Terms of Service
Last Revised on: 21st November 2022
DISCLAIMER
PLEASE READ THIS DISCLAIMER CAREFULLY BEFORE USING OUR SERVICES
This Disclaimer provides important information in relation to your interactions with the Over-
the-Counter Virtual Asset Exchange Services, provided to you by Veetrblox UAB. Please read
this Disclaimer carefully and use it for your reference and consideration.
Please note that Terms of Service stipulated in this document may apply differently in regard to
different Services and transactions. Any term applying to specific services and transactions not
referred to in these Terms of Service must not overwrite or otherwise prevail over the provisions
of these Terms and shall be applied in addition to them.
Before engaging with any actions related to the use of our Services, please consider the risks
of conducting transactions and dealings with Virtual Assets. The Risk Statement disclosing
the risks associated with the use of Virtual Assets is available as an Annex 1 to these Terms of
Service.
Veetrblox UAB is not a financial, tax, or legal advisor and shall not be perceived as such.
Any information and statement mentioned in our legal documents, including these Terms of
Service, as well as on our website, applications and other forms of media containing such
information should not be used as professional financial, tax or legal advice. Before engaging
with our Services and website, it is strongly recommended to consult the professional advisors in
the relevant fields in order to be fully aware of the risks, benefits, and nature of the relationship
with us.
We reserve the right to change these Terms of Service and other applicable terms in the future.
Any alterations and amendments will be published on our website. Your act of using our services
shall be your deemed acceptance and agreement with the latest version of these Terms of Service.
If you have any questions or inquiries about this document, please contact us via our website.
These terms (hereinafter, the “Terms”) are intended for customers residing in the European
Union (the “EU”) and the European Economic Area (the “EEA”).
These Terms apply as a contract between Veetrblox UAB (also referred to in these Terms as
“we”, “our” or “us”) and the Client (also referred to as “you” or “your”).
Veetrblox UAB is authorized and licensed from Republic of Lithuania to provide the exchange
services from fiat currency to virtual assets and vice versa.
By visiting our website and using our services, you confirm that you have reached the legal age
in your country of residence and therefore are legally capable of entering into agreements and be
bound by its terms. You further acknowledge and agree to be legally bound by terms and
conditions laid down in their entirety.
You understand and affirm that logging into your account shall constitute your consent with these
Terms between you and Veetrblox UAB. You further acknowledge that we have a right to
reaffirm your acceptance of these Terms from time to time, as we introduce amendments where
your acceptance shall be a prerequisite to further access and use of our Services. Please note that
any transactions or orders placed with Veetrblox exchange after entering into force of the updated
provisions of these Terms shall be subject to the said amendments. If you disagree to these
Terms, you should discontinue using our Services.
In order to use our Services, you must submit all the necessary information and documents in
accordance with our KYC procedure pursuant to the Anti-Money Laundering and Anti-terrorism
Financing Prevention and International Sanctions regulations formulated by EU and applicable in
Republic of Lithuania. In addition, you must meet eligibility criteria to use our Services.
Before engaging with and using our Services, you must ensure you have read these Terms in full,
including all the important legal terms.
If you have any questions regarding the use of our Services, there Terms, or any other inquiry,
submission of feedback or complaints, please contact us at: [email protected].
1. ELIGIBILITY
Availability of our Services depend on a number of factors determining your eligibility to engage
with the said Services. Veetrblox’s Exchange may refrain from providing the Services in certain
locations and jurisdictions, the information about such locations and jurisdictions is available on
our website.
In order to be deemed eligible to use and engage with our Services, you must warrant that:
- You have reached the legal age (18 years) and therefore are legally capable of entering
into agreements and be bound by its terms;
- You have never been suspended or otherwise restricted from using our Services;
- Entering into a binding agreement with us does not contradict or breach any other
contractual terms by which you are legally bound;
- You are not located and/or residing in any of the restricted locations and jurisdictions,
including those subject to the restrictive measures from EU, UN and Republic of
Lithuania’s (i.e., Sanctions, embargoes);
- You are not identified as an individual that is officially classified as a Specially
Designated National and Blocked Person (the “SDN”), or is affiliated with companies,
groups and entities classified as the SDN, or otherwise represent such natural or legal
person.
Eligibility of an individual intending to use the Services on behalf of a legal entity is determined
by meeting the following requirements:
- Your organization is incorporated with all due diligence of the company formation and
incorporation in the country of its legal location;
- Your organization conducts its activities in accordance with the applicable laws and
regulations;
- You have been legally authorised to represent your organization and otherwise enter into
legally binding agreements on its behalf;
- Your organization has not been associated with, affiliated with or otherwise identified as
the SDN;
- Your organization does not fall under the definition of Prohibited Businesses as stated in
Annex2 to these Terms and does not represent nor conducts its business activities in any
of the fields laid down in Annex 2.
We reserve the right to evaluate your eligibility to access and use our Services at any moment by
assessing your compliance with the eligibility criteria listed above. In the case of amendment,
alteration, or extension of eligibility criteria, we may review your eligibility accordingly.
Veetrblox Exchange may require you to provide proof of eligibility, if necessary. Any decision,
including the initial and ongoing evaluations, reviews and assessments of your eligibility by us,
shall be final.
2. OUR SERVICES
2.1. Virtual Assets Exchange
Veetrblox Virtual Asset Exchange (the “Exchange”) enables you to execute purchases and sales
of Virtual Assets like USDT, BTC at prices and rates indicated by the Exchange via the use of
your Account.
