Terms of Use

Last update: January 29, 2019

These Terms of Use constitute an electronic agreement between you (hereinafter the "User") and OKONTO OÜ, a private limited company incorporated in Estonia with company number 12138525, located at Sõpruse pst 145, 13417, Tallinn (hereinafter the "OKONTO") that applies to the User's use of this website, any and all services, products and content provided by OKONTO.

These Terms of Use contain important provisions, which the User must consider carefully when choosing whether to visit the Site and use the services, products and content of OKONTO. Please read these Terms of Use carefully before agreeing to them.

These Terms of Use incorporate Privacy Policy as well as any other policies published on the Site by reference, so by accepting these Terms of Use, the User agrees with and accepts all the policies published on the Site.

IF THE USER DOES NOT ACCEPT THESE TERMS OF USE, THE USER SHALL NOT ACCESS THIS SITE AND SHALL NOT USE ANY OF OKONTO SERVICES, PRODUCTS AND CONTENT.

Acceptance of Terms

By registering an Account, the User expressly represents and warrants that he/she:

  • follows the rules and laws in his/her country of residence and/or country from which he /she accesses this Site and Services;
  • has accepted these Terms of Use;
  • is at least 18 years old and has the right to accept these Terms of Use and participate in transactions involving Cryptocurrencies.

User is solely responsible for understanding and complying with any and all laws, rules and regulations of his/her specific jurisdiction that may be applicable to the User in connection with the use of any and all services, products and content of OKONTO. List of restricted countries: Afghanistan, Cuba, Ethiopia, Kuwait, Lebanon, Libya, Nigeria, Oman, Palestine, South Sudan, Sudan, Uganda, Vanuatu, Bahamas, Botswana, North Korea, Ethiopia, Ghana, Iran, Pakistan, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, Yemen, Egypt, Morocco, China, UAE, Namibia, Macedonia, Ecuador, Morocco, Nepal , Bolivia, Pakistan, Algeria, Bahrain, Bangladesh, Qatar, Saudi Arabia, Iraq, Iceland, Cambodia, Canada, Japan and USA.

This Agreement shall enter into force as of the moment you first access the Site or use of any of the Services. By accessing, browsing or using the Site or any of the provided Services you irrevocably and unconditionally accept and agree to these Terms and confirm that you agree to be bound by this Agreement without any exemptions, limitations and exclusions, and any and all provisions of this Agreement shall be enforceable to the fullest extent against you. If you access the Site or use any of the Services on behalf of a business (whether registered or operating without registration), that business hereby accepts the terms of this Agreement.

In the event you disagree with any provision hereof and would not like to be bound by this Agreement you shall cease use of the Site or the Services immediately.

Description of Provided Services

Eligible users in certain jurisdictions may buy or sell supported Digital Currency through the Conversion Services. The Conversion Services are subject to the conversion rate for the given transaction. That conversion rate will be displayed on the page of your order with all fees included. OKONTO reserves the right to delay any Conversion Service transaction if it perceives a risk of fraud or illegal activity. OKONTO may require you to provide or verify your personal information, or to wait some amount of time after completion of a transaction, before permitting you to use any OKONTO Services and/or before permitting you to engage in transactions beyond certain volume limits.

The amount that the user receives may differ from originally shown due to sharp jumps in rate. In this case, if the amount differs by more than 5 percent, the user has the right to request a refund. You can ask for a refund by contacting us. Refund will only be accepted where notice is received by no later than forty-eight (48) hours after made Transaction.

The Hosted Digital Currency Wallet services are available only in connection with those Digital Currencies that OKONTO, in its sole discretion, decides to support. The Digital Currencies that OKONTO supports may change from time to time. Under no circumstances should you attempt to use your Hosted Digital Currency Wallet services to store, send, request, or receive digital currencies in any form that are not supported by OKONTO. OKONTO assumes no responsibility or liability in connection with any attempt to use OKONTO Services for digital currencies that OKONTO does not support.

You should verify all transaction information prior to submitting instructions to OKONTO. OKONTO may charge network fees (miner fees) to process a Digital Currency transaction on your behalf. OKONTO will calculate the network fee in its discretion. You can also view more details about your fees with the detailed Fee Schedule.

User Account

Users access the account, interface, and some services of the Service through the use of the user login and password, which are provided upon the User's registration at the Service. In order to create an Account at the Service, as well as to access the services of OKONTO, the User must first register at the Service. An account at the Service is a personal page of the User, and may only be used by the User who have access to the Account through the Service. The User is prohibited to provide his account access information or the account itself to third parties or to other Users. In the case of theft of the account access information or account itself by a third party, the User bears the burden of proving he was not responsible. The User is liable for the actions of any third party who was provided with access to his Account. In order to use certain features of the Service, including certain transfers of Digital Currency, you may be required to provide the Service with certain personal information, including, but not limited to, your name, address, telephone number, e-mail address, date of birth and information regarding your bank account. In submitting this or any other personal information that may be required, you verify that the information is accurate and authentic, and you agree to update the Service if any information changes.

