Terms and Conditions

Last updated on August 24th, 2024

TERMS OVERVIEW

These Terms govern your use of the proprietary 1Bitcoin Platform ("Platform") operated by 1Bitcoin Inc. and its affiliates ("1Bitcoin.ca", “1Bitcoin”, "we", or "us"), which is accessible through the website provided by 1Bitcoin Inc. The Terms also apply to the trading and other Services provided by 1Bitcoin.ca as described herein, along with any schedules, terms, conditions or addenda referenced.

Any and all new features or tools that are incorporated into our website at any point in the future shall also be held to the terms and conditions of this Service Agreement. You have the ability to examine the most up-to-date version of the Service Agreement at any given time by visiting this page. We maintain the right to revise, alter, or replace any aspect of this Service Agreement by publishing updates and/or modifications to our website. It is incumbent upon you to periodically review this page for any such changes. Your persistent utilization of, or entry into, the website after the posting of any such alterations shall constitute your acknowledgement and agreement to be bound by those changes.

SECTION 1 - ELIGIBILITY

In order to qualify for use of our financial services, it is necessary that you meet the following criteria:

(a) You have reached the age of majority, being at least 18 years of age;

(b) You are citizen or resident of Canada; and

You acknowledge and agree that usage of the Services may have additional eligibility requirements, which may necessitate your provision of further information about yourself or your business or require further verification measures prior to the initiation of such Services, or periodically throughout the duration of your use of the Services, and that failure to adhere to these requirements may preclude your ability to use or access the Services.

SECTION 2 - PRIVACY

1Bitcoin is dedicated to safeguarding your privacy. Nonetheless, in our capacity as a regulated entity, we may be compelled to divulge your personal information to the Financial Transactions and Reports Analysis Centre of Canada, as well as other regulatory entities or law enforcement agencies. We may also reveal your personal information to credit bureaus, anti-money laundering service providers, or other identity verification partners in the course of establishing your 1Bitcoin account, or for the purpose of conducting routine assessments to ensure the accuracy of your information. Additionally, we may also share your personal information with financial institutions or other financial intermediaries. Our commitment to privacy is further elaborated upon in our privacy policy. Our privacy policy is also made public on our website and may be updated from time to time. You acknowledge having reviewed and comprehended our privacy policy.

SECTION 3 - REGULATORY STATUS

1Bitcoin is a federally registered money service business (#M21226416) that operates in accordance with Fintrac's regulations.

1Bitcoin is not affiliated with the Canadian Investor Protection Fund. Crypto contracts and Bitcoin that are acquired and kept in an account with 1Bitcoin.ca are not covered by the Canadian Investor Protection Fund, the Canadian Deposit Insurance Corporation, or any other investor protection insurance program.

SECTION 4 - ACCOUNT CREATION AND ACCESS

To use our services, you are required to create a 1Bitcoin account and provide any necessary information required in the process, in accordance with our KYC policy. Upon creating a 1Bitcoin account, you hereby agree to:

(a) provide truthful and precise information during your account creation;

(b) promptly update and maintain your necessary account information;

(d) promptly notify us in case of discovering or suspecting any security breaches concerning your account;

(e) take full responsibility for all activities occurring under your 1Bitcoin account, and assume all risks of authorized or unauthorized access to your account; and

(f) be solely responsible for maintaining the confidentiality and security of your account information and login credentials, and shall not disclose or provide access to your account for any third-party.

Creating multiple accounts under your name to either bypass restrictions, bans, or prior limitations places on your previous account is a bannable offense and will not be appealable. This article does not apply Corporate or Joint Account creations, and is only applicable to Personal accounts.

SECTION 5 - THIRD PARTY LINKS

The services available on our platform may contain content, products, and services provided by third-party entities. We hereby disclaim any liability, responsibility, or warranty for the accuracy, relevance, completeness, reliability, availability, or legality of such content, products, or services.

Links to third-party websites, applications, and resources may be provided on our platform as a convenience to our users. The inclusion of such links does not imply our endorsement or recommendation of any products, services, or information offered on such third-party websites, applications, or resources. We are not liable or responsible for any harm, loss, or damage arising from the use of or reliance on any third-party websites, applications, or resources, or any other transactions with third-party entities.

You agree that any transactions or interactions with third-party entities through our platform are at your own risk, and you should review the third-party's policies, terms of service, and privacy practices before engaging in any such transactions or interactions. Any complaints, claims, or concerns related to third-party products or services should be directed to the relevant third-party entity.

