Access to a Client’s IBEX account is protected with the account the Client owns at a Third Party Service provider such as Civicpower or with an e-mail address as well as a password, both of which are chosen by the Client. We recommend that each Client reinforces the security of their IBEX Account by enabling double authentication (referred to as 2FA from hereinafter) following the guidelines and explanations provided during account creation as well as in our Help section (https://support.ib.exchange) on our website or by contacting Client Support thanks to the dedicated form. Under no circumstances can IBEX be held accountable for any consequences caused by  the loss, theft, phishing/hacking, usurpation, fraud, unable to access the email address linked to the Client’s IBEX account, their different devices, their phone or 2FA application, the securitisation of their password, their identification documents as well as their proof of residence or funds, which are all the Clients’ responsibility.

The Client acknowledges and agrees that IBEX is not acting as a broker, intermediary, agent or adviser and that no communication or information provided by IBEX should be considered or construed as advice.

Crypto-assets and the technologies on which they are based are innovative and relatively recent. Whatever their use (investment value, exchange value, representation of a right, etc.), Crypto-assets and their use entail several risks, including but not limited to: market risk, liquidity risk, volatility risk, and risk of total loss of funds in the event of a manipulation error or loss of the private key. These risks are listed and explained on our website under the “Compliance” section.

Investment in Crypto-assets is therefore not suitable for all Clients. It is the responsibility of Clients to inform themselves about the various Crypto-assets, the underlying technologies, and to understand what a Portfolio (as defined below) is, how to handle it and in particular how to make deposits and withdrawals of Crypto-assets. IBEX cannot be held responsible for any damage caused by an error in the address of the Portfolio attributable to the Client.

Purchase of Crypto-assets, Purchase, Purchase order: acquisition by a Client of a quantity of Crypto-assets sold by IBEX against a payment in Euro by a means of payment accepted on the Website by IBEX or its third party Payment Service Provider.

Airdrop : designates the gratuitous distribution of Crypto-assets under certain conditions.

Special Terms and Conditions: Special Terms and Conditions are the various terms and conditions that specify all the specific contractual features of the TCUs of IBEX. The Special Terms and Conditions are added to or modify the TCUs in order to adapt them to the specific case of a Client and/or a Service. The Special Terms and Conditions proposed by IBEX can be specified in a specific document or contract signed by the Client or on any durable medium offered by IBEX (including electronic signature system) and validated by the Client who accepts them.

Safeguarding of access to Crypto-assets or “Safeguarding” or “Storage” of Crypto-assets: service provided by IBEX to its Clients, its objective being safeguarding and securing the access to their Crypto-assets. The Crypto-assets stored by IBEX on behalf of its Client are only accessible to the Client according to procedures defined by IBEX and accepted by the Client who accepts these TCU.

Crypto-asset or Crypto-currency or Digital Asset: is a digital representation of values or rights that can be transferred and stored electronically, using blockchain or similar technology.
It is any digital representation of value that is not issued or guaranteed by a central bank or public authority, that is not necessarily attached to legal tender and that does not have the legal status of money, but that is accepted by natural or legal persons as a medium of exchange and that can be transferred, stored or exchanged electronically

It should be noted that this legal definition may change over time. IBEX offers different types of Crypto-assets, whose list is available on the Website.

TCU: means the IBEX’s Terms and Conditions of Use governing the Services applicable to all Clients of IBEX, if need be they will be amended by Special Terms and Conditions. The TCUs are available and can be downloaded from the Website; they are also sent to the Client by email. The Client has to validate them when creating their account and during the realisation of each Service.

Client: refers to all individuals, institutions or organizations that access, or use IBEX Services and who meet the criteria and conditions stipulated by IBEX.

Client Account or Account: means a unique and personal account that allows access to the services of IBEX on its Website. The identifier of a Client Account is an e-mail address. A Client Account is protected by a password which must be in the required format. IBEX performs Login Checks and strongly recommends that Clients use double authentication (“2FA“) to access the Client Account on the Website and to make Transactions and Withdrawals, modify and provide Account information. 

Validated Client Account: Upon validation of a Client Account, the Client receives an email from IBEX, informing them about the validation of their account”. IBEX alone decides through its Compliance and Risk Management Department whether to validate a Client Account or not, on the basis of the identification data of the Client, its LCB-FT policy and the information provided by the Client. Only a Client with a validated Client Account can access the different Services.

Crypto Account: means a position-keeping account in which the quantity of a given Crypto-asset held by a Client is recorded and is held in custody at IBEX, together with its equivalent value in legal tender based on a Price provided as an indication. Each Client has several Crypto Accounts associated with the validated Client Account, the number of which is equal to the number of different Crypto-assets available for Transactions on the Website.

Conversion or Conversion operation: service offered by IBEX consisting of exchanging a quantity of one type of Crypto-asset for a quantity of another Crypto-asset.

Technical failure: means one of the following cases resulting from an event not attributable to IBEX, unavailability of access to the telephone network or the Internet by IBEX or the Client, unavailability of access to IBEX data hosted by third parties for reasons attributable to these third parties, by unavailability of access to IBEX Portfolios, technical problem inherent in the operation of a Blockchain or a “smart contract”, unavailability of access to or manipulation of IBEX’s bank accounts used to receive Purchases or credit Sales, unavailability or technical failure of IBEX’s payment service provider (PSP) or methods linked to paying Transactions, unavailability of access to partner platforms or marketplaces for the purchase or sale of Crypto-assets operated by IBEX for its own account, unavailability or loss of access to the Client’s Portfolio, events resulting from the action of hackers (digital pirates), logical attack or computer virus or any other malicious act on the computer systems of the Client, on those of the technical partners, or on the marketplaces used by IBEX for Transactions and Custody.

2FA (dual authentication or two-step verification): This is a method by which a Client can access their Client Account, change Account information, provide a Wallet address, make a Transaction or Withdrawal only after presenting two separate forms of identification to an authentication mechanism. This security feature is strongly recommended for all IBEX Clients.

Crypto Asset Deposit: a service offered by IBEX that allows a Client to send themselves certain Crypto-assets from their Wallet to a Wallet address provided by IBEX, for safekeeping at IBEX in the Client’s Crypto Account.

Transaction Fees or Commission: the amount in euros, or if applicable in Crypto-Assets, received by IBEX as remuneration for the execution of a Transaction. The Commission varies according to the nature of the Transaction, the type of Client Account (classic, paying), the amount of the Transaction and the type of Crypto-asset. It is presented and explicitly validated by the Client prior to each Transaction. The calculation methodology is specified in article 4 as well as the pricing grid available on the Website.

Intervention Fees: fees charged by IBEX to the Client for the management of an outstanding payment, a payment incident, an incident on the Client Account, the management of a Transaction that has not been completed due to an error or omission by the Client or due to the absence of compliant evidence provided to the Compliance and Risk Management Department, in case of abuse by a Client, or for any other reason mentioned in the TCU. The amount of the Intervention Fees, which can’t be determined in advance and expressed in euros, is calculated as a percentage of the amount of the Transaction or as an equivalent amount in Crypto-Assets, or if necessary by a fixed amount with a minimum and maximum as indicated in the Pricing Grid  available on the website and/or in the present TCU.

Storage Fees: fees collected by IBEX for the conservation of a quantity of Crypto-assets on a Client’s crypto Account.

Swap Fees: fees collected by IBEX for the conversion of a set amount of Crypto-assets held by a Client into another crypto-asset available on IBEX.

Withdrawal Fees: fee charged by IBEX for the Withdrawal of a set amount of Crypto-asset from an External Wallet due to the costs associated with the validation by blockchain computer systems of the transaction to transfer the quantity of Crypto-asset to the Client’s Wallet. These fees are not ascertainable in advance and the calculation method of these fees is indicated in the Pricing Grid  on the Website.

Force Majeure: an event beyond the control of its debtor, which could not reasonably be foreseen at the time of the entry into force of the TCUand whose effects cannot be avoided by appropriate measures and which prevents the performance of its obligation. If the impediment is temporary, the performance of the obligation shall be suspended unless the resulting delay justifies the termination of the agreement. If the impediment is permanent, the agreement is terminated by operation of law and the parties are released from their obligations.

