Last updated: October 20th, 2020
This document contains the terms and conditions of the BC Bitcoin Cryptocurrency Brokerage Services (“Services” hereby known after). By using our services, you are agreeing to accept and comply with these terms and conditions. All terms and conditions should be carefully read and understood before using our services.
For the purpose of these terms, BC Bitcoin will be referred to as the “company” and all users of the company’s services shall be referred to as the “customer”. The websites operated by BC Bitcoin at www.bcbitcoin.co.uk will be referred to as “website”.
Throughout this document when referenced “we” “us” or “our” it refers to J & M Trading Limited, trading under the name BC Bitcoin in which the company is registered under the laws of England and Wales under company number 11038596 with its registered offices located in the UK.
1. Our services
We offer Cryptocurrency Brokerage services allowing customers to buy and sell Cryptocurrencies through our Company and Website.
You can currently pay (when buying) or be paid (when selling) in Pounds Sterling or Euros. We reserve the right to support other currencies at our discretion.
2. Opening an account with us
(a) When you open an account with us, you warrant and represent that:
(i) You have accepted these terms and conditions.
(ii) You are at least 18 years of age and have the full capacity to accept these terms and conditions and enter into a transaction involving the sale or purchase of cryptocurrencies;
(iii) You have obtained, and will comply with the terms and conditions of, all licences, consents, registrations, authorisations, recognitions and exemptions necessary when engaging in Cryptocurrency transactions.
(iv) Any information you provide to us at any time will be true and accurate in all respects;
(v) The funds you are using to buy cryptocurrency and the funds realised from the sale of any cryptocurrency using our services, are your own funds and you are not buying or selling cryptocurrency on behalf of any other third party.
(vi) You are not using and will at no time use our services for any transaction which is illegal or contrary to any law or regulation in force in the United Kingdom or in any jurisdiction in which you are resident at the time when the transaction is entered into;
(vii) You are not using and will at no time use our services to perform criminal activity of any sort, including but not limited to, money laundering or terrorist financing;
(viii) You have the capability to take delivery of any cryptocurrency you purchase through your use of the services.
If at any time after we have opened your account, we become aware that any of the warranties and representations you have made are untrue, we reserve the right, without notice to you, to cease processing any transactions for you, immediately close your account and take such further action at our absolute discretion.
(b) By opening an account with us, you also acknowledge and accept that:
(i) we are not providing you or anyone else with any investment advice in connection with the sale or purchase of cryptocurrencies. You enter any trades initiated entirely at your own risk and we are an execution only broker and not liable for any profit or loss as a result of your trading activity.
(ii) cryptocurrencies are a volatile and relatively immature asset class which are subject to a very high degree of volatility.
(iii) the purchase and sale of cryptocurrencies is not currently a regulated activity under the Financial Services and Markets Act 2000.
(c) To open an account with us, you will need to:
(i) Complete our KYC verification when registering your account, by becoming KYC verified you are in acceptance of these terms and conditions.
(ii) Provide a copy of your passport or driving licence, valid and within date when the application is submitted. Any additional documentation or information we require to satisfy our anti-money laundering and customer due diligence requirements.
(iii) Provide a Utility Bill or Bank Statement dated within the last 3 months with your current address. (Gas, Electricity, Water, Landline, Council, Bank Statement or other). This document must be issued by a Government Authority, Utility Company, Financial or Legal Institution and display your First Name, Surname, Current Address and Date.
(iv) Provide an image of yourself holding a note stating “I have read and agree to the BC Bitcoin KYC Contract”. The individual opening the account must clearly display acceptance to these terms and conditions.
(v) Consent to us carrying out any credit and identity check and you also consent to us holding copies of identification documentation.
(vi) We are not obliged to open an account for you and may refuse your application for any reason without providing the reason for the decision. We may also impose restrictions as a condition of agreeing to open an account for you at our discretion.
3. Operating your account with us and making trades
(a) You may make a trade any time during UK business hours, 8:00am – 11:00pm through the website or by contacting us via telephone or email. Any orders placed or payments received outside of business hours may not be processed until the next working day.
We reserve the right at our discretion to process your order when the payment is received. Depending on the trade, value and its nature we reserve the right to require additional KYC checks to be completed before the trade is executed.
