The Service operated by Ausbits allows Buyers and Sellers, to buy and sell internet currency known as “Digital Assets ” (see > http://Bitcoin.org) with each other. The Service operated by Ausbits also allows all registered users of the Service (“Members ”) to transfer Digital Assets to other Members or other users outside the Site.
By opening an account to use the Service (“Account ”), You expressly represent and warrant:
User’s Obligations and Acknowledgements
You acknowledge that once an Instruction is placed it is irrevocable, and once a Transaction is matched, it will proceed immediately to settlement and delivery through the Platform. You acknowledge that, when a Transaction is entered, Ausbits sends and receives Bitcoins from the buyer’s and the seller’s respective Accounts.
It is your responsibility and you undertake to ensure that you hold sufficient Fiat Currency and/or Tokens in its Account to meet your settlement obligations and any other liabilities arising from any Transaction, including Fees payable on the Account.
You represents and warrants that:
- you will only operate an Account and use Ausbits to perform trades of bitcoins for the purposes and in accordance with the conditions set forth in these Terms;
- you are duly authorized and has the capacity to provide each Instruction and enter into each Transaction on Ausbits;
- you will comply with all applicable laws of Australia and any other jurisdiction in which or from which it seeks to operate its Account, give instructions or enter Transactions;
- all amounts deposited into its Account (other than through Transactions), whether as Bitcoins or fiat currency, comes from legal sources which you own or otherwise has full legal authority to deal with; and
- your use of Ausbits, provision of Instructions or entering any Transaction does not infringe the rights of any third party or any applicable law.
You will not:
- use Ausbits to perform any illegal activity of any sort, including, but not limited to, money laundering or terrorism financing; or
- use Ausbits to perform payment of any ransomware, including, but not limited to cryptolocker; or
- give any Instruction or enter any Transaction or do or undertake any other activity, whether or not through Ausbits, which would or may negatively affect the performance of the Platform or the reputation of the Company.
You confirm that in using Ausbits and holding and transacting in Bitcoins, you have considered the risks posed by such actions, including the risks that:
- The value of Bitcoin may rise or fall
- The value of Bitcoin will be affected by factors outside of the control of Ausbits
- The value of Bitcoin may be affected by other alternative digital currencies being created or developed or other forms of digital currencies or similar commodities being developed
- Bitcoins may not be transferrable or accepted for transfer by any third party
- Bitcoins may not be accepted as payment for goods and services by any person
You are responsible for any tax liability arising from its holding or Transactions in Bitcoins and will indemnify the Company where the Company is obliged to pay tax on behalf of you in respect of your Account or any Bitcoins held, or bought or sold by you.
The trading of goods and products, real or virtual, as well as virtual currencies involves significant risk. Prices can and do fluctuate on any given day. Due to such price fluctuations, you may increase or lose value in your assets at any given moment. Any currency or commodities - virtual or not - may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading anything on a market.
Ausbits cannot cancel or reverse any Bitcoin-to-Bitcoin Transactions, as long as they are accepted and confirmed on the Bitcoin network. Once submitted to the Bitcoin network, Bitcoin Transactions are subject to verification for a period of time, awaiting confirmation by the Bitcoin network. A Transaction is not complete until this verification has been complete, and Transactions will not be reflected in Your Ausbits Bitcoin balance until complete.
Bitcoin trading also has special risks not generally shared with official currencies or goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, or by commodities such as gold or silver, Bitcoin is a unique kind of currency, based by technology and trust. There is no central bank that can take corrective measure to protect the value of Bitcoins in a crisis or issue more currency.
Instead, Bitcoin is an as-yet autonomous and largely unregulated worldwide system of currency firms and individuals. Traders put their trust in a digital, decentralised and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity.
Bitcoin trading is probably susceptible to irrational (or rational) bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in Bitcoin outside factors within Bitcoin such as a government crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of factors within Bitcoin such as technical problems. IE: If the integrity of the system is compromised, if money is lost or stolen, or if hackers or governments are able to prevent any Transactions from settling.
You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading Bitcoins.
Limited Right of Use
Unless otherwise specified, all Materials on this Site are the property of Ausbits and are protected by copyright, trademark and other applicable laws. You may view, print and/or download a copy of the Materials from this Site on any single computer solely for Your personal, informational, non-commercial use, provided You keep intact all copyright and other proprietary notices.
The trademarks, service marks and logos of Ausbits and others used in this Site (“Trademarks”) are the property of Ausbits and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video and audio used on this Site belong to Ausbits. The Trademarks and Material should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other Site or networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties.