Pricing Grid: price list that summarises for each Service and Transaction the different applicable fees and/or their calculation method which will be collected by IBEX and are available on the Website.

IBAN: International Banking Account Number stands for International Bank Account Identifier. It is associated with a BIC code.

KYC (Know Your Client): term used in the context of the application of an anti-money laundering and anti-terrorist financing procedure and designating the steps to be taken to identify a Client (Know Your Client).

AML-FT or AML-FT: means the fight against money laundering and the financing of terrorism within the meaning of the Monetary and Financial Code and giving rise to the implementation of a system for evaluating client transactions in accordance with the regulations in force in Estonia and Europe.

Purchase, Sale, Deposit and Withdrawal Limits: means, for a given Client, the amounts equal to the maximum cumulative Purchase, Sale, Deposit and Withdrawal amounts that can be made by that Client over a given period.

Party: means the Client and IBEX, together or separately as the context requires.

Wallet: a computer application for controlling, receiving and sending Crypto-assets, the security of which is guaranteed by the use of cryptographic processes based on private and public key mechanisms. A Wallet contains one or more addresses used for the exchange of Crypto-assets and one or more private keys securing the assets. The disclosure, theft, or loss of the private keys may result in the total loss of the Crypto-assets.

External Wallet: a wallet owned and controlled  by a Client and of which IBEX has absolutely no control over. External Wallets are completely foreign to IBEX’s IT system.

Crypto-asset’s Price or Price: a counter-value in Euros or another crypto-asset of a given Crypto-asset displayed to the client and set by IBEX as per a Client’s request.

The Crypto-asset’s Price is calculated and fixed by IBEX by aggregating different counter-values of the Crypto-asset available on different trustworthy marketplaces or liquidity providers selected by IBEX, a technical margin is added to this and fluctuates according to the following : the nature of the Crypto-asset, price and liquidity of the asset on market-places and liquidity providers partnered with IBEX, amount that the Client has requested, the nature of the business relation between the Client and IBEX as well as any other relevant criteria determined at the moment the Price is set.

The Crypto-asset’s Price is shown on several parts of the Website, it is frequently updated (a few minutes between each update). When it isn’t indicated during a Purchase, Sale or Conversion operation, the Price is given as a reference and may represent the average between the value of a Sale and Purchase of a Crypto-asset and will therefore differ from the Price used to conclude the Transaction. Only the Price used during the Transaction is valid for its accounting and the application of the present TCU.

Unless otherwise stated or if Special Conditions apply, IBEX therefore can’t guarantee a Crypto-asset’s Price in advance.

Withdrawal: means the act of IBEX sending, at the request of the Client, a quantity of Crypto-Asset to the Wallet address provided by a Client, it being understood that the Client is solely responsible for providing this address and that IBEX shall not be liable for the Client providing an incorrect or non-owned address. Withdrawal is not available for all Crypto-assets offered by IBEX. Crypto-assets that cannot be withdrawn are indicated on the Website at the time of the Purchase process.

Services: refers to the set of services offered by IBEX to its Clients from the Website. The Services include Transactions, Safekeeping, Withdrawal and Deposit of Crypto-assets. These services also include technical services, such as SEED retrieval, Wallet transfer, custody of certain Crypto-assets on behalf of the Client in a non-connected device such as a hardware Wallet. IBEX reserves the right to offer the Services to its Clients according to their needs and risk aversion profiles. Certain Services may be subject to Special Conditions.

Website: refers to all the IBEX Services accessible at the following web address (url): https://ib.exchange, and in particular the Client Account interface which can be accessed with their login details and, if applicable, the 2FA.

Crypto Account Balance: this is the amount of Crypto Assets available in a Client’s Crypto Account.

Transaction: means Purchase, Sale or Conversion of Crypto-assets by a Client.

Crypto-Asset Sale, Sale or Sale Order: service whereby IBEX buys a quantity of Crypto-Asset held by a Client with a validated Client Account in return for a payment in Euro made by transfer to the Client’s bank account opened in the European zone.

Connection verification:procedure instated by IBEX asking the Client to indicate a code transmitted to them by text or email to ensure that they are the source of actions done on the Client’s IBEX account.

2.1 General provisions

These TCUs govern the Services offered to any Client on the Website. They constitute, together with the invoice, where applicable, the Special Conditions, the Transaction Notice or any other document in lieu thereof, the only contractual documents binding on the Parties, to the exclusion of any other document (prospectus, presentation of Services, catalogues or photographs of Crypto-assets, etc.) which are only indicative and non-contractual. These TCUs are applicable worldwide.

The general terms and conditions of purchase or sale of legal entities cannot replace or supersede these TCUs and cannot be invoked against IBEX, notwithstanding any provisions to the contrary.

When Crypto-assets are bought or sold in fiat currency, the Crypto-assets are sold or bought by IBEX to Clients for a Price denominated in Euro (€), unless otherwise specified, and their payment is processed by our third-party partner. Crypto Asset Conversion does not display a Euro (€) Price, as one quantity is exchanged for another quantity. The Conversion Fee can be expressed in euro by using the equivalence with the Crypto-asset Price.

2.2 Application of the Terms and Conditions of Use – Enforceability and Proof

The TCUs are made available to the Client on the Website. They are also communicated to the Client whenever they are updated. As a result, the TCUs and their subsequent modifications are opposable to the Clients who acknowledge having been informed of them and accept them.

Communications, Services, Client documents and invoices are archived on a reliable and durable medium in accordance with Article 1379 of the Civil Code. All these elements have evidential value between the parties. In general, all computer documents of IBEX are considered as proof between the parties.

2.3 Language of TCUs

These TCUs may be translated into German, Spanish and French in order to facilitate their understanding by Clients. Notwithstanding this translation, it is expressly agreed between the Parties that in the event of a dispute, only the English version of these TCUs shall be binding between the Parties.

2.4 Modification of the TCUs

IBEX reserves the right to change its TCUs at any time without prior notice. In the event of a change to the TCUs, the TCUs are applicable as soon as a notification has been sent to the Client. The applicable TCUs are those in force at the time of performing a Service. The Client is advised to save the TCUs in force on the day of the completion of the Services he has used, notwithstanding the archiving rules implemented by IBEX.

2.5 Invalidity of a clause in the TCUs

The invalidity of one of the provisions of these TCUs shall not invalidate the entire TCUs.

3.1 Crypto-assets offer 

The list of Crypto-assets offered by IBEX is communicated to the Client via the Website. The list may change at any time without prior notice. In particular, IBEX may unilaterally decide to no longer offer Services on a given Crypto-asset. This decision may be motivated by a possible legal or technological risk. In such a case, IBEX will use its best efforts to notify the affected Clients within a reasonable period of time, offer solutions so that the Clients can withdraw the Crypto-assets to their Wallet, convert them to other Crypto-assets or sell them.

Confidentiality of provided information
The user becomes aware of confidential documents on projects related to some of Crypto-assets for sale on IBEX platform: he undertakes not to disclose them.

3.2 Service Offers 

The list of Services offered by IBEX to its Clients may change over time. These Services are communicated to the Client via its Website.

Not all Services offered by IBEX are available for all Crypto-assets offered. Some Services such as Deposit, Withdrawal, Conversion may be limited to certain Crypto-assets offered. Similarly, some Services may be restricted to a part of IBEX’s Clients. The Client should refer to the information provided on the Website, in particular when using a Service, to find out about any limitations.

3.3 General provisions applicable to the Services on the Website  

All Services that a Client may use remotely must be performed on a durable written medium, from the Client Account validated via the Website.

The Services offered by IBEX can be accessed directly on the IBEX Website from a validated, non-blocked or non-suspended Client Account.

In case of difficulties in the proper execution of a Service or in the creation of a Client Account, a Website Client and IBEX can communicate by telephone, email or via the support system used by IBEX.

