General Terms and Conditions

Article 1. Definitions

In these general terms and conditions the following terms shall have the following meanings:

  1. General Data Protection Regulation (GDPR): The new European privacy legislation (effective from 01-01-2019) replacing the Personal Data Protection Act.
  2. MLD5: The fifth anti-money laundering directive, implemented on May 21, 2020, in the Prevention of Money Laundering and Terrorist Financing Act (Wwft).
  3. Byecoin App: The mobile app required for registration to execute transactions.
  4. Byecoin: The counterparty in the transaction with the buyer or seller and user of these general terms and conditions under Article 6:231(b) BW (Dutch Civil Code).
  5. Financial Intelligence Unit (FIU): The governmental agency to which all parties must report unusual transactions or suspected money laundering or terrorist financing.
  6. Verified Account: An online account where the holder has successfully completed the KYC process.
  7. Know Your Customer (KYC/CDD): Customer due diligence process (in accordance with AMLD5) to verify the buyer/client’s identity.
  8. Purchase Transaction: Agreement where the buyer purchases virtual currency from Byecoin for a predetermined euro amount, with the price based on the purchased amount and the currency value (exchange rate) at that moment.
  9. Buyer: A natural person purchasing virtual currency from Byecoin, entering into a transaction as per Article 6:231(c) BW.
  10. MiCAR: Markets in Crypto Assets Regulation, European legislation that will regulate crypto trading starting January 1, 2025. The supervising authority is the AFM.
  11. Recovery Phrase: A series of 12 words that allows a wallet to be recovered, for example, if the client loses access to the wallet.
  12. Written: In these terms, “written” also includes communication via email, fax, or digital methods (such as through an online interface), provided that the sender’s identity and the content’s integrity are reasonably assured.
  13. Sw: Sanctions Act of 1977.
  14. Transaction: The digital transfer of virtual currency from one wallet to another.
  15. Sales Transaction: An agreement where the buyer sells virtual currency to Byecoin in exchange for a certain amount in euros, depending on the amount of virtual currency sold and its value (exchange rate) at that time.
  16. Seller: The natural person who sells virtual currency to Byecoin and enters into a transaction with Byecoin, acting as the counterparty under Article 6:231(c) of the Dutch Civil Code.
  17. Virtual Currency Address: A long string of letters and numbers that can be used as a receiving address for virtual currency.
  18. Virtual Currency Refund Address: The virtual currency address provided by the counterparty as the address where virtual currency can be sent in the event of a refusal, malfunction, error, or rejection.
  19. Virtual Currency: A virtual payment method that can be stored on a computer or mobile device in a wallet format or managed by a third-party wallet service.
  20. Wallet: A digital system (file) in which virtual currency can be stored, displaying the personal balance in virtual currency, and processing payment and receipt transactions.
  21. Counterparty: Any party with whom Byecoin enters into a transaction, including both the buyer and the seller.
  22. Wwft: The Act on the Prevention of Money Laundering and Terrorist Financing.

Article 2. Applicability

  1. These terms and conditions apply to all offers and transactions involving Byecoin, unless expressly agreed otherwise in writing.
  2. All offers from Byecoin on its website or otherwise are non-binding. Any purchase or other terms of the counterparty do not apply unless expressly accepted in writing by Byecoin.
  3. These terms also apply to all transactions with Byecoin that are fully or partially executed by third parties. These third parties may invoke these terms and any limitations on liability against the counterparty.
  4. Byecoin reserves the right to amend these terms and conditions. The latest version of the terms, as they were at the time of the transaction, will apply.
  5. Byecoin is authorized to take any necessary measures to comply with AMLD5.
  6. Byecoin complies with MiCAR regulations, organizing its operations and compliance in line with these requirements.

