Terms of service

IMPORTANT DOCUMENT

This User Agreement (“Agreement”) is a contract between you or your company, solely with respect to the purchase and sale of bitcoins that applies to your use of our products and services (the “Services”). By registering an account with Xbtcindia or using any of the Services, you agree that you have read, understood, and accept all of the terms and conditions contained in this Agreement as well as our Privacy Policy, Limited Liability Disclaimer, Risk Disclosure, AML & CFT Policy, KYC Policy and any other associated documents which are incorporated into this Agreement by reference. Section 20 of this Agreement governs how this Agreement may be changed over time. If after reading this Agreement in its entirety you are still unsure of anything or you have any questions, please feel free to contact us.

If you want to have an account with us, these are the rules that you and we need to follow. Incorporating the Privacy Policy, AML Policy, KYC Policy and others, as mentioned above, “by reference” means that by agreeing to this User Agreement you are also subject to those policies.


1. Eligibility

You must be an individual of at least 18 years of age to enter into this Agreement. In order to link a bank account, debit card or credit card to your account, you must be at least 18 years of age. Use of certain Services may have further eligibility requirements that will need to be verified prior to you using such Services.

If you are under the age of 18 and would like to link a bank account, debit card, or credit card, please contact us. Note that we may not provide all or some of our Services to certain countries if, for example, in doing so, we would not be able to comply with the laws relating to our Services in such circumstances.

2. Registration Process; Identity Verification

You can open only one Account with us. If you attempt to open more than one account, such additional account(s) may be suspended or terminated.

When registering for your account, you must provide current, complete, and accurate information for all required elements on the registration page. If any of this information changes, it is your obligation to update such information as soon as possible. From time to time, we may also require you to provide further information as a condition for continued use of the Services. If you wish to convert local currency to bitcoin/s by linking a bank account, debit card, or credit card, you authorize us, directly or through third parties, to make any inquiries we deem necessary to validate your identity. This may include requesting further information about you such as your date of birth, email address, physical address, PAN number, and bank account or credit card information so that we can confirm your identity. We reserve the right to maintain your account registration information after you close your account for business and regulatory compliance purposes.

3. Privacy

We are committed to protecting your personal information and to helping you understand exactly how your personal information is being used. You should carefully read our Privacy Policy, as it provides details on how your personal information is collected, stored, protected, and used.

4. Communications

By entering into this Agreement, you agree to receive electronic communications and notifications in accordance with our Terms and Conditions. This Agreement is provided to you and concluded in English. We will also communicate with you in English for all matters related to your use of our Services.

5. Security of User Information

You are responsible for maintaining the confidentiality and security of any and all account names, user IDs, passwords, personal identification numbers (PINs), and mobile unlock codes that you use to access the Services. You are responsible for keeping your email address up to date in your Account profile and for maintaining the confidentiality of your user information. You agree to (i) notify us immediately if you become aware of any unauthorized use of the Services or any other breach of security regarding the Services and (ii) enable all relevant security features such as PIN Code or Password access control. We will not be liable for any loss or damage arising from your failure to protect your account information.

We shall not bear any liability for any damage or interruptions caused by any computer viruses, spyware, or other malware that may affect your computer or other equipment, or any phishing, spoofing, or other attack. We advise the regular use of a reliable virus and malware screening and prevention software. If you question the authenticity of a communication purporting to be from us, you should login to your account through our website or mobile applications, not by clicking any links contained in emails.

6. Account Suspension & Closure

We may, in our sole and absolute discretion, without liability to you or any third party, refuse to let you open an account, suspend your account, or terminate your account or your use of one or more of the Services. Such actions may be taken as a result of account inactivity, failure to respond to customer support requests, failure to positively identify you or your violation of the terms of this Agreement. If you have a balance remaining in an account which has been suspended or closed, you will be able to recover such funds, unless prohibited by law or a court order. We, in our discretion, will allow you to either (i) withdraw such funds to an already-linked bank account, debit card or credit card or (ii) send your funds to an external bitcoin address. We reserve the right to require you to provide further identifying information before processing such withdrawal or transfer requests and to delay or prohibit such withdrawal or transfer if we believe fraudulent or illegal activity has occurred. If you are unable to login to your account, you will need to contact us to process such withdrawal.