IBEX reserves the right, without prior notice and without any possible compensation, not to validate a Client Account, to refuse to perform any Service for a given Client, or to block, temporarily suspend or delete a Client Account under the conditions of article 3.4.5.  More generally, IBEX reserves the right to close down access to all or part of the Website, to suspend the execution or supply of all or part of the Services offered in the event of Force Majeure, Technical Failure, endangerment or threats to its Personnel or technical means of any kind.

3.4 Opening a Client Account

A Client can access the IBEX services via his Civicpower account. The Documents and information to be provided are listed on Civicpower’s website and the Client consents to the transfer of these documents and information between Civicpower and IBEX.

        3.4.1 Documents and information to be provided

The documents and information to be provided when applying for a Client Account are indicated on the Website. IBEX will require, but is not obliged to provide, a legible and valid form of identification, a photograph (a selfie of the Client with a handwritten note) or video of the Client, a valid email address, the Client’s telephone number, the Client’s main residence address, information about income, occupation and assets, and a bank statement.

The nature or format of these documents (image, pdf document, etc.) may change over time.  The list of documents required may differ in the case of the creation of a Client Account for a legal entity or an individual. The creation of a Client Account for a legal entity requires in particular the communication of a commercial Register Report (or equivalent) less than 3 months old, the articles of association, the register of beneficial owners, ownership and control structure as well as the company’s bank details.

In the course of the business relationship, IBEX may ask a Client to update his documents or to provide additional documents (in particular, proof of origin of funds, proof of income or assets, proof of purchase of Crypto-assets, answer to a client knowledge questionnaire) in order to enable him to access new Services, to enable the performance of a Service or to modify the Limits as provided for in article 3.5.

        3.4.2 Nationality and country of residence restrictions due to AML/CFT measures and Compliance and Risk Management procedures 

The opening of a Client Account and the maintenance of the business relationship with IBEX is restricted to Clients who are of legal age, whose principal place of residence is in Europe and whose country of nationality is not on the list of countries under international sanction or countries not authorized by IBEX. The list of these countries is indicated on the Website and may change at any time and without prior notice by decision of IBEX or by regulatory obligations. IBEX cannot be held liable for the consequences of the termination of a business relationship with a Client as a result of the blocking or suspension of his Client Account due to the restrictions of his country of residence or nationality.

        3.4.3 Updating Client Account Information

The Client undertakes to communicate as soon as possible any change of identity, financial or professional situation, change of address, telephone number, bank details, or any other change that may affect his investment capacity, and to provide new proof.

In the event of the expiry of his identity document, the Client may be required to provide a new valid and complete document as soon as possible, failing which his Account will be suspended or blocked.

Once the Client Account has been validated, certain information cannot be modified without a specific procedure communicated by Client Services and upon presentation of supporting documents.

The Client’s bank account details and Crypto Asset Withdrawal addresses are also sensitive data. Their modification is subject to a specific procedure described on the Website or communicated by Client Services.

        3.4.4 Securing the Client Account on the Website

The Client is the only one responsible for the safeguarding of access to their IBEX Account on the Website of which the default access method is via an email address and a password. It is imperative that the Client protects their own Account by ensuring that the email linked to their IBEX Account isn’t compromised (and that only the Client has access to it) and by using a complex password different to those the Client usually uses before any Service can be performed. The Client is recommended to set up the 2FA on his Client Account in order to secure his information and access the Services. IBEX may require the prior activation of the 2FA or Login Verification for certain operations. The Client may be required to block his account himself if he considers that there is a security risk. This blocking request can be communicated to Client Services or be made by following the instructions on the Website or received by email. A request by a Client to unblock a Client Account or to delete the 2FA requires a strict procedure to be followed and supporting documentation to be provided by Client Services or a Client Officer. This procedure can take from several days to several weeks. IBEX reserves the right not to execute this request if the procedure is not followed and the requested documents are not provided and deemed valid.

        3.4.5 Closing a Client Account

A Client can request at any time to closing his Client Account, whether validated or not, by informing Client Services by e-mail. IBEX will comply with this request within a reasonable time and in accordance with the provisions of article 24. An Intervention Fee of a minimum of 20 euros including VAT may be applied at the discretion of IBEX.

It should be noted that in order to meet its legal obligations, IBEX implements a monitoring process for the purpose of LCB-FT and the application of financial sanctions. As a result, certain data will be kept for 5 years after the end of the business relationship.

When the Client has a positive balance on his Crypto Account, a distinction must be made:

• When the balance of the Account is less than the equivalent of the minimum amount of the Withdrawal Fee communicated to the Client on the Website or by the Client Service, and the Client wishes to close his Account, he must expressly renounce the amount in his Crypto Account. The Client’s attention is drawn to the fact that any renunciation is final and that it will make it impossible to recover the funds at a later date.
• When the balance of the Account exceeds the minimum amount of the Withdrawal Fee: the Client is informed that he/she is obliged to withdraw the retained funds in advance and to inform IBEX when the withdrawal is made in order to be able to archive the Client Account.

If the Client holds a Crypto-asset that cannot be withdrawn to an External Wallet, then the Client shall sell the amount held of that Crypto-asset or, if applicable, convert it to a Crypto-asset that can be withdrawn. If Sale or Conversion is not possible because the amount of Crypto-asset held is less than the minimum threshold for Sale or Conversion of that Crypto-asset as indicated on the Website and that the Client will have approved prior to the execution of any Service, then the Client must expressly waive the amount held in his Crypto Account of that Crypto-asset.

        3.4.6 Death, disability, incapacity of the client, execution of a court order

In the event of the death, disability or incapacity of the Client or by court order, the Client Account may be transferred to a successor upon presentation of supporting documentation, with the approval of the Compliance and Risk Management Department and if the successor meets the criteria for a validated Client Account. If this is the case, the Crypto-assets in the Crypto Accounts will be sold by IBEX and the proceeds of the sale will be paid to the beneficiary or if there is no Crypto Account, the Account will be deleted and the Product of the Sale will be deposited onto a Bank Account. An Intervention Fee of a minimum of 250 Euro may be applied.

3.5 Limitations related to the performance of the Services 

        3.5.1 Minimum amount 

IBEX reserves the right to change at any time without prior notice the minimum value in Euro or quantity of Crypto-assets required for the performance of a Service for a given Crypto-asset (including the minimum Buy, Sell, Withdrawal, Conversion amount). These amounts are communicated on the Website, by the Account Managers and on request to the Client Service. Unless otherwise stated on the Website, there is no minimum amount for the Crypto Asset Deposit.

        3.5.2 Maximum amount and setting of Limits

IBEX theoretically allows its Clients to perform Services without a maximum amount limit as long as the Client Account does not present a security risk, the Client is able to prove the origin of the funds (in legal tender or in Crypto-assets) during a Purchase or Sale, and only if the Compliance and Risk Management Department has given a favorable opinion to the performance of the Service, following the analysis of the documents, of any Client Knowledge Questionnaires and more generally of the information transmitted by the Client.

Buying, Selling, Depositing or Withdrawing Limits can be set on a 365 day rolling basis, per day, over a given period of time or without a time limit and can apply to a given Crypto-asset in the Client Account. The value of the Limits corresponds to the cumulative amounts of all the transactions carried out over the period. The Purchase Limits may be different depending on the payment method.

The Client is informed of this via the Website.

        3.5.3 Case of Withdrawal or Deposit 

Not all Crypto-assets available on IBEX can be withdrawn or deposited to or from an External Wallet. It is the responsibility of the Client to find out which Crypto-assets are supported. There is a minimum amount for a withdrawal. This is always available on the Website, on request from the Client Service.

A daily limit may be imposed on the Withdrawal on the Website for a given Crypto Account, in order to protect the Client from possible security risks. In this case, the Client is informed and a procedure, which includes a reinforced authentication, is communicated to him in order to lift this Limit.

IBEX may require the Client to withdraw his Crypto-assets if their value in Euro exceeds a threshold set by IBEX. In this case, IBEX will inform the Client with 30 days’ notice and may offer the Client a more suitable custody solution.

