Agreement and Execution
The primary body of this agreement, as well as any rules that Escoin has posted or may post from time to time, comprise the content of this agreement. All of the regulations will form an important part of this agreement and will have the same legal force as the main body. Unless otherwise stated, this agreement applies to any service provided by Escoin and its affiliates (hereafter referred to as “Escoin Service”). Before using any Escoin Service, you must thoroughly read this agreement, paying special attention to the language stated in bold font. If you have any questions about this agreement, you can contact Escoin. Regardless of whether you have carefully read this agreement prior to using Escoin Service, you will be bound by it as long as you use Escoin Service. You may not claim that this agreement is void or rescinded because you did not read it or because you did not obtain a response from Escoin to your consultation. You agree to accept and abide by the terms of this agreement. If you do not agree to this agreement, you must stop registering/activating or using the Escoin Service immediately. Escoin reserves the right to change or amend this agreement and its rules at any time and without prior notification to you, and will do so on the website. After being announced on the website, the updated agreement and rules will take effect instantly and automatically. If you do not agree to the applicable change, you must discontinue using the Escoin Service immediately. You will be regarded to have accepted the modified agreement and rules if you continue to use Escoin Service.
Definitions and Terms
“Account” refers to the company or personal account that the User has created or is planning to create on the Escoin page. The User’s personal information, usage logs, and transaction history (including deposits, withdrawals, and orders) are all stored.
“Anti-Money Laundering,” or “AML,” is a combination of procedures, laws, and regulations aimed at preventing the unlawful generation of income.
“Communication” refers to any exchange of information, documents, notifications, or other details between the User and the Company via email or Escoin support channels in order to get or deliver the services.
Any loss, delay, or failure caused by fire, flood, explosion, accident, war, strike, embargo, governmental requirements, civil and military authority, Act of God, civil unrest, unavailability of the public internet, hacking or distributed DDoS attacks, inability to secure materials or labor, termination of vital agreements by third parties, the action of the other party, or any other cause beyond such party’s reasonable control is referred to as “Force Majeure.”
“KYC,” or “Know Your Customer,” is a system or series of procedures for verifying an individual’s identity using government-issued identification and visual comparison to the document of standing.
“Service” refers to the various services supplied by Escoin to the User under these Terms.
A service provider acting on behalf of the Company is referred to as a “third party.”
A “token” is a digital sequence that represents a uniquely identifiable asset or right in the platform’s possession.
“User” refers to an Escoin consumer who purchases, exchanges, and trades cryptocurrencies on the site www.escoin.ee.
“Virtual currency” refers to a value represented in digital form, which is digitally transferable, preserveable, or tradable and accepted as a payment instrument by natural or legal people, but which is not the legal tender of any country or fund.
Any financial transfer from the User’s Account to the external third-party service provider is referred to as a “withdrawal.”
Due diligence and KYC
The goal of customer due diligence is to prevent the use of assets and property obtained illegally in the economic activities of credit institutions and financial institutions, as well as in the services provided by them, with the goal of preventing the exploitation of the financial system and economic for money laundering and terrorist financing. Customer due diligence aims to implement the Know-Your-Customer principle, which requires a customer to be identified and the appropriateness of transactions to be examined based on the customer’s primary business and payment history. Furthermore, client due diligence helps to uncover unexpected circumstances in a customer’s operations or situations in which a Company employee has reason to be concerned.
Customer due diligence also helps to discover anomalous circumstances in a customer’s activities or situations where a Company employee has grounds to suspect money laundering or terrorist funding.
The verification procedure is not required in order to use the Company’s services. The Company reserves the right to request the completion of a verification procedure at any time by submitting the first identity papers (ID/passport, driving license).
