- “Digital Wallet” means an online address accessible through the Online Platforms and controlled and operated by a User for storage of their Digital Assets.
- “Content” means any information, text, graphics, or other materials uploaded by the Company or the Users, which is accessible on the Online Platforms.
- “Digital Assets” refer to cryptocurrencies, virtual digital assets or as may be referred to by any other names and includes Bitcoin, Ethereum, Solana, Polygon, etc., as well as proprietary coins and tokens.
- “Linked Bank Account” refers to any bank account owned and operated by the User and held with a Scheduled Commercial Bank, whose details were provided by the User during the account activation and verification process.
- “Services” means services offered by Airavat through our Online Platforms as detailed under Section C of these Terms.
- “Supported Digital Assets” refers to the digital currencies in relation to which we provide any services through our Online Platforms.
- “Third Party Service Provider” means any person or entity engaged by us to support or provide any service to us which are required, related to or in connection with the Services offered by us through the Online Platforms and includes any third party exchange, service provider engaged for user onboarding and verification, payment aggregator, network service providers, blockchain protocols and other service providers.
- “User” is any natural or juristic person who uses the Online Platforms and avails the Services. Users may also be referred to as “you” or “your”.
- The Online Platforms offer the following products / services related to Digital Assets: (i) Swapping your Digital Assets with any other Supported Digital Assets, (ii) Enabling deposit and withdrawals of Digital Assets into your Digital Wallets, (iii) Staking your Digital Assets to earn Blockchain and/or other rewards, (iv) providing custody and wallet infrastructure services for storing your Digital Assets, (v) bridge-staking for yield, and (vi) The earn program to earn a fixed rate of interest (collectively referred to as the “Services”) on specified digital assets. We may require to avail the services of Third Party Service Providers to effectively provide you the Services and you understand and agree to the same. We may fulfill or execute your orders with respect to any of our products or services either internally or with the help of a Selected Third Party who may be an exchange or a market maker. In case of unavailability of a Supported Digital Assets in our own liquidity pool, we will procure that specific Supported Digital Assets through our accounts with Selected Third Parties to fulfill your order.
- You consent and authorize us to initiate and execute transactions on your behalf by clicking or giving command in any other form through our Online Platforms. We only initiate and execute transactions as per your consent and request and facilitate execution of your request / command.
- In order to provide a seamless, uninterrupted and secure environment, we reserve the right to change, modify, repair, suspend and halt our Services through the Online Platforms. We will strive to provide you with a minimum downtime, however, we do not warrant that our Online Platforms and our Services will always be available/ uninterrupted. We will not be liable to you for any losses incurred due to any interruption, suspension or halt in our Services. We may suspend, withdraw, discontinue, or change all or any part of the Online Platforms without notice. We also reserve the right to restrict the availability of our Services in certain countries or regions.
D. User Account
- You must create your account (“User Account”) to avail our Services. You can create your account by registering directly with us by providing your email ID, phone number and other details as required on our Online Platforms. You will then be required to activate your account by following the identity verification process specified on our Online Platforms. You are responsible for safeguarding your account and you agree to not disclose your password to any third party. You agree that you will be solely responsible for any activities or actions taken through your account. You also agree to immediately notify us of any unauthorized access or use of your account by writing to us at firstname.lastname@example.org. We reserve the right to initiate any action, including a legal action before a court or relevant law enforcement agencies, in case you impersonate or illegally access or attempt to access the User account belonging to any other person.
- You will also be required to share your Bank account details and disclose the source of your funds as detailed in our AML Policy available on our Online Platforms. For further details on the account registration, validation process and anti-money laundering checks adopted by us, we advise you to read our AML Policy as available on our Online Platforms.
- Activating or validating your User account should not be construed as us granting you any licence, allowing, permitting, encouraging or supporting your use of User account or Digital Wallet for illegal, unlawful, fraudulent, unethical, or unauthorised purposes or to promote or facilitate any illegal, unlawful, fraudulent, unethical or unauthorised activities. We reserve the right at all times to monitor, review, retain and/or disclose any information as necessary to satisfy any applicable law, regulation, sanctions programs, legal process or governmental request.