This Site is for your personal and non-commercial use only. We are vigilant in maintaining the security of our Site and the Service. By registering with us, you agree to provide Ausbits with current, accurate, and complete information about yourself as prompted by the registration process, and to keep such information updated. You further agree that you will not use any Account other than your own, or access the Account of any other Member at any time, or assist others in obtaining unauthorised access.
The creation or use of Accounts without obtaining the prior express permission from Ausbits will result in the immediate suspension of all said Accounts, as well as all pending purchase/sale offers. Any attempt to do so or to assist others (Members or otherwise), or the distribution of instructions, software or tools for that purpose, will result in the Accounts of such Members being terminated. Termination is not the exclusive remedy for such a violation, and Ausbits may elect to take further action against You.
You also are responsible for maintaining the confidentiality of Your Account information, including your password, safeguarding your own Bitcoin, and for all activity including Transactions that are posted to Your Account. If there is suspicious activity related to Your Account, we may, but are not obligated, to request additional information from you, including authenticating documents, and to freeze any Transactions pending our review. You are obligated to comply with these security requests, or accept termination of Your Account. You are required to notify Ausbits immediately of any unauthorized use of Your Account or password, or any other breach of security by email addressed to firstname.lastname@example.org. Any Member who violates these rules may be terminated, and thereafter held liable for losses incurred by Ausbits or any user of the Site.
You must not use this Site or Services in any way that causes, or may cause, damage to the Site, our Services or the business of Ausbits, including undertake any act or omission that causes, or may cause, disruption or impairment to the availability or accessibility of the Site or our Services; If You become aware, or should reasonably be aware, of any request or demand made of You to engage in any act or conduct by which You or a third party gains unfair or undue financial or other advantage, including but not limited to dishonest or corrupt conduct, or any conduct in breach of any anti-corruption law applicable to the Site or our Services, then You must promptly report any such circumstances, act or conduct to us in writing.
You must not use this Site to copy, store, host, transmit, send, use, publish or distribute any material which consists of (or is linked to) any spyware, computer virus, Trojan horse, worm, keystroke logger, rootkit or other malicious computer software.
You must not conduct any systematic or automated data collection activities (including without limitation scraping, data mining, data extraction and data harvesting) on or in relation to this Site without prior written notification and obtaining our express written consent.
You must not intentionally or unintentionally use TOR or any other anonymous network or protocol to access the Site or our Services. Any user found or suspected of doing so will be marked as suspicious and possibly denied access.
You must agree not to access our Site or Services by any means other than the interfaces we provide for use in accessing them.
Finally, You agree that You will not use the Service to perform criminal activity of any sort, including but not limited to, money laundering, illegal gambling operations, terrorist financing, or malicious hacking.
Ausbits reserves the right to request identification information (such as driver’s license, identity card, invoices, government issued photographic identification, utility bills, residential certificate, signed certification of cohabitation, or similar, banking information) depending on the amounts requested through our Service or any apparent suspicious activity which may indicate money-laundering or other illegal activity. Identification of the bank account to or from which funds are transferred may also be requested. In certain cases notarization of certain documents may be requested. Transactions may be frozen until the identity check has been considered satisfactory by Ausbits as required by applicable money laundering laws.
Ausbits may request additional identification information at any time at the request of any competent authority or by application of any applicable law or regulation. Ausbits may also make enquiries using third parties to verify your identity and / or your account details. Ausbits accepts no responsibility for any loss or damages if you provide us with any wrong or false information, including but not limited to, incorrect wallet IDs. Ausbits has no responsibility for ensuring that a third party you are dealing with will or is authorised to complete the Transaction. Ausbits has no control over or liability for the delivery, quality, safety, legality or any other aspect of any goods or services that you may purchase or sell to or from a third party. If there are any problems with the way in which a third party has transacted with you, or has provided services to You, You must handle them directly with that third party.
You may terminate this agreement with Ausbits, and close Your Account at any time, following settlement of any pending Transactions.
You also agree that Ausbits may, by giving notice, in its sole discretion terminate Your access to the Site and to Your Account, including without limitation, our right to: limit, suspend or terminate the Service and Members' 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 Members 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 Members for any reason, including without limitation:
- attempts to gain unauthorized access to the Site or another Member’s Account or providing assistance to others' attempting to do so,
- overcoming software security features limiting use of or protecting any content,
- usage of the Service to perform illegal activities such as money laundering, illegal gambling operations, financing terrorism, or other criminal activities,
- failure to pay or fraudulent payment for Transactions,
- unexpected operational difficulties, or
- upon the request of law enforcement or other government agencies, if deemed to be legitimate and compelling by Ausbits, acting in its sole discretion.