The Company must not engage in transactions or form contacts with anonymous or unidentifiable persons as part of its anti-money laundering and anti-terrorist financing efforts. The Company is required by law to waive a transaction or the establishment of a business relationship if a person fails to provide sufficient information to identify the person, or if the Company discovers facts whose characteristics refer to the use of criminal proceeds, terrorist financing, the commission of related offences, or an attempt thereof, or concerning which the Company suspects or knows constitutes money laundering, either terrorist financing, or the commission of related offences, or concerning which the Company suspects or knows constitutes money laundering, either terrorist financing, or Furthermore, if a person fails to present sufficient information to apply, the law prohibits the establishment or continuation of business connections.
Under current law, the Company has the right to use the services of a third party under a contract that is the subject of which is the continued performance of activities and continued taking of steps required for the provision of (a) service(s) by the Company to its customers and that would normally be performed and taken by the Company itself, taking into account the special requirements and restrictions provided by law. Agents, subcontractors, and other people to whom the Company transfers activities connected to the provision of services provided as a rule by the Company in its economic activities are examples of third parties under this section.
The “KYC and due diligence measures description” provided on our website www.escoin.ee contains a full description of the due diligence measures, as well as the required papers and information from users.
Profiles and wallets of users
The user profile includes all information submitted by the user or collected about the user, as well as the user’s wallet and any balances in the wallet.
We reserve the right, in our sole discretion and without obligation to you, to refuse to allow you register a profile and/or open a wallet, with or without reason.
Within 30 days of receiving such a request, the user’s profile and wallet can be closed at the user’s request. Before requesting the wallet’s deletion, the user must withdraw any virtual currency balances.
If a user’s profile and wallet are locked at the user’s request and the user fails to withdraw virtual currency holdings before the profile and wallet are locked, we reserve the right to levy a one-time fee equal to the whole amount of virtual currency balances in the wallet to be locked.
The user’s profile and wallet are considered abandoned if at least one of the following requirements is met: The user has not accessed his profile or wallet in over a year (365 days). The user has not filed any verification requests with at least one authentic document for more than three months (90 days).
Min. transaction size (once): $ 1000
Max. transaction size (once): $ 5000
Max. transaction size (Weekly): $ 5000
Max. transaction size (Montly): $ 40000 Every day, a fee of 1% of the wallet’s total remaining balance will be paid to each abandoned wallet, which will be communicated to the user through email. Abandoned profiles and wallets with zero balances will be deleted.
Cancelling orders or restricting user access
- In the event of a user’s illegal activity (such as exploiting vulnerabilities in the company’s blockchain or trading platform),
- a request from law enforcement agencies/token owner/coin owner,
- or if the company suspects the user of money laundering or terrorist financing,
the Company has the right to cancel the order.
The Company has the authority to place a hold on a user’s account if:
- the company has detected suspicious user activity;
- the company has detected an orphan transaction or a user’s attempt to perform a non-existent transaction or simulate a transaction that is not confirmed in the blockchain);
- the company has observed that the client is trying to use blockchain vulnerabilities unfairly;
- the company has received a motivated request or interference about the illegality of the transaction from the developers of coin or token;
- the verification period expires;
- the company has received the request from law enforcement agencies;
- the company suspects the user’s involvement in money laundering or terrorist financing.
If the user feels that his mailbox has been hacked or that a third party has gotten access to his account or is attempting to log in to his account, account freezing can be enabled. To do so, the client must go to their account on the company’s platform and select the “freeze account” button. If the client voluntarily initiates account freezing, the user’s account can be unfrozen via the Company’s support. In order to restore an account that has been frozen, the user must go through the verification procedure again and supply the Company with additional information regarding the user’s activity prior to account freezing so that the Company may verify that the user’s data is correct.
The corporation has the authority to halt the transaction if the following conditions are met:
- the Company detects that the transaction comes from suspicious sources (wallets);
- the transaction does not have confirmations in blockchain;
- the transaction can be cancelled if it has an invalid status in the blockchain.
When you complete the registration or use the Escoin Service in any other way permitted by Escoin, you hereby certify that you are an individual, legal person, or other organization with full capacity for civil rights and civil conducts. If you do not have the aforementioned capacity, you and your guardian will be responsible for any repercussions, and Escoin will have the right to delete or permanently freeze your account, as well as make compensation claims against you and your guardian.
