By opening an Account on the Site and registering as a user (hereinafter referred to as the Registered User), the User confirms that:
The Site initially corresponds to a functional website meant to provide online cryptocurrency trading service between people (hereinafter referred to as the Service). The Service allows Registered Users, duly authorized after successfully undergoing the corresponding verification processes required by their local Government, to sell or buy digital assets based on blockchain technology.
In other words, PANDA serves as a meeting point between people who want to buy crypto assets and people who own crypto assets and wish to sell them or trade them in exchange for their local fiat currency. With this need in mind, and in order to protect all parties involved in the trading process, PANDA acts as an overseer and guarantor to ensure transactions among these two users are completed perfectly. The user who wants to sell their cryptocurrency must deposit said cryptocurrency in our Wallets, which are secured by a protocol guarded by multiple signatures to prevent losses of any kind. Also, the party that wants to buy cryptocurrency must deposit their local fiat currency in PANDA’s bank accounts to be safeguarded while the trading operation is taking place.
Within the services offered by the Portal, Registered Users who have successfully completed the identity verification process (KYC) required by the law of the country in which PANDA is operating will be able to trade their cryptocurrency in exchange for local fiat currency, and vice versa, among themselves at a rate set between them as long as the market for which they have completed the aforementioned identity verification process (KYC) offers this kind of crypto-fiat trading pairs. The identity verification process (KYC) and the list of offered trading pairs are specific to each of the countries in which PANDA operates and depend primarily on the country’s laws. For this reason, the identity verification process (KYC) specific to each market is non-transferable, which means that having approved the KYC process for a particular market does not in any way guarantee access to trade on any of PANDA’s other available markets or countries of operation.
The User accepts that PANDA may be prevented from offering these services at any time.
The User accepts that all these operations will be subject to the collection of a fee for service or transaction costs, which will be informed to the User by PANDA.
In case the legislation of the country in which PANDA is operating does not allow one or more of the services offered by PANDA, then PANDA will give Registered Users access only to those services offered by PANDA which are allowed in the user’s country of operation according to their current local legislation. PANDA will never go above the laws or rules of any country.
Registered User Accounts and Verification By becoming a Registered User in the Site, the User agrees to provide truthful, correct and updated information. Notifying and updating any changes made to this information is the User’s responsibility, which is why PANDA asks the User to update their information in case of any change and on a regular basis, as it is through this information that PANDA will try to contact the User in case of any circumstance that merits it.
Also, when registering as a Registered User and verifying the Account, the User must choose a secret password for logging into the Account. The User will also have an OTP (One-Time Password) that will be necessary for having access to the Account, being the User the only one in charge of keeping the confidentiality of both passwords, and therefore the User remains the person responsible for the information and use of their Account.
The result of this identity verification protocol will classify the users according to a hierarchy of levels, which will give them access to certain pre-established amount limits when making transactions in the Site. As an internal security measure, and/or in compliance with locally enforced measures, users cannot be allowed to operate with high amounts of assets in the Site without previously meeting certain financial checks. When requested, the User is obliged to provide documents that prove their economic status in order to increase their deposit/withdrawal limits in the corresponding fiat currency available for trading in the market for which they are verified.
If PANDA finds or suspects any inappropriate activity related to a User’s Account, PANDA may request the User to submit additional information, including certification of previously submitted documents, or freeze transactions in order to review them. The User is obliged to comply with these requests, or accept that otherwise their Account will be closed.
The Account is personal, unique and non-transferable, and it is forbidden for the same Registered User to register or own more than one Account in the Site. In the event that PANDA detects different Accounts that contain coincident or related data, PANDA may cancel, suspend or disable said Accounts, without any obligation to compensate the User involved.
Any Registered Users who violate any of these rules may be removed from the PANDA Site, with the consequent closure of their Account. In addition, said User will be held liable for any losses incurred by PANDA or any other Registered Users of the Site, or any person in general, as a result of the aforementioned rule violation(s).
Even though PANDA follows the strictest security controls on the Site, the User declares they will not use nor will they assist third parties in accessing any account different from their own, without prior and express authorization from PANDA.
The User accepts and declares that they will not use their Account or the Site to carry out illegal or criminal activities of any kind, including but not limited to money laundering, financing of terrorism, financial terrorism, malicious hacking, transgression of currency trading and transfer laws, tax law transgression or evasion, etc.