General Use, Prohibited Use and Cancellation

We grant you a limited, nonexclusive, nontransferable license, subject to the terms of this Agreement, to access and use the Service, and related content, materials, information (collectively, the "Content") solely for approved purposes as permitted by OKONTO. Any other use of the Service or Content is expressly prohibited and all other right, title, and interest in the Service or Content is exclusively the property of OKONTO and its licensors. You agree you will not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, or in any other way exploit any of the Content, in whole or in part. "okonto.com", "OKONTO", and all logos related to the OKONTO or displayed on the okonto.com are either trademarks or registered marks of OKONTO or its licensors. You may not copy, imitate or use them without OKONTO prior written consent.

Although we intend to provide accurate and timely information on the Service, the Service may not always be entirely accurate, complete or current and may also include technical inaccuracies or typographical errors. This site and its components are offered for informational purposes only; this site shall not be responsible or liable for the accuracy, usefulness or availability of any information transmitted or made available via the site, and shall not be responsible or liable for any error or omissions in that information.

Suspension, Termination, and Cancellation. OKONTO may suspend, restrict, or terminate your access to any or all of the services, and/or deactivate or cancel your OKONTO Account if we are so required by a facially valid subpoena, court order, or binding order of a government authority; or we reasonably suspect you of using your OKONTO Account in connection with a Prohibited Use or Business; or use of your OKONTO Account is subject to any pending litigation, investigation, or government proceeding and/or we perceive a heightened risk of legal or regulatory non-compliance associated with your Account activity; or our service partners are unable to support your use; or you take any action that Service deems as circumventing OKONTO's controls, including, but not limited to, opening multiple OKONTO Accounts or abusing promotions which OKONTO may offer from time to time; or you breach our Behavior Policy.

Password Information You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers (PINs) or any other codes that you use to access OKONTO. Any loss or compromise of the foregoing information and/or your personal information may result in unauthorized access to your OKONTO Account by third-parties and the loss or theft of any Digital Currency and/or funds held in your OKONTO Account and any associated accounts, including your linked bank account(s) and credit card(s). You are responsible for keeping your email address and telephone number up to date in your Account Profile in order to receive any notices or alerts that we may send you. We assume no responsibility for any loss that you may sustain due to compromise of account login credentials due to no fault of OKONTO and/ or failure to follow or act on any notices or alerts that we may send to you. In the event you believe your OKONTO Account information has been compromised, contact OKONTO Support immediately.

Privacy Policy

You hereby acknowledge and agree that in order to ensure proper functionality of the Site and provision of the Services, as well as other products, utilities and offerings, OKONTO, Company and Partners are entitled to collect, store, process and transmit certain information related to your use of the Site and the Services. Please note that our Privacy Policy applies to such matters.

You hereby acknowledge and agree that through the use of the Site or the Services you provide your express and unconditional consent for the collection and use of the information, including disclosure of the information: (i) at the legitimate requests of relevant authorities in compliance with applicable law; (ii) for protection of rights, interests and property of OKONTO, Company, Partners, holders of exclusive rights and users; (iii) in the event of sale of the Site or the Services, acquiring of OKONTO or Company by third party or in other similar cases; (iv) in other instances as provided by Privacy Policy.

Complaints and Dispute Resolution

If you have any feedback, questions, or complaints, contact us.

In the event of a complaint, please set out the cause of your complaint, how you would like us to resolve the complaint and any other information you believe to be relevant. A Customer Complaints agent will consider your complaint. The Agent will consider your complaint without prejudice based on the information you have provided and any information provided by OKONTO. Your complaint will be considered within a reasonable time (up to 48 hours). An Agent will offer to resolve your complaint in the way your requested - you requested; make a determination rejecting your complaint and set out the reasons for the rejection; or offer to resolve your complaint with an alternative solution. You agree to use the provided complaints procedure before filing any claim in a competent court. Failure to comply with this provision may be used as evidence of your unwillingness to settle the issue and/or the vexatious nature of the complaint.

Miscellaneous Provisions

OKONTO does not offer general or personal financial advice. Nothing in this website is intended to be or should be taken as financial, legal or taxation advice. Users should seek their own financial, legal, tax and accounting advice as to the likely outcomes for them of trading Digital Currency.

We shall not bear any liability, whatsoever, for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect your computer or other equipment, or any phishing, spoofing or other attack. We advise the regular use of a reputable and readily available virus screening and prevention software.

