them and will remain compatible in the future, or that they will not contain viruses, software bugs and other harmful components and software restrictions, and that they comply with the law, which applies to the User.

5.1.3. Any materials, information, estimates presented on the Website are provided for informational purposes only and are subject to change without notice. You shall independently evaluate the relevance, accuracy, completeness and reliability of materials, information, estimates presented on the Website.

5.1.4. Notwithstanding the foregoing, Litbit, guided in its work by the principle of good faith, takes reasonable steps to maintain the Website and verify the materials presented on the Website. Nothing contained in this paragraph constitutes a warranty, express or implied.

5.2. Exclusion of Liability

5.2.1. In accordance with these Terms, Litbit and/or its employees, founders, shareholders, partners, to the extent permitted by applicable law, are not responsible for any direct or indirect damage incurred by the User and/or third parties as a result of:

(a) any inaccuracy, error or misrepresentation of the materials presented on the Website;

(b) any error, delay in transmission, interruption in the exchange of data;

(c) regular or unscheduled maintenance of the Website or changes resulting from such maintenance;

(d) actions, including illegal ones, of other Users or third parties;

(e) violation of these Terms by Users or third parties;

(f) any unauthorized access to or use of our secure servers and/or any personal information stored therein;

(g) loss of profits or expected income;

(h) damage or loss of goodwill;

(i) lost opportunities, loss of customers or damage to business relationships;

(j) force majeure, which is understood as circumstances that arose against the will and desire of Litbit that could not be foreseen or avoided, including, but not limited to, unplanned failures of the Internet or equipment, unplanned power outages, war, civil unrest, epidemics, earthquakes, floods, fires and other natural disasters, actions of state or municipal authorities.

5.2.2. The provisions of the previous clause do not apply if it is established in court that the damage is the result of gross negligence or deliberate illegal actions on the part of the Litbit.

5.3. Indemnification by User

5.3.1. The User undertakes to compensate Litbit and/or its employees, partners, agents for all losses, damages incurred by them as a result of:

(a) violation by the User of the provisions set forth in these Terms and/or the provisions set forth in the agreement for the provision of services concluded with the User;

(b) the Litbit’s compliance with these Terms and/or the service agreement concluded with the User, as well as the actions taken by the Litbit in pursuance of these Terms and/or the service agreement concluded with the User;

(c) violation by the User of the rights of third parties during the use of the Website or services;

(d) violation by the User of the law applicable to the User or the law applicable to these Terms while using the Website or services.

5.3.2. Similarly, the User undertakes to indemnify Litbit and/or its employees, partners, agents from any kind of claims, demands, lawsuits, investigations, liability arising, occurring or incurred by them in the cases specified in clause 5.4.1 of these Terms.

5.3.3. Litbit, at its own discretion, determines the procedure and conditions for compensation by the User to Litbit and/or its employees, partners, agents for losses or damage that have arisen in cases provided for in subsection 5.4 of the Terms. In particular, Litbit has the right to determine the procedure and conditions under which pre-trial settlement of the dispute will be carried out by the User or determine another procedure.

6. GENERAL PROVISIONS

6.1. Applicable law and jurisdiction

6.1.1. These Terms have been drawn up in accordance with and are subject to the laws of the Republic of Lithuania, which is the applicable law for the purpose of these Terms. Any legal relationship arising out of the Terms shall be governed by the applicable law.

6.1.2 Litbit and You agree to be subject to the exclusive jurisdiction of the courts of the Republic of Lithuania, which means that any kind of claims, lawsuits, disputes are subject to consideration by the competent courts of the Republic of Lithuania.

6.2. Dispute Resolution

6.2.1. You agree that the dispute arising between the User and Litbit arising out of or in connection with the Terms is subject to preliminary settlement through negotiations. If a dispute cannot be resolved by way of negotiations between the Parties, the Parties have the right to refer the dispute to a county court for resolution in accordance with the legislation in force in the Republic of Lithuania.

6.2.3. The limitation period for any kind of claims, lawsuits initiated on the basis of these Terms and/or the Agreement for the provision of services is three years from the moment when the User or Lithuania gets the right to demand the fulfillment of the relevant obligation, unless another limitation period is provided by the Civil Code of the Republic of Lithuania for a separate category of claims or claims.