IBEX is entitled to ask the Client for the nature of the external Wallet (physical Wallet, software Wallet, Wallet held with another Service Provider, Website Wallet) from or to which he/she is making a Deposit or Withdrawal, as well as the name of the person or entity owning the original Wallet or the destination Wallet

3.6 Verification and analysis during the execution of Services 

The Compliance and Risk Management Department, in the context of its action for LCB-FT and the prevention of fraud and risks, may decide at any time to suspend the execution of a Service for a given Client for a period which may not exceed 14 working days, from the request of the execution of a Service, IBEX can’t be held responsible for the consequences of this suspension. Once the initial delay has passed and with no time limit, the Compliance and Risk Management Department can forbid the performance of Services, prohibit or limit the use of certain means of payment, block or suspend an account.

The questions that IBEX asks the Client enable IBEX to get to know the Client, to better understand the Client’s motivations and to remove any doubts about the conditions under which the Client wishes to have a Service performed. IBEX is obliged by law to ask questions in accordance with the regulations.

In the absence of a satisfactory response and cooperation from the Client,

• In the event of a Transaction, IBEX can cancel the Transaction in question and reimburse the Client by deducting the Intervention Costs and any other losses incurred by IBEX in connection with the execution of the Transaction.
• In the case of a Withdrawal, IBEX can refuse the Withdrawal.
• In the case of a Deposit, IBEX can refuse the Deposit and return the deposited amount of Crypto-assets with a deduction of a Processing Fee to the address to be provided by the Client on its own responsibility.
• In the case of any other Service, IBEX can cancel the Service and apply a Service Charge.

The supporting documents required by the Compliance and Risk Management Department include (but are not limited to)

• Additional identity documents (passport, driving licence, civil status, visa);
• Communicate as quickly as possible any change in your financial or professional situation;
• Proof of the origin of the funds (document proving that he is the holder of the means of payment used, bank statement, joint bank account statement, savings statement, tax notice, salary slip, notarised documents attesting to a sale, bank certificate, etc. ), and in case of Sale or Deposit: cryptographic addresses allowing to determine the acquisition dates of the Crypto-assets to be sold, proof of purchase, proof of mining, identity of the person or entity owning the Wallet of origin or destination;
• Certification by the Client that he/she is aware of his/her request for Withdrawal at a given cryptographic address;
• Bank certificate validating the means of payment used;
• Documents related to the legal entity: company accounts, bank statement, bank certificate, beneficial owners, etc.
• Client Knowledge Questionnaire ;
• Release of liability.

3.7 Notification by a Client of a problem linked to the execution of a Service

In light of the technologies used in regards to Crypto-assets and their characteristics, if a Client notes a problem of any nature linked to a Service, the payment of the gross Purchase Value by bank card, the payment of the Net Sale Amount, the Client needs to notify IBEX of the issue within 7 calendar days after the execution or non execution of this Service, either by registered letter with an acknowledgement of receipt, or by contacting Client Support and by bringing proof that Client Support has been notified of the issue.

3.8 Suspension or blocking of a Client Account

A Client Account may be suspended or blocked by the Compliance and Risk Management Department at any time for reasons related to:

• The procedure of knowledge of the Client ;
• The LCB-FT ;
• Upon request from the competent authorities;
• Non-compliance with these TCUs, in particular the provisions relating to means of payment (including the use of a VPN by the Client);
• In the absence of a valid response from the Client within a maximum of 7 working days to requests for evidence of his KYC or of the provision of a Service ;
• On the legitimate suspicion that the Client is a victim of fraud, theft, cyber-attack, extortion, manipulation, violence, blackmail or is unable to assess the risks associated with the Investments;
• Due to behavior attributable to the Client (insults, threats, abusive requests, etc.).

A suspended or blocked Client Account will not be able to access the Services temporarily or permanently. IBEX reserves the right at its discretion to apply an Intervention Fee to the suspension or blocking of a Client Account.

IBEX cannot be held responsible for any consequences of any kind of blocking or suspension of a Client Account, in particular when a theft or loss of Crypto-assets on a Client’s Crypto Account has occured before or after the blocking or suspension of the Client’s Account for a reason attributable to the Client.

3.9 Modification of a Withdrawal

Once a Withdrawal has been made by IBEX, it cannot be changed, as this operation is irreversible and under the responsibility of the Client.

3.10 No withdrawal period

The completion of a Purchase, Sale, Conversion, Deposit or Withdrawal transaction does not give rise to a right of withdrawal for the benefit of the Client insofar as it concerns the supply of goods or services whose price depends on fluctuations in the financial market beyond the control of the professional which may occur during the withdrawal period.

The prices charged by IBEX for all its commercial offers /services and/or their calculation methods  are listed on the Website in the Price List available on the Website. They are also available on written request to Client Services.

4.1 Crypto Asset Price Information 

The prices of the Crypto-assets that can be traded by IBEX are communicated to the Client on the Website..

4.2 Calculation of Transaction and Intervention Fees 

The Transaction Fee is determined as indicated below and in the Price List:

• Upon Purchase, the Purchase Fee is determined by multiplying the Commission Rate by the Gross Purchase Amount (as such term is defined in clause 5) divided by (1 + Commission Rate), the Commission Rate being expressed as a percentage.
• On Sale, the Sale Fee is determined by multiplying the Commission Rate by the quantity of Crypto-assets sold and by the Crypto-asset Price set by IBEX at the time of the Sale Clearing.
• Upon Conversion, the Conversion Fee is determined by multiplying the Commission Rate by the countervalue of the Crypto-assets being converted.

The commission rate may depend on the type of Crypto-asset and the payment method used.

In the event of an error attributable to the Client (sending the wrong amount in Euros, exceeding the authorized time limit for the Transaction, use of an unauthorized or non-owned means of payment, lack of wording in the bank transfer at the time of the Purchase, communication of an incorrect IBAN or one linked to a bank account that does not belong to the Client, irregularity of the Client Account, reasons specified in article 8.9), IBEX may apply an Intervention Fee per Transaction, which is added to the Transaction Fee. The Intervention Fee is calculated as a percentage of the euro equivalent amount of the Transaction or as a percentage of the quantity of Crypto-asset. The Intervention Fee may be subject to a minimum.

4.3 Communication of the Price of a Crypto-asset. Guaranteed and non-guaranteed price 

The Price of the Crypto-Asset and the final amount of the Transaction Fee are fixed and communicated to the Client:

• before the Client confirms the Transaction made on the Website.
• after the Transaction has been carried out, if the Transaction is carried out directly by a Client Representative acting at the request of the Client.

In both cases, the Intervention Costs may be communicated later and invoiced separately.

The price is guaranteed:

• In case of Sale, Conversion, Purchase by bank transfer or credit card initiated and finalized by the Client from the Website;
• If specified in the Special Conditions.

The Price is not guaranteed: 

• In case of automatic recurring payment of Crypto-Asset Purchase or Recurring Sale ;
• In the event of a Purchase by bank transfer made from the Website if the Client is unable to access his/her Client Account on the Website or if he/she does not cancel the Purchase at the end of the time period indicated by email;
• Following a modification of the Transaction requested by the Client or resulting from an error attributable to the Client, failure to comply with the TCUs suspension of the Client Account or its blocking by the Compliance and Risk Management Department;
• In case of cancellation of the Transaction by the Client ;
• When the Transaction has been suspended upon a decision of the Compliance and Risk Management Department;
• In the event of Technical Failure or Force Majeure.

4.4 No VAT on transaction fees    

Transaction fees, withdrawal fees and deposit fees are not subject to VAT (Directive 2006/112 – CJEU, 22.10.15, C264/14, Hedqvist)

4.5 Calculation of the Withdrawal Charge  

IBEX will charge the full Mining Fee to the Client which are included in Withdrawal Fee. Mining Fees are determined using the gas tracker of the relevant networks, e.g. for ETH: https://etherscan.io/gastracker, and according to the following calculation: number of gases X gas price in gwei = number of ETH, expressed in EUR.

4.6 Deposit pricing

The deposit of Crypto-assets by a Client in theirCrypto Account is free of charge, unless otherwise stated.

