Terms and Conditions of Service
These Terms and Conditions of Service are effective as of 1st of January 2023.
I. GENERAL PROVISION
These Terms and Conditions of Service (hereinafter referred to as the Terms and Conditions) set forth the rules for the provision of services by electronic means by BB Trade Estonia OÜ with its registered office in Estonia at the following address: Harju maakond, Tallinn, Lasnamäe linnaosa, Tähesaju tee 9, 1391 ESTONIA (office no. 10, 2nd floor), registered in the register of companies in Estonia under number 14814864 holding a license for the provision of financial services in the field of virtual currencies under number FVT000209 (hereinafter referred to as ZONDA), being the operator of the ZONDA virtual currency exchange on the website zondaglobal.com and subdomains (hereinafter referred to as Exchange), as well as the rules for the use of the Exchange by Users and Customers (as defined in § 3 point 2 of the Terms and Conditions).
1. ZONDA's information and communication system includes a set of cooperating IT devices and software, providing the processing and storage, as well as sending and receiving data via telecommunications networks, by means of a terminal device appropriate for the given type of network.
3. ZONDA provides information society services (in accordance with Directive (EU) 2015/1535 of the European Parliament and of the Council of 9 September 2015 laying down a procedure for the provision of information in the field of technical regulations and of rules on Information Society services), which consists of:
a) providing the possibility of matching Customers through the Exchange in order for them to enter into transactions between themselves for the purchase, exchange or sale of virtual currencies (hereinafter referred to as Cryptocurrencies) including into currencies recognized as official means of payment (hereinafter referred to as FIAT Currencies) available on the Exchange. ZONDA is in no way a party to the transactions entered into by Customers through the Exchange, but only provides the tools to enable such transactions;
b) storing or administration of Cryptocurrencies in order to enable Customers to make the transactions indicated in (a) above between themselves;
c) enabling Customers to deposit and withdraw FIAT Currencies through Payment Operators to allow Customers to make the transactions indicated in (a) above between themselves;
d) facilitating the execution of Cryptocurrencies transfers from Customers' wallets held privately or by another service provider;
(hereinafter collectively referred to as the Services).
4. As part of the Services listed in point 3 above, ZONDA does not provide payment services. All payment services necessary to carry out transactions between Customers, including, in particular, handling the making of deposits and withdrawals and storing Customers' funds, are provided to Customers by payment service operators cooperating with ZONDA, who have the appropriate licenses and permits for this purpose, which are:
a) TryPay S.A., based in Poland, holding a national payment institution license issued by the Polish Financial Supervision Authority under the number KNF IP25/2014,
b) ZEN UAB, based in Lithuania, which holds an electronic money license issued by the Central Bank of Lithuania under the number LB000457,
c) Clear Junction Limited, based in the United Kingdom, licensed by the Financial Conduct Authority under license number 900684.
(hereinafter referred to as Payment Service Providers or Payment Operators)
5. The terms and conditions for the provision of payment services to Customers by Payment Service Providers are set forth in separate agreements concluded between the respective Payment Operator and the Customer, as well as in the regulations adopted by such Payment Operators.
6. Through the information and communication system provided by ZONDA, the Customer is provided with information on the amount of funds in Cryptocurrencies or FIAT Currencies through which it can currently make transactions, although the very service of holding funds in FIAT Currencies for the benefit of Customers is being provided by Payment Operators.
7. ZONDA does not control over the Cryptocurrency rates available on the Exchange, nor is it a so-called Market Maker.
8. The rates of each Cryptocurrency on the Exchange result from transactions made by Exchange Customers without ZONDA's interference.
1. ZONDA provides Exchange Services to the following entities:
a. natural persons with full legal capacity who are at least 18 (eighteen) years of age,
b. legal persons and other entities who have legal capacity under the laws applicable to them, who have accepted the Terms and Conditions and entered into a contract for the provision of Services, under the terms and conditions described in Section III of the Terms and Conditions.
2. For the purposes of the Terms and Conditions, a User shall be deemed to be any entity listed in point 1 above that has initiated registration in the Exchange's system and whose identity has not been verified by ZONDA, while a Customer shall be deemed to be any entity listed in point 1 above that has passed the entire identity verification process, which means that ZONDA has established a business relationship with it.
3. The provision of Services by ZONDA is carried out for a fee. Information on the amount of fees charged by ZONDA for withdrawal of a given Cryptocurrency and the number of required confirmations from the network upon deposit will be generated each time in the panel regarding withdrawal or deposit order. Other rules for charging fees are indicated in the Charges table. The fees listed represent the total of all fees that the Customer must pay in connection with the given functionality that is available on the Exchange, and include both the fees and commissions charged by the Payment Operators listed in § 2 point 4 of the Terms and Conditions, for providing payment services to the Customer, as well as the commission payable to ZONDA for enabling Customers to make transactions among themselves. ZONDA shall in no way remain a recipient of fees and commissions related to the provision of payment services by Payment Operators.
II. TECHNICAL CONDITIONS FOR USE OF THE EXCHANGE.
1. In order to properly use the Exchange, a device with access to the Internet, supporting a web browser (e.g. Mozilla, Opera, Chrome) is required, as well making Java Script and Cookies available in the browser. ZONDA cautions and notes that the use of an outdated web browser may cause the Exchange to not function properly.
2. Each User and Customer shall be solely responsible for ensuring technical compatibility between the computer equipment or terminal device it uses as well as the information and communication system or telecommunications system and the Exchange.
