Terms of Service

Effective Date: August 10, 2019


Openmonet.com is a platform that allows users (“Users” or “User”) to buy and sell bitcoins from each other. The platform refers to a set of external and internal Openmonet systems, including Openmonet.com (“Site”) and other technology solutions for Openmonet Users, including a public API. Users may use the Openmonet.com platform to create advertisements for buying and selling bitcoins. Other Users may find such advertisements and two Users may exchange bitcoins for different currencies (“Transactions”). In order for a Seller (the “Seller”) to sell bitcoins, they must have bitcoins in their Openmonet.com Web Wallet (“Account Balance”) linked to their account (“Account”) from which the bitcoins are transferred to a Buyer of Bitcoins, another Openmonet.com User (“Buyer”), after Seller confirms receipt of payment from Buyer. All transactions on the Openmonet.com platform are conducted between Openmonet.com Users. Openmonet.com can help resolve disputes between buyers and sellers. As a conditional deposit provider, Openmonet.com is not itself a party to any trade or bitcoin transactions made by its Users. These Terms of Service (“Agreement”) constitute a legal agreement covering the services (“Service” or “Services”) provided by the Openmonet LTD platform (“Openmonet.com” or “Openmonet” or “Us” or “We”) to you as a person (“You” or “Your”). Your use of the services will be governed by this Agreement and Openmonet’s Privacy Policy. Please read this Agreement and the Privacy Policy carefully before accepting them. Depending on your country of residence or nationality, you may not be able to use all the features of the Site and the Services. You are responsible for complying with the rules and laws in your country of residence and/or country of origin from which you access the Site and the Services. As long as you agree to and comply with these Terms of Service, Openmonet grants you a personal, non-exclusive, non-transferable, non-sublicensable, and limited right to use the Site and the Services.

Acceptance and change of conditions

Before you can register an Account, you must accept our Terms of Service and Privacy Policy. By accepting this Agreement or using the Site and the Services, you expressly acknowledge and agree that you enter into a legal agreement with Openmonet, comply with the rules and laws of your country of residence and/or the country from which you access the Site and the Services, and understand and agree to abide by and be legally bound by this Agreement. By accepting this Agreement, you represent and warrant that the bitcoins you send to the Bitcoin addresses provided by Openmonet to fund your Account Balance belong to you and are of legal origin.

Changes to these Terms of Service that may materially affect your rights and obligations will be notified to you before the changes take effect. You may terminate this Agreement at any time by completing all outstanding Transactions and other obligations, withdrawing any remaining Bitcoins and deleting your account.

Registration and User Account

In order to use the Services and access the Site, we may ask you to provide personal information in accordance with anti-money laundering regulations. It is a condition of your use of the Site and our services that all data and documents provided by you are correct, current and complete. If We believe that the data is incorrect, current or complete, We may deny you access to the Site and Services and may terminate or suspend your Account. You must be at least 16 years old to be eligible to use the Services and the Site. You may only use your Account and you may only have one registered Account. You can only act on your own behalf. You may not use your Account as an intermediary or broker for any person or entity. You may not sell, lend, share, or otherwise make available your Account or any data necessary to access your Account to anyone other than you. You are responsible for maintaining the confidentiality of the data necessary to access your Account, including messages from Openmonet.com sent to your Account registration email account, one-time passwords and any other data you use to access the Site and Services. Any activity on the Site, transactions, orders and transactions initiated through your Account will be deemed to have been made by you. If We record suspicious activity associated with Your Account, We may, but are not required to, request additional information from You, including information necessary to verify the authenticity of the documents and other personal data You have provided and to block any transactions and access to Your Account during the verification period. You must immediately notify Openmonet of any unauthorized use of your Account and any other breach of the confidentiality and security of your Account by email to [email protected] Your access to the Services and the Site may be suspended or restricted if you fail to comply with these rules, and you may be held liable for losses incurred as a result of such violations by Openmonet or any User of the Services and the Site.

You agree that you will not use the Services or the Site to commit any criminal activity, including, but not limited to, money laundering, illegal gambling, terrorist financing, hacking or any other criminal or illegal activity.

Your Account must not contain misleading or fraudulent information. You may not provide Openmonet with false identification documents.

Identification of a person

To access the Site and the Services, We may require you to prove your identity. You may need to verify your identity when creating advertisements, reaching certain Transaction limits, in the event of a dispute over Transactions, in fraud investigations and to verify ownership of your Account. As part of the process of verifying your identity, we may request your full name and identity documents and photographs.

In certain situations, We may require enhanced verification of your identity and your transactions. This may include requirements to verify details or sources of funds in respect of payments you made or received during Openmonet Transactions and bitcoin transactions that you sent or received using your Account Balance.

