Terms of Use

Terms of Use

                          1. Terms of Use 

      1.                     1.1.          These Terms of Use (the “Terms of Use”) apply to the BitPrime website located at www.BitPrime.co.nz, and the platform operated by BitPrime. By using this site you agree to these Terms of Use. If you do not agree with these Terms of Use, then do not use the site.

                            1.2.          BitPrime reserves the right, at its sole discretion, to change, modify, add or remove portions of these Terms of Use, at any time. It is your responsibility to check these Terms of Use periodically for changes. Your continued use of the BitPrime Site and Platform following the posting of changes will mean that you accept and agree to the changes.

                            1.3.          The following shall be interpreted with the definitions accompanying them when applying this Terms of Use.

                                           1.3.1.          Account means an account registered by the User on the Platform, verified or unverified.

                                           1.3.2.          BitPrime means the business that owns and operates this platform.

                                           1.3.3.          Cryptocurrency means the digital representation of value bought and sold on BitPrimes platform (e.g. Bitcoin, Ripple, etc.).

                                           1.3.4.          Customer means a person or an entity that is an account holder and agrees to follow the Terms of Use.

                                           1.3.5.          Fiat means government-issued legal tender (e.g. NZD)

                                           1.3.6.          Platform means the website, code and any other component that allows BitPrime to operate its business.

                                           1.3.7.          Site/Website means the www.BitPrime.co.nz website.

                                           1.3.8.          User means a person or an entity that interacts with BitPrimes website, staff or any other business fronted interaction and agrees to follow the Terms of Use.

        1. Buying from BitPrime

                            2.1.          When placing orders with us, the price and quantity of coins are fixed at the time the order is paid for (POLi) or submitted pending payment in the case of direct bank transfer.

                                           2.1.1.          If payment instructions are not displayed, please get in contact with us at Hello@BitPrime.co.nz.

                            2.2.          Buy orders may only be paid for with NZD unless prior authorisation is given.

                                           2.2.1.          BitPrime will not accept cryptocurrency as payment for buy orders unless prior authorisation is given.

                            2.3.          All submitted buy orders are legally binding from the time the customer clicks “Place Order”.

                                           2.3.1.          BitPrime reserves the right to cancel orders where payment has not been within a reasonable amount of time. Orders that have not been paid for on the day of ordering will be cancelled or in some instances left open at the discretion of BitPrime.

                            2.4.          If an order is made and not completed, BitPrime has to the fullest extent of the law, the right to pursue the customer for any loss that may have occurred due to loss of market value of setting the cryptocurrency aside.

                            2.5.          On occasion, BitPrime may not be able to supply a coin due to technical reasons. If this occurs, BitPrime will provide the customer with a full refund.

                            2.6.          If a technical issue occurs with a third party resulting in a problem or failure of our pricing algorithm, BitPrime may not be able to honour the order and a full refund will be offered.

                            2.7.          The price cryptocurrencies on our site are auto-update frequently even while in the “cart”. The prices of the coins and or tokens in your “cart” will not be fixed until the order has been placed.

                            2.8.          Due to the underlining technology that they are built on, cryptocurrency transactions are irreversible. If an incorrect wallet address is provided that is valid on the blockchain, you may lose the funds in this transaction. BitPrime is unable to recover the funds or offer any refund if this occurs.

                                           2.8.1.          Please ensure always to copy and paste your wallet address when placing an order. If in doubt regarding your wallet address or any other unique identifier needed to send cryptocurrency correctly reach out to us at Hello@Bitprime.co.nz.

                            2.9.          BitPrime is not responsible nor liable for any significant market movements that may occur during the ordering process that change the price of a product before the order has been confirmed.

                                           2.9.1.          You will see the full price of each token and or coin in your cart prior to confirming your order.

                         2.10.          Discounts will only be offered on orders $20,000 NZD and larger at BitPrime’s discretion.

                         2.11.          Using the wallet address of another person or business, verified or unverified, is to be considered third-party purchasing under these Terms of Use.