Account creation and registration
You will be bound by this agreement once you have filled in information, read and agreed to this agreement, and completed the registration process following the instructions on the registration page, or once you have filled in information, read and agreed to this agreement, and completed the activation process following the instructions on the activation page, or once you have used the Escoin Service in a way that Escoin has permitted. You can log in to Escoin using the email address or mobile number you gave or confirmed, or any other method Escoin allows. You must submit your full name, ID type, and ID number, as well as any other information required by law. If any of the information you supplied while registration is incorrect, Escoin will not be held liable, and you will be responsible for any loss, direct or indirect, and negative consequences that occur. Escoin accounts can only be used by the individual whose name is on the account. Escoin maintains the right to suspend, freeze, or terminate accounts that are being used by someone other than the people whose names are on the accounts. Escoin will not be held liable in any way for these accounts.
Information about the user
You must accurately provide and timely update your information during registration or activation by following the instructions on the relevant page in accordance with the laws and regulations in order to make it true, timely, complete, and accurate. If Escoin has reasonable grounds to believe that any information provided by you is incorrect, untruthful, outdated, or incomplete, Escoin reserves the right to send you a notice to inquire about and demand corrections, remove relevant information directly, and, as the case may be, terminate all or part of the Escoin Service to you. Escoin shall not be held liable for any losses, direct or indirect, or negative consequences that may arise as a result of your actions. You must fill in and update your email address, phone number, contact address, postal code, and other contact information precisely and promptly so that Escoin or any other user can contact you successfully. If you cannot be reached using these contact details, you will be completely and fully responsible for any loss or additional expenses incurred while using the Escoin Service. You understand and agree that it is your responsibility to keep your contact information up to date and to follow the steps necessary by Escoin if it changes or is updated.
Service for Escoins
Members can use the Escoin Service and other services provided by Escoin and its affiliates to post deal information, gain access to pricing and dealing information for a deal, and complete the transaction, as well as participate in Escoin-sponsored activities and receive other information and technical services. If you and another member have a dispute originating from a transaction on Escoin, once you and the other member have submitted the dispute to Escoin for resolution, Escoin reserves the right to make a decision at its sole discretion. You hereby acknowledge and accept Escoin’s judgment and judgement.You know and acknowledge that Escoin may send user information submitted by you to Escoin, transaction records, and any other necessary information in response to requests from governmental authorities (including judicial and administrative departments). If Escoin preliminarily determines that you have infringed on another’s intellectual property or other legitimate interests, Escoin may supply the interest holder with the relevant ID information about you. You are solely responsible for any relevant taxes and expenditures related to hardware, software, service, and other expenses incurred during your use of the Escoin Service. You acknowledge that all trade executions are final and irreversible by utilizing this service. By using this service, you acknowledge and agree that Escoin reserves the right to liquidate any trades at any moment, regardless of profit or loss.
Limits on Transactions
You acknowledge that, in accordance with the Company’s policies as revised from time to time, certain limits may apply to the Transaction volume in any particular period.
ALL PURCHASES MADE ON THE SITE ARE NON-REFUNDABLE DUE TO THE NATURE OF THE SERVICES PROVIDED. You acknowledge that completed or pending transactions are non-cancelable, and that you cannot amend or reverse any completed or pending transaction.
Transactions that aren’t correct
The Company reserves the right to cancel any Transaction that was completed in error as a result of technological failure or unauthorized interference with the Site.
Payment has been refused.
Any Transaction for payment that has been denied for any reason may be terminated by the Company. In the event that any Transaction is terminated, the Company will attempt to notify You as soon as feasible.