4.7 Pricing of Conservation 

Storage of a quantity of one or more Crypto-assets by a Client in their Crypto Account is a free service unless otherwise stated.

4.8 Withdrawal pricing 

Withdrawal of Crypto-assets by a Client from their Crypto Account is a paid service, unless otherwise stated, of which the calculation methods are indicated in the Price List on the Website.

To make a Purchase, a Client must have an open and validated Client Account. A suspended or blocked Account cannot make a Purchase.

When making a Purchase, the Client enters the type of Crypto-asset to be purchased (it being understood that this Crypto-asset is sold by IBEX) and the quantity he wishes to purchase or the total amount in Euros he wishes to pay (hereinafter “Gross Purchase Amount”).  The Purchase Amount is the Gross Purchase Amount after the deduction of the Purchase Transaction Costs. It is the Client’s responsibility to inform himself/herself about the volatility of the Crypto-asset prices. The Client is free to cancel a Purchase prior to the validation of the payment and the latter is canceled without charge and the funds are returned within 2 to 7 working days to the bank account used to send the funds.

For a Purchase on the Website, the procedure is described on the Website and the Price of the Crypto-active is displayed to the Client prior to validation. The Client has a period of time indicated on the Internet Site to pay for the Purchase and to finalize the transaction. Once the payment has been validated, the Purchase cannot be canceled by the Client.  It can be canceled by IBEX, notably in cases of Technical Failure or of Force Majeure.

In the case of a Purchase by transfer, the bank account used by the Client must be identified, its bank must be in Europe (SEPA account), in particular a Consumer Client cannot use a bank account of a legal person or vice versa. IBEX reserves the right, without prior notice, to limit the number of bank accounts that a Client can use.

Limits apply to Client’s Purchases based on the Client’s Account details, Transaction history and payment method used. The Client may request an increase in his Purchase Limits via the Website. The Client may be asked to complete a Client Knowledge Questionnaire provided by IBEX.

The purchase history is available on the Website.

The quantity of Crypto-assets purchased is available within a short period of time (maximum of 72 hours except in case of Force Majeure) in the corresponding Crypto Account of the Client. The application of LCB-FT or anti-fraud measures or the consequences of a lack of liquidity on the marketplaces used by IBEX to carry out the transactions for their own account may delay the availability of the purchased Crypto-assets. IBEX cannot be held liable for the consequences of this delay.

IBEX cannot be held responsible for a refusal of the Purchase transaction by IBEX and its consequences, due to the receipt of an amount different from the Gross Purchase Amount, incomplete or incorrect instructions in the wording of the bank transfer, the use by the Client of means of payment (bank card or bank account) which do not belong to him or which cannot be linked to his Client Account or for reasons justified by its Compliance and Risk Management Department due to the Client’s KYC or LCB-FT.

If IBEX cancels a Purchase for any reason attributable to the Client after the Client has paid the Purchase Amount, the Client will be reimbursed minus any losses incurred by IBEX due to the difference in the Crypto-Asset Price with the time at which IBEX has cleared the Purchase Amount.

IBEX is under no obligation to execute an expired or canceled Purchase. A Purchase that has not been validated, paid for or partially paid for by a Client will be deemed to be canceled and may not be executed by IBEX.

In the event of repeated errors (transfer without reference/wording, transfer not respecting the Limits, use of means of payment not belonging to the Client, transfer from a bank account outside the European zone or unauthorized transfer) or any failure attributable to the Client under the TCU, Intervention Costs will be applied and calculated on the Gross Purchase Amount

If a Purchase has not been completed after 360 days for a reason attributable to the Client, the Gross Purchase Amount sent will be returned to the Client at the Client’s request, less the Intervention Costs plus 10% per day from the 361st day.

To make a Sale, a Client must have an open and validated Client Account. A suspended or blocked Account cannot make a Sale.

When making a Sale, the Client enters the exact quantity of Crypto-asset to be sold (“QV Quantity”) or the net amount in Euro to be received in his bank account (the “Net Sale Amount”). Once one of the two values is set by the Client, the other is calculated by IBEX using the Price of the Crypto-asset sold. A Client may not sell a QV Quantity greater than the Balance of his Crypto Account under consideration. The Client is the sole decision maker of his Sale, he is free to cancel his Sale before its validation.

The Client must fill in the bank account if the IBAN of the bank account has not been filled in beforehand by following the instructions provided on the Client Account and by answering any additional security questions. IBEX may request proof of each IBAN.

For a Sale on the Website, the procedure is described on the Website and the Price of the Crypto-active is displayed to the Client prior to validation. The Client has a period of time indicated on the Internet Site to validate the Sale and finalize the transaction. Once validated, the Sale cannot be canceled.  However, it can be canceled by IBEX, notably in cases of Technical Failure and/or Force Majeure.

The Net Sale Amount is subject to a minimum amount set by IBEX at the time of the Sale. These Sales Limits are based on the Client’s account data and transaction history. The Client can request an increase in his Sales Limit directly from the Website or from Client Service. The Compliance and Risk Management Department will take the necessary steps to comply with the Client’s request and may ask the Client for additional information and evidence in order to authorize the Sale (in particular a Client Knowledge Questionnaire and evidence of the origin of the Crypto-assets if they were acquired outside IBEX).

This information about the transaction is permanently displayed in the Transaction History on the Client Account interface on the Website.

Throughout the Sale process and before the Sale is validated by IBEX, IBEX reserves the right to ask a Client about the origin of the Crypto-assets sold, the date of acquisition and the origin of the funds used for their acquisition. In the event that the Compliance and Risk Management Department deems the answer to be unsatisfactory, IBEX will refuse the Sale and return the quantity of Crypto-assets received, if sent by the Client, without any compensation.

If IBEX cancels a Sale for any reason attributable to the Client after it has been validated by the Client, the Client will be re-credited in Crypto-Assets minus any losses incurred by IBEX due to the difference in Crypto-Asset Price with the time when IBEX proceeded to the Clearing of the Sale.

The Client is solely responsible for the provision of his bank details (IBAN). IBEX will not be held responsible for the consequences of the Client providing incorrect information regarding his bank details. Confirmation of the bank details can be requested from the 2FA, the Login Verification or by any other means in order to ensure that the IBAN is indeed that of the Client.

If a Sale has not been completed after 360 days for a reason attributable to the Client, the quantity of Crypto-assets sent will be returned to the Client at the latter’s request, less the Intervention Fee of €20 plus 10% per day from the 361st day.

To make a Sale, a Client must have an open and validated Client Account. A suspended or blocked Account cannot make a Sale.

When making a Sale, the Client enters the exact quantity of Crypto-asset to be sold (“QV Quantity”) or the net amount in Euro to be received in his bank account (the “Net Sale Amount”). Once one of the two values is set by the Client, the other is calculated by IBEX using the Price of the Crypto-asset sold. A Client may not sell a QV Quantity greater than the Balance of his Crypto Account under consideration. The Client is the sole decision maker of his Sale, he is free to cancel his Sale before its validation.

The Client must fill in the bank account if the IBAN of the bank account has not been filled in beforehand by following the instructions provided on the Client Account and by answering any additional security questions. IBEX may request proof of each IBAN.

For a Sale on the Website, the procedure is described on the Website and the Price of the Crypto-active is displayed to the Client prior to validation. The Client has a period of time indicated on the Internet Site to validate the Sale and finalize the transaction. Once validated, the Sale cannot be canceled.  However, it can be canceled by IBEX, notably in cases of Technical Failure and/or Force Majeure.

The Net Sale Amount is subject to a minimum amount set by IBEX at the time of the Sale. These Sales Limits are based on the Client’s account data and transaction history. The Client can request an increase in his Sales Limit directly from the Website or from Client Service. The Compliance and Risk Management Department will take the necessary steps to comply with the Client’s request and may ask the Client for additional information and evidence in order to authorize the Sale (in particular a Client Knowledge Questionnaire and evidence of the origin of the Crypto-assets if they were acquired outside IBEX).

This information about the transaction is permanently displayed in the Transaction History on the Client Account interface on the Website.

