Terms of use

This Agreement (hereinafter, the “Agreement”) describes the terms under which the Xbit.Money service provides its services. Before using the Service, the User must read and accept all the terms of this Agreement. Otherwise, the User is not entitled to use the Service.

The Agreement is publicly available on the Service’s website and may be amended unilaterally by the Administrator without prior notice to the User. The current version is always available on the website.

The parties to this Agreement are the Xbit.Money service (hereinafter, the “Service”) and any individual using the Service’s services (hereinafter, the “User”).

1. Terms and definitions

Xbit.Money (the “Service”) means the Xbit.Money website as well as other resources (including exchange bots, interfaces, and other interaction tools) that constitute a technical platform for conducting operations for the exchange, sale, and purchase of electronic and fiat currencies, as well as digital assets between Users. Services are provided under the control of the administrator. Contact: [email protected]

User means an individual who has accepted this Agreement.

Electronic currency/digital asset means a digital representation of value or an obligation functioning within a distributed system or within payment systems.

Payment system means a third‑party software product that ensures the accounting of obligations and the execution of settlements.

Service services means technical assistance in carrying out p2p operations, matching counter‑orders, and supporting exchange operations.

Payment means a transfer of funds between Users using the Service.

Order means a User’s submitted intention to use the Service’s services.

Rate means the value ratio of assets in an exchange.

Verification means the procedure for checking User data or ownership of payment details.

2. General provisions

2.1. This Agreement regulates the relationship between the User and the Service and supersedes all previous arrangements.

2.2. Use of the Service must comply with applicable law. If the User is not entitled to use the Service, such use is prohibited.

2.3. The Service ensures the confidentiality of information about the User and their operations, except in cases provided for by law, as well as in cases related to the fulfillment of the AML & KYC Policy.

2.4. The User uses the Service in accordance with the terms of this Agreement and the AML & KYC Policy.

3. Subject of the Agreement

3.1. The subject of this Agreement is the provision of services for attracting other Users and facilitating the purchase, sale, and exchange of electronic currencies, digital assets, and fiat funds through p2p payments between individuals, as well as other services described on the Service’s website. The Service is not a party to transactions between Users. All transactions are carried out between the Service’s Users under their sole responsibility.

3.2. The Service offers its services to all Users and does not verify the legality and legitimacy of the User’s ownership of electronic currencies, digital assets, and/or financial funds, and does not monitor the User’s operations in any Payment system. The Service does not conduct preliminary verification of the origin of the User’s funds before receiving a transaction; however, after funds are received, it is entitled to carry out checks under the AML & KYC Policy.

3.3. Only Payment systems and/or financial institutions are responsible for the funds entrusted to them by the User. The Service is not a party to any agreement between a Payment system and/or financial institution and the User and bears no responsibility for incorrect or unlawful use of the Payment system’s capabilities by the User, nor for the User’s abuse of the Payment system’s functionality. The mutual rights and obligations of the User and the Payment system and/or financial institution are governed by the relevant agreements between them, without the participation of the Service.

3.4. Any completed operation for the purchase, sale, or exchange of electronic currency, digital assets, or any other operation offered by the Service to the User is deemed irrevocable and not subject to change. The operation cannot be canceled or adjusted by the User after its completion, namely after the User receives from the other party to the transaction the funds due to them according to the terms of the order.

3.5. The Service is entitled to suspend or cancel a pending order if it receives information about unlawful ownership by the User of electronic currencies, digital assets, or financial funds and/or any other information that makes it impossible for the Service to provide services to the User.

3.6. The Service is entitled to suspend or cancel a pending order if the User violates the terms of this Agreement, and may refuse to provide further services to the User without stating the reasons for such decision.

3.7. The Service is entitled to cancel a pending operation and return the electronic currencies, digital assets, and/or fiat funds deposited by the User without explanation.

3.8. The User undertakes to:

  • exclude any possible assistance in illegal trade and any other unlawful operations using the Service’s services;
  • exclude any possible assistance in financial fraud, not use the Service to create or promote financial pyramids, and not use it for any other actions contrary to legislation and legal norms;
  • exclude in their practical activities using the Service any actions that may be related to laundering and legalizing funds obtained illegally.
  • 3.9. The Service undertakes to take all possible and available measures to prevent attempts at illegal trade, financial fraud, and money laundering using the Service’s services. Such measures include, among other things:
  • providing reasonable assistance to law enforcement authorities in tracing and apprehending fraudsters engaged in illegal money‑laundering activities;
  • improving the Service to prevent its direct or indirect use in activities contrary to laws aimed at combating illegal trade, financial fraud, and money laundering;
  • following AML and KYC policies.

