Terms and Conditions

Last Updated: 19th april 2024

Preamble

By clicking the button “I agree” on the registration page on the Website and by proceeding to use the Services the User fully and knowingly accept the present Terms of Use, commits to comply with them in an applicable version as they may be modified over time.

The Terms of Use along with any other documents that might be referenced herein forms a legally binding agreement between the User and Palantex. This agreement outlines the terms, under which the User may access and use the Services provided by Palantex through the Platform. By creating an account (registering) on Palantex the User confirms that it has reviewed, understood and has agreed to adhere to these Terms of Use, including any additional documents that might be referenced herein. It is imperative that the User reads and agrees to these Terms of Use in their entirety. Should the User not fully understand or agree with these Terms of Use, it is strongly advised to seek a consultation or not use the Platform.

The market of Virtual Currencies is volatile and might significantly fluctuate from time to time. By engaging in transactions on the Platform the User must understand that it will bear a substantial risk of financial loss. The User shall carefully consider whether interacting with the Platform and using the Services align with its financial situation. It is the User’s responsibility to monitor all risks associated with the Services and the Platform. If the User decides to use the Platform and the Services, then Palantex bears no responsibility if the User has not understood the associated risks.

Palantex does not serve as the User’s broker, intermediary, agent, trustee or advisor. Palantex does not have any fiduciary responsibilities toward the User for any transactions or activities conducted via the Platform and when using the Services. Palantex offers no investment or consulting advice. Any information that is or might be provided from time to time on the Website is not to be taken as financial advice or a recommendation to engage in any specific transaction. The User bears full responsibility for its investment decisions, including the evaluation of whether a transaction suits its financial objectives, situation and risk tolerance. Before engaging in any transaction the User is advised to perform its own research and consult with an expert. Palantex holds no responsibility for any decisions the User makes when using the Platform and the Services, including any financial losses incurred from such decisions.

Clause headings and numbering are for convenience only and do not affect the meaning, priority or interpretation of any clause, sub-clause or paragraph of these Terms.

Words in a singular form include the plural and vice versa. Words importing a gender include any gender; any gender may also be addresses as “it”, “its”.

In the event of inconsistency and (or) discrepancies between the Terms (including any documents referenced herein) the following order of precedence shall be applied:

  • a separate written agreement between the User and Palantex (if applicable);
  • the Terms;
  • documents incorporated herein by reference;
  • Applicable Law.

Contents

1. Definitions

2. Subject Matter of the Terms

3. Opening the Account

4. Risks Acknowledgment

5. Rights and Obligations

6. Notifications

7. Intellectual Property (IP)

8. Dispute Resolution

9. Liability

10. Security and Privacy

11. Miscellaneous

Annex No. 1 to the Terms of Use

1. Definitions

For the purposes of the present Terms of Use the following capitalized terms in a singular or plural form that are not otherwise defined in this document shall have the meaning given below.

Account History means the written record (including electronic records) of the User’s Transactions and the Account.

Account means an account that is opened by Palantex for the User to use the Services on the Platform and that is used by Palantex to record the User’s use of the Services and the Account History.

Applicable Law means all applicable laws, regulations, judgements, rulings, directives whether of a legislative or governmental body, regulatory or other authority that are applicable to the provision and use of the Services and to these Terms.

Claim means any dispute, complaint, claim, controversy between the User and Palantex arising out of or in connection with these Terms, the User’s relationship with Palantex before accept or after termination of the Terms, any non-contractual obligations arising out of or relating to the Terms.

Control means the power of a person (an individual, a legal entity or any other person and entity) to secure that the affairs of another are conducted in accordance with the wishes of such a person and (or) by means of:

  • being the beneficial owner of more than 50% (Fifty percent) of the issued share capital of or of the voting rights in a legal entity; or
  • having the right to appoint and remove a majority of the directors or otherwise control the votes at board meetings of a legal entity by virtue of any powers conferred by the organizational documents, shareholders’ agreement, a majority of the board of directors or any other document regulating the affairs of that legal entity or by any other means; or
  • being the beneficial owner of more than 50% (Fifty percent) of the capital of a partnership; or
  • having the right to control the composition of or the votes to the majority of the management of a partnership by virtue of any powers conferred by a partnership agreement or any other document regulating the affairs of that partnership or by any other means.

Dominant Virtual Currency means a Virtual Currency that has dominance over one or more other Virtual Currencies as determined by Palantex in its sole discretion.

Fiat Currency mean scriptural or electronic money, any government or central bank issued national or supra-national currency or other monetary obligation denominated in such currency and which is not a Virtual Currency, and that is supported and available on the Platform.

Force Majeure Events means any fire, strike, riot, civil unrest, terrorist act, war, any natural disaster such as floods, tornadoes, earthquakes, hurricanes, any epidemic, pandemic or public health emergency of national or international concern, any act or regulation made by a government, national or supranational body or authority, suspension, closure, nationalisation of Palantex, technical failures in Palantex facilities including (but not limited to) power and (or) equipment failures, any other event that significantly disrupts the market for Virtual Currencies, which could include excessive movements in the price, supply or demand of a Virtual Currency, whether regulated or unregulated.

Instruction means any instruction, request or order given to Palantex by the User in relation to operation of the Account, provision of the Services and (or) execution of any Transaction.

IP means any and all intellectual property rights owned by or licensed to Palantex that may be provided by Palantex to the User in the course of provision of the Services, including (but not limited to) copyrights, patents, database rights, rights to trademarks, designs, know-how and confidential information (whether registered or unregistered), all other intellectual property rights and equivalent or similar forms of protection existing anywhere in the world.

KYC means Know Your Customer (KYC), Anti-Money Laundering (AML) and Counter- Terrorism Financing (CTF) compliance rules and procedures established by Palantex in accordance with the law of the Republic of Lithuania and the European Union.

List of Prohibited Countries means the list of countries in Annex No. 1 to the Terms.

Login Data means the Account details, username, passwords, personal identification numbers or any other codes or forms of authentication that the User uses to access the Account and to use the Services.

Notification means any form of communication used by Palantex intended to inform the User about various aspects of the use of the Platform and the Services that include (but are not limited to) information about changes to the Terms, updates of the Services, security alerts, the Account activities and any other communication deemed necessary by Palantex for the effective provision and use of the Services; the Notifications can be delivered through various channels including (but not limited to):

  • Email: messages to the email address that the User has provided during the registration and that is associated with the Account;
  • SMS: messages to the mobile phone number that the User has provided during the registration and that is associated with the Account;
  • Postal mail: communications to the postal address that the User has provided during the registration and that is associated with Account.

Palantex means UAB “Palanteer”, a legal entity duly registered under the laws of the Republic of Lithuania with registration number 306156525, having its registered address at: J. Savickio g. 4-7, Vilnius, Lithuania, and has been granted a Virtual Asset Service Provider (VASP) registration by the Registry of Legal Entities of the Republic of Lithuania and local Financial Intelligence Unit (FIU), as well as any other person, which directly or indirectly Controls, is Controlled by or is under common Control with UAB “Palanteer”.

Platform means the digital platform that Palantex makes accessible to the User via the Website.

Privacy Policy means the document published on the Website that describes how Palantex collects, processes and stores personal data of the User according to the Applicable Law.

Security Breach means situations when the Account, the Login Data have been unauthorizedly accessed, used, lost and (or) compromised or when any other security incident has happened including (but not limited to) a cyber-security attack affecting the User and (or) Palantex.

Services means the services offered by Palantex to the User through the Platform, including:

  • Exchange of Fiat Currencies for Virtual Currencies (purchase or sale of Fiat Currencies for Virtual Currencies);
  • Exchange of Virtual Currencies for Fiat Currencies (purchase or sale of Virtual Currencies for Fiat Currencies);
  • Exchange of Virtual Currencies for other Virtual Currencies (purchase or sale of Virtual Currencies for other Virtual Currencies);
  • Execution of the Instructions for Virtual Currencies on behalf of the User (the Instructions to purchase or sell one or more Virtual Currencies on behalf of the User for one or more Virtual Currencies);
  • Providing transfer services for Virtual Currencies on behalf of the User (transfer Virtual Currencies from one distributed ledger address or the Account to another);
  • Providing custody and administration of Virtual Currencies on behalf of the User (the safekeeping or controlling on behalf of the User of Virtual Currencies or of the means of access to such Virtual Currencies, where applicable in the form of private cryptographic keys);
  • Providing portfolio management of Virtual Currencies (managing portfolios in accordance with the Instructions given by the User on a discretionary client-by-client basis under a separate written agreement between Palantex and the User where such portfolios include one or more Virtual Currencies).

Service Fees means remuneration of Palantex for provision of the Services to the User as stipulated in Annex 2 hereto.

Terms means these Terms of Use together with any other documents expressly incorporated herein by reference; they may be amended from time to time.

Transaction means selling, purchasing or entering into any other type of transactions; or agreeing to sell, purchase or enter into any other type of transactions involving Virtual Currencies and (or) Fiat Currencies as Palantex may from time to time permit to be carried out on the Platform; or depositing or withdrawing Virtual Currencies and (or) Fiat Currencies into or out of the Account.

User means a natural or legal person that uses the Website, creates an Account on the Platform and (or) uses the Services.

Virtual Currency means a digital representation of a value or of a right that may be transferred and stored electronically using distributed ledger technology or similar technology, and that is supported and available on the Platform.

Website means the Internet website at https://www.palantex.com/.

2. Subject Matter of the Terms

2.1. These Terms constitute a legally binding agreement between the User and Palantex.

2.2. The Terms govern the User’s access to and use of the Website, the Platform, the Services provided by Palantex.

2.3. Palantex reserves the right to modify, alter or update these Terms at any time. Such modifications shall become effective immediately upon the posting thereof on the Website. It is the User’s sole responsibility to review the Terms periodically for updates or changes. The continued use of the Platform after any changes to these Terms constitutes the User’s acceptance of those changes.

2.4. These Terms detail the User’s rights and obligations with respect the Services, including important disclosures, regulatory information, information about how Palantex will communicate with the User.

2.5. By using the Services the User also acknowledges that it understands the inherent risks associated with the Virtual Currencies and the Transactions, including the high volatility and potential for significant loss. The User agrees that Palantex is not liable for any decisions the User makes based on the information provided on the Website or for any losses the User may incur as a result of using the Services.

2.6. The User agrees that it has read, understood and accepted these Terms. The User acknowledges and agrees that it will be bound by and will comply with these Terms as updated and amended from time to time.

2.7. If the User does not understand and accept these Terms in their entirety, it is not advised to register the Account, use the Platform and the Services.

2.8. The User acknowledges that it will be bound by and agrees to comply with any relevant additional terms and conditions that apply to the use of the Services and that may be published on the Website from time to time.

2.9. The User shall pay to Palantex the Service Fees for provision of the Services as set out herein.

3. Opening the Account

3.1. In order to open the Account and use the Services the User must meet all requirements below. By accepting the Terms the User expressly represents and warrants that the User:

3.1.1. is at least 18 (Eighteen) years old (for an individual);

3.1.2. accepts all the Terms;

3.1.3. is in full compliance with the Applicable Law of its jurisdiction;

3.1.4. is a resident of a jurisdiction where any of the Services are legal subject to the List of Prohibited Countries (Annex No. 1 hereto);

3.1.5. has the full power, authority and capacity to access the Platform and use the Services, to enter into and to comply with the obligations under these Terms;

3.1.6. does not currently have an existing Account;

3.1.7. has successfully passed the KYC.