You may opt to purchase Virtual Assets with Fiat Currency, and vice versa. Respectively, you
may also opt to sell your Virtual Asset and receive Fiat Currency, and vice versa.
2.2. Orders
2.2.1. Placing Orders
Our Exchange operates on a full reserve principle. All Orders are executed on a pre-paid
basis, meaning that you must ensure the sufficient amount of funds in your Account to
fulfil an Order. The amount of funds necessary to execute an Order is reserved until
further fulfilment, cancellation, expiration or termination of your Order. The total amount
of funds necessary for placing an Order shall cover the value of the Order and all the
applicable fees. Any Order the required amount of which exceeds the amount of freely
available funds in your Account cannot and will not be executed and shall be rejected.
By placing an Order, you confirm that we are not responsible for cancelling it in full
or in part. You confirm that cancelling an Order may not be possible after it has
already been processed for fulfilment.
You should make sure that the following requirements are fulfilled before placing an
Order:
- You have entered the desired amount of Virtual Assets to buy or sell and made
sure that the desired amount is entered correctly;
- You have reviewed the purchase or sale rates of your Order;
- You have reviewed the fees applicable to your Order;
- You understand the net worth of Virtual or Fiat Assets to be received.
2.2.2. Order Fulfilment
Once an Order has been placed, there may be a possibility that it may not be fulfilled. The
reasons affecting the fulfilment of your Orders include (but are not limited to):
- The activity status of the Exchange, including the events of downtime, scheduled/
emergency system, software maintenance and any other unforeseen event;
- The availability and sufficient amount of funds in your Account;
- Mechanical and electronic state of the hardware and software;
- Any issue on the part of the banking partner of the Exchange;
- Compliance requirements and other relevant factors.
Please note that in the event of non-fulfilment of your orders as stated above, Veetrblox
Exchange shall not be liable.
2.2.3. Order Confirmation
After the placement of an Order, we will send you a confirmation e-mail informing you of
the successful placement. If your Order is subsequently fulfilled, you will receive a
second confirmation e-mail, informing you of the fulfilment.
Order Confirmation e-mail contains such information, as the time and date of your Order,
the Order amount, the fee paid, as well as our contact information in case you have further
questions, inquires or complaints about the Order.
2.2.4. Conversion Fees
Conversion Fee is a fee paid over a purchase or a sale of a Virtual Asset as an additional
value. We never conceal or otherwise hide our Conversion Fees from you: you will see
the applicable fee next to the Order value prior to the Order placement, as well as after its
placement in the Order Confirmation e-mail.
Conversion Fees are not fixed-rate and are subject to change. Before placing an Order,
please ensure you have reviewed our current Conversion Fees on our website.
2.2.5. Exchange Rates
Exchange Rate is a value assigned to a Virtual Asset against a Fiat Currency for its
conversion (purchase or sale). The Exchange Rate differs in accordance with the given
Virtual Asset and may be adjusted over time. Before placing an Order, please ensure you
have reviewed our current Exchange Rates.
Please note that the purchase Exchange Rates may differ from the sale Exchange Rates.
We cannot guarantee that the said Exchange Rates will stay the same and/or consistent
over time. By placing an order you confirm that you are aware of the fluctuating nature of
the Exchange Rates and that total price paid for an Order may differ at any time given the
current applicable Exchange Rate.
2.3. Deposits, Transactions, and Withdrawals
2.3.1. Deposits
In order to place Orders and execute transactions, you should ensure your Account holds a
sufficient amount of funds. You may deposit and execute Orders and transactions with
Virtual and Fiat Currencies.
Please note that we shall not be liable for any error, failure, delay and/or reliability of the
service providers and financial institutions you use to deposit your Account. Before
sending funds to your Account, make sure you have reviewed and agreed to your external
service provider’s policies on transferring of funds as well as the relevant compliance
legislation and regulations.
2.3.2. Fiat Currency Transactions
You may choose to purchase Virtual Assets with Fiat Currency. You may do so by either
depositing a desired amount of Fiat Currency into your Account or by linking the desired
payment method associated with your source of fiat funds to the Account before an Order
is placed.
If you opt to deposit Fiat Currency to your Account, we shall hold such fiat funds on your
behalf in a bank account that is completely separate and independent from <company
name> own bank accounts. If you opt to link a payment method to your Account, you
may select a desired method from a list of options that will be displayed to you and
confirm it. By confirming the linking of a payment method, you grant us authorisation to
debit the necessary amounts of funds to place and fulfil your Orders and transactions.
You may also opt to sell your Virtual Assets for Fiat Currency. In this case, by placing
such Order, you give us authorization to deduct the necessary amount of Virtual Assets
funds to receive the desired amount of Fiat Currency. The Fiat Currency shall be
delivered to the payment method of your choice.
2.3.3. Virtual Asset Transactions
Veetrblox exchange does not provide wallet services and therefore you all your Virtual
Asset funds have be stored by you in the wallet of your choice. Please make sure that at
the time of purchasing Virtual Asset, you provide us the correct wallet address for the
transfer of Virtual asset you intend to purchase. If you provide wrong wallet address, your
funds are likely to be lost and Veetrblox would not be liable to the loss of funds.
2.3.4. Withdrawals
2.3.4.1. Fiat Currency Withdrawals
It is permissible to withdraw Fiat Currency funds only to a bank account opened
on your name. Withdrawals to any third party bank accounts, including bank
accounts of authorized third parties, is prohibited. Any withdrawal must be
authorized directly by you by using means of authentication.
