Terms of Use
Last Revised: 14th October, 2024
These Terms of Use (the “Terms”) govern your (“User” “you” “your”) access to and use of the services provided by betBTC (the “Platform”), including all associated websites, applications, tools, and any related services. These Terms also cover your interactions with blockchain-based smart contracts facilitated by the Platform.
1. ACCEPTANCE OF AGREEMENT
THESE TERMS OF USE SET FORTH THE LEGALLY BINDING TERMS AND CONDITIONS THAT GOVERN YOUR USE OF THE SERVICES AND PLATFORM PROVIDED BY betBTC. BY ACCESSING OR USING THE PLATFORM, YOU AGREE TO BE BOUND BY THESE TERMS, ALONG WITH THE PRIVACY POLICY AND ALL THE TERMS INCORPORATED HEREIN BY REFERENCE. BY AGREEING TO THESE TERMS, YOU CONFIRM THAT YOU ARE AT LEAST 18 YEARS OF AGE. IF YOU DO NOT AGREE TO THESE TERMS, YOU MAY NOT ACCESS OR USE THE PLATFORM OR ANY SERVICES OFFERED BY betBTC.
Note: These Terms contain provisions that require arbitration on an individual basis to resolve disputes, rather than jury trials or class actions (See Section 11.4).
2. AMENDMENTS
betBTC reserves the right to amend these Terms or the accompanying Privacy Policy at any time. Amendments will be posted on the Platform, and it is your responsibility to review these Terms periodically for updates. Your continued use of the Platform after any updates are posted constitutes your acceptance of the amended Terms.
3. DEFINITIONS AND INTERPRETATION
3.1 Defined Terms:
Affiliate: A party that directly or indirectly controls, is controlled by, or is under common control with betBTC.
Applicable Law: All relevant federal, state, and local laws governing the use of the Platform.
Business Day: Any day except weekends and public holidays.
Wallet: Any supported cryptocurrency wallet that allows you to hold, purchase, and manage tokens, facilitating transactions on supported blockchains (such as the Internet Computer Protocol (ICP), Bitcoin, and Ethereum).
3.2 Interpretation: Singular terms include plural meanings and vice versa. All references to “including” shall mean “including but not limited to.” Section headings are provided for convenience only and will not affect the interpretation of these Terms.
4. THE SERVICE
4.1 Purpose of the Services: betBTC is a platform that allows users to participate in prediction markets, buy and sell tokens, and interact with blockchain-based smart contracts. The information presented on the Platform is for educational purposes and does not constitute financial advice.
4.2 Use of the Services: The Platform grants you a limited, non-exclusive, revocable license to access and use the Platform and services for personal purposes only. You agree to comply with all Applicable Laws while using the Platform.
4.3 User Account Responsibility: You are responsible for maintaining the security of your account, including your login credentials and Wallet access. You agree to notify betBTC immediately of any unauthorized use of your account. betBTC is not liable for any loss you may incur due to unauthorized use.
4.4 Blockchain Transactions: All transactions conducted on the Platform are recorded on the public ICP blockchain. These transactions are irreversible, and your public blockchain address will be publicly visible. betBTC has no control over blockchain technology and is not responsible for any errors, delays, or issues arising from the blockchain.
4.5 Gas Fees: Transactions involving cryptocurrencies on the Platform may incur gas fees. These fees are determined by the underlying blockchain and are not controlled by betBTC. You acknowledge that transactions will not be reversed due to dissatisfaction with gas fees.
4.6 API for Market Resolution: betBTC uses third-party APIs to resolve market outcomes. By placing a bet, you agree to the resolution determined by the API, which pulls data from official sources to confirm results. The accuracy of API-sourced data is beyond the control of betBTC, and users accept the final resolution as binding.
4.7 Transaction Confirmation: Transactions are only recognized once confirmed on the blockchain and a unique transaction hash has been generated. If your transaction fails to be stored on the blockchain, you are responsible for reviewing all steps and contacting support if issues persist.
5. PRIVACY AND RULES OF BETTING
5.1 Privacy Policy: Your use of the Platform is subject to betBTC's Privacy Policy, which explains how we collect, use, and share your personal information.