6.3. Changes and updates

6.3.1. Litbit has the right to unilaterally and at its own discretion to revise, supplement, or in any other way change these Terms. The corresponding changes come into force from the moment the updated (modified) version of the Terms is published on the Website. Litbit may inform the User at the provided e-mail address about changes or additions to the Terms.

6.3.2. The User is obliged to immediately stop using the Website in case of disagreement with the changes to the Terms.

6.4. Communication and notifications

6.4.1. The User agrees to communicate and send/receive notifications via the Litbit phone or e-mail specified on the Website.

6.4.2. Litbit will communicate with the User using the contacts provided by You when reaching out Litbit or by the contacts established in the Agreement for provision of services.

6.4.3. The User should inform immediately Litbit about the changes of the User’s contact details and provide the new relevant data.

6.5. Interpretation

6.5.1. Section headings and subsection titles are used in the text of these Terms solely for convenience and structuring information and do not affect the interpretation of the relevant sections and provisions contained therein, do not define or explain their content, and are not legally binding.

6.5.2. Generalizing words, terms used in the text of the Terms do not have a limited meaning to subsequent specific examples or other words when such examples or words are introduced into the text after the expressions “including”, “in particular” or any other similar expressions. Such examples serve for clarity and should be interpreted as one of the possible meanings of a generalizing word, term.

6.5.3. These Terms are made in English and may be translated into other languages for the convenience of Users. In case of inaccuracies or discrepancies between the translation of the Terms into another language and the original Terms in English, the Terms in English shall prevail.

6.6. No investment or legal advice

Any communications, notifications sent by Litbit, information posted on the Website should not be considered and interpreted as investment or legal advice You are solely responsible for determining whether certain expenses made within the framework of the services provided are suitable for you, as well as independently assessing the risks associated with the services and your financial situation.

6.7. Taxes

The User is solely and completely responsible for the determination and proper fulfillment of their tax obligations, if any. Under no circumstances does Litbit withhold, collect, calculate the amounts of tax liabilities for or on behalf of the User, and does not provide any reporting on the amounts of the User's tax liabilities.

6.8. Entire agreement

These Terms, including the documents to which these Terms refer, represent the complete and final understanding between the User and Litbit regarding the terms of use of the Website and services, and also cancel and replace any kind of promises, oral or written agreements, previous editions of the Terms.

6.9. Severability

In the event that any clause of these Terms is recognized by the court as invalid, wholly or partially unenforceable in accordance with the requirements of the applicable law, such clause is separated from the remaining clauses of these Terms and loses its legal force. Recognition of a separate clause as invalid or unenforceable does not entail the recognition of the invalidity or unenforceability of all the Terms, and all other clauses of the Terms remain in full legal force.

6.10. Validity and Termination

6.10.1. The Terms shall enter into force from the date of accepting the Terms by Users and shall continue for an unspecified term, unless otherwise agreed by the parties.

6.10.2. The Terms with an unspecified term may be cancelled by either Litbit or the User by giving at least 14 day’s notice unless parties have agreed a different term.

6.10.3. The Litbit shall have the right to cancel the Terms in whole or in part for good cause without notice. Good cause may be the User’s breach of the Terms or Service agreement, failure to comply with contractual terms and conditions and/or deadlines etc.

6.11. Survival

In the event of termination of these Terms, termination of the Agreement for the provision of services, some clauses of these Terms shall remain in force after the termination. In particular, clauses that by their nature survive termination, such as intellectual property, liability, applicable law and jurisdiction, and dispute resolution, will remain in force.

6.12. Access to the Website

6.12.1. Access to the Website may deteriorate, slow down or be interrupted for some time during periods of significant load on the Website or for other technical reasons beyond the control of Litbit failures on the Internet. As a result, you may temporarily experience limited access to the Website, delay in the response from the customer support of Litbit.

6.12.2. Litbit shall not be liable for any direct, indirect damage suffered by the User and/or third parties as a result of deterioration, slowdown or interruption in the operation of the Website described in the previous clause of the Terms.

7. ACCOUNT CLOSING & FREEZING

7.1. You have the option to close your account at any point according to your own discretion.

7.2. Before the account termination, you have to transfer all your assets to external wallets.

7.3. Your account will be closed in 24 hours upon receipt of your request.

7.4. The company reserves the right to freeze your Account in the following events:

7.4.1. If there is reasonable suspicion that your account security has been compromised or for other security-related grounds.