Your Account, confirmed by the data you provide, copies of your documents and photos, can be easily restored if you lose access to your email address to which We send one-time passwords to access the Site and Services. It is very difficult or impossible to return access to an unconfirmed Account, even if you tell Us your name, as it is difficult to identify the original Account holder. In order to prevent money laundering and combat terrorist activity, We reserve the right to request from you any additional information and documents about you and/or your transactions and to suspend your access to your Account at any time if the documents or information provided by you are insufficient or unsatisfactory in the opinion of Openmonet. We or a third party provider may investigate and verify the information and personal data you provide to verify your identity with the help of specialized fraud prevention agencies and other authorized organizations. We will keep a record of the personal data, information and documents we collect from you to verify your identity in accordance with all applicable legal and regulatory requirements. You acknowledge and understand that the personal and personal information you provide to Openmonet may be shared with duly authorized third parties in connection with Openmonet’s legal obligations, such as crime prevention and tax purposes.

Bitcoin Trading

You can initiate Transactions to buy or sell bitcoins by finding ads created by other Users and sending them Transaction requests.

By submitting a request for a Transaction based on the advertisement found, you agree to the Transaction terms specified by the User when creating the advertisement by selecting from the options available to the User and displayed on the Transaction terms screen. The terms and conditions specified by the User when creating the ad are valid in all cases, except for the cases when they contradict or violate these Terms and Conditions of Service or are illegal.

The exchange rate, payment method and other Transaction conditions displayed on the Transaction conditions screen cannot be changed after sending a request for a Transaction and starting a Transaction.

When you sell bitcoins, you must verify that you have received payment in full, that payment has not been made by a third party, and that payment has been made in accordance with the terms of the Transaction. Once you have acknowledged receipt of payment from the Buyer, it is not possible to cancel, challenge or otherwise restore or return your bitcoins to you.

Payments made by Buyers must be sent by the same person who has registered and uses the Account. Payment details provided by Sellers must match the name of the Account holder. Creation of announcements with the payment details of third parties or provision of the details of third parties during transactions is considered a violation of the Agreement.

Your availability for Transaction Disputes

Where Buyer and Seller disagree on a Transaction, either party or Openmonet may commence a dispute (“Dispute Deal” or “Dispute”) to initiate a mediation process with respect to Bitcoins in escrow. Disputed transactions are reviewed and resolved by Openmonet’s care team.

Disputes may only be initiated on Transactions that are open and marked as paid for by the Buyer. Transactions that are not marked as paid by the Buyer have been completed by the Seller, canceled by the Buyer, automatically canceled or have already been challenged and resolved, are considered completed and may not be challenged, canceled or changed.

Inaccessibility in Transaction Disputes

When you participate in a Transaction, you must remain active and available from the start of the Transaction until the Transaction is completed, cancelled or the Transaction Dispute is resolved. This means that you must be able to respond to a request from Openmonet’s care team in a Transaction Dispute within 12 hours or you must agree that Transaction Disputes can be resolved without your involvement, including against you.

Consideration of Transaction Disputes

During the course of a dispute, Openmonet’s care team may ask you to provide proof of payment, confirmation that you have received or have not received payment (e.g., a banking history), additional proof of identity, a photograph; audio; or video evidence, the use of remote management software on your computer or smartphone to check the history of your banking transactions under your control, or any other documents Openmonet deems appropriate. Failure to comply with these requests may result in the resolution of a dispute against you.

Dispute resolution criteria

Transaction disputes are resolved by Openmonet’s care service by transferring the Bitcoins from the escrow account to the Seller or Buyer, who will confirm that they have fulfilled their obligations under the transaction.

When neither party is able to confirm that it has fulfilled its obligations, Openmonet may evenly distribute the bitcoins from the escrow account equally between the two parties.

Openmonet may resolve the disputed Transaction in favor of the Bitcoin Buyer if the Buyer has made the payment in accordance with the terms of the Transaction and has provided sufficient evidence that payment has been made in accordance with the terms of the Transaction.

Openmonet may resolve the disputed Transaction in favor of a Bitcoin Seller if Buyer fails to provide proof of payment or makes an incomplete payment. Also, if the payment made by the Buyer has been delayed/frozen/stopped by the payment provider or if the Buyer has made the payment not in accordance with the terms of the Transaction. In addition, Openmonet may resolve the disputed transaction in Buyer’s favor if payment is made by a third party and not by Seller or if payment is made from an account not registered in Buyer’s name.

If the Buyer or the Seller of the disputed Transaction provides false information or forged documents or makes false statements or otherwise attempts to unfairly influence the outcome of the dispute in the Transaction in their favor, the dispute may be immediately resolved against them.

If you believe that Openmonet has resolved a Dispute to which you are a party not in accordance with the Agreement, you have the right to request a revision of the Dispute. To do so, you must notify Us and request a revision of the Dispute no later than 120 days after the original decision on the Dispute.

