Release date: 16.08.2023
Last update: 15.02.2024
Terms of Service
General
These Terms and Conditions ( 'Terms' ), along with the Privacy Policy ( 'Policy' ), constitute the Agreement established by and between a specific company of Coin Sonic group of companies (also referred to as ‘Coin Sonic’, 'We', 'Us' or 'Our' ) and the User (also referred to as 'You' or 'Your' ) by virtue of the User using the Website and/or the Services of Coin Sonic.
Coin Sonic group of companies include:
By signing up through the Website You agree that You have read, understood, and accept all of the Terms. If You do not agree or fail to adhere to the Terms or any other rules of any of the Services, You are not entitled to use the Services.
Accepting these Terms is a condition to use the Services. Refusal to accept modifications to the Terms shall preclude the User from using the Services. All Users are obliged to observe these Terms. Coin Sonic reserves the right to update the Terms at any time, at its sole discretion. In case of any changes, Coin Sonic will change the date of the last update at the beginning of the Terms. By continuing to use the Services following the release of updated Terms, the User consents to the updated Terms. Coin Sonic invites the User to check this page regularly for updates to the Terms.
Before using the Services of Coin Sonic, the User must carefully consider whether purchasing or selling Cryptocurrencies is suitable for the User in the light of the User's financial situation and knowledge regarding the Cryptocurrencies that the User is interested in. Purchasing or selling Cryptocurrencies entails a substantial risk of loss and the value of Cryptocurrencies is subject to extreme volatility.
The Website and the Services offered by Coin Sonic are NOT ADDRESSED TO AND MAY NOT BE USED BY:
Definitions
'Account' – any account opened with Coin Sonic by a User, using which, the User can access the Services;
'Conversion Rate' – the price or exchange rate of one unit of a given supported Cryptocurrency whereby the price of the offered asset is determined by Coin Sonic. Conversion Rate is derived from multiple factors, such as direct and indirect asset acquisition cost, market risk to which Coin Sonic is exposed to while completing the transaction and liquidity providers used by Coin Sonic. The User acknowledges that the Conversion Rate may be subject to change after placing an order.
'Cryptocurrency' – a digital representation of value that does not possess a legal status of currency or money, that is not issued or guaranteed by a central bank or any other public authority, is not necessarily attached to a currency, but is accepted by natural or legal persons as a means of exchange and which can be transferred, stored and traded electronically.
'Fiat Payments' – Service allowing Users to use the Purchase Service by using their credit or debit card with the fee described on the Website.
'Know Your Customer or KYC process' – the process of identifying and verifying the User's identity and applying other due diligence measures when opening the Account and periodically over time. The User's identity verification may be conducted using only the identity documents acceptable by Coin Sonic.
'Know Your Transaction or KYT process' – the process of conducting transaction monitoring and screening on the Transactions.
'Order' – any order(s) made though the Website upon the request of the User, including: (i) purchase of Cryptocurrency by the User from Coin Sonic via the Website; or (ii) sale of Cryptocurrency to Coin Sonic by the User via the Platform; (iii) other orders made in the frames of the use of the Services.
'Exchange Service' – regulated service of Cryptocurrency exchange, using which Users can buy and sell supported Cryptocurrencies from and to Coin Sonic, in exchange for supported Fiat currencies, buy or sell supported Fiat currencies from Coin Sonic, in exchange for supported Cryptocurrencies and exchange supported Cryptocurrencies for other supported Cryptocurrencies. The list of supported Fiat currencies and Cryptocurrencies is available on the Website.
'Services' – services provided by Coin Sonic to the Users.
'Taxes' ‒ taxes, levies, duties or similar governmental assessments of any nature, including, for example, value-added, sales, use or withholding taxes, assessable by any jurisdiction whatsoever.
'Terms' – these Terms and Conditions including all the chapters, as amended from time to time.
'User' – anyone who uses the Website and/or Services provided by Coin Sonic.
'Wallet' – means the virtual currency wallet owned by the User.
'Website' – website of Coin Sonic located at Instaxchange.com.
Services description
The Services enable the User to make various transactions with Cryptocurrencies.
Coin Sonic is exclusively entitled to decide on functionality, the use, subject matter and the range of the Services as well as to cease rendering the Services.
Coin Sonic is exclusively authorized to decide on the contents and the nature of the Services as well as to freely add, change, or remove particular elements.