(b) Where you are buying cryptocurrency:
(i) You inform us of the trade you wish to make, specifying:
(ii) The trade will be priced based on information provided, the fees charged will be displayed and you will be informed of the total amount to pay. This amount will include all charges for our service and execution priced in the chosen Fiat currency.
(iii) The ‘current price’ displayed on the website is based through API’s and may differ from the rate once the trade is completed. The rate displayed is not guaranteed and subject to change due to the volatile nature of cryptocurrencies. The execution rate will be confirmed once payment has been received and order completed.
(iv) You must:
(v) Once the payment arrives and clears to our account the requested cryptocurrency will be purchased at the best available market rate. The amount of coins acquired will be sent to the wallet address provided.
(vi) Trades can only be executed, when the funds have arrived in full to our bank account during business hours. We cannot be held responsible for any delay in payment arising from additional checks or from the halting or return of funds by any bank or payment institution.
(vii) If instruction or payment are received outside business hours, the order will not be completed until the following business day.
(viii) We can only accept funds from an account in a name which corresponds to the details supplied to us during the KYC verification process. If funds arrive to us from an account not in your registered name, we will ask you to provide evidence of your association to the account and authorisation. If the funds are sent from a joint account you must inform us in advance to sending the funds, we reserve the right, at our absolute discretion to require a KYC verification on the other account holder before proceeding with any order.
(ix) We will record details of each cryptocurrency transfer from us to your provided wallet address(es). Provided that we have sent cryptocurrency to the correct wallet address(es) specified, we will not be responsible for any loss caused by any delays in the crediting of, or failure to credit, your cryptocurrency wallet(s).
(x) We cannot be held reliable for any delays incurred when incorrect payment references are used and subsequent changes in rate.
(xi) Any SWIFT payments sent to our account will be returned to the sender as this payment type is not enabled. Any costs incurred for returned SWIFT payments will be borne by the user.
(xii) we reserve the right to return any CHAPS payments and cancel orders that are associated.
(xiii) We are unable to refund any completed cryptocurrency purchases. Once the order is complete you will be exposed to the price volatility of the purchased asset(s).
(c) Where you are buying cryptocurrency (Card Payment):
(i) You inform us of the trade you wish to make, specifying:
The cryptocurrency you want to purchase, the amount of fiat currency you wish to spend.
(ii) The trade will be based on information provided through API’s. The amount of cryptocurrency displayed to receive is based on API technology and we reserve the right to requote this at our absolute discretion.
(iii) You must:
(iv) Once payment is received and confirmed by our card provider, the cryptocurrency will be purchased and coin sent to the wallet provided
(c) Where you are selling cryptocurrency:
(i) You must inform us of the trade you wish to make, specifying:
(ii) We will price the trade according to the prevailing market sell price of the relevant cryptocurrency and inform you of the value you can expect to receive. This value will be inclusive of all applicable fees. We reserve the right, to charge additional rates for any Cryptocurrency based on the market conditions at the time of the trade.
(iii) You must:
(iv) Upon successfully receiving Cryptocurrency to our wallet the trade will be executed and proceeds from the sale sent to your bank account. Transfers will typically take 2-3 days to complete, although where possible we will use the Faster Payment Service for transfers of Sterling within the UK banking system or Single Euro Payments Area (SEPA) transfers for Euro payments to banks located within the European Union or European Free Trade Area.
(v) We will use all reasonable endeavours to provide our services to you on a best execution basis. However, provided that we have sent the requested Fiat currency to the correct bank account specified by you, we will not be responsible for any loss caused by any delays in the crediting of, or failure to credit, your bank account.
(vi) Where cryptocurrency is received outside business hours, payment will not be released until the following working day.
(vii) We are unable to refund any completed cryptocurrency sales. Once coins have been received the coins the transaction cannot be reversed.
(e) Coin Swap.
On completion of registration, user may interact with our crypt-to-crypto service, Coin Swap and this service will be live 24hours a day for users to interact with. Users will receive the ‘Receiving’ coin displayed in full providing the ‘Exchanged’ coin is received in full. By sending the coins in full to our wallet for this service, you are authorising us to complete the exchange. Once complete, your account will be updated to reflect this.