- You are not permitted to or eligible to avail any of our Services if you are in, under the control of, or a national or resident of Cuba, Iran, North Korea, Sudan, Pakistan, Afghanistan, United States of America, People’s Republic of China, Russia or Syria or any country subject to UN Sanctions, United States embargo, the prohibited list of Financial Action Task Force (FTAF), the European Union (each a “Restricted Countries”), or if you are a person on the economic sanctions lists as published from time to time by applicable authorities (including, but not limited to the Office of Financial Sanctions Implementation (part of HM Treasury), the U.S. Commerce Department’s Denied Persons List, Unverified List, or Entity List, or the EU financial sanctions regime) (a “Restricted Person”). Restricted Countries also include any country where the local laws do not allow us to offer all or any of our Services. Restricted Countries include, but are not limited to, Canada, Malta, Estonia, United Arab Emirates and Singapore.
- Our Services are only available in jurisdictions where and to the extent to which they may be legally offered as per applicable laws and regulations.
- We may require you to re-submit the user details including KYC and related documents or may require you to furnish any additional details as part of our ongoing due diligence, due to any suspicious action, transaction or behavior from your account or under the order or direction from any government authority or court having competent jurisdiction.
- You are solely responsible for keeping your electronic devices and user account and Digital Wallet safe and secure by adopting reasonable security practices and operational safeguards. You are required to take all reasonable steps to avoid any loss, theft, misuse or unauthorised access to your electronic device which may result in unauthorised access to your User account or Digital wallet through our Online Platforms. We will not be liable for any loss, theft, compromise or unauthorised access to your electronic device or your user account, funds held in your Digital Wallet or associated bank account, card details or other source of payment.
- You represent and warrant:
- That you have attained the age of majority and are competent to contract as per applicable law;
- that if you are registering on behalf of any entity, you are legally authorized to enter into agreements on behalf of the entity as per applicable laws;
- that you are not a Restricted Person or a resident of any of the Restricted Countries;
- that your use of our Services will not violate any and all laws and regulations including licensing or approval requirements, anti-money laundering, terror financing, foreign exchange, privacy, data protection and other laws or regulations as applicable to you as per your jurisdiction.
- that you will keep your account details up to date and will immediately inform us in case of any change in user information.
E. AML Policy
Read our KYC / AML policy
F. Digital Wallet
- On activation of your User account, we will create and provide a Digital Wallet for you wherein your Digital Assets may be stored. You may use this Digital Wallet to hold your Digital Assets or to use your Digital Assets to avail any of our Services. Any funds you unstake, swap, sell or withdraw will be credited into / debited from this wallet and transfer of your funds to any external wallet will require verification regarding your ownership and control over that external wallet. You agree and represent that you will transfer Digital Assets to only external wallets that belong to you.
- Our Services offered through the Online Platforms are available only in connection with the Supported Digital Assets and this may change from time to time. We assume no responsibility or liability in connection with any attempt to use your Digital Wallet to store, send, request or receive any unsupported Digital Currency. Further, we in our sole discretion may terminate our support for any particular Digital Currency by providing you a 10 days’ notice. We may provide you a shorter period of notice if so directed or required under any law, regulation or under the order of any court, law enforcement agency or authority. We will withdraw any remaining Digital Currency which we stop supporting after the period of notice and will deposit the market value of the digital currency denominated in the Supported Digital Currency of our choice.
G. Disclosure of Risk
- You understand, acknowledge and agree that dealing or trading in Digital Assets are subject to market conditions and involve a high degree of risk. Price or value of Digital Assets is subject to constant and frequent fluctuations and you may accordingly suffer a partial or complete loss of funds owned by you in your account. You understand and acknowledge that We bear no responsibility or liability to you or any other person whatsoever for any losses or gains incurred in connection with your use of our Services.
- You also understand, acknowledge and agree that any services availed through our Online Platforms cannot be construed as financial, investment or legal advice and We or any of its directors, employees or agents do not give financial, legal or investment advice or recommendations regarding dealing, trading or investment in Digital Assets. We are not a financial institution, bank, credit union, trust, hedge fund, broker or investment or financial advisor, and are not subject to the same laws, regulations, directives or requirements applicable to such entities or persons. Availability of any service involving any particular Supported Digital Asset on our Online Platforms cannot be construed as any form of endorsement, recommendation or support for that digital asset from our side.
- You also acknowledge and agree that our ability to provide any service may be detrimentally impacted by regulatory action or changes in regulations applicable to Digital Assets. You are solely and exclusively responsible for all trading decisions made by you while using the services. We are merely providing a technology platform and you are solely and entirely responsible for the legal, regulatory and tax compliance of all transactions carried out by you using the services, subject to the terms of this agreement.
- You understand and agree that transactions once initiated on any blockchain network cannot be reversed, undone or rectified or modified. You are required to verify all details relating to a transaction before initiating the transaction as we will simply process the transactions as per your instructions. We will have no liability or responsibility in case you initiate any transaction with incomplete or incorrect details. We may also refuse to process or cancel any pending transaction if required by law, regulation or any court or other authority or if we have a reasonable suspicion of any money laundering, terrorist financing, fraud, or any other financial crime being involved in the transaction.