2.3.4.2. Virtual Assets Withdrawals
Veetrblox is not providing custodial services for Virtual Asset funds.
2.3.4.3. Wire Withdrawals
Wire withdrawals are processed only to a bank account opened on your name and
in accordance with normal banking hours. You understand that the withdrawal of
funds may be affected by events such as bank and state holidays, weekends, the
internal processes of your bank and financial institutions as well as other relevant
factors.
3. YOUR ACCOUNT
3.1. Registering an Account
Registration of an Account is a prerequisite to using any of our Services. Upon the registration,
you will be asked to provide your details for Know your customer process. By accepting the
present Terms, you acknowledge and confirm that you are acting on your behalf and opening an
Account for yourself only. In an event of opening of an Account by a third party acting on your
behalf, such as your representative, you acknowledge that we may require you to present the
respective proof of authorisation granted to the said party to act on your behalf, such as a Power
of Attorney or other proof of authorisation.
Please note that appointing a third party to act on your behalf and expressing explicit
permission for them to perform actions including, but not limited to, registering an
Account, does not waive any liability off you as a subject to these Terms. Any action
performed by such a third party shall be considered authorized by you and therefore being
performed in accordance with your direct and indirect instruction. By accepting these Terms, you
acknowledge that you retain full responsibility for the instructions given to any third party
authorized to act on your behalf and any act and omission arising from the said instructions
thereof. You further confirm that we are not liable for any such act or omission. You may alter or
recall authorisation granted to a third party by submitting a written notice to us via
[email protected].
Only users (including both natural and legal persons) with a fully registered Account that passed
our Compliance Clearance are deemed Veetrblox’s customers. One person may create and use
only one Account. Any duplicate Accounts associated with tour data already submitted to another
Account will be suspended.
Compliance Clearance requires us to inquire and receive additional information from you.
Please note that some of such inquired information may be considered personal data as per
the European General Data Protection Regulation (the “GDPR”). Please read the next
section carefully to understand the degree of information we demand to conduct the Compliance
Clearance of our customers. To read more about how we treat your personal information and
your rights associated with personal data you entrust us with, please read our Privacy Policy.
3.2. Compliance Clearance
Compliance Clearance is a procedure undertaken by our compliance team to ensure our
customers' background and eligibility for opening an Account with us in accordance with the
requirements and provision of the Lithuanian Anti-Money Laundering and Terrorist Financing
Prevention regulations. Veetrblox UAB ensures the Compliance Clearance procedures to be
undertaken for all users registering an Account in accordance with due diligence measures
prescribed by relevant laws.
Before being granted access to your Account, including access to your use of our Services,
respectively, you should complete the verification procedures necessary to ensure Compliance
Clearance. Our Compliance Team will evaluate the information you submit in accordance with
their instructions and inquiries to assess it on the basis of the applicable legal requirements and
policies. To provide quality assessment of our perspective customers' background information
and ensure decision-making in accordance with the legal requirements in force, we ensure that
the said assessment is performed by the professionals who have obtained necessary training and
qualifications to undertake the tasks associated with the assessment.
We may request you to provide such information, as you name, date of birth, residential address,
telephone number, e-mail address, personal identification code, as well as other information
about yourself and/or your business activities, including records of such activities, proof of
source and origin of funds, overview of the business structure, estimated turnover, major
suppliers and partners, etc. Please note that some of the inquired information may fall under
the definition of personal data under the GDPR, therefore we strongly recommend you to
read our Privacy Policy to learn of your rights as data subject providing us with your
personal information.
By providing us with the information requested to verify your identity for the purposes of
Compliance Clearance, you acknowledge and confirm that all the information submitted to us by
you in true, accurate and complete, and you have not deliberately concealed or otherwise
tampered with or altered information for the purposes of influencing the outcome of our
assessment. You further agree that any information that was presented in a false, inaccurate or
incomplete state is corrected by presenting additional documents and records correcting the said
inadequacies. In an event of change of circumstances influencing the correctness and integrity of
submitted information, you agree to notify us of such changes and present information that is up-
to-date respectively.
We reserve the right to forward any information submitted to us to the competent authorities of
any Country subject to legal validity and other relevant legal requirements, should we have
serious grounds to believe that the submitted information is associated with a case of fraud,
money laundering, terrorism financing or other financial crime acts. We may further disclose
such information to the competent authorities to receive their evaluation, should we be unable to
conclude with full certainty the user's affiliation with any of the above-mentioned acts.
3.3. Enhanced Compliance Due Diligence
Enhanced Compliance Due Diligence is applied to those users, whose risk profile has been
effectively determined as high (for more information about determining the risk profiles of our
customers, please check out our AML/KYC Policy and the information already provided by you
not be sufficient to finalize Compliance Clearance. Therefore, we may require you to provide
additional information about yourself and/or your business as well as organize meetings to further
verify your identity and the nature of your business activities.
In addition, we apply Enhanced Compliance Due Diligence in case you decide to increase your
transaction limits.
3.4. Transaction Limits
Transaction Limits are limitations imposed on the capacity of every customer upon finalizing the
Compliance Clearance to execute transactions at a certain volume per day. Transaction Limits are
determined by a variety of factors, including but not limited to your risk profile, the nature and
field of your business activities, the verification steps completed, payment method of choice, and
other factors. You may decide to change your transaction limits at any moment.