(i) Any Coin Swap orders received outside our hours of operation will be processed and released at the start of the next working day.
(ii) We reserve the right at our discretion to process your order when the coin is received. Depending on the trade, value and its nature, we reserve the right to request additional KYC checks to be completed before the trade is executed.
(iii) We will not be held liable for any incorrect coin amounts sent for Coin Swap orders. It is the users’ responsibility to ensure the correct number of coins are sent which are compatible on that network. We will also not be held liable for any delays incurred due to this.
(iv) The amount of coins sent for a Coin Swap exchange must match that of what was submitted on the order. We reserve the right to re-value the Coin Swap exchange at any time should there be a discrepancy. This will be re-quoted at our discretion.
(v) The Exchanged coin will need to be sent to the provided wallet address and incorporated on the blockchain within the allocated time. We reserve the right to re-quote the exchange should there be a delay.
(vi) Where the value of the exchange exceeds our threshold, users may contact us for a bespoke order. A quote will be provided in which we reserve the right to re-quote at our discretion should a discrepancy occur in the coin amount received or a delay in transfer made.
4. Confidentiality and Disclosure of Information
We agree to keep confidential and not disclose any personal information relating to you, including name, address, email address and banking details, or any of the trades you have made with us (“Personal Information”) without your written consent.
When legally obligated to the company will disclose, in our absolute discretion and without notice to you, Personal information with law enforcement, taxation authorities, data protection authorities, government officials and other regulatory authorities.
5. Risk Notice
Bitcoin and Cryptocurrency are not backed or guaranteed by any financial institution; when purchasing Cryptocurrency, the customer assumes all risks that the crypto-asset may become worthless in value. Customers should research and consider the risks before purchasing Crypto currency of any kind, the company makes absolutely no guarantee about the future value of any currency.
6. Customer Input Errors
It is the responsibility of the customer to check the accuracy of information submitted and ensure information provided by the company is correctly imputed. In the case that this information is incorrect, and funds are transferred to an unintended destination, the company shall not reimburse the customer and shall not transfer additional funds.
7. Refund Rights
Where an incorrect transaction is made as a result of our action or error, we shall refund you the amount of that transaction. We reserve the right to allow reasonable time to investigate the issue and rectify the situation. Due to the nature of cryptocurrency we are unable to refund any completed orders.
8. Order Under-Payment
It is the customers responsibility to pay the correct payment amount. If the customer pays less than the payment amount received for their order the company reserves the right to either:
a) Cancel the order and refund the payment amount.
b) Recalculate the price of the order based on the payment amount received.
9. Order Over-Payment
It is the customers responsibility to send the correct payment amount. If the customer pays over the payment amount required, the company will proceed with the original specified order. The over payment amount will be incorporated into the execution of the order and the customer will be informed.10.
10. Test Transaction
If you request a test transaction, we will send a small amount of coin to the requested address. Once the coins have been confirmed to have been received, the balance will be sent to the same address. We will not pay mining fees associated with test transactions and coins will be deducted from the customers holdings.
11. Invalid customer details
The company reserves the right to close any account, cancel and refund any order, where false or seemly false, customer information, including incorrect or invalid name, address, nationality, or ID numbers.
If you wish to make a complaint against us, you should inform us via email immediately at email@example.com. In order to allow us to investigate your complaint promptly and effectively you should provide the full details of the circumstances giving rise to your complaint. Where applicable you should provide details of the time, date and any relevant actual or purported order or trade information.
We reserve the right to not commence investigations until sufficient details are provided. We will investigate the complaint promptly and fully and provide a written response to your complaint. We are not covered by the Financial Services Compensation Scheme.
13. Force Majeure
If we are unable to perform the services due to factors beyond our control including but not limited to Force Majeure, change of law or change in sanctions policy we will not have any liability to you with respect to the services provided under this agreement and for a period of time coincident with the event. Force Majeure is defined as any cause or condition beyond reasonable control, including but not limited to, any delay or failure due to any act of god, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other industrial dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control.
14. Limitation of Liability
(a) To the extent permitted by law, we will not be held liable for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss unless the loss suffered arising from our negligence or wilful deceit or fraud.
(b) Nothing in these terms excludes or limits the liability of either party for fraud, death or personal injury caused by its negligence, breach of terms implied by operation of law, or any other liability which may not by law be limited or excluded.