The User accepts that the sale or transfer of their Account is absolutely forbidden. Should it become necessary, the User must contact PANDA and make the corresponding closure of their Account or the necessary information update before deleting said Account. The option of closing the Account will be available to the User, but the User’s data will always rest in the PANDA databases in case of any query from the local authorities.
PANDA reserves the right to reject any application for registration or to cancel a previously accepted Account, since PANDA will always be validating any previously submitted information. PANDA is not obliged to communicate or explain the reasons why this decision is made, and this will not generate any right to compensation to said User.
Safety Risks Related to Cryptocurrencies and the Use of the Site.
Trading goods or products, regardless of their nature whether tangible or virtual, as well as trading any currency or tokens, entails significant risk. Any previously established rate can change with time or due to other external factors. As a result of these rate variations, the value of the User’s assets may increase or decrease at any time and without prior notice.
By using the Site, the User acknowledges, declares and guarantees that they are aware that any asset, commodity or property, whether digital or not, is subject to significant changes in value, and may even end up with a value equal to zero. That is to say, there is an inherent risk of loss of money by virtue of the purchase, sale or exchange of goods in the market, both tangible and virtual, and this also applies to cryptocurrency.
Likewise, the User declares and accepts that trading with cryptocurrency entails special risks, which are not necessarily shared by free trade currencies, assets or products. Unlike traditional currency which is backed by federal reserves, central banks, governments or other entities, or by commodities such as gold and silver, cryptocurrencies rely exclusively on blockchain technology and the mutual trust of the users who own this type of digital assets as support of their value. That is, there is no federal reserve, central bank, government or other entity that protects the value of cryptocurrency, which is determined instead by the balance between supply and demand.
In this regard, the User declares to know and accept that the trade or exchange of Cryptocurrencies could be susceptible to irrational (or rational) market bubbles, be subject to the loss of user trust, and consequently could lead to a collapse in their demand in relation to their offer. Just as an example, because the scenarios may vary significantly, users’ backing of Cryptocurrency could collapse due to an unexpected change imposed by a software developer, to the prohibition that a government or State may impose on it, to the creation of another virtual commodity perceived as superior, or simply by an inflationary or deflationary spiral. Also, users’ backing of Cryptocurrencies could collapse due to unexpected technical issues, such as if the anonymity of the transactions was compromised, if the money of Cryptocurrency owners or of those who interact with or operate with Cryptocurrency was stolen or lost, or if hackers or Governments managed to prevent transactions from being made.
Due to the foregoing, it is crucial that the User carefully analyzes their financial situation and their risk tolerance before buying or selling Cryptocurrency in the Site. PANDA recommends the User not to make any transactions in these types of markets if they do not have the ability to wait and recommends that the User does not acquire loans for that purpose.
PANDA and the Site DO NOT provide financial services or operations related to the financial or trading activity, to financial sector entities or to foreign exchange market intermediaries. PANDA and the Site facilitate the purchase and sale of Cryptocurrency for Registered Users. The Site, the Service and the use thereof might not be subject to any financial regulation since the Cryptocurrencies listed in the Site may not be considered as a financial asset and/or commodity in the country in which the User operates.
Despite this, in the interest of transparency and the proper functioning of the Site, PANDA has a compliance officer in each of the jurisdictions where it operates, in addition to strict self-regulation standards.
Sole-Purpose Dictate for Funds Kept in PANDA
Registered Users accept, declare, order, guarantee and ensure that the money they deposit to their Account, either via bank transfer or through other method, and either personally or through a third party that has previously signed the corresponding dictate, can exclusively and specifically be used to purchase Cryptocurrency on their own and not for any other purpose.
Furthermore, Registered Users accept and assure that the Cryptocurrencies (or other digital assets supported by PANDA) that they deposit in their account, regardless of the deposit method, can be used solely, exclusively, and specifically to trade in exchange for other Cryptocurrencies or legal fiat currencies listed on the Site and not for any other purpose.
Registered Users also understand, declare, guarantee, order, assure and accept that the funds invested in PANDA, whether in legal fiat currency and/or Cryptocurrency must be withdrawn once the transaction has been validated, authorized and completed. PANDA is not intended to be a vault or wallet where the User can leave their funds or Cryptocurrencies indefinitely.
