Terms of Use

By accessing BitSwap.kr and using its services, you enter into a legally binding agreement. Please note that you must read and accept these Terms of Use in full before creating a transaction.

We reserve the right to modify these Terms at our discretion. Updates to the Terms posted on our website. Changes are effective immediately after they are posted. Continued use of the BitSwap.kr services after changes indicates your acceptance of the updated Terms.

BitSwap.kr provides a platform to exchange different types of crypto assets, access a digital marketplace.

"Exchange" refers to the swapping of one type of crypto asset for another under agreed conditions through a third-party service on a blockchain network. You acknowledge that additional fees may apply and that exchange rates provided by the service are estimates and may vary.

Here, "Crypto Assets" are defined as digital forms of currency or tokens that utilize blockchain technology exclusively, such as Bitcoin, Ethereum, and Ripple, among others.

"Marketplace" refers to our online platform that aggregates offerings from various fiat providers, allowing users to compare current exchange rates and transaction limits.

While creating a transaction, you must:

• 2.5.1

  Maintain your crypto assets' security and report any unauthorized or suspicious activities related to BitSwap.kr immediately.

• 2.5.2

  Consent to receive transactional and promotional emails by entering an email address while creating a transaction and/or submitting a ticket.

• 2.5.3

  Comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) processes as required.

• 2.5.4

  Assume responsibility for all activities conducted by you at BitSwap.kr web site.

The "Floating exchange rate" option means rates fluctuate with market conditions. We do not guarantee execution of transactions at estimated rates due to possible variations:

• 2.6.1

  Assets sent to a previously used address. Addresses generated for floating rate transactions expire after 3 hours, and cannot be used. If the address is expired you must create a new transaction.

• 2.6.2

  Incorrect amount of assets sent not covering required fees.

• 2.6.3

  Delay in sending assets beyond three hours after the address is provided.

• 2.6.4

  Automatic transaction failures due to significant rate discrepancies.

If allowed by market conditions, transactions may be manually processed at the agreed rate. If not executable, or if significant rate changes occur, refunds will be issued. To process the refund, applicable fees will be extracted from the initial payment account. Such refunds can be processed within up to 20 business days based on the specifics of the case.

Transaction Processing

• Our system automatically generates a unique address for each transaction initiated by the user. This address includes information about the user, the crypto assets being exchanged, and the recipient's address where the exchanged assets will be deposited. Transactions must only be sent to the address provided by our system for that specific transaction.

Addressing Technical Errors

• 2.8.1

  Technical issues resulting from incorrect use of our services, such as wrong transaction details or addresses, can be addressed by our technical team within certain limitations. If we successfully resolve such issues, the erroneously sent crypto assets will be refunded or processed, minus applicable fees.

• 2.8.2

  Refunds for crypto assets sent to incorrect addresses, such as Segwit BTC addresses, are limited to BTC only; other assets like LTC, BSV, BCH cannot be refunded if sent to these addresses.

• 2.8.3

  Assets sent over unsupported or non-recommended networks, such as the KCC network, cannot be refunded. The supported networks are clearly indicated during the transaction creation.

Costs of Refunds

• You acknowledge that processing refunds may include additional costs due to the resources needed to address and resolve issues. BitSwap.kr reserves the right to recover these costs from the refunded amount, which will be deducted with the user’s prior consent.

• Basic refund fees are applied automatically and can be deducted without the user’s prior consent.

Liability Waiver

• Users agree to indemnify and hold BitSwap.kr harmless from any direct, indirect, consequential, or special damages arising from the use of our services, including but not limited to errors in entering transaction details.

Non-Custodial Services

• BitSwap.kr does not offer custodial services, meaning we do not hold your crypto assets beyond the duration necessary for transaction processing. Delays may occur, especially during AML/KYC verifications, and you agree to indemnify us against any claims related to such delays.

Our fee policy is transparent, comprising exchange fees and network fees based on the transaction type.

Floating rate transactions incur a 0.25% fee from the output amount.

Network fees are paid to cryptocurrency miners for processing transactions, and BitSwap.kr only passes these costs directly to users. These fees are estimated at the transaction's inception but may vary due to the volatile nature of network fees.

We reserve the right to apply AML/KYC procedures selectively to ensure security and compliance with regulatory standards. More information on our AML Policy can be found here.

By using our services, you agree that:

• 5.1.1

  You accept all risks associated with using our platform and are responsible for any taxes incurred.

• 5.1.2

  You are not located in any restricted locations where cryptocurrency transactions are prohibited.

• 5.1.3

  You are not located and are a not national or resident of:

  • - United States of America (including all US territories like American Samoa, Guam, Republic of the Marshall Islands, Federated States of Micronesia, Commonwealth of the Northern Mariana Islands, Republic of Palau, Puerto Rico, U.S. Virgin Islands);

  • - any jurisdiction sanctioned by the United States Treasury’s Office of Foreign Assets Control (“OFAC”);

  • - Cuba, Iran, North Korea, Crimea, Sudan, Syria, Bangladesh and Bolivia, as well as any other country subject to United Nations Security Council Sanctions List and its equivalent.

• BitSwap.kr has the right to change the jurisdictions to operate in and may restrict or deny its services to certain jurisdictions at any time.

• You understand and acknowledge that if you have given false representations of your location or place of residence, BitSwap.kr reserves the right to take any appropriate actions, including immediate termination of providing services to you.

• You are responsible for informing yourself about and observing any restrictions and requirements regarding the access to and use of Bitswap.kr in each country from which Bitswap.kr is accessed by you.