Throughout the Sale process and before the Sale is validated by IBEX, IBEX reserves the right to ask a Client about the origin of the Crypto-assets sold, the date of acquisition and the origin of the funds used for their acquisition. In the event that the Compliance and Risk Management Department deems the answer to be unsatisfactory, IBEX will refuse the Sale and return the quantity of Crypto-assets received, if sent by the Client, without any compensation.

If IBEX cancels a Sale for any reason attributable to the Client after it has been validated by the Client, the Client will be re-credited in Crypto-Assets minus any losses incurred by IBEX due to the difference in Crypto-Asset Price with the time when IBEX proceeded to the Clearing of the Sale.

The Client is solely responsible for the provision of his bank details (IBAN). IBEX will not be held responsible for the consequences of the Client providing incorrect information regarding his bank details. Confirmation of the bank details can be requested from the 2FA, the Login Verification or by any other means in order to ensure that the IBAN is indeed that of the Client.

If a Sale has not been completed after 360 days for a reason attributable to the Client, the quantity of Crypto-assets sent will be returned to the Client at the latter’s request, less the Intervention Fee of €20 plus 10% per day from the 361st day.

8.1 Accessibility

The Exchange service – or Spot trading – is offered to all Clients who have a validated, non-blocked and non-suspended Client Account and who are able to access the services of IBEX via the Website. It consists in connecting people who wish to exchange Crypto-assets with each other through buy and/or sell orders, at a predefined price or at the market price (also referred to as spot price) in respect of certain Trading Pairs. Upon submission of an instruction to use the Exchange service (an “order”), the client’s IBEx Account will be immediately updated to reflect open orders, and their orders will be included in IBEx’s order book to match orders from other IBEx Clients. Clients can submit buy or sell orders for any of the available Trading Pairs. If any of the orders fully or partially match another client’s order, IBEx will execute a trade. Once the Transaction has been executed, the IBEx Account will be updated to indicate that the order has been fully executed and closed, or that the order has been fully or partially executed. To complete a transaction, Customer authorizes IBEx to temporarily control the Digital Assets involved in its transaction for the purposes of that Transaction.

The service may require the implementation of 2FA or Connection Verification.

8.2 Operation of the service

The Client has two options with respect to the Exchange Order (“buy” and/or “sell”) he wishes to issue:

        8.2.1 placing an order “at the Limit” value

In this case, the Client sets the price and the quantity or the amount of Crypto-asset unit he wishes to exchange and the order is executed as soon as the limit he has set has been reached by the market. As long as the limit has not been reached, the order at the so-called “Limit” value may not be executed and may even never be executed if the Limit value that has been set by the Client is not within reasonable or coherent limits with regard to the market. An unexecuted order may be canceled without charge by the Client.

        8.2.2 Placing an order “at the Market” value 

This value is set according to the free play of supply and demand by all those operating on the IBEX platform, subject to sufficient liquidity for buying and/or selling (if there are few offers to buy or sell, no order can be placed due to insufficient offers in the order book). The client selects the currency he wishes to exchange, the amount or quantity to be exchanged and the Crypto-Active he wishes to receive. The Price that allows the definition of the exchange parity between the two Crypto-Assets is displayed to the Client prior to his validation. The Client has a period of time indicated on the Website to validate and finalize the transaction. 

        8.3.3 validation and cancelation

Once validated, the Exchange transaction cannot be canceled by the Client. The Client’s Crypto Account is debited with the quantity of Crypto-assets transferred and credited with the quantity of Crypto-assets received in exchange for the Conversion, taking into account the Transaction Fees related to the Exchange. The quantity of the new Crypto-asset credited to the Client’s Crypto Account is available for Withdrawal, Sale, or for another Conversion within a short period of time (maximum 72 hours except for Force Majeure).

The information about the Transaction is permanently displayed in the Transaction history on the Client Account interface on the Website.

If IBEX cancels a Trade for any reason attributable to the Client, the Client’s Crypto Account will be re-credited with the initial amount of Crypto-assets, after deduction of IBEX’s intervention fees.

        8.3.4 Order controls

We may, in our sole discretion, impose trading and position limits and position management controls, including limits set out in the Trading Rules and other controls to mitigate and manage our own liquidity, operational and other risks, at any time, without prior notice and without giving reasons. As a result, the Client acknowledges and agrees that he may be prevented from submitting an Order or undertaking other steps at certain times if such actions would cause him to exceed an applicable limit, and that we may apply filters to reject an Instruction submitted by him that does not comply with any relevant limits or controls.

The Client agrees to comply with any limits or controls imposed by us and not to take any actions that will cause you to violate any such limits or controls. To ensure compliance with Applicable Law or any limits or controls set by us, we may decline to act on Instructions and/or execute an Order. We may also suspend his use of the Platform, require the Client to take certain steps, or take any other action that we consider appropriate in the circumstances.

        8.3.5 Restrictions

When the Client uses IBEX exchange service, he may not use any devices, bots, software or routine programs to interfere with the normal operation of the Service or any transactions on IBEX, or any other person’s use of IBEX Exchange Service. The Client agrees that IBEX has the right to investigate any violation of these restrictions, unilaterally determine whether he has violated these Terms, and take actions under relevant regulations without his consent or prior notice.

Examples of such actions include, but are not limited to:
– Blocking and closing order requests;
– Freezing the account;
– Publishing the alleged violations and actions that have been taken.

9.1 Accessibility

The Conservation service is offered to all Clients who have a validated, non-blocked and non-suspended Client Account and who are able to access the services of IBEX via the Website.

The service can be accessed from the Website following a Purchase or making a Deposit (Crypto Account). It may require the setting up of the 2FA, the Connection Verification, as well as the provision of information prior to its use, such as the IBAN and BIC of the Client’s bank account or the provision of one or more Withdrawal addresses on the Client’s External Wallet.

A Client’s Crypto Account Balance is accessible at all times (except in the event of a Technical Failure and/or Force Majeure) on the Website.

However, IBEX reserves the right to set a maximum limit to the value in Euro of the Crypto-assets held by a Client and kept in his Crypto Account. If this limit is exceeded, IBEX may require the Withdrawal of all or part of the Crypto-assets with a notice period of 30 days and may propose a solution better suited to the Client’s needs or if the Crypto-assets are not withdrawable.

9.2 Operation of the service and authorisation given to IBEX 

IBEX offers its Clients to keep their purchased or deposited Crypto-assets in a Crypto Account specific to each type of Crypto-asset for which IBEX offers this service.

A Client’s Crypto Account is a position-keeping account that reflects the Client’s balance per Crypto-asset. Access to its Crypto-assets is secured by IBEX. The Client expressly acknowledges that he does not have direct access to the Crypto wallets of his Crypto-assets which he delegates to IBEX.

The Crypto-assets of the Clients are kept in separate accounts according to the nature of the Crypto-asset opened at IBEX, and can be handled according to the established procedures. The Crypto-assets of the Clients are stored in accounts opened for this purpose and are distinguished from the Crypto-assets held by IBEX itself, which are stored in separate accounts. IBEX maintains the position of each of its clients in secure databases.

9.3 IBEX’s commitments and disclaimers

IBEX undertakes to use its best endeavours to ensure the security of the stored Crypto-assets and the security and resilience of its computer systems. IBEX has the human and technical means to operate the service.

IBEX cannot be held responsible for the consequences on the Retention or Withdrawal due to a Technical Failure, Force Majeure, a breach of security of the Client of any kind, a case of Kidnapping or a ransom demand on the Client or his relatives, a cryptolockage (software ransom), a computer attack or malicious act by hackers or a logical attack or a virus, whether generic or not, on the Client’s computer, e-mail system, telephone or computer equipment, apart from any attack on IBEX’s own computer systems which are under its control, an error, negligence or malicious act on the part of the Client, or the Client’s failure to comply with the TCU.

9.4 Airdrop

IBEX may manage Airdrops on Crypto-assets held in the Crypto Accounts of its Clients.

