General Terms and Conditions
Article 1. Definitions
Whenever capitalized in this agreement:
1. AMLD5: The fifth anti-money laundering directive 2018/843 has been implemented on 21 May 2020 in the Money Laundering and Terrorist Financing Prevention Act (Wwft).
2. Buyer(client): the natural person who purchases virtual currency from Byecoin and who enters into a transaction with Byecoin for this purpose and the other party to the agreement within the meaning of Article 6: 231 sub c of the Dutch Civil Code.
3. Byecoin App: the mobile Byecoin app on which one must register in order to be able to execute a transaction.
4. Byecoin: the other party to the transaction with the Buyer or Seller and user of these general terms and conditions within the meaning of article 6: 231 sub b BW.
5. Counterparty: any party with which Byecoin enters into a transaction, including in any case the buyer and seller.
6. Financial Intelligence Unit (FIU): is a government agency to which all reporting agents report unusual transactions or matters that they suspect are related to money laundering or terrorist financing.
7. General Data Protection Regulation (AVG): The AVG is the new European privacy legislation (effective on 01-01-2019) whereby the Personal Data Protection Act has lapsed.
8. In writing: “in writing” in these general terms and conditions also includes communication by e-mail, fax or digital (for example via an online interface), provided that the identity of the sender and the integrity of the content are sufficiently established.
9. Know Your Customer (KYC/CDD): is the process of performing due diligence (in accordance with AMLD5) to verify the identity of the buyer / client.
10. Purchase transaction: the agreement whereby the buyer buys virtual currency from Byecoin against payment to Byecoin of a predetermined amount in euros and the price of which – among other things – depends on the amount of virtual currency purchased and the value of the virtual currency (exchange rate) on that moment.
11. Recovery phrase: A series of 12 words that is needed to recover virtual currency wallet. E.g., if a client loses the wallet.
12. Sales transaction: the agreement whereby the buyer sells virtual currency to Byecoin against payment by Byecoin of a certain amount in euros and the price of which – among other things – depends on the amount of virtual currency sold and the value of the virtual currency (exchange rate) at that time.
13. Seller: the natural person who sells virtual currency to Byecoin and who enters into a transaction with Byecoin for this purpose and who is the other party to the agreement within the meaning of Article 6: 231 sub c BW.
14. Sw: Sanctiewet 1977
15. Transaction: the digital transfer of crypto currency from one wallet to another wallet.
16. Verified account: an online account where the account holder has successfully completed the KYC process.
17. Virtual Currency Address: Long string of letters and numbers that can be used as a Virtual Currency Receiving Address.
18. Virtual Currency reversal address: virtual currency address provided by the counterparty as an address to which cryptocurrencies can be sent in the event of a refusal, malfunction, error or rejection.
19. Virtual Currency: virtual payment method that can be stored on a computer or mobile device in the form of a wallet or managed by a third party, a wallet service.
20. Wallet: digital system (file) in which crypto currency can be stored and which indicates the personal balance in virtual currency and processes and indicates payment orders and receipts.
21. Wwft: Wet ter voorkoming van witwassen en financieren van terrorisme.
Article 2. Applicability
1. These general terms and conditions apply to all offers and transactions to which Byecoin is a party, unless explicitly agreed otherwise in writing.
2. All offers from Byecoin on its website or otherwise are without obligation. Any purchase or other conditions of the other party do not apply, unless they have been explicitly accepted by Byecoin in writing.
3. These general terms and conditions also apply to all transactions with Byecoin, which are carried out in whole or in part by third parties. These third parties can directly invoke the present terms and conditions against the other party, including any limitations of liability.
4. Byecoin is authorized to change these general terms and conditions. The most recent version of the general terms and conditions as they were at the time of the execution of the transaction always applies.
5. Byecoin is authorized to take all necessary measures to act in accordance with the AMLD5.
Article 3. Offer
1. All offers from Byecoin are revocable and are made without obligation, unless stated otherwise in writing.
2. The offer is based on the information provided by the other party, whereby Byecoin may rely on the correctness and completeness thereof.
3. Obvious errors or clerical errors in Byecoin’s offer are not binding for Byecoin.
Article 4. Buy virtual currency from Byecoin
1. Under certain conditions, buyers will be screened before they can proceed to transactions. Depending on the amount of the purchase, more information will be required from the prospective buyer.
2. A transaction in which the buyer purchases virtual currency from Byecoin is only concluded when the buyer has successfully completed and completed all steps of the online purchasing process.
3. The other party acknowledges that it is aware that the value of virtual currency can fluctuate strongly and that Byecoin cannot be given any guarantee for the value of virtual currency at any time.
4. When entering into a purchase transaction, the buyer agrees to the value determined by Byecoin at that time.
5. The minimum buy amount of Bitcoin is €50, – and for Ethereum €15, –
Article 5. Payment
1. Payment by the buyer to Byecoin via an ATM is made by means of cash in euros and denominations of € 5, € 10, € 20, € 50, € 100, € 200 and € 500 notes.
2. There is no possibility for a refund after virtual currency has been bought.
3. The limit is €2.500, – per transaction and per 4 weeks.
Article 6. Delivery of virtual currency by Byecoin
1. The client can only buy virtual currency by using a virtual currency address which is generated by the Byecoin mobile app. A virtual currency address is connected directly to the client and is not interchangeable.
2. The delivery of the virtual currency takes place when the transaction has been successfully completed and the amount due has been paid by the client.
3. The delivery of the virtual currency takes place by offering virtual currency transaction to the specified virtual currency address which has been generated by the Byecoin mobile app. Byecoin assures the buyer to send a successful transaction. Byecoin sends each transaction to the relevant virtual currency network immediately after completing the purchase transaction. However, Byecoin has no influence on the speed of the (processing of the) transaction. The buyer should be aware that processing the transaction can take up to 24 hours.