3.2. Palantex is committed to maintaining high standards of KYC compliance. Thus, the User must provide accurate, current and complete information as described in the Palantex registration process on the Platform, including (but not limited to) providing government-issued identification documents and other personal information.

3.3. Palantex reserves the right to amend the above criteria for passing KYC at any time in its sole discretion. Palantex will let the Users know of the changes as soon as possible after they are made by publishing a new version of the Terms on the Website and sending the Notification.

3.4. The User must update any information provided to Palantex in the Account whenever it changes.

3.5. The User authorises Palantex to make inquiries, whether directly or through third parties, that it considers necessary to verify the User’s identity and (or) protect the User, as well as Palantex itself against fraud, money laundering, financing of terrorism or other financial crime, and to take any action Palantex deems necessary based on the results of such inquiries. The User acknowledges and understands that personal data may be disclosed for the purposes of identity verification, compliance data recording, credit reference, fraud prevention to financial crime agencies and that these agencies may respond to any Palantex inquiries in full.

3.6. Palantex may also require the User to comply with enhanced due diligence procedures by submitting additional information about it by providing additional documentation and (or) having face to face meetings with representatives of Palantex.

3.7. Palantex may be required under the Applicable Law to share information about the User’s Account with third parties. The User acknowledges and agrees that Palantex is entitled to disclose such information.

3.8. If the User fails to provide any information requested by Palantex, declines to provide the requested information or otherwise does not comply in a timely manner, Palantex reserves the right to suspend or terminate an access to the Account and (or) all or part of the Services immediately without any Notification.

3.9. Palantex keeps personal data to enable continued use of the Services for as long as it is required in order to fulfil the relevant purposes described in these Terms and as may be required by the Applicable Law for tax and accounting purposes, compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) laws, or as otherwise communicated to the User. The User can refer to the Privacy Policy for information on how Palantex collects, uses and shares personal information.

4. Risks Acknowledgment

4.1. Trading Virtual Currencies involves significant risk. Prices can fluctuate on any given day. Due to such volatility the User may lose all invested capital. By accepting the Terms and using the Services the User acknowledges and agrees to accept these risks. Palantex strongly recommends to consider whether trading or holding Virtual Currencies is suitable for the User in light of its financial circumstances.

4.2. Unless specifically stipulated in a separate written agreement between the User and Palantex the latter does not provide investment or consulting advice of any kind and no communication or information that it provides to the User is intended as, or should be construed as, advice of any kind.

5. Rights and Obligations

Rights and Obligations of the User

5.1. The User agrees to comply with the Applicable Law in relation to the use of the Services. The User is responsible for maintaining the confidentiality of the Account information including (but not limited to) the Login Data.

5.2. The User must have the Account in order to access and use the Services. All Accounts are opened at absolute discretion of Palantex. Palantex reserves the right to refuse any application for opening the Account without reason.

5.3. The User undertakes to:

5.3.1. Use the Account only for itself and not on behalf of any third party unless the User has provided Palantex with a document confirming its authority to act on behalf of another person;

5.3.2. Use the Account only for its own benefit and not on behalf of any third party unless the User has provided Palantex with a document confirming its authority to act on behalf of another person;

5.3.3. Be solely responsible for its own Transactions with Palantex and (or) any third parties on the Platform;

5.3.4. Be fully responsible for all activities that occur in its Account;

5.3.5. Take appropriate actions to protect its devices and equipment from viruses, malicious software and any inappropriate material, to back up and maintain copies of any information the User stores or transfers by using the Services. Palantex is not responsible for any Claims or losses resulting from the User’s failure to comply with this provision and the Security Breach;

5.3.6. Check at all times adequate security and control measures to protect the Account;

5.3.7. Determine what, if any, taxes apply to the Transactions the User makes, and it is the User’s sole responsibility to collect, report and remit the correct tax to an appropriate tax authority. Palantex is not responsible for determining whether any taxes apply to the use of the Services by the User. Palantex may make certain reports to tax authorities regarding the Account, the Transactions made on the Platform and, if required by the Applicable Law, withhold and deduct at source any taxes due in its sole discretion.

5.4. The User always represents and warrants to Palantex the following:

5.4.1. All documents and information it provides to Palantex are true, accurate, complete and up to date in all respects and may be relied upon during the KYC;

5.4.2. All its decisions made in connection with these Terms are solely and exclusively based on its own judgement and independent appraisal of its financial resources, ability and willingness to take relevant risks and financial objectives;

5.4.3. It has full power, authority and capacity to access and use the Platform and (or) the Services and enter into and perform its obligations under these Terms and any other agreement entered into pursuant to, or in connection with, these Terms;

5.4.4. It is not a citizen, nor a resident of the prohibited countries (Annex No. 1 hereto).

5.5. Links to third-party websites may be provided for the User’s convenience but they are not controlled by Palantex. The User acknowledges and agrees that Palantex is not responsible for any aspect of the content, materials, information or services contained in any third-party websites accessible on and (or) linked to the Website.

5.6. The User agrees to pay all Service Fees in connection with the use of the Services communicated to the User in writing. The User authorises Palantex to deduct all applicable fees, commissions, interest, charges and other sums that the User owes from its Account under these Terms in accordance with the method of calculation communicated to the user. Palantex reserves the right to adjust the Service Fees from time to time.

5.7. To access the Account the User must have necessary equipment and access to the Internet. The Account can be accessed directly through the Platform. The User may access the Account by using the Login Data that Palantex has provided to the User. Palantex reserves the right to require multi-factor authentication to keep the Account safe and secure.

5.8. The User must ensure that the Account registered under its name will not be used by any third party.

5.9. The User will be able to access the Account History on the Platform. The User is recommended to review the Account History carefully and immediately inform Palantex in writing if the User sees any entries to the Account or the Transactions that the User does not recognise or considers unusual.

5.10. Palantex may rectify any error in the Account History at any time, reserves the right to void, cancel or reverse any Transaction involving or deriving from an error or to amend the details of such Transaction to reflect what Palantex reasonably considers to be the correct or fair details of such Transaction.

5.11. In case of errors and malfunctions of the Platform Palantex is authorized by the User hereby to either:

5.11.1. cancel (void) the Transaction and treat such Transaction as if it has never been entered into; or

5.11.2. amend the Service Fee of the Transaction according to fair market pricing as may be determined by the Notification;

5.11.3. reverse any transfers of the Virtual Currencies that have been made to and (or) from the Account in connection with the Transaction as if that Transaction has never taken place.

5.12. Shall Palantex amend the Transaction pursuant to Clause 5.11 above, Palantex will send the Notification to the User.

5.13. In any case the User is solely responsible for its own Transactions with any third parties that may have been or may be entered into on the Platform.

5.14. When making Transactions the User must ensure that any Instruction submitted on the Platform is complete and accurate. Palantex is not required to verify the accuracy, authenticity or validity of any Instruction and will not monitor or reject Instructions on the basis that they are or appear to be duplicates. However, if Palantex is in doubt as to the accuracy, authenticity or validity of the Instruction, Palantex may refuse to act upon, defer acting upon any Instruction or seek and request further information with respect to the Instruction.

5.15. The Instructions are irrevocable and therefore once the Instruction has been submitted by the User it has no right to withdraw or refuse from it without the approval of Palantex.

5.16. All Instructions are deemed to be received by Palantex when they have been received by the server of Palantex. The records of all Instructions will be conclusive and binding on the User for all purposes at all times.

5.17. By submitting (giving) the Instruction the User authorises Palantex to initiate the Transaction in the Account. Therefore, the User authorizes Palantex to credit or debit the Virtual Currencies and (or) the Fiat Currencies from the Account in accordance with the Instruction.

5.18. If the User has insufficient Virtual Currencies and (or) Fiat Currencies in its Account to fulfill the Transaction (the User has less funds than the required amount to settle the Transaction and to pay all the Service Fees associated with the Transaction), then Palantex has the right to refuse to process any Transaction. It is the User’s sole responsibility to hold a sufficient amount of the Virtual Currencies and (or) the Fiat Currencies on the Account.

5.19. Palantex may also refuse to act on the Instructions to the extent permitted by these Terms. Palantex reserves the right to suspend fulfillment of any Instruction at any time if deemed appropriate by Palantex to resolve any incidents on the Platform. Once such incidents have been resolved, Palantex will resume fulfillment of the Instructions.

5.20. The User accepts the risk that the Instructions and other information transmitted on the Platform are generally transmitted via the Internet and may be routed via public, transnational installations, which are not specifically protected, and, therefore, may not be completely protected against unauthorised access.

5.21. The User can give Instructions to Palantex to provide the Services as may be described on the Platform from time to time. For transfers of the Virtual Currencies and (or) the Fiat Currencies the User must designate a digital wallet address or other payment details by submitting the Instruction in the Account. Upon receipt of such Instruction Palantex will deduct the Account balance and initiate a transfer to an external digital wallet address or to the payment details designated by the User. Palantex may not process such Instruction if it considers that the Applicable Law prevents the execution of such Instruction.

5.22. The User has the right to enter into the Transactions directly with Palantex or with other Users, which may or may not be facilitated by Palantex.

5.23. Palantex does not represent or warrant that any Transaction will be completed successfully or within a specific time period.

5.24. All Transactions made and all Instructions given by the User in its Account are presumed to have been authorised and made by such User unless it has been proven otherwise. It is important that the User monitors its Account History to ensure any unauthorised or suspicious activity on the Account is identified and notified to Palantex in writing as soon as possible. Palantex will take all measures deemed necessary by it in order to investigate the situation. However, Palantex will not be responsible for any Claim or losses resulting from the Transaction executed as a result of an unauthorised Instruction unless the User has properly and timely notified Palantex in accordance with this Clause and it is confirmed by the results of the internal Palantex investigation that the User has not authorized the Transaction and (or) the Instruction in any way, even by mistake, negligence, error or as a consequence of a fraud and it is proven that the unauthorized Instruction and (or) the Transaction are solely due to a technical issue attributable to Palantex.

5.25. By accepting these Terms the User agrees to permit Palantex (but agrees to not require it) to keep a record of all Transaction information for the lifetime of the User’s Account as long as it is required to fulfil their intended purposes or such other period as prescribed by the Applicable Law.

5.26. For the avoidance of doubt the User is permitted at any time to give the Instructions to Palantex on withdrawal and (or) depositing of all Virtual Currencies and all Fiat Currencies from the Account subject to the Terms.

5.27. The User has the right to close the Account at any time by following the Account termination procedures as described from time to time on the Website. The User will not be charged for terminating the Account, although it will be required to pay any outstanding amounts owed to Palantex. Palantex is hereby authorized to cancel or suspend any pending Transactions after having received an Account termination request and to deduct any outstanding amounts owed to Palantex.

5.28. Palantex reserves the right to refuse to close the Account if the User:

5.28.1. is trying to evade an investigation by relevant authorities;

5.28.2. has a pending Transaction or an open Claim;

5.28.3. has any outstanding amounts owed to Palantex and the total amount of the Virtual Currencies and the Fiat Currencies on the Account is not sufficient to cover the debt; or

5.28.4. has the Account that is subject to a freeze, hold, limitation or reserve.