Article 3. Environmental Impact of Crypto Assets

  1. Information on Bitcoin and Ethereum
    Bitcoin and Ethereum are popular digital currencies based on blockchain technology and utilize a consensus mechanism for creating and validating new units. While these technologies are innovative, they are associated with substantial energy consumption and environmental impact.
  2. Consensus Mechanism and Environmental Impact
    The consensus mechanism used by Bitcoin and Ethereum is called Proof of Work (PoW). This mechanism requires participants (known as miners) to perform complex calculations to validate transactions and create new coins. Performing these calculations demands significant computational power and therefore, energy. Here are some negative effects of this mechanism:

    • High Energy Consumption: The computational power needed for PoW mining consumes a substantial amount of electricity, comparable to the energy consumption of some medium-sized countries. This high energy consumption increases demand for electricity, often contributing to CO₂ emissions and fossil fuel usage, depending on a country’s energy sources.
    • Greenhouse Gas Emissions: Due to the demand for electricity from non-renewable sources, PoW systems contribute to greenhouse gas emissions, such as carbon dioxide. This accelerates climate change and negatively impacts air quality and biodiversity.
    • Electronic Waste (E-waste): Mining equipment, such as ASIC (Application-Specific Integrated Circuit) machines, has a limited lifespan due to the rapid development of more efficient technologies. This equipment is often replaced and discarded, leading to electronic waste containing harmful substances that are challenging to recycle.
  3. Alternative Mechanisms and Initiatives
    Ethereum is transitioning to an alternative method known as Proof of Stake (PoS), which is expected to consume significantly less energy, thus reducing environmental impact. We encourage users to stay informed of these developments and consider the potential environmental effects when making their choices.
  4. Your Informed Choice
    By investing in and using Bitcoin, Ethereum, or similar crypto assets, you acknowledge that these technologies, in their current form, may impact the environment. We encourage all users to consider the long-term consequences of their investments and use digital currency responsibly.

Article 4. Offer

  1. All Byecoin offers are revocable and non-binding unless indicated otherwise in writing.
  2. The offer is based on the information provided by the counterparty, which Byecoin may rely on for accuracy and completeness.
  3. Obvious errors or typos in Byecoin’s offer do not bind Byecoin.

Article 5. Buying Virtual Currency from Byecoin

  1. Buyers may be screened before transactions depending on the origin of funds and purchase amount, and more information may be requested from the potential buyer.
  2. A transaction in which the buyer purchases virtual currency from Byecoin is only concluded when the buyer has successfully completed and finalized all steps of the online purchasing process.
  3. The counterparty acknowledges awareness of the high volatility of virtual currency values, and Byecoin provides no guarantees regarding the currency’s value at any time.
  4. Upon entering a purchase transaction, the buyer agrees to the value determined by Byecoin at that time.
  5. The minimum purchase amount for Bitcoin is €50, and for Ethereum, it is also €50.

Article 6. Payment

  1. Payment by the buyer to Byecoin via ATM is made with cash in euros and denominations of €5, €10, €20, €50, €100, €200, and €500 bills.
  2. No refund is available once virtual currency is purchased.
  3. The limit per 4 weeks and per transaction is €2,500.
  4. The iDeal limit is €2,500 per transaction per day, with a maximum of €10,000 per 4 weeks.

Article 7. Delivery of Virtual Currency by Byecoin

  1. The buyer can only purchase virtual currency using a virtual currency address generated by the wallet in the Byecoin App. A virtual currency address is linked to the buyer and is non-transferable.
  2. Delivery of virtual currency takes place once the purchase transaction is completed successfully and the buyer has paid the required amount.
  3. Delivery of virtual currency is done by offering a virtual currency transaction to the virtual currency address generated by the Byecoin App. Byecoin assures the buyer of a successful transaction. Byecoin immediately sends each transaction after completing the purchase transaction to the respective virtual currency network. However, Byecoin has no influence on the transaction speed or processing. Buyers should be aware that processing may take up to 24 hours.
  4. In rare cases, processing times may take longer than expected, possibly due to wallet updates or blockchain delays.
  5. Byecoin is not responsible for the speed of a crypto transaction on the blockchain. Transaction fees can fluctuate, potentially causing transaction delays. This is inherent to blockchain technology.
  6. Byecoin reserves the right to cancel an order for virtual currency if the attached price appears incorrect, reasonable, or realistic. This may occur, for example, due to malfunctions or bugs affecting exchange rates.