3. ZONDA, when updating the Exchange, in the event that significant technological changes are made to the Services that will affect the quality of the Services provided, will provide such information to Users and Customers via email to the email address provided on the Exchange or by posting such information in a prominent place on the Exchange. A change in technical requirements is not considered an amendment to the Terms and Conditions unless it results in ZONDA's inability to provide the Service to Users and Customers.
4. ZONDA reserves the right to suspend or terminate the provision of particular functionalities of the Exchange due to the need for its maintenance, overhaul or expansion of the technical base, if this is required for the stability of the operation of the Exchange. If such necessity arises, ZONDA will make every effort to notify Users and Customers in advance, providing the date and time of the technical break.
5. ZONDA reserves the right to restrict access to some or all functionalities of the Exchange due to the laws in force in a given territory, or against individual Users, or Customers.
6. The use of the Exchange by Users and Customers is based on the principles of “client-server” architecture, which means that all changes are processed, executed, etc. on the server of the Exchange, and the User's or Customer's device is the party making the request and retrieving the information.
7. ZONDA is not responsible for any wallets, services, etc. that the User or Customer uses to store Cryptocurrencies outside of the Exchange's infrastructure that are not part of ZONDA's infrastructure, even if these wallets or services are used to perform transfers of Cryptocurrencies from or to the Exchange.
III. METHOD AND CONDITIONS FOR CONCLUDING THE CONTRACT FOR THE PROVISION OF SERVICES.
1. The conclusion of a contract for the provision of Services between the Customer and ZONDA takes place upon acceptance of the performed authentication and verification of the User's identity in the process of account registration on the Exchange (hereinafter referred to as Account Registration). With the conclusion of the contract for the provision of Services, the User becomes ZONDA's Customer.
2. Account Registration on the Exchange is always equivalent to acceptance of these Terms and Conditions.
3. By accepting these Terms and Conditions, each User and Customer represent that:
a. it is familiar with the risks of investing in Cryptocurrencies and is aware that one element of these risks is the possibility of losing all invested funds as a result of changes in Cryptocurrency exchange rates;
b. it is aware that the primary threat to every Internet user, including those using services provided electronically, is the possibility of taking control of the User's or Customer's device or otherwise obtaining the User's or Customer's data by third parties in order to take over the Account on the Exchange, resulting in, among other things, the theft of the Customer's funds - the User or Customer is solely responsible for the aforementioned events and cannot make any claims against ZONDA on this account.
1. The contract for the provision of Services between ZONDA and the Customer is concluded for an indefinite period of time.
2. In order to complete the Account Registration, it is required to provide an e-mail address, a unique name for the individual Account, as well as a PIN number.
3. After Account Registration, in order to use the Services, each User is assigned an individual designation (hereinafter referred to as Account).
4. Each User and Customer may have one Account on the Exchange, taking into account that the same telephone number may be assigned only to one account of a Customer who is a natural person and the accounts of institutional Customers of which they are a representative.
5. If a situation is identified where a single telephone number is assigned to several accounts of Customers who are natural persons, ZONDA may require each such Customer to update the telephone number assigned to each such Account. In the event that the update referred to in the preceding sentence is not made within the period set by ZONDA, which shall not be less than 7 days, ZONDA shall be entitled to suspend the provision of services to the given Customer and block the Customer's Account until the necessary update of the telephone number is made.
6. In order to obtain the full functionality of the Account, it is necessary to carry out the identification of the User by:
a. in the case of a User who is a natural person: providing data from the User's identification document, including their name, surname, citizenship, as well as address of residence, country of birth, information on tax residency and statement on being a politically exposed person, telephone number, date of birth and individual identification number (e.g. PESEL) or a statement that they do not have such a number;
b. in the case of a User who is a legal entity or an organizational unit: sending a scan of a copy of the relevant Commercial Register in which the entity is registered, data on the business activity, a scan of the confirmation of the assignment of the tax identification number and other national identification numbers - if the number is not shown in the copy of the Commercial Register, as well as data from the document stating the identity of the natural person authorized to represent the User, including their name, surname, citizenship, as well as their address of residence, tax residency information, country of birth, information on being a politically exposed person, telephone number, date of birth and individual identification number, or a statement that they do not have such a number. The User is also obliged to provide the above information on all of the User's real beneficiaries up to the designation of individuals.
7. In addition, in order to verify the identity, the User must provide ZONDA with a document stating the identity by submitting it in the form of a photo through a given form on the Exchange. The photo of the identity document must meet the following conditions: the data on the document must be clear, all edges of the document must be visible, none of the data must be obscured. The file must not contain any signs of digital alteration (such as painting over any element using a graphics program). ZONDA may ask the User to send a photo of their identity document, taken in such a way that the User's face, the identity document, and a piece of paper with the current date written on it are visible at the same time (the so-called "selfie"), or to contact the User by phone or video messenger (through an application recommended by ZONDA).
8. Confirmation of the address of the User or the person representing the User or the User's real beneficiary can be made on the basis of a photo in .jpg, or .png format, a bill (for electricity, water, gas, etc.) issued to the User or the designated person, a contract with a public trust institution, an official letter from a public institution, or a bank statement, or a transfer confirmation coming from a financial institution, on which the address details of the User or the designated person, along with the name and surname, as well as the date of preparation, which cannot be older than 6 (six) months.
9. In order to properly verify the User and conduct the analysis to prevent fraud, ZONDA is entitled to use open sources of information available on the Internet and metadata analysis.