You may terminate this Agreement at any time by closing your account and discontinuing use of the Services. Upon termination of this Agreement and your account, you remain liable for all transactions made while the account was open.

7. Services; Third Parties

We provide you with a secure and convenient way to establish an account for purposes of (i) depositing local currency in exchange for bitcoin, (ii) storing bitcoin, and (iii) sending and receiving bitcoin. Your account is not a bank account.

We are an independent contractor for all purposes and are not your agent or trustee. We do not have control of, or liability for, any products or services that are purchased or sold by third parties using the Services. We do not guarantee the identity of any user or other party or ensure that a buyer or seller is authorized to complete a transaction or will complete a transaction. We are not liable for any losses or issues that may arise from such third party transactions, including, but not limited to, legality, quality, delivery, or satisfaction with any products purchased. If you are not satisfied with any goods or services purchased from, or sold to, a third party using the Services, you must handle those issues directly with the third party seller or buyer, as applicable.

8. Mobile Services

To the extent you access the Services through a mobile device, your wireless service carrier’s standard charges, data rates, and other fees may apply. In addition, downloading, installing, or using certain mobile applications may be prohibited or restricted by your carrier, and not all Services may work with all carriers or devices. By using mobile Services, you agree that we may communicate with you by SMS, MMS, text message, push notification, and/or other electronic means via your mobile device and that certain information about your usage of the Services may be communicated to us. In the event that you change or deactivate your mobile number, you agree to promptly update your account information to ensure that your messages are not sent to any person who might acquire your old number.

9. Fees; Authorization

If you choose to deposit funds using a debit card or credit card, you will incur a fee payable to us that will be disclosed to you at the time of such deposit. We do not take any responsibility for any additional fees charged by your chosen bank or payment gateway or service provider etc. You also agree to pay any other fees that are disclosed to you with respect to the Services or that may be charged by your bank, card issuing institution, phone carrier or internet service provider.

By linking a bank account, debit card, or credit card to your account, you authorize us to communicate with your bank or card issuer to provide or obtain any information required by us or your bank or card issuer in connection with us providing the Services to you. By providing this information, your bank is neither endorsing us nor is it in any way responsible for the Services.

When you use your bank account, debit card, or credit card to deposit funds, you are requesting an electronic transfer of funds. For bank account transactions, we will make electronic fund transfers from your bank account in the amount you specify. You agree that such requests constitute your authorization to us to make such transfers. Once you have provided your authorization for a transfer, you will not be able to cancel the electronic transfer. You hereby give us the right to resubmit any electronic fund transfer you authorized that is returned for insufficient or uncollected funds. You also authorize us to amend your account activity to correct such error. You authorize us to take necessary action to reverse, credit, or debit any payment in connection with any necessary charge backs, reversals, refunds, or adjustments.

10. Value of Bitcoin; Conversion Rate

We do not guarantee the value of bitcoin. The value of bitcoin can rapidly increase or decrease at any time. You acknowledge that the price or value of bitcoin may fluctuate and that the conversion rate (the “Conversion Rate”) for converting local currency into bitcoin may not be the same conversion rate that applies when converting bitcoin into local currency. You will always be shown the applicable Conversion Rate for a transaction prior to consummating the transaction. You agree to deliver the agreed upon payment for bitcoin upon confirmation of an order, regardless of changes in bitcoin value. The Services do not involve any extension of credit to you, and no credit is extended to you in connection with your use of the Services. In the event you are entitled to a refund or other payment by us, we shall have no liability for any losses resulting from a change in the Conversion Rate that may have occurred since the time of the original transaction. We are not responsible for any processing delays that may result in connection with any deposit, withdrawal, or transaction.