7.4.2. If there is reasonable suspicion that an unauthorized individual is using your account without proper rights or authorization.

7.4.3. you have provided us with any false, incomplete, misleading, inaccurate information.

7.4.4. If any information provided to us is inaccurate, incomplete, misleading, or false.

7.4.5. If your account, your conduct, or actions introduce potential risk for the Company.

7.4.6. If there is reasonable suspicion of fraudulent activity or violation the Applicable Law.

7.4.7. For any other reasons that constitute a breach of these Terms and the Applicable Law.

7.5. We may freeze, restrict, or terminate your access to any or all of the Services and/or deactivate or cancel your Account, without reason by giving you 10 days’ notice.

7.6 You acknowledge that our decision to take certain actions, including limiting access to, freezing, or closing your Account, may be based on confidential criteria that are essential for the purposes of our risk management and security protocols. You agree that we are under no obligation to disclose the details of its risk management and security procedures to you.

7.7. It is within Company’s discretion, but not obligatory to notify you about the reasons for your Account freezing. Assets from your Account will be withdrawn to wallets, information about which you shall provide to the Company's customer support.

7.8. In case of closing an Account or Account freezing, you will still be liable for applicable Fees.

7.9. The Company is not liable for any losses due to your Account closure or Account freezing.

8. FEES

8.1. The Website is operated on an automatically Fee-charging basis for the Services without issuing any invoices. The applicable Fees for any transaction will be displayed to you before executing a given transaction.

8.2. The Company reserves the rights in its sole discretion to change the Fee structure at any time (including adding new Fees doe new Services). In case of changes in the Fee structure, the Company will notify you by posting a notification on the Website or sending you an e-mail.

8.3. Payment of the Fees is conducted using a virtual currency corresponding to the specific Service.

8.4. The Fees shall be paid at the time of the completion of each transaction.

9. RESTRICTED COUNTRIES

9.1. In order to stay compliant, we are not providing the services to the residents and/or citizens of the following countries: Albania, Barbados, Burkina Faso, Cameroon, Cayman Islands, Congo, Croatia, Gibraltar, Haiti, Iran, Jamaica, Jordan, Mali, Mozambique, Myanmar, Nigeria, North Korea, Panama, Philippines, Russian Federation, Senegal, South Africa, South Sudan, Syrian Arab Republic, Tanzania, Türkiye, Uganda, United Arab Emirates, Vietnam, Yemen.

10. SETTLEMENTS, CANCELLATIONS, AND REFUNDS

10.1. In the process of depositing, withdrawing, or exchanging units of virtual currencies for another virtual currency/fiat money, respective assets shall be debited and credited onto your Account.

10.2. Upon completion of the exchange of the virtual currency, it cannot be canceled or reversed. Exchanges are final and they cannot be refunded.

10.3. The order to exchange the virtual currency can be canceled by the Company in an event of a technical fault of the Website.

11. ANNOUNCEMENTS

11.1 The Company may post official announcements, news, notices, etc. (the “Announcements”) from time to time on the Website. The Company will not be liable in any event of losses arising from you neglecting or ignoring the Announcements.

12. FINAL PROVISIONS

12.1 These Terms shall remain in force until terminated either by you or the Company. The Company may terminate these Terms at any time at its own discretion without explaining the reasons for this decision.
12.2. If any questions have not been regulated by these Terms, they shall be regulated under the Applicable Law.
12.3. These Terms are a legally binding agreement and together with its other integral parts constitute an entire agreement between you and the Company.

12.4 In case of the questions or concerns related to the compliance, please contact us at info@litbit.exchange.

13. ANONYMOUS REPORTING

13.1 Litbit has adopted an anonymous reporting form to process reports of data loss, fraud, technical issues, and other similar situations. The system is designed to be completely anonymous, so there is no need to provide personal information. The form is available to all Litbit customers and employees.
Please follow the link to use our anonymous report form: https://forms.gle/Uujc7mGq4hiFV64EA.
Please describe the incident or issue in detail using the text box provided. When submitting the relevant information, kindly ensure that you are as precise and detailed as possible. The information can include transaction details, dates, times, and other evidence or screenshots. This will allow our team to better understand the situation and take appropriate action.