4. Service services

4.1. Ordering the Service’s services and obtaining information about the progress of a transaction between Users are carried out exclusively through contact with the Service administrator via online chat support or email.

4.2. The Service offers its services without lunch breaks and in accordance with the Service’s working schedule set out in the Rules.

4.3. The User orders the Service’s services by submitting an Order via the Service’s website.

4.4. Management of the purchase, sale, or exchange process, as well as obtaining information about the progress of the service, is carried out by the User through the relevant user interface on the Service’s website.

4.5. By using the Service’s services, the User confirms that they lawfully own and dispose of the fiat funds, electronic currency, and digital assets involved in the corresponding Payment and agrees that a check may be carried out after their receipt.

4.6. Service for organizing p2p Exchange between Users of electronic currency, digital assets, or fiat funds.

4.6.1. By placing an Order, the User instructs the Service, and the Service undertakes, to find counter‑Order(s) from other Users that match the conditions of the User’s Order.

4.6.2. The User undertakes to transfer electronic or fiat currency, or digital assets in the amount specified in the Order, and the Service undertakes to control the transfer to the User from another User of electronic or fiat currency or a digital asset corresponding to the Order, calculated at the Rate and in accordance with the Service’s fees.

4.6.3. The amount of the Service’s fee is reflected in the Order and is confirmed by the User on one of the user interface pages when placing the Order.

4.6.4. The Service’s obligation to control the transfer of electronic or fiat currency or a digital asset to the User is deemed fulfilled at the moment of debiting such electronic or fiat currency in the corresponding Payment system from the account of the other User(s) with counter‑Orders, as recorded in the transaction history of the corresponding Payment system.

5. Additional conditions for service provision

5.1. If electronic or fiat currency or digital assets are not received from the User under a submitted Order within 7 minutes from the time the Order is placed, the Service has the right to cancel such Order. Electronic currency, digital assets, or fiat funds received after this period are subject to recalculation at the updated (current at that time) Rate or may be returned to the payer’s details if a refund request from the User is received before the funds are sent to execute the Order. When making a refund, all transfer fees are deducted from the received funds at the User’s expense. Funds may be returned if the Order has not been executed and is not under review in accordance with the AML & KYC Policy.

5.2. If electronic or fiat currency or digital assets are received from the User in an amount different from that specified in the Order, the Service administrator considers this as the User’s instruction to recalculate the Order according to the actually received amount of electronic or fiat currency or digital assets. If the amount of the received electronic asset or funds differs from the amount stated by the User by more than 10%, the Service may unilaterally cancel the Order and return the received funds to the payer’s details. When making a refund, all transfer fees are deducted from the received funds at the User’s expense.

5.3. If the Service fails to control the sending of electronic or fiat funds or digital assets under the Order to the details specified by the User within the time limits set by the rules, the User has the right to request a refund of the electronic asset or funds in full, except in cases specified in this Agreement. A refund request for electronic or fiat funds or digital assets can be fulfilled by the Service only if, at the time such request is received, an equivalent amount has not been sent to the details specified by the User. A refund is only possible if the operation has not been completed and has not been suspended due to a check. An extension of the transfer period for electronic or fiat funds may be caused by the processing conditions of certain Payment systems; in such cases, the Service is not liable and no refund is made.

5.4. The electronic or fiat currency Rate is fixed by the Service for no more than 3 (three) minutes from the moment the Order is created. The source for tracking cryptocurrency rate changes is the Binance.com exchange. If the User makes payment after 7 (seven) minutes, the Service automatically updates the rate. If the User does not agree to proceed at the updated rate, they must send the Service a request for a refund of the sent funds. The Service will refund electronic or fiat funds only if the transaction executing the Order has not been completed and the funds have not been sent to the User. All transfer fees are deducted from the received funds at the User’s expense.

5.5. When exchanging or selling cryptocurrencies, the User undertakes to specify the network fee recommended by the network. The Service cannot guarantee that a purchase, sale, or exchange operation will be completed within the time limits set by this Agreement if the User fails to meet the fee requirement.