SECTION 6 - PROHIBITED USES

Upon accessing or using the Services, you agree to comply with all applicable laws and regulations, as well as these Terms and Conditions. You also agree that you are solely responsible for your conduct while using our Services, and that you will not violate any law, contract, intellectual property or other third-party right. You agree that you will not:

(a) Use our Services to pay for, support or otherwise engage in any illegal gambling activities, fraud, money-laundering, terrorist activities or other illegal activities;

(b) Use any robot, spider, crawler, scraper or other automated means or interface not provided by us to access our Services or to extract data;

(d)sub-delegate or otherwise allow another person to trade using your access to the Platform;

(e) Attempt to circumvent any content filtering techniques we employ, or attempt to access any service or area of our Services that you are not authorized to access;

(f) Develop any third-party applications that interact with our Services without our prior written consent;

(g) Provide false, inaccurate, or misleading information;

(h) Encourage or induce any third party to engage in any of the activities prohibited under this Section;

(i) Use the Services to take advantage of or profit from any technical glitch, malfunction, failure, delay, default or security breach;

(j) Impersonate another person;

(k) Violate the Terms;

(l) Violate any market misconduct prohibitions pursuant to applicable securities laws and criminal laws;

(m) Commit fraud; and

(n) Collude with others to help them commit fraud.

In the event that 1Bitcoin Inc. deems one of more of these conditions to be violated through your account activity, your funds may be subject to investigation, friction, restocking fees, and/or other fees pursuant to any losses potentially incurred by 1Bitcoin Inc. that have been directly caused by the violations of your account.

SECTION 7 - ACCOUNT LIMITATIONS OR TERMINATION

We reserve the right, at our sole discretion and without any notice or liability to you, to modify, restrict, amend, terminate, or alter the Services or any portion thereof. We also retain the right to rectify any errors or omissions in the Services, without notice, but acknowledge that we have no obligation to do so.

You acknowledge that 1Bitcoin Inc. will be responsible for monitoring and supervising your trading activity to ensure compliance with securities laws and our policies expressed in Section 6. You consent to our monitoring and supervising your trading activity, and agree that 1Bitcoin may share anonymized data relating to such trading activity with third-party service providers to make such determinations. You acknowledge that no securities regulatory authorities will be monitoring or supervising your trading activity, unless under the following conditions:

If, after investigation, your activity appears to be in breach of securities laws or our trading requirements identified within Section 6, we may take any or all of the following actions:

(a) Withdraw your right to make any further trades on the Platform;

(b) Require you to liquidate your Bitcoin holdings on the Platform as soon as possible;

(c) When all Crypto Assets have been sold, require that you provide us with wire transfer or e-Transfer instructions (to a Canadian financial institution) so that we can return your funds and close your account; and

(d) If necessary, report what we know about your trading activity to relevant securities and law enforcement authorities.

SECTION 8 - INDEMNIFICATION

By accessing and using the services provided by 1Bitcoin, you agree to indemnify and hold harmless 1Bitcoin, its affiliates, partners, officers, directors, agents, contractors, licensors, service providers, subcontractors, interns, and employees from and against any and all claims, damages, losses, liabilities, expenses, and costs (including reasonable attorneys' fees) arising from or in connection with your use of our services or your violation of these Terms of Service or any other referenced documents.

You acknowledge and agree that this obligation to indemnify and hold harmless extends beyond the termination of your use of our services and remains in effect, regardless of any expiration, cancellation, or termination of these Terms of Service or any agreement between us, or any discontinuation of our services.

SECTION 9 - TAX OBLIGATIONS

Please be advised that as a 1Bitcoin user, you are exclusively responsible for determining any and all taxes that may apply to your Bitcoin transactions. Neither 1Bitcoin, nor any contributors to our website are responsible for determining the applicable taxes for such transactions.

As a user, it is your responsibility to ensure that you comply with all relevant laws and regulations, including tax laws, related to your use of our website and any Bitcoin transactions conducted through 1Bitcoin. We strongly encourage you to consult with a professional tax advisor if you have any questions or concerns regarding the tax implications of your Bitcoin transactions.

1Bitcoin does not provide any tax-related advice or services, and we do not make any representations or warranties regarding the tax consequences of your use of our website or Bitcoin transactions conducted through our platform. Therefore, you hereby agree to indemnify and hold harmless our website, its owners, and contributors from any and all claims, damages, expenses, and costs (including reasonable attorneys' fees) arising out of your failure to comply with any applicable tax laws and regulations related to your use of our website or Bitcoin transactions conducted through 1Bitcoin.

SECTION 10 - NON-CUSTODIAL PLATFORM

1Bitcoin operates as a non-custodial platform, meaning that we do not hold or store Bitcoin on behalf of our clients. When you purchase Bitcoin through our platform, the Bitcoin is transferred directly to a wallet that you control. You are solely responsible for the security and management of your Bitcoin holdings.

Given that 1Bitcoin does not custody your Bitcoin, it is crucial that you take all necessary precautions to safeguard your private keys and wallet credentials. We recommend using secure and reputable wallet solutions and ensuring that your security practices are robust to protect against potential cyber threats or hacking attempts.

