Terms and Conditions
Last updated: December 27th, 2018
Welcome to ChainRift!
This agreement was written in English, to the extent, any translated version of this agreement conflicts with the English version and the English version controls.
These Terms and Conditions (“Terms”) govern the use of ChainRift services, including ChainRift’s website, and any websites (or portions thereof), products, content, other materials or mobile applications that are operated by ChainRift (collectively, the “Services”), and are entered into by ChainRift users whether they are registered users or website visitors (“You”) and ChainRift LLC., a Wyoming corporation (“ChainRift”). These Terms constitute an Agreement between You and ChainRift.
ChainRift is a cryptocurrency exchange with a registered address at 205 West Main St, Newcastle, WY, USA. Depending upon the context, “ChainRift” may also refer to the Services provided by ChainRift.
ChainRift allows You to buy and sell various cryptocurrencies, such as digital assets and any other cryptocurrency listed on ChainRift. Cryptocurrency types are subject to change without notice. Registered users of ChainRift may also transfer the various enlisted cryptocurrencies outside of the System.
Conditions to open an account
By opening an Account with ChainRift, You expressly warrant that:
- You have accepted these Terms.
- You are at least 18 years of age and have complete capabilities to accept these Terms and enter into a transaction involving cryptocurrencies.
- You are not a resident of the following countries: Burma, Ivory Coast, Cuba, Iran, North Korea and Syria.
- You are not a resident of the following USA States: Alabama, Connecticut, Florida, Georgia, Hawaii, Louisiana, North Carolina, New Mexico, Oregon, Vermont or New York.
- To use our Services, or to access our website or some of the resources it has to offer, You may be asked to provide registration details in order to register a user account ("Your Account" or "Account"). All the details You provide must be correct, current, and complete. If we believe the details are not correct, current, or complete, we have the right to refuse You access to the site, or any of its resources, and to terminate or suspend Your Account.
- You may only act on your own behalf. You may not use Your Account to act as an intermediary or broker for any person or entity. You are not allowed to sell, borrow, share or otherwise make available Your Account or any detail necessary to access Your Account to people or entities other than yourself.
- Your Account must not contain misleading or fraudulent information, including, but not limited to having a non-personal phone number. Creating fake reputation information for Your Account, faking your country of origin or providing fraudulent identification documents is prohibited.
- Should you decide to close your account, we may retain some account information for at least five (5) years, in line with our ongoing Anti-Money Laundering obligations. Further, should you decide to re-open your account please be aware that it may take up to twelve (12) weeks to complete this action.
- In accordance with the aforementioned, re-opened account requests should be submitted via our support channels, and at fulfilled at Our sole discretion.
- You must only have only one (1) active account, and any instances where you have multiple accounts will lead to the closure of any subsequently created accounts.
- Where an account is closed all trade orders will be cancelled, deposits will be restricted, and you may be provided with thirty (30) days to withdraw any remaining digital assets retained within said account (Account Closure Interim Period). Subsequent to the Account Closure Interim Period the account will be considered abandoned.
To use our Services, You may need to fulfil certain legal obligations in your country and/or state of residence. Depending on your country of residence, there may be restrictions in the legal jurisdiction that may affect your capacity to use some, any or all ChainRift Services. By accepting these Terms, You confirm that You have reviewed your local laws and regulations and that You are aware of, and fulfill, any and all such obligations.
ChainRift does not offer the use of its Services in certain jurisdictions, by accepting these Terms, You confirm that You are not a resident or are not governed by the laws of any of the countries aforementioned (see 4. iii.).
Should a resident of these restricted countries use the system in violation of these Terms, the said User holds ChainRift harmless for any and all damages sustained as a result of the violation and said User may be held liable to ChainRift for any and all damages caused by the violation.
You agree to pay ChainRift the fees for transactions completed via our Services (“Fees”). Such Services are made available via the fee schedule available at https://www.chainrift.com/Main/Fees.
The Fees are subject to change without notice, at any time and You are responsible for keeping abreast of any changes prior to completing a transaction.
You hereby authorize ChainRift to charge or deduct funds from the custodian wallet hosted on ChainRift in connection with the transactions or Services rendered on ChainRift.
Responsibility of Registered Users
You are responsible with safekeeping the privacy, confidentiality and security of your Account information, including but not limited to, your password, email address used for registration, volume and type of cryptocurrencies being traded. To aid in keeping your Account information secure, we request that You utilize a unique password for ChainRift, implement second-factor authentication and use IP/Address white-listing.
We may take the initiative and request further information from You and take action in the case of suspicious activity being detected. This includes but is not limited to requesting for authenticating documents and freezing of further trading until our approval. In these instances, You will need to fulfill aforementioned security requests or face the termination of your Account. It is your obligation to give notice to ChainRift, at any instance, of unauthorized use of your Account, or a breach of any confidential information related to your Account.
These notifications must be addressed to [email protected] If You are in violation of these Terms, your Account is liable to be terminated and the losses incurred as a result of violations will be your liability.
Availability of Services
All Services are provided without warranty of any kind, either express or implied. We do not guarantee that ChainRift Services will be available at all times. Having said that, it is our aim to provide the Services with maximal uptime - but interruptions, failures and errors are possible.
ChainRift will use reasonable endeavours to ensure that You can access its Services, in accordance with these Terms. However, Services may, from time to time, have to be suspended for maintenance. ChainRift will make reasonable efforts to give You notice of this. You acknowledge that this may not be possible in an emergency, and accept the risks associated with the fact that You may not always be able to use ChainRift or carry out urgent transactions using your Account.