10. During the term of the contract for the provision of Services between ZONDA and the Customer, in the event that any of the Customer's data provided by the Customer during the identification and verification process prior to the establishment of the business relationship changes or the documents submitted during the process become invalid, the Customer shall immediately inform ZONDA of the change in data and provide the necessary documents confirming the changes or, if appropriate, send an updated document if the previous one has become invalid. Failure to update the data or provide valid documents may result in the restriction of some of the Exchange's functionalities for the Customer in question, including the exclusion of the ability to make deposits and withdrawals until the data is updated, which results from applicable to ZONDA laws and regulations.
11. ZONDA complies with European and national anti-money laundering and counter-terrorist financing laws, in particular Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC, subsequently amended by Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU. The Customer's accession to the use of the Services provided by ZONDA implies acceptance of the relevant application of the above regulations.
1. In connection with the applicable laws in Estonia, implementing the provisions of § 4 of the Regulation of the Minister of Finance on the requirements and procedure for identification of persons and verification of person’s identity data with information technology means, ZONDA informs that the activities undertaken in connection with the identification of Users and Customers and verification of their personal data are carried out on the basis of the provisions of the Estonian Money Laundering and Terrorist Financing Prevention Act dated of October 26th, 2017, in particular:
a. § Section 19 of the aforementioned act governing the obligation to apply financial security measures;
b. § Section 20 of the aforementioned act governing the scope of financial security measures;
c. § Section 21 of the aforementioned law governing the identification of the User and the Customer in the context of natural persons;
d. § Section 22 of the aforementioned law governing the identification of the User and the Customer in the context of legal entities;
e. § Section 23 of the aforementioned law governing the monitoring of business relationships.
2. Identification of the User and the Customer, or the person representing the User or the Customer, or who is the beneficial owner of the User or the Customer, and verification of its identity by IT means shall be carried out in accordance with the procedure set forth in Article 31 of the Estonian Money Laundering and Terrorist Financing Prevention Act dated of October 26th, 2017.
3. Identification of the User or the person representing the User, or being the User's beneficial owner, and verification of the User's identity does not obligate ZONDA to establish a business relationship or guarantee the availability of the Services.
4. Detailed information on Account Registration and identity verification can be found here. Verification may be considered unsuccessful in case of inconsistency of identification data with the documentation provided for verification purposes and in a situation where the documents provided are in a language other than English, and if the quality of the documents provided makes it impossible to read them or makes it difficult to verify their authenticity.
5. Identification and verification by IT means is considered icorrect in particular when:
a. a natural person or a representative of a legal entity intentionally provided information that is not consistent with the person's identification data compiled with the data used in the verification process;
b. in the course of identification, survey or interview, the session expires, or is interrupted, or the flow of information transmitting synchronized audio and video are of too low quality (e.g., not allowing to read identity document data);
c. a natural person or a representative of a legal entity has not confirmed the provisions of § 2 (4) - (6) of the Estonian Regulation of the Minister of Finance on the requirements and procedure for identification of persons and verification of person’s identity data with information technology means;
d. a natural person or a representative of a legal entity does not comply with ZONDA's instructions under § 7 (2) and (3) of the Estonian Regulation of the Minister of Finance on the requirements and procedure for identification of persons and verification of person’s identity data with information technology means;
e. a natural person or representative of a legal entity uses the assistance of others without the express permission of ZONDA;
f. there are suspicions that may indicate money laundering or terrorist financing.
6. The establishment of a business relationship between ZONDA and the Customer (heretofore referred to as the User) occurs after full, positive identification and verification of the User's identity and confirmation of the establishment of the business relationship by ZONDA.
IV. TERMS AND CONDITIONS OF SERVICE
1. Provisions of the Services are carried out through the Exchange located under the domain: zonda.exchange and subdomains.
2. Use of the Services is made by logging into an Account on the Exchange. Use of the Exchange by means of third-party applications, overlays or plug-ins, unknown devices or unsecured networks, or in publicly accessible areas, is at the sole risk of the Customer, for which ZONDA shall not be liable.
3. In order to secure the funds collected as well as the Cryptocurrencies in the Accounts, ZONDA uses the security measures described on zondaglobal.com under the "Safety" tab. If, as a result of an analysis by ZONDA's AML or Anti-Fraud Department, there are reasonable doubts about the security of funds on the Exchange, Cryptocurrencies withdrawals may be blocked and the Customer will only be able to withdraw funds in FIAT Currencies to a bank account that the Customer owns.
4. The moment when the transaction is made visible in the Account balance is the moment when the contract of sale of Cryptocurrency is concluded between the Customers. Each price indicated in an offer to buy or sell a Cryptocurrency is a price originating from the Customer, and the decision to enter an offer to conclude a transaction on the Exchange is solely a manifestation of the will of the Customer. ZONDA does not guarantee and has never guaranteed a profit on a change in the exchange rate difference of a Cryptocurrency.
5. ZONDA does not guarantee that the list of offers to buy or sell Cryptocurrencies (so-called orderbook) displayed in the Customer's browser window and mobile application reflects its real positions and values at all times. The display of the current rate or value of offers to buy or sell is affected by, among other things, the performance of the browser, as well as the speed and stability of the Internet, for which ZONDA is not responsible.