Although the OKONTO takes all necessary and reasonable measures to keep the Service up and working, Using the Service users do so at their own risk. The Service is provided without any guarantees, representations and warranties, express or implied, provided by law with respect to software or sites, including, but not limited to warranties or conditions of quality, performance, non-infringement, merchantability, and fitness for use for a particular purpose. The Service does not represent or warrant that the Service or any other related software will always be available, accessible, uninterrupted, timely, secure, accurate, complete and error-free, or will operate without packet loss. Subject to section OKONTO shall not assume liability of any type for any losses or damages arising out of or in connection with the use of the Service, even if the Service was advised and/or aware of the possibility of such losses or damages. Your damages are limited to no more than the value of the supported digital currency at issue in the transaction. In particular the Service shall not be liable for:

  • Loss of any actual or anticipated profits, income, or any indirect, special, incidental or consequential damages and loss of opportunities;
  • Any indirect, special, incidental or consequential damages;
  • Any damage to or corruption of data (whether direct or indirect);
  • Loss of goodwill or reputation (whether direct or indirect);

We shall not be liable for delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control and shall not affect the validity and enforceability of any remaining provisions.

Notwithstanding any other provision of this Agreement, any translation of this Agreement is provided for your convenience. The meanings of terms, conditions and representations herein are subject to definitions and interpretations in the English language. Any translation provided may not accurately represent the information in the original English.

We shall not be liable for the circumstances that effect the transaction after the altcoins have been sent to the address stipulated. If there is a confirmation on blockchain that the altcoins have been sent, our obligations shall be treated as fully performed.

You shall be responsible for the correctness of the wallet address you specify in case of loss of the altcoins because the address proves to be wrong, invalid or unsuitable for the particular type of cryptocurrency.

User Verification

Identification and verification procedures (also known as 'Know Your Customer' or 'KYC') are required for all OKONTO services. All existing and new Users of the Platform must pass the verification procedure. OKONTO reserves the right to limit the Platform functionality to the Users who have not passed verification. If the User refuses to provide required documents and information under KYC, OKONTO reserves the right to immediately terminate the Services provision to the User.

The User undertakes to provide OKONTO with correct and relevant documents and personal information contained therein. In case the User provides counterfeit documents and false personal information, such behaviour will be interpreted as a fraudulent activity.

The User hereby authorises OKONTO to, directly or indirectly (through third parties), make any inquiries as we consider it necessary to check the relevance and accuracy of the information provided for verification purposes. Personal Data transferred will be limited to strictly the necessary and with security measures in use to protect the data.

Termination of the Terms of Use

The User may terminate the Terms of Use and close their Account at any time, following settlement of any pending transactions.

The User also agrees that OKONTO may, by giving notice, at its sole discretion terminate his/her access to the Site and to his/her Account, including without limitation, our right to: limit, suspend or terminate the service and the Users' Accounts, prohibit access to the Site and its content, services and tools, delay or remove hosted content and take technical and legal steps to keep the Users off the Site if we think that they are creating problems or possible legal liabilities, infringing the intellectual property rights of third parties or acting inconsistently with the letter or spirit of these Terms. Additionally, we may, in appropriate circumstances and at our discretion, suspend or terminate Accounts of Users for any reason, including without limitation: (1) attempts to gain unauthorized access to the Site or another User's account or providing assistance to others' attempting to do so, (2) overcoming software security features limiting use of or protecting any content, (3) usage of the Service to perform illegal activities such as money laundering, illegal gambling operations, financing terrorism, or other criminal activities, (4) violations of these Terms of Use, (5) failure to pay or fraudulent payment for Transactions, (6) unexpected operational difficulties, or (7) upon the request of law enforcement or other government agencies, if deemed to be legitimate and compelling by OKONTO, acting at its sole discretion.

OKONTO also reserves the right to cancel unconfirmed Accounts or Accounts that have been inactive for a period of six (6) months or more and/or to modify or discontinue our Site or Service. The User agrees that OKONTO will not be liable to them or to any third party for termination of their Account or access to the Site.

The suspension of the Account shall not affect the payment of the Transaction fees due for past Transactions. Upon termination, the User shall provide a valid bank account details or cryptocurrency address to allow the transfer of any currencies deposited to his/her Account. OKONTO shall transfer the currencies as soon as possible following the User's request in the time frames specified by OKONTO.

OKONTO will send the credit balance of the User’s Account to him/her, however in circumstances a number of intermediaries may be involved in an international payment and these or the beneficiary bank may deduct charges. OKONTO will use reasonable efforts to ensure that such charges are disclosed to the User prior to sending the payment; however, where they cannot be avoided, the User acknowledges that these charges cannot always be calculated in advance, and that he/she agrees to be responsible for such charges.

Governing Law And Dispute Resolution

These Terms of Use shall be governed by and construed in accordance with the laws of the Estonia, unless otherwise expressly provided. All disputes and controversies arising out of or in connection with this website and these Terms of Use shall be submitted to the Estonian Court in Tallinn (main office), as the Court of first instance. If any portion of these Terms of Use shall be deemed invalid, void or for any reason unenforceable, such portion shall be deemed severable and shall not affect the validity and enforceability of any remaining portion.

Our Terms of Service and the whole procedure of work comply with the Money Laundering and Terrorist Financing Prevention Act which is based on Directive (EU) 2015/849 of the European Parliament and of the Council 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 (OJ L 141, 05.06.2015, pp 73–117).