ChainRift makes no representations whatsoever about any external or third-party website You may access through the ChainRift website. Occasionally, the ChainRift website may provide references or links to other websites ("External Websites"). We do not control these External Websites or third-party sites or any of the content contained therein. We do not control, endorse or adopt any third-party content and shall have no responsibility for third-party content, including without limitation material that may be misleading, incomplete, erroneous, offensive, indecent or otherwise objectionable.
In addition, your business dealings or correspondence with such third-parties are solely between You and the third-parties. We are not responsible or liable for any loss or damage of any sort incurred as the result of any such dealings, and You understand that your use of third-party content, and your interactions with third-parties, is at your own risk.
By agreeing to these Terms, You agree that ChainRift is in no way responsible or liable for the External Websites referenced or linked on the ChainRift System, including, but not limited to, website content, policies, failures, promotions, products, opinions, advice, statements, prices, activities and advertisements, services or actions and/or any damages, losses, failures or problems caused by, related to, or arising from those sites. You shall bear all risks associated with the use of such content.
External Websites have separate and independent terms and related policies. We strongly suggest that You review the policies, rules, terms and regulations of each site that You visit. It is up to You to take precautions to ensure that whatever You select for your use is free of items such as viruses, worms and Trojan horses that can compromise the security of your Account.
"Personal Information" refers to information that identifies an individual, such as name, address, e-mail address, and trading information.
We may share your Personal Information with law enforcement, government officials, and other authorities when and if:
- Disclosure is necessary for the sake of harm prevention; physical or financial;
- Disclosure is necessary to report potential illicit or illegal activity;
- Compelled by subpoena, court order, or other legal procedure;
- Required by law.
Use of the Services
ChainRift grants You a limited, non-exclusive, non-transferable, and revocable license to use the Services for your intended purposes subject to your compliance with these Terms and ChainRift’s policies. You may not copy, modify, distribute, sell, or lease any part of the Services. Unless such restriction is prohibited by law or You have ChainRift’s written permission, You may not reverse engineer or attempt to extract the source code of the Services. You may only access the Services through the interfaces that ChainRift provides for that purpose (for example, You may not “scrape” the Services through automated means or “frame” any part of the Services), and You may not interfere or attempt to disrupt the Services.
Any actions on ChainRift - transactions, orders and operations - initiated from your Account or using your password:
(1) will be considered to have been made by You;
(2) is irrevocable once validated using your password or made through 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 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 ChainRift immediately of any unauthorized use of your Account or password, or any other breach of security, by email to [email protected] Any User who violates these rules may be terminated, and thereafter held liable for losses incurred by ChainRift or any Chainrift User.
Lastly, You agree that You will not use our Services to perform criminal activities of any sort, including but not limited to, money laundering, illegal gambling operations, terrorist financing, malicious hacking or any criminal/illegal activity.
LIMITATION OF LIABILITY
THIS PROVISION APPLIES TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW.
- LIMITATION OF LIABILITY
(a) EXCEPT AS OTHERWISE REQUIRED BY LAW, IN NO EVENT SHALL CHAINRIFT, OUR DIRECTORS, MEMBERS, EMPLOYEES OR AGENTS BE LIABLE FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING BUT NOT LIMITED TO LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OF OR INABILITY TO USE OUR SERVICES OR THE CHAINRIFT MATERIALS, INCLUDING WITHOUT LIMITATION ANY DAMAGES CAUSED BY OR RESULTING FROM RELIANCE BY ANY USER ON ANY INFORMATION OBTAINED FROM CHAINRIFT, OR THAT RESULT FROM MISTAKES, OMISSIONS, INTERRUPTIONS, DELETION OF FILES OR EMAIL, ERRORS, DEFECTS, VIRUSES, DELAYS IN OPERATION OR TRANSMISSION OR ANY FAILURE OF PERFORMANCE, WHETHER OR NOT RESULTING FROM A FORCE MAJEURE EVENT, COMMUNICATIONS FAILURE, THEFT, DESTRUCTION OR UNAUTHORIZED ACCESS TO CHAINRIFT'S RECORDS, PROGRAMS OR SERVICES.
Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages. Accordingly, some of the limitations of this section may not apply to You.
(b) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL THE AGGREGATE LIABILITY OF CHAINRIFT (Including our ChainRift’s Directors, members, employees and agents), WHETHER IN CONTRACT, WARRANTY, TORT (Including negligence, whether active, passive or imputed), GENERAL LIABILITY, PRODUCT LIABILITY, STRICT LIABILITY OR OTHER THEORY, ARISING OUT OF OR RELATING TO THE USE OF, OR INABILITY TO USE, CHAINRIFT OR TO THESE TERMS EXCEED THE FEES PAID BY YOU TO CHAINRIFT DURING THE 12 MONTHS IMMEDIATELY PRECEDING THE DATE OF ANY CLAIM GIVING RISE TO SUCH LIABILITY.