• 5.1.4

  You are of legal age to engage in transactions within your jurisdiction.

• 5.1.5

  You will ensure all information provided for transactions is accurate and legal.

You will not engage in any illegal activities, use our services for fraudulent purposes, or manipulate software in ways not intended by BitSwap.kr.

You indemnify BitSwap.kr against any losses due to your actions or breaches of these terms.

Do not share your transaction details, such as your BitSwap.kr ID, transaction hash, recipient address, or email linked to your account, with anyone except authorized BitSwap.kr representatives. We will never request sensitive information unless it is essential for completing your transactions, processing your inquiries efficiently, or is required by law, such as for AML/KYC purposes.

Ensure the confidentiality of your transaction and account details to prevent unauthorized use or accidental disclosure.

BitSwap.kr will not be liable for losses incurred due to information you provide through our website or as a result of transmitting information to anyone believed to have the authority to receive such information.

BitSwap.kr does not offer investment or legal advice. Decisions and actions within the platform are your responsibility, and we do not recommend or advise on specific crypto asset exchanges. Consider your financial situation and the suitability of crypto exchanges before proceeding.

Crypto assets are highly volatile and are not backed by any government regulations, offering no standard protections or guarantees usually associated with regulated financial services.

You must be prepared to accept substantial risks and potential losses when exchanging crypto assets.

"Third-Party Content" includes content from external providers that may be linked to on our website. "Third-party service" refers to any external platform where you own or trade crypto assets.

We strive for accuracy in the pricing provided by third-party fiat providers but cannot guarantee the reliability or accuracy of such information.

We have no control over and are not responsible for any issues arising from third-party services. Issues must be resolved with the relevant provider, and BitSwap.kr is not liable for any loss or damage resulting from such disputes.

Fees charged by third-party service providers are not under our control. You are responsible for all terms and conditions of third-party services.

Exchange rate discrepancies under 10 USD due to third-party algorithms will not be the responsibility of BitSwap.kr, and we will not be liable for any resulting damages.

While using our services, you may encounter Third-Party Content. We do not endorse or assume responsibility for such content, which may include inaccurate or objectionable material.

BitSwap.kr retains all rights to its intellectual property, including but not limited to copyrights, trademarks, patents, and software codes.

We grant you a limited, non-exclusive license to use our intellectual property for personal use.

You may not alter, reproduce, or commercially exploit any materials from our services.

This license terminates if your access to our services is suspended or terminated.

If you provide feedback or content, you grant us a global license to use this information in our operations and promotions.

You consent to receive all communications from BitSwap.kr electronically in connection with your transaction and use of our services. You can withdraw this consent at any time by notifying our support team, but this may affect your use of our services.

Our services are provided "as is" and without warranties of any kind, either express or implied. We disclaim all warranties, including but not limited to, implied warranties of merchantability and suitability for a particular purpose.

BitSwap.kr will not be liable for any direct, indirect, incidental, or consequential damages arising from your use or inability to use our services.

We cannot cancel or reverse exchanges initiated through our platform. Ensure all details are correct before executing a transaction.

Our total liability for any claims related to these terms is limited to the fees you paid us in the three months preceding the claim.

We actively prevent and will report illegal activities involving crypto assets. We reserve the right to refuse service and terminate transactions involving suspicious assets without prior notice.

BitSwap.kr diligently ensures that the digital coins, tokens, and other digital mediums of exchange available on our platform are not classified as “securities” by the SEC or any other authoritative financial regulatory body.

The responsibility to ensure that a crypto asset is not classified as a "security" resides with the asset's issuer. BitSwap.kr reserves the right, at its sole discretion, to cease any transactions with any asset that it suspects might be considered a "security."

While we strive to adhere to best practices in assessing whether assets are considered securities, it is important to clarify that nothing within these Terms should be taken as financial, legal, or investment advice confirming the status of any assets.

BitSwap.kr reserves the right to terminate these terms and deactivate your access to our services:

• 13.1.1

  With a minimum of three days’ notice by email if we decide to discontinue our services.

• 13.1.2

  Immediately and without notice if we believe you have violated any terms.

• 13.1.3

  Immediately and without notice if we decide to cease our services entirely.

We may also suspend or terminate your account or stop processing any transaction if it is determined that you are accessing our services from a restricted location or are a resident of one.

You and BitSwap.kr agree to resolve any disputes arising from these Terms or your use of our services through arbitration, except where parties seek relief for illegal use of intellectual property.

You agree that you should seek to resolve the dispute amicably. The discussions must remain confidential and without prejudice. Settlement discussions or offers cannot be used as evidence in any legal proceeding.

Disputes must be reported in writing within thirty days of occurrence. Notifications to BitSwap.kr should be directed to our legal department’s email [email protected]

Any disputes will be settled by arbitration in accordance with the rules of the law of Saint Vincent and the Grenadines, with the arbitration venue taking place in Saint Vincent and the Grenadines.

The arbitration will be conducted in English by a single arbitrator.

The arbitrator is empowered to offer the same remedies as a court except for class procedures or representative actions, which are not permitted.

These terms represent the complete agreement between you and BitSwap.kr regarding our services.

Should there be any conflict between these terms and any other agreement you may have with BitSwap.kr, the terms of the other agreement will prevail only if these terms are specifically acknowledged and declared overridden by the other agreement.

Our failure to exercise any rights under these terms immediately does not imply a waiver of those rights.

If any provision of these terms is found invalid or unenforceable, it will not affect the validity of the remaining terms, which will continue in full effect.

You may not transfer any of your rights under these terms without our written consent. BitSwap.kr may transfer its rights without your consent or notification.