Last updated 23 June 2020
By accessing or using the Service you agree to be bound by these Terms. If you disagree with any part of the terms then you may not access the Service.
Bit&Pay operates under the regulatory supervision of Organisme d’Autorégulation des Gérants de Patrimoine (OARG) (Member No.: 1179), a self-regulating body approved by the Swiss Financial Market Supervisory Authority (FINMA) for the supervision of the financial intermediaries referred to in article 2 para. 3 of the Swiss Federal Law on combating money laundering and terrorism financing in the financial sector (AMLA). As Bit&Pay is not subject to direct FINMA supervision, regulatory issues should be addressed to OARG.
Bit&Pay is not a bank and, as such, is not part of a depositor protection scheme.
References to Bit&Pay are also references to its owners, directors, investors, employees.
Bit&Pay allows buyers ("Buyers") and sellers ("Sellers") to use its Payment Institution capabilities to buy and sell cryptocurrecies such as Bitcoins.
The Service operated by Bit&Pay allows all customers of the Service ("Members") to:
By registering for an Account, you expressly represent and warrant:
When you add funds to your account (otherwise known as the “top up” function) you are digitising your assets by purchasing a digital currency called “Quantum Coin”. When you add funds by wire transfer or credit card, an automated process routes the order to our service provider Bitnuk AG where the Quantum Coins are purchased. After purchase, your Quantum Coins are held in a secure wallet developed by Quantum Clearance and operated by Bitnuk, with the value is reflected in the “Assets” section of your account. You can use your Quantum Coin balance to top up your prepaid debit card, to purchase other cryptocurrencies, or to send money to other users and for all other functions available in the Platform. When you wish to withdraw your funds to your bank account, a sell order is automatically routed to Bitnuk where the Quantum Coins are sold and the proceeds sent to your bank via wire transfer. These functions are all carried out in an automated, seamless and virtually instantaneous process.
Unlike most currencies that are backed by governments, other legal entities, or commodities such as gold or silver, Quantum Coins are a unique type of digital currency, backed by technology and trust. There is no central bank that can issue more currency or take corrective measures to protect the value of Quantum Coin in a crisis. Moreover, there is no guarantee that Bitnuk or any other cryptocurrency liquidity provider will purchase your Quantum Coins when you wish to sell them, or that they will maintain their value in relation to any fiat currency.
Conversely, when you wish to withdraw from your Assets section to your external bank account, or to your internal IBAN or prepaid debit card, etc., an automated process routes the order to Bitnuk, where the Quantum Coins are sold.
See “Risk Warning” below, with more information on the trading of cryptocurrencies like Quantum Coin.
The trading of goods and products, real or virtual, as well as virtual currencies involves a significant risk. Prices can and do fluctuate on any given day. Such price fluctuations may increase or decrease the value of your assets at any given moment. Any currency, virtual or not, may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling, or trading anything on a market.
Trading cryptocurrencies also has special risks not generally shared with official currencies, goods, or commodities in a market. Unlike most currencies that are backed by governments, other legal entities, or commodities such as gold or silver, cryptocurrencies are a unique type of Internet digital currency, backed by technology and trust. There is no central bank that can issue more currency or take corrective measures to protect the value of cryptocurrencies in a crisis.
Instead, cryptocurrecies are an as-yet autonomous and largely unregulated global system of firms and individuals. Traders put their trust in a digital, decentralised, and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity.
The trading of cryptocurrecies is often susceptible to irrational bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in cryptocurrecies because of unexpected changes imposed by software developers or others, a government crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems: if the anonymity of the system is compromised, if money is lost or stolen, or if hackers or governments are able to prevent any transactions from settling.
We use our banking providers in order to receive client funds and make payments. Our banking providers DO NOT transfer, exchange, or provide any services in connection with cryptocurrecies.
Unless otherwise specified, all Materials on this Site are the property of Bit&Pay and are protected by copyright, trademark, and other applicable laws. You may view, print, and/or download a copy of the Materials from this Site on any single computer solely for your personal, informational, and/or non-commercial use, provided you comply with all copyright and other proprietary notices.
