Terms of Service
Last update: November 2021
- Please review the terms of service contained herein carefully. By signing next to “I agree” or accessing and/or using any of the Services provided by Sanctuary DEX, signifies that You have read, understood, and accepted all of the following Terms, as well as all of the terms which are incorporated herein by reference.
1. RIGHTS AND OBLIGATIONS
The following terms and conditions (the “Terms”) constitute a binding agreement between Sanctuary DEX, a limited company registered under the laws of the state of Mississippi, and the person, persons, or entity (“You” or “Your”) accessing and/or using the described applications:
- Sanctuary DEX’s decentralized blockchain wallet (as described below on the Sanctuary DEX Android and iOS mobile apps;
- Sanctuary DEX decentralized exchanger (as described below on the Sanctuary DEX Android and iOS mobile apps;
- Debit cards may at some future date be issued by selected third party providers;
- Future but yet to be announced Sanctuary DEX services;
all such services referred to as the “Services”.
By accessing and/or using the Services, You have read, understood, and accepted all of the following Terms and agree to be legally bound by these Terms, in their most recent version; You further represent and warrant that: (i) You are of legal age to enter into a binding agreement; and (ii) if You represent Yourself as an individual, a corporation, governmental organization or other legal entity, and You have the right, power and authority to enter into these Terms on behalf of Yourself and/or such corporation, governmental organization or other legal entity and to legally bind such to these Terms.
Your access and/or use of the Services is contingent upon Your acceptance of these Terms.
Sanctuary DEX may amend these Terms at any time. Amendments will be effective 14 (fourteen) days after the modified terms and conditions have been posted on Sanctuary DEX’s website at https://Sanctuary DEX or on Sanctuary DEX’s separate Android and iOS mobile apps, except for amendments that relate to new features or made for legal reasons, which will become effective immediately. If You do not agree to such modified terms, You should discontinue Your use of the Services.
1. THE WALLET
Sanctuary DEX enables You to create one or more digital multi-signature, non-custodial, cryptocurrency wallets for certain supported cryptocurrencies and digital assets (the “Wallet”) that lets You store, send, request and receive supported cryptocurrencies and digital assets. All transactions requested and/or made through the Wallet are irreversible.
The Wallet is not and shall not be deemed to be an account where Sanctuary DEX or other third parties serve as custodians of Your cryptocurrencies or digital assets.
The Wallet is only for use with Etherium (ETH) and with any other cryptocurrencies or digital assets which Sanctuary DEX may explicitly decide to support in the future at its sole discretion. Sanctuary DEX has no obligation to support any cryptocurrencies or digital assets (including but not limited to any forkcoins, altcoins, airdrops or any other cryptocurrencies or digital assets, however named). Sanctuary DEX takes no responsibility or liability in connection with any attempt to use Your Wallet for cryptocurrencies or digital assets other than the supported cryptocurrencies and digital assets.
By accessing and/or using the Services, You acknowledge and agree that Sanctuary DEX can not guarantee the confirmation of any transaction on any blockchain network. Sanctuary DEX has no control over any blockchain network.
While the Wallet has undergone beta testing and continues to be improved through feedback from its users, Sanctuary DEX cