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BL3P Terms & Conditions

Last changed: june 7th 2017 at 12:33

By using the BL3P trading platform, you agree to the following terms and conditions. In addition, you also agree to any changes to these terms & conditions with the continued usage of your account.

  1. Definitions

    1. API (Application Programming Interface): A service provided by BL3P to users to automate commands to BL3P.
    2. Bitonic: The company Bitonic B.V. that has developed and maintains BL3P.
    3. BL3P: A trademark of Bitonic and cryptocurrency trading platform provided through that enables its users to buy and sell cryptocurrencies as well as withdraw and deposit both euros and cryptocurrencies.
    4. Confirmation: The inclusion of a transaction in a block of the blockchain. The will also be included in subsequent blocks with the passage of time.
    5. Cryptocurrencies: Digital and decentralized currencies or systems with traits of a currency such as bitcoin and litecoin.
    6. Force majeure: A situation beyond the control of Bitonic, that impedes the normal and expected functioning of BL3P such as: natural disasters, pandemics, civil unrest/conflict, war, terrorist threats, extraordinary network and hardware failures, power outages, bank outages, bankruptcies of and conflicts with banks/financial partners and issues concerning the network or protocol of a cryptocurrency.
    7. Limit order: An order where the price is determined by the user, with no guarantee of (immediate) processing.
    8. Market order: An order where cryptocurrencies are immediately bought or sold at current market prices.
    9. Order: A command to buy or sell cryptocurrencies for euros and vice versa.
    10. Orderbook: The list of all open buy and sell orders, publicly available on Bl3P.
    11. Sending a command: Sending the required data for withdrawals, deposits, orders or changes in user data by performing any action that sends an HTML-form through a browser or by using the API.
    12. Stichting Bitonic Payments: A separate foundation, commissioned by Bitonic B.V., that manages the funds of BL3P-users.
    13. Trade: An executed order between a buyer and a seller.
    14. User: An individual or company that uses an account on BL3P.
    15. Verification: The process by which the user reveals the identity of his/her natural person or legal person through submitting personal or company data and uploading documents to confirm the submitted data.
  2. General rules

    1. BL3P is not a store and does not directly buy and sell cryptocurrencies. User therefore cannot claim any cancellation rights.
    2. Bitonic will do its utmost best to be operational 24 hours a day, 7 days a week, but can never guarantee to be fully operational at any time. Planned maintenance will be announced at least 24 hours in advance.
    3. Bitonic cannot be held responsible for any price fluctuations. Price fluctuations are fully dependent on supply and demand.
    4. BL3P will not make any statements about the expected price of cryptocurrencies. If a BL3P employee does make a statement regarding the price of cryptocurrencies, then their statement is a personal opinion from which no rights can be derived.
    5. As a BL3P user, you acknowledge to be familiar with the basic knowledge and functioning of cryptocurrencies. You also acknowledge to be aware of the risks associated with cryptocurrencies and to take the necessary steps to mitigate them.
    6. It is strictly forbidden to use BL3P for any illegal activities such as money laundering, tax evasion and trading in illegitimately obtained cryptocurrencies.
    7. Bitonic is not responsible, in any way, shape, or form, for any damage caused by non-compliance of the terms & conditions by its users.
    8. Changes in the terms & conditions, fee structure and limits will be notified on the BL3P website or by email.
    9. BL3P provides support exclusively in the English or Dutch language.
    10. Bitonic cannot be held liable for any damage caused in any way, shape, or form in the case of force majeure.
  3. Accounts