The trademarks, service marks, and logos of Bit&Pay and others used in this Site ("Trademarks") are the property of Bit&Pay and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video, and audio used on this Site belongs to Bit&Pay. The Trademarks and Materials should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected, or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other Site or networked computer environment for any other purpose is strictly prohibited; any such unauthorised use may violate copyright, trademark, and other applicable laws, and could result in criminal or civil penalties.
The creation or use of Accounts without obtaining prior express permission from Bit&Pay will result in the immediate suspension of all said Accounts, as well as all pending purchase/sale offers. Any attempt to do so or to assist others (Members or otherwise), or the distribution of instructions, software, or tools for that purpose, will result in the Accounts of such Members being terminated. Termination is not the exclusive remedy for such a violation, and Bit&Pay may elect to take further action against you.
You are also responsible for maintaining the confidentiality of your Account information, including your password, and safeguarding your account and all activity including Transactions that are posted to your Account. Cryptocurrency transactions are irreversible once sent, so be sure to carefully confirm the receiving address before initiating a Bitcoin transaction. Any actions on the Site, transactions, orders and operations initiated from your Account or using your password (1) will be considered to have been made by you, and (2) is irrevocable once validated using your password or made through your Account. If there is suspicious activity related to your Account, we may, but are not obligated to, request additional information from you, including authenticating documents, and freeze any transactions pending our review. You are obligated to comply with these security requests or accept the termination of your Account. You are required to notify Bit&Pay immediately of any unauthorised use of your Account or password, or any other breach of security, by email to [email protected] The account of any Member who violates these rules may be terminated and the Member held liable for losses incurred by Bit&Pay or any user of the Site.
Lastly, you agree that you will not use the Service to perform criminal activity of any sort, including but not limited to money laundering, illegal gambling operations, terrorist financing, malicious hacking or any criminal or illegal activity.
The minimum allowable buy or sell is EUR 5.
Our fees charged are disclosed on a per transaction basis.
Upon termination, your right to use the Service will immediately cease. If you wish to terminate your account, you may simply discontinue using the Service.
All services are provided without warranty of any kind, either express or implied, and in particular without implied warranties of merchantability and fitness for a particular purpose. We do not guarantee that this Site will be available 100% of the time to meet your needs. We will strive to provide you with the Service as soon as possible, but there are no guarantees that access will not be interrupted or that there will be no delays, failures, errors, omissions, or loss of transmitted information.
We may provide certain parties with access to specific data and information through our API (Application Programming Interface) or widgets. We also may provide widgets for your use to enter our data on your Site. You are free to use these in their original unmodified and un-altered state.
Bit&Pay makes no representations whatsoever about any external or third-party website you may access through the Site. Occasionally, the Bit&Pay website may provide references or links to other websites ("External Websites"). We do not control these External Websites or third-party sites or any of the content contained therein. You agree that we are in no way responsible or liable for the External Websites referenced or linked from the Bit&Pay website, including but not limited to website content, policies, failures, promotions, products, opinions, advice, statements, prices, activities and advertisements, services, or actions, and/or any damages, losses, failures, or problems caused by, related to, or arising from those sites. You shall bear all risks associated with the use of such content.
The business model and Service of Bit&Pay is to facilitate, through its Payment Services license, the buying and selling of cryptocurrecies, precious metals trading, opening bank accounts and debit cards for users, and other services. Bit&Pay is an authorized member firm of Organisme d’Autorégulation des Gérants de Patrimoine ("OARG") (Member No.: 1179), and as such is supervised by OARG in its capacity as an SRO officially recognized by the Swiss Financial Market Supervisory Authority (FINMA), with dual supervision pursuant to (1) independent asset management and; (2) the Anti-Money Laundering Act (AMLA). The rules of professional conduct of OARG regulate the content of the asset management agreement and how it must be implemented (asset manager's duty of trust, information and due diligence towards the customer and regulation of the asset manager's compensation), with due attention aid to the protection of investors. Regulatory issues regarding Bit&Pay should be addressed to OARG.