9.5 Return of retained Crypto-assets 

The Client who has stored his Crypto-assets with IBEX may request their total or partial return. This return can be done by Withdrawal or Sale. It is important to note that not all Crypto-assets offered as a Service by IBEX can be withdrawn. The Website expressly mentions in case of Purchase that some Crypto-assets cannot be withdrawn. By proceeding with the purchase procedure, the Client acknowledges and accepts that he/she will not be able to withdraw his/her Crypto-assets.

If IBEX offers Withdrawal for a given Crypto-asset, IBEX undertakes to promptly return the quantities of Crypto-assets held in a Client’s Crypto Account upon request. Notwithstanding this commitment, IBEX will not immediately return a Client’s Crypto-assets upon the occurrence of one or more of the following events:

• If the Client Account has been suspended, closed or blocked ;
• If the Compliance and Risk Management Department decides to do so because of the AML/CFT ;
• At the request of a competent authority through the Compliance and Risk Management Department ;
• If IBEX has legitimate suspicions that the Client did not initiate the Withdrawal request;
• From the Website, if the Withdrawal Limits have been reached ;
• In one of the cases of lack of responsibility;
• If IBEX suffers a cyber attack, a logical attack, a virus, generic or otherwise, a physical attack on its premises or an attack on the integrity of the Operators in the performance of their duties;
• If the Website and more generally the computer systems of IBEX are undergoing maintenance;
• In the case of the provision of certain Crypto-asset services which require a withdrawal period or the performance of specific operations by IBEX before the return of the assets;
• If the Client has died or is no longer contactable.

IBEX will return the Crypto-assets as soon as the aforementioned event(s) has/have been resolved or dealt with in such a way that the security and liability of the Client and/or IBEX are no longer at stake.

Withdrawal and Deposit are offered for certain Crypto-assets to Clients who have a validated, non-blocked and non-suspended Client Account and who can access IBEX services via the Website. These services can be accessed from the Website and through a Client Officer.

These services are subject to the same limitations and conditions as the Conservation service defined above.

10.1 Deposit

The Deposit is not linked to a Purchase made at the same time at IBEX and is a separate transaction. However, the Client must have made a Purchase or submitted certain documents within a short period of time in order to be able to make or validate a Deposit. If the Account is not validated, the deposit will be sent back to the sending address.

By accepting the TCUs, the Client declares that the Crypto-assets deposited were acquired by him/her in a legal manner, that he/she is the full owner of them, that they are not pledged and that they are not the result of fraudulent activity, money laundering, any activity punishable by law and that they have not been entrusted to the Client by a third party likely to infringe the same rules. The Client acknowledges that he/she is fully responsible for the consequences of any false, incomplete or erroneous declaration. IBEX will not be held liable for any false, incomplete or erroneous declaration by the Client. IBEX may at any time request the Client to provide evidence of the origin of the deposited Crypto-Assets or to cancel the Deposit.

The Client is warned that they must verify the Deposit Address on the Website prior to each deposit. The Client commits themself to use only the address provided by IBEX for EACH Deposit as this may be different for each Deposit. IBEX may regularly change or adapt the addresses for needs related to Blockchain technology or discontinue its Deposit offer for a given Crypto-asset. It is the responsibility of the Client to ensure that the IBEX address is active for each Deposit by sending a Deposit operation in the Client Account. IBEX cannot be held responsible for sending Crypto-assets to a deactivated address if the deposit transaction has not been created beforehand on the Website or by consulting a Client Service Officer. The Client is then solely responsible for the shipment.

The Client is solely responsible for the use of the IBEX wallet address, which was provided by IBEX for the Deposit. The Client must copy this address exactly into the application of his Portfolio in order to send the quantity of Crypto-assets according to the instructions given by IBEX on the Website. IBEX cannot be held responsible for any damage caused by an error in the wallet address attributable to the Client.

The deposit procedure is explained on the Website. Upon receipt of a quantity of Crypto-assets by IBEX, the Compliance and Risk Management Department reserves the right to block and refuse the Deposit within a maximum of 5 working days. In case of refusal, the Deposit will be returned to the Client within a maximum of 7 working days after deduction of the Withdrawal Fee and any Intervention Fee and Safekeeping Fee.

Once validated, the Deposit credits the corresponding Crypto Account Balance and is available for Sale, Conversion and Withdrawal.

10.2 Withdrawal

The Client is entitled to withdraw at any time all or part of the quantity of a given Crypto-asset held in his Crypto Account opened with IBEX, as long as his Client Account is validated, not blocked and not suspended and IBEX offers the Withdrawal of this Crypto-asset. The Client wishing to delete his account must set his Crypto-Asset Balance to zero (0) in order for IBEX to satisfy his request. If the Balance is less than the minimum Withdrawal or Sale amount, the Client must expressly waive the Withdrawal or Sale of the funds held in his Crypto Account. If the Client does not renounce, IBEX will charge the Client 20 euros (incl. VAT), payable by bank transfer or credit card, to make the Withdrawal and close the Client Account.

Prior to any Withdrawal operation, IBEX may ask the Client to activate the 2FA on his Client Account or perform a Login Verification.

In order to ensure greater security, IBEX recommends and may require the Client to set daily and/or weekly limits on withdrawals. The Client will be able to lift his limits by following the procedure communicated by the Client Service or a Client Service Officer. The procedure will be designed to ensure that the Client is safe and that he/she is the originator of the Withdrawal to a Withdrawal address that he/she has validated.

11.1 By the Client

The Client may cancel by right:

• Prior to the validation of a Transaction, the making of a Deposit or the validation of a Withdrawal request ;
• A Purchase if its corresponding Crypto Account has not been credited within a reasonable time;
• A Sale if his bank account has not been credited within a reasonable time;

The Client must within 7 calendar days after payment of the amount related to the Transaction, completion of the Deposit, confirmation of the Withdrawal or Withdrawal of the Crypto-assets, doubts on the Balance of their Crypto Account, dispute the Service or report a problem. After this period, IBEX cannot be held responsible for the consequences of a problem linked to a Service.

11.2 By IBEX

A Transaction may be canceled by IBEX without prior notice in the event of a breach of the TCUs, in particular in the event of :

• Legitimate suspicion of IBEX on the true identity or on the means of payment of the Client ;
• Non-compliance by the Client with the provisions on means of payment mentioned in those TCUs;
• Failure of the Client to respond within 7 days to questions and requests from IBEX Compliance and Risk Management;
• Aggressive, criminal or threatening behavior by a Client when communicating with IBEX.

In case of cancelation of a Transaction for one of these reasons, IBEX will refund the Client either on the basis of the Crypto-Active Price used for the Transaction or on the basis of the Crypto-Active Price corresponding to the date of refund at IBEX’s discretion. IBEX may charge an Intervention Fee and deduct any losses incurred.

A Transaction may be canceled by IBEX without prior notice and without the possibility of reimbursement in the event of a breach of the TCUs and in particular in the event of :

• Non-payment of the Gross Purchase Amount by the Client ;
• Provision of an incorrect Collection address by the Client in the event of a Collection ;
• Non-transfer or erroneous transfer by the Client of the nature and quantity of Crypto-assets to a Portfolio held by IBEX in case of a Deposit.

IBEX reserves the right at any time and without prior notice to change the means of payment accepted on its Website, including the type and issuing country of the credit cards authorized for a Transaction. 

12.1 Payment in legal tender

Payment in legal tender is made by INBLOCKS UAB, a company incorporated under Lithuanian law with the registration number 306067592 and registered office at Architektų g. 56-101, LT-04111 Vilnius, Lithuania.

If the buyer chooses payment in legal tender (EUR), he/she agrees that INBLOCKS UAB collaborates with regulated credit card payment service providers to perform this service. As of the date of these TCUs, INBLOCKS UAB’s acquiring partner is PAYBOX, a solution offered by VeriFone Inc 2744 N University Drive, Coral Springs, FL 33065, USA.

In accordance with the applicable laws of the Republic of Lithuania, INBLOCKS UAB is registered as a crypto-asset depository wallet operator and crypto-asset exchange operator. INBLOCKS UAB is not a licensed financial services provider. Crypto asset exchange and deposit services provided by INBLOCKS UAB are not regulated by the Central Bank of Lithuania.

