Panda Exchange Terms and Conditions

1.- Acceptance of Terms of Use

When using our web page, creating a user account or using any of the services offered by Panda Exchange, the Users confirm having read, understood and accepted these terms and conditions, as well as the Privacy Policy including the use of cookies, and having the capability to accept them. In case they do not agree, they should not use these services.

These Terms and Conditions are subject to occasional changes and apply to all services directly or indirectly (e.g through third parties) provided by us via internet, apps, API, email o telephone.

2.- Scope of the service

Panda Exchange is an online tool (operating web page or digital platform) for the exchange of virtual assets or digital assets among people around the world for FIAT or local currency (the “Service”). That is to say, Panda Exchange works as a meeting point, on one hand, for people who wish to buy crypto assets and, on the other hand, for people who want to sell them.

In order to use Panda Exchange, the User must be registered and, therefore, have an account.

Among the services offered by the Site, registered users will be able to trade crypto assets for local currency (COP, EUR, USD, CAD, etc), or vice versa, at a rate that may be arranged by them.

The User accepts that Panda Exchange may be unable to offer these services at any time. Besides, the User accepts that all these operations are subject to a fee for service or transactions costs notified by Panda Exchange

In case the laws of the country where the operation takes place does not allow some service, Panda Exchange, complying with the local legislation, will grant access to all operations allowed in the Users country. That is why, depending on the residence country, it is possible that some Users do not have access to every feature of the Site. It is the Users’ responsibility to comply with the regulations and laws of their home country, or the country where they are logging in the Site, including, but not limited to the exchange or transference system of every country. To that extent, the Users cannot use the Site and/or Panda Exchange services to infringe direct or indirectly any measure of the legal system.

3. Users of the service

Users can join Panda Exchange Service and create an account in the Site. Registered Users of the Service will be able to post their crypto assets offers and other Users can accept them or not. When using the Service, the Users will be able to manage only their own offers.

In order to create an account, personal information is needed. Additionally, at the moment of registration, the Users authorize Panda Exchange to, directly or through third-parties, do research, consultations, database crossing and any other action that may be considered relevant with the purpose to verify identity, according to the Privacy Policy, and to comply with the current provisions in terms of prevention of asset laundering, terrorism financing, financing of proliferation of weapons of mass destruction and bribery of public officials, and/or fraud protection. The deletion of the account will imply the elimination of the User’s data in a permanent way.

Panda Exchange verifies every User account. For the verification, the Users need to provide personal information for Panda Exchange to confirm that the person registering in the Site and the person shown in the information is the same. It is also necessary to confirm that the funds transferred are legitimate and belong to the sender. Panda Exchange has tools to achieve this purpose, and especially there will be a difference between people wishing to send major amounts and people who use the Site to send small amounts. Panda Exchange reserves the right to request the necessary and relevant information for the Users to operate any provided service. Panda Exchange

also reserves the exclusive right to choose the Users who can use the provided services. In case any inappropriate activity related to the Account is found or suspected, Panda Exchange will be able to ask the User additional information, including documents authentication, or to block transactions for revision. The User must comply with these requests, otherwise, they must accept that the account will be closed.

A User can register only once. Besides, it is forbidden for Users to allow third parties to access Panda Exchange services, without prior authorization by Panda Exchange. If Panda Exchange finds any of the cases mentioned above, the accounts may be cancelled, deleted or disabled, without resulting in the right to any compensation or indemnification for the User. The User who does not comply with any of these rules may be removed from our Site, with the subsequent closure of the Account, in addition, this User will be responsible for any loss suffered by Panda Exchange or any Registered User, or any particular person, as a result of these non-compliance. The User accepts that sale or transference of the Account is forbidden.

Panda Exchange reserves the right to decline any register application or to cancel a previously accepted Account, without being compelled to communicate or to expose the reasons for this decision and without resulting in any right to indemnification or compensation for this User.

Before being a User, or while being a User, this person must provide and accept every document related to data protection available in the Site o sent via email

4. Users duty

The User is responsible for providing true, correct and up-to-date information. Any change in this information must be updated by the User because it is their responsibility, that is because Panda Exchange will try to reach the User through it in any necessary circumstance.

