Effective date: August 29, 2023
Introduction.
Use of this website and Katarun Technologies Ltd Virtual currency exchange services is subject to the following Exchange Terms and Conditions (“Terms”) that is an integral part of the Payment Terms and Conditions (”General Terms”) and our Privacy Policy (“Privacy Policy”). By visiting our website and using our Services, you confirm that you have read, understood and agree to these terms. We may update our policies from time to time, and it is your responsibility to check for updates on this page.
Terms.
What these Terms cover. These Terms apply to and between the Client and Katarun for exchange services, e.g., buy or sell fiat currency for cryptocurrency, buy or sell cryptocurrency for fiat currency and/or buy or sell cryptocurrency for other cryptocurrency, over the counter (the “Exchange Services”). In case of any inconsistency between these Terms and the General terms regarding Exchange Services, the terms of these Terms shall prevail. In case these Terms lack of information you are looking for please see the General terms or contact us.
Why you should read them. Please read these Terms carefully before using our virtual exchange services. These terms tell you who we are, how we will provide services to you, how you and we can change or terminate the contract, what to do in the event of a problem, and other important information. If you think there is a mistake in these Terms, please contact us.
These Terms, together with the Tariffs in Addendum 1 to these Terms, the General Terms, the Privacy Policy and any other terms and conditions applicable to our services, form a legal agreement (“Agreement”) between by you and us, Katarun Technologies Ltd.
Information about us and how to contact us.
Who we are. We are Katarun Technologies Ltd (“Katarun”) a company registered in British Columbia, Canada. Our company registration number is BC1380998 and our registered office is at 422 Richards St #170 Vancouver, BC V6B 2Z4, Canada.
We are a Money Services Business (MSB) registered in Canada. Our registration number is M23992863. We are permitted to provide payment services by the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”).
FINTRAC supervises Katarun. You can learn more about Katarun, how it is regulated, check the full record of any regulated activities here: https://www10.fintrac-canafe.gc.ca/msb-esm/public/msb-search/search-by-name/
How to contact us. You can contact us by calling our customer service +1 (604) 757-4645 or by writing to us at [email protected].
You must immediately notify us of any circumstances related to this Agreement, including changes in name, address, contact details, etc.
You must also immediately notify us of any loss or theft of your personal identity document or other means of identification, or of the loss or theft of your account or credentials for the Client’s credentials or Payment Instrument, or loss of possession of them against the will of the Client in any other way. You must notify us even if any of the above information has been or may be released to the public (for example, a court decision, notice in government registries or publication in the media).
How can we contact you. If we need to contact you, we will do so by phone, SMS or by writing to you at the email address, postal address that you have provided to us, or through our online portal.
“Writing” includes emails and messages through our online portal. When we use the words “in writing” or “written” in these Terms, this includes emails and communications through our online portal.
Any notice or other message provided in accordance with this agreement will be deemed received: if sent by first class mail or other delivery service on the next business day, on the second business day after being sent; or if they are sent by SMS, e-mail or our online portal, during transmission, or, if this time falls outside of business hours at the place of receipt, when business hours resume. “Business Hours” means 9:00 am to 5:00 pm, Monday through Friday, on a day that is not a public holiday in Canada and British Columbia.
Any communication we make with you, including this agreement, will be in English. You can also request that a copy of these Terms be sent to you.
Our rights to make changes.
Minor changes in services. We can change services:
More significant changes in products and these Terms. In addition, we may make more significant changes to these Terms or services, but if we do, we will notify you two months before the change, and you can then contact us to terminate the Agreement before the change takes effect. If you do not contact us to terminate the Agreement, we will assume that you have accepted these changes.
Digital content updates. We may update or update digital content at any time and without prior notice.
We will notify you of any changes to these Terms in accordance with the “Information about us and how to contact us” section.
Onboarding
You must be dully onboarded before you can use the Exchange Services provided by Katarun.
The onboarding process is prescribed by Katarun. The onboarding can vary in scope depending on the type of the client and can in general be changed or amended as needed due to internal risk policies and procedures, change of regulatory requirements, market conditions or other circumstances relevant for us to perform client due diligence and assess risks.
You must provide us with all documents and information requested. Under no circumstances shall we be obliged to return to you any documents and/or information received during the onboarding process.
