OceanEx Terms & Conditions Of Service

Last Updated: June 18, 2019

1. Scope

These Terms & Conditions of Service (hereinafter “terms”) expressed herein constitute the entire agreement and understanding applicable to the users (hereinafter “you”) access to and use of the website, applications and services provided by OceanEx Limited, a Bahamas company (“OceanEx” or “we”). These terms have two parties: you, as the user, and OceanEx.

These terms incorporate our Privacy Policy on how we collect, share and use your information.

By using OceanEx services, you acknowledge that you have read, understand and agree to these terms and to any amended or updated version. Should you not agree to be bound by these terms, you may not use any of the OceanEx services. These terms may be amended at any time and the current version will be posted to our website. Users are advised to consult our website to be informed of any updated version to these terms.

 

These terms may be amended at any time and any such amendment shall be effective upon publication at this Site. The current version will always be made available at this site. Users must periodically consult our website to be informed of any updated version to these terms. In the event you disagree with any changes made to these terms your sole recourse shall be to cease using our services.

2. Definitions

“Digital Assets” refers to cryptocurrencies such as bitcoin, ethereum or any other digital tokens which may be purchased, sold or traded on the OceanEx platform.

“Digital Tokens Wallet” refers to any mechanism or software application used to store, and transfer Digital Assets.

“External Account” refers to any other financial account which may be used to load funds into or push funds from your OceanEx Account.

“Fiat” refers to the currency of a jurisdiction which is customarily used, circulated and accepted and is considered to be legal tender.

“OceanEx Account” refers to any account which is offered by OceanEx services where digital assets are stored. These accounts are accessible to OceanEx users.

3. Eligibility

3.1  By registering a legal entity to use OceanEx’ services, you verify:

3.1.1  that you possess the relevant authority and capacity to act on behalf of said legal entity; and

3.1.2  that said legal entity validly exists and is properly organized in accordance with the laws of its registered jurisdiction.

3.2  Your usage of OceanEx’ services also informs that you:

3.2.1  possess the requisite legal age and mental capacity to enter into this agreement; and

3.2.2  will refrain from accessing and using our services if any laws in your jurisdiction prohibit you from doing so in keeping with these terms.

4. Your OceanEx Account

4.1  It is agreed that an OceanEx Account must be created and any relevant information must be provided by you in order to access our services. By creating your OceanEx Account you also agree that you:

4.1.1  must provide accurate information,

4.1.2  update your account information as necessary,

4.1.3  create a strong password, protect said password and restrict access to your account in order to maintain its security, including using two-factor authentication whenever possible; and

4.1.4  immediately alert us to any suspected security breaches of your OceanEx Account.

4.2  It is also agreed that OceanEx reserves the right to limit the amount of OceanEx Accounts that you may possess.

5. Licence to Use

Users are granted the limited right by OceanEx to use our services when they comply with these terms. This right is subject to the provisions of these terms and amounts to a personal, restricted and revocable licence that cannot be transferred or sublicenced. Nothing else in these terms grants you any licence, right or ownership to our services.

6. General Obligations

The following provisions are applicable to any trade, purchase, sale or transactions involving Digital Assets on the OceanEx platform:

6.1  OceanEx reserves the right to limit, refuse or otherwise impose any other conditions or restrictions on any trade submitted via its services without prior notice;

6.1.1  any of the required information provided when executing an account or accessing our services must be accurate and complete;

6.1.2  OceanEx reserves the right to refuse cancellation of any market trade orders. Users may only cancel an order made on our service if this cancellation was made before OceanEx fulfils the order. OceanEx also reserves the right to cancel any order as a result of insufficient funds in the OceanEx account; and

6.1.3  it is the sole responsibility of users of the OceanEx services to determine and comply with any taxes applicable to the trades made via our services. It is hereby acknowledged and agreed that OceanEx will not be responsible for determining the applicability and compliance of any taxes to any of the trades made on behalf of the users.

7. Agency

Users grant OceanEx agency to administer and enforce contracts among parties engaged in trading and financial activities on our services. It is hereby acknowledged and agreed that OceanEx generally does not act as principal or fiduciary in the transaction effected through trading on our services. However, OceanEx will implement, monitor, levy, and maintain all Fiat and Digital Assets in your name.

8. Satisfaction of Liens

OceanEx reserves the right to satisfy any liens applicable against any of your Fiat and Digital Assets should there be any outstanding liens if you seek to remove your assets from our services.

9. Risk and Liability

It is hereby acknowledged and agreed that you are solely responsible for any trading or other activity with regard to our services. You are also solely responsible for your Digital Tokens Wallet with regard to our services and knowing your contractual obligations to any other party. It is also acknowledged and agreed that you will be fully responsible for any and all gains and losses sustained from your use of our services.

10. Withdrawals

OceanEx reserves the right to administer any withdrawals, whether it be in fiat currency or Digital Tokens. In the process of administering these withdrawals, it may be necessary for OceanEx to share your user information as a result of a contractual obligation with or for you or as a matter of any legal or statutory requirements. It is hereby acknowledged and confirmed that OceanEx has the authority and capacity to share this information and you acknowledge and agree that OceanEx will be released from any liability, error, nuisance, or mistake in such regard.  

 

You understand and agree that we may impose a withdrawal limit on each account, which shall be determined in our sole discretion.  Accounts that have not provided us with KYC documents and passed our Customer Identification Program will have their accounts limited to withdrawal a value equivalent to 2 BTC per 24 hour period.  This is subject to change (at our sole discretion) and without prior notice to you.  You also acknowledge and understand that unauthorized use of our services may result in your funds being frozen and our requiring certain KYC or other disclosures from you before we can permit withdrawal (see Sections 20 and 21 for more information).

11. Unclaimed Property

OceanEx reserves the right to report and remit any funds in accordance with any applicable unclaimed property laws if OceanEx is holding funds in your OceanEx account and is unable to return the funds to your External Account after a period of inactivity. The same shall apply where you are unable or unwilling to provide requested information upon closure of your account due to a violation of these terms (see Sections 10, 20, 21).

12. Fees

12.1  It is agreed that you will pay OceanEx any and all associated fees for trades completed via our services as noted within our fee schedule. These fees may be amended or upgraded at any time and these amendments or upgrades are effective immediately at the time of posting.

12.2  It is also agreed that you are solely responsible for the payment of any fees associated with your External Account as may be stipulated by your External Account provider.

12.3  It is acknowledged and agreed that OceanEx is authorized to charge or deduct your OceanEx Account for any fees due and owing to us in connection with any completed trades done on our services.

12.4  It is also acknowledged and confirmed that should you fail to pay any fees that are due and owing to OceanEx under these terms, you may be subjected to an additional collection fee to cover OceanEx’ collection-related costs.

13. Acceptable Use

13.1  Upon accessing and using our services, it is agreed that you will act in accordance with all legal obligations, contractual obligations, and observe all intellectual property and all other third party rights. It is also agreed that you are solely responsible for your actions and conduct whilst using our services. In addition to the aforementioned provisions, you also agree that you will not:

13.1.1  engage in conduct or use our services in a way which could limit, negatively affect or disrupt the full employment of others to our services or may damage or negatively affect how our services operate in any manner;