Terms of Business
kemfe in the Terms refers to the owner, also known as kemfe, including but not limited to its shareholders, board of directors, investors, employees or affiliates. kemfex can also mean the services, websites, contents and other information provided by kemfe.
kemfex reserves the right to alter, amend or modify these Terms from time to time, in our sole discretion. We will provide you with notice of such changes by providing notice on the Site and/or by posting the amended Terms via our Site and updating the "Last Updated" date at the top of these Terms. The amended Terms will be deemed effective immediately upon posting on the Site.
If you disagree with these Terms, kemfex’s right to modification, or if the Terms is partially or completely excluded by the applicable laws in your jurisdiction, please DO NOT ACCESS THE SITE OR USE THE SERVICES.
Description of Services
OTC Marketplace platform
Kemfex is a peer-to-peer platform service that enables its users to buy and sell digital currency. The Site allows buyers ("Buyers") and sellers ("Sellers"), to buy and sell the Internet currency known as "Bitcoins" (see http://bitcoin.org) or other virtual digital currency, and the services provided by the Site from time to time (the “Service”).
Kemfex also offers hosted digital wallet services. Our registered users are able to post offers to either buy or sell digital currency via payment methods of their choice. The creator of the offer is responsible for listing terms of the trade. Once an offer is selected by another user, digital currency is held in our escrow service from the party that is selling it. The digital currency is released from escrow to the buyer by the seller once the buyer has completed the terms of the trade. The escrow is released back to the seller if the buyer chooses to cancel the trade. The seller may not cancel the trade at any point. The seller only has the option to release the digital currency from escrow to the buyer. This is for the security purposes of the buyer. Should a seller need to cancel the trade due to a buyer not following the terms of the trade, they must start a dispute and provide a reason for doing so.
Kemfex Exchange platform
Kemfex also provides an online digital asset trading platform (crypto to crypto) for products commonly known as cryptographic currency. Kemfex does not provide fiat trading capabilities on its platform and as such is not subjected to the stringent regulations that come with it. Kemfex functions as a trading platform provider and is not a buyer or seller in trades made between traders. Kemfex is also not a market maker. Traders must register and open an account with Kemfex and deposit digital assets prior to commencement of trading. Traders may request the withdrawal of their digital assets, subject to the limitations as stated in verification clauses.
By registering for an account or accessing the service of the Site (the “Service”), you represent and warrant that:
- You are an individual, legal person or other organization with full legal capacity (‘You”) to enter into this User Agreement between You and Kemfe;
- You are at least 18 years old or of the legal age in accordance to your relevant jurisdiction;
- You have the full capacity to accept these Terms and enter into a transaction involving Bitcoins and/or other virtual digital currency;
- You cannot use your personal account to act as an intermediary or broker for any person;
- If you are using the Services on behalf of a legal entity, You further represent and warrant that:
- The legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization, and
- You are duly authorized by such legal entity to act on its behalf.
- You use our Services at your sole option, discretion and risk;
- Your account has not previously been suspended or removed from using our Services;
- You will operate only the virtual digital currency that belongs to You;
- You are acting on your own behalf, or are legally authorized to carry out the transactions;
- All of the information You submit to the Site is accurate, current and complete, and will be updated upon request from Kemfex;
- You allow us to use your information to facilitate the operation of this Site;
- 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, fraud, blackmail, funding terrorism, terrorist financing, or malicious hacking, and You will not engage in misconduct that may cause damage to Kemfex’s reputation. We will report all criminal activities to the law enforcement agencies;
- You agree to pay the fees for services completed via the Site as defined under Kemfex’s published fee structure, which Kemfex may change from time to time;
- There are risks, associated with Internet-based system, such as the failure of hardware, software, and Internet connections and with the Blockchain Protocol, such as any malfunction, unintended function, unexpected functioning of or attack on the Blockchain protocol;
- You are responsible for maintaining adequate security and control of all codes or credentials that You use to access the services including but not limited to and or all usernames, passwords and two-factor authentication codes.
- You further guarantee that You will not:
- Use our Services or will immediately cease using those if any applicable law in your country prohibits or will prohibit You at any time from doing so;
- Use our Services to participate in fraudulent, scam or any type of illegal activity;
- Provide false, inaccurate, fraudulent or misleading information;
- Attempt to modify, decompile, reverse-engineer or disassemble our software in any way;
- Use any robot, spider, crawler, scraper or other automated means or interface not provided by us to access the Services or to extract data;
- Attempt to circumvent any content filtering techniques we employ, or attempt to access any service or area of our Services that you are not authorized to access;
- Develop any third-party applications that interact with our Services without our prior written consent;
- Encourage or induce any third party to engage in any of the activities prohibited under this Section.
- You shall take full responsibilities and liabilities for your behaviours at all times when using Kemfex services and Kemfex reserves the rights to claim damages against you.