6. ZONDA generates individual addresses for each Account to allow deposits to be made. Failure to make a deposit to the generated address for Cryptocurrencies and tokens listed in the Charges Table for a continuous period of 6 (six) months, will entail its irreversible deletion. The period stipulated in the preceding sentence will be calculated starting from the date of generating the address. The Customer, by making a payment to the generated address for Cryptocurrencies and tokens listed in the Charges Table before the expiration of the period referred to in the preceding sentences, assigns the address to its Account.
7. Upon completion of the procedure referred to in point 6 above, the Customer loses the ability to send funds to the removed addresses. The customer, when making a payment to a deleted address, must expect to lose the funds transferred in this way.
8. The Customer remains solely responsible for the correct transfer of Cryptocurrencies to the Exchange's wallets. ZONDA informs you that the transmission of Cryptocurrencies on the wrong network may render them unrecoverable.
9. The Customer may fund the Account by the methods listed on the Exchange under the tab Zonda Payment Methods and in the instructions provided on the Exchange, provided that in order to fund the Account via bank transfer, the correct transfer title for each FIAT Currency must be provided. Funding of the Account shall be made through selected Payment Operators with which ZONDA cooperates, as indicated in § 2 point 4 of the Terms and Conditions.
10. Credit to the Account made by bank transfer from a bank account not belonging to the Customer or with an incorrect title of the transfer, will be returned by the relevant Payment Operator within 30 (thirty) days at the expense and risk of the sender, to the bank account from which is was originally sent. If the sender cannot be identified, the return will be made to the account of the operator through which the credit was sent. A handling fee equal to the cost of performing the return will be deducted from the returned funds by the relevant Payment Operator. If the amount to be returned is less than the minimum handling fee amounts listed in the Charges Table posted on the Exchange, then it will be deducted in full as handling costs.
11. When ordering a withdrawal of funds by bank transfer, the Customer is obliged to indicate as recipient its bank account from which it has previously made any funding to the Account. Violation of the above obligation will result in the return of the amount ordered for withdrawal in accordance with the rules described in point 10 above.
12. All transfers require the full name, account number and address of the account holder, as well as the title of the transfer required by ZONDA and, in the case of international transfers, the SWIFT number. Failure to comply with the above requirement may result in the failure to process the transfer in question.
13. Incoming transfers in FIAT Currencies are updated immediately according to the sessions of the Payment Operators with which ZONDA cooperates, on weekdays except Saturdays, Sundays and public holidays (hereinafter referred to as Business Days).
14. Withdrawals made in FIAT Currencies are ordered for execution within 2 (two) Business Days.
15. ZONDA may make available to its Customers the service of fast outgoing transfers in Cryptocurrencies - "Priority". With respect to the service indicated in the preceding sentence, ZONDA charges an individually determined fee for fast transfers. The Customer, by placing an instruction to use the "Priority" service, accepts the terms and conditions proposed by ZONDA. The Customer is solely responsible for the choice of this option. ZONDA recommends extreme caution when placing an instruction – as the selection of the "Priority" option cannot be revoked, and fees charged cannot be refunded. ZONDA stipulates that in technically justified cases it may refuse to provide the "Priority" service to the Customer, in particular, when the Customer's instruction concerns a Cryptocurrency for which the service remains impossible to provide, of which ZONDA will immediately inform the Customer.
16. The minimum value of a single exchange transaction is specified in the Charges Table posted on the Exchange. Transactions with a lower value, including transactions with a zero value, will not be added to the orderbook and will not be processed.
17. The fee for the Services provided and the funds for the execution of the offer are blocked at the time of the offer and then automatically debited from the Account at the time of execution of the transaction in question.
18. ZONDA notes that Cryptocurrencies do not constitute a financial instrument or an electronic payment instrument as defined by generally applicable law.
19. Funds, expressed in FIAT Currencies, deposited by Customers on account of concluded transactions are kept in dedicated accounts with selected Payment Operators with which ZONDA cooperates, listed in § 2 point 4 of the Terms and Conditions, and remain at the disposal of Customers.
20. By accepting these Terms and Conditions, the Customer agrees that ZONDA, on its own behalf, may use the funds transferred to the Customer's account expressed in FIAT Currencies or Cryptocurrencies and Cryptocurrencies acquired by the Customer through transactions made on the Exchange, and any digital assets, without any obligation to pay the Customer any interest for the time during which ZONDA used such funds.
21. Each User and Customer is obliged to protect its passwords, e-mail accounts and login data on the Exchange, in particular, not to make them available to third parties.
22. The use of bank accounts provided by Payment Operators for the use of the Exchange's functionality for crediting Accounts, for purposes related to the Customer's business, as well as the designation of these accounts to third parties as the Customer's accounts for settlements, is prohibited.
23. ZONDA stipulates that through a statement published on the Exchange and/or through communications to Users and Customers, it will declare all protocols and functionalities that complement or interact with the currencies and tokens available on the Exchange in their support. The absence of an explicit declaration by ZONDA in this regard will mean lack of support. In the above respect, the provisions of the Cryptocurrency and Token Recovery Policy, which is an integral part of these Terms and Conditions, shall apply accordingly.
24. The above disclaimers will include, but not be limited to: metacoin's, colored coin's, side chains, fork's, airdrop's, whereby, the scope indicated above is only an exemplary enumeration. ZONDA cautions Customers against using the Account to attempt to receive, order, send, store or engage in any such transactions involving the ancillary protocols mentioned above to the extent that ZONDA has not declared its support for them, as the Exchange is not structured to detect, secure or process such transactions. Any attempt at such transactions may result in loss of funds.