5.2 Betting Guidelines: By participating in betting activities on betBTC, you confirm your understanding of the general rules and methods of online betting.
Accuracy of Transactions: You are responsible for verifying the accuracy of all transaction information before confirming your bets.
Risk Acknowledgment: You acknowledge the risks of online betting, including potential financial loss. You agree that all bets placed through betBTC are at your own risk, and betBTC is not liable for any losses incurred.
Betting Timeframes: All betting activities and events are standardized to UTC time.
5.3 Acceptance of Terms for Betting: Placing a bet is an unconditional acceptance of all the applicable rules and terms of betBTC, including but not limited to those specified in this Agreement.
5.4 Postponed Events: Bets will not be refunded for postponed events unless the delay exceeds 48 hours. Special rules may apply to these cases.
5.5 Betting Minimums: The minimum stake for any bet on betBTC is one token, irrespective of the odds.
5.6 Limitation of Liability: To the maximum extent permitted by law, betBTC shall not be liable for any financial loss or damages arising from your use of the Platform, including lost profits or data.
6. THIRD-PARTY LINKS AND APPLICATIONS
6.1 Third-Party Sites: The Platform may contain links to third-party websites. betBTC is not responsible for the content, accuracy, or security of these external websites. Your use of third-party sites is at your own risk, and betBTC is not liable for any issues or damages that arise from using these third-party services.
6.2 Third-Party Applications and Integrations (Including Oracles): The Platform may allow integrations with third-party applications, including the use of Oracles within the Internet Computer Protocol (ICP). Oracles are external services used to fetch and supply real-world data to the platform for specific market resolutions. By using the platform, you acknowledge that Oracles provides critical data used to resolve certain markets and events (e.g., sports results, financial data, etc.). While betBTC uses trusted Oracles to ensure data accuracy, the platform does not control the content or availability of Oracle services.
7. INTELLECTUAL PROPERTY
7.1 Ownership: betBTC owns all legal rights to the Platform, including its software, design, trademarks, and content (collectively referred to as "Platform Assets"). You may not reproduce, distribute, or create derivative works from the Platform without explicit permission from betBTC.
7.2 Non-betBTC Intellectual Property: Trademarks and other intellectual property displayed on the Platform, which are owned by third parties, belong to their respective owners and may not be used without permission.
8. INDEMNIFICATION
You agree to indemnify, defend, and hold betBTC, its Affiliates, officers, directors, and employees harmless from any claims, damages, or expenses, including legal fees, arising out of your use of the Platform, violation of these Terms, or violation of Applicable Law.
9. USER RESPONSIBILITY AND RISKS
9.1 Cryptocurrency and Smart Contract Risks: You acknowledge that the use of cryptocurrencies and smart contracts involves significant risks, including but not limited to price volatility, regulatory uncertainty, and technical malfunctions. betBTC is not responsible for any losses arising from your participation in cryptocurrency transactions or the use of smart contracts on the Platform.
9.2 No Responsibility for Blockchain Errors: betBTC is not liable for any issues, including forks, technical errors, or losses, that arise from the use of ICP Blockchain.
9.3 Price Volatility: betBTC makes no guarantees about the value of any tokens on its Platform. You acknowledge that the prices of digital assets can fluctuate significantly, and any financial loss is solely your responsibility.
10. TERMINATION
10.1 Termination Rights: betBTC reserves the right to terminate or suspend your account and access to the Platform at any time, without notice, if you violate these Terms or engage in illegal activities. Upon termination, your rights to use the Platform cease immediately.
11. GENERAL TERMS
11.1 Changes to Terms: betBTC may update or revise these Terms from time to time. The updated Terms will be posted on the Platform, and it is your responsibility to review them periodically.
12.2 Waiver: The failure of betBTC to enforce any part of these Terms will not be considered a waiver of its rights.
11.3 Governing Law and Jurisdiction: These Terms are governed by the laws of India. Any disputes not subject to arbitration will be litigated in the courts of India.
11.4 Arbitration Agreement:
Notice Requirement: You must first notify betBTC of any disputes by sending a written notice. After 30 days, if the dispute is unresolved, either party may initiate arbitration.