Please note that in regard to the above-mentioned factors determining the Transaction Limits we
may require you to complete Enhanced Compliance Due Diligence. In such an event, we may
inquire the additional information from you, which you agree to provide in a` timely and accurate
manner in full amount requested by us. We will notify you of the decision to raise your limits
thereof on the basis of the Enhanced Compliance Due Diligence. Please note that we reserve the
right not to grant the request to raise the limits and that by submitting your information for
Enhanced Compliance Due Diligence you agree that we may subsequently lower your
Transaction Limits without any preliminary request or notice. A decision to raise or lower your
Transaction Limits is made at our sole discretion only and only on the basis of the assessment
derived from the Enhanced Compliance Due Diligence procedure.
3.5. Account Closure
You have a right to close your Account at any time. Upon closure, you will be provided with
instructions on transferring your Fiat and Virtual Assets funds available on your Account to other
accounts under your control. You shall be solely responsible for handling any costs and expenses
with regard to the closure. You further acknowledge that closing an Account on your own accord
does not invalidate and/or annul the validity of any provisions of these Terms to which you were
a subject prior to Account closure.
4. BREACH OF AGREEMENT
4.1. Prohibited Use
All Transactions must abide by the rules of bona fide, or genuine, transaction activities. The
following section describes practices that are prohibited on Veetrblox Exchange and therefore are
taken into account when assessing an event of a Breach of these Terms and determining
applicable Sanctions and Remedies. The followings acts and omissions are considered strictly
prohibited on Veetrblox Exchange and in regard to all our Services:
- Unlawful activity, meaning any activity that violates any law, regulation, legal act, or
other legal instrument adopted in the countries of Veetrblox operation, including but not
limited to laws of Republic of Lithuania and the regulatory regime supervised and
enforced by the Lithuanian regulatory bodies in the field of business conduct.
- Gambling, or using our Exchange and Services to conduct and participate in such
activities, as lotteries, games of change, bidding fee auctions, sports bidding, sweepstakes
and other activities falling under the definition of gambling.
- Fraud and other acts of fraudulent nature: this includes any act or attempt to commit
such an act thereof that would inevitably deceive or trick Veetrblox in regard to any
Transaction;
- Acts detrimental to Cybersecurity, including introducing automated means of interface
not authorised and developed by us, imposing unreasonably large amounts of data in an
attempt to overload, interfere with, intercept, or cause malfunction and failure of our hard-
and software and systems; attempts to gain access to a Customer's account without their
authorization or knowledge; accessing and tampering with any Service that you are not
authorized to access; infiltrating any malware or malicious code or software, such as
viruses, Trojan, worms, developing and distributing third-party applications engaging
with of our object and/or source code and our Services, and other relevant acts falling
under the subject matter of the Lithuanian Cybersecurity laws;
- Intellectual Property Infringement, including involvement in any use of transactions
with the subjects of Veetrblox's intellectual property, such as those subject to copyrights,
trademark, trade secret, without prior consent and authorization by Veetrblox and in a
manner that constitutes an infringement or violation of any intellectual property law or
regulation of the country of Veetrblox operation, including but not limited to the
Lithuanian Copyright Laws.
- Transactions for the purposes of passing money between accounts, as such
Transactions shall be perceived as misleading or deceiving against the principle of bona
fide, or genuine, transactions, and should not be executed;
The above-mentioned provisions shall apply to Veetrblox’s Services at all times without
exception.
Veetrblox reserves the right to refrain from providing services and terminate any relation
immediately and without further notice with businesses falling under the definition of a
Prohibited Business as provided in Annex 2 to these Terms.
5.2. Account Suspension and Termination
Veetrblox may decide to suspend, restrict or terminate your Account and limit your access to our
Services in any event that falls under any of the following reasons (the list of which is non-
exhaustive):
- We believe that your acts may be damaging to or have resulted in consequences
detrimental to our reputation;
- We are required to do so by a regulatory authority, court order, law enforcement order or
the act of any other competent authority;
- We have reasonable grounds to suspect you in breaching these Terms or other applicable
agreement;
- We have reasonable grounds to believe a transaction or an order to be erroneous;
- We suspect unauthorized and/or fraudulent access to your Account, or believe that your
login credentials have been used to gain access to your Account without your consent
and/or knowledge;
- We believe the security of your Account has been compromised;
- We have reasonable grounds to suspect money laundering, terrorist financing, fraud or
other financial crime;
- Your Account is a subject to any ongoing/pending litigation, investigation and/or legal
proceedings;
- In pursuance of sanctions compliance.
- Your Account is believed to be a subject to potential non-compliance and heightened risks
in regards to the regulatory norms and requirements;
- You have performed activities with the use of your Account that fall under any of the
Prohibited Use activities as stated in Section 4.1, or your Account has been engaged in
any Prohibited Businesses subject to Annex 2 to these Terms.
In an event of Account suspension or termination, any Transaction or Order will be placed on
hold, cancelled or reversed. In addition, we reserve the right to deactivate your account taking
effect immediately for any of the above-mentioned reasons.
Veetrblox will issue communication specifying the reasons leading to a decision to suspend,
restrict or terminate your Account and, where appropriate, instructions on how to effectively
correct or amend erroneous information or submit missing information and documents. In an
event of cancelling or withholding the execution of a Transaction or an Order, we will effectively
lift these restrictions once the necessary deficiencies have been eliminated and your Account has
been deemed no longer falling under any reasons for suspension or termination.