25. To the extent that ZONDA decides, in its sole discretion, to support complementary protocols pursuant to Section 23 above, the Customer will be entitled to receive currencies and tokens under fork's, airdrop's and other protocols that complement or interact with currencies and tokens available on the Exchange, at the value distributed under its Account. ZONDA will use its best efforts to issue tokens as indicated by the issuer of the token in question, but ZONDA may, at its discretion, issue tokens in a different manner if, for technical reasons, issuance in the manner specified by the issuer of the token in question proves impossible, highly difficult, or will incur disproportionate costs.
26. In the event that ZONDA allows the issuance of certain tokens but does not add the corresponding markets on the Exchange, ZONDA shall only allow the Customer to withdraw such tokens, without the possibility of exchanging or selling them on the Exchange. The possibility of withdrawal referred to in the preceding sentence shall be limited in each case by a deadline imposed by ZONDA, which shall not be shorter than 60 (sixty) days subject to the next sentence. The deadline specified in the preceding sentence may be shortened due to extraordinary circumstances beyond ZONDA's control and for which ZONDA is not responsible, such as, for example, damage to the blockchain network. It is also stipulated that as a result of the circumstances indicated in the preceding sentence, there may also be a temporary impossibility to withdraw the funds subject to the withdrawal described in this section.
27. After the expiration of the period indicated in point 26 above, the unpaid tokens in the Account will be deposited in ZONDA's negative interest deposit account, whose interest rate on a monthly basis is minus 20% on the initial value of the accumulated deposit. ZONDA will make every effort to ensure that the balance visible in the Account updates itself, however, in the event that the aforementioned functionality is unavailable, the Customer will receive feedback on the balance only by submitting a withdrawal instruction.
28. The Customer has the right to submit an independent instruction to withdraw the tokens deposited in the negative interest deposit account of ZONDA via the Account, and in case of unavailability of the mentioned functionality, the instruction should be submitted electronically to the e-mail address: [email protected]. Applications will be processed in the order of receipt, but no later than within 30 days counting from the date of receipt.
29. ZONDA shall not be liable for the loss of value of the tokens and other damages and lost benefits incurred by the Customer due to the discontinuation of the withdrawal service of the tokens in question, if the Customer has violated the deadline for withdrawal referred to in point 26 above.
Each User and Customer is obliged to refrain from performing any unlawful acts in the use of the Services, in particular:
a. using the Services directly or indirectly for a purpose that is contrary to the law, the Terms and Conditions, code of conduct or good morals;
b. using the Services in a manner that violates the rights of ZONDA or the rights of third parties, including other Users and Customers;
c. providing by or to the Exchange's data communications system data that causes disruption of the operation or overload of the Exchange's data communications system or of third parties directly or indirectly involved in the provision of the Services, or that otherwise violates the law, the Terms and Conditions, the welfare of ZONDA or third parties, the code of conduct or good morals.
1. ZONDA shall be entitled to prevent (block) access to data entered by a User or Customer into the Exchange's information and communication system in the event of:
a. receipt of official notification of the unlawful nature of the stored data or related activities;
b. reliable information or becoming aware of the unlawful nature of the stored data or related activities;
c. in the cases listed in the body of the Terms and Conditions.
2. In the case referred to in point 1 above, ZONDA shall immediately notify the User or Customer of its intention to prevent (block) access to the data. The notification shall be sent to the email address or telephone number of the User or Customer indicated and confirmed at the time of registration, or, in the case of a change in this regard made by the User or Customer after the date of registration, to the changed and confirmed email address or telephone number. The notice referred to in the preceding sentence will be sent to the User or Customer, provided that it does not constitute a violation of generally applicable law.
3. In the event that any state authority of a member state of the European Union, or any other institution established to exist on the basis of an international agreement to which Estonia is a party, directs to ZONDA any decision from which the obligation to withhold or transfer to the deposit account of the aforementioned institution the User's or Customer's funds or Cryptocurrencies, the Account shall be suspended and the funds accumulated therein shall be transferred to the aforementioned account or their withdrawal shall be blocked until a new decision or ruling of a court or other state authority is made finally resolving the fate of the blocked funds. The same consequences arise from the blocking of the bank account in which the funds of ZONDA's Customers are deposited, on the basis of any act coming from the aforementioned authority or institution. In such a case, ZONDA shall notify the User or Customer of the reason for blocking access to its funds within 7 days from the date of blocking, provided that such notification shall not constitute a violation of law. ZONDA shall have the right to make available to the above-described institutions the User's or Customer's data in its possession upon the express request of the relevant authorities or agencies, and upon presentation of the relevant required documents.
4. ZONDA shall also be entitled to prevent (block) the Customer from entering offers to buy or sell, and to cancel existing offers, as well as to withdraw funds, in the event that ZONDA becomes aware of credible information on activities in the Account that may constitute a security risk or act in violation of the law or the Terms and Conditions. In the case in question, when any of the aforementioned activities are undertaken, ZONDA will immediately notify the Customer of the imposed blocking in the form of a message, together with information on the need to contact ZONDA's Support department.
1. It is permissible to change the provider of the Services to another entity affiliated with ZONDA in order to ensure the continued provision of the Services in a manner consistent with the Terms and Conditions.
2. The change of the entity providing the Service will be made in a manner consistent with the law.
3. The terms and conditions of the Service - in connection with the change of the entity - may not be changed to less favorable to the Users and Customers of the Exchange.