As a non-custodial platform, 1Bitcoin does not accept any liability for any loss or damages that may arise from the use of our platform, including, but not limited to, any loss or damages resulting from the mismanagement or theft of your Bitcoin holdings.

SECTION 11 - FUNDING AND WITHDRAWALS

(a) In order to initiate a trade or complete an order through our Services, it is necessary for you to first load funds onto our Platform using an approved External Account, as identified through the Services. You may be required to prove that you have control over the External Account you use to load funds onto the Platform, and you may also be subject to fees by the External Account through your External Account Provider. Please note that 1Bitcoin assumes no responsibility for any fees incurred through an External Account, nor for the management or security of any External Account.

(b) It is your sole responsibility to comply with any terms and conditions applicable to your use of any External Account. Please be advised that the speed of any funding transaction is reliant in part upon the third parties that are responsible for maintaining the applicable External Account, and as such, 1Bitcoin is unable to guarantee the timing of any fund loading.

(c) Funds credited to your 1Bitcoin Account are to be used only for the purpose of purchasing Bitcoin, as outlined in our Services. When you request that we load funds from your External Account or transfer funds to your External Account, you authorize 1Bitcoin to execute such transaction via the Services and charge you any applicable fees, as identified in the Fee Schedule published on our website.

(d) In some cases, the External Account may reject your funds or may be unavailable to receive them. In such cases, you agree that 1Bitcoin will not be held liable for any resulting damages.

(e) In accordance with our policy, 1Bitcoin strictly prohibits the transfer of funds to and/or from any parties not affiliated with us. We require that all requests for funding and withdrawals be directed exclusively towards External Accounts held solely in the name of the registered 1Bitcoin account holder. Any transfers initiated in violation of this policy are strictly prohibited and will result in immediate action, including the suspension or termination of your account. You are solely responsible for ensuring that any External Accounts used for the purpose of funding or withdrawing funds from your 1Bitcoin account comply with this policy, and you agree to indemnify and hold 1Bitcoin and its affiliates harmless from any claims, damages, or losses resulting from any violation of this policy. 1Bitcoin reserves the right to investigate and report any suspected violations of this policy to the relevant authorities.

(f) Loading Canadian Dollars (CAD) as Vouchers. When you load Canadian Dollars (CAD) onto the Platform, such funds are converted into non-redeemable vouchers exclusively intended for trading Bitcoin on 1Bitcoin.ca. These CAD-loaded vouchers cannot be withdrawn, redeemed, or exchanged back into cash. By loading CAD onto the Platform, you acknowledge and agree that the deposited funds are solely for the purpose of purchasing Bitcoin and cannot be accessed or withdrawn as fiat currency under any circumstances.

SECTION 12 - RISK STATEMENT

As a user of our Services, you acknowledge and agree that buying and selling Bitcoin involves significant risks. Before using our Services, you should carefully consider your investment objectives, level of experience, and risk tolerance.

No securities regulatory authority has expressed an opinion about Bitcoin or any of the activities related to Bitcoin offered through the 1Bitcoin.ca Platform, including whether Bitcoin should be classified as a security or derivative.

By using the 1Bitcoin.ca Platform or any related services, you understand that there are substantial risks associated with the purchase and sale of Bitcoin. You agree to familiarize yourself with these risks and assume any and all such risks associated with the use of our non-custodial platform. As a non-custodial service, 1Bitcoin does not hold or store Bitcoin on your behalf; you are solely responsible for the security and management of your Bitcoin holdings once purchased.

For a detailed explanation of the risks involved, including Platform Risks and Bitcoin Asset Risks, please visit our respective Statement pages:

(a) Platform Risk Statement is available at www.1bitcoin.ca/risk-statement/

(b) BTC Asset Statement is available at www.1bitcoin.ca/crypto-asset-statement/

SECTION 13 - GOVERNING LAW

Governing Law: This Policy shall be governed by and construed in accordance with the laws of Canada, without regard to its conflict of laws principles. Any disputes arising out of or in connection with this Policy, including but not limited to its formation, interpretation, validity, performance, or termination, shall be subject to the exclusive jurisdiction of the courts located in Canada. The parties hereby irrevocably submit to the personal jurisdiction of such courts and waive any objections or defenses based on forum non conveniens or any similar doctrine.

SECTION 14 - CHANGES TO TERMS

Please be advised that the latest version of the Terms of Service can be reviewed at any time on this webpage.

Kindly note that we retain the right, at our sole discretion, to amend, modify or replace any portion of these Terms of Service by publishing updates and changes to our website. As a user, it is your responsibility to review our website periodically for any modifications or updates. Your continued use of or access to our website or services subsequent to the publication of any revisions to these Terms of Service constitutes your acceptance of such changes.

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