Terms of Use

Date of the last version: 17th of October, 2018

Please read these Terms of Use carefully before using Chatex platform to know your legal rights
and obligations.

Acceptance of Terms

Chatex platform is provided services (hereinafter referred to as the “Service”) to users in accordance
with the Terms of Use (hereinafter referred to as the “Terms”), which is covering the provision of
Chatex services by IZIBITS OÜ (hereinafter referred to as “Chatex” or “Us” or “Our” or “We”) to you
(hereinafter referred to as “You” or “User”). Any User who starts to use the Service confirms by its
actions that he has read and accepted all the Terms and shall comply with them. If you disagree with any
condition or provision of the Terms, then you should not use the Service and You have no right to
register an account with the Service.

Changes of Terms

From time to time the Service is modified and improved due to the needs of the Users and the requirements
of laws and regulations. Chatex reserves the right to amend the Terms, and the amendments shall be made
by way of publishing the amended Terms. The new Terms come into effect at the moment of its publication
(unless otherwise stated in the new version of the Terms). The new Terms apply to all Users, including
those who have previously used the Service. The use of the Service by the User means that the User
automatically agrees with and accepts the new Terms. If the User does not agree with any part of the
Terms, then he shall stop using the Service.

Common description

Chatex is a platform service for connecting and enabling its users to exchange their local currency (fiat
currency) to the cryptocurrency and vice versa with other users as well as to exchange their
cryptocurrency to other cryptocurrencies by the way of trades carried out between users on a p2p
(peer-to-peer) basis. Cryptocurrency means crypto tokens that uses as a currency only and have no
utility, security or other rights, derivatives, or else except currency. The platform service allows it
users to set up trades by posting advertisements where they state the exchange rate, payment method(s)
and other terms of buying and selling their cryptocurrency. Then other users can reply to the
advertisement(s) and then the parties (buyer and seller) can agree to trade with online banking or any
other available instant method of payment (e.g. PayPal, Neteller, AliPay, etc.). In order for a user to
sell his or her cryptocurrency he or she (hereinafter referred to as the “Seller”) must store his or her
cryptocurrency in the Chatex wallet from where the purchased cryptocurrency is transferred to the Chatex
wallet of the user purchasing the cryptocurrency (hereinafter referred to as the “Buyer”) upon
confirmation of the receipt of the sum equal to the trade price by the Seller. Chatex allows its users
to perform peer-to-peer exchange through advertisements to all users of the service. Trading deals on
Chatex platform can be executed only between the users of Chatex platform. Chatex is not a
cryptocurrency marketplace and is not a party of the sales-purchase deals. We make our best efforts to
protect our users and provide them the safe Service for comfortable and secure trading.


Any User who uses the Service confirms that it has reached the appropriate age to enter and execute deals
and has all rights by laws of his jurisdiction to use the Service; has rights to enter into any
agreements and to make and receive payments.

The User also acknowledge and assure that there is no legal requirements or restrictions by legislation
of country of it residence that can restrict access to the Service, and confirms that the User’s fiat
and cryptocurrency funds were receive by the User from the legal sources and in accordance with
applicable legislation. We do not check the legality of fiat or cryptocurrency funds sources and does
not accept any liability for your activity. All deals are executed not with Chatex, but between Users so
all claims and actions shall be held on their behalf. If there is any restrictions or requirements to be
met to execute deals by the user, this user has no right to use this Service.

Use of the Service


For the registration of account in the Service and for having access to the Chatex platform (hereinafter
referred to as the “Account”) You shall provide us with the registration details. The user confirms that
provided registration details are actual, valid and correct. Chatex platform is entitled do not provide
and shut down access to the Service for the user who breaches the terms or commits any alleged
fraudulent actions, provided false information or other breaches of the relevant rules, laws or other
applicable regulations. We may require from time to time and the user shall provide us with the required
ID documents or any additional documents for buying or selling deal upon Our request. If the user refuse
to provide the required documents, then it shall be deemed as violation of the Terms and access for
trading may be suspended for the user until all necessary details are clarified. You shall use the
Service on your own behalf only, no proxy or representative services aloud. Your account shall not be
used as an intermediary or make available your account for any third parties. You shall use one account
at a time for trading.


For cryptocurrency trading with other users You may use Advertisements (hereinafter referred to as the
“Advertisement” or “Ad” or “Ads” or “Adverts”) to buy or sell cryptocurrency. Create your own Ads or use
Ads of the other users contained in the Service to proceed the new Trades (hereinafter referred to as
the “Trades” or “Deals” or “Transactions”).