4. In exceptional cases, processing times may take longer than expected. This may be due to the updating or synchronization of wallets or delays on the blockchain.
5. Byecoin is not responsible for the speed of a virtual currency transaction that takes place on the blockchain. The transaction fees may fluctuate and as a result the transaction may be delayed. This is inherent to blockchain technology.
6. Byecoin reserves the right to cancel a placed order for delivery of virtual currency if it appears that it is not linked to a correct, reasonable or realistic price. This can occur, for example, in the event of malfunctions or bugs that cause exchange rates to be displayed or interpreted incorrectly.
Article 7. Sell virtual currency to Byecoin
1. Byecoin will never buy crypto currency back.
Article 8. Cancellation
1. Byecoin reserves the right to reject or cancel a purchase of virtual currency without giving reasons.
2. Byecoin reserves the right to block an account at any time and without giving any reason.
Article 9. Fraud and suspicious transactions
1. In case of suspected fraud or other criminal activity, Byecoin reserves the right to suspend the relevant transaction(s) until the legitimacy of the transaction has been verified.
2. If the legitimacy cannot be verified, Byecoin will classify the transaction as suspicious and report this to the FIU, in accordance with current laws and regulations.
Article 10. Client due diligence
1. In order to execute a transaction at Byecoin, the client must complete the Know Your Customer (KYC) process during the first use of the Byecoin App.
2. Only clients who are 18 years of age or older are allowed to make use of our service.
Article 11. Privacy
1. Byecoin is entitled to publicly state information and data relating to a transaction it has carried out, including but not limited to its website. This information and data can be viewed via the blockchain which is not managed by Byecoin. Account information will never be shared with third parties in compliance with the GDPR.
2. Byecoin ensures that the account details of the other party are stored in a sufficiently secure manner to prevent unauthorized use. In doing so, Byecoin will take the necessary security measures that can be reasonably expected of it, taking into account the state of the art.
3. Based on the Wwft and the Sw, Byecoin can be ordered to hand over transaction data, wallet data and personal data to the FIU. Byecoin will at all times check such a summons against the GDPR before transferring the data.
Article 12. Liability
1. Byecoin is only liable for shortcomings in the execution of the transaction that are the result of carelessness and incompetence in the execution of the transaction.
2. If Byecoin is liable for damage, then that liability is limited to a maximum of the amount involved in the transaction or the value of the virtual currency at the time of the damage.
3. Byecoin is not liable for damage, of whatever nature, because Byecoin has relied on incorrect and / or incomplete information or data provided by the other party.
4. Under no circumstances can the other party make a claim against Byecoin for compensation for damage caused by loss of income of the other party (in any way whatsoever) or for indirect damage and consequential damage.
5. Byecoin’s liability due to attributable shortcoming in the fulfillment of the agreement only arises if the other party immediately and properly declares Byecoin in default in writing, but no later than 3 months after the completion of the transaction.
6. When a wallet is created in the ByeCoin app, the Byecoin app generates a personal cryptographic private and public key pair that you can use to receive and send virtual currency through the relevant virtual currency network. YOU MUST BACK UP YOUR RECOVERY PHRASE OUTSIDE THE BYECOIN SERVICES. If you have not backed up your recovery outside of our services, you will no longer have access to your virtual currency if Byecoin terminates its services prematurely. Byecoin is not responsible for keeping this information up to date on behalf of the client.
7. The Byecoin wallet is exclusively supplied by Byecoin. The wallet only supports certain virtual currencies. Under no circumstances should you attempt to store virtual currencies in your wallet that the wallet does not support.
8. Byecoin cannot be held liable should the client lose or lose his or her crypto in any way whatsoever.
Article 13. Electronic communications
1. During the execution of the assignment, the other party and Byecoin can communicate with each other by electronic means. In addition to the provisions of Article 12, Byecoin is not liable for damage suffered by the other party as a result of the use of electronic means of communication, including – but not limited to – damage as a result of non-delivery or delay in the delivery of electronic communication, interception or manipulation by third parties or by equipment used for sending, receiving or processing electronic communications, except insofar as the damage is the result of intent or gross negligence on the part of Byecoin.
Article 14. Conversion
1. In the event that one or more provisions of these general terms and conditions prove to be null and void or are nullified, these general terms and conditions will remain in force for the remainder. For the void or voided provision(s), a legally valid provision will then replace the void or voided provision(s) as closely as possible in terms of content, scope and effect.
Article 15. Applicable law
1. Dutch law applies to all agreements, even if the other party resides or is established abroad and regardless of whether the agreement is fully or partially implemented abroad.
Article 16. Disputes and Explanation of Terms
1. All disputes between Byecoin and the other party that may arise as a result of this agreement or of agreements and deeds resulting from it, will in the first instance be settled after mediation by means of legal proceedings before the competent court in ‘s Hertogenbosch. unless a mandatory legal provision opposes this.
2. All judicial and extrajudicial costs reasonably incurred as a result of non-compliance by the other party with obligations arising from the agreement will be for the account of the other party.
3. In the event of an explanation of the content and scope of these general terms and conditions as well as in the event of a conflict between the content or interpretation of any translations of these general terms and conditions and the Dutch version, the Dutch text will always be decisive.
Byelex Data Solutions B.V.
4751 XC Oud Gastel
Telefoon: +31 165 33 22 44
Support: +31 165 33 22 47
BTW Nummer NL8550.66.003.B01
Relatienummer DNB: R179448
General Terms and conditions © 2021