Terms Of Use

  • Acceptance Of Terms Of Use
  • Risks
  • Limited Right Of Use
  • Maintaining Your Account : Our Rules
  • Termination and Escrow of Unverified Accounts
  • Availability of Services
  • APIS and Widgets
  • External Websites
  • Financial Advice
  • Financial Regulation
  • Email
  • Disclosures to Legal Authorities & Authorized Financial Institutions
  • International Transfers of Personal Information
  • Jurisdiction
  • Limitation of Liability
  • Indemnity
  • Miscellanous
  • Modification of Terms
  • Definitions
  • Contact Us

Acceptance Of Terms of Use

By using this website ("Site"), registering for a OverSwitch Account ("Account") or using any other OverSwitch Services, you ("you, your, or yourself") are agreeing to accept and comply with the terms and conditions of use stated below ("Terms of Use"). You should read the entire Terms of Use carefully before using this Site or any of the OverSwitch Services.

As used in this Terms of Use, "OverSwitch" refers to the company OverSwitch AB, Sweden with its registered address at Wallingtan 34, 111 24 Stockholm, Sweden including, without limitation, its owners, directors, investors, employees or other related parties. Depending upon the context, "OverSwitch" may also refer to the services, products, website, content or other materials (collectively "OverSwitch Services") provided by OverSwitch.

The Service operated by OverSwitch allows buyers ("Buyers") and sellers ("Sellers") to buy and sell Cryptocurrencies such as Bitcoins, Ethereum, Litecoin and Bitcoin Cash.

The Service operated by OverSwitch also allows all registered users of the Service ("Members") to:

  • Transfer the above-mentioned Cryptocurrencies to other Members or other users of such cryptocurrencies outside the OverSwitch site.
  • Use Bitcoins or the other Cryptocurrencies for purchasing goods.

Depending on your country of residence, you may not be able to use the full functions of the Site. It is your responsibility to follow those rules and laws in your country of residence and/or country from which you access this Site and Services. As long as you agree to and comply with these Terms of Use, OverSwitch grants you the personal, non-exclusive, non-transferable, non-sublicensable and limited right to enter and use the Site and the Service.


IF YOU DO NOT ACCEPT THE TERMS OF USE AND CONDITIONS OUTLINED IN THIS AGREEMENT, DO NOT ACCESS THIS SITE AND DO NOT USE THIS SERVICE.


By opening an Account, you expressly represent and warrant:

  • That you have accepted these Terms; and
  • That you are at least 18 years of age and have the full capacity to accept these Terms and enter into a transaction involving Bitcoins, Ethereum, Litecoin and BitcoinCash.

Risks

The trading of goods and products, real or virtual, as well as virtual currencies involves significant risk. Prices can and do fluctuate on any given day. Such price fluctuations may increase or decrease the value of your assets at any given moment. Any currency - virtual or not - may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading anything on a market.

Cryptocurrency trading also has special risks not generally shared with official currencies or goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, or by commodities such as gold or silver, Cryptocurrencies are unique type of "fiat" currency, backed by technology and trust. There is no central bank that can issue more currency or take corrective measures to protect the value of Cryptocurrencies in a crisis.

Instead, Cryptocurrencies are an as-yet autonomous and largely unregulated global system of currency firms and individuals. Traders put their trust in a digital, decentralised and partially anonymous system that relies on peer-to- peer networking and cryptography to maintain its integrity.

The trading of Cryptocurrencies is often susceptible to irrational (or rational) bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in Cryptocurrencies because of unexpected changes imposed by software developers or others, a government crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems: if the anonymity of the system is compromised, if money is lost or stolen, or if hackers or governments are able to prevent any transactions from settling.

There may be additional risks that we have not foreseen or identified in our Terms of Use.

You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading Bitcoins, Ethereum, Litecoin and BitcoinCash.

We use our banking providers in order to receive client funds and make payments. Our banking providers DO NOT transfer, exchange, or provide any services in connection with Cryptocurrencies.

Limited Right Of Use

Unless otherwise specified, all Materials on this Site are the property of OverSwitch and are protected by copyright, trademark and other applicable laws. You may view, print and/or download a copy of the Materials from this Site on any single computer solely for your personal, informational and/or non-commercial use, provided you comply with all copyright and other proprietary notices.