                                        2.11.1.          Wallet addresses must be owned/controlled by the verified customer making the purchase.

                         2.12.          If you make a payment to an unnominated bank account previously given to you by BitPrime, we are not obliged to fulfil the order if we no longer have access to this account. Please refer to and follow the payment instructions provided upon submission of an order.

                                        2.12.1.          Never use a reference number from a previous order or make up a number, as this may delay the processing of your order.

                         2.13.          Minimum order amounts are $100 NZD for all cryptocurrencies listed on the website. BitPrime reserves the right to change this value at any time due to user demand, markets and or any other operational reason

                         2.14.          Only customers who have successfully completed enhanced verification will be able to place orders over the standard transaction limits.

                                        2.14.1.          The standard transaction limits are currently $10,000 per 24 hours up to a maximum of $25,000 per 30 days.

                                        2.14.2.          Time periods (24 hour/30 days) are moving windows.

                                        2.14.3.          BitPrime reserves the right to change these standard limits at any time to maintain legal compliance or for any other operational reason.

                         2.15.          If your order is over $25,000 for one coin, please contact us at hello@BitPrime.co.nz or live chat to ensure we have sufficient stock of that coin available.

                         2.16.          Any payments completed using POLi Pay are not able to be cancelled due to the cryptocurrency being sent within the hour.

                         2.17.          If you wish to cancel an order, an email needs to be sent with an explanation of why you are doing so.

                                        2.17.1.          Multiple cancellations can result in a suspension or banning of an account.

                         2.18.          Test transactions serve to increase the security of irreversible Cryptocurrency transactions and will always be sent for orders:

               Where it is the first time a customer is ordering a coin, and the value of that coin is over $5,000 NZD

               Where the transaction is over $20,000 amount NZD.

               Any other circumstance at BitPrimes discretion

                         2.19.          If a transactional error occurs where cryptocurrency or fiat is sent to a customer by reasonable mistake, BitPrime reserves the right to recover those funds and or assets.

                         2.20.          BitPrime will only accept payment coming from legally recognised financial institutions unless prior agreement and additional verification has been completed.

                         2.21.          BitPrime will endeavour to send transactions within a reasonable timeframe and will notify the customer should any significant, unavoidable delay occur.

        1. Transactions – Selling to BitPrime

                            3.1.         Accepting a quote forms a binding agreement with BitPrime. Coin transfer to our wallet addresses must be completed within TWO (2) hours of the quote being accepted. Defaulting on the agreement may result in a ban and/or BitPrime seeking reasonable costs. Never accept a quote unless you intend to make the transfer right-away.

                            3.2.           BitPrime will not pay out sell orders to third-party bank accounts, without prior authorisation from BitPrime.  

                            3.3.          When submitting a sell request, there may be times where BitPrime does not have sufficient (NZD) funds to fill the order immediately. However, as soon as we have the capacity to complete the sell order a quote will be sent.

                                           3.3.1.          For sell orders over $50,000 NZD, please email us at Hello@BitPrime.co.nz

                                           3.3.2.          For orders in excess of our own liquidity, we may be able to facilitate a wholesale OTC transaction.

                            3.4.          For all sell orders $5,000 NZD or larger BitPrime requires proof of the origin of the cryptocurrency before we can consider purchasing from the customer.

                                           3.4.1.          Where it is clear that the cryptocurrency was previously purchased from BitPrime, usually no additional information will be required.

                                           3.4.2.          If BitPrime deems that there is insufficient evidence relating to the source of the cryptocurrency in question then BitPrime will not proceed with the purchase and may, in certain circumstances, close the customer’s account.

                            3.5.          Sell orders can only be negotiated if they are a wholesale Over The Counter (OTC) trade. All other sell quotes are non-negotiable. 

                            3.6.          BitPrime will only pay out for sell orders when they are received into the wallet designated by BitPrime nominated during the sell order process. The address and any other information required to send the coin or token will be provided to the customer on acceptance of a sell order quote.

                                           3.6.1.          If BitPrime receives the incorrect amount of cryptocurrency, then the pay-out to the customer will be recalculated using the exchange rate of the accepted quote.