4. In the case referred to in this paragraph, the incumbent service provider shall cease to be a party to the contract with the User or Customer and cease to provide Services to Users and Customers.
V. METHODS AND CONDITIONS OF TERMINATION OF THE CONTRACT FOR THE PROVISION OF SERVICES.
1. Any Customer may discontinue the use of the Services at any time and terminate the contract for the provision of the Services with immediate effect under the rules set forth in the Terms and Condition.
2. The contract for the provision of the Services may be terminated:
a. at the Customer's request with immediate effect, except when the Customer is in the process of verifying the source of funds or other processes related to the security of transactions carried out by ZONDA, and resulting from the application of financial security measures and other laws;
b. By ZONDA, in the cases indicated in the Terms and Conditions.
3. In the event of termination of the contract for the provision of Services, subject to § 8 point 3 of the Terms and Conditions, the Customer may make withdrawals of FIAT Currencies and Cryptocurrencies that are accumulated in its Account.
4. It is a prerequisite for the termination of the contract for the provision of Services by the Customer that the Customer brings the balances to 0 (zero) on each of the Customer's wallets available on the Exchange. If the above condition is not fulfilled, the funds left in the Account become a non-interest bearing deposit.
5. Upon fulfillment of the condition specified in point 4 above, the Customer may terminate the contract for the provision of Services by submitting a statement of termination electronically to the e-mail address: [email protected]
6. Termination of the contract for the provision of Services by the Customer results in the deletion of the Account understood as blocking the possibility of logging into the Account. In such a case, the data provided by the Customer will be deleted from the Exchange, unless otherwise provided by law. ZONDA stipulates that after the termination of the contract for the provision of Services, it is obliged to store the Customer's billing data under tax laws and laws on anti-money laundering and financing of terrorism for the period indicated therein.
7. ZONDA may temporarily cease providing Services to the Customer in the event of a reasonable suspicion of a material breach by the Customer of the law, the Terms and Conditions, the rights of ZONDA or the rights of third parties, the code of conduct or good morals, until it is clarified whether the breach actually occurred and whether it was material. In the situation described in the preceding sentence, ZONDA shall not be liable for the loss of value of the Customer's assets accumulated on the Exchange.
8. In the event of a material violation by the Customer of the law, the Terms and Conditions, the rights of ZONDA or the rights of third parties, the code of conduct or good morals, ZONDA shall have the right to terminate the contract for the provision of Services.
9. In the event of violation of the law and in the event that the Customer has not been properly identified or verified, termination of the contract for the provision of Services pursuant to point 8 above shall be effective immediately.
10. With the exception of the situation described in point 9 above, termination of the contract for the provisions of Services pursuant to point 8 above shall take place upon 7 days' notice, with ZONDA stipulating that during the notice period, the provision of the Services and the functionality of the Exchange to the Customer to whom the contract for the provision of Services has been terminated shall be limited only to the Customer's ability to make an independent withdrawal of funds accumulated in the Account.
11. Due to the fact that ZONDA is an entity that enables the exchange of currencies between Cryptocurrencies and FIAT Currencies, it is obliged to comply with the law on anti-money laundering and counter-terrorist financing, including, in particular, EU regulations arising from the legal acts indicated in § 6 point 9 of the Terms and Conditions and Estonian Money Laundering and Terrorist Financing Prevention Act dated of October 26th, 2017. With the above in mind, ZONDA shall be entitled to terminate the contract for the provision of Services whenever the Customer's use of the Exchange or the Service is not in compliance with anti-money laundering and counter-terrorist financing laws, or violates ZONDA's internal regulations in this regard, as described in the body of the Internal Policy.
12. In the event that the Customer has not been properly identified or verified by ZONDA, or has refused to provide documentation, or explanations necessary for the application of financial security measures, termination of the contract for the provision of Services pursuant to point 11 above, shall be effective immediately, and reimbursement of funds upon termination due to inability to apply financial security measures shall be made to the Customer’s bank account with simultaneous conversion of Cryptocurrencies to FIAT Currencies at market rates.
13. With the exception of the situation described in point 12 above, termination of the contract for the provision of Services pursuant to point 11 above, shall be subject to a 7-day notice period, whereby ZONDA stipulates that during the notice period, the provision of Services and the functionality of the Exchange to the Customer to whom the contract for the provision of Services has been terminated shall be limited only to the Customer's ability to make an independent withdrawal of funds accumulated in the Account.
1. Temporary discontinuation of the Services shall restrict the Customer from using the Services until ZONDA clarifies whether a violation of the law, the Terms and Conditions, ZONDA's rights or the rights of third parties, the code of conduct or good morals actually occurred and whether it was material. In the situation described in the preceding sentence, ZONDA shall not be liable for the loss of value of the Customer's assets accumulated on the Exchange.
2. Termination of the contract for the provision of Services with immediate effect and the expiration of the notice period will result in the complete deprivation of the Customer's use of the Account. If there are any funds left in the Account, in order to withdraw them, the Customer should contact ZONDA Support via e-mail address [email protected] within 30 days from the date of termination.
3. Withdrawal of funds accumulated in the Account, both in FIAT Currencies and Cryptocurrencies, shall be made in accordance with the Customer's instruction, provided that the return shall be made to a bank account or wallet belonging solely to the Customer, respectively, after identification and verification, subject to § 8 point 3 of the Terms and Conditions.