6. LIABILITY
All events of our indemnification, warranty, limitations of losses and limitations of liability are
hereby excluded as per the applicable law to the fullest permitted extent, if not specified
otherwise herein. Neither these Terms, nor other Veetrblox UAB agreement shall by any means
exclude or limit liability which may not be limited or excluded under relevant law.
6.1. Indemnification
You agree to indemnify and hold harmless Veetrblox as well as any of our partners, affiliates,
service providers, officers, directors, employees, representatives and other parties and persons
affiliated with us from any and all claims, losses, actions, demands, costs, expenses and damages
resulting from the use of your Account by you or any other third party in regards to:
- use of our Site and Services;
- breaches and violations of these Terms and other Veetrblox agreements;
- cancellation or termination of any transactions resulting in a negative balance;
- feedback, comments or submissions provided by you;
- erroneous, false, incomplete, or misleading information provided to us for the purposes of
identity verification and source of funds;
- violation of laws and regulations, or rights of any third party.
6.2. Disclaimer of Warranties
Veetrblox Exchange Services and Site are provided to you on a “as is” and “as available” basis,
no promises, representations and warranties given in regards to the said basis, whether express,
implied or statutory. We do not give any warranties of title, merchantability, data accuracy,
system integration, quiet enjoyment, fitness for a particular purpose and/or non-infringement. We
do not make any promises, representations and warranties that access to our Services and Site
shall be continuous, uninterrupted, timely, or error-free.
We shall publish and make available any information, materials, views, opinions, projections or
estimates for the informative purposes only, and the said purpose is subject to change without
prior notice. Any decision. act, or omission thereof undertaken by you shall be made on the basis
of your own assessment of relevance, timeliness, accuracy, adequacy, completeness, reliability
and value of information, materials, views, opinions, projections or estimated provided to you on
the Site and via our Services. Subsequently, we shall hold no liability over any damage or loss
arising directly or indirectly as a result of your use of any information, materials, views, opinions,
projections or estimates provided to you on the Site and via our Services.
None of our Services and information provided on our Site shall be perceived as investment,
financial, regulatory, tax or legal advice and you should seek any of the said advice at your own
discretion and independently from the professionals with relevant qualifications and/ or licenses.
Any decision in regard to the use of our Site and Services made without the aid of the relevant
advisor shall be your own responsibility.
Furthermore, we make no promises, representations and warranties in regard to the amount of
time required to process transactions involving Virtual Assets wallets, bank accounts, credit and
debit cards, and electronic money wallets as factors affecting the timeliness and processing of
such transactions lie outside of the scope of our direct control. Therefore, even though we direct
our best effort to ensure the timely execution of transactions, we do not guarantee nor warrant
any periods related to the execution of transactions via the above-mentioned means.
You agree and acknowledge that any statement relied upon by you in regard to the above-
mentioned notions is derived directly from the provisions of these Terms, unless explicitly
specified otherwise.
6.3. Disclaimer of Liability
In no event and under no circumstances shall Veetrblox UAB, its affiliates, service providers,
officers, directors, employees, representatives and other parties and persons affiliated with is be
liable in any form or manner, in contract, tort, negligence, strict liability, or otherwise for any
punitive, special, indirect, consequential, incidental, or similar damages, even in an event of prior
notification of such a possibility arising thereof, in connection with these Terms of Services or
any other agreement, your use, including attempted use, of our Site, Services, information,
materials, views, opinions, projections or estimates provided by us, except to the extent stipulated
by law.
Moreover, in no event and under no circumstances shall Veetrblox UAB, its affiliates, service
providers, officers, directors, employees, representatives and other parties and persons affiliated
with is be liable in any form or manner, in contract, tort, negligence, strict liability, or otherwise
for any direct damages, even in an event of prior notification of such a possibility arising thereof,
in connection with these Terms of Services or any other agreement, your use, including attempted
use, of our Site, Services, information, materials, views, opinions, projections or estimates
provided by us, except to the extent stipulated by law.
You fully acknowledge and agree that you may not recover for lost or unrealized profits, business
opportunities, unintended and unforeseeable financial losses and other punitive, special, indirect,
consequential or incidental damages.
In no event and under no circumstances shall we be obliged to award you any count of Virtual
Assets as compensation for damages, nor shall we be required to offer it to you as a remedy.
Moreover, this limitation of liability concerns and applies to, in conjunction the above-mentioned
statements herein, to damages, interruptions, and errors caused by computer viruses, malicious
software, spyware, scamware, Trojan horses, worms, or any other malicious software or malware
that may affect the operational state of your hard- and software and their security. Similarly, we
shall not be liable for any phishing, spoofing, domain typosquatting, network forks, replay
attacks, double-spend attacks, sybil attacks, 51% attacks, mining difficulties, failure or
malfunction of any communication, electronic and mechanical equipment, telephone or other
interconnection devices, changes in cryptography or consensus rules, branching of cybersecurity
and hacking, and other relevant events, including force-majeure events. Additionally, we shall
not be liable for any damages to you arising from the amendments, introductions, entering into
force, repealing or otherwise altering legislation, regulations, policies and laws in force at any
given time or date.
This disclaimer of liability shall supersede, notwithstanding the validity and conflict of and
between any other section, provision or statement of these Terms thereof.
7. PERSONAL DATA PROTECTION
We collect, use, and share your personal information in accordance with our obligations and legal
requirements laid down by the European General Data Protection Regulation (the “GDPR”). To
learn more about how we collect, use, store, share and transfer your data as well as your rights as
a data subject, please visit out Privacy Policy which shall be incorporated into these Terms and
shall be perceived in connection with other provisions of these Terms.