                            3.7.          BitPrime holds no liability where a customer sends cryptocurrency negligently resulting in the coin or token not arriving in the wallet that BitPrime provided for the sell order. This may include but is not limited to entering the wrong wallet address, failing to include any relevant tags, message, memo or other unique identifiers. If the cryptocurrency does not arrive in BitPrimes wallet, no payment will be made.

                            3.8.          BitPrime will only pay for sell orders in NZD unless prior authorisation is given.

                            3.9.          BitPrime does not accept the exchange of one cryptocurrency for another as a form of payment.

                         3.10.          BitPrime reserves the right to decline sell requests where the minimum amount is considered too low. This value is at BitPrimes discretion and may change at any time.

                         3.11.          BitPrime will endeavour to make payments for sell orders within 24 hours after the cryptocurrency has arrived into BitPrimes wallet.

                                        3.11.1.          Payment may take longer if the order is completed on the weekend. Please email us regarding non-payment of a sell order only after 72 hours have gone by.

        1. General

                            4.1.          Cryptocurrency transactions will be sent to the nearest eight decimal places wherever possible.

                            4.2.          If any part of this Terms of Use is deemed to be out of the scope of the law, the remainder shall still be enforceable to the fullest extent that the law allows.

                            4.3.          BitPrime encourages users to report any issues, errors or problems related to the website or operation of the platform in good faith to Hello@BitPrime.co.nz.

                            4.4.          Users of the platform must not knowingly or recklessly use or take advantage of a technological error, loophole or glitch on the BitPrime website.

                                           4.4.1.          In extreme cases, BitPrime reserves the right to suspend or cancel a user’s order(s) and or account where they place orders in bad faith where an error, loophole or glitch detrimentally affects the price of a product.

                            4.5.          It is the responsibility of the customer to manage any taxable income resulting in the buying and or selling of cryptocurrency. In addition, it is the responsibility of the customer to seek independent tax advice from a certified professional should the need arise.

                                           4.5.1.          BitPrime does not offer tax advice and bears no liability from any out of date or incorrect information regarding tax on our site.

                            4.6.          BitPrime reserves the right to communicate with customers by any means available considering the contact details provided by the customer.

                            4.7.          BitPrime reserves the right to modify these Terms of Use at any time and publish revised versions of the Terms and Conditions.

                            4.8.          BitPrime is not responsible for any delays in the processing of cryptocurrency transactions delayed by a third party. This includes but is not limited to:

               Block times

               Network congestion

               Issues with a wallet provider

                            4.9.          BitPrime reserves the right to delay, suspend or cancel an order if:

               There are technical reasons that prevent us from completing the transaction.

               We suspect that the transaction may enable or be linked to illegal activity.

               We received a request from law enforcement or government agency to do so.

               Any relevant 3rd party issues.

                         4.10.          BitPrime may use cookies to manage logged in users and affiliate management. For more information, please refer to BitPrimes privacy policy.

        1. Your Obligations

                            5.1.          The customer is responsible for maintaining the security and confidentiality of their accounts credentials.

                            5.2.          The customer must immediately notify BitPrime if they suspect there has been unauthorised access to their account. BitPrime reserves the right to suspend the account while the account is under investigation.

                            5.3.          By registering an account with us the customer confirms that they:

               Are at least 16 years of age.

               Have accepted the Terms of Use.

               Are either a NZ citizen, NZ resident or in NZ on a working visa.

               Can be contacted by BitPrime regarding your application.

                            5.4.          Users must comply with New Zealand law at all times.

                            5.5.          Users of the BitPrime site must not interfere with or attempt to impair our computer systems or transit software viruses, worms, other harmful files or other malware.

                            5.6.          Users of the BitPrime site must not attempt to gain unauthorised access to any part of the Platform or the Services, including trying to gain access to a User Account other than their own.

                            5.7.          The customer affirms that any fiat or cryptocurrency being sent to BitPrime from their bank account or wallet is derived from legal sources.

                            5.8.          The customer ensures that they will not use the platform or services provided by BitPrime to engage in illegal or prohibited activities including but not limited to:

               Money laundering.