4. If the Customer does not submit an instruction for the return of the funds accumulated in the Account within the period indicated in point 2 above, upon termination of the contract for the provision of Services, the funds accumulated in the account become a non-interest-bearing deposit.
5. Termination of the contract for the provision of Services with immediate effect may result in the deletion of all data from the Exchange's information and communication system entered by the Customer, unless otherwise provided by law, or the deletion of all data entered by the Customer from the Exchange's information and communication system is not possible due to the nature of the Service.
6. ZONDA stipulates that if ZONDA terminates the contract for the provision of Services in accordance with the Terms and Conditions, ZONDA will not re-establish any business relationship with the Customer in the future, including the conclusion of the contract for the provision of Services, and the opportunity to re-register on the Exchange will be blocked.
1. Each User and Customer is responsible for all actions taken after logging in to the Exchange with its login/email address and password or to the mobile application using the API and API keys, or through third-party systems, applications or services to which the User or Customer has provided its API key, or other data that allows synchronization of the Exchange account with a third-party service.
2. Each User and Customer uses the Services at its own risk, which does not exclude or limit ZONDA's liability in connection with the provision of the Services, to the extent that it cannot be excluded or limited by law.
1. ZONDA shall be liable to Users and Customers for failure to perform or improper performance of the Services within the scope of the Terms and Conditions, unless the failure to perform or improper performance of the Services is a consequence of circumstances for which it is not legally responsible.
2. ZONDA shall not be liable for the consequences of non-performance or improper performance of obligations undertaken to the User or Customer, by other Users or Customers.
3. ZONDA is not responsible for:
a. deletion of data entered by Users or Customers into the Exchange's information and communication system by information and communication systems outside ZONDA's control;
b. the consequences of Users or Customers providing login and password and API keys to third parties;
c. the effects of the transactions carried out on the Account, if they were ordered or made while following the procedure of logging into the Account in question using the login and password of the User or the Customer or its API keys;
d. the effects of the actions or omissions of external operators or other entities providing services to Users or Customers in the implementation of the various functionalities of the Exchange;
e. the correctness of deposits and withdrawals of Cryptocurrencies, if problems in this regard lie on the side of the network of a given Cryptocurrency and are independent of ZONDA;
f. delays in the display of the Exchange on the devices used by the User or Customer arising from servers other than ZONDA's servers, or devices used by the User or Customer;
g. transaction registration time when debiting the wallets of individual Cryptocurrencies;
h. erroneous entry by the customer of data for deposit or withdrawal of funds - if the operation has to be canceled, the Customer will be charged the cost of the bank commission or the service operator;
i. financial losses incurred by Customers resulting from the inability to transact through the Exchange during the technical break;
j. Customers' financial losses resulting from exchange rate differences arising during the blocking of a given transaction or Account made in accordance with the Terms and Conditions or at the request of state authorities;
k. problems or technical limitations, including the data transmission speed of the computer equipment, terminal device, information and communications system and telecommunications infrastructure used by the User or Customer, which prevent the User or Customer from using the Exchange;
l. the consequences of the use of the Exchange by the User or the Customer in a manner contrary to the applicable law, the Terms and Conditions, the code of conduct or custom.
4. The Terms and Conditions shall be applied taking into account the rights of consumers under consumer laws.
VIII. INTELLECTUAL PROPERTY
1. ZONDA shall have the rights to the works, designations and trademarks made available on the Exchange to the extent necessary to provide the Services.
2. Works, designations and trademarks made available as part of and for the purpose of providing the Services shall receive the protection provided by law.
3. Each User and Customer is entitled to use the works within the framework of permitted private use provided by law.
4. Use beyond the permitted private use requires the prior consent of the authorized entity.
IX. COMPLAINT PROCEDURE
1. If, in the opinion of the User or Customer, the Services provided by ZONDA are not performed in accordance with the provisions of the Terms and Conditions, the User or Customer may file a complaint in the manner specified in this paragraph.
2. A complaint may be submitted in the form of:
a. in writing sent to: Harju maakond, Tallinn, Lasnamäe linnaosa, Tähesaju tee 9, 1391 ESTONIA (office no. 10, 2nd floor) or
b. electronic by sending to the e-mail address: [email protected]
3. The complaint should include:
a. the name (login) under which the User or Customer appears on the Exchange;
b. The subject matter and circumstances justifying the complaint;
c. The proposed method of resolving the complaint.
4. Complaints will be considered in the order of receipt, but no later than within 14 (fourteen) days from the date of receipt. If the complaint does not contain the information necessary for its consideration, ZONDA will ask the User or Customer to supplement it to the necessary extent, and the 14 (fourteen) day period shall then run from the date of delivery of the supplemented complaint. In justified cases, the ZONDA may extend the deadline for processing the complaint by an additional 14 (fourteen) days, of which the person filing the complaint will be informed. In the case of services provided by external entities, the time for processing the complaint may be extended by the time expected to process the complaint by the entity, of which the User or Customer will be informed, along with the details of the entity providing the service.
5. The person filing the complaint will be informed of the handling of the complaint in the form in which it was filed.
6. The User or Customer has the right to appeal against the decision made by ZONDA in the scope of a complaint. The provisions of points 2, 3 and 4 of this paragraph shall apply accordingly.