We also reserve the right to cancel unconfirmed Accounts or Accounts that have been inactive for a period of 6 months or more, and/or to modify or discontinue our Site or Service. Members agree that Ausbits will not be liable to them or to any third party for termination of their Account or access to the Site.
The suspension of an Account shall not affect the payment of the commissions due for past Transactions. Upon termination, Members shall communicate a valid bank account to allow for the transfer of any currencies credited to their account. The said bank account shall be held by the Member. Bitcoins may be transferred to a valid bank account only after conversion into a currency. Ausbits shall transfer the currencies as soon as possible following the Member’s request in the time frames specified by Ausbits. Ausbits will send to you the credit balance of your account, however in circumstances a number of intermediaries may be involved in an international payment and these or the beneficiary bank may deduct charges. We will use reasonable efforts to ensure that such charges are disclosed to you prior to sending your payment, however where they cannot be avoided, you acknowledge that these charges cannot always be calculated in advance, and that you agree to be responsible for such charges.
Ownership of Bitcoins on Site
AusBits Limited makes no ownership claims of the Bitcoin or Fiat Money once it is transferred to our Site for use of our Services. All Bitcoins and Fiat Money are still under the wilful ownership of the Members and only held in trust on behalf of the User for the ability to access our Services.
Ausbits partners with Local Companies that utilize banking providers in order to receive client’s Fiat Moneys and making payments. The Local Companies banking providers DO NOT transfer Bitcoins, exchange Bitcoins, or provide any services in connection with Bitcoins.
Fiat Money is ultimately controlled by the bank providers of the Partnered Local Companies. Disruption including but not limited to delays of money transfer and frozen account may occur due to factors outside the Partnered Local Company control. They include but are not limited to banking system failure and legal obligation (EG: AML/CTF legislation responsibilities, criminal investigation). Ausbits with the Partnered Local Companies aims to resolve such issue to the best of our capability.
Ausbits may connect to other exchanges to provide more volume to an order book. Some trades may be executed with traders on other exchanges. In this case Ausbits acts as agents to fulfil all order execution responsibilities and will pay all relevant fees. All Price shown on Ausbits’s order book are inclusive of all relevant fees.
Paid commissions to traders
At Ausbits’s discretion, we may pay traders a fee when using limit orders. This is to incentivize more volume on the order book. Payments will be credited to trader’s account.
APIs and Widgets
We may provide access to certain parties to access specific data and information through our API (Application Programming Interface) or through widgets. We also may provide widgets for your use to put our data on Your Site. You are free to use these in their original unmodified and un-altered state.
External Web Sites
Ausbits makes no representations whatsoever about any other Site which you may access through this Site. The Site may provide links or other forms of reference to other websites (“External Web Sites”) or Resources over which we do not have control (“External Web Sites”). In such case you acknowledge that Ausbits is providing these links or references to you only as a convenience.
Ausbits is not responsible for the availability of, and content provided on, third party Sites. You are requested to review the policies posted by other Sites regarding privacy and other topics before use.
Ausbits is not responsible for third party content accessible through the Site, including opinions, advice, statements, prices, activities and advertisements, and you shall bear all risks associated with the use of such content. It is up to you to take precautions to ensure that whatever you select for your use is free of such items as viruses, worms, Trojan horses and other items of a destructive nature.
Our business model, and our Service, consists of facilitating the buying, selling and trading of Bitcoins and their use to purchase goods in an unregulated, international open payment system.
Email messages sent over the Internet are not secure and Ausbits is not responsible for any damages incurred by the result of sending email messages over the Internet. We suggest sending email in encrypted formats; you are welcome to send PGP encrypted emails to us. The instructions and keys to do so are available upon request.
Limitation of Liability
To the extent permitted by law, Ausbits will not be held liable for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss unless the loss suffered arising from negligence or wilful deceit or fraud. Nothing in these terms excludes or limits the liability of either party for fraud, death or personal injury caused by its negligence, breach of terms implied by operation of law, or any other liability which may not by law be limited or excluded.
The content on our Site is provided for general information only. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our Site.
To the extent permitted by law, we exclude all conditions, warranties, representations or other terms which may apply to our Site, or any content on it, and / or to the Services, whether express or implied.