IN NO EVENT SHALL CHAINRIFT (Including its affiliates, and each of their respective officers, directors, employees, agents, shareholders, partners of any kind, and service providers) BE LIABLE TO SYSTEM USERS FOR ANY INCIDENTAL, SPECIAL, PUNITIVE, CONSEQUENTIAL, OR INDIRECT DAMAGES (Including, but not limited to, damages for deletion, corruption, loss of date, loss of programs, failure to store any information or other content maintained or transmitted by the Services, service interruptions, or for the cost of procurement of substitute services) ARISING OUT OF OR IN CONNECTION WITH THE SERVICES, OR THESE TERMS, HOWEVER ARISING INCLUDING NEGLIGENCE, EVEN IF CHAINRIFT OR CHAINRIFT’S AGENTS OR REPRESENTATIVES KNOW OR HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
IN NO EVENT SHALL CHAINRIFT (Including its affiliates, and each of their respective officers, directors, employees, agents, shareholders, any and all partners, service providers, licensors and suppliers) BE LIABLE FOR ANY INDIRECT, SPECIAL, PUNITIVE, INCIDENTAL, EXEMPLARY AND/OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO PHYSICAL DAMAGES, BODILY INJURY, DEATH AND/OR EMOTIONAL DISTRESS AND DISCOMFORT) ARISING OUT OF USE OF THE SERVICES, ANY SERVICES PROVIDED BY PERSONAL SHOPPERS OR THIRD-PARTY PROVIDERS, OR ANY PRODUCTS REQUESTED BY SYSTEM USERS OR DELIVERED TO SYSTEM USERS, EVEN IF CHAINRIFT OR CHAINRIFT’S AGENTS OR REPRESENTATIVES KNOW OR HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
CHAINRIFT, ITS AFFILIATES, RETAIL PARTNERS, LICENSORS, SUPPLIERS AND DISTRIBUTORS WILL NOT BE LIABLE FOR AGGREGATE LIABILITY FOR ALL CLAIMS RELATING TO THE SERVICES, ANY SERVICES PROVIDED BY PERSONAL SHOPPERS OR THIRD-PARTY PROVIDERS, OR ANY PRODUCTS REQUESTED BY SYSTEM USERS OR DELIVERED TO SYSTEM USERS FOR MORE THAN THE GREATER OF $120 OR THE AMOUNTS PAID BY SYSTEM USERS TO CHAINRIFT FOR THE PAST 12 MONTHS OF THE SERVICES.
- LIMITATION OF LIABILITY
You agree to defend, indemnify and hold harmless ChainRift and its officers, directors, employees, agents, shareholders, affiliates, and retail partners (each, an "Indemnified Party") from and against any losses, claims, actions, costs, damages, penalties, fines and expenses, including without limitation attorneys’ and experts’ fees and expenses, that may be incurred by an Indemnified Party arising out of, relating to or resulting from the unauthorized use of the Services or from any breach by Users of these Terms, including without limitation any actual or alleged violation of any law, rule or regulation.
We may transfer or assign our rights and duties under this Terms to any party at any time without notice to You, but this will not affect your rights or our obligations under this Terms. You may not, however, transfer or assign any of your rights and duties under this Terms to any other party. Any such attempt at assignment by Users shall be void. ChainRift may assign its rights, licenses, and obligations under these Terms without limitation.
Changes to the Terms
We may make changes to these Terms from time to time. When ChainRift does so, ChainRift will post the most current version of the Terms on ChainRift’s website and, if a revision to the Terms is material, ChainRift will notify its Users of the new Terms (for example, by email or a notification on the ChainRift website). Changes to these Terms will not apply retroactively. If You do not agree to the modified Terms, You should discontinue your use of the Services.
For changes to these Terms that will significantly affect your rights and obligations, we will strive to notify You before the changes take effect. You can terminate this Agreement at any time by concluding any outstanding trades and other obligations, withdrawing any remaining balances and deleting your Account.
ChainRift respects Your intellectual property rights and has implemented a copyright policy in accordance with the Digital Millennium Copyright Act and other relevant laws. ChainRift will respond to valid notices of copyright infringement and reserves the right to terminate any Users, at ChainRift’s sole discretion and without notice, who repeatedly infringe copyrights or other intellectual property rights.
If You believe any content posted or made available on the ChainRift constitutes an infringement of your copyright rights, You may send a written notice of infringement to ChainRift’s designated Copyright Agent using the contact information listed below. In your notice, please specify the nature of the copyright infringement and include the following information: (a) an electronic or physical signature of the owner of the copyright in question or a person authorized to act on behalf of the owner of the copyright; (b) a description of the claimed infringing material as well as identification of the claimed infringing material, including the location of such material on the Services (e.g., the URL of the claimed infringing material if applicable or other means by which ChainRift may locate the material); (c) complete contact information, including the name of the owner of the copyright and their name, title, address, telephone number, and email address; (d) a statement that You have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law; and (e) a statement, made under penalty of perjury, that the information provided in your notice is accurate and that You are the copyright owner or authorized to act on behalf of the owner.
Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF)
ChainRift is committed to ensuring ongoing compliance with relevant legislation and regulation, which in turn serves to ensure you are provided with access to a safe platform, and our platform is not used for harm. As such, ChainRift continuously seeks methods for improving its Know Your Customer/Customer Due Diligence (KYC/CDD) processes, policy, and implementations of high quality, ongoing monitoring. Our commitment to ensuring a safe, reliable platform entails the monitoring of and for suspicious transactions, including but not limited to any mandatory reporting to external regulators. ChainRift retains only relevant customer information in accordance with the applicable law and such information may be provided to our trusted third-party KYC/CDD vendors as required to deliver our services and meet our KYC/CDD policy. Accordingly, ChainRift expressly reserves the right to retain any such aforementioned information and documentation to meet its internal policies. Information may be retained by ChainRift or KYC/CDD third parties following account termination or abandonment, if so relevant, but not necessarily exclusively, to meet its KYC/CDD program. From time to time our KYC/CDD program is updated, and any such relevant changes will reflect in changes to these terms and conditions, which should be checked by you from time to time.