We may share your Personal Data with law enforcement, data protection authorities, government officials, and other authorities when:
If we hold cash or crytocurrency, and we are unable to contact you and have no record of your use of the Bit&Pay Services for several years, applicable law may require us to report the cash or crytocurrency as unclaimed property to the authorities in certain jurisdictions. We will try to locate you at the address shown in our records, but if we are unable to, we may be required to deliver any such cash or crytocurrency to the authorities in certain jurisdictions as unclaimed property. We reserve the right to deduct a dormancy fee or other administrative charges from such unclaimed funds, as permitted by applicable law.
Subject to the foregoing, Bit&Pay’s aggregate liability for claims based on events arising from or in connection with any single Member's use of the Site and/or Service, whether in contract or tort (including negligence) or otherwise, shall in no circumstances exceed the greater of either (a) the total amount held on Account for the Member making a claim less any amount of Commission that may be due and payable in respect of such Account; or (b) 100% of the amount of the Transaction(s) that are the subject of the claim less any amount of Commission that may be due and payable in respect of such Transaction(s).
Your use of the Service is at your sole risk. The Service is provided on an "AS IS" and "AS AVAILABLE" basis. The Service is provided without warranties of any kind, whether express or implied, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, non-infringement or course of performance.
Bit&Pay its subsidiaries, affiliates, and its licensors do not warrant that a) the Service will function uninterrupted, secure or available at any particular time or location; b) any errors or defects will be corrected; c) the Service is free of viruses or other harmful components; or d) the results of using the Service will meet your requirements.
Bitcoins. The Peer-to-Peer Internet digital currency further described at Bitcoin.org.
Cryptocurrecies. All digital currencies, including but not limited to Bitcoin.
Buyer(s). Member(s) that are submitting an offer to buy cryptocurrency through the Service.
Commission or Fee. Refers to the fee which is payable to Bit&Pay on each Transaction, such as a buy or sell of cryptocurrency. You can review our Fees on our Fees page.
Member(s). Refers to Buyers and Sellers as well as any holder of an Account.
Personal Data. Information that identifies an individual, such as name, address, e-mail address, trading information, and banking details. “Personal Data” does not include anonymised and/or aggregated data that does not identify a specific user.
Price. The "price per coin" for which Members are willing to purchase or sell cryptocurrecies, using the Service in a purchase or sell transaction. The Price may be expressed in any of the currencies deposited by Members in their Account and supported by the Service. See our Site for a full list of currencies.
Bit&Pay may not offer currencies other than Euros at this time.
Seller(s). Member(s) that submit an offer to sell cryptocurrecies through the Service.
Service(s). The technological platform, functional rules, and market managed by Bit&Pay. to permit Sellers and Buyers to purchase and sell cryptocurrecies.
Transaction. Includes the following:
Bit&Pay may not offer all these transaction types at this time.
Transaction Price. The total price paid by the Buyer for each Transaction performed through the Service.
By continuing to access or use our Service after those revisions become effective, you agree to be bound by the revised terms. If you do not agree to the new terms, please stop using the Service.
Unencrypted email messages sent over the Internet are not secure and Bit&Pay is not responsible for any damages incurred as a result of sending email messages in this way. We suggest existing Members always log in to the Bit&Pay site and use the internal support messaging system by clicking “Support” in the footer menu or, for non Members, always send email in encrypted formats. You are welcome to send PGP encrypted emails to us. The instructions and keys to do so are available upon request. Please never send us or anyone else your password by email.
If you send unencrypted or unsecured email or other types of communications to us, we may respond using the same channels and you hereby accept the risks associated therewith.
Bit&Pay will never contact you from an email account that does not end with @bitandpay.com. If anyone, including a person that you know to be associated with Bit&Pay ever contacts you via email with an address that does not end with @bitandpay.com, please notify our compliance department at [email protected] immediately.