Article 8. Selling Virtual Currency to Byecoin

  1. Byecoin will not repurchase virtual currency in any situation.

Article 9. Cancellation

  1. Byecoin reserves the right to reject or cancel a virtual currency purchase without explanation.
  2. Byecoin reserves the right to block an account at any time without explanation

Article 10. Fraud and Suspicious Transactions

  1. If fraud or other criminal activity is suspected, Byecoin reserves the right to suspend the relevant transaction(s) until the transaction’s legitimacy is verified.
  2. If legitimacy cannot be verified, Byecoin will mark the transaction as suspicious and report it to the FIU in compliance with current laws and regulations.

Article 11. Client Screening

  1. To perform a transaction with Byecoin, the client must complete the KYC (Know Your Customer) process during the first use of the Byecoin App.
  2. Only clients aged 18 or older may use our service.

Article 12. Privacy

  1. Byecoin has the right to publicly mention information and data related to its transactions, including on its website. This information and data are accessible via the blockchain, which Byecoin does not control. Account data will never be shared with third parties in compliance with the GDPR.
  2. Byecoin ensures that the counterparty’s account data is stored securely to prevent unauthorized use and will take necessary security measures as reasonably expected based on the state of technology.
  3. Byecoin may be required to provide transaction data, wallet data, and personal data to the FIU under the Wwft or the Sw. Byecoin will always assess such requests against the GDPR before transferring data.

Article 13. Liability

  1. Byecoin is liable only for deficiencies in transaction execution due to negligence and lack of expertise in performing the transaction.
  2. If Byecoin is liable for damages, that liability is limited to the transaction amount or the value of the virtual currency at the time the damage occurred.
  3. Byecoin is not liable for damages of any kind resulting from Byecoin relying on incorrect or incomplete information provided by the counterparty.
  4. Under no circumstances can the counterparty claim compensation from Byecoin for income losses or indirect and consequential damages.
  5. Byecoin’s liability due to an attributable failure in fulfilling the agreement only arises if the counterparty promptly and adequately notifies Byecoin in writing, within three months of the transaction’s completion.
  6. When a wallet is created in the Byecoin app, the Byecoin app generates a personal cryptographic private and public key pair for use in receiving and sending virtual currency on the respective network. You MUST BACK UP YOUR RECOVERY PHRASE. Without this, you will lose access to your virtual currency should Byecoin terminate its services. Byecoin is not responsible for managing this information on the client’s behalf.
  7. Byecoin uses non-custodial wallets; thus, Byecoin does not store private keys or recovery phrases.
  8. The Byecoin wallet is exclusively provided by Byecoin and only supports certain virtual currencies. Do not attempt to store unsupported virtual currencies in your wallet.
  9. Byecoin cannot be held liable should the client lose their crypto in any manner.

Article 14. Electronic Communication

  1. During the assignment’s execution, the counterparty and Byecoin may communicate electronically. In addition to the provisions of Article 12, Byecoin is not liable for damages due to electronic communication use, including but not limited to damages from delivery failures, delays, interception or manipulation by third parties, or devices used for sending, receiving, or processing electronic communication unless due to Byecoin’s intent or gross negligence.

Article 15. Severability

  1. If one or more provisions of these terms prove null or void, the remaining provisions remain in force. For any nullified or voided provision(s), a valid provision will substitute, as closely as possible, the original’s content, scope, and effect.

Article 16. Governing Law

  1. Dutch law applies to all agreements, including those involving parties residing or based abroad or when executed partially abroad.

Article 17. Disputes and Interpretation of Terms

  1. All disputes between Byecoin and the counterparty arising from this agreement or resulting agreements will first undergo mediation before being settled by the competent court in ‘s Hertogenbosch, unless mandatory legislation states otherwise.
  2. All reasonable judicial and extrajudicial costs arising from the counterparty’s non-compliance with agreement obligations are borne by the counterparty.
  3. In the interpretation of these terms, the Dutch text takes precedence in case of any conflict with a translated version.

Contact Details:

Byelex Data Solutions N.V.
Helium 12
4751 XB Oud Gastel
The Netherlands

Phone: +31 165 33 22 47
Support: +31 165 33 22 47
Email: info@byecoin.com

Bank Details:
ABN Amro
IBAN: NL39ABNA0596113552
BIC: ABNANL2A

K.v.K 63036509
VAT Number NL8550.66.003.B01
Relationnumber DNB: R179448

General terms and conditions © 2021-2024 Byelex Data Solutions N.V.