Class Action Waiver: Disputes must be arbitrated on an individual basis, and class action lawsuits are not permitted.
Opt-Out Option: You may opt out of arbitration by sending written notice within 30 days of accepting these Terms.
11.5 Assignment: You may not assign your rights under these Terms without betBTC’s prior written consent. betBTC may assign its rights without restriction.
11.6 Entire Agreement: These Terms, along with the Privacy Policy, constitute the entire agreement between you and betBTC regarding the Platform.
12. ANTI-MONEY LAUNDERING (AML) REQUIREMENTS
12.1 Transaction Monitoring: betBTC actively monitors transactions for suspicious activity, including unusual large bets, frequent large withdrawals, or other indicators of potential money laundering. The platform reserves the right to report such activities to relevant authorities.
12.2 Cooperation with Law Enforcement: betBTC will cooperate with regulatory and law enforcement agencies as needed, particularly in investigations related to money laundering or terrorist financing.
13. RECORD KEEPING AND TRANSACTION MONITORING
13.1 Record Retention: betBTC retains transaction records for a minimum of 5 years to comply with legal and regulatory obligations. These records are maintained for audit and compliance purposes.
13.2 Transaction Logs: All user transactions, including deposits, withdrawals, and bets, will be logged and reviewed to ensure transparency and compliance with the platform’s AML policies.
14. RISK-BASED APPROACH TO USER MANAGEMENT
14.1 Risk Assessment: betBTC applies a risk-based approach to assess users based on transaction patterns, geographic location, and the level of engagement. Users flagged as high-risk will undergo enhanced transaction monitoring.
14.2 Account Suspension Policy: betBTC reserves the right to temporarily or permanently freeze user accounts if suspicious activity is detected. Users will be informed of the suspension and given instructions on how to proceed (e.g., submitting further documentation).
14.3 Forfeiture of Funds: If a user’s account is found to be involved in illegal activities (e.g., money laundering or fraud), betBTC reserves the right to freeze and potentially forfeit funds as part of legal and compliance obligations.
15. PENALTIES FOR NON-COMPLIANCE
15.1 Violation of Terms: Users engaging in fraudulent activities, including violating AML policies, will face penalties, including account suspension, permanent banning, and legal actions.
16. DATA SECURITY AND USER CONFIDENTIALITY
16.1 Data Encryption: All user data and transactions are secured using advanced encryption methods to prevent unauthorized access or data breaches.
16.2 Compliance with Data Protection Laws: betBTC complies with international data protection laws (e.g., GDPR), ensuring users can access and request the deletion of their personal data.
17. Country Restrictions and Prohibited Jurisdictions
17.1 Countries List: The following is a list of countries where crypto and digital assets are either prohibited or restricted and/or are subject to international sanctions. Users residing in or attempting to access the platform from the following countries are strictly prohibited. This list is subject to periodic review and updates based on global regulatory changes.:
Afghanistan
Albania
The Bahamas
Balkans
Barbados
Belarus
Bosnia & Herzegovina
Botswana
Burundi
Cambodia
Central African Republic
Cuba
Crimea region of Ukraine
Democratic People’s Republic of Korea (North Korea)
Donetsk People’s Republic
Democratic Republic of the Congo
Ethiopia
Ghana
Guatemala
Guinea-Bissau
Haiti
Hong Kong
Jamaica
Lebanon
Libya
Luhansk People’s Republic
Malaysia
Mali
Mauritius
Moldova
Montenegro
Myanmar
Nicaragua
Niger
Indonesia
Iran
Iraq
Pakistan
Panama
People’s Republic of China (including the Macau Special Administrative Region)
Republic of Armenia
Republic of Guinea
Republic of Rwanda
Republic of Serbia
Russia Federation
Somalia
South Sudan
Sudan
Syria
Thailand
Tunisia
Turkey
Uganda
United Republic of Tanzania
United States of America
Ukraine
Venezuela
Yemen
Zimbabwe
Contact Information
For any questions regarding these Terms, please contact betBTC at support@oranj.co.
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