The User is responsible for watching the privacy of the account data, especially the password and the OTP (One Time Password) necessary for logging in. Moreover, the User will be responsible for the use of their account in relation to Panda Exchange and third parties. It is completely forbidden to spread these data for third party use. When registering, the User accepts the responsibility for keeping a security control of any information, ID, password or code for logging in. Any negligence or lack of due diligence by the User in relation to the management of the information mentioned above may result in an unauthorized access to the Account by third parties, and lead to loss or robbery of crypto assets or funds stored. Thus, the User accepts to be the only responsible for keeping the email, home address, and phone number updated in the Account profile, in order to receive any alert or notification possibly sent by Panda Exchange. Panda Exchange will not hold responsibility for any loss or damage experienced by the user and caused by unauthorized third-party access as a consequence of hacking or password missing, or for proceeding too late after missing an alert or notification.

The User accepts and declares that their Account or the Site will not be used for illegal or criminal activities of any kind, including but not limited to asset or money laundering, terrorism funding, financing of proliferation of weapons of mass destruction, malicious hacking, infringement of exchange and transference provisions, evasion or infringement of tax provisions, etc. Furthermore, the User commits not to use PANDA EXCHANGE services to infringe third-party rights, as well as to infringe suitable laws in any way that may constitute a crime, for instance, to use a virus or any other computer program that may damage software or hardware or that may affect computer use or the access to Panda Exchange, either a poll or spam, with the purpose to collect or use other users’ personal information, especially for commercial purposes.

If terms and conditions are not fulfilled, PANDA EXCHANGE reserves the right to eliminate the Account content without any statement of reasons, to hold obtained payments and to permanently ban Users from PANDA EXCHANGE.

5. Risks associated to crypto assets and use of the Site

The exchange of goods and products, real or virtual, as well as money or currencies, implies a significant risk. Their price may vary as time goes by and due to some events. As a result of the variation in price, the value of the assets may increase or decrease dramatically any time without warning.

When using the Site, the User assumes, declares and guarantees to know that any property – virtual or not – is subject to significant value fluctuations, even with the possibility to get as low a zero. That is to say, there is an inherent risk to lose money by virtue of the purchase, sale or exchange of goods in the market, either real or virtual, and crypto assets are not the exception.

Furthermore, the User declares and accepts that crypto asset exchange has special risks, which are not necessarily the same as currencies, assets or free exchange products. Unlike currencies from the rest of the world, which are backed by federal reserves, central banks, governments or other entities, or by commodities like gold and silver, crypto assets are only supported by technology and mutual trust among holders. That is to say, there is not any federal reserve, central bank, government or other entity to protect their value, and it is exclusively obtained by the balance between supply and demand. The User declares to know and accept that trading or exchange of crypto assets may be susceptible to irrational (or rational) financial bubbles, to be subject to loss of confidence, and this could lead to a collapse or downfall of the demand in relation to the supply.

Regarding crypto asset purchase and sale transactions, the User understands and accepts that once the orders are entered in the Platform and are processed as completed or pending, it is not possible to cancel, reverse or change them. Every user is responsible for keeping an appropriate funds/crypto assets balance in order to avoid situations where associated withdrawal costs for crypto assets are higher than the net amount of this withdrawal. In addition, the User is responsible for the provided information for every crypto asset deposit or withdrawal to or from their Panda Exchange Account or to or from an external crypto asset wallet. Due to the above, in case the information provided by the User for these crypto assets transactions to or from Panda Exchange wallets is incorrect or do not correspond to the particular crypto asset on sending or receiving process, the User accepts that the above could lead to a total loss of the crypto assets sent or received.

Panda Exchange reserves the right to refuse to process any order about purchase, sale or withdrawal of Crypto assets or legal currency, at its sole discretion, if Panda Exchange suspects the order involves (or it has a high risk of involving) activities related to asset laundering, terrorism funding, financing of proliferation of weapons of mass destruction, fraud, or any kind of financial crime, or activity that is not in accordance to the Terms and Conditions; or if they are requested by any competent judicial or administrative authority. In these circumstances, Panda Exchange will cancel or refuse to process the order, without any obligation to allow a subsequent order at the same price or in the same terms that the cancelled or refused order.