The trademarks, service marks and logos of OverSwitch and others used in this Site ("Trademarks") are the property of OverSwitch and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video and audio used on this Site belong to OverSwitch. The Trademarks and Material should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other Site or networked computer environment for any other purpose is strictly prohibited; any such unauthorised use may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties.

Maintaining Your Account : Our Rules

This Site is for your personal and non-commercial use only. We are vigilant in maintaining the security of our Site and the Service. By registering with us, you agree to provide OverSwitch with current, accurate and complete information about yourself, as prompted by the registration process, and to keep such information updated. You further agree that you will not use any Account other than your own or access the Account of any other Member at any time or assist others in obtaining unauthorised access.

The creation or use of Accounts without obtaining prior express permission from OverSwitch will result in the immediate suspension of all said Accounts, as well as all pending purchase/sale offers. Any attempt to do so or to assist others (Members or otherwise), or the distribution of instructions, software or tools for that purpose, will result in the Accounts of such Members being terminated. Termination is not the exclusive remedy for such a violation, and OverSwitch may elect to take further action against you.

You are also responsible for maintaining the confidentiality of your Account information,including your password, safeguarding your own Cryptocurrencies, and all activity including Transactions that are posted to your Account. If there is suspicious activity related to your Account, we may, but are not obligated to, request additional information from you, including authenticating documents, and to freeze any transactions pending our review.

You are obligated to comply with these security requests or accept termination of your Account. You are required to notify OverSwitch immediately of any unauthorised use of your Account or password, or any other breach of security, by email to support@OverSwitch.io. Any Member who violates these rules may be terminated, and thereafter held liable for losses incurred by OverSwitch or any user of the Site.

The freeze protocol extension gives gateways the ability to :
1) globally freeze all their issued funds or
2) freeze funds issued to a specific user.

Frozen funds may only be sent back to the issuing gateway. The global freeze feature allows a gateway to freeze all balances it issues. The gateway may still issue payments. Accounts holding frozen balances may return the funds to the gateway. This feature is useful for migrating users from one account to another and to safeguard users in the event that the gateway account is compromised. The individual freeze is primarily intended for compliance with regulatory requirements, which may vary from one jurisdiction to another. It also allows gateways to freeze individual accounts issuances in order to investigate suspicious activity. These features allow gateways to better operate in compliance with laws and regulations.

Lastly, you agree that you will not use the Service to perform criminal activity of any sort, including but not limited to, money laundering, illegal gambling operations, terrorist financing, or malicious hacking.

Termination and Escrow of Unverified Accounts

You may terminate this agreement with OverSwitch, and close your Account at any time, following settlement of any pending transactions.

You also agree that OverSwitch may, by giving notice, in its sole discretion terminate your access to the Site and to your Account, including without limitation, its right to: limit, suspend or terminate the service and Members' Accounts, prohibit access to the Site and its content, services and tools, delay or remove hosted content, and take technical and legal steps to keep Members off the Site if we suspect that they are creating problems or possible legal liabilities, infringing the intellectual property rights of third parties, or acting inconsistently with the letter or spirit of these Terms.

Additionally, we may, in appropriate circumstances and at our discretion, suspend or terminate Accounts of Members for any reason, including without limitation:
(1) attempts to gain unauthorised access to the Site or another Member's account or providing assistance to others' attempting to do so,
(2) overcoming software security features limiting use of or protecting any content,
(3) usage of the Service to perform illegal activities such as money laundering, illegal gambling operations, financing terrorism, or other criminal activities,
(4) violations of these Terms of Use,
(5) a failure to pay or a fraudulent payment for Transactions,
(6) unexpected operational difficulties, or
(7) upon the request of law enforcement or other government agencies, if deemed legitimate and compelling to do so by OverSwitch, acting in its sole discretion.

We expressly reserve the right to cancel and/or terminate Accounts that have not been verified by the Client despite efforts made in good faith by OverSwitch to contact you to obtain such verification (“Unverified Accounts”). All Unverified Accounts which have been inactive for a period of 6 months or more are further subject to transfer to a third- party escrow (the "Unverified Escrow”), and will no longer be maintained or under the legal responsibility of OverSwitch Ltd. The administrator/trustee of the Unverified Escrow shall make any and all additional reasonable efforts required by law to determine and contact each Unverified Account owner and, after suitable effort and time has been expended, we may be required to convert the residual Cryptocurrencies into fiat and send it to a national authority responsible for the safekeeping of such funds.