In conjunction with the aforementioned ongoing regulatory actions, ChainRift reserves the right to both refuse your registration, any action or any transaction, or investigate any withdrawal, wherein our concern relates to, but not exclusively, anti-money laundering, KYC/CDD policy or program, and counter-terrorist financing. You may request reasoning from ChainRift should our AML/CTF program affect you; however, expressly under this clause, we may not be able to inform you of specific reasons for delays, for a variety of reasons. Accordingly, ChainRift reserves the right to the refusal of your registration or the baring of any transaction for any reason, and may not provide any reason to you (as ongoing investigations may progress outside of ChainRift's control). Without limitation, these actions may be in relation to jurisdictional issues related to AML/CTF standards as set out in these terms and conditions. ChainRift's AML/CTF monitoring and policy adherence is balanced against risks and requirements in accordance with the Bank Secrecy Act, The Patriot Act, and is guided by the Financial Crimes Enforcement Network, of which ChainRift is registered and may disclose information as required.
Know Your Customer and Customer Due Diligence (KYC/CDD)
ChainRift must adhere to relevant legislation and regulations in our provision of Service to you, which include collecting and - at times of our discretion - verifying certain user information. ChainRift requires all customers to provide their Basic Identity in order to access our platform. Your Basic Identity refers to your Legal Name, Date of Birth, Address, Country and a valid Email address. In providing ChainRift with the aforementioned information, a customer may use the platform as an Unverified User. Unverified Users have limitations and restrictions on their accounts which may be derestricted once a user decides to upgrade their account and verify their identity. The Unverified User account exists to allow you to test our platform prior to proceeding to Verification. ChainRift may at times subject any Unverified User to a form of verification in accordance with both its KYC/CDD policy and its obligations with regard to Clause 18.
In ChainRift's efforts to ensure a safe and compliant platform for its customers, ChainRift may require you to verify your Basic Identity, and may well request further information in addition to your Basic Identity, should you choose to become a Verified User, at our discretion. As a Verified User you will have added account security, extended services on the platform, and higher volume access. The process of verification of your Basic Identity, as well as additional information, may be a mandatory requirement at times of our discretion, including, but not limited to, when you surpass certain trade volume limits, during internal or external fraud investigations, and in order to ensure an Unverified User's account ownership.
In certain situations, at our discretion without limitation, we may require enhanced identity verification (Our Enhanced Due Diligence (EDD) program). This may include, but is not limited to, the verification of details or sources of funds regarding payments or deposits you have made or received during transactions on or prior to your account with ChainRift, as well as cryptocurrency transactions that have been sent or received from your ChainRift Account or any cryptocurrency wallets in association with a wallet related to your identity. Verified Users enjoy the benefit of ensuring ChainRift can act quickly and effectively if an account is locked for any reason, including but not limited, for example, a brute force attack. ChainRift cannot be held liable in any capacity should an Unverified Users engage in account recovery, and ChainRift cannot be certain that following investigation at our discretion, and the account remains locked. For the avoidance of doubt: ChainRift may not have any options should an Unverified User be locked from their account other than to await the Unverified User to log in and follow its account abandonment procedure. This is for the security and integrity of both the Unverified User's account (notwithstanding claims made by unverified persons) and ChainRift itself.
ChainRift is registered with US regulator the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB), our registration number is 31000127980410. As a result, ChainRift may be required under its obligations as a MSB to file details of any User account activity to FinCEN from time to time or in accordance with various policy. By law, ChainRift may also be required to provide information to governmental agencies, be that state or federal agencies.
Digital assets Trading
You can initiate digital assets transactions to either buy or sell cryptocurrencies by sending trade requests. By sending a trade request, You agree to be bound by the Terms of the trade as selected and determined and displayed on the trade page.
The exchange rate, cryptocurrency amount, payment window, payment method and other terms and conditions of the trade that are visible on the trade page prior to sending a trade request cannot be altered once a trade request has been sent and the trade has started.
When You are selling cryptocurrencies it is your responsibility to check that You have received payment for the full amount, that the payment is not made by a third-party to the trade, and that it was made according to your request. After You have released cryptocurrencies, it is not possible to cancel, reverse, dispute or otherwise recover or return the cryptocurrencies to You.
Trades must be directed by the same person that registered and uses the Account. Trade details provided by Users must match the name of the ChainRift Account holder. Making, providing, or attempting to make or provide payments to or from third-parties is considered a violation of this Agreement.
Supporting Blockchain Forks and Other Cryptocurrencies
From time to time, new and alternative cryptocurrencies and/or forks of the digital assets blockchain may be created. This may result in holders of private keys containing a cryptocurrencies balance receiving a corresponding amount of the new cryptocurrency on the newly created blockchain (“air-drop”). We reserve the right at our sole discretion to decide if and how we support any new cryptocurrency and/or blockchain fork in our Services including defining which blockchain shall be deemed as digital assets within the meaning of this Agreement. We strive to communicate our decisions concerning any significant new forks or cryptocurrencies on our website in a timely manner.
If we decide to not support a new cryptocurrency we may, but are not obligated to, compensate users who held digital assets in their ChainRift account at the time of the air-drop in a manner deemed appropriate by us. We reserve the right to provide compensation by converting all of the available new cryptocurrency to digital assets and sharing all of the converted digital assets between users who held a digital assets balance on their account at the time of the creation of the new cryptocurrency. In case such a conversion takes place we may charge you a processing fee of any amount deemed reasonable by us at our sole discretion but not exceeding the amount of compensation payable to you.
If we decide to support a new cryptocurrency, unless otherwise communicated by us, these Terms, including any reference to cryptocurrencies/digital assets, shall be equally applied to the new cryptocurrency.
We cannot guarantee that the decisions we take will be suitable, desirable or practical to You. If You are concerned about our decisions, stances or the lack thereof regarding any given blockchain fork or new cryptocurrency, we recommend that You withdraw your balance and handle the situation on your own as you see fit. We are not in any circumstance liable for any damage, losses, expenses or harm resulting to You from the use of our rights under this section.