The materials appearing through the Services could include technical or contents errors. Coin Sonic does not warrant that any of the materials on Services are accurate, complete, or current. Coin Sonic may make changes to the materials contained on Services at any time without notice. Coin Sonic does not, however, make any commitment to update the materials.
The use of any new Services of Coin Sonic, after the User has accepted these Terms shall be subject to its provisions.
Exchange Service
The User may buy or sell supported Cryptocurrencies against supported Fiat currencies by using Fiat Payments and exchange Cryptocurrencies against other Cryptocurrencies at the current Conversion Rate. To buy Cryptocurrencies using Fiat Payments, the Company will issue an invoice to the User, using which, the User can make a payment in the amount specified in the invoice to the Company's bank account. In a case the User does not pay the invoice within 24 hours from the date of its issuance, the User's request for the purchase of Cryptocurrencies will be declined automatically. In a case the Company receives the payment from the User successfully, the transaction will be usually processed within minutes in the case the payment was done using a credit or debit card. The bought Cryptocurrencies may only be transferred to the Wallet held by the User. The Fiat currencies for the sold Cryptocurrency may be only transferred to the Wallet owned by the User.
Orders
Coin Sonic undertakes to take reasonable efforts to ensure that Orders are processed in a timely manner, however, Coin Sonic makes no representations or warranties regarding the amount of time needed to complete processing, which is dependent upon many factors beyond the control of Coin Sonic.
An Order is considered to be completed when: (i) Coin Sonic makes a transfer of the required cryptocurrency amount to the Wallet of the User (if You purchase Cryptocurrency); or (ii) Coin Sonic makes a transfer of the required Fiat currency to the account indicated by the User (if You sell Cryptocurrency).
Coin Sonic does not guarantee that any Order will be accepted. The User hereby understands and agrees that Coin Sonic shall not be liable for any losses or damages arising out of or relating to: (i) any inaccuracy, defect, or omission of Cryptocurrency price data, (ii) any error or delay in the transmission of such data, or (iii) interruption in any such data.
The User acknowledges that in a case he provides inaccurate or false information while placing the Order (including but not limited to a bank account number that belongs to a third party), which later proves to be the reason why the Order cannot be completed, the fees associated with the refund of the transaction shall be borne by the User.
Coin Sonic reserves the right to temporarily hold the Cryptocurrencies or Fiat currencies transferred to Coin Sonic from the User if there are attempted attacks on the server, as well as any attempts of hacking and cheating scripts of the Website. The Cryptocurrencies or Fiat currencies will be returned to the User via the same method of payment upon request.
Limits
The User may be subject to Order limits, which is determined on the basis of the KYC level conducted regarding the User and other relevant information. All limits in Cryptocurrencies and Fiat currencies are determined in the equivalent amount of EUR. In a case the User exceeds the set limits, the transaction may be rejected or also additional information may be requested from the User and the transaction may be approved at Coin Sonic's sole discretion.
Revoking or amendment of orders
The User acknowledges that the execution time of orders is based on the actual operation time of Coin Sonic. To revoke or amend an order the User needs to write a request to Coin Sonic via the ticket system available on the Website or via email [email protected] from the contact email that the User has provided Coin Sonic. The User acknowledges that Coin Sonic does not guarantee that the order can be revoked or amended at any point and that the decision for the approval of revoking or amendment of any orders is determined at the sole discretion of Coin Sonic. Coin Sonic may request additional KYC and transaction information. The approval of any revoking or amendment or order to the User is determined at the sole discretion of Coin Sonic. Additional fees may be applicable in a case the revoking or amendment of an order is approved by Coin Sonic.
All orders to sell Cryptocurrencies against Fiat currencies are final and the User does not have the right to revoke or amend their orders at any point.
Refunds
To request a refund, the User needs to write a request to Coin Sonic via the ticket system available on the Website or via email [email protected] from the contact email that the User has provided Coin Sonic. Coin Sonic may request additional KYC and transaction information. Refunds are not possible for all Orders where the User and the approval of any refund to the User is determined at the sole discretion of Coin Sonic. All refunds will be made based on the current Conversion Rate. Additional fees might be applicable in a case the refund is approved by Coin Sonic.
Chargebacks
Coin Sonic expects the User to contact Coin Sonic via the ticket system available on the Website or via the email [email protected] from the contact email that the User has provided Coin Sonic to resolve any problem or issue related to his payments before the User makes any chargeback request. Coin Sonic will investigate any chargeback requests made by the User and in response will inform the User's issuing bank whether any Service or Order has been cancelled. Coin Sonic reserves the right to suspend the User's account and lock the User's Cryptocurrencies on the Wallet during the chargeback investigation procedure.