Finally, it is important to note that it is possible the existence of other risks not considered or identified in these Terms of Use, which the Registered Users are willing to face, relieving Panda Exchange from any responsibility about them For all that and most important, the User must analyze carefully their financial situation and tolerance to risk before exchanging crypto assets in the Site

6. Risks of ML/TF/WMD

The users accepts the policy adopted by PANDA EXCHANGE for the risk management of money laundering, terrorism financing and financing of proliferation of weapons of mass destruction (ML/TF/WMD); in consequence it commits to comply with the measures in order to prevent the entity to be used, directly or indirectly, for illegal activities.

Moreover, the user accepts the methodology of “due diligence” established by PANDA EXCHANGE in order to identify and verify the identity of every user and counterparty, to obtain information for the purpose of knowing the final beneficiary and track the transaction of virtual assets (cryptocurrency) or fiat money involved, with the aim of identify operations or activities that may be out of the normal behavior. The user declares to know such process, and as a result of this, PANDA EXCHANGE will perform a risk management and, eventually, will be able to block the account, verify the provided information or performed transactions, as well as inform the UIAF (Unit of Information and Financial Analysis) those operations considered as suspicious.

The user commits to comply with the protocol in order to periodically update the information to allow the knowledge about them, as well as the origin of their funds for the trading of virtual assets (cryptocurrency) or fiat money.

The user commits to inform if, according to legal guidelines and the information provided by PANDA EXCHANGE, complies with the established criteria to be qualified as a Politically Exposed Person (PEP). In that case, there will not be any exceptions in the linking process and more comprehensive measures of due diligence.

7. Closure

The User accepts and agrees that Panda Exchange will be able to, without previous notification, limit, suspend or close the services and the Accounts, forbid access to the Site, its content and tools, restrict o remove the stored content, and take technical and legal measures to keep Registered Users off the Site if Terms of Use are suspected to be violated.

Also, the Users may finish this agreement with Panda Exchange at any time, and therefore close their Accounts once every pending transaction has been cleared

Additionally, Panda Exchange clearly reserves the right to cancel and/or close Accounts that have not been properly verified. After doing reasonable attempts to verify and find the Account holder for a period of at least 6 months, and not being able to achieve the objective, Panda Exchange will be able to donate the funds left in the Accounts to any NGO, group or pro crypto assets association, without any further responsibility, and in response to this, the User declines any possible action about it by accepting these Terms and Conditions of Use.

The suspension or closure of an Account will not affect the payment of the fees, earned or owed, due to previous transactions. At the moment of closure of an Account, Registered Users must provide a valid bank account belonging to this User for Panda Exchange to deposit any amount owed to this Registered User. Such bank account must be owned by the Registered User, otherwise Panda Exchange could refuse to perform such online payment and the User must reach Panda Exchange. Any crypto asset balance could only be transferred to a bank account after being converted to a currency accepted by the corresponding bank, as long as the balance in crypto assets is enough to pay for the transaction fees (Panda Exchange and network fees) and eventual costs for its subsequent transaction. Panda exchange will transfer the owed amount as soon as the User requests it regarding the periods stated by Panda Exchange to this effect. Nevertheless, after 6 months without having provided a valid bank account or reached Panda Exchange for the due payment, Panda exchange will be exempted from this payment and, consequently, the User will not recover such money. Without limiting the foregoing, the User accepts the possibility of situations where in accordance with an existing law or valid court order, Panda Exchange may be compelled to block the withdrawal of the balance stored in the Account.

In case of an eventual suspension, closure or disablement of a Registered User, any pending operations will be performed or executed and the charges or payments that the User may have done to Panda Exchange for any reason, will not be reimbursed or credited in any case.

In the event of a cancelation or blocking of a previously accepted Account, Panda Exchange reserves the right to request the User to fill a customer knowledge form and ask for a declaration of source of funds and any other identity verification that Panda Exchange considers necessary, before allowing the withdrawal or transference of the funds or crypto assets held in the Account at the moment of cancelation or blocking.

Also, in case of cancelation or blocking of a previously accepted Account, for any reason, Panda Exchange will report or notify the User about this decision, except in case of opposite requirement or command by government or state-run institution or authority, if such requirement adapts to the corresponding legal and/or procedural rules that may be suitable.

Finally, when creating an Account, the User accepts the cancelation or blocking decision of the Account may be based on key confidential judgements for Compliance and Risk protocols in Panda Exchange, so the User understands and accepts that the latter is not compelled to reveal any detail of these internal protocols.