Closing of Accounts and Unverified Accounts Registered Users may choose to terminate this agreement with PANDA at any time, and therefore close their Accounts once all pending transactions have been settled. Consequently, Registered Users must notify via e-mail their desire to close their Account in PANDA, so that this petition may be suitably processed.
PANDA may, at its own discretion, suspend or close Accounts of Registered Users for any of the following reasons, which are listed only as possible examples:
If a Registered User attempts to access the Site and/or the Account of another Registered User without previous and explicit authorization and consent; or provides assistance to others for third parties to do so;
If a Registered User interferes with aspects of Portal security that limit or protect any type of content;
If a Registered User incurs, at PANDA’s discretion, in any suspicious or fraudulent behavior or acts;
If a Registered User uses the Site to carry out illegal activities such as the laundering of assets or money, financing of terrorism, other criminal activities, or the transgression of local trade or tax law of each country in which PANDA operates;
If a Registered User does not pay or improperly pays the transactions made through the Portal;
If a Registered User causes operational difficulties in the Portal;
If the identity of the Registered User cannot be verified or any information provided by said Registered User is erroneous;
Upon request by any government or state institution or authority, such as the Police, the Financial Analysis Unit, the Financial Information and Analysis Unit, the Investigation Police, the Courts of Justice, judges, superintendents, etc., if it conforms to the corresponding legal and / or procedural rules applicable to the case.
Likewise, PANDA expressly reserves the right to cancel or close Accounts that have not been or could not be satisfactorily verified (Unverified Accounts or Disabled Accounts). A period of fifteen (15) days will be given from the time the verification email is sent for the User to submit the requested documents. If the User does not present any documents for verification, PANDA will automatically eliminate the User from the Portal. PANDA may donate to NGOs any previously invested funds in the Site, either for Unverified Accounts or Accounts which have been completely inactive for a period of more than six (6) months.
The suspension or closure of an Account will not affect the payment of service charges accrued and owed for past transactions. Upon closing an Account, Registered Users must provide a valid bank account so that PANDA can make the deposit of any amount that it may owe to said Registered User. Said bank account must be under the Registered User’s name as holder, otherwise PANDA may refrain from making such payment and the Registered User must contact PANDA as indicated in the Contact section below. Cryptocurrencies can only be transferred to a bank account once converted into a currency supported by the corresponding bank. PANDA will transfer the amount owed as soon as the Registered User so requests and within the terms specified by PANDA for these purposes. However, after six (6) months without having provided a valid bank account or without having contacted PANDA so that the latter could have made the payment, and having PANDA made reasonable efforts to contact and return said money to the Registered User within that period, PANDA will be exempt from paying said debts and therefore the User will not be able to recover said money.
Notwithstanding that PANDA will send their Account information to the User, the User is aware that there are charges for services and other charges that may be applicable for bank transfers, which will be automatically debited from the User’s Account. PANDA will make reasonable efforts to inform the User in advance of these associated costs, however this does not imply an obligation to do so.
When closing an Account, if the costs of restituting the amount, if any, owed to the User are greater than the amount owed itself, the User agrees that no refund will be made. In the event of a possible suspension, closure or disqualification of a Registered User, any pending operations associated to the Account will be processed or executed and in no case will the charges or payments made by the Disabled Registered User to PANDA at any given time be reimbursed or redeemed.
PANDA will automatically debit the User Account for all service charges that accrue when making transactions in the Site. The User declares to be in full knowledge of the above and accepts it.
PANDA informs that there are certain transaction costs associated with collections made by the networks or infrastructure behind the Cryptoactives for processing the transactions, such as when withdrawing the Cryptoactives from the Account. These costs, however, are adjusted daily by market rules, and will be notified by PANDA in advance to the User. In this regard, PANDA will automatically debit the User Account for all transaction costs accruing when making transactions therein. The User declares to be in full knowledge of the above and accepts it.
In case a service invoice has been issued for unduly charged transaction costs or other fees, the Registered User must contact the PANDA Customer Service team to resolve this situation by sending an email to firstname.lastname@example.org
The User accepts and declares that PANDA has the right to compensate any amount owed by the User with the amounts that PANDA may owe to the User. This compensation will be automatically processed at PANDA’s discretion.