This section does not affect any rights and/or claims, which the User may have against the bank/financial institution.
Registration and Account
In order to access and use the Services, the User must create an account with Coin Sonic ('Account'). The User may only open one Account with Coin Sonic and only if it is legal to do so in the User's country of residence. By opening an Account the User represents and warrants to Coin Sonic that the opening of an Account does not violate any laws or regulations applicable to the User.
With creating the Account, the User agrees to:
KYC process
Upon registration, Coin Sonic will conduct an identification verification ('Know Your Customer' or 'KYC') process to comply with all applicable anti-money laundering, sanctions and other relevant statutory requirements. Coin Sonic reserves the right to limit the Website functionality to the Users who have not passed verification. If the Customer refuses to provide required documents and information under KYC, Coin Sonic reserves the right to immediately terminate the Services provided to the User and/or restrict the access to the Account.
Coin Sonic may also carry out verification checks for certain transactions as requested by law. Carrying out those checks might increase the time it takes to process the User's transaction. Coin Sonic shall not be held responsible for any delays because of carrying out such checks. Coin Sonic shall not bear any losses or damages, direct or indirect because of delays when carrying out transaction checks.
The User undertakes to provide Coin Sonic with correct and relevant documents and personal information contained therein. In case the User provides counterfeit documents and false personal information, such behavior will be interpreted as a fraudulent activity.
The User hereby authorizes Coin Sonic to, directly or indirectly (through third parties), make any inquiries as Coin Sonic considers necessary to check the relevance and accuracy of the information provided for verification purposes. Coin Sonic may ask for additional information after onboarding and during the client experience to comply with anti-money laundering laws and regulations.
Personal data transferred will be strictly limited to the necessary amount and with protected security measures in use to protect the data.
Coin Sonic uses the services of third parties to conduct the KYC process.
KYT process
Coin Sonic will conduct KYT process on all transactions, including but not limited to the parties of the transactions, Cryptocurrency wallets related to the transactions and the funds used to make the transactions. During the KYT process, Coin Sonic may request additional information about the transaction and/ or the User or other parties relating to the transaction to understand the purpose and nature of the transaction.
Personal data transferred will be strictly limited to the necessary amount and with protected security measures in use to protect the data.
Coin Sonic uses the services of third parties to conduct the KYT process.
Account termination or closing
The User may close their account at any time. Closing the Account by the User means that the further use of the Services with the use of current password and email shall no longer be possible. To close the Account, the User needs to write a relevant request to Coin Sonic via the ticket system available on the Website or via email [email protected] from the contact email that the User has provided Coin Sonic. Coin Sonic may request for the User to perform two-factor identification or additional KYC information. When the User's request to close their Account is approved, the User will be given 10 business days to close any open request of the User, after which, the Account will be closed and the User will no longer have access to any funds that have not been withdrawn.
The User is responsible for closing their Account.
Coin Sonic reserves the right to close the Account due to gross infringement of the provisions of these Terms or any internal policies of Coin Sonic or in the event of illegal use of the Services upon notice to the User. Coin Sonic may also temporarily suspend the User's access to his Account or the Services if Coin Sonic suspects that the User has failed to comply with these Terms, poses an unacceptable fraud risk to Coin Sonic, or if the User provides any false, incomplete, inaccurate or misleading information until the circumstances are fully clarified.
Coin Sonic shall not be liable for damages suffered by the User arisen due to the closing or termination of the Account or suspension of the access to the Services, in case of a breach of by the User of these Terms, any statutory requirements, or for other reasons arising from the fault of the Customer.
Once an Account has been closed, it cannot be re-opened in the future.
Rights and obligations of Coin Sonic
The User acknowledges that Coin Sonic has the following rights:
Coin Sonic may refuse to facilitate or proceed with any Orders or refuse access to the Website at Coin Sonic's sole discretion, as a result of any of the following:
Privacy Policy
Please refer to the Privacy Policy for information about how Coin Sonic collects, uses and discloses information about its Users.
Fees
Coin Sonic reserves to right to charge and also not to charge any fees for the usage of Services. The User agrees to pay to Coin Sonic the fees for the usage of the Services as set forth on the Website as published, amended, and updated from time to time by the sole discretion of Coin Sonic. The applicable fees will be shown prior to using the respective Services, conducting transactions or any other operations through the Website.