Traders ads

You can create advertisements to buy or sell Bitcoins to make transactions on Openmonet. Other Openmonet users can send you requests for Transactions. When you accept a request to buy or sell Bitcoins, the transaction starts.

If you have a Transaction Request Mode enabled, you should be ready to respond to Transaction requests.

The payment instructions you provide in your ads must be correct and up to date. Disputes may be resolved against you if you specify outdated payment details and the Buyer makes the payment to the details you specify. After the beginning of the Transaction, the rate of the advertisement cannot be changed.

Restriction, suspension and termination of an Account

Sometimes there are situations where We may need to restrict, suspend or terminate your Account. Restricting your Account will result in temporary or permanent loss of access to a particular part or all of the Services offered by Openmonet. Suspending your Account will result in a temporary loss of access to most of our Services. Termination of an Account will result in permanent loss of access to all Services offered by Us, as well as termination of this Agreement.

We may restrict, suspend, or terminate your Account or access to the Services that We provide to you if:

1. we have reason to believe that you have violated the Agreement or applicable laws and regulations or the rights of third parties;

2. we suspect that you are using the Services to engage in activities related to fraud, money laundering, terrorist financing or other financial crimes;

3. we have reason to believe that you have provided false, misleading information about your Account, identity, Transactions or any other use of the Services to us or to another user;

4. we are under such obligation under any applicable law, regulation or order;

5. if you use the Services in a manner that could interrupt or damage our information systems or in a manner that could in any way compromise the functionality of our services, or if you attempt to circumvent or compromise any of our security mechanisms;

6. if you attempt any unauthorized access to Openmonet user accounts or any part or component of Openmonet.

We will normally notify you of any restrictions, suspensions or termination of your Account, but we may, if reasonably practicable (for example, if we consider it appropriate for security reasons), restrict, suspend or terminate your Account without prior notice to you.

You acknowledge that our decision to restrict, suspend or terminate your Account may be based on confidential grounds that are important to our risk and security management protocols and that we are not required to disclose details of our risk and security management procedures to you.

In the event that we restrict, suspend or terminate your Account, we will lift such restrictions as soon as possible, once the reasons for the suspension or termination have expired.

Restrict access to your Openmonet balance

In certain situations, your access to Bitcoin transactions or Bitcoin Transactions stored on your Openmonet account may be restricted.

This restriction may apply specifically to your Account to protect bitcoins stored in your wallet when, for example, we suspect that a third party has gained unauthorized access to your Account; if we suspect you are engaging in fraudulent or illegal activities; or if we receive a request from a government regulator.

This restriction may apply to all users or a subset of Openmonet users during interruptions or breaks in service; during Bitcoin Hardforks; or in other situations where we believe there is a high risk to your Bitcoin balance.

In the event that we restrict access to your bitcoin balance, we aim to remove the restriction as soon as possible, as soon as the reasons for the suspension or termination cease to exist.

Normally we will notify you of any restrictions on access to your balance, but we may, if reasonably practicable (for example, we consider it appropriate for security reasons), restrict access to your wallet without prior notice.

You acknowledge that our decision to restrict access to your wallet may be based on confidential criteria that are important to our risk and security management protocols and that we are not required to disclose to you details of our risk and security management procedures.

Tariffs and prices

The Openmonet services are provided to you for a fee (commission) determined for each transaction and/or for each transaction in accordance with the prices and pricing principles set out on our website and in the Openmonet widget on other websites. A widget is an Openmonet platform interface built into other sites that allows you to find announcements about buying or selling bitcoins created by other Openmonet users. The cost of the Services includes the Bitcoin network’s inbound and outbound Bitcoin transaction fees and transaction fees paid by users who find Bitcoin ads created by other Openmonet users. Unless otherwise stated, the Commission is automatically deducted from your Balance Sheet at the time of the transaction or after it is completed, or included in the Bitcoin Buying or Selling rate.

Permissible jurisdictions

In order to use the Services provided by Openmonet, you may need to fulfill certain legal obligations in your country and/or state of residence. By accepting these Terms and Conditions and Services, you acknowledge that you have read the laws and regulations in your country of residence and that you are aware of and comply with any such laws.

Openmonet does not offer to use its Services in certain countries. By accepting these Terms of Service, you confirm that you are not resident or resident in the Federal Republic of Germany, and the states of New York and Washington, D.C., in the United States.

Intellectual property rights

You acknowledge and agree that all copyrights, trademarks and all other intellectual property rights in the Openmonet Site and the Openmonet Services belong exclusively to Openmonet and our licensors. We grant you a revocable, non-exclusive, non-sub-licensable, nontransferable, and limited license under this Agreement to access and use our Site and the Services and the related content, materials, and information (collectively, “Content”) solely for the purposes for which we permit us to do so at any time. Any other use of the Content is expressly prohibited, and you agree not to copy, transfer, distribute, sell, license, modify, modify, publish or participate in the transfer or sale, create derivative works, or otherwise use any Content, in whole or in part.