We reserve the right to unilaterally accept or reject your application in accordance with our internal policies and procedures. We are not obliged to provide any reasons for its decision. You will receive a notification from us when you are either accepted, additional documents and/or information is required, or you have been rejected. We are not obligated to onboard you within a certain timeframe. We shall under no circumstances be liable for any your loss and/or any unrealized gain because of unfinished onboarding procedure and/or rejection.
We have a right to request additional documents and/or information and you are obliged to provide documents and/or information requested. If you do not provide the additional requested documents and/or information, we have the right to not provide the Exchange Services, including quotes and/or not accept your instructions, not to execute trades as instructed.
If the documentation and/or information provided by you and approved by us during initial onboarding process changes, you must immediately and without undue delay provide to us the additional documents and/or information.
You accept that information which is sent to the contact details provided to us shall be deemed as a proper delivery. This includes both email address and post mail (physical) address.
Exchange Services
We may at our discretion act as principal or as a broker when buying or selling fiat currencies or cryptocurrencies.
As principal, we act for our own account in our own interest as counterparty. Prices quoted by Katarun may consider various market conditions. As a broker, we act for your account and applies the best execution principles.
We reserve the right to restrict or cease the provision of the Exchange Services or other services to comply with applicable law or regulations, standards of self-regulation, contractual provisions, business or trade practices, internal rules and policies and to ensure the performance according to the standards of due care.
We may freeze any funds, limit or refuse the execution of orders or instructions or refuse to accept funds any time in its discretion, in particular if it considers such measure to be required or beneficial for the protection of the Client. Orders may not be executed if they are not fully funded.
Orders and instructions such as in-coming and out-going transfers are processed by Katarun in a reasonable time. However, delays can always occur for various reasons, not limited to verification processes, origin of funds clarifications, checking compliance with regulations or technical/operational reasons.
We have established a proof-of-ownership process to verify that you are in control of the external blockchain addresses they want to use for transfers connected to their Katarun Services. We will only execute transfer requests to or from verified external blockchain addresses.
Placement of orders
We offer Exchange Services through our own exchange desk. You can contact us to request a quote for a given cryptocurrency that is available for exchange.
We can then offer you a quote. The quote is valid for 10 minutes after it has been set forth. You can either accept, reject or ignore the offer within said time limit. Until you have accepted then offered quote, we can at our sole discretion provide you with a new quote. The most recent provided quote shall be viewed as the binding offer to you and all previously quotes shall be annulled.
If the offered quote is accepted within the said time limit in accordance with its content, the offered quote will be binding for both Parties and we will execute the order. If the offered quote is rejected, ignored or accepted too late, the offer will not become binding to either Party and we will not execute the offer. If the offered quote is accepted too late, we may still execute it at its own discretion.
If the offered quote is accepted within the said time limit but with amendments to the content, it shall not be viewed as a binding acceptance but instead as a new quote request from you to which neither Party is bound in any way.
A pending quote-request from you shall under no circumstances be considered as a binding instruction or agreement to which either Party is bound or committed in any way.
You acknowledge and accept, that under no circumstances can we be liable for the loss of profits and/or limitation of losses resulting from not being able to buy or sell in the period of which a quote request from you is pending. This applies both to when a quote request is answered after a long waiting and for when a quote request is not answered at all.
Execution of orders
We will do our best effort to provide you with the best execution of an order possible. The best execution is not necessarily the best price, but also takes into account market conditions, stability of the available exchange platforms, volume, cost, speed and other factors relevant for the execution of the order.
You accept that a limit order placed by us on your behalf cannot be changed outside our working hours.
You accept that we cannot guarantee a full execution of a limit order due to liquidity shortage or other market conditions in general, even if the asset has been traded at any Exchange above or below your limit.
For stop-loss orders placed by us on your behalf and under your instruction, further you accept that the order might not be executed at the given price due to liquidity shortage and that a slippage might occur as a further result hereof.
We offers to buy and sell cryptocurrencies that are listed on major cryptocurrency exchanges and it remains at our sole discretion to decide which cryptocurrencies can be bought or sold through our Services. You accept that we cannot guarantee that cryptocurrencies bought through Katarun can also be sold through Katarun.