5.29. After having received the request for closing the Account, the User will be required to withdraw all the Virtual Currencies and the Fiat Currencies held in the Account. In the event that the User fails to withdraw the Virtual Currencies and the Fiat Currencies or if the User has not accessed the Account for a continuous period of 180 (One hundred eighty) calendar days, Palantex will send the User the Notification on its intention to:

5.29.1. mark the Account as a dormant Account;

5.29.2. convert the Virtual Currencies and the Fiat Currencies into a different type of the Virtual Currencies and (or) the Fiat Currencies; in this case Palantex will not be liable for any loss of profit, tax obligations or any other loss, damage or expense incurred by the User resulting from such conversion;

5.29.3. transfer the Virtual Currencies and the Fiat Currencies held in such Account to the account of Palantex if the latter considers it is reasonably necessary to do so. If this happens, the User has the right to retrieve the Virtual Currencies and the Fiat Currencies in question subject to passing verification procedures and any other applicable terms and conditions; and

5.29.4. close the dormant Account at any time.

5.30. The User acknowledges that Palantex will be under no obligation to pay any reward, incentive or interest, which Palantex might otherwise have agreed to pay to the dormant Account in relation to the Virtual Currencies and the Fiat Currencies in question.

5.31. The User must not use the Services:

5.31.1. in a manner that violates public interests, public morals or the legitimate interests of others, including any actions that would interfere with, disrupt, negatively affect, or prevent other Users from using the Services;

5.31.2. to engage in fraudulent activities or cause Palantex to suspect that the User has engaged in fraudulent activities;

5.31.3. to use the Services to conduct lotteries, auctions, forecasting, Internet gaming; contests and other activities of this kind;

5.31.4. to allow the Account to have a negative value or quantity of the assets;

5.31.5. to provide false, inaccurate or misleading information in connection with the use of the Services to Palantex and (or) any authority;

5.31.6. to attempt to access any part or function of the Platform without authorisation or connect to the Platform, any of the servers, systems or networks of Palantex by hacking, password mining or any other unlawful or prohibited means;

5.31.7. to probe, scan or test the vulnerabilities of the Services or any network connected to the Platform;

5.31.8. to violate any security or authentication measures on the Platform;

5.31.9. to use any devices, software or routine programmes to interfere with the normal operation of the Platform;

5.31.10. to manipulate identification, to disguise the identity or the origin of any messages or transmissions the User sends to Palantex;

5.31.11. to try to or to modify or adapt the whole or any part of the Platform or combine or incorporate the Platform into another programme or application;

5.31.12. to disassemble, decompile, reverse-engineer or otherwise attempt to derive the source code, object code underlying concepts, ideas and algorithms of the Platform or any components thereof;

5.31.13. to facilitate any viruses, Trojan horses, worms or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or information in connection with the Services;

5.31.14. to use any temporary, disposable, self-destructive or similar email address when opening the Account;

5.31.15. to violate or to attempt to violate any Applicable Law or any third party’s rights; and (or)

5.31.16. to access, to use or to attempt to access or to use the Services directly or indirectly in (from) the prohibited countries (Annex No. 1 hereto).

5.32. Palantex records in the Account the quantity and type of any Virtual Currencies and (or) Fiat Currencies that are held to the User’s credit. Palantex is not a trustee of the User and does not owe any trustee duties in relation to any Virtual Currencies and (or) Fiat Currencies. When the User give the Instruction to Palantex to transfer or otherwise deal with any Virtual Currencies and (or) Fiat Currencies, Palantex will not use any specific any Virtual Currencies and (or) Fiat Currencies, however, identifiable to act on these Instructions. Subject to these Terms, Palantex will use the Virtual Currencies and (or) the Fiat Currencies in the same quantity and of the same type as those credited to the Account when acting on such Instructions.

Rights and Obligations of Palantex

5.33. Besides other rights and obligations of Palantex set forth in these Terms, the User agrees to the following.

5.34. Palantex is not obligated to conclude any other separate written agreements with the User. It is the right of the User to make a request for establishing a contractual relationship with Palantex on additional services, but acceptance of such request is at the sole discretion of Palantex. If the latter accepts such request, the User may be provided with a template agreement on additional services for additional remuneration of Palantex.

5.35. Palantex has the right to send general market information in the course of providing the Services to the User from time to time, however, such information shall not be considered as advice or recommendations of any kind. Palantex is not responsible for any Transactions made and (or) Instructions given by the User after having received such information.

5.36. Palantex has established and maintains organisational and administrative arrangements with a view to taking all appropriate steps to identify and manage conflicts of interest between Palantex, the Users and relevant third parties, so as to prevent conflicts of interest from adversely affecting the interests of the Users. In cases where such organisational and administrative arrangements are not sufficient to ensure that the risks of damage to the User’s interests will be prevented, Palantex will inform the User of the nature and (or) sources of the relevant conflicts of interest and the steps taken to mitigate those risks in order to allow the User to make an informed decision as to whether to continue to transact with Palantex. Palantex reserves the right at all times to decline to act for the User where Palantex is not able to manage a conflict of interest in any other way.