H. Custody Services
- We only hold the Digital Assets held in your Digital Wallet for your benefit on a custodial basis. As a custodian we act on your instructions and execute your instructions relating to any transaction with respect to such Digital Assets. The title to any Digital Asset held in your Digital Wallet shall at all times remain with you and only you shall bear the risk or benefits for fluctuations in the price or value of such Digital Assets. We will not treat any Digital Assets held in your Digital Wallet as ours and will not sell, transfer, loan or otherwise alienate Digital Assets held in your Digital Wallet without your instruction or unless compelled by an order of the relevant Government, authorities or competent court.
- You understand and agree that the Digital Assets in your Digital Wallet may be pooled with other users’ Digital Assets at specific blockchain addresses controlled by us (for e.g. cold storage addresses). We will however always maintain at minimum a 1:1 ratio between user deposits and funds controlled by our wallets. User funds are logically separated from Exchange funds and will never be used for operations, expenses or any other costs of running the exchange. We will also never invest your funds without your prior consent or instruction i.e. unless you enter into a staking or bridge-staking or any other product, feature or service through our platform. In those cases it will always be made clear how the funds will be used to generate yield and the risks involved, if any.
- You agree that your ability to withdraw or send assets from your Digital Wallet may be interrupted or suspended due to outages, downtime, network congestion, network maintenance and other technical, network and market conditions beyond our control. You are required to employ standard security practices, remember your account and password details and avoid unauthorised access of any third party to your account. We are under no obligation to issue any replacement Digital Assets in the event that any Digital Currency, password or private key is lost, stolen, malfunctioning, destroyed or otherwise inaccessible.
I. Staking Services
- When you “Stake” your Digital Assets, the funds will be delegated to either our own validator or to a third party validator. If you stake your Digital Assets, we will facilitate the staking of those assets on your behalf, by acting as a validator on the applicable Blockchain. Whatever reward is received from the blockchain network where the digital assets are staked, will be credited to your wallet after deducting any applicable validator fees. Details of any applicable validator fees are available on our Online Platforms for every staking product / service.
- You have no right to a reward until it is received by us or third party validator, as the case may be. Any staking reward mentioned on our Online Platforms against any particular Digital Asset is an indication based on an annualized historical rate and the actual payable rewards may vary.
- If you stake your Digital Assets under our locked staking service, then the staked Digital Assets cannot be redeemed for the period for which the Digital Assets are staked. You will not be able to unstake or remove your funds once staked under locked staking. Even in the case of unlocked staking, unstaking your Digital Assets may typically take up to seven working days. In addition, in some cases, there may be a delay in unstaking or withdrawal of staked assets due to network conditions or protocol’s prescribed rules relating to unstaking.
- Users are solely responsible for reporting and compliance with taxation and other applicable laws. You should conduct due diligence and consult your financial and legal advisor to appropriately comply with taxation and other requirements.
J. Bridge Staking
- We offer two types of Bridge Staking – cross network (e.g. AVAX USDT and MATIC USDT) and cross exchange (e.g. USDT on Huobi and USDT on Binance). The details of expected yield and payout are provided on our Online Platforms against each specific Bridge Staking service.
- You understand, acknowledge and agree that Bridge Staking involves risks associated with network, market conditions and counter parties (in case of cross exchange bridge staking) and the actual payout or yield, which is variable and unpredictable, may vary significantly from the expected yield or payout indicated on our Online Platforms. The payout to the user will be based on the actual transaction activity minus any applicable Bridge Staking fee.
- Any staking reward mentioned on our Online Platforms against any particular Digital Asset is an indication based on an annualized historical rate and the actual payable rewards may vary. You understand and agree that the details relating to the risks involved and the rating of a particular product or service as mentioned on our Online Platforms are indicative and for information only.
- Users are solely responsible for reporting and compliance with taxation and other applicable laws. You should conduct due diligence and consult your financial and legal advisor to appropriately comply with taxation and other requirements.
- You can Swap your cryptocurrency or Digital Asset with any other cryptocurrency or Digital Asset from the list of our Supported Digital Assets. Your order for swapping may be fulfilled internally through our own liquidity pool or may be provided to you with the help of an external centralized or decentralized exchange. We reserve the right to supply the required cryptocurrency either internally or through an external exchange and you acknowledge and consent to our discretion when you execute any Swap transaction through our Online Platforms.