The suspension of an Account shall not affect the payment of commissions due for past Transactions. Upon termination, Members shall send details of a valid bank account to allow for the transfer of any currencies credited to their account. This bank account must be held by the Member. Bitcoins may be transferred to a valid bank account only after conversion into a fiat currency. OverSwitch shall transfer the currencies as soon as possible following the Member's request and within the time frames specified by OverSwitch.

OverSwitch will send you the credit balance of your Account; however, in certain circumstances a number of intermediaries may be involved in an international payment and these or the beneficiary bank may deduct charges. We will make all reasonable efforts to ensure that such charges are disclosed to you prior to sending your payment; however, where they cannot be avoided, you acknowledge that these charges cannot always be calculated in advance, and that you agree to be responsible for such charges.

Upon Account closure, any amount less than USD 3 (or any currency in equivalent) in value will not be returned.

OverSwitch reserves the right to not convert Cryptocurrencies into fiat and to return them to a Wallet that belongs to the Customer.

Availability of Services

All services are provided without warranty of any kind, either express or implied. We do not represent that this Site will be available 100% of the time to meet your needs. We will strive to provide you with the Service as soon as possible, but there are no guarantees that access will not be interrupted, or that there will be no delays, failures, errors, omissions or a loss of transmitted information.

We will use reasonable endeavours to ensure that the Site can be accessed by you in accordance with these Terms of Use. However, we may suspend use of the Site for maintenance and will make reasonable efforts to give you notice of this. You acknowledge that this may not be possible in an emergency.

APIS and Widgets

We may provide access to certain parties to access specific data and information through our API (Application Programming Interface) or widgets. We also may provide widgets for your use to enter our data on your Site. You are free to use these in their original unmodified and un-altered state.

External Websites

OverSwitch makes no representations whatsoever about any external or third-party website you may access through the Site. Occasionally, the OverSwitch website may provide references or links to other websites ("External Websites"). We do not control these External Websites or third-party sites or any of the content contained therein.

You agree that we are in no way responsible or liable for the External Websites referenced or linked from the OverSwitch website, including, but not limited to, website content, policies, failures, promotions, products, opinions, advice, statements, prices, activities and advertisements, services or actions and/or any damages, losses, failures or problems caused by, related to, or arising from those sites. You shall bear all risks associated with the use of such content.

External Websites have separate and independent terms of use and related policies. We request that you review the policies, rules, terms and regulations of each site that you visit. It is up to you to take precautions to ensure that whatever you select for your use is free of items such as viruses, worms, Trojan horses and other items of a destructive nature.

Financial Advice

For the avoidance of doubt, we do not provide any investment advice in connection with the Services described in these Terms of Use. We may provide information on the price, range and volatility of Cryptocurrencies that are available on our platform and events that have affected the price of such Cryptocurrencies, but this must not be considered investment advice nor should it be construed as such. Any decision to purchase or sell Bitcoins, Ethereum, Litecoin and/or BitcoinCash is solely your decision and we shall not be liable for any loss suffered.

Financial Regulation

Our business model and our Service facilitate the buying, selling and trading of the cryptocurrencies and their use to purchase goods in an unregulated, international open payment system. The Services we provide are currently unregulated in the country jurisdiction of Sweden.

Email

Unencrypted email messages sent over the Internet are not secure and OverSwitch is not responsible for any damages incurred by the result of sending email messages in this way. We suggest sending email in encrypted formats; you are welcome to send PGP encrypted emails to us. The instructions and keys to do so are available upon request

Disclosures to Legal Authorities & Authorized Financial Institutions

We may share your Personal Information with law enforcement, data protection authorities, government officials, and other authorities when:

  • Required by law;
  • Compelled by subpoena, court order, or other legal procedure;
  • We believe that disclosure is necessary to prevent physical harm or financial loss;
  • Disclosure is necessary to report suspected illegal activity; or
  • Disclosure is necessary to investigate violations of our Terms of Use or Privacy Policy.

"Personal Information" refers to information that identifies an individual, such as his or her name, address, e-mail address, trading data and bank details. "Personal Information" does not include anonymised and/or aggregated data that does not identify a specific user.

International Transfers of Personal Information

We store and process your Personal Information in data centres around the world, wherever OverSwitch facilities or service providers are located. As such, we may transfer your Personal Information outside of the European Economic Area (“EEA”). Such transfers are undertaken in accordance with our legal and regulatory obligations.