Escoin Service User’s Guide
During your usage of the Escoin Service on Escoin, you agree to the following covenants: All of your activities while using the Escoin Service will be in compliance with all applicable laws, regulations, regulatory documents, and Escoin rules, will not be in violation of public interests, public ethnics, or others’ legitimate interests, will not constitute tax or fee evasion, and will not violate this agreement or relevant rules. If you breach any of the foregoing obligations and as a result incur any legal liability, you must independently assume all legal liabilities in your own name and keep Escoin blameless from any loss incurred as a result of such breach. You will operate in good faith, will not engage in unfair competition, will not disrupt the usual order of online transactions, and will not engage in any conduct unrelated to online transactions during any transaction with other members. You will not use any data on Escoin for commercial reasons, including but not limited to copying, disseminating, or otherwise using any data presented on Escoin without Escoin’s prior written authorization.You understand and accept that Escoin has the unilateral right to determine whether you have breached any of the covenants above and, based on such unilateral determination, apply relevant regulations and take actions thereunder, or cancel services to you, without your agreement or prior notice. Escoin shall have the right to close relevant orders and take such actions as necessary to protect the order and security of transactions on Escoin in the event of any malicious sale or buy, or any other events disrupting the market’s normal sequence of transactions. If any effective legal documents issued by judicial or administrative authorities hold your violation or infringement, or if Escoin determines at its sole discretion that you have likely violated the terms of this agreement, the rules, or the laws and regulations, Escoin shall have the right to publish such alleged violations and Escoin’s actions taken against you on Escoin.If you publish information on Escoin that allegedly violates or infringes on the law, other people’s legitimate interests, this agreement, or the rules, Escoin reserves the right to remove it without warning and impose fines in accordance with the rules. Regarding any act you may have performed on Escoin, including those you may not have performed on Escoin but which have had an impact on Escoin and its users, Escoin shall have the unilateral right to determine its nature and whether it constitutes a violation of this agreement or any rules, and to impose appropriate punishments. You are responsible for keeping all evidence linked to your actions on your own and for any negative repercussions resulting from your failure to meet your burden of proof. If any third party suffers losses as a result of your alleged breach of your obligations, you will be fully responsible for all legal liabilities in your own name and keep Escoin blameless from any loss or further expenses. If, due to any alleged violation by you to the laws or this agreement, Escoin incurs any losses, is claimed by any third party for compensation or suffers any punishment imposed by any administrative authorities, you shall indemnify Escoin against any losses and expense caused thereby, including reasonable attorney’s fee.
Liability’s Scope and Limitations
Escoin Service shall be provided “as is” and “commercially available” by Escoin. However, Escoin disclaims any express or implied warranty with respect to the Escoin Service, including but not limited to application, lack of mistake or omission, continuity, accuracy, reliability, or fitness for a specific purpose.Meanwhile, Escoin makes no representation or assurance as to the efficacy, accuracy, correctness, reliability, quality, stability, completeness, or timeliness of the technology and information used by Escoin Service. You understand that the content on Escoin is self-published by users and may involve dangers or flaws. Escoin is only a transactional platform.Escoin is merely a platform for acquiring coin-related information, searching for transaction counterparties, and negotiating and conducting transactions; however, Escoin has no control over the quality, security, or legality of the coin involved in any transaction, the truthfulness or accuracy of transaction information, or the capacity of the parties to any transaction to perform their obligations under the transaction documents. You must make your own cautious judgments about the honesty, legality, and effectiveness of the coin and information in question, and you must accept any responsibilities or losses that may result. Escoin shall not be obligated to conduct a preliminary review of all users’ information data, transaction activity, or any other transaction-related issues unless expressly required by laws and regulations or any of the following circumstances occur: Escoin has reasonable grounds to believe that a specific member or transaction may be in violation of the law or agreement. Escoin has reasonable grounds to believe that a member’s activities on Escoin are illegal or improper. You acknowledge and agree that Escoin is not liable for any of your losses resulting from any of the following events, including but not limited to losses of profits, goodwill, usage or data, or any other intangible losses (regardless of whether Escoin has been advised of the possibility of such losses): use or failure to use the Escoin Service. Unauthorized access to your account or tampering of your data by third parties. Expenses and losses incurred as a result of the purchase or acquisition of any data or information, or participation in a transaction through the Escoin Service, or any alternatives. Escoin Service was misunderstood by you.Any other losses incurred as a result of using the Escoin Service that are not attributable to Escoin. Escoin shall not be liable for any failure or delay in service caused by regular information network equipment maintenance, connection errors, computer, communication, or other system errors, power outages, strikes, labor disputes, riots, revolutions, chaos, insufficiency of production or materials, fire, flood, tornado, blast, war, governmental acts, or judicial orders. You agree to hold Escoin, its contractors, and its licensors, as well as their respective directors, officers, employees, and agents, harmless from and against any and all claims and expenses, including attorneys’ fees, arising out of your use of the Website, including but not limited to your violation of this Agreement.