The Client expressly undertakes to use as a means of payment a maximum two different bank cards in the same period, which must be valid and in the name of the Account holder. The Client must have sufficient funds to make the Purchase. Bank cards considered as anonymous electronic means of payment are not allowed;

Clients with a legal entity Client Account must use the bank card of the legal entity and not those of a natural person, and vice versa.

All Transactions paid by credit card on the Website must be secured by the “3D secure” system for online security. The use of a VPN by the Client may block credit card purchases on the Website due to the restrictions of the payment provider and IBEX. The Client is therefore requested not to use a VPN. IBEX cannot be held responsible for the consequences of a failure during a Purchase due to the use of a VPN by a Client. The Client recognizes having acknowledged and accepted the Payment Service Provider’s TCUs which is used to process bank card transactions.

INBLOCKS UAB and its third-party Payment Service Provider reserve the right to verify the personal data provided by the Client and to take all measures deemed necessary to verify the identity of the Client whose bank account is debited. This verification may take the form, in addition to the verification of the identity and/or domicile of the Client, of a request for the communication of some banking documents prior to the validation of the Transaction.

INBLOCKS UAB cannot be held responsible for the consequences:

• A defect in the Client’s means of payment and/or the payment system attributable to the Client or his bank and/or the supplier of means of payment used by INBLOCKS UAB ;
• The time taken to return the funds to the Client’s bank account INBLOCKS UAB or by the payment providers used

12.1 Payment in crypto-currencies

Whenever this means of payment is offered, the list of accepted crypto-currencies is specified on the website for each transaction. Any crypto-currency used by the buyer outside this list will be permanently lost. The payment address is communicated to the buyer. Any other address used by the buyer will result in an irretrievable loss of his investment which will not be refunded under any circumstances.

IBEX does not make any tax declarations on behalf of its Clients. It is the responsibility of the Client to declare capital gains and to take all necessary and compulsory steps to pay taxes in accordance with the applicable legislation.

TO THE FULLEST EXTENT PERMITTED BY LAW, IBEX SHALL NOT BE LIABLE FOR LOSS OF PROFITS, REVENUE, VALUE, EARNINGS OR DATA OR DAMAGES AND DIRECT OR INDIRECT IMMATERIAL INTERESTS, CONSEQUENTIAL, WHICH A CLIENT OR THIRD PARTY MAY BE SUBMITTED TO.

IBEX is not liable to the Client in the event of non-performance or improper performance of the TCUs by the Client, fraud, negligence or error on the part of the Client, in the event of Force Majeure, in the event of Technical Failure or in the event of the occurrence of one or more of the events referred to in those TCUs.

The Client is the only one responsible for choices made regarding the use of Services. Advice which is given in the use context of certain services, can be given by an Account Manager or any Personnel or different analysis issued by IBEX can not engage IBEX’s responsibility except in case of major fault.

The Client is duly warned of the risks surrounding the Services and the Crypto-assets. In this context, IBEX shall not be liable for :

• The stability of the price of crypto-assets due to their high volatility;
• The loss, theft or disclosure to a third party, whether intentionally or unintentionally, of the 2FA or the login or password;
• A cyber attack, a computer virus, malware, a breakdown, theft, loss or failure of his telephone or device blocking access to his Client Account or leading to access being allowed to a third party;
• Burglary, theft, extortion, violence, blackmail, swindling, manipulation of a person, abuse of weakness, or any other criminal offense suffered by the Client and which may have resulted in the loss of Crypto-assets or the execution of Services that the Client didn’t wish;
• The loss or theft of Crypto-assets in any way after they have been collected from the public address indicated by the Client;
• Illegal use of Crypto-assets purchased through the Services.

IBEX makes every effort to ensure that the Site is accessible 24 hours a day, 7 days a week. However, the use of the Site may be temporarily suspended due to technical maintenance, migration or updates, breakdowns or constraints related to the functioning of the Internet or the communication networks used.

The networks on which the data circulates have different characteristics and capacities and may be saturated at certain times of the day, which may affect the download times and accessibility. IBEX cannot be held liable for any malfunction or inaccessibility of the Website caused by third parties or the Client, congestion of the Internet, unsuitable equipment of the Client, maintenance or updating of the Website or any other circumstances beyond the control of IBEX or in case of Force Majeure. In particular, IBEX can in no case be held responsible for the eventual financial consequences caused by inaccessibility of the Website by the Client and/or use of different services for the previously indicated reasons.

The cancelation of a Service by IBEX or the deletion of a Client Account by IBEX will be effective upon the Client receiving an email from IBEX to the address of the Client Account and will be automatically acquired without any further formalities, in particular judicial,in case of failure of the Client to comply with one or several of the present TCUs or any document that the TCUs refers to, in particular those available on the Website..

The Website, IBEX, IB, IBX, INBLOCKS trademarks and the elements reproduced on the IBEX Website, including photographs, visuals, texts, works, illustrations, drawings, logos and images, are and remain the exclusive property of IBEX and are protected by copyright, trademark law and/or patent law. Any use, reproduction and/or distribution of these elements without prior written permission from IBEX will result in legal action being taken against the offender.

The Client may not reproduce, represent, extract or use in any way whatsoever all or part of the trademarks, logos, or other content of the IBEX Website.

All photographs on the Website, in particular those illustrating the products, are non-contractual and are provided for illustrative purposes only.

Recording, photographing or filming of the offices, its staff and Clients is strictly prohibited without the express consent of the general management of IBEX.

IBEX undertakes to do everything in its power to ensure the security and confidentiality of personal data in accordance with the legal and regulatory provisions in force.

IBEX undertakes to ensure that only authorized personnel are permitted to access the personal data of the Client. Access to the premises and servers on which the data is collected, processed and stored is strictly limited. Appropriate technical and organizational measures have been taken to prevent access by unauthorized persons.

The Client is informed at the time of the opening of his Account and in these TCUs that IBEX collects and processes personal data about him in an automated manner. More generally, the Client agrees to the application of the Privacy Policy of IBEX. The collection and processing of personal data carried out by IBEX in its capacity as data controller within the meaning of Regulation nᵒ 2016/679, the so-called General Data Protection Regulation (GDPR), is necessary for the opening of a Client Account and the performance of the Services, for the constitution of Client files and for the proper administration of the commercial relationship between the Clients and IBEX, with the objective of improving Client experience and/or to personalise Client Experience. This data is intended for use by IBEX and its service providers and partners located inside and outside the European Union for the purposes of the present, but will not be used by third parties for the purpose of canvassing Clients.

The Client has at all times the right to access, modify, rectify and oppose for legitimate reasons, as well as the right to limit the processing or portability of personal data concerning him/her, which he/she may exercise by writing directly under signature and enclosing a copy of his/her identity card, to dpo-contact@ib.exchange

The Client’s personal data is kept for the longest period of time necessary to comply with the applicable legal and regulatory provisions.

The majority of the information is kept for a minimum of 5 years in accordance with European legal and regulatory obligations relating to the fight against money laundering and terrorist financing.

In the event of a dispute between a Client and IBEX, the Client must inform the Client service department, giving his/her contact details and providing IBEX with all the information it needs to assess the origin and the consequences of the dispute.

If the dispute persists, the Client may contact the European Commission’s online dispute resolution service at the following address : https://ec.europa.eu/consumers/odr/main/index.cfm?event=main.home.chooseLanguage.

The fact that IBEX does not avail itself of any of the provisions of these TCUs at any time shall not be construed as a waiver by IBEX of its right to avail itself of any of the provisions of these TCUs at a later time, nor shall it be construed as a modification of the TCUs.

These general conditions are subject to Estonian law.

In the event of a dispute, the Client is invited to make a complaint. No action may be taken against IBEX without prior notice of default being given by registered letter with acknowledgement of receipt.

Unless otherwise provided by law, all disputes arising from the Services concluded in accordance with these TCUs, concerning the validity, interpretation, performance, termination, consequences and consequences thereof, shall be submitted to the competent Estonian courts.