Jurisdiction

The Terms of Use shall be governed and construed in accordance with the law of Sweden. The parties hereto agree to irrevocably submit to the exclusive jurisdiction of the courts of Sweden

Limitation of Liability

To the extent permitted by law, OverSwitch will not be held liable for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss unless the loss suffered arose from negligence or wilful deceit or fraud. Nothing in these terms excludes or limits the liability of either party for fraud, death or personal injury caused by its negligence, breach of terms implied by operation of law or any other liability which may not be limited or excluded by law.

Subject to the foregoing, OverSwitch's aggregate liability for claims based on events arising out of or in connection with any single Member's use of the Site and/or Service, whether in contract or tort (including negligence) or otherwise, shall in no circumstances exceed the greater of either (a) the total amount held on Account for the Member making a claim less any amount of Commission that may be due and payable in respect of such Account; or (b) 125% of the amount of the Transaction(s) that are the subject of the claim less any amount of Commission that may be due and payable in respect of such Transaction(s).

Indemnity

To the full extent permitted by applicable law, you hereby agree to indemnify OverSwitch and its partners against any action, liability, cost, claim, loss, damage, proceeding or expense suffered or incurred if direct or not directly arising from your use of OverSwitch's Sites, your use of the Service or from your violation of these Terms of Use.

Miscellanous

If we are unable to perform the Services outlined in the Terms of Use due to factors beyond our control including but not limited to an event of Force Majeure, change of law or change in sanctions policy, we shall not be liable for the Services provided under this agreement during the time period coincident with the event.

Modification of Terms

OverSwitch reserves the right to change, add or remove parts of these Terms at any time and at its sole discretion. You will be notified of any changes in advance through your Account. Upon such notification, it is your responsibility to review the amended Terms. Your continued use of the Site following the posting of a notice of changes to the Terms signifies that you accept and agree to the changes, and that all subsequent transactions by you will be subject to the amended Terms.

Definitions

Account : The contractual arrangement wherein a OverSwitch Member has accepted our Terms of Use and Privacy Policy, and received approval to use the OverSwitch Services, including the purchase and sale of Cryptocurrencies and to perform associated Transactions.

Bitcoins : The Peer-to- Peer internet currency further described at bitcoin.org.

Ethereum : The Peer-to- Peer internet currency further described at www.ethereum.org.

Litecoin : The Peer-to- Peer internet currency further described at litecoin.org.

BitcoinCash : The Peer-to- Peer internet currency further described at www.BitcoinCash.org.

Buyer(s) : Member(s) that are submitting an offer to buy Bitcoins, Ethereum, Litecoin, BitcoinCash through the Service.

Commission : Refers to the fee which is payable to OverSwitch on each Transaction, such as a Purchase Transaction.

Member(s) : Refers to Buyers and Sellers as well as any holder of an Account.

Personal Information : Information that identifies an individual, such as name, address, e-mail address, trading information, and banking details. “Personal Information” does not include anonymised and/or aggregated data that does not identify a specific user.

Price : The "price per coin" for which Members are willing to purchase or sell Bitcoins, Ethereum; Litecoin, BitcoinCash, using the Service in a Bitcoin Purchase Transaction. The Price may be expressed in any of the currencies deposited by Members in their Account and supported by the Service. See our Site for a full list of currencies.

Seller(s) : Member(s) that submit an offer to sell Bitcoins, Ethereum, Litecoin, BitcoinCash through the Service.

Service(s) : The technological platform, functional rules and market managed by OverSwitch Ltd. to permit Sellers and Buyers to purchase and sell Bitcoins.

Transaction : Includes the following:

  • The agreement between the Buyer and the Seller to exchange Cryptocurrencies through the Service for currencies at a commonly agreed rate ("Purchase Transaction");
  • The conversion of currencies into Cryptocurrencies deposited by Members on their Account ("Conversion Transaction");
  • The transfer of Cryptocurrencies among Members ("Transfer Transaction");
  • The transfer of currencies among Members ("Currency Transfer Transaction"); and;
  • The purchase of ancillary products ("Purchase Transactions").

OverSwitch may not offer all these transaction types at this time or in all locations. Transaction Price. The total price paid by the Buyer for each Transaction performed through the Service.

Contact Us

If you have any questions relating to these Terms of Use, your rights and obligations arising from these Terms and/or your use of the Site and the Service, your Account or any other matter, please contact support@OverSwitch.io