The Advertisements shall contain all terms and conditions of Trades, including, but not limited, User’s
account details at the Chatex platform, total price with all fees and commissions of the Service, all
additional fees and commissions, full valid payment details, etc.

Users are responsible for the correctness of the information contained in their Advertisements, and
responsible for the fraudulent actions in connection with fake and false information in the

User shall place its cryptocurrency Advertisements to the relevant payment category.

If the Seller would like to initiate Deal, full amount of the traded cryptocurrency shall be transferred
to the client’s account with Chatex platform and shall be blocked there during the whole trade process
finalizing until the Seller has confirmed the receipt of payment in full.

Seller and Buyer shall provide all the required ID documents, proofs of payments and other additional
documents upon request by Chatex at any step of Deal. The not providing of the requested documents is a
violation of the Terms so Chatex may cancel the Deal at it sole decision.

Buyer shall provide proof of payment in three (3) hours from request of Chatex support staff. If Buyer
does not provide the proof of payment, or the proof of payment is unreadable, or cannot be acceptable by
any adequate reason, or Chatex have a reason to believe a Buyer may be engaging in fraudulent activity,
then Chatex have the right to block, remove all or part of Your Advertisements, and We may provide the
Buyer’s information to the Seller for the purposes of recovering the funds and/or preventing or
investigating fraudulent activity. In addition, Chatex reserve the right to provide data, documents and
information of fraudulent party to enforcement agencies. If User tries to execute Deals without escrow
or without the proof of payment, then we may deactivate Your Account.

Online Advertisements

Online Advertisements are advertisements in the categories “Buy cryptocurrency” and “Sell cryptocurrency”
or any other advertisement where the payment method is any other than cash or the advertisement type is
instant buy or instant sell.

Trade Disputes

Chatex support staff shall check the all terms of the Advertisement and full information in it, check
proof of payments, Users’ portfolio data, their chat conversations, their ratings, etc.

In case if Seller or Buyer disagree with any action of each other or disagree with any conformation
document, then Chatex support staff may resolve such Trade disputes by their discretion.

If Seller or Buyer provided the payment details not in Chatex, then Chatex support staff may resolve the
dispute without taking the payment details into consideration.

Suspension and Termination

We use automated fraud and risk modeling when assessing the risk associated with Your Account, Your
Advertisements and Your trades. If this modeling shows that your Account pose a fraud risk, or a high
risk to Chatex and/or our customers, we will consider you in breach of this Agreement (Terms of Use) and
may temporarily limit Your Account pending our manual review and/or additional identity verification
measures required from You.

Furthermore, we have the right to, at our sole discretion, suspend, limit or terminate the use of Your
Account and/or suspend the use of, hide or remove any advertisements or other material you have
submitted to the services with sole decision and without explanation or if (but not limited to):

  1. We have reason to believe that you have acted in violation of this Agreement (Terms of Use) or that
    any content or material submitted or shared by You in or through the Services violates this
    Agreement (Terms of Use) or the intellectual property rights, other property rights or the right to
    privacy of any third party;
  2. We have reason to believe that your using of the Services is in violation of any applicable law or
    regulation, or that You are using the Services in a fraudulent manner or otherwise contrary to the
    purpose of this Agreement (Terms of Use);
  3. We have reason to believe that you have supplied false, misleading or deceptive information in
    connection with Your registration, identity verification, transactions or any other use of the
    Services, either to us or to another user;
  4. You have not responded to our inquiries or supplied the information requested by us within a
    reasonable period of time; or
  5. We are required to do so under any applicable law, regulation or an order issued by an authority.

Our above right includes the right to limit access to Your Account balance for up to 180 days, or even
longer if pursuant to a court order or other legal process or obligation, or if You have not completed
the additional identity verification measures we have requested from You, or if we have reason to
believe that you do not have the right to access or control the Account or the cryptocurrency funds on
that Account.

If We determine that you have at any previous point in time violated this Agreement (Terms of Use) or
any other agreement that you have entered into with IZIBITS OÜ, we will immediately close, suspend or
limit Your Account and cryptocurrency balance.