Taxes
It is the User's sole responsibility to determine whether, and to what extent, any taxes apply to any transactions the User conducts through the Website or are associated with the Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities.
Risks associated with the Services
Any activity related to Cryptocurrencies carries significant risks. Prior to using the Services, the User should carefully consider such risks.
The User agrees to:
If the User is in any doubt as to the actions the User should take, Coin Sonic encourages the User to consult with a legal, financial, tax or other professional advisor(s). If any of the risks are unacceptable to the User, the User should not use the Services.
A detailed description of the risks associated with the Services is available in the Risk disclaimer available on the Website.
The User acknowledges and agrees that they will access and use the services at their own risk.
Trademarks and Intellectual Property
The User explicitly acknowledges that Coin Sonic is and remains the sole owner of the Services and/or other intellectual property rights relating thereto. The Websites and all information, content, material, graphics, products, website addresses, and layouts and services included on or otherwise made available to the User through the Website are the exclusive property of Coin Sonic and are protected under applicable law. All such rights and goodwill are, and shall remain, vested with Coin Sonic.
The User may only use the Website and/or the Services only for personal, lawful and non-commercial use. Any other use of content of the Services is strictly prohibited and the User agrees not to infringe or enable others to infringe Coin Sonic's intellectual property rights.
The User may not sell or modify materials derived or created from the Services or reproduce, display, publicly perform, distribute or otherwise use the materials in any way for any public or commercial purpose. The User's use of the materials on any other website or on a file-sharing or similar service for any purpose is strictly prohibited. The User may not copy any material or content derived or created from the Services without prior written permission from Coin Sonic.
Without prejudice to the right of the User or any third-party to challenge the validity of any intellectual property of Coin Sonic, the Customer shall not perform or authorize any third-party to perform any act which would or might invalidate or be inconsistent with any intellectual property of Coin Sonic – including without being limited to any patent, copyright, registered design, trade mark or other industrial or intellectual property rights – and shall not omit or authorize any third-party to omit to do any act which, by its omission, would have that effect.
The Website may contain links to third-party websites on the internet. These third-party websites may contain information or material that some people may find offensive or inappropriate. Third-party websites might also refer to their own initiative to the Website(s). The User acknowledges that the third-party websites are not under the control of Coin Sonic. The User also acknowledges that, whether such websites are affiliated in any way with Coin Sonic, Coin Sonic is not responsible for the accuracy, decency, legality or any other aspect of the content of such websites.
The User undertakes to notify Coin Sonic of any actual, threatened, or suspected infringement of any intellectual property rights of Coin Sonic which comes to the User's notice, and of any claim by any third-party due to use of the Services.
Warranties
Coin Sonic makes great efforts to guarantee the highest quality of its operations to ensure accessibility and continuity of Services in accordance with their use and purpose. However, no long-distance data transmission, guarantees 100% security, continuity, and accessibility of the Services.
The Website and Services are provided on an "as is" and "as available" basis, with all faults, and Coin Sonic expressly disclaims all warranties, representations, and conditions of any kind arising from or related to these Terms or the User's use of the Website and Services including the implied warranties of merchantability and fitness for a particular purpose. The User acknowledges that, to the extent allowed by applicable law, all risk of use of the Website and Services rests entirely with the User.
Limited liability
Disclaimer
IN NO EVENT WILL COIN SONIC, ITS SUBSIDIARIES AND AFFILIATES, BENEFICIARIES, OWNERS, SHAREHOLDERS, MEMBERS OF THE BOARD, DIRECTORS, REPRESENTATIVES, ATTORNEYS, OFFICERS, MANAGERS, EMPLOYEES, AGENTS, AND CONTRACTORS BE LIABLE FOR ANY LOST PROFITS, REVENUE OR DATA, DECREASE IN VALUE OR BUSINESS OPPORTUNITY, INDIRECT, INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES, CORRUPTION OR BREACH OF DATA, OR ANY SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR SIMILAR DAMAGES OR DAMAGES OR COSTS DUE TO LOSS OF PRODUCTION OR USE, BUSINESS INTERRUPTION, OR PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES ARISING OUT OF OR IN CONNECTION WITH THE SERVICES, WHETHER OR NOT CONNECTEE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND REGARDLESS OF THE THEORY OF LIABILITY ASSERTED.
