Green Pay provides a platform for trading in Bitcoin. The User hereby expressly agrees and warrants that:
- The User is aware that the prices of Bitcoin are extremely volatile in nature whose prices are subject to sharp changes (Bitcoin may even become worthless) which may cause huge losses to the User. There may also be additional risks and uncertainties that have not been mentioned in these Trading Terms and Conditions. The User has sole responsibility to assess whether the User can manage the risk associated with trading in Bitcoin.
- Green Pay has in no way induced or lured the User into opening an Account with Green Pay to trade in Bitcoin;
- The User is legal owner of the money used to purchase and trade Bitcoin and the same has been received by the User through legal means and channels and is not in any way connected with any illegal or fraudulent activity;
- The User is the legitimate owner and is allowed to use all Bitcoin deposited on his/her Account and that the transactions being carried out by the User do not infringe the rights of any third party or any applicable laws;
- All information provided by the User to Green Pay including all identity and personal information as well as documents are true and accurate in all respects;
- The User shall use the Account with Green Pay only for trading of Bitcoin;
- The User is above 18 years of age, is of sound mind, and has the legal and mental capacity to enter into legally binding contracts with third parties;
- The User is a resident citizen of the Republic of India; and
- The User is aware that Green Pay may change these Trading Terms and Conditions at any time and the User hereby provides consent to any such changes.
Green Pay and its owners/affiliates are not liable for any damages caused by any performance, failure of performance, error, omission, interruption, deletion, defect, delay in transmission or operations, computer virus, communications line failure, and unauthorized access to the personal accounts or Account. Green Pay is not responsible for any technical failure or malfunction of the software or delays of any kind. Green Pay is not responsible for non-receipt of registration details or e-mails. Users shall bear all responsibility of keeping any password secure. Green Pay is not responsible for the loss or misuse of the password.
Green Pay is not responsible for the content of any of linked or external third party sites. By providing access to other web-sites, Green Pay is neither recommending nor endorsing the content available in the linked or external third party websites.
Green Pay and the User are aware that Bitcoin are as yet unregulated in India. It is not backed by any government or central bank backed currencies. Regulation in future may limit or prohibit the usage of Bitcoin in India. New legislation may also affect the operations of Green Pay, which, as a registered company in India, will comply with all relevant laws and regulation. The User understands the current legality of Bitcoin and shall not hold Green Pay liable for any proceedings against the User in any Court of law or before any governmental, administrative, regulatory, judicial or quasi-judicial authority for using the Website or Account. The usage of the Website is subject to applicable laws and is available to only those Users who are permitted to use the services of the Website as per applicable laws. The Users undertake that by using the Website, the User is permitted to do so under applicable laws.
The Users are hereby duly cautioned that while there have been no legal restrictions till date in India against trading in ‘virtual currencies’ (including in Bitcoin) Bitcoin have not been recognised or authorised as legal tender, medium for payment, as a commodity for trade, or in any form, by central bank, monetary authority, or governmental or regulatory body in India. The Reserve Bank of India (“RBI”) has currently issued three press release viz. dated December 24, 2013, February 1, 2017 and December 5, 2017 respectively, cautioning users, holders and traders against the use of, and trading in, Bitcoin and regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such Bitcoin. RBI vide press release dated February 1, 2017, has also clarified that it has not given any licence/authorisation to any entity/company to operate such schemes or deal with Bitcoin. Copies of these circulars are available on the website of RBI. Users are further cautioned that any transactions in Bitcoin through Green Pay are subject to the regulations, orders etc that may be made, passed or implemented by Indian governmental, regulatory and judicial bodies. Users shall therefore avail of the services offered by Green Pay taking into account and being fully aware of the said cautionary advice and of the regulatory and financial risks inherent in dealing with Bitcoin in any manner whatsoever.