Although We reserve the right to terminate your use of the Services immediately and without any
information from You in any of the above circumstances, we wish to deal with such situations in a fair
and proportionate manner. Depending on our legal and contractual obligations, the urgency of the issue
and the way We decide to balance the interests requiring protection, we will usually strive to inform
and hear You before We take actions based on our abovementioned rights under this Section, particularly
if it involves the permanent termination of Your Account and/or any content or materials associated with
it. By using the Services, however, you agree and acknowledge that this is not always possible and that
we are not in any circumstance liable for any damage, losses, expenses or harm resulting from the use of
our rights under this Section.

Fees and Pricing

The Services are provided to You against fees determined on a per transaction and/or per advertisement in
accordance with the prices and pricing principles set out on Chatex platform at the time of relevant
transaction, creation of advertisement or the fulfillment of any other fee basis. Such fees may include
e.g. percentage-based fees for incoming and outgoing transactions or advertisements created and they may
be deducted from your Chatex wallet balance or deposit. In addition, the fees may include
percentage-based fees for merchant invoicing services deducted from the paid invoice amount you decide
to order from us.

Service charge fee from the Ad Owner after completed transaction. Current fee can be found under the
Information section inside the platform.

Account fees

Transactions are sent to network with a timeout. Real network fee and time to first confirmation depends
on current network status and settings of cryptocurrency wallet that we set by our discretion.

Referral payments

If you invite new user via your personal link and he is locked as your “referral”, you will get dividends
from his exchange activity. We pay dividends after service fee will be charged, and if this user was the
one who respond to the existing advertisement created by another user. We do not pay dividends from
wallet and withdraw fees!

Current percentage can be found under the Information section inside the platform.

System Abuse

You expressly agree and obligate not to:

  1. Use the Services in a manner which may cause the Services to be interrupted, damaged, rendered less
    efficient or such that the effectiveness or functionality of the Services is in any way impaired;
  2. Use the Services or the platform Chatex (or any part of them) for any illegal purpose;
  3. Misrepresent your identity or credentials, or use those of another person, in engaging with us or
    any other persons on the platform or via the Services;
  4. Attempt any unauthorized access to any part or component of the Services, bypass or break any
    security mechanism of the Services or use the Services in any other manner that poses a security
    risk to us or any of our users;
  5. Use the Services to engage in or in connection with fraudulent activity;
  6. Use the Services to harvest or otherwise collect information about others;
  7. Launch or facilitate, whether internationally or uninternationally, a denial of Service attack on
    the Services or engage in any other conduct that adversely impacts the availability, reliability, or
    stability of the Services;
  8. Reverse-engineer the Services to find limitations or vulnerabilities;
  9. Alter or modify any part of the Chatex platform or the Services;
  10. Send, create or reply to so called mailbombs (i.e., emailing copies of a single message to many
    users, or sending large or multiple files or messages to a single user with malicious intent) or
    engage in spamming (i.e., unsolicited emailing or messaging for business or other purposes) or
    undertake any other activity which may adversely affect the operation or enjoyment of Chatex
    platform by any other person;
  11. Reproduce, sell, resell or otherwise exploit any resource, or access to any resource, contained on
    the Chatex platform.

PIN-code and other Security

User shall use his PIN-code of the Chatex platform for the individual use only and could not be sent,
disclosed or transferred to any other person. User shall contain the PIN-code in the safe and secure
place, and shall be responsible for the security of the PIN-code by his own. Chatex reserves the right
to monitor the security of Your PIN-code and may require to make the password more safety or suspend
your account until You change the PIN-code. You shall not use PIN-code guessing programs, cracking tools
or network probing tools.

IZIBITS OÜ is entitled to provide any of your details to other state authorities, upon request, in order
to prevent fraud and help them to resolve investigations.

Personal data

We may process your personal information as long as it is necessary for operations to comply with
applicable laws and in order to prevent fraud.


IZIBITS OÜ reserves the right to investigate suspected violations of this Agreement (Terms of Use),
including without limitation any violation arising from any submission, posting or messaging via
platform. IZIBITS OÜ may seek to gather information from the user who is suspected of violating this
Agreement (Terms of Use), and from any other user. IZIBITS OÜ may suspend any users whose conduct or
postings are under investigation and may remove such material from its servers as it deems appropriate
and without notice. If we believe, that a violation of this Agreement (Terms of Use) has occurred, we
may edit or modify any submission, posting or messages, remove the material permanently, cancel
postings, warn users, suspend users and passwords, terminate accounts or take other corrective action it
deems appropriate. IZIBITS OÜ will fully co-operate with any law enforcement authorities or court order
requesting or directing IZIBITS OÜ to disclose the identity of anyone posting any messages, or
publishing or otherwise making available any materials that are believed to violate this Agreement
(Terms of Use).