8. Responsibilities

Panda Exchange is not responsible for the accuracy, quality, integrity, reliability or credibility of the information provided by the users. Particularly, Panda Exchange will not advise about selection, acceptance and withdrawal of crypto asset offers.

Every agreement in this service is made between the User offering and the User buying. Panda Exchange is not an organizer, adviser or intermediary at any moment. Panda Exchange does not involve in contractual agreements, complaints or agreement between users.

Panda Exchange is not responsible for technical mistakes whose cause is out of Panda Exchange responsibility scope or by damage caused by force majeure.

Panda Exchange does not guarantee the continuous availability of data and it can perform maintenance operations during an unspecified period of time. Therefore, the User accepts and agrees that Panda Exchange is not responsible for any User’s damage, harm or loss caused by failures in the system, server, internet or the Site. Panda Exchange will not be responsible for any virus that may infect the user’s computer or device as a consequence of logging in, using the Site or due to transferred data, files, images, texts or audio contained in it. Users CANNOT attribute any responsibility to Panda Exchange or demand any payment for lost profit or damage, by virtue of harms as a result of technical difficulties or failures in the system, internet or the Site. Panda Exchange does not guarantee continuous access and use of the Site. The system may occasionally be unavailable due to technical difficulties or internet failure, or because of any other external or internal circumstance in Panda Exchange; in such cases prompt reestablishment will be attempted without any responsibility that can be attributed. Panda Exchange will not be responsible for any mistake or omission of the content in the Site.

If Panda Exchange is not able to provide the Service described in these Terms and Conditions of Use of the platform for reasons beyond its control, including but not limited to events or factors by force majeure, regulation changes, law changes, or penalties, Panda Exchange is not responsible before the Users in relation to the Service offered in this agreement and during the extension of this event or factor.

Panda Exchange will be able, to its exclusive will, to add other crypto assets to the supported stock, if it is considered necessary, without obligation for Panda Exchange to add or stop supporting other crypto assets different from the existing ones.

Panda Exchange does not control or interfere in the base protocols sustaining the operation of supported crypto assets in the Site. That is why, Panda Exchange will not be responsible for the functionality of such protocols, and Panda Exchange does not guarantee its operation, security or availability. Furthermore, the User declares to know that the Protocols are subject to modifications in its operation rules (“Forks”) and that such modifications may materially affect the value, utility and availability of the crypto asset whose protocol is modified. Accordingly, in case of a Fork affecting any of the crypto assets supported in the platform, the User accepts that Panda Exchange may temporarily suspend every operation related to this (with or without previous notification from us) and that Panda Exchange will decide whether operating or not the underlying crypto asset originated by the modified protocol of a Fork. The User acknowledges and accepts that Panda Exchange will not take any responsibility for any damage caused by a non-supported Fork by the Platform.

In case Panda Exchange makes a statement against any occasional Fork in one of the supported Protocols, or it does not make a statement about its posture, and a User wishes to participate in the outcome of this, the latter must withdraw the crypto assets of the involved Protocol from their Panda Exchange Account to a wallet that supports the Fork BEFORE the scheduled date for the Fork.

Panda Exchange will not hold responsibility related to any attempt of using the Services for Crypto assets not supported by Panda Exchange.

Panda Exchange, the Site and the Services do not represent financial services or operations related to financial or exchange activities, or entities belonging to the financial area or exchange market brokers, and they are focused on providing the purchase and sale (exchange) of crypto assets for Registered Users. The Site, the Service and their use may not be subject to any financial regulation, because crypto assets may not be a financial asset, or security, in the countries where it operates. However the above, in search of transparency, security and proper operation of the Site, Panda Exchange has a compliance official in every jurisdiction of operation, besides having strict self-regulation rules.

Every report elaborated by Panda Exchange, as well as the data, opinions, estimates, anticipation and recommendation contained in them, and that may be found in the Site or announcements made by Panda Exchange for its Registered or Unregistered Users, have been created with the purpose to provide general information and are subject to unannounced changes. Panda Exchange is not compelled to notify such changes or to update the content of these reports. Their content is not an offer, invitation or crypto asset purchase or sale application, or cancelation of existing operations, or may not work as a base for any commitment or decision of any kind. The trust on the advises, opinions, statements or claims contained in such reports will only be the responsibility and risk of the User. Neither Panda Exchange nor its managers, administrators, directors, employees nor representatives will be responsible for the accuracy, mistake, omission or use of any content of such report, or its punctuality, reliability or strength.