L. Earn feature
- Our earn feature allows users to earn a fixed rate of interest. Earn feature is on an ‘opt-in’ basis and by opting in, the Digital Tokens available in your Digital Wallet may be deposited/deployed with a third party exchange/platform. You opting for and initiating an Earn contract consents to us to executing necessary transactions with a third party, if required.
- You can choose and select the specific Digital Asset you want to enter into an Earn plan with, and the plan including the tenure and available interest rate offered under that plan before beginning the Earn period for that asset. You will not be allowed to modify the tenure of the plan once your Digital Assets are entered into a locked earn contract. We may allow you to withdraw your Digital Assets before the completion of the tenure solely based on our discretion and subject to likely loss of any yield. Withdrawing your lent Digital Tokens may take up to seven working days depending on network congestion, involvement of third parties and other market conditions.
- You understand, agree and acknowledge that we can in our sole discretion and at any point of time modify, alter, suspend, revoke or withdraw the earn feature / service or any part thereof. We may also stop supporting a particular Digital Asset for this service. In case we stop supporting a particular Digital Asset or discontinue, fully or in part, the earn feature / service before the maturity of the tenure, we will disburse the interest on a prorated basis for the period during which your Digital Assets were lent. You understand and agree that the details relating to the risks involved and the rating of risk as mentioned on our Online Platforms are indicative and for information only. We reserve our right to modify the rate and other terms of earning and interest at our sole discretion. We also reserve our right to modify, alter or discontinue this service on account of any regulatory requirement or to comply with the direction, provision or order of law, legal authority or court.
M. No Warranties
- We make no warranties about the availability and functionality of any product, feature, service or attribute of our Online Platforms as our services are available through the Online Platforms on “as is” and “as available” basis. We do not make any express or implied warranty that our services or your access to our services will be uninterrupted, seamless, timely, fast or error free.
- Any material available on our Online Platforms is only tentative and for information purpose only. We make no representation or warranty about the relevance, accuracy, timeliness or completeness of such information and encourage you to independently check and verify such information from independent sources.
N. User Covenants and representations
- You represent that your access to Online Platforms and availing our Services are legal and allowed under applicable laws and you will use our Online Platforms only for legal purposes.
- You represent and agree not to circumvent, remove, degrade, deactivate, use any robot, spider, scraper, or other means to access our Services. You also agree not to decompile, reverse engineer, and disassemble any software or other products or services available on our Online Platforms. Additionally, you agree not to upload, post, e-mail or otherwise send or transmit any material designed to interrupt, destroy, or limit the functionality of our service.
- You understand and agree that we may terminate or restrict your use of our Services or access to your Account if you violate these Terms or engage in any illegal or fraudulent use of our service. We may also initiate any action under the order or direction of the Government, law enforcement authority or court. Under such order or direction, we may: (i) suspend your User Account; (ii) terminate your User Account; (iii) require you to withdraw funds or Digital Assets from your User Account or Linked Bank Account within a certain period of time; and (iv) withhold or transfer your Digital Assets or Funds. We will not be responsible for any losses, whether direct or indirect, that you may incur as a result of our complying with Applicable Laws, the guidance or direction of any such regulatory authority or government agency, or any writ of attachment, lien, levy, subpoena, warrant, or other legal order.
- Our Online Platforms may be subject to restrictions, limitations, delays, and other problems inherent in the use of the internet and electronic communications, blockchain networks or an industry involving regulatory uncertainties.
O. Limitation of Liability
- To the extent permitted by law, we will not be liable for any loss or damage caused to you through use of our Online Platforms or in relation to or on account of access or inability to access our Online Platforms.
- We, our subsidiaries, affiliates, its shareholders, its directors, officers, employees, representatives, contractors, suppliers shall not be liable for any incidental, special, punitive, consequential or similar damages or liabilities whatsoever arising out of our Services, any performance or non-performance of Services or any product provided by us.
- Our total liability to any user shall not in any event exceed the fees paid by such user during the 6 (six) months immediately preceding the date of claim for any direct, indirect or consequential loss or damage irrespective of the nature of the claim. Digital Assets may be targeted by hackers or malicious groups or organizations who may attempt to interfere with any transactions related to your Digital Assets through various means including malware attacks, distributed denial of service, consensus-based attacks, sybil attacks, phishing, smurfing and hacking. We will adopt and maintain a reasonable standard of security, however, we will not be liable to you for any loss or damage caused to you on account of any such attack or interference.