5.37. The Services are only available for the Virtual Currencies and the Fiat Currencies that are supported by the Platform. Their list may change from time to time and is published on the Website. Palantex reserves the right to remove or add more Virtual Currencies and the Fiat Currencies to the list. After expiration of the term stipulated in the respective Notification from Palantex the User may not be able to access Virtual Currencies and (or) the Fiat Currencies as part of the Services. During the said term the User may withdraw such Virtual Currencies and (or) the Fiat Currencies from the Account or exchange it for other Virtual Currencies and (or) the Fiat Currencies. Shall the User fail to do so within a specified period notified to it, Palantex reserves the right to unilaterally convert the Virtual Currencies and (or) the Fiat Currencies in question into a different type of the Virtual Currencies that is a stablecoin. Palantex will send the Notification to the User in advance of any conversion. Palantex will not be liable for any consequences occurred as a result of the User’s attempt to use the Account for the Virtual Currencies and (or) the Fiat Currencies that Palantex does not support, nor of the conversion after expiration of the reasonable period set out in the Notification.

5.38. The conversion rates of the Virtual Currencies and (or) the Fiat Currencies are established and published on the Platform. The User acknowledges that Palantex has no control over, nor the ability to influence the conversion rates established by such third party.

5.39. Palantex has the right to modify or discontinue, temporarily or permanently, any portion of the Services at any time, including (but not limited to):

5.39.1. refuse to complete or block, cancel or where permitted by the Applicable Law reverse any Transactions;

5.39.2. terminate, suspend or restrict access to any or all of the Services;

5.39.3. terminate, suspend, close, hold or restrict access to the Account;

5.39.4. refuse to transmit information or the Instructions to third parties (including (but not limited to) third-party wallet operators); and (or)

5.39.5. take whatever action Palantex considers necessary in each case with immediate effect and for any reason, including (but not limited to) the below situations:

  • there is a failure to comply with eligibility requirements for the Services that may be published on the Website from time to time;
  • the person logged into the Account is not the User;
  • the Account has been or will be used for any illegal, fraudulent, or unauthorised purposes;
  • more than 1 (One) individual has access to and (or) transacts using the same Account;
  • the information provided by the User is wrong, untruthful, outdated or incomplete;
  • there are reasonable concerns in relation to creditworthiness or financial status of the User.
  • there is a pending submission of enhanced due diligence;
  • Palantex is required to do so by the Applicable Law or any court or authority, to which Palantex is subject in any jurisdiction;
  • the User has breached these Terms;
  • any Transaction is unauthorised, erroneous, fraudulent or unlawful;
  • the Account is used in a fraudulent, unauthorised or unlawful manner;
  • there is any occurrence of money laundering, terrorist financing, fraud or any other crime in connection with the Account or the use of the Services;
  • the use of the Account is subject to any pending, ongoing or threatened litigation, investigation or judicial, governmental or regulatory proceedings and (or) Palantex perceives a heightened risk of legal or regulatory non-compliance associated with the User’s Account activity;
  • the User owes amounts to Palantex that are not satisfied, whether due to a chargeback or on any other basis;
  • any Notification to the email associated with the Account is returned as undeliverable;
  • there is an issue that has arisen with the verification of the User’s identity;
  • there is any other valid reason, which means that Palantex needs to do so.

5.40. Palantex will take reasonable steps to provide the User with the appropriate and timely Notification. However, there might be times when Palantex is not required not to do so by the Applicable Law.

5.41. The User acknowledges and agrees that:

5.41.1. the examples set out in Clause 5.37 above are a non-exhaustive list; and

5.41.2. decisions of Palantex to take certain actions, including (but not limited to) termination, suspension or restriction of access to the Account or the Services, may be based on confidential criteria that are essential to risk management and security protocols. Palantex is under no obligation to disclose the details of its internal risk management and security procedures to the User.

5.42. When the User has received the respective Notification regarding the Account:

5.42.1. Shall there be the Instructions and (or) the Transactions that are open and not fulfilled, they may be closed by the User or by Palantex depending on the circumstances of the termination, suspension, hold, restriction or other action towards the Account;

5.42.2. Any chargeback resulting from the use of the Account or the Services may result in an immediate suspension and (or) restriction of the Account and the Services;

5.42.3. To reactivate suspended and (or) the restricted Account or the Services the User may be required to reimburse Palantex for the full value of the chargeback, including any amounts that the User owes to Palantex including any applicable fees; and (or)

5.43. The User is liable for any credited amounts in case of a chargeback, and the User authorizes and grants Palantex the right to deduct costs and fees directly from any assets in the Account without any Notification.

5.44. Shall Palantex be informed and reasonably believe that any assets held in the Account are stolen or otherwise are not lawfully possessed by the User (whether by error or otherwise), Palantex may, but have no obligation to, place a hold on the affected assets and the Account. Such hold will continue till the moment when the User proves to Palantex that it is entitled to possession of the assets held in its Account.

5.45. Palantex will not get involved in any dispute relating to any assets held in the Account. It is the sole responsibility of the User to resolve all disputes with third parties.

5.46. Residents of some countries may only be able to access some, but not all, Services. Palantex reserves the right to change and update the range of the Services from time to time depending on the place and time of the access to the Platform by the User. The User acknowledges that international traveling may impact its ability to access the Platform, monitor any existing Transactions or Instructions or otherwise use the Services. Palantex will not be liable for any consequences occurred due to the use of any virtual private network by the User to modify the Internet protocol address.

5.47. Palantex has the right to record any communications, electronic, by telephone, over video call or otherwise with the User, and that any recordings that Palantex keeps will constitute evidence of the communications between the User and Palantex. The User agrees that telephone conversations and video calls may be recorded so that Palantex can respond to inquiries, ensure compliance with the Applicable Law, improve the Services and provide customer support.

6. Notifications

6.1. It is the User’s responsibility to maintain accurate and up-to-date contact information in the Account settings to ensure timely receipt of the Notifications. Failure to review or receive the Notifications due to incorrect contact information does not absolve the User of its responsibilities under the Terms.