With the aim to ensure Kemfex remains a safe and reliable platform for all of our users we may require you to verify your identity to access part of the services we offer. Identity verification may be required when you create advertisements, pass certain trade volume limits, during trade disputes, fraud investigations, and to ensure account ownership. As part of our ID verification process we require you to provide us with your full name as well as documents and photographs that verify your identity.
With regard to any personal information provided by you, you hereby expressly and irrevocably acknowledge and authorize that Kemfex is entitled to, as of the date of your registration, conduct identity verification by Kemfex itself or assign, indirectly or directly, any third party to verify the personal information provided by you, by that you are fully aware of the facts and accept it
In certain situations, we may require enhanced identity verification. This may include facial recognition, or requirements to verify details or sources of funds regarding payments you have made or received during trades on Kemfex as well as digital currency transactions that you’ve sent or received from your Kemfex account.
ID verified accounts have a clear owner which makes it easy to return access to you if you lose all access to your account. It is very hard or impossible to return access to accounts that are unverified, even if you know your username, as it is difficult to identify the original account owner.
When it is necessary, we may further request you provide such information for our partners, banks in cooperative relationships, or establish an account in such banks to comply with our Know Your Customer (KYC) and anti-money laundering policy.
If any holder of account on the Site (“Member”) violates any provision in the Terms, his or her account, and the Service on the Site is likely to be frozen, cancelled or terminated, and the Member will be held liable for damages to Kemfex or losses incurred to other Members.
The Site provides an online platform to facilitate trading for virtual digital currency transaction between buyer and seller. Kemfex is not a party to the contract of such transaction or any other contract between buyer and seller, and Kemfex bears no legal liability for these contracts. Both parties shall take full responsibility arising from their contract and information regarding the publication of their trade. Kemfex is not involved in any members’ transaction and does not guarantee or otherwise acquiesce to guarantee any performance of such transaction. In the event shall disputes arise, buyers and sellers are responsible for resolving the disputes. However, if Kemfex receives complaints or obtains any knowledge regarding any members being involved in fraud, transaction disputes or illegal misconduct, Kmefex has the right to adopt necessary measures to protect its rights as well as rights of other members.. Kemfex can freeze the accounts involved in suspicious activities, screen out members and information or content provided by members. Kemfex reserves the right to remove any content or information provided to the Site and does not ensure members will be able to complete transactions.
Kemfex is highly concerned about the security of the Site and our Service. By registering on Kemfex website, you agree to provide your latest and accurate personal information, and also agree to continue to update such information. You acknowledge you will not allow any others access into your account on the Site at any time.
In the event you establish or access to a Kemfex account without using the interface provided by Kemfex, your account, Service, and transaction will be immediately suspended. Any intent to or assistance in carrying out misconduct by using an account, whether by using instruction manuals, software or tools will also result in termination of such account. Apart from terminating such account, Kemfex may also take further actions to counter such violation.
You are also responsible for the maintenance of the security of your account information, including your password and transaction record. You shall ensure the safety and confidentiality of your login credential, and prevent any unauthorized access to your account. If Kemfex learns of any suspicious activity in your account, we may exercise the right to freeze your account, and request additional information from you, including verification documents, for our further procedures. You are obligated to comply with such safety requests and agree for us to freeze your account. If you learn of any unauthorized use of your account or password, or violation of confidentiality agreement, please inform Kemfex immediately via email email@example.com. Any member who violates such rules is subject to termination of the account, and bears the damages and legal liability to Kemfex and/or any other affected Members of the Site.
You agree and acknowledge you will not carry out any forms of criminal conduct by using the Service, including but not limited to money laundering, illegal gambling, financing terrorism or malicious hacking activity.
Limitation, Suspension, and Termination of Your User Account
You can terminate the agreement with Kemfex, and complete any unfinished transactions any time you wish.
You also agree Kemfex has the right to, limit, suspend, or terminate your account or access to the services that we provide to you promptly following the occurrence of any matter set forth below,
- Trying or assisting others to access other members’ account on the Site without authorization;
Having registered two or more than two accounts simultaneously, or providing account for third party's use with or without compensation;
- Making changes, deleting or demolishing data, content and equipment on the Site or causing adverse effect on the Site's business operation by using robot account or other method;
- Modifying, deleting or collecting others’ personal information without authorization by taking advantage of any existing defect of the Site, sabotaging or trespassing the security system;
- Carrying out unlawful misconduct, including money laundering, illegal gambling, financing terrorism or other criminal activity;
- Violation of the terms and conditions of use;
- Defaulting on payment or conducting fraudulent transaction;
- Difficulties in operation;
- Make available content that is obscene, pornographic, racist, abusive, harassing, and threatening or is offensive, or behave in a way that libels, defames, stalks or invades privacy of other persons.
In the event when Kemfex takes legal action at the request of any governmental authority or pursuant to the law, the matter shall be determined at Kemfex’s sole discretion.