By agreeing to these Terms, You acknowledge the inherent risks of cryptocurrency trading, including but not limited to the following:
- General Trading risks. Trading, in general, involves significant risk as the prices of traded assets are subject to unforeseeable fluctuations which may result in total loss of your investment. The added risk to cryptocurrency trading is that cryptocurrencies constitute a unique type of "fiat" currency, backed by technology and trust and are an unregulated decentralised global system autonomous from a central bank and therefore, can’t but can’t issue more currency or take corrective measures to protect the value of cryptocurrencies in a crisis. Instead, cryptocurrencies rely on peer-to-peer networking and cryptography to maintain its integrity.
- Loss of confidence. Cryptocurrency trading is subject to drastic decrease in value due to loss of confidence, which could collapse demand relative to supply that could result from unexpected changes imposed by software developers or others, a government crackdown, competition, or a deflationary or inflationary spiral or technical problems, loss or theft of funds or if hackers or governments are able to prevent any transactions from settling.
- Internet transmission risks. There are risks associated with utilizing an Internet-based trading system including, but not limited to, the failure of hardware, software, and Internet connections. You acknowledge that ChainRift shall not be responsible for any communication failures, disruptions, errors, distortions or delays You may experience when trading via our Services, howsoever caused.
- Blockchain risks. Investing in cryptocurrencies is highly speculative with a risk of loss of the entire capital invested. Such investment is only suitable for users who can bear a loss of the entire invested capital.
- Innovative and unpredictable technology. Investing in cryptocurrencies means investing in something totally new and unpredictable. Such investment is only suitable for users who want to take maximum risk.
- Risk of software weaknesses. The underlying software application and software platform, the ChainRift platform and system technology, the smart contract systems and other involved software and technology and technical concepts and theories are still in an early development stage and unproven. There is no guarantee/warranty that the process for receipt, use and ownership of any cryptocurrencies will be uninterrupted or error-free and there is an inherent risk that the software and related technologies and theories could contain weaknesses, vulnerabilities or bugs causing, inter alia, the complete loss of any cryptocurrencies.
- Regulatory risk. Blockchain technologies allow new forms of interaction. It is possible that certain jurisdictions will apply existing regulations, or introduce new regulations addressing, on blockchain technology-based applications, which may have negative influence on the current setup of the systems and which may, inter alia, result in substantial modifications of the ChainRift system technology, including its termination or the loss of any cryptocurrencies. ChainRift system technology is planned for a market, which is not regulated by financial markets rules and its intended structure is not to fall under any financial market rules. ChainRift intends to design, modify and/or adapt the ChainRift system technology in such way that financial market rules are not applicable on any cryptocurrencies and/or ChainRift system technology. Respectively within the regulatory risk category also changes in the ChainRift system technology with respect to such adoptions, amendments and re-designs may cause termination or the loss of any cryptocurrencies or any value which any cryptocurrencies might have.
- Risk of abandonment/lack of success. The allocation of any cryptocurrencies and the development of any cryptocurrency technologies might be abandoned for a number of reasons, including lack of interest from the community and/or the public, lack of funding, lack of commercial success or prospects (e.g. caused by competing projects). Respectively, even if ChainRift system technology is partially or fully developed and launched, it could happen that any of the cryptocurrencies will not receive any functionality.
- Risk of theft and Internet vulnerability. The underlying software application and software platform, the ChainRift system technology, the smart contract system(s), other involved software, other technology components and/or platforms may be exposed to electronically or physical attacks that could result in theft or loss of cryptocurrency units, or the theft or loss of private data, impacting the ability to develop, launch or use ChainRift system technology. Every ChainRift User should be aware that email services are vulnerable to spoofing and phishing attacks and should use care in reviewing messages purporting to originate from ChainRift. Every ChainRift User should always log into their ChainRift User Account through https://www.chainrift.com to review any transactions or required actions if the ChainRift User has any uncertainty regarding the authenticity of any communication or notice. Each ChainRift User should note that phishing attacks often occur via search engines or ads in search engines, or other fraudulent links. ChainRift does not take any responsibility for lost cryptocurrency units or any other funds due to spoofing, phishing or other equivalent attacks.
- Risk of blockchain mining attacks. As with other public blockchain-based systems, the ChainRift system technology may be susceptible to attacks including but not limited to double-spend attacks, majority mining power attacks, “selfish-mining” attacks, and race condition attacks or any other mining or non-mining related attacks. Any successful attacks present a risk to the ChainRift system technology, expected proper execution and sequencing of cryptographic blockchain-based digital information unit’s transactions, and expected proper execution and sequencing of software computations.
- Risk of depreciation in value/extreme volatility. As cryptographic blockchain-based digital information units seem to be collectible items each ChainRift User assesses the value of such cryptocurrencies differently. Respectively the value of cryptocurrencies in whatever form might experience extreme volatility and/or the value of cryptocurrencies might decline to zero. As additional cost with respect to regulatory or other risks might be triggered – and if such cost is added for the purpose of calculation to the value of cryptocurrencies (whatever value a ChainRift User might give to the said cryptocurrencies ) – cryptocurrencies might also decline in their value to zero.
- General risk. There is no guarantee/warranty whatsoever on cryptocurrencies and/or the success of the ChainRift system technology, expressed or implied, to the extent permitted by law, and said cryptocurrencies are obtained at the sole risk of the ChainRift User on an “as is” and “under development” basis and without, to the extent permitted by law, any guarantees/warranties of any kind, including, but not limited to, warranties of title or implied warranties, merchantability or fitness for a particular purpose;
- Market and community risk. Each ChainRift User is aware of the risks of soft and hard forks and splitting including the broad possible changes to ChainRift system technology which might be imposed by the market/ community on ChainRift/ChainRift system technology.