X. TRANSACTION SECURITY PROCEDURES
1. In the event that ZONDA has a reasonable suspicion that a crime has been committed, in particular a suspicion that the funds or Cryptocurrencies involved in a transaction are derived from a crime, ZONDA and the Payment Operators have the right to block the transaction in question or the Account, and notify law enforcement and judicial authorities of the suspicion. The notification shall be made regardless of other actions taken by ZONDA and Payment Operators on their own. Until the doubts are clarified (e.g., by re-verifying the User or Customer) or a relevant order is obtained from the relevant authority, ZONDA has the right to block the Account of the User or Customer in question.
2. In case of suspicion or finding that the User's or Customer's data on the Exchange is incomplete, incorrect or outdated, ZONDA shall have the right to require the Customer to undergo a new verification procedure, as described in Section III of the Terms and Conditions or to send additional documents justified by the circumstances of the incident.
3. Acceptance of these Terms and Conditions constitutes the User's or Customer's consent to ZONDA's possible re-verification referred to in point 2 above.
4. In the case of doubts about the origin of the funds or Cryptocurrencies that are the subject of the transaction, if these doubts are not removed, and the re-execution of the verification procedure does not lead to a determination of the identity of the User or Customer or there is still a doubt whether the declaration of intent made by the User or Customer for the transaction is not flawed, ZONDA or the Payment Operator has the right to refuse to carry out the transaction.
5. f, in the case referred to in point 1 above, there has been an acceptance by ZONDA or the Payment Operator of any funds or Cryptocurrencies, ZONDA or the Payment Operator may block the execution of the transaction by depositing the funds or Cryptocurrencies, in the blocked Account, in ZONDA's escrow account, or in a court depository until the final decision of who owns them is made by the authorities appointed for this purpose.
6. At the reasonable request of a bank or other financial institution, if it suspects a possible crime, ZONDA or the Payment Operator may block the execution of transactions by depositing funds or Cryptocurrencies, in the blocked Account, in ZONDA's escrow account or in a court depository, until the final decision of who owns them is made.
7. In the event that ZONDA itself establishes beyond any doubt who is the owner of the funds or Cryptocurrencies, it will independently issue an instruction to return these funds to the owner.
8. If a transaction is suspended or blocked, ZONDA will immediately inform the parties to the transaction about this fact.
9. Subsequent execution of a transaction after its prior suspension or blocking of the Account or the return of funds after the suspension or blocking of a transaction, in connection with actions resulting from the User's or Customer's violation of the Terms and Conditions or ZONDA's actions based on the provisions of the Terms and Conditions (e.g., the need to carry out a re-verification procedure), does not entitle the User or Customer to direct any claims against ZONDA for any reason, especially in terms of lost benefits.
10. The procedures indicated in this paragraph shall also apply when the Customer executes transactions for third parties under a dedicated authorization. In such case, the verification of such Customer, in addition to the procedure described in point 2 above, may consist, in particular, in requesting the Customer to indicate data allowing full verification of the third parties for whom transactions are carried out, in accordance with the provisions of point 2 above and to demonstrate the authorization to carry out transactions on behalf of such third parties.
11. In the case referred to in point 10 above, the provisions of this paragraph shall apply accordingly.
12. If the User or Customer, in dealing with ZONDA, in particular when filing a complaint or making a claim, acts through an attorney, ZONDA requires the power of attorney document to be granted in the form of a notarized deed or with a notarized signature, or alternatively that the fact of granting the power of attorney be confirmed by the User or Customer via video verification. The above does not apply to the power of attorney granted to a professional representative, i.e. an attorney or legal counsel, for which the certified true copy of the power of attorney is sufficient. The requirements set forth in the preceding sentences are not intended to limit any rights of the User or Customer, but only result from the need to confirm the fact of granting the power of attorney to act in the name of the User or Customer, which is submitted only in electronic form.
13. If necessary, and without the need to obtain the User's or Customer's consent, ZONDA will transfer to the authorities referred to in point 1 above the data in its possession regarding the User's or Customer's identity, both those indicated by the User or Customer himself, obtained in the verification procedure referred to in point 2 above, as well as other information about its activity on the Exchange.
XI. PROPER LAW
1. The law of the Republic of Estonia shall govern the contract concluded between the Customer and ZONDA, the subject of which is the Services provided by ZONDA on the Exchange under the terms of the Terms and Conditions. The above stipulation does not deprive Customers who are consumers of the protection granted to them by the law of their habitual residence.
2. Any disputes related to the Services provided by ZONDA will be resolved by the relevant common courts.
3. A User or a Customer who is a consumer has the option of using an out-of-court complaint and redress procedure. Information on how to access the aforementioned dispute resolution mode and procedures can be found, among others, on the EU ODR online platform, available at: http://ec.europa.eu/consumers/odr/.
XII. AMENDMENTS TO THE TERMS AND CONDITIONS
1. ZONDA shall be entitled to amend the Terms and Conditions at any time and such amendment shall take effect on the date specified by ZONDA, provided that the effective date of the amendment to the Terms and Conditions shall not be less than 7 days from the time the amended Terms and Conditions are made available to the User or Customer. Each User and Customer will be informed of the change to the Terms and Conditions by an email sent to the email address assigned to its Account.
2. If the Customer does not accept the changes to the Terms and Conditions, in order to terminate the contract for the provision of Services, it should immediately notify ZONDA, in writing or via e-mail to the following address: [email protected]. In such case, the contract shall be terminated on the effective date of the amended Terms and Conditions.
3. A change in the Charges Table, in terms of commissions for the withdrawal of Cryptocurrencies, due to dynamic changes in this area beyond the control of ZONDA, or Zonda Payment Methods does not constitute an amendment to the Terms and Conditions.