8. SECURITY
8.1. Security Data
You agree and acknowledge that security of your login details and credentials, including but not
limited to passwords, private and public keys, identifiers, passphrases, backup data and other
relevant data, is your sole responsibility. You must ensure adequate, constant and safe
maintenance and control over your security details at all times to prevent unauthorized access and
use of your security data, its loss, modification, alteration, theft and breach. You shall implement
reasonable means to ensure security of your data, which include but are not limited to the
following methods:
- Creating passwords of sufficient complexity and character length and storing them in an
encrypted, protected manner, such as password managers and external devices;
- Preventing misuse, theft and loss of your electronic devices, ensuring that any data related
to your Account that is stored on any such device is backed up on external data storage
devices and protected by encryption;
- Implementing means of two-factor authentication (the “2FA”) and/or biometric
authentication;
- Preventing and avoiding any remote access to your devices when you are logged on to
your Account;
- Reviewing and double-checking all transactions and actions required for their execution;
- Avoiding disclosure, visibility and transfer of any security data related to your Account,
including passwords, keys, identifiers, payment methods, bank account and card details,
and other relevant data;
- Checking Virtual Assets addresses of intended recipients of your transactions and
avoiding transfers of funds to addresses of address owners, the identity of which may not
be verified by you to the reasonable degree;
- Checking every request to send and/or receive funds, send and/or reveal any security data
element or share any information related to your Account that you receive from us or any
other third party. Please note that we will never ask you to reveal any of the above-
mentioned security data; nor shall we ever ask you to transfer any Virtual or Fiat
Currency funds to us in any form or any of our addresses, except in a manner and by
means compliant with and permissible by applicable law.
8.2. Reporting Security Breach
If you suspect that your Account or security data have been compromised or breached, or you
have become aware of any event involving your Account and/or affecting you and/or us
(including cyber-security attacks), you must notify us immediately by writing an e-mail at
[email protected].
9. COMPLAINTS AND DISPUTE RESOLUTION
9.1. Governing Law
These Terms, your rights and obligations as well as all actions arising out of and related to these
Terms shall be governed by the laws of Republic of Lithuania, applicable to these Terms in their
entirety.
9.2. Complaints Filed with Us
If you have a complaint and wish to resolve a dispute arising out of it, you shall address it with
our support team in the first instance before attempting to settle any dispute by means described
in the next sub-sections of these Terms. Please note that a competent authority referred to in the
next sub-sections may dismiss your action on the basis of your failure to settle dispute by
contacting us directly in the first place. You may challenge your complaint by contacting
Veetrblox UAB Customer Support.
You shall contact our Customer Support by sending an e-mail to [email protected] In your
message, you shall indicate the points of issue, elaborating on details of your claim as precisely
as possible, and present evidence supporting your claims in a form of visual (photo/video) and/or
audio materials. A Customer Support specialist will respond to your message in a timely manner
but no later than within 14 days from the day of the submission of a complaint. The Customer
Support specialist shall then provide you with the following remedies:
- Supporting your claims and remedies proposed by you and providing their aid in
obtaining said remedies;
- Rejecting your claim and identifying reasons for rejection;
- Proposing alternative remedies for dispute resolution.
In an event of an inability to contact you within the indicated notice period of 14 days, we shall
notify you of the reasons for a delay and specifying the deadline by which our Customer Support
specialist must contact you. The maximum period allowed for replying to your complaint shall
not be longer than 30 days from the day of submitting a claim.
9.3. Alternative Dispute Resolution
You may opt to settle a dispute by alternative dispute resolution means, including mediation and
arbitration, if you are unable to settle a dispute with the Customer Support, or you are not
satisfied with remedies proposed to you as a result of your prior communication with our
Customer Support.
9.3.1. Mediation
Any dispute between the parties relating to or arising from this contract may be submitted
to a procedure of mediation conducted by a sole mediator, appointed and proceeding in
accordance with the Mediation Rules of this body by the local branch – if any – of the
Mediation Centre for Europe, the Mediterranean and the Middle East having its seat in
Strasbourg, which Rules are in force at the date of filing of the application for mediation.
In the event of the mediation proceedings not taking place or being unsuccessful, any
dispute arising from said relationships between the parties shall be determined in
accordance with the Arbitration Rules and the Internal Rules of the European Court of
Arbitration – being part of the European Centre of Arbitration having its seat at
Strasbourg (in force at the time the application for arbitration is filed), with right to appeal
– unless forbidden by the applicable procedural law – including for wrong choice of the
substantive law and or for errors of substantive law and errors of fact, by way of rehearing
by an appellate arbitral tribunal (if so allowed by the applicable procedural law), of which
adoption of this clause constitutes acceptance.
9.3.2. Arbitration
By applying for arbitration proceedings, you agree and acknowledge that you willingly
waive your right to resolve any dispute, whether existing or future, through litigation. You
may, however, initiate court proceedings in the country of the seat of the arbitration to
rule the appointed arbitration award invalid and unenforceable.
The arbitration proceedings will be conducted according to the provisions of the said
Terms by a sole arbitrator who will be appointed mutually by the Parties. The language of
proceeding shall be English.
9.4. Dispute Resolution in Court
In an event of inability to settle a dispute in any manner described in above-mentioned Sections
9.2—9.3, you have a right to initiate legal action or proceedings in the exclusive jurisdiction of
Vilnius, Lithuania. You further agree not to initiate any such legal action or proceedings in any
other jurisdiction and before any other court.