- Tax risk. The tax consequences of the allocation or purchase of cryptocurrencies as well as the exchange of cryptocurrencies, the holding of cryptocurrencies (in whatever form), the alienation of cryptocurrencies (in whatever form) and/or any other action or transaction related to cryptocurrencies may have tax implications at the level of a ChainRift User. ChainRift Users, therefore, should contact their own tax advisors on the tax consequences in connection with the cryptographic blockchain-based digital information units and the ChainRift system technology; by making a ChainRift User trade request to ChainRift, and/or by receiving, using or holding cryptocurrencies, and to the extent permitted by law, You agree not to hold any associated party (including ChainRift, ChainRift’s auditors, ChainRift’s contractors, ChainRift’s advisors, ChainRift’s employees or ChainRift’s founders) liable for any tax liability associated with or arising from making a trade, or from the allocation, use or ownership of cryptocurrencies or any other action or transaction related to cryptocurrencies.
- System interruptions or failure. ChainRift manages the ChainRift system with due care. Nevertheless, a platform for the exchange of cryptocurrencies combines various new fields of experimental technology and it is very likely that interruptions, failures and other problems occur. ChainRift gives no guarantee with respect to finding solutions for any such problems as soon as possible. ChainRift assumes no responsibility other than to try to find solutions and therefore assumes no liability whatsoever for any damage caused by interruptions of the ChainRift system because any such interruptions are immanent in an experimental field of technology.
There may be additional risks that we have not foreseen or identified in our Terms. You should carefully assess whether your financial situation and tolerance for risk are both suitable for trading cryptocurrencies. You should take due diligence and determine that your financial situation can withhold the large market movements commonly involved with trading cryptocurrencies.
Applications and Widgets
ChainRift may provide access to certain parties to access specific data and information through an API (Application Programming Interface) or widgets. ChainRift may also provide widgets and or applications for use of the ChainRift platform on different devices. The present Terms prohibit You from making any modifications or alteration to the original state of the code. Modifying or altering the original state of the code of the widgets or APP will result in immediate and permanent suspension of your Account. You are liable for all damages caused to ChainRift or third-parties resulting from alteration or modification of the original code of our API or Widgets.
For the avoidance of doubt, we do not provide any investment advice in connection with the Services described in these Terms. We may provide information on the price, range and volatility of cryptocurrencies that are available on ChainRift and events that have affected the price of such cryptocurrencies, but this must not be considered investment advice nor should it be construed as such. Any decision to purchase or sell cryptocurrencies is solely your decision and we shall not be liable for any loss suffered.
For the avoidance of doubt, we do not provide any legal advice in connection with the Services described in these Terms. We may provide for suggestions, information or general information legal references. Information provided is intended to convey general information only and not to provide legal advice or opinions. Information and content provided to You by ChainRift should not be construed or relied upon for legal or tax in any particular circumstance or fact situation. The information presented by ChainRift may not reflect the most current developments. No actions should be taken in reliance on the information contained in this Terms, on the ChainRift website or provided by employees, agents, or any representatives of ChainRift and ChainRift disclaims any liability in respect to actions taken or not taken based on any or all information provided to You to the fullest extent permitted by law. An attorney should be contacted for advice on specific legal issues.
International transfers of Personal Information
ChainRift is using cookies. Cookies are small text files that are placed on your computer by websites that You visit. They are widely used in order to make websites work, or work more efficiently, as well as to provide information to the owners of the site.
We use third-party service provider(s), to assist us in better understanding the use of our website. Our service provider(s) will place cookies on the hard drive of your computer and will receive information that we select that will educate us on such things as how visitors navigate around our site, what products are browsed and general Transaction information. Our service provider(s) analyzes this information and provides us with aggregate reports. The information and analysis provided by our service provider(s) will be used to assist us in better understanding our visitors' interests in our Site and how to better serve those interests. The information collected by our service provider(s) may be linked to and combined with information that we collect about you while you are using the Platform. Our service provider(s) is/are contractually restricted from using the information they receive from our Site other than to assist us.
Your continued use of ChainRift Services, as well as any subsequent usage, will be interpreted as your consent to cookies being stored on your device.
Acceptable Use and ChainRift’s Enforcement Rights
You agree not to use our Services in ways that:
- Violate, misappropriate, or infringe the rights of ChainRift, our Users, or others, including privacy, publicity, intellectual property, or other proprietary rights;
- Are illegal or encourage conduct that would be illegal, or otherwise inappropriate;
- Involve publishing falsehoods, misrepresentations, or misleading statements, including impersonating someone; or
- Involve sending illegal or impermissible communications such as bulk messaging, auto-messaging, auto-dialling, and the like;
- Avoid, bypass, remove, deactivate, impair, descramble or otherwise circumvent any technological measure implemented by us or any of our service providers or any other third-party (including another user) to protect our Services or content;
- Disguise your location through IP proxying or other methods;
- Interfere with, or attempt to interfere with, the access of any User, host or network, including, without limitation, sending a virus, overloading, flooding, spamming, or mail-bombing the Services;
- Violate any applicable law or regulation; or
- Encourage or enable any other individual to do any of the foregoing.
We may terminate your access to and use of the Services, at our sole discretion, at any time and without notice to You. You may cancel your Account at any time by addressing our support team. Upon any termination, discontinuation or cancellation of Services or your Account, the following provisions will survive: Content and Content Rights, Content Ownership, Responsibility and Removal, Termination, Warranty Disclaimers, Indemnity, Limitation of Liability and Terms.
Occasionally situations arise where we may need to limit, suspend, or terminate your Account. Account limitation (or "limit") results in a temporary or permanent loss of access to a certain specific part or parts of the Services. Account suspension (or "block", "ban") results in a temporary loss of access to most parts of the Services. Account termination (or "permanent ban") results in permanent loss of access to all Services, as well as termination of this Agreement.