You agree that Escoin has the right to terminate all or part of the Escoin Service to you, and to temporarily or permanently freeze (cancel) the authorizations of your account on Escoin at any time, for any reason, and that Escoin will not be liable to you; however, Escoin will have the right to keep and use the transaction data, records, and other information related to such account. Escoin reserves the right to directly terminate this agreement by canceling your account, as well as to permanently freeze (cancel) the authorizations of your Escoin account and withdraw the associated Escoin account in the event of any of the following events: When this agreement (including the rules) is amended, you expressly state and notify Escoin of your unwillingness to accept the amended service agreement; any other circumstances where Escoin deems it should terminate services to you; you allegedly register or register in any other person’s name as an Escoin user again, directly or indirectly; the main content of user’s information that you have provided is untruthful, inaccurate, outdated, or incomplete; when this agreement (including the rules) is amended, you expressly state.Escoin has no obligation to maintain or disclose any information in your account or to transfer any information you have not seen or provided to you or any third party after the account service is terminated or the authorizations of your account on Escoin are permanently froze (cancelled). You agree that even if your agreement with Escoin is terminated, Escoin retains the right to: maintain your user information and all transaction information collected during your use of the Escoin Service. If you violate any laws, this agreement, or the regulations while using the Escoin Service, you may be held liable under this agreement.After Escoin suspends or terminates Escoin Service to you, your transaction activities prior to such suspension or termination will be handled according to the following principles, and you will be responsible for any disputes, losses, or extra expenses incurred as a result of such suspension or termination, and you will hold Escoin harmless from any losses or expenses: Escoin reserves the right to remove information connected to any un-traded cryptocurrency tokens that you have uploaded to Escoin prior to the suspension or termination of services at the same time as the suspension or termination of services. If you have made a purchase agreement with another member prior to the suspension or termination, but the agreement has not been fulfilled, Escoin reserves the right to erase information about the buy agreement and the coins concerned. If you have a purchase agreement with another member that has been partially fulfilled prior to the suspension or termination, Escoin may choose not to delete the transaction; however, Escoin reserves the right to notify your counterparty of the situation at the same time as the suspension or termination.
Warnings on the dangers
Financial dangers. Trading actual and virtual commodities and products, as well as Virtual Currencies, entails considerable risks. On any given day, prices can change. As a result of such market movements, the value of Your assets may grow or decrease at any time. Any asset, digital or not, can experience significant value swings and even become worthless. When purchasing, selling, or trading anything on the market, there is always the danger of losing money.
You should carefully consider whether your financial situation and risk tolerance allow you to buy or sell Virtual Currencies.
THE COMPANY DOES NOT AND CANNOT GUARANTEE ANY PROFIT FROM THE BUYING OR SELLING OF VIRTUAL CURRENCIES OR ANY OTHER SITE-RELATED ACTIVITY. DEPENDING ON YOUR FINANCIAL CIRCUMSTANCES, YOU MUST CONSIDER IF HOLDING VIRTUAL CURRENCIES IS SUITABLE FOR YOU.
Cybersecurity and Operational Risks Hackers and other malevolent people or organizations may try a variety of methods to disrupt Your Virtual Currencies. You are solely responsible for the security of your Virtual Currencies and Account. Do not give out your account’s username and password to anybody else.
THE COMPANY DOES NOT GUARANTEE THE SECURITY OF YOUR VIRTUAL CURRENCIES AND CANNOT DO SO.