- We may engage the services of Third Party Service Providers in connection with the development, operation and maintenance of our Online Platforms and Services or onboarding and verification of customers. We shall not be liable for any suspension, halt or interruption of our Services through the Online Platforms where such circumstances arise or result from any interruptions, errors, default or otherwise by any such third parties.
- Notwithstanding any provision in this Agreement to the contrary, we (to the fullest extent permitted by Applicable Laws) shall not in any circumstances be liable for any loss, damage, liability, expense, fines or penalties or any other amount directly or indirectly caused by the use or operation of the our Online Platforms or the introduction of viruses, worms or other destructive programs or any other commercial or economic losses, including such losses that arise out of or in connection with third party cyber-attacks or unauthorized access or use of the our Online Platforms, or the loss of any Supported Digital Assets and/or otherwise surrendered to the courts or regulators or other statutory authorities under the Applicable Laws.
- Force majeure: We shall not assume any and all risks and liability, in connection with any force majeure event, including acts of God, labor disputes or other industrial disturbances, electrical, telecommunications, hardware, software or other utility failures, software or smart contract system bugs or weaknesses, earthquakes, storms or other nature-related events, acts or orders of government, actions of the government, change of laws, introduction of new law, acts of terrorism or war, epidemic, pandemic, technological change, changes to any blockchain-related protocol, information security attacks on service providers, and fraud conducted by third parties, and such other similar events which are beyond reasonable control of Airavat.
- You shall indemnify and hold harmless us, our affiliates, subsidiaries, our officers, directors, agents, and employees, from any claim or demand, or actions including reasonable attorneys’ fees, made by any third party or penalty imposed due to or arising out or relating to (a) your use of our Services, (b) your breach of these Terms, or (c) your violation of any law, rules or regulations or the rights of any other user or a third party.
Q. Suspension, Termination and Cancellation
- We reserve the right to suspend, block, cancel or reverse a transaction and/or refuse to continue access to the Online Platforms (even if even after funds have been debited from your User Account) if we discover that you are in breach of the Terms and Applicable Law. If your account is closed/ suspended/ cancelled/ deactivated, your Digital Assets or other funds will only be returned or allowed to be withdrawn upon payment of all outstanding charges to us and you may be required to produce your identity and other KYC documents and/or any additional details depending on the reason for closure / suspension / cancellation / deactivation. We also, in our sole discretion, may direct you to withdraw all your Digital funds within a reasonable period of time and subsequently close your account with us.
R. Intellectual Property Rights
- All our content, material, charts, reports, features, services, design are protected under applicable copyright, trademark, logo, brand name, tagline, design, and other applicable laws. You cannot copy, imitate or use any of our exclusive intellectual property. The Online Platforms may at places include third party intellectual property including the software used for creating or distributing Digital Assets. We use the logo, brand name or other intellectual property of our Third Party Service Providers only under valid contractual arrangements and any intellectual property in such items belong to such service providers.
- We only grant you a limited, non-exclusive, non-transferable licence, subject to the terms of this Agreement, to access and use our Online Platforms and access our Services for lawful purposes.
- Assignment: Any right, licence or access granted to you under these Terms cannot be assigned or transferred to any third person and any contract, arrangement or attempt to transfer such rights shall be void ab initio. We may assign, or transfer any or all rights and obligations that accrued in our favor under these Terms, at our sole discretion, to our subsidiaries, affiliated entities, or any other third party without any restriction.
- Amendments: We revise our rights to amend these Terms, with or without notice. The up to date copy of these Terms will be available on our Online Platforms mentioning the data of the last update. We urge you to regularly review and take notice of changes made in these Terms. We will endeavor to notice you in case of any material change in these Terms to the extent possible and feasible. Your continued use of our Services would be deemed to be your acceptance to be bound by the updated Terms. If you do not agree with any part of these Terms or any amendments thereof, we insist that you stop using the Online Platforms and Services with immediate effect.
- Governing Law: These Terms are governed by the laws of the Costa Rica.
- Dispute Resolution: Any disputes, controversies or claims arising out of or in connection with your use of our Online Platforms or our Services shall be resolved through final and binding arbitration. You agree to first give us an opportunity to resolve any claims by raising service request through our Online Platforms. If we are not able to resolve your claims within 60 days from raising the service request, you may seek relief through arbitration in accordance with rules of the Singapore International Arbitration Centre (“SIAC”) which are deemed to be incorporated into these Terms by reference. The arbitration tribunal shall consist of a sole arbitrator to be appointed in accordance with the rules of the SIAC. The language of the arbitration hearings shall be English, and the seat of arbitration shall be in Singapore.