These rules are the basis of providing services on www.exchange-lite.com (hereinafter called Service) to Users. Users agree to read and accept these rules prior to using the Service. These rules represent a web document which is legally equivalent to a corresponding document in hard copy, and does not need to be signed. In case of discrepancies in languages, English version of this document shall take priority over other versions. Use of the Service will automatically mean your entire consent to the following rules. Services will be provided under the conditions described below:
1. Terms and definitions
1.1 Parties – are participants of exchange of virtual currency units of e-payment systems. Parties involved in the exchange transactions are: Service, on the one hand and User, on the other hand.
1.2 E-payment system (EPS) is any service related to both payment settlement between financial institutions, business organizations and Internet users when buying, selling goods, and payment for various services provided through the Internet with the help of hardware-software tools designed to provide facilities for virtual currency units’ exchange. E-payment system is an electronic version of a traditional payment system. In accordance with payment scheme, these are divided into:
- Debit (incorporating electronic cheques and digital cash);
- Credit (dealing with credit cards).
1.3 Service – is a software-hardware tool designed to convert virtual currency units of one e-payment system into virtual currency units of another e-payment system at specified exchange rate and under certain conditions.
1.4 User – any individual or legal person who uses facilities of this Service.
1.5 Virtual currency unit of EPS is a nominal value established by the EPS owner. Cash equivalent of the exchange rate between the virtual currency unit and real money is also established by the owner of the EPS and is regulated by the internal rules established by each specific EPS.
1.6 Exchange – operation of conversion (exchange) of the virtual currency units of different EPSs.
1.7 Illegal trade – trade and distribution of the goods and services, which are illegal, harmful, offending morality, violating copyrights, promoting hatred and/or racial, ethnic, sexual or social discrimination.
1.8 Pyramid – fraudulent structure, organizers of which redistribute and use for their private interests the funds provided by participants by using promises of higher income.
1.9 Money laundering - methods and procedures enabling transfer of funds derived from illegal activities into other assets in order to conceal their true origin, true owners, or other aspects that could prove violation of the law.
1.10 EPS – hardware-software tool, designed to accomplish commitments on exchange of the virtual currency units.
2. Exchange procedure
2.1 Exchange is carried out upon request of a User at: www.exchange-lite.com.
2.2 The operation volume can’t exceed the virtual currency units’ reserve limit of a recipient EPS present when requesting an operation.
2.3 The service fee amount is to be checked before initiating an exchange operation. The beginning of an exchange operation indicates User’s consent to the present fee amount.
2.4 Contact information requested, User is obliged to provide true and actual information in the service interface.
3. Rules of service
3.1 Transactions carried out with the help of EPS supported by this Service are irreversible, which automatically presupposes that any operation between User and Service is irreversible from the moment of its completion.
All operations, carried out by Users shall comply with these Rules.
3.2 Service is liable for the funds, transferred by User for exchange or transfer and is not responsible for the loss of funds due to failures of functions (technical failures) in the EPS or other reasons, caused by third parties.
3.3 User is obliged to pay fee to Service and other costs in the amount specified in the web interface of Service. Service can change the amount of the fees at its own discretion and User shall track current level of fees as shown on the site.
3.4 User shall not assign his/her rights, impose his/her duties or transmit billing information to third parties. In such case Service shall disclaim responsibility for the consequences of actions by third parties.
3.5 Service may change amount of fees and other commissions without prior notice but only in case of completed transaction of User.
3.6 Service is obliged to make exchanges on time and to process all requests manually in order of general turn. The operation execution time is from one to six working hours for the currencies of electronic payment systems that can be exchanged within Exchange-Lite Service, except the operations executed with the help of OkPay payment system. The time for processing the operations executed with the help of OkPay payment system is up to 14 working days of the Service.
3.7 Exchange-Lite service executes exchange operations at a fixed time: from 00:00:01, Monday to 23:59:59, Friday (GMT +3).
4. Risks and Force Majeure
4.1 Service does not represent any of EPSs; it operates and makes decisions independently. Service does not bear responsibility to User for technical failures on servers of the EPS or failures of the software.
4.2 Server is an independent commercial enterprise with its own software, protected by copyright and representatives of EPS are not liable for activities of Server.
4.3 Service determines Force Majeure circumstances which prevent execution of Server’s obligations under these Rules.
Service shall notify Users of Force Majeure only in case of due technical capacity.
4.4 Service determines as Force Majeure actions, events or phenomena, (including but not limited to: strikes, riots, civil unrest, terrorism, war, natural disasters, accidents, fires, floods, storms, power outages, failures of electronic or communication equipment) which lead to difficulties in execution of obligations by Service, under these Rules.
4.5 Service may cease to execute some of User’s transactions in case of suspension of work, closing, or liquidation of the markets which provides data, used by Service to determine its quotes and commissions.
5. Counteraction against money laundering and confidentiality rules
5.1 Activity of Service is guided by existing provisions of international standards to combat money laundering of illicit proceeds and terrorism financing.
5.2 User assumes obligations never to carry out operations using this Service, which:
-come within the definition of money laundering.
-aid and abet even indirectly any kind of illegal trade or activity.
-can be indirectly related to operations of financial or other pyramids or networks that are actually a sort of pyramid.
5.3 Service is guided by generally accepted standards to maintain confidentiality of Users’ personal information.
Service does not provide identification data on its Users to individuals or legal entities, including promotional purposes. Service reserves a right to use contact data of its Users for advertizing purposes, but only with their consent.
5.4 Service is an independent commercial enterprise; it is not a fiscal agent, which automatically implies that Service is not burdened with obligations to provide information about transactions conducted by Users to public institutions.
5.5 However, Service must provide full information about its Users in case of duly executed official requests from state structures which are entitled to receive such information.
5.6 Parties commit themselves to these rules, recognizing that their content is designed to prevent illegal activity and financial fraud.
Nevertheless, each Party is personally liable for actions committed with the use of this Service and any of EPSs.
6. Other conditions and bounds of liability
6.1 User warrants that his/her actions when using this Service are carried out without detriment to any individual or legal persons and undertakes to protect Service from any responsibility or obligations to third parties.
6.2 Service is not responsible to User for any losses (in the amount which exceeds funds that User has transferred for exchange or transfer), damages, lost profits, and it shall not compensate for any moral damages in case of a dispute which arises under these rules.
6.3 Service has the right to suspend User’s account without prior notification of User and having reasonable grounds. In this case obligations of the parties under these rules remain valid.
6.4 Service Administration reserves the right to make any changes and amendments into these rules without prior notification of Users, while legitimacy of the previously undertaken commitments will remain valid.