6.2. By using the Services, the User agrees to receive the Notifications from Palantex related to its use of the Services and to the Platform. The User acknowledges that opting out of receiving certain Notifications may impact its access to the Platform or use of the Services.

6.3. Once the User opens the Account, the User will be able to contact Palantex through a special form on the Website at any time. By using such form the User authorizes Palantex to monitor, save and store the history of its correspondence with Palantex through the Platform. The User must not use such a form to send any abusive, defamatory, dishonest or obscene message or any messages intended to manipulate a market or to spread false or misleading information or messages that otherwise infringe the Applicable Law. Doing so may result in termination of the Services for the User and suspension of the Account.

7. Intellectual Property (IP)

7.1. All IP, including (but not limited to) the Website design, text, graphics, software, photos and other material, are owned by Palantex or its licensors. The User may not copy, modify or use any of the IP of Palantex without its prior written consent.

7.2. Palantex grant to the User a non-exclusive licence for the duration of these Terms or until it suspends or terminates access to the Services, whichever is sooner, to use the IP, excluding the trademarks, solely as necessary to allow the User to receive the Services for non-commercial personal use in accordance with these Terms.

7.3. The User grants to Palantex a perpetual, irrevocable, royalty-free, worldwide and non-exclusive licence to use the User’s intellectual property to the extent it is necessary to provide the User with the Services

8. Dispute Resolution

8.1. Aside from where the Applicable Law requires otherwise, these Terms are governed by the laws of the Republic of Lithuania. Any Claim arising from these Terms shall be resolved through state courts of the Republic of Lithuania in accordance with the substantive and procedural law of the Republic of Lithuania.

8.2. For the avoidance of doubt, nothing in this provision will deprive the User of any mandatory legal right, from which the User benefits under the Applicable Law.

8.3. Palantex and the User agree to negotiate in good faith to resolve any Claim confidentially. In the event the Claim cannot be resolved satisfactorily and the User wishes to assert such Claim against Palantex, then the User agrees to send a prior written complaint to Palantex. Such complaint must:

8.3.1. Describe the nature and basis of the Claim;

8.3.2. Set forth the specific relief sought;

8.3.3. Provide evidence and provisions of these Terms and the Applicable Law infringed by Palantex as the User assumes;

8.3.4. Provide all the User’s contact details.

8.4. Such written complaint must be submitted to complaints@palantex.com. After receiving the complaint Palantex has 90 (Ninety) calendar days to respond to the complaint. For the avoidance of doubt, the submission of a Claim to Palantex for resolution internally and the delivery of a complaint to Palantex are prerequisites to commencement of a court proceeding (or any other legal proceeding if applicable).

9. Liability

9.1. The User shall indemnify and hold harmless Palantex from and against any claims, suits, actions, demands, disputes, allegations and (or) investigations brought by any third-party, governmental authority or industry body and all Claims, liabilities, damages (all kinds), losses (including any direct, indirect or consequential losses, loss of profit, loss of reputation), costs and expenses, including without limitation all interest, penalties and legal and other reasonable attorneys’ fees and other professional costs and expenses arising out of or in any way connected with the User’s access to or use of its Account and (or) the Services.

9.2. The liability of Palantex to the User or any third parties in any circumstance is limited to the actual amount of loss or damage, which is caused directly and is reasonably foreseeable by the breach by Palantex of these Terms, and shall in no event exceed the amount of the Service Fees paid by the User to Palantex in the 12 (Twelve) calendar months preceding the event giving rise to the losses.

9.3. The User acknowledges and agrees that Palantex is aware of any special circumstances pertaining to the User and that damages are an adequate remedy and that the User shall not be entitled to any other Claims or remedies at law or in equity, including (but not limited to) any claim in rem, injunction and (or) specific performance.

9.4. In no event Palantex will be responsible or liable to the User or any other person or entity for:

9.4.1. Any direct or indirect losses (including loss of profits, business or opportunities), damages or costs arising out of or in connection with these Terms;

9.4.2. Any loss of business, profits, anticipated savings or opportunities or any special, punitive, aggravated, incidental, indirect or consequential losses or damages, whether arising out of or in connection with the Website, Platform, the Account, the Services, these Terms and (or) any agreement entered into pursuant to, or in connection with, these Terms or otherwise;

9.4.3. Any losses or damages the User may incur due to extreme market volatility and (or) as a result of any cancellation/amendment of any Transactions, howsoever arising, whether direct or indirect, special or consequential, including (but not limited to) loss of profit, loss of opportunity, etc.;

9.4.4. Any damage or interruptions caused by any Security Breach, computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect the User’s computer or other equipment or any phishing, spoofing or other attack.

9.5. Palantex and the User will not be liable for any delay or failure to perform the obligations as required by these Terms to the extent the delay or failure is caused by a Force Majeure Event that could not have been foreseen by Palantex or the User and such Force Majeure Event has been confirmed by a competent authority/organization.

10. Security and Privacy

10.1. The User is responsible for taking appropriate action to protect its hardware and any data from viruses and malicious software and any inappropriate material. Except as provided by the Applicable Law, the User is responsible for backing up and maintaining duplicate copies of any information the User stores or transfers through the Services. Palantex is not responsible for any Claim or losses resulting from the User’s failure to comply with this Clause.

10.2. At all times the User shall maintain adequate security and control of the Login Data by (without limitation):

10.2.1. strictly abiding by all Palantex procedures;

10.2.2. creating a strong password and maintaining security and control of the Login Data;

10.2.3. keeping the email address and telephone number associated with the Account up to date in order to receive any Notifications;

10.2.4. never allowing remote access or sharing a computer and (or) computer screen with someone else when the User is logged in to the Account;

10.2.5. remembering that under no circumstances representatives of Palantex will request to share passwords or any other applicable authentication codes; and

10.2.6. logging out from the Platform at the end of each visit.