5.6. Special conditions of certain Payment systems:

  • Bank payments are processed by the Service within up to 2 hours; if necessary, the Service may require Verification of the client’s card (account).
  • If an Order involving cryptocurrencies (Bitcoin, Ethereum, and others) is completed, a refund is not possible.
  • If the amount of cryptocurrency (Bitcoin, Ethereum, and others) sent by the User is less than three times the network fee (blockchain fees) or less than 15 US dollars (or equivalent), the funds are non‑refundable.

6. Service fees. Exchange rates

6.1. Fees and rates are determined by the Service administrator and published on the Service’s website. The Service administrator may change the Service’s fees without prior notice to the User.

6.2. In addition to the established fees, the User also reimburses all additional expenses for postal services and other costs incurred in the course of business relations with the Service.

7. Taxation

7.1. The Service is not a tax agent for the User and will not notify the User of their tax obligations. The User undertakes to independently pay all taxes required under the tax laws of their country of residence.

7.2. If, under applicable law, the Service is required to pay taxes on behalf of the User or cover any debt arising from the User’s failure to pay taxes, the User agrees to reimburse the Service for all such payments.

8. Warranties and liability of the parties

8.1. The Service provides its services on an “as is” basis as described on the Service’s website and does not offer any additional guarantees.

8.2. The Service guarantees control over the fulfillment of its obligations to the User only within the limits of the amounts entrusted to the Service by the User for the purpose of a purchase, sale, or exchange operation.

8.3. The Service will make every effort but does not guarantee that its services will be available around the clock and every day. The Service is not liable for losses, lost profits, or other expenses of the User resulting from the inability to access the website and the Service’s services.

8.4. The Service is not liable for losses, lost profits, or other expenses of the User resulting from delays, errors, or failures in bank payments or electronic transfers.

8.5. The Service is not liable for losses, lost profits, or other expenses of the User resulting from the User’s incorrect expectations regarding the Service’s fee rates, exchange rates, transaction profitability, and other subjective factors.

8.6. The Service is not liable and does not compensate losses in the event of an incomplete exchange due to incorrectly specified details when placing an order by the User and is not obliged to take steps to return such funds, including cases where the operation is not completed or has been suspended in connection with an AML check.

8.7. The User guarantees reimbursement of the Service’s losses in the event of claims or complaints arising directly or indirectly from the User’s use of the Service’s services.

8.8. The User guarantees that they are the owner of or have lawful grounds to dispose of the amounts used in their transactions.

8.9. The User undertakes not to falsify communication flows related to the functioning of the Service.

8.10. The User acknowledges that the content of the Service’s website is protected by property, intellectual property, and copyright laws. Unauthorized use of this content is illegal.

8.11. The User guarantees they are not involved in any fraudulent schemes and have no claims against the Service in case of payment execution.

8.12. The User undertakes not to abuse the bonus and affiliate programs of the Service and its partner services, and not to systematically create deliberately unpaid orders.

8.13. The User must specify the prescribed wording in the payment note. If such a comment is missing, the Service reserves the right to initiate a refund procedure. If payment is suspected of having a fraudulent origin, the refund may be carried out through the payment system’s support service and may take up to 10 business days.

8.14. The Service prohibits exchanges to accounts of third parties. The Service is not responsible for the actions of such third parties after receiving funds from the exchange service. Perform operations only with wallets and accounts to which you have full access. If an elevated transaction risk level is detected, the Service is entitled to refuse to perform the operation, suspend it, or initiate a verification procedure.

9. Force majeure

9.1. Neither the User nor the Service shall be liable to each other for delays or failure to fulfill their obligations resulting from force majeure circumstances, including natural disasters, fire, flooding, terrorist acts, changes of government, civil unrest, as well as failures of Payment systems, power supply systems, communication networks, and Internet service providers.

10. Final provisions

10.1. The parties have concluded this Agreement in electronic form and recognize it as legally equivalent to a written agreement.

10.2. The Service is entitled to send to the User’s specified email address information about the status of the exchange process, as well as other information, including advertising materials.

10.3. All disputes and disagreements arising from or related to this Agreement shall be resolved through negotiations on the basis of a written request from the User, taking into account the provisions of the AML & KYC Policy. Either party may submit the dispute for consideration to a court at the location of the Service.

The information on the website, including graphic materials, text information, software code, etc., is the property of the xbit.money website and is protected by copyright laws. Any unauthorized copying (in whole or in part) may be prosecuted under applicable law.

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