You further agree that Kemfex can terminate or suspend access to your account and the Site any time upon its sole discretion. If Kemfex reckons that any member may cause any legal liability, or any member's conduct does not conform to the purpose of the Site (Kemfex has sole discretion on this matter) it can exclude such member from the site by taking legal or technical measures. Kemfex shall not be held liable for unilaterally suspending member's account or restricting member's access to the Site to any member or third party. Such suspension or restriction shall not affect the accounts payable accrued in past transaction or settlement of existing transaction. While your account is terminated or suspended, Kemfex has the right to cancel or suspend ongoing transactions in such account, and Kemfex shall not be held liable for any loss or damages arising from such cancellation or suspension.
Kemfex may freeze, cancel or terminate any transaction or your account on the Site if any suspicious activity is detected in your account, or under the following circumstances:
- Upon request of the government authorities in accordance to the law;
- Upon suspicion of fraudulent activities or law violations;
- When a mistake is found in the fund of the Members’ account or at the request of the money transfer service supplier;
- =Notification from one of the other Members about trades;
- Your violation of the Terms;
- Your use or misuse of the Site or the Service;
Kemfex may request additional information from you (including verification documents); it is your obligation to satisfy the foregoing security requirements, or accept the suspension or termination imposed by the Site. In the event of any unauthorized use of the account or password on the Site, please inform Kemfex by emailing firstname.lastname@example.org.
Limited Right of Use
Kemfex grants you a limited, nonexclusive, non-transferable license to access and use the Site; however, Kemfex reserves the right to transfer all its rights, interests or obligations under these Terms to any person and these Terms shall continue to be in force and effect for the benefit of the successors and assigns of Kemfex.
You may access and use the Site solely for the intended functions of the Service and other approved purposes as expressly permitted by Kemfex. Any other use of the Site is expressly prohibited. When using the Site, you agree not to:
Intellectual Property Rights
- Attack the Site or decompile, reverse engineer, disassemble or decrypt the Site, or attempt to derive the source code of the Site;
- Upload any material or the Site that contains computer viruses, Trojan horses or worms;
- Make any modification, adaptation, improvement, enhancement, translation, or derivative work to or from the Site;
- Use or attempt to use a web crawler on the Site;
- Violate any applicable laws, rules or regulations;
- Remove, alter, or obscure any proprietary notice of Kemfex, its suppliers, partners, or licensors;
- Cause a disproportionately large traffic on our infrastructure;
- Use the Site for any other purpose for which it is not designed or intended;
- Make the Site available over a network, or otherwise permitting access to or use thereof by multiple users at the same time;
- Gain or attempt to gain, unauthorized access to the Site, accounts of other users or any other component of the Service;
- Use the Site to send automated queries or commercial advertisements;
- Make any unauthorized use of proprietary information or intellectual property of Kemfex.
Your log into Kemfex or use of any of the services offered by Kemfe shall not be deemed as Kemfex’s authorization to transfer of any intellectual property to you.
You acknowledge and agree that software, program and content used or displayed on the Site, including but not limited to publication, image, file, information, data, structure of the Site, website layout, and website design are exclusively owned by Kemfex or others which are protected by intellectual property and applicable laws including but not limited to trademark, patent, copyright, and trade secret.
No one can use, modify, reproduce, broadcast, publicly display and distribute, publish, disassemble and decode, or participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the Content, in whole or in part without proper authorization.
If you wish to use the aforesaid software, program or website content, you are required to obtain prior written notice from the Site or others. You will be held liable for damages to Kemfex (including but not limited to attorney's fee) in the event you violate such stipulation.
When a member uploads content to our Site (including but not limited to copyright, trademark or other contents), he or she gives a free license to Kemfex to use such content for the purpose of operating our Site and providing Service. Member shall guarantee all contents posted or uploaded to the Site do not infringe any third party's copyright, trademark and other rights or interest. If such infringement takes place, the Member shall be responsible for all civil and criminal liability, and Kemfex shall be held harmless and fully indemnified; if any loss occurs to Kemfex, the member shall also liable for damages to Kemfex (including but not limited to attorneys’ fee). If any third party informs Kemfex of the foregoing right infringement, Kemfex may remove the content in dispute.
Non-investment Advice and Risk
Kemfex may provide the prices, volatility, relevant news or other information about bitcoin or virtual digital currency. However, this should not be construed as investment advice but merely as an act of sharing information. You agree to not interpret the aforementioned data as investment advice.
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. Due to such price fluctuations, you may increase or lose value in 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.
Bitcoin 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, Bitcoin and virtual digital currency is a unique kind of "fiat" currency, backed by technology and trust. There is no central bank that can take corrective measure to protect the value of Bitcoins and virtual digital currency in a crisis or issue more currency.
Instead, Bitcoin and virtual digital currency is an as-yet autonomous and largely unregulated worldwide system of currency firms and individuals. Traders put their trust in a digital, decentralized and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity
Bitcoin and virtual digital currency trading is probably susceptible to irrational (or rational) bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in Bitcoin because of unexpected changes imposed by the 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 Business.
You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading Bitcoins or any other virtual digital currency.