We have the right to limit, suspend or terminate your Account or access to our Services if:
- we have a reason to believe that You have acted in violation of these Terms or applicable laws or regulations or if we have a reason to believe that any content or material submitted or shared by You in or through the Services violates these Terms or applicable laws or regulations or third-party rights;
- we suspect that You use Services to engage in, attempt to engage in, or in connection with any fraudulent activity, money laundering, terrorist financing or other financial crime;
- we have reason to believe that You have supplied false, misleading or deceptive information in connection with your registration, identity verification, trades or any other use of our Services;
- we are required to do so under any applicable law, regulation or an order issued by an authority;
- You use the Services in a manner which may cause the Services to be interrupted or damaged or in such a way that the functionality of the Services is in any way impaired or attempt to bypass or break any security mechanism of the services or if ChainRift believes in good faith that such action is reasonably necessary to protect the security of its Services or its property or brand or the security, property and rights of its Users or those of third-parties;
- You attempt any unauthorized access to user Accounts or any part or component of the Services.
- You have been accused of (including any reasonably documented media reports or market rumours on): fraud, terror financing, money laundering, tax fraud, or any other breach or violation of relevant criminal, administrative or tax laws in any country of the world, being part of a Ponzi scheme of any kind, using matrix programs/ pyramid programs/ multi-level marketing or other high risk business detrimental to customers of any kind; unlawful activity in any country of the world; forbidden gambling; intellectual property or proprietary rights infringement, counterfeit or unauthorized goods; using/distributing drugs and drug paraphernalia or substances designed to mimic illegal drugs; producing/distributing adult content and services; using unfair, predatory or deceptive practice via customers or persons; etc.
- we have been informed of official investigations (by any competent public authority, in particular but not limited to any public prosecutors in the field of criminal law or tax agents) against You with respect to fraud, terror financing, money laundering, tax fraud, or any breach or violation of relevant criminal, administrative or tax laws in any country of the world.
- You use an Account without legal entitlement to use such Account.
- Your conceal your identity by providing incorrect data regarding your ChainRift Account.
- You manipulate the ChainRift platform and/or ChainRift Services. Such manipulation is in particular any use of an automated system (e.g. bot) or any other use which contradicts normal and typical trading behaviour of human beings and, hence, indicates the involvement of a certain technology, software and/or any system automating such trading, except such use has been previously agreed with ChainRift.
Upon termination, You shall communicate a valid cryptocurrency wallet to allow for the transfer of any assets that are linked to your account. These efforts will be made on the part of ChainRift within a reasonable time-frame following your request - to be specified case-by-case.
In dealing with this, there is the potential for deductible charges. In these cases, we attempt a full disclosure policy wherever possible. If your Account is terminated following recommendation from our third-party providers (KYC/AML), ChainRift will contact the authorities and the assets might be seized as proceeds of criminal or illegal activities.
In certain situations, your ability to access, conduct digital assets transactions, or start trades using cryptocurrencies held in your ChainRift Account may be limited. This limitation may be applied specifically to your Account in order to safeguard cryptocurrencies stored in your Account when we suspect a third-party has gained unauthorized access to your Account; if we suspect You are engaging in or being involved in fraudulent or illegal activity; if we are provided with valid legal request from an authority.
This limitation may be applied generally to all Users or a subset of our Users during Services outages or maintenance outages of the ChainRift website; during cryptocurrencies hardforks or other situations where we believe there is a high risk to your Account balance.
In the event that we limit access to your Account, we aim to remove the limitation as soon as possible once the reasons for the suspension or termination no longer exist.
Transactions are completed and cannot be reversed once the transaction appears on the blockchain network/network outside of the ChainRift system. Each ChainRift User is aware and accepts that, from this point onwards, ChainRift has no influence anymore on the transaction and whether or not You have access to such transferred cryptocurrency via your last disclosed wallet-address. You are aware and accept that the transfer can only be accepted by a confirmation on the blockchain network/network and that ChainRift assumes no liability whatsoever, that such confirmation is given. You assume full responsibility for the receipt of the adequate transaction confirmation by the blockchain network/network.
You accept and confirm with each transaction these Terms in the current form.
If one or more of the provisions of these Terms or one or more of the schedules hereto are or will become invalid or unenforceable, or if one or more of the provisions of these Terms or one or more of the schedules hereto are or will become incomplete, the other provisions of these Terms and the schedules hereto will remain valid without limitation, save that the main obligations of the parties hereunder remain unaffected. Such provision – having been found illegal or unenforceable in whole or in part, shall be ineffective solely to the extent of such determination of invalidity or unenforceability only with respect to the jurisdiction in which it has been found illegal or unenforceable, without having any effect on any other jurisdiction. Each invalid or unenforceable provision shall be replaced or completed by a valid and enforceable provision in such a way that the new provision closely reflects the legal and economic effects the parties have concurrently aimed at in the invalid or unenforceable provision.
Changes to and amendments of these Terms, including this clause, may be made by ChainRift at any time and become effective at the earlier if (i) You accept online the amended Terms or (ii) within 1 month after having published such changes or amendments on the homepage of ChainRift: https://www.ChainRift.com/ and supersede any prior statements or agreements.
The failure of ChainRift to enforce or to exercise, at any time or for any period of time any term of or any right or remedy arising pursuant to or under the Terms shall not constitute, and shall not be construed as, a waiver of such term or right or remedy and shall in no way affect that ChainRift’s right to enforce or exercise it later, provided that such right is not time-barred, expired or precluded. Any waiver to this effect must be explicitly in writing.
- Consent to Electronic Delivery.