The materials, information and opinions included and/or expressed in or on the messages, feedbacks,
advertisements on Chatex platform are not necessarily those of IZIBITS OÜ or its affiliated and related
entities or content providers. IZIBITS OÜ is not responsible for monitoring or reviewing the messages,
feedbacks or advertisements and the content of the messages, feedbacks or advertisements is not the
responsibility of IZIBITS OÜ. We may remove or modify any content without notice or liability at any
time in sole discretion. Any use of the messages, feedbacks, advertisements or any other content on
Chatex platform will be at your own risk and will be subject to the disclaimers and limitations on
liability set out above.

Posted materials

User of the Service shall act responsibly when using Chatex platform. You expressly confirm that the
third party claims to IZIBITS OÜ on the material that you have contributed to the Chatex platform is
unlawful, and You solely bear responsible for the publicly posted or otherwise transmitted to or through
Chatex platform materials.

You shall not post any unlawful content, including, but not limited, the content that:

  1. violates any applicable laws;
  2. advertises any commercial endeavor;
  3. threatening or offensive;
  4. invades privacy, infringes any intellectual property rights;
  5. is obscene, racist, abusive, pornographic, harassing, etc.

Also you have no right to remove any sponsorship materials on the Chatex platform.

Third-Party Sites

Chatex platform may contain links to other resources. IZIBITS OÜ is not responsible for the privacy
practices of such resources. This privacy statement applies solely to information collected by IZIBITS

Chatex platform may link you to other services, sites, chatbots and other resources (hereinafter referred
to as “Resources”) on the Internet. These resources may contain information or material that some people
may find inappropriate or offensive. These other resources are not under the control of IZIBITS OÜ, and
you acknowledge that (whether or not such resources are affiliated in any way with Izibits) IZIBITS OÜ
is not responsible for the correctness and legitimacy of the content of such resources.

Online Payment Methods

IZIBITS OÜ or Chatex are not associated with any of the trademarks which might appear visible in the
Online Payment method lists or advertisement details. Including, but not limited to Alipay, AstroPay,
BPAY, CashU, Chase Quickpay, Dwolla, Easypaisa, EgoPay, Amazon Gift Card Code, Apple Store Gift Card
Code, Ebay Gift Card Code, iTunes Gift Card Code, Starbucks Gift Card Code, Steam Gift Card Code,
Walmart Gift Card Code, Google Wallet, Hal-cash, hyperWALLET, Interac e-transfer, MobilePay FI,
MobilePay, MobilePay NO, Moneybookers / Skrill, Moneygram, MoneyPak, M-PESA Kenya (Safaricom), M-PESA
Tanzania (Vodacom), Neteller, NetSpend Reload Pack, OKPay, Paxum, Payeer, Paym, Paypal, PayPal My Cash,
PaySafeCard, Payza, Perfect Money, Pingit, PYC, PostePay, QIWI, Reloadit, RIA Money Transfer,
Serve2Serve, SolidTrustPay, Square Cash, Superflash, Swish, Tigo-Pesa Tanzania, Transferwise, Ukash,
Vanilla, Venmo, Vipps, Walmart 2 Walmart, WebMoney, Western Union, Xoom, Yandex Money, or any other
payment method. Chatex does not itself support these payment methods, or claim to be in partnership with
them. Also, services provided by IZIBITS OÜ and Chatex are not authorized, approved, endorsed or
sponsored by any of the payment methods listed above or their respective trademark owners. Payment
method listings are visible on Chatex platform for informative purposes only. Trademarks, which might
appear visible on Chatex platform, belong to the respective trademark owners alone.

Disclaimer of Warranties

The Company notifies all Users and Stakeholders that the Service is in Beta stage for the purpose of
research and development and is only provided to you with the aim of launching experimental content; to
gauge how it works; find out how to make our Service better and more comfortable for Users; and to
receive feedback from users regarding the website and Service.

In connection with the above-mentioned information, the Service may have a number of functional
limitations, and significant changes may be made to the Service operations. When beginning to use the
Service, the User expressly agrees to an “AS IS” and “as available” basis, without warranties of any
kind, either express or implied, including, but not limited to, implied warranties of merchantability,
fitness for a particular purpose or non-infringement. You acknowledge that we have no control over, and
no duty to take any action regarding: which users gain access to or use the Service; what effects the
Content may have on you; how you may interpret or use the Content; or what actions you may take as a
result of having been exposed to the Content.