10. GENERAL PROVISIONS
10.1 Intellectual Property
All intellectual property rights in regard to materials and content presented in connected with
Veetrblox UAB is subject to and enjoys protection of applicable intellectual property regulations.
Material and content protected by intellectual property rights cannot and shall not be licensed to
any third party under any implied license, unless specified otherwise. All materials and content
subject to intellectual property rights may be used in a personal, lawful and non-commercial
manner only and only in connection with you use of our Services and Site. You agree and
acknowledge that any use of our materials and content in any other manner constitutes
intellectual property rights infringement and may enable us to initiate appropriate legal action.
You further acknowledge and agree that distribution and sharing of our materials and content on
any third party websites, file hostings, and similar services is strictly prohibited. Furthermore,
Veetrblox UAB prohibits reproduction, display, public performance, distribution and use of our
materials and content for any public and commercial purposes. Any copying and sharing of our
materials and content shall be done by requesting prior permission from Veetrblox UAB and only
by obtaining a written notice permitting you to do so. You further agree to retain any watermark,
copyright signs and other relevant copyrights and proprietary notices associated with said
materials as originally provided. Modification, alteration and selling of our materials and contents
is prohibited.
10.2 Access and Availability
Please note that access to and availability of our website may be affected by events outside of our
scope of control, such as volatility. In such an event, or any other event effecting access and
availability of Veetrblox website, you may experience inability to access your Account and our
website and/or place, perform or execute Orders and Transactions. Veetrblox UAB does not
guarantee or warrant flawless and uninterrupted access to and availability of our Services and
Site at all times, as well as uninterrupted placement, execution and finalization of Orders and
Transactions. Even though our customer support aims at providing you with timely and efficient
responses within reasonable and adequate periods, be do not warrant nor guarantee the said
timeliness. Under no circumstances shall we be liable for any damages arising from the events
affecting access and availability of our Services and Site.
10.3. Third Party Services
You may encounter content, links to web pages and services as well as other relevant services
and information provided to you by third parties while using our Site and Services. Please note
that we shall not be liable for any content provided to you by third parties, nor do we have any
control, direct or indirect, over the quality, quantity and subject matter of the said content. In an
event of raising concerns over the quality, quantity and/or subject matter of third-party content,
you agree to address said concerns to the respective third party and any dispute arising thereof
shall be settled without our participation between you and the third party in question.
10.4. Your Compliance with Applicable Law
Your compliance with applicable laws, regulations, licensing requirements and other relevant
legislation, including but not limited to personal data protection and laws on anti-money
laundering and terrorist financing prevention, are your sole responsibility. Veetrblox UAB shall
not be liable in any manner or form for the breach of applicable laws and regulations arising from
your use of our Services and Site, not shall be held liable for any damages and consequences of
the said breaches. You can go through our AML/KYC Policy with which you have to abide
________________
10.5. Amendments
We may adopt changes and amendment to these Terms and other Veetrblox UAB agreements to
adapt and comply with the recent development in applicable legislation or for other reasons. We
will notify you of any changes and amendments to these Terms and other agreements by e-mail
and on our Site at least one month in advance. Please note that you acceptance of changes and
amendments is deemed valid if you have not objected or otherwise notified us in writing prior to
the date of entry into force of said changes and amendments. Within a one-month notice period,
you have a right to terminate any agreement immediately and free of charge.
Please note that under certain circumstances, whenever and to whichever extent permissible by
law, it may be necessary for changes and amendments to take immediate effect or otherwise enter
into force within a period shorter than a one-month notice. In such an event, you shall be notified
of the changes and amendments taking effect immediately and be informed of your right to
terminate the agreement immediately and discontinue your use of our Services and Site.
Previous versions of these Terms and other agreements shall be made available to you on our Site
for your consideration.
10.6. Taxes
Veetrblox UAB does not provide any tax advice and shall not be perceived as tax advisor. You
shall be solely responsible for obtaining professional tax advice from the relevant professionals
with respective qualifications and in your own jurisdiction. Veetrblox UAB does not control and
determine whether and what Orders and Transactions are subject to applicable taxes in your
jurisdiction, as well as the procedures and obligations related to withholding, reporting, and
collecting taxes to and with the relevant competent authorities in the country of your tax
residence.
10.7. Relationship with Law Enforcement
We may engage in correspondence and communication with law enforcement authorities,
including courts, regulators and policymakers. We may initiate such correspondence or
communication at our own discretion in connection with your use of our Services, or be required
to respond to request, inquiry or order of the above-mentioned law enforcement authorities in
accordance with applicable legislation.
10.8. Transfer and Assignment
These Terms refer to and are applicable exclusively to you. Any rights, licenses, obligations and
interests may not be assigned to or transferred to any other person, natural or legal, at any time or
in any part. Any transfer or assignment of our rights, licenses, obligations and interests under
these Terms may be done at our own discretion only in an event or under circumstances
concerning corporate matters of reorganisation, including but not limited to mergers and
acquisitions, given the effect of such reorganisation matter does not result in negative
implications for the quality of our Services.
10.9. Relationship of the Parties
For the purposes of these Terms, the relationship between Veetrblox UAB and you is of
contractual nature only. There Terms shall not be used to arrange, prove or otherwise initiate any
partnership, joint venture, agency, consultancy or trusteeship relations between Veetrblox UAB
and you and any of the above-mentioned relations shall be negotiated on a separate basis and
applicable terms notwithstanding the given Terms.