- Withdrawal of Consent.
You agree and consent to electronically receive all communications, agreements, documents, receipts, notices and disclosures (collectively, "Communications") that ChainRift provides in connection with your Account and/or use of the Services. You agree that ChainRift may provide these Communications to You by posting them via the Services or by emailing them to You at the email address You provide. You should maintain copies of electronic Communications by printing a paper copy or saving an electronic copy. You may also contact us through [email protected] to request additional electronic copies of Communications.
You may withdraw your consent to receive electronic Communications by sending a withdrawal notice to [email protected] If You decline or withdraw consent to receive electronic Communications, ChainRift may suspend or terminate your use of the Services.
We will own exclusive rights, including all intellectual property rights, to any feedback, suggestions, and ideas or other information or materials regarding ChainRift or our Services that You provide, whether by email, posting through our Services or otherwise ("Feedback"). Any Feedback you submit is non-confidential and shall become the sole property of ChainRift. You waive any rights You may have to the Feedback (including any copyrights or moral rights). Your idea might be great, but we may have already had the same or a similar idea and we do not want disputes. We also have the right to disclose your identity to any third-party who is claiming that any content posted by You constitutes a violation of their intellectual property rights, or of their right to privacy.
These Terms shall be governed in accordance with the Canadian Law. The parties agree to irrevocably submit to the exclusive jurisdiction of the Canadian court system. You agree that You will resolve any claim You have with us relating to, arising out of, or in any way in connection with our Terms, us, or our Services (each, a “Dispute,” and together, “Disputes”) exclusively by arbitration under the Canadian Arbitration Association Arbitration Rules for the purpose of litigating all such Disputes. The place of the arbitration shall be Quebec Canada.
- There shall be one (1) arbitrator (1 or 3).
- The language of the arbitration shall be English.
- The Arbitral Tribunal must select its award from one of the final offers made by each of the Parties, in its entirety and without modification. The Arbitral Tribunal need not provide detailed reasons for its award.
- An oral hearing need not be held.
- There will be no appeal from the decision of the Arbitral Tribunal on questions of fact, law, or mixed fact and law.
- The rules of procedure of the State of Wyoming will apply with respect to pre-hearing disclosure of documents and examinations for discovery for all parties involved.
- If any dispute occurs between the parties relating to the application, interpretation, implementation or validity of this Agreement, the Parties agree to seek to resolve the dispute or controversy through mediation with Canadian Arbitration Association before pursuing any other proceedings. Nothing herein shall preclude any Party from seeking injunctive relief in the event that the Party perceives that without such injunctive relief, serious harm may be done to the party. Any Party to the dispute may serve notice on the others of its desire to resolve a particular dispute by mediation. The mediator shall be appointed by agreement between the Parties or, if the Parties cannot agree within five days after receipt of the notice of intention to mediate, the mediator will be appointed by Canadian Arbitration Association. The mediation will be held at Montréal. The Parties agree to attempt to resolve their dispute at mediation. The costs of the mediator shall be shared equally by the Parties. If the dispute has not been resolved within thirty days of the notice of desire to mediate, any Party may terminate the mediation and proceed to arbitration as set out below.
- Subject to the mediation provisions set out above, if any dispute or controversy occurs between the Parties relating to the interpretation or implementation of any of the provisions of this Agreement, the dispute will be resolved by arbitration at Canadian Arbitration Association pursuant to the general Canadian Arbitration Association Rules for Arbitration. Any Party may serve notice of its desire to refer a dispute to arbitration. The arbitration shall be held in Montréal. The arbitration shall proceed in accordance with the provisions of the Arbitration Act (Québec). The decision arrived at by the arbitrator(s) shall be final and binding and no appeal shall lie therefrom. Judgement upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The costs of the arbitrator shall be divided equally between the parties.
ChainRift shall not be liable for (1) any inaccuracy, error, delay in, or omission of (i) any information, or (ii) the transmission or delivery of information; (2) any loss or damage arising from any event beyond ChainRift's reasonable control, including but not limited to flood, extraordinary weather conditions, earthquake, or other act of Nature, fire, war, insurrection, riot, labour dispute, accident, action of government, communications, power failure, or equipment or software malfunction or any other cause beyond ChainRift's reasonable control (each, a "Force Majeure Event").
In the event of any Force Majeure Event, breach of this Agreement, or any other event that would make provision of the Services commercially unreasonable for ChainRift, we may, in our discretion and without liability to You, with or without prior notice, suspend your access to all or a portion of our Services. We may terminate your access to the Services in our sole discretion, immediately and without prior notice, and delete or deactivate your ChainRift Account and all related information and files in such account without liability to You, including, for instance, in the event that You breach any of these Terms. In the event of termination, ChainRift will attempt to return any Funds stored in your ChainRift Account not otherwise owed to ChainRift, unless ChainRift believes You have committed fraud, negligence or other misconduct.
Modification of terms
ChainRift reserves the right to change these Terms in any way, at any time in a unilateral exercise. All changes will be notified by a message in the user Account. It is your responsibility as the User to review the changed Terms. Your continued use of the Services proceeding a change connotes an agreement to the changes, and that all subsequent actions taken by You will be subject to the amended Terms.
The invalidity or unenforceability of any of these Terms shall not affect the validity or enforceability of any other of these Terms, all of which shall remain in full force and effect.
Headings of sections are for convenience only and shall not be used to limit or construe such sections.
General Contact Information
If You have any questions, complaints or comments about the Services contact us at: [email protected]
Where we have a legal obligation to do so, we have appointed data protection officers (DPOs) to be responsible for our privacy program. If you have any questions about how we protect or use your Personal Information, you can contact our DPOs by email at [email protected]