Disclaimer of warranties and limitation of liability

The Openmonet Site and Services are provided “as is” and “as available” to you for your information and use without any approval or confirmation. To the maximum extent permitted by applicable law, we make no warranties, express or implied, with respect to the Site or the Services, including, but not limited to, implied warranties of satisfactory quality, functionality, or fitness for a particular purpose, non-infringement, compatibility, safety, security, accuracy, conditions, or completeness, or any implied warranty arising out of your use of the Site or the Openmonet Services.

Openmonet LTD or Openmonet.com is not bound by, and does not communicate or claim to be affiliated with, any payment method, service, or company that may appear on the list of Bitcoin payment or Bitcoin payment methods. In addition, the services provided by Openmonet LTD or Openmonet.com are not authorized, approved, confirmed or sponsored by any of the payment methods listed on the Site or by their respective trademark owners. Lists of payment methods are displayed on Openmonet.com for evaluation purposes only.

Openmonet is not responsible for any user-generated Content on its Site or Widget, including, but not limited to, messages, reviews, or advertising, but may remove or modify such content without notice at any time in its sole discretion.

The Openmonet site may contain links to other Internet sites. These sites may contain information or materials that some people may find inappropriate or offensive. These other sites are not under the control of Openmonet.com and you acknowledge that (whether or not such sites are linked to Openmonet.comOpenmonet.com is not responsible for the accuracy, legality, integrity, or any other aspect of the content of such sites.

Openmonet.com reserves the right to modify or discontinue, temporarily or permanently, all or any part of the Site and/or any software, tools, and Services on or without the Site, with or without notice, and/or to establish general guidelines and restrictions for their use.

To the maximum extent permitted by applicable law, We are not responsible for:

— any financial and economic costs and losses (including, without limitation, loss of income, profits, contracts, businesses or anticipated savings);

— any reputational loss;

— any actual or consequential damages, regardless of how they occurred

Without limitation, you (and not us) are responsible for the full cost of all necessary maintenance, repair or correction in the event of any such loss or damage.

Nothing in these Terms of Service excludes or limits Our liability based on wilful misconduct or gross negligence. If and to the extent applicable, the above warranty and liability limitations are not permitted by law, such limitations shall not apply to you.

Notwithstanding any other provision in these Terms of Service, nothing restricts your rights as a consumer under mandatory provisions of applicable consumer protection laws.

Damage compensation

You agree to be fully liable (and fully indemnify Us) for all claims, liabilities, damages, losses, costs and expenses, including legal fees, incurred by Us as a result of or related to any breach of this Agreement or any other obligations of Us arising out of Your use of the Services or any other person accessing the Services through Your Account; or Your violation of any law or the rights of any third party.

General terms and conditions

We may transfer or assign our rights and obligations under this Agreement to any other party at any time without prior notice, but this will not affect your rights or Our obligations under this Agreement. However, you may not transfer or assign any of your rights or obligations under this Agreement to any other party.

This Agreement (as amended from time to time) contains the entire agreement and all the terms and conditions of our cooperation and communication with respect to all matters referred to in this Agreement and supersedes any prior written or oral agreement between us with respect to such matters.

No oral statement made by any of us may change the interpretation of this Agreement. You acknowledge that in agreeing to accept this Agreement, you have not relied on any terms and conditions that are not expressly included in this Agreement and you agree that you will not have any remedy with respect to any misrepresentation that is not expressly described in this Agreement. However, nothing in this Agreement is intended to exclude liability for any fraudulent statement or action.

If any part of the provision of this Agreement is found illegal, invalid or for any reason unenforceable, that provision shall be deemed severable from this Agreement and shall not affect the validity and enforceability of any of the remaining provisions of this Agreement.

Our failure to enforce any right or provision of this Agreement will not constitute a waiver of that right or provision unless we acknowledge and agree in writing. Except as expressly provided in this Agreement, the use of any of the parties’ remedies under this Agreement shall not prejudice other remedies under this Agreement or otherwise permitted by law.

You agree that this Agreement and any dispute between you and Us shall be governed in all respects by Hong Kong law, without regard to its election provisions and excluding the application of the 1980 United Nations Convention on Contracts for the International Sale of Goods. Except where prohibited and not limited to any legitimate consumer rights under applicable consumer protection laws, you agree that all disputes, claims and proceedings arising out of or related to the Services shall be resolved by the competent courts of Hong Kong. However, we will always have the right to sue the court of competent jurisdiction of your residence. All claims must be brought within one (1) year of the date the claim arose.

The services are monitored and offered by us from Hong Kong. We make no representation that the services are appropriate or available for use in certain countries. Openmonet users are responsible for complying with the laws of the jurisdiction in which they operate and reside.