We reserves the right to withdraw quotes, to not provide quotes or to not execute orders in exceptional markets conditions, especially but not limited to circumstances which results in liquidity shortage.
Exchange confirmation
You can request that we send an exchange confirmation for an executed order and we will send such exchange confirmation within 24 hours of your request. The exchange confirmation will be sent to the e-mail account or other electronic means of communication that you provided.
Exchange hours
Our exchange desk is available from Monday to Friday from 9am to 5pm, excluding official holidays.
For selling: When selling cryptocurrency for other cryptocurrency or fiat currency through Katarun, you must notify us once your assets have been sent to the cryptocurrency address (wallet) provided by us. We cannot provide you with quotes before the arrival of cryptocurrency on our provided address. Arrival of Bitcoin (BTC) shall mean that a minimum of 6 blocks have confirmed the transaction. Arrival of Ethereum (ETH) and ERC20-tokens shall mean that a minimum of 30 blocks have confirmed the transaction.
For buying: When buying cryptocurrency for fiat currency through Katarun you must notify us once the fiat currency has been sent to the bank or payment service provider (PSP or EMI) account provided by us. We cannot provide you with quotes before the arrival of fiat currency on the bank or payment service provider (PSP or EMI) account provided by us.
Under no circumstances shall we be liable for any losses and/or missed profits due to exchange requests not being answered outside of the exchange hours.
Fees
You are obliged to pay to us a fee (the “Fee”) upon the Exchange Services provided to you. The Fee shall be set in the Tariffs in addendum 1 to these Terms. The final price for the Exchange Services is always a combination of the exchange Fee and the exchange quote. The above-mentioned Fees do not include deposit fees, cryptocurrency exchange commissions, cryptocurrency exchange fees, stamp duties or any other fees, costs and expenses levied by third parties and charged directly or separately to you.
Acceptance of risk
You fully acknowledge the risks inherent with use of the Exchange Services provided by us. Such risks may include but are not limited to: market risk; liquidity risk; concentration risk; horizon risk; transaction risk; volatility risk; execution risk; operational risk; the highly speculative nature of cryptocurrencies as such; the potential of a total loss or make zero profit; the unavailability of exchanges; and the regulatory and legislative risk regarding the treatment of cryptocurrencies.
You fully acknowledge your personal liability for any and all potential losses resulting from an investment and that we only perform your order execution under instructions on your behalf, thus keeping us free of any liability and/or losses (so-called execution-only).
You are solely responsible for all legal risks associated with using the Exchange Services provided by us. You guarantee to comply with and act within all legal boundaries within the applicable jurisdiction to the business relationship especially including but not limited to tax laws.
You accept and release us of responsibility for all risk and damages resulting from an undetected transmission error, misunderstanding, hacking or fraud arising from instructions given via e-mail or any other electronic communication channel.
Past performance is no guarantee of current or future performance. The value of an investment may rise or fall for multiple reasons. Fluctuations in exchange rates may also cause the value of investments to rise or fall.
You are aware that we are not a depository institution and can therefor only handle fiat or cryptocurrencies in connection with an actual buy or sell transaction or settlement. This may require that we, after notifying you, may convert fiat currency into crypto assets or send the fiat currency back to your account if you do not provide us with further instructions.
Termination
The contractual relationship between Katarun and you may be terminated at any time and for any reason by Katarun. The contractual relationship between Katarun and you may be terminated by you with immediate effect for any reason.
Notice of termination shall be in the form of a written notice and termination shall be effective upon the receiving Party’s receipt of such notice. You accept that a notice which is sent in accordance with the contact details provided to us shall be deemed as a proper delivery. This includes both email address and post mail (physical) address.
You agree that, upon termination you shall: (i) pay all outstanding debts to us in full within ten (10) days; (ii) be bonded by all outstanding orders; and (iii) be bonded by all outstanding commitments with respect to completed orders.
Without limiting the immediately preceding sentence, we may also terminate the access to our website for any client at any time, for any reason or no reason. Such client shall have no recourse and we shall have no liability with respect to any such termination.
All provisions of the Terms relating to your warranties, confidentiality obligations, proprietary rights, limitation of liability, indemnification obligations and payment obligations shall survive the termination or expiration thereof.
Warranties
You warrant that you act within and comply with all legal requirements applicable to the relevant jurisdiction when using our provided services.