11. Transaction Limits

We reserves the right to change the deposit, withdrawal, conversion, storage, and velocity limits on your account as we deem reasonably necessary. We may establish individual or aggregate transaction limits on the size or number of deposits or withdrawals you make during any specified time period.

12. Right to Suspend or Delay Transactions

We reserve the right to change, suspend, or discontinue any aspect of the Services at any time, including hours of operation or availability of any feature, without notice and without liability. We may decline to process any deposit or withdrawal without prior notice and may limit or suspend your use of one or more Services at any time, in our sole discretion. Suspension of your use of any of the Services will not affect your rights and obligations pursuant to this Agreement. We may, in our sole discretion, delay deposits or withdrawals if we believe the transaction is suspicious, may involve fraud or misconduct, violates applicable laws, or violates the terms of this Agreement.

13. Insufficient Funds

If at any point your account has a negative balance (as a result of a deposit being rejected or reversed or otherwise), we may deduct amounts you owe from the balance of your account from funds you subsequently deposit or receive into your account. If we request that you complete a deposit in order to resolve a negative balance issue and you fail to do so, you authorize us to initiate a deposit in the amount of such deficiency from your linked bank account, credit card, or debit card etc.

14. Refunds; Reversals

Once a bitcoin transaction has been initiated, it cannot be reversed. Deposits using a bank account, debit card, or credit card may be reversed or may be subject to a chargeback or related claim. Except as set forth in this Agreement, all payment transactions processed through the Services are non-refundable. You can also always access the record of your transactions by logging into your account.

15. Restricted Activities

In connection with your use of Services, you hereby agree that you will not:

  • violate (or assist any other party in violating) any applicable law, statute, or regulation;
  • intentionally try to defraud (or assist in the defrauding of) us or other users;
  • provide false, inaccurate, or misleading information;
  • take part in any transaction involving the proceeds of illegal activity;
  • transmit or upload any virus, worm, or other malicious software or program;
  • attempt to gain unauthorized access to our other accounts or any related networks or systems;
  • defame, harass, or violate the privacy or intellectual property rights; or
  • upload, display or transmit any messages, photos, videos or other media that contain illegal goods, pornographic, violent, obscene or copyrighted images or materials for use as an avatar, in connection with a payment or payment request, or otherwise.


16. Prohibited Payments

Using the Services to make the following types of payments is prohibited, and we reserve the right to monitor for payments that relate to:

  • any Restricted Persons or persons or entities located in Restricted Territories;
  • weapons of any kind, including but not limited to firearms, ammunition, knives, or related accessories;
  • controlled substances including but not limited to narcotics, prescription drugs, steroids, or related paraphernalia or accessories;
  • gambling activities including but not limited to sports betting, casino games, horse racing, lotteries, games of chance, sweepstakes, games of skill that may be classified as gambling (i.e. poker), or other activities that facilitate any of the foregoing;
  • constitute money-laundering or terrorist financing;


17. Taxes

We will maintain a record of your transaction history, which you will be able to access through your Account for purposes of making any required tax filings or payments, but it is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and to collect, report, and remit the correct tax to the appropriate tax authority. We will make any tax withholdings or filings that we are required by law to make, but we are not responsible for determining whether taxes apply to your transaction, or for collecting, reporting, or remitting any taxes arising from any transaction.

18. Indemnification; Release

You agree to indemnify and hold XBTCINDIA, its affiliates, and service providers, and each of their officers, directors, agents, joint ventures, employees, and representatives harmless from any claim or demand (including attorneys’ fees and any losses, fines, fees, or penalties imposed by any regulatory authority) arising out of your breach of this Agreement, your violation of any law or regulation or your use of the Services.

19. Limitation of Liability; No Warranty

YOU EXPRESSLY UNDERSTAND AND AGREE THAT XBTCINDIA AND OUR AFFILIATES AND SERVICE PROVIDERS, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES, AND REPRESENTATIVES WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY DAMAGES, OR DAMAGES FOR LOSS OF PROFITS INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES (EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, RESULTING FROM: (I) THE USE OR THE INABILITY TO USE THE SERVICES; (II) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS AND SERVICES RESULTING FROM ANY GOODS, DATA, INFORMATION, OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO THROUGH OR FROM THE SERVICES; (III) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; OR (IV) ANY OTHER MATTER RELATING TO THE SERVICES.

SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES. ACCORDINGLY, SOME OF THE LIMITATIONS SET FORTH ABOVE MAY NOT APPLY TO YOU. IF YOU ARE DISSATISFIED WITH ANY PORTION OF THE SERVICES OR WITH THIS AGREEMENT, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USE OF THE SERVICES AND CLOSE YOUR ACCOUNT.

THE SERVICES ARE PROVIDED "AS IS" AND WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED, OR STATUTORY. WE, OUR AFFILIATES, AND OUR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES, AND SUPPLIERS SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. WE MAKES NO WARRANTY THAT (I) THE SERVICES WILL MEET YOUR REQUIREMENTS, (II) THE SERVICES WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, OR (III) THE QUALITY OF ANY PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINED BY YOU WILL MEET YOUR EXPECTATIONS.

20. Amendments

We may amend any portion of this Agreement at any time by posting the revised version of this Agreement with an updated revision date. The changes will become effective, immediately. It is your responsibility to ensure that you make yourself aware with our policies and read them from time-to-time. In the event that you do not agree with any such modification, your sole and exclusive remedy is to terminate your use of the Services and close your account. You agree that we shall not be liable to you or any third party as a result of any losses suffered by any modification or amendment of this Agreement.

21. Assignment

You may not transfer or assign this Agreement or any rights or obligations you have under this Agreement without our prior written consent, by operation of law or otherwise and any such attempted assignment shall be void. We reserve the right to freely assign or transfer this Agreement and the rights and obligations of this Agreement, to any third party at any time without notice or consent. If you object to such transfer or assignment, you may stop using our Services and terminate this Agreement by closing or contacting us to close your account.

22. Website; Third Party Content

We strive to provide accurate and reliable information and content on our website, but such information may not always be correct, complete, or up to date. We will update the information on the website as necessary to provide you with the most up to date information, but you should always independently verify such information. Our website may also contain links to third party websites, applications, events or other materials (“Third Party Content”). Such information is provided for your convenience and links or references to Third Party Content do not constitute an endorsement by us of any products or services. We shall have no liability for any losses incurred as a result of actions taken in reliance on the information contained on the website or in any Third Party Content.

23. Limited License; IP Rights

We grant you a limited, non-exclusive, non-sub licensable, and non-transferable license, subject to the terms and conditions of this Agreement, to access and use the Services solely for approved purposes and non-commercial purposes, as determined by us. Any other use of the Services is expressly prohibited. We and our licensors reserve all rights in the Services and you agree that this Agreement does not grant you any rights in or licenses to the Services except for the limited license set forth above. Except as expressly authorized by us, you agree not to modify, reverse engineer, copy, frame, scrape, rent, lease, loan, sell, distribute, or create derivative works based on the Services, in whole or in part. If you violate any portion of this Agreement, your permission to access and use the Services may be terminated pursuant to this Agreement. All logos related to the Services are either trademarks, or registered marks of us or our licensors. You may not copy, imitate, or use them without our prior written consent. All right, title, and interest in and to the website, any content thereon, the Services, and all technology and any content created or derived from any of the foregoing is the exclusive property of us and our licensors.

24. Entire Agreement

The failure to exercise or enforce any right or provision of the Agreement shall not constitute a waiver of such right or provision. If any provision of this Agreement shall be adjudged by any court of competent jurisdiction to be unenforceable or invalid, that provision shall be limited or eliminated to the minimum extent necessary so that this Agreement shall otherwise remain in full force and effect and remain enforceable between the parties.

25. Jurisdiction

These Terms of Use shall be governed and construed in accordance with the laws of New Delhi, India.

26. Contact Us

If you have any questions relating to these Terms of Use or any other matter, please contact us at [email protected]