10.10. Force Majeure
You agree and acknowledge that Veetrblox shall not be liable for any performance failures,
events of downtime, interruptions, unavailability of our Site and Services, as well as other
malfunctions and delays resulting from any event or cause occurring regardless of our forecasting
and beyond our direct and indirect control, including but not limited to acts of war, natural and
nuclear disasters, epidemic and pandemic, acts of military and civil authorities, terrorism,
sabotage, strike or other relevant labour dispute, accident, proclamation and enforcement of state
of emergency, malfunction of any soft- and hardware, communication lines and means, Internet
and network service providers.
10.11. Change of Control
You acknowledge that in an event of Veetrblox’s acquisition, merger or transfer to any third
party legal entity, you data, including personal data, may be shared with the said third party in
regard to the rights arising from any such acquisition, merger or transfer.
10.12. Governing Law and Jurisdiction
The provision of these Terms as well as the relationship between you and us shall be governed by
laws of Republic of Lithuania.
ANNEX 1: RISK DISCLOSURE
You agree and acknowledge that your access to and use of our Site and Services is your sole
responsibility and you do so at your own risk. The risk of dealing in Virtual Assets,
including trading, is substantial. Before using our Services you should, at your own sole
discretion, assess your financial and circumstantial situation and consider whether the use
of our Services is suitable for you. You should be aware of the possibilities of total and
irreversible loss of your financial assets and that recovering from such loss may be difficult
or impossible.
You further agree and acknowledge that:
- The risk of trading with Virtual Assets is substantial and you may experience losses over
a short period of time;
- Liquidity pattern of Virtual Assets is constantly fluctuating and such fluctuations may be
unpredictable and substantial;
- Use, value, availability, and exchange of Virtual Assets depend on laws and regulations
currently in force and may change in regards to the legislative amendments, introduction
or repealing of laws;
- Virtual Assets markets may disappear due to the unwillingness or its participants to
use/exchange the given Virtual Assets, which may, in turn, lead to irreversible loss of
your funds of a particular Virtual Assets;
- You access to or use of you Virtual Assets may be impaired by cyber-attacks and other
technological and electronic reasons;
- Any of the above-mentioned risk factors are not exhaustive and may differ in regard to the
changing legislation, your financial situation, and other factors associated with use of
Virtual Assets.
ANNEX2: PROHIBITED BUSINESSES
This Annex is applicable as an addition to Section 4.1 on Prohibited Use of the Terms and shall
be perceived in conjunction with the said Section. Please note that the list below is non-
exhaustive and may be altered, modified and expanded in connection to the amendments in
applicable legal acts and other factors and shall therefore be representative only. If you are not
sure whether your business falls within the scope of the below-mentioned business activities,
please contact us at [email protected].
By opening an Account, you warrant and acknowledge that may not use our services for the
business activities, which include but are not limited to:
- Illegal business activities: business activities involving fields and acts prohibited by any
law, regulation, statute or ordinance; acts encouraging, instructing or aiding others to
partake and engage in any activity prohibited by law;
- Infringement of Intellectual Property rights: business activities that infringe any
patent, copyright or trademark registered in accordance with applicable law, or violate
other relevant intellectual property rights, e.g. producing, selling, distributing and
promoting counterfeit visual, video and audio material, software, duly registered
inventions without official authorization from the patent holder, or any other material
subject to licensing and intellectual property rights;
- Drugs and Drug Paraphernalia: sale and distribution of controlled substances and any
products designed for making and consuming drugs (bongs, vaporisers, hookahs), or
otherwise concealing drugs;
- Regulated and Licensed Goods and Services: sale of tobacco, cigarettes (including e-
cigarettes), e-liquids; sale of precious metals and stones; online pharmacies, including sale
of prescription medication; sale of weapons, firearms, munitions, gunpowder, and other
explosives; sale of fireworks and other pyrotechnics; sale, purchase and distribution of
toxic, flammable, and radioactive materials; oil and gas industries; extractive industry;
- Illicit Substances and Pseudo-Pharmaceuticals: sale of any product or substance that
present risk to consumer safety, or make misleading or unsupported claims that have not
been confirmed and verified by competent authority in the applicable country and/or
obtained relevant certifications and/or licenses;
- Counterfeit or Stolen Goods: sale of counterfeit designer products distributed by
unauthorized and unlicensed retailer/reseller; sale of replicas; sale of goods that have been
imported or exported illegally; sale of stolen goods;
- Restricted Financial Services: check cashing; bail bonds; collection agencies;
- Unlicensed Providers of Services in Regulated Industries: including unlicensed foreign
exchange providers, unlicensed lotteries and gambling;
- Adult Content and Services: pornographic materials; online and offline stores offering
sale of sex-related goods; services involving escort and prostitution; adult live chats and
pay-per-view adult websites;
- Fraudulent Financial Schemes: multi-level marketing, pyramid or Ponzi schemes,
referral marketing;
- NGOs and non-profit organizations; charities: including accepting donations for non-
profit purposes;
- Goods and Service Providers engaging in unfair, misleading, and aggressive
commercial practices: any merchant or service provider that, at our sole discretion,
implements means of harassment, coercion, including by means of physical force, or
undue influence impairing consumers' freedom of choice or conduct;
- Other High-Risk Businesses: any businesses that are determined by us to be of high-risk
profile on the basis of applicable laws and regulations, and that we subsequently believe
to be pose elevated financial and/or legal risk of liability, violations and crime.