9. Ordinance Only Purpose of the Funds Stored en Panda Exchange

The Registered User accepts, declares, entrusts, guarantees and ensures that the money moved in their Account, whether via bank transference or any other means, and whether personally or through third parties that have previously signed the corresponding ordinance, may be solely, exclusively and specifically, for buying Crypto assets and for no other purpose.

Reciprocally, the Registered User accepts and ensures that the Crypto assets moved in their Account, whatever the method used, may be used solely, exclusively and specifically for being offered on their own for legal currencies (such as COP, USD, EUR, CAD, etc) and for other Crypto assets offered in the Sitio, but for no other purpose.

The Registered User also understands, declares, guarantees, entrusts, ensures and accepts that the funds moved in Panda Exchange, whether legal currency (COP, USD, EUR, CAD, etc) or Crypto assets, must be withdrawn once the transaction is made, and that Panda Exchange is not a deposit box or vault for storing funds or crypto assets indefinitely.

10. Fees

Panda Exchange charges for every transaction performed in the Platform, whether purchase or sale (fee for services). Besides that, there may be costs associated with credits or withdrawals, both legal currency and Crypto assets, which are charged by banks, means of payment, transference service suppliers, and networks of each crypto asset supported in the Platform. Panda Exchange reserves the right to modify the service fees at any time.

Service fees are fully charged at the moment of transaction, therefore there will not be any further charge associated with them.

All the costs can be found in our rates and fees section.

Panda Exchange informs that there are certain transaction costs associated with charges by the networks or infrastructure behind the crypto assets. These costs, however, are daily adjusted due to market rules, there will be a previous notification at the moment of withdrawal request. In this regard, every withdrawal in Crypto assets from your Panda Exchange Account to an external crypto asset wallet must be for an amount higher than the transaction fees of the network plus Panda Exchange fee, at the time of withdrawal. Also, Panda Exchange will automatically charge form your Account every transaction fee for the operations in the Platform. The User declares to fully know about the above and accepts it.

It is expressly stated that in compliance with the suitable laws, there is a possibility that the deposits made by the Users will be reported to the corresponding government agency in charge of the control of asset laundering and terrorism funding. Besides, in case of mistake or transgression by the User of conditions and deposit or withdrawal methods suitable in every country where Panda Exchange provides services – whether these conditions or methods are established in the platform or in these Terms and Conditions of Use, Panda Exchange will return the funds related to the mistaken transaction, to the User account, who will cover occasional costs possibly generated by the refund.

11. Restrictions

Every material in this Site is Panda Exchange’s property, unless the opposite is stated, and it is protected by copyright or trademark rights and other suitable international laws. The User may check, print and/or download copies of the material in the Site exclusively for personal or informational purposes and for non-commercial uses.

Panda Exchange’s trademark and logo used in the Site are property of Panda Exchange and its owners. The software, texts, reports, images, graphics, information, prices, exchanges, videos and audios used in the Site are also property of Panda Exchange, unless the opposite is expressly stated. These must not be copied, replicated, modified, republished, loaded, posted, transmitted, decomposed, collected or distributed for commercial purposes, in both automatic and manual way. The use of any material in another site or computer network, for any purpose unrelated to Panda Exchange Site, is absolutely forbidden; any unauthorized use will be assumed as a violation of copyright, trademark rights and other suitable international laws, and may result in civil or criminal penalties.

Additionally, any part of the Software of the application may not be rented, hired, sublicensed, published, modified, patched, adapted or translated; it is not allowed to implement reserve engineering, decompile or disassemble the application Software, to create derivative work from application Software; to try to create Software source code of the application from its object code; to use unauthorized, illegal, falsified or modified hardware or software with the application Software; to reinstall older versions of the application (“degrade”); to break any law, rule, statute or right of SIE Inc. or third parties in relation to access to or use of the application Software; to obtain the application Software in any way different from means authorized by Panda Exchange; or to exploit the application Software in any way not contemplated in the license.

These Terms and Conditions of Use of the Platform are regulated under the law in every jurisdiction where Panda Exchange operates as a corporation.

In case of doubts, claims, remarks or suggestions in relation to these Terms and Conditions of Use of the platform, please reach us by the email support@panda.exchange.