10.3. The User represents and warrants that:

10.4. it acknowledges that it has read and understood the Terms and other documents and sources referenced herein;

10.5. the Services and any information provided on the Website, in the Account, on the Platform are provided on an “as is” and “as available” basis without any representation or warranty, whether express or implied, to the maximum extent permitted by the Applicable Law. Specifically, Palantex disclaims any implied warranties of title, merchantability, fitness for a particular purpose and (or) non-infringement. Palantex does not make any representations or warranties that access to the Website, the Account, the Platform or any other sources referenced therein will be continuous, uninterrupted, timely or error-free. This could result in the inability to use the Platform for a period of time and may also lead to time delays. Therefore, Palantex reserves the right to suspend temporarily the Account and (or) the Services, for both scheduled and emergency maintenance. Palantex will make reasonable efforts to ensure that the Transactions on the Platform are processed in a timely manner, but Palantex makes no representations or warranties regarding the amount of time needed to complete processing, which is dependent upon many factors outside of its control.

10.6. Palantex will make reasonable efforts to update the information on the Website and the Platform, but it makes no representations, warranties or guarantees, whether express or implied, that the content on the Website and the Platform, including information in relation to the Services, is accurate, complete or up to date.

10.7. The User is responsible for obtaining the data network access necessary to use the Services, acquiring and updating compatible hardware or devices necessary to access and use the Website, the Platform and any updates thereto. Palantex does not guarantee that the Services, or any portion thereof, will function on any particular hardware or devices. The Services may be subject to malfunctions and delays inherent in the use of the internet and electronic communications.

10.8. If the User receives the information about another User through the Platform or from utilising the Services, the User must keep the information confidential and only use it in connection with the Services and always in accordance with the Applicable Law. The User must not disclose or distribute any other User’s information to a third party or use the information in any manner except as reasonably necessary to effect the Transaction.

11. Miscellaneous

11.1. This document constitutes the entire agreement between the User and Palantex regarding the use of the Services. Palantex can make changes to these Terms and any terms and conditions incorporated by reference herein at any time and the User’s acceptance of these Terms constitutes its express consent.

11.2. Palantex will let the User know in advance of most changes and will give the Notification before the changes take effect. However, Palantex may occasionally need to make changes without telling the User in advance. This may include where:

11.2.1. the changes are the result of legal and (or) regulatory changes;

11.2.2. the changes are made in the Users’ interest;

11.2.3. the changes are made to make these Terms clearer to the Users; and (or)

11.2.4.

11.2.5. there is any other valid reason, which means there is not time to give the Notification to the User.

11.3. Where Palantex is unable to give the User the Notification in advance, Palantex will let the User know of the change as soon as possible after it is made.

11.4. The updated Terms will come into effect immediately after Palantex sends the Notification. If the User does not wish to accept the changes, the User is free to close the Account in accordance with these Terms. Otherwise, Palantex will assume that the User has accepted the changes and its continued access to or use of the Services will be deemed acceptance of the updated Terms.

11.5. The User can find more information on Palantex on the Website. If the User has questions, feedback or complaints, it can contact Palantex at contact@palantex.com.

11.6. All official announcements and the information on the Services will be published on the Website. The User is responsible for monitoring the Website, reading and considering these announcements and publications.

11.7. The User may not assign or transfer any rights or obligations under the Terms without a prior written consent of Palantex, which may in some cases require additional information to be provided or enhanced due diligence to be performed. However, Palantex may assign or transfer any its rights or obligations under the Terms at any time to anyone else.

11.8. If, at any time, any clause or sub-clause of the Terms is or becomes illegal, invalid or unenforceable in any respect, neither the legality, validity or enforceability of the remaining clauses or sub-clauses will in any way be affected or impaired.

11.9. All clauses and sub-clauses of these Terms, which by their nature extend beyond the expiration or termination of these Terms, will continue to be binding and operate after the termination or expiration of these Terms.

11.10. These Terms may be translated into a language other than the English language. Any such translation is provided solely for the User’s convenience. In the event of inconsistency or ambiguity, the English text will prevail.

11.11. No delay or omission by Palantex in exercising any right or remedy under the Terms will operate as a waiver of the future exercise of that right or remedy or of any other rights or remedies under the Terms. The rights and remedies provided in the Terms are cumulative and not exclusive of any rights or remedies provided by the Applicable Law.

11.12. Palantex is not an agent of the User in the performance of these Terms. These Terms shall not be interpreted as facts or evidence of an association, joint venture, partnership or franchise between Palantex and the User.

11.13. In the event of death or incapacity of the User, the representatives or legal beneficiaries of the User’s estate may give Palantex a written notice. If Palantex has the reason to believe the death of the User, Palantex may suspend the Account. The Account will be suspended until:

11.13.1. a representative of the User’s estate or an authorised beneficiary completes a successful inheritance application to receive the assets in the Account in accordance with Palantex requirements, which will be informed to such person;

11.13.2. the User provides satisfactory proof that it is not deceased.

11.14. The ability of Palantex to provide such representatives with the assets in the Account is subject to the restrictions imposed by the Applicable Law and these Terms. Palantex does not commit to any particular timeline for the transfer of assets held to the credit of the Account.

ANNEX NO. 1 TO THE TERMS OF USE

List of Prohibited Countries, groups and invidviduals

The below countries, groups and individuals as designated by Palantex from the List of Prohibited as described in the Terms:

In addition to these lists, Palantex does not accept individual or legal entities from these countries :

  • The United States;
  • Canada;
  • Democratic People’s Republic of North Korea;
  • Iran;
  • Syria;
  • The Crimea region and any non-government controlled areas of Ukraine.