    1. BL3P accounts are restricted to citizens of the European Union.
    2. The user is responsible for complying wih any laws concerning cryptocurrencies and is expected to be aware of the legal status of cryptocurrencies in their country of residence. Bitonic is not obligated to provide information concerning the legal status of cryptocurrencies and therefore cannot be held liable if the user violates any laws and regulations.
    3. It is not allowed to transfer an account to a different natural or legal person, unless Bitonic has given written permission to do so.
    4. It is not allowed to own more than one account per natural or legal person.
    5. The user is required to have the minimum age of 18 years old and to be fully capable of independent (financial) decision making.
    6. The user is responsible for submitting the correct account data. Bitonic is entitled to terminate accounts and/or to freeze funds upon the discovery of incorrectly submitted account data.
    7. It is not allowed to own a BL3P account as a US person.
    8. The verification requires a mandatory number of documents. These are required to be uploaded and checked before the verification can be completed.
    9. The user is responsible for keeping their account data up to date by reporting any changes to BL3P. The user will be held liable for any damage caused by submitting incorrect or insufficient data and by not reporting changes or not reporting them in time.
    10. Not reporting any changes can result in the termination of accounts and/or the freezing of funds.
    11. The agreement between the user and Bitonic is of an indefinite duration. Both the user and Bitonic can terminate the agreement.
    12. The user can discontinue the service immediately.
    13. Bitonic has a term of notice of 30 days for terminating the agreement.
    14. In the case of suspected or the established use of an account that is in violation of the terms and conditions, Bitonic has the right to block or terminate the account. No compensation will be paid and Bitonic may impose conditions on returning any outstanding funds.
    15. When Bitonic decides it is no longer possible to continue offering any services in the case of a force majeure, Bitonic may decide to immediately discontinue all services. All outstanding orders will be cancelled in this case. The user will have the possibility to withdraw all funds with the terms & conditions concerning the withdrawing of funds still in effect.
    16. Bitonic will pay out all outstanding funds to the user within at least five business days upon termination of the agreement, unless there is a suspected or an established case of fraud and/or abuse.
    17. The user may terminate their account by contacting BL3P. It is not required to specify the reason of termination.
    18. Bitonic reserves the right to refuse accounts without reason and to not further process the verification.
  4. Corporate Accounts

    1. Only authorized persons are allowed to trade with a corporate account on BL3P.
    2. It is the responsibility of the user of a corporate account to limit access to authorized persons only.
    3. Changes in the composition of authorized persons and stakeholders have to be reported to BL3P within 7 business days.
    4. Dissolution of the legal entity bound to a corporate account has to be reported to BL3P immediately. The account can either be terminated or in some cases changed into a personal account. This is for BL3P to decide.
    5. Any damage caused by not reporting the dissolution of the legal entity bound to a corporate account is the responsibility of the user.
    6. The filing of bankruptcy or the suspected bankruptcy of the legal entity bound to a corporate account, must be reported to BL3P immediately in addition to suspending all deposits and trades.
  5. Orders and transactions

    1. A market order cannot be changed into a limit order or vice versa
    2. A market order is processed directly and cannot be withdrawn after it is placed.
    3. The user must be aware of the risk that a market order may differ significantly from the shown estimation and is fully at the risk of the user. Differing market orders cannot be reverted.
    4. BL3P cannot guarantee the availability of sufficient supply and demand to fully or partially process a market order.
    5. BL3P cannot give an indication of when and if a limit order will be processed. There is no guarantee for the full or partial processing of a limit order.
    6. It is possible to cancel a limit order up until it is processed by BL3P. However, processed limit orders cannot be reverted.
    7. Current and/or future minimum and maximum order amounts will be notified on the BL3P website.
    8. Bitonic processes transactions in a chronological order, based on the time of submission of the orders. The most favorable price will be searched for every order, based on the supply and demand at that time.
    9. BL3P is not responsible for any wrong trades done by the user.
    10. Maintenance that takes longer than 24 hours, may result in the cancellation of any outstanding order by Bitonic.
    11. Neither Bitonic nor the user are entitled to profit from any errors on or made by BL3P. Bitonic maintains the right to correct any errors, to both the advantage and disadvantage of the user, by reverting or reclaiming transactions.
    12. Neither Bitonic nor the user have the right to revert a transaction, if no errors have occurred in processing of the transaction and if the transaction was done either through API-access, or directly from the account of the user.
    13. When placing one (or more) order(s) you have the genuine intent to have the order executed as such. BL3P reserves the right to deny users, that place orders with a different intent (such as misusing the trade functionality or damaging the system), further access to the trade platform and to end the customer relationship immediately.
  6. Deposits and Withdrawals

    1. There are both maximum and minimum amounts in place, per transaction, day, week and month, for deposits and withdrawals in cryptocurrencies and euros. All limits will be notified on the BL3P website. These limits can be changed by Bitonic at any time. All downward changes in limits will be notified by Bitonic at least 7 days in advance.
    2. A successful iDEAL deposit will added to the balance of the user immediately after the payment is confirmed, provided that the account number used with the iDEAL payment is verified and no limits are exceeded.
    3. A cryptocurrency deposit will be added to the balance as soon as possible when there are 3 confirmations, but no later than 24 hours. The user is responsible for the confirmations of the transaction.
    4. SEPA deposits are limited to euros only. If a different currency is used, all conversion fees will be passed on to the user.
    5. SEPA withdrawals are limited to SEPA bank accounts only.
    6. Bitonic strives to process euro deposits and withdrawals within one business day, but not later than 5 business days, except in cases of force majeure.
    7. A cryptocurrency withdrawal to an address that is not owned by the user, is fully at the risk of the user.
    8. Stichting Bitonic Payments is responsible for managing all funds (euros, bitcoins and other cryptocurrencies) on behalf of Bitonic. Questions, complaints and/or suggestions can be addressed to BL3P.
    9. Bitonic cannot be held liable for any payment related issues caused by problems such as bank failures.
    10. Bitonic has no influence on the processing speed of SEPA transfers.
    11. In the event that any at BL3P placed funds cannot be paid out as the result of a case of force majeure, such as the bankruptcy of one our banks, the funds can no longer be claimed. Bitonic will make arrangements in this case to divide all remaining funds proportionally to all rightful claimants.
    12. Submitting the right bank details is the responsibility of the user. Bitonic cannot be held liable for any wrongly submitted bank details.
    13. Cryptocurrency withdrawals will be processed automatically as much as possible. Whenever automatic processing is not available, withdrawals will be processed on a best effort basis.
    14. The user must check all commands to BL3P (trades, withdrawals, deposits , changing user date, etc.) thoroughly, before they are sent. Once sent, commands can be made final by BL3P at any moment. Any errors in submitted commands are the responsibility of the user.
    15. The user must submit amounts without the use of a thousands separator, as these can be interpreted as a decimal mark. The user will be held liable for any damage caused by the use of thousands separators.
    16. Bitonic maintains the right to revoke cryptocurrency deposits addresses and/or bank account numbers. The user must no longer use these addresses and account numbers after having been notified by email or through the BL3P website. The right to crediting or refunds expires within 24 hours for cryptocurrencies and within 5 business days for bank account numbers.
    17. In the case of suspected fraud or misuse, Bitonic maintains the right to suspend deposits and withdrawals until the legitimacy has been verified.
    18. Deposits and withdrawals lower than the minimum fee will not be processed and will be charged as administrative costs for the full amount.
    19. In the event that a SEPA deposit cannot be credited to the account, because of a wrong description or a different account holder name for instance, it will be refunded. The SEPA withdrawal fee will be deducted from the refunded amount.
    20. In the event that a SEPA withdrawal is refused by the bank of the user, Bitonic maintains the right to pass all costs charged by the bank on to the user.
  7. Verification

    1. It is neither possible nor allowed to use BL3P anonymously. You are required to submit the requested information and the accompanying documents during the verification process.
    2. Submitted documents and information are stored as long as the user is registered and for at least one year after or longer if required by law.
    3. Bitonic maintains the right to reject verification and/or ask for additional information when the identity of the user has not been verified sufficiently.
    4. Unverified users have limited rights and cannot deposit or withdraw.
    5. Bitonic maintains the right to change the requirements for the verification and to ask verified users for additional verification. Bitonic will notify this at least 30 days in advance if possible. When additional verification is required, accounts may have their status reverted to unverified or they may be blocked and have their funds frozen.
    6. Bitonic may decide to close the account if the user repeatedly refuses to complete the verification.
  8. Fraud prevention policy & Anti-Money Laundering and Counter-Terrorism Financing Act (WWFT)

    1. Criminal acts and economic offenses such as money laundering and trading in not legitimately obtained cryptocurrencies are forbidden. When the user is found to be violating laws and regulations, Bitonic is authorized to notify the authorities.
    2. Bitonic maintains the right to block the account of the user in the case of suspected fraudulent or criminal acts. The account will be blocked for the duration of the investigation into misuse of the account. Bitonic maintains the right to suspend any pending transactions for the duration of the investigation. If the legitimacy of the user and/or the transactions cannot be determined, the right to any outstanding funds may be lost.
    3. When Bitonic is required by law to submit data to the authorities, Bitonic will always comply. Bitonic will not comply with any unlawful and/or unsubstantiated requests for information or attempts to gather large quantities of undirected information from the authorities.
    4. User funds may be confiscated with a court order from the authorities.
    5. The user gives Bitonic permission to do extra screening in addition to requesting the mandatory documentation. This includes requesting publicly available information as well as consulting non-public databases for information concerning dentification evidence and political involvement.
  9. Security