THE USER ACKNOWLEDGES THAT COIN SONIC IS NOT LIABLE FOR ACTIONS OF THIRD PARTIES PROVIDING INVESTMENT OR FINANCIAL ADVICE, INVESTMENT SERVICES, OR OTHER KINDS OF SERVICES TO YOU THROUGH THE WEBSITE. CONNECTEE STRONGLY ENCOURAGES THE USER TO USE THE CRYPTOCURRENCY WALLETS UNDER HIS DIRECT CONTROL. CONNECTEE CANNOT BE HELD ACCOUNTABLE IF THE USER ORDERS TO SEND THE PURCHASED CRYPTOCURRENCY TO A CRYPTOCURRENCY WALLET OUTSIDE OF HIS CONTROL.
Coin Sonic is not responsible for delays or failures in the handling of orders arising as a consequence of any problems in the telecommunications, computer and other systems; block or closure of the accounts, freezing or holding of funds, denial of service; change of political regimes, civil strike; and actions of third parties, which are beyond the control of Coin Sonic.
Cap on Liability
UNDER NO CIRCUMSTANCES WILL COIN SONIC BE LIABLE TO THE USER FOR DAMAGES ARISING OUT OF THE SERVICES EXCEEDING THE AMOUNT OF 100 EUR.
Exceptions
The limitations set above will not apply to damages caused by the gross negligence, fraud, or willful misconduct of Coin Sonic, or to the extent such limitations are precluded by applicable law (in which case Coin Sonic liability will be increased to the minimum amount required to comply with such law).
Indemnity
The User agrees to indemnify Coin Sonic its subsidiaries and affiliates, beneficiaries, owners, shareholders, members of the board, directors, representatives, attorneys, officers, managers, employees, agents, and contractors against any claims, actions, proceedings, investigations, demands, suits, costs, expenses and damages incurred due to (i) the User's use (or misuse) of the Services, (ii) the User's violation of these Terms, or (iii) the User's violation of other policies, guidelines or instructions of Coin Sonic, or (iv) the User's violation of any applicable law, regulation, or rights of any third party during the User's use (or misuse) of the Services.
Entire Agreement
This is the entire agreement between the parties and supersedes any other agreement, representations (or misrepresentations), or understanding, however, communicated.
Complaints resolution
In the event of an infringement of the User's rights with respect to the Services, please send a complaint to [email protected].
In connection to the Services provided by UAB Coin Sonic, the User shall have to apply to Coin Sonic no later than within three months after the day when the User became aware or ought to have become aware of an infringement of their rights or lawful interests. The User’s complaint will be examined and the User will be contacted as soon as possible, but not later than within 14 days.
In connection to the Services provided by SANDY CLIFF PAYMENTS LTD, the User’s complaint will be examined and the User will be contacted as soon as possible, but not later than within 5 business days. The User shall be provided with the outcome of the complaint investigation no later than 90 days after receipt of the complaint.
User's right to turn to other avenues for complaints resolution
In a case where Coin Sonic has refused to resolve the User's complaint, or the User does not agree with the solution offered by Coin Sonic and considers that the User's rights have been violated or the User's interests have been harmed, the User may pursue other avenues for recourse, including, but not limited to:
Applicable legislation and disputes resolution
The Terms will be governed by and construed in accordance with the laws described below depending on the entity the You have entered into these Terms with, without giving effect to its conflict of laws provisions. You agree that You will bring any claim or cause of action arising out of the Terms, the User’s use of the Services in the courts located within the jurisdiction described below depending on the entity You have entered into the Terms with and You also agree to submit to the personal and non-exclusive jurisdiction of those courts.
In connection to the Services provided by UAB Coin Sonic, the legislation of Republic of Lithuania shall be applied to the Terms. Any court action between UAB Coin Sonic and the User shall be resolved in the Vilnius District Court which has exclusive jurisdiction for resolving disputes arising under the Terms.
In connection to the Services provided by SANDY CLIFF PAYMENTS LTD. the laws of the province of British Columbia and the federal laws of Canada shall be applied to the Terms. Any court action between SANDY CLIFF PAYMENTS LTD. and the User shall be resolved in the courts of Vancouver, British Columbia which have exclusive jurisdiction for resolving disputes arising under the Terms.
Contact information
If You have any questions with respect to the Agreement the Website or the Services please contact Coin Sonic via the ticket system available on the Website or via email at [email protected] and a member of the Coin Sonic support team will be happy to help You.