(c) Subject to the foregoing, our aggregate liability in respect of claims based on events arising out of or in connection with any single trade, whether in contract or tort (including negligence) or otherwise, shall in no circumstances exceed 100% of the amount of the transaction in question.
You agree to defend, hold harmless and hereby indemnify us and each of our directors, employeesm agents and brokers (each an "Indemnified Party") from and against any loss, damage, cost, claim, proceeding, penalty, fine or expense, including legal fees, incurred by or suffered by any Indemnified Party which arises out of, or relates to, directly or indirectly; (i) your use of the services, (ii) your failure to fully and timely perform any of your obligations to these terms and conditions; and (iii) any of your representations or warranties made by you in these terms and conditions, at any time, untrue or incorrect.
16. Intellectual Property
The BC Bitcoin trademarks and logos are our property. They should not be copied, reproduced, modified, republished, uploaded, posted, or distributed in any form or by any means, whether manual or automated.
17. Our Relationship
We are an independent contractor for all purposes. Nothing in these terms and conditions shall be deemed or is intended to be deemed, nor shall it cause, you and us to be treated as partners, joint ventures, or any other affiliation to any other venture.
It is your sole responsibility to determine and report any taxes implications from the transactions you conduct through our services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities.
19. Anti-Money Laundering (AML)
It is absolutely prohibited for customer using our services for the purpose of; cleaning money, hiding money, in any way attempting to obscure the source of funds, or attempting to circumvent financial regulations or restrictions.
Any customer whom, in the opinion of the company, has attempted to deceive or engage in money laundering activities or terrorist financing will have their verification revoked and account blacklisted from any business services.
20. Prohibited Jurisdictions
We do not engage in any business activity with any; individual, group or entity found to be on either the US or EU sanctions lists.
Any customer holding a permanent residency in any the following countries is prohibited from using any of the services provided by the company;
Afghanistan, Algeria, Bahamas, Bangladesh, Bolivia, Bosnia & Herzegovina, Botswana, Cambodia, Ecuador, Ethiopia, Ghana, Guyana, Iran, Iraq, Laos, Nepal, North Korea, Pakistan, Serbia, Sri Lanka, Syria, Trinidad & Tobago, Tunisia, Uganda, United States, Vanuatu, Yemen.
We reserve the right to amend or change these terms and conditions at any time by notifying you with the revised terms and conditions. Such notification may be provided by email and your continued use of services shall constitute acceptance of any such amendments.
(a) If any provision of these terms and conditions is or becomes (whether or not pursuant to any judgment or otherwise) invalid, illegal or unenforceable in any respect under the law of any jurisdiction: (i) the validity, legality and enforceability under the law of that jurisdiction of any other provision; and (ii) the validity, legality and enforceability under the Law of any other jurisdiction of that or any other provision, shall not be affected or impaired in any way thereby.
(b) If any provision of these terms and conditions shall be held to be void or declared illegal, invalid or unenforceable for any reason whatsoever, such provision shall be divisible from this Agreement and shall be deemed to be deleted from these terms and conditions and the validity, legality and enforceability of the remaining provisions shall not be affected.
(a) These terms and conditions constitute the entire agreement between the parties with respect to the matters covered hereby and supersedes all previous written, oral or implied understandings between them with respect to such matters.
(b) The operation of the Contracts (Rights of Third Parties) Act 1999 is hereby excluded.
(c) These terms and conditions shall be governed and construed in accordance with English law. The parties agree to irrevocably submit to the exclusive jurisdiction of the English courts.
The company will take no responsibility for losses resultant from a security breach outside of servers owned and operated by the company.
The company does not offer any refund service. All exchanges processed for the customer will be final and irreversible.
No Guarantee of Future Service
The company may any time temporarily or permanently disable the merchant service for some or all merchants. The merchant has a guarantee of receiving their previously exchanged balance; but has no guaranteed right to future service.
BC Bitcoin reserves the right to change these terms at any time without prior notice or notification of the changes.
Disclosure on Cryptoasset Activity
None of the services provided by BC Bitcoin are currently within the scope of the Financial Ombudsman Service, nor subject to protection under the Financial Services Compensation Scheme.