    1. The user is responsible at all times for using an account in a secure environment and in a secure manner. This means the internet connection, email account(s) and computers and other devices, on which the BL3P website or API is used by the user, have to be secure at all times.
    2. The displayed level of security and the security tips are indicative, no rights can be derived from them at any time.
    3. Passwords and all two factor authentication data must be kept secret. Both Bitonic and the user are obligated to do their utmost best to prevent unauthorized parties from obtaining this data.
    4. BL3P will never ask the user to provide authentication data (passwords and two factor authentication) other than when logging in to an account. The user must never respond to a request to provide this data, even if the request appears to originate from BL3P.
    5. In the event that funds are stolen as the result of failing to comply with the security guidelines, or when this cannot be blamed on Bitonic for different reasons, the user has no right to any compensation.
    6. Processed cryptocurrency transactions are definitive and irreversible. Submitting the correct address is the responsibility of the user, even in the event an address is changed by malware.
    7. In the event the user knows or suspects their authentication data has been stolen or may be misused, the user must contact BL3P immediately.
    8. Bitonic will guarantee the availability of user funds on Stichting Bitonic Payments to the maximum possible extent in the case of damage as the result of careless handling by BL3P employees or poor server and/or software security.
  10. Risks

    1. Bitonic strives to fully comply with all rules in place for electronic money institutions. Bitonic however, is neither registered at nor supervised by the Autoriteit Financiële Markten (Financial Markets Authority) or De Nederlandsche Bank NV (Dutch Central Bank) for the services it provides. The user is aware of this fact and accepts the accompanying risks.
    2. The user is aware of and takes the full responsibility for the accompanying risks of possessing and using cryptocurrencies. Among these risks are the lack of any guarantee of value, the preservation of value and the supervision by government agencies and/or financial authorities.
  11. Privacy

    1. User submitted data and documentation will be treated as confidential information and will never be shared with other users.
    2. Bitonic will not share user data, unless it is obligated by law to do so.
    3. The mandatory documentation will be treated carefully by Bitonic. Bitonic is committed to do its utmost best to securely store this data.
    4. Correspondence between the user and BL3P is confidential and may not be published unless both parties give their approval.
    5. The Bitonic B.V. privacy policy is applicable.   
  12. Fees and costs

    1. Fees can be charged in both cryptocurrencies and euros. The user chooses, where possible, how the fees are charged. The way fees are charged is decided automatically by BL3P, if the user makes no choice in this matter.
    2. All applicable fees will be shown on the BL3P website. After submitting an order, deposit and/or withdraw, the user agrees that the fees, as shown on the BL3P website at that time, will be deducted from the balance of their account.
    3. For trades, a fixed and/or percentage based fee will be charged for both the buyer and the seller.
    4. A fixed fee will be charged for both deposits and withdrawals.
    5. Both a fixed and a percentage based fee will be charged for priority withdrawals.
    6. Bitonic maintains the right to change the fees at all times. Increases in withdrawal fees will be notified by BL3P at least 7 days in advance. BL3P displays the current fees on the BL3P website.
    7. The user is not entitled to interest on their funds.
  13. API

    1. Limited functionality on BL3P can be performed through the use of the API. Using the API requires an API key, created by the user. The user is aware that these keys grant access to the account and therefore must be handled responsibly. The safe usage of the API and the accompanying keys is the responsibility of the user.
    2. Documentation is made available for the API by BL3P. Errors in the documentation or unintended interpretation of the documentation by the user cannot be ruled out. Bitonic cannot be held liable for any damage resulting from incorrectly implementing the API documentation or incorrect specifications of which can be reasonably assumed that they are unintended.
    3. The BL3P API works differently than the website. Amounts are shown in whole numbers in the smallest possible divisible unit for cryptocurrencies and in units of 0,00001 (0,001 euro cent) for euros. Further differences and explanations can found in the documentation. The user must be aware of this, before using the API.
    4. The same terms and conditions are in place for API calls as for sending commands through the website. Checking for errors, unintended amounts, and unintended actions, are the responsibility of the API user. Bitonic cannot be held liable for any damage resulting from API calls.
  14. Complaints

    1. User complaints about BL3P and its services can be reported by email or by letter. Contact details can be found on the BL3P website.
    2. Bitonic may ask for additional clarification when complaints are insufficiently explained and/or substantiated. When the users fails to respond to this request, BL3P will consider the complaint as "not sent”.
    3. Both Bitonic and the user are obligated to work together to achieve a solution to the satisfaction of both parties.
    4. Bitonic is obligated to register complaints and frequently evaluate them to improve its services to it's users.
  15. Applicability

    1. These terms and conditions are applicable to all services Bitonic offers to the user.
    2. The terms and conditions are available in both English and Dutch. In the case these differ or can be interpreted differently, the Dutch terms and conditions are decisive.
  16. Concluding Terms

    1. Bitonic has the final say when the terms and conditions do not suffice in the case of a problem or required action.
    2. Dutch law is applicable to the terms and conditions.