You release us from all liability for you acquiring or not acquiring Content through the Service. We make
no representations concerning any Content contained in or accessed through the Service, and we will not
be responsible or liable for the accuracy, copyright compliance, legality or decency of material
contained in or accessed through the Service.

By utilizing the Service or interacting with the Content or platform in any way, you represent that you
understand the inherent risks associated with cryptographic systems; and warrant that you have an
understanding of the usage and intricacies of public/private key cryptography, native cryptographic
tokens, like Bitcoin (BTC), Ether (ETH), smart contract-based tokens such as those that follow the
Ethereum Token Standard, and blockchain-based software systems.

You acknowledge that information you store or transfer through our services may become irretrievably lost
or corrupted or temporarily unavailable due to a variety of causes, including software failures,
protocol changes by third party providers, internet outages, force majeure event or other disasters,
scheduled or unscheduled maintenance, or other causes either within or outside our control. You are
solely responsible for backing up and maintaining duplicate copies of any information you store or
transfer through our Services.

After you begin using the Service you can send feedback to the Company regarding how the Service works,
or feedback, suggestions of Service development, or any analytical information. At the same time, the
Company notifies all Users and Stakeholders that such information as well as User’s feedbacks are
voluntarily and without any payment from the Company.

Your participation, via providing feedback or information, does not mean that the Company is entered into
testing, employment, or any other type of reimbursable agreement with you, and it does not mean that it
would have any consequences.

Users and Stakeholders shall take into account that the provided feedbacks and information are accessible
to employees and partners of the Company, and may become available to other Users and Stakeholders, or
may be published by the Company, or may be otherwise disclosed. In connection with the above-mentioned
we recommend you follow the ethical principles of communication, as well as requirements to the content
of public or non-public messages. Users and Stakeholders solely control their personal data,
confidential information, or information that is not subject to disclosure. Users are solely responsible
for content of their feedbacks, or possible disclosure of feedbacks, or suggestions to the development
of the Service or analytical information.


IZIBITS OÜ is not responsible for any loss of Users’ or third party’s, including information in the
Content of the Service about the Users and third parties, or any loss of profit, that may arise as a
result of any events that are not under the control of the platform, including, but not limited to the
results of natural or man-made events (earthquakes, fires, floods, hurricanes, other emergencies, wars
and conflicts, blockades, sanctions, political and economic restrictions, strikes, changes in
legislation, man-made disasters), or the result of actions of third parties, including changes to
service providers, software and equipment.

Governing Law and Severability

If any provision of this Terms is held invalid or unenforceable by a court of competent jurisdiction, the
remaining provisions of the Agreement will remain in full force and effect, and the provision affected
will be construed so as to be enforceable to the maximum extent permissible by law.

The Services are controlled and offered by Us from Estonia. User expressly confirms and agree that the
Terms shall be governed in all respects by the laws of Estonia, without regard to their choice-of-law
provisions, and excluding the application of the 1980 U.N. Convention on Contracts for the International
Sale of Goods. User agree that all disputes, claims and proceedings arising out of or relating to the
services shall be resolved by the competent courts of Estonia. However, we shall always have the right
to take legal proceedings in the court of competent jurisdiction of your domicile. All claims shall be
brought within one (1) year after the claim arises.

How to Contact Us

This Chatex platform is owned and operated by IZIBITS OÜ, an Estonian limited liability company. You can
contact us at any time. Please send us any questions, requests, general correspondence, or notices under
or in connection with this Agreement (Terms of Use), by contacting our support staff. Particularly in
the case of sending any notices under this Agreement (Terms of Use), please ensure that you have
received an acknowledgement from us, which we will aim to send to you within 5 working days of our
receipt and should be retained by you.

By using the services, you agree that any notice, disclosure, agreement or other communication that we
deliver to you electronically via built-in support chat or to the e-mail address you have defined in
your account settings will satisfy any legal communication requirements, including that such
communications be in writing.

Intellectual Property Rights

All Trademarks, Software and other copyrights provided on the platform are the property of the IZIBITS OÜ
and protected by trademark and copyright laws. Nothing in the Terms or other documents gives anyone more
rights than provided in the Terms. You are permitted to use this platform and our services only as
expressly authorized by us.