               Financing of terrorism.

               Fraud.

               Any goods or services that are illegal within New Zealand.

               Illegal gambling services.

               Ponzi, pyramid or any other “get rich quick” schemes.

               Drugs or illegal substances.

               Hacking or malicious software etc.

               Using the platform on behalf of any other individual or organisation, without the full knowledge and approval of BitPrime.

               Commercial purposes which are competitive to the Platform or our business or which would otherwise be detrimental or prejudicial to our interests in any way.

        1. Payments

                            6.1.          The user acknowledges and agrees that deposit and withdrawal transactions in NZD may be delayed due to bank verifications and checks.

                            6.2.          If the POLi option is selected, BitPrime aims to have the cryptocurrency sent within the hour. However, we need to check that the payment is coming from the buyer’s account, which in some cases cannot be done instantaneously. In these cases, we must wait for the payment to clear into our account so as to check that the bank account name and number matches the customers nominated bank account. Only once the account name has been confirmed and matched can we send the cryptocurrency.

                            6.3.          Once we have confirmed the customer’s account number and entered it into our records, we can send subsequent orders paid from the account in question without the delay associated with the checks outlined above.

                            6.4.          If the direct bank transfer option is chosen, bank details will be provided to the buyer. The customer must pay the total amount on the invoice to the bank account given including the reference provided. BitPrime will then need to check the bank account and wait for the payment to clear, this can take up to 72 hours if an order is placed on a weekend.

                            6.5.          Under no circumstances will BitPrime accept third-party payments or orders. All payments must come from an account name that has been verified. If third party payments are made, the cryptocurrency will not be sent, and the money will be returned to the originating account. If multiple attempts to make orders on behalf or pay for an order using a third parties account, BitPrime may suspend or ban any accounts associated with the orders.

                                           6.5.1.          BitPrime reserves the right to contact the bank that the payment has originated from if it is suspected that it was authorised by a signatory to the bank account. This is done with regard to our Privacy Policy.

                            6.6.          Payments from business and trust accounts are only acceptable if the business or trust has a verified account with BitPrime.

        1. Verification

                            7.1.          All verification is to be completed online. In some circumstances, BitPrime will allow verification applications to be made in person at public events however this is at BitPrime’s discretion.

                            7.2.          BitPrime has the right to decline an individual an account. If you apply for an account with us, this does not mean that you will be provided with one. It is merely an application. BitPrime will not give an explanation for the outcome of a verification submission.

                            7.3.          BitPrime will only accept original copies of identification. If you are unable to provide the requested documentation, your application may not be successful. Any counterfeit documents and or false personal information may be interpreted as fraudulent activity, and your information may be passed on to the relevant authorities.

                            7.4.          Customers must not knowingly or recklessly provide BitPrime with inaccurate or incomplete information during the verification process.

                            7.5.          We aim to process applications within 16 business hours. At times there may be delays due to an increase in demand or other reasons. We are unable to guarantee that this time frame will apply to your application.

                            7.6.          We are required to have an understanding of where our customers source of funds is generated and may ask additional questions about your occupation/employment.

                            7.7.          In some instances, BitPrime may ask for a second form of identification if 1). Your identification has been damaged, altered, modified or 2). Lacks security features that makes it easy to counterfeit or copy.

                            7.8.          Customers need to provide proof of their source of wealth to extend transaction limits beyond $10,000 per day, $25,000 per 30 days. All documents will need to be verified. BitPrime reserves the right to determine in what situations these shall be provided.

                            7.9.          Transactions per 30 days refer to a rolling window from when the first order was placed within the last 30 days.

                         7.10.          BitPrime offers our services at our discretion as per our AML Policy. This includes providing your personal information to a third-party provider to verify your identity.

                         7.11.          Only create one account per individual. Attempts to create multiple accounts may lead to suspension of the user’s multiple accounts.

        1. Fees

                            8.1.          We sell directly from our cryptocurrency reserves, so we are unable to provide you with the precise margin on any individual orders.

                            8.2.          The margin we make is the difference between what we bought it for, and what we sold it for (spread). This can vary significantly from minute to minute.