Ausbits will not be liable to you (whether under the law of contact, the law of torts or otherwise) in relation to the contents of, or use of, or otherwise in connection with, this Site and / or the Services:
- for any use of, or inability to use, our Site and / or the Services;
- for any use of or reliance on any content displayed on our Site;
- for any indirect, special or consequential loss; or
- for any business losses, loss of revenue, income, profits or anticipated savings, loss of contracts or business relationships, loss of reputation or goodwill, or loss or corruption of information or data.
These limitations of liability apply even if a loss was foreseeable, or if Ausbits has been expressly advised of the potential loss.
We will not be liable for any loss or damage caused by a virus, distributed denial-of-service attack, or other technologically harmful material that may infect Your computer equipment, computer programs, data or other proprietary material due to Your use of our Site or to Your downloading of any content on it, or on any website linked to it.
We assume no responsibility for the content of websites linked on our Site. Such links should not be interpreted as endorsement by us of those linked websites. We will not be liable for any loss or damage that may arise from your use of them.
Subject to the foregoing, Ausbits’s aggregate liability in respect of claims based on events arising out of or in connection with any single Member’s use of the Site and/or Service, whether in contract or tort (including negligence) or otherwise, shall in no circumstances exceed the greater of either
- the total amount held on Account for the Member making a claim less any amount of Withdrawal Fees; or
- 100% of the amount of the Transaction(s) that are the subject of the claim less any amount of Commission that may be due and payable in respect of such Transaction(s)
This Site is provided ‘as is’ without any representations or warranties, express or implied. Ausbits makes no representations or warranties in relation to this Site or the information and materials provided on this Site.
Without prejudice to the generality of the foregoing paragraph, Ausbits does not warrant that: this Site will be constantly available, or available at all; or the information on this Site is complete, true, accurate or non-misleading.
Any part of this Site constitutes, or is meant to constitute, advice of any kind. If you require advice in relation to any legal or financial matter you should consult an appropriate professional.
Indemnity (vs limitation of liability)
We each acknowledge that, in entering into these terms, we do not rely on, and shall have no remedies in respect of, any statement, promises, assurances, warranties, representations or understandings (whether oral or written, and whether made innocently or negligently) made by or on behalf of the other that are not set out in these terms.
We each agree that we shall have no claim for innocent or negligent misrepresentation based on any statement in these terms, save that nothing in these terms shall limit or exclude any liability for fraud.
Modification of Terms
Ausbits reserves the right to change, add or remove portions of these terms, at any time, in an exercise of its sole discretion. You will be notified of any changes in advance through Your Account. Upon such notification, it is your responsibility to review the amended terms. Your continued use of the Site following the posting of a notice of changes to the terms signifies that you accept and agree to the changes, and that all subsequent transactions made by you will be subject to the amended terms.
Please check this page from time to time to take notice of any changes we made, as they are binding on you.
Bitcoins \: means the Peer-to-Peer internet currency further described at http://Bitcoin.org.
Buyer(s) \: means Member(s) that are submitting an offer to buy Bitcoins through the Service.
Fiat Money \: Currency that a government has declared to be legal tender. IE: AUD, CNY, USD, etc.
Member(s) \: means Buyers and Sellers as well as any holder of a registered Account with Ausbits.
Partnered Local Company \: means a company that Ausbits has partnered with to handle fiat money deposits and withdrawals.
Price \: means “price per Bitcoin” for which Members are willing to purchase or sell Bitcoins, using the Service in a Bitcoin Purchase Transaction. The Price may be expressed in any of the currencies deposited by Members in their Account and supported by the Service. See our Site for a full list of currencies.
Seller(s) \: means Member(s) that are submitting an offer to sell Bitcoins through the Service.
Service(s) \: means the technological platform, functional rules and market managed by AusBits Limited to permit Sellers and Buyers to perform purchase and sale Transactions of Bitcoins.
Transaction \: means
- the agreement between the Buyer and the Seller to exchange Bitcoins through the Service for currencies at a commonly agreed rate (“Bitcoin Purchase Transaction”);
- the conversion of currencies into Bitcoins deposited by Members on their Account (“Conversion Transaction”);
- the transfer of Bitcoins among Members (“Bitcoin Transfer Transaction”);
- the transfer of currencies among Members (“Currency Transfer Transaction”); and
- the purchase of ancillary products (“Purchase Transactions”).
Ausbits may not offer all of these types of Transactions at this time or in all places.
Withdrawal Fees \: refers to the fee which is payable to Ausbits on each Fiat Money withdrawal, such as an AUD currency withdrawal.