It is your responsibility to asses and cohere to the applicable tax regulations.
For private individuals: you warrant that only you yourself, who has been onboarded, are using the Exchange Services personally.
For corporate clients: the person authorised to represent the company, foundation, association and/or another organisation and trade on its behalf according to the forms provided during the onboarding process, warrants that only the authorised person is the user of the Exchange Services. If other person(s) shall be allowed to use Exchange Services on behalf of the onboarded corporate client, a Power of Attorney must be presented to and approved by us.
Limitation of liability and indemnification
We offer our services with the customary duty of care.
To the extent permitted by law, we do not accept any liability for the risks associated with the execution of trades and/or providing further services to you.
We limit our liability for appointed auxiliary persons. We do not assume any liability for damage and/or loss caused by our auxiliary persons in carrying out their work in the event of slight misconduct.
We are not liable for any indirect and/or consequential losses, such as any loss of earnings and/or third-party claims for damages.
In all events, the our aggregate liability for any reason and upon any cause of action, including, without limitation, acts or omissions by Katarun or third parties and outages or non- availability of the services of Katarun or any of the connected services, shall not exceed the amount of Fees, if any, paid by you to Katarun in connection with the order that gave rise to the cause of action in question.
We shall not be liable to you for any failure, damages, claims and/or losses from circumstances beyond its reasonable control. Such situations include but are not limited to: telecommunication difficulties, failures or disruptions, non-availability to the exchange technical platform for any reason, shut downs or other non-availability of exchanges for any reason, regulatory interference, enactment of new legislation, measures taken by authorities, power failure, Internet Service Provider failure, industrial action, civil unrest, strikes, lock outs or blockades (whether or not we are a party to the conflict), catastrophes of nature, fire, flood, storms, earthquakes, acts of terrorism, acts of war, governmental action or any other event that is beyond our control, notwithstanding that only part of our functions are affected by such events (“Force Majeure”).
We are released from any liability for partial or complete failure to perform our obligations under the Terms including regarding any order and transaction pursuant to the Terms, if such failure is caused by Force Majeure circumstances.
You shall indemnify, defend, and hold us harmless, our officers, affiliates, directors, equity holders, agents and employees with respect to any claim, demand, cause of action, debt, judgment or liability, including reasonable attorneys’ fees, to the extent that it is based upon a claim that: (i) arises out of or in relation to your use of our Exchange Services and is not caused by our negligence or conduct; (ii) if true, would constitute a breach of any of their representations, warranties or agreements hereunder; or (iii) arises out of your gross negligence, wilful misconduct or abandonment. We may, at our discretion and at our own expense, assist in the defence of any indemnified claim through our selected counsel. Any settlement intended to bind us shall not be valid or binding on us without our prior written consent.
Other important provisions
We do not offer any of our Exchange Services to Canadian Citizens and residents.
If a chain splits occurs as a result of a fork, you can only claim the coin you have stored at Katarun that the market has deemed as the original one.
If there is no overwhelming consensus after the fork about which coin is deemed to be the original coin or if the forking coin has sufficient economic-, industry- and community backing, we shall make a statement. The statement shall conclude which coin(s) you shall be credited.
You accept and acknowledge that airdropped tokens becomes the sole property of whoever owns the private key to the airdrop-receiving address at the time of the airdrop.
You accept that we do not stake stored tokens. Consequently, you accept that you do not earn any staking rewards when having its tokens stored at Katarun.
To provide you with our services, we will need to record, store, process and transfer personal data in accordance
with applicable personal data protection regulation. We will only use your personal information as set out in our Privacy Policy.
You and Katarun are independent contractors, and no agency, partnership, joint venture, employer-employee or other similar relationship is intended or created by your acceptance of the Terms and/or further agreements with Katarun.
We reserve the right to outsource business areas and services to group companies or third parties. You accept that its data can be processed and send to said parties in relation hereto. You further accepts that said parties may transfer its data to further outsourcing providers. All provided data shall be kept confidential by the data processing parties.
Terms and the business relations regulated by these Terms shall be governed by and construed in all respects in accordance with the laws of the Province of British Columbia, Canada.
The parties hereto agree that these terms are drafted and executed in the English language. Les parties aux présentes s’entendent pour que la présente convention soit rédigée en langue anglaise.