                            8.3.          All fees (spread) are included in the advertised price including exchange fees and BitPrime’s processing fee.

        1. Support

                            9.1.          For a full list of the support services that BitPrime offers refer to the Support Policy.

        1. Termination

                         10.1.          BitPrime may terminate an account for a number of reasons including but not limited to:

               A change in the user’s risk profile.

               A potential risk to the business or stakeholders to the business regarding any legal or regulatory liability that may occur serving the user.

               Any other reason at the discretion of the compliance officer.  

                         10.2.          Should BitPrime terminate an account, we are not required to give an in-depth explanation to the user regarding the termination.  

                         10.3.          BitPrime strictly forbids an account being used for illegal purposes.

                         10.4.          BitPrime reserves the right to terminate accounts if we have reasonable grounds to believe that the account is being used by individual or organisation other than the registered account owner.

                         10.5.          The customer can request to have their account closed by providing a written request to Hello@Bitprime.co.nz. BitPrime is required by law to maintain a record of the account for a minimum of five years after the account is closed.

                         10.6.          BitPrime has the authority to suspend, deny or terminate all or part of your access to the website or account if:

               You fail to pay for an order or make a fraudulent payment.

               There are concerns regarding unreasonable use.

               Serious misconduct including verbal or threatening behaviour towards any other individual occurs.

               Where you have breached any of these terms and conditions.

               The customer attempts to use the website for illegal or prohibited activities.

               The customer purchases cryptocurrency for another individual or organisation without prior authorisation from BitPrime.

               BitPrime is requested by law enforcement to do so.

        1. General Indemnity

                         11.1.          You agree to indemnify and keep indemnified BitPrime from and against all actions, claims, costs (including legal fees and expenses), losses, proceedings, damages, liabilities, or demands suffered or incurred by BitPrime to any person arising out of or in connection with your failure to comply with these Terms of Use.

        1. Trademarks and IP

                         12.1.          BitPrime is the owner and or authorised user of all trademarks, service marks, design marks, patents, copyrights, database rights and all other intellectual property appearing on or contained within the Website unless otherwise indicated. All information, text, material, graphics, software and advertisements on the Website are the copyright of BitPrime, its suppliers and licensors unless expressly indicated otherwise by BitPrime.

        1. Website and Accessibility

                         13.1.          BitPrime does not make any claims about investment returns nor is BitPrime responsible for any financial gains or losses associated with the buying and selling of cryptocurrencies. Any content published on our website is designed for a general audience and not as advice, solicitation or promise of return. We strongly suggest that users carry out their own due diligence.

                         13.2.          BitPrime is unable to give financial or investment advice.

                                        13.2.1.          No suggestions regarding the management, principles, technology or any other topic regarding cryptocurrency by any of the BitPrime staff shall be interpreted as financial advice.

                         13.3.          The material on any of BitPrimes domains does not constitute a solicitation or inducement to invest in any financial products or services offered by BitPrime.

                         13.4.          Any advice included in this website has been prepared without taking into account individuals objectives, financial situation or needs. Users should consider our Product Disclosure Statement, before making any decision about whether to acquire the product described in that document.

                         13.5.          BitPrime will not guarantee that users will have continuous access to the website or that the access or use of the website will be error-free.

                         13.6.          BitPrime will make reasonable efforts to ensure users have access to the website. However, regular maintenance is required, and it may not be possible to provide notice of these periods. BitPrime will not be liable if the website is unavailable to you for any reason.

                         13.7.          BitPrime expressly disclaims all responsibility for any loss, injury, claim, liability, damage, or any indirect, incidental, special or consequential damages or loss of profits whatsoever of any kind resulting from, arising out of or any way related to:

               any errors in or omissions of the Website and or the Platform, including but not limited to technical inaccuracies and typographical errors

               Any third-party websites or content directly or indirectly accessed through links in the Website, including but not limited to any errors in or omissions

               The unavailability of the Website

               Your use of the Website

               Your use of any equipment or software in connection with the Website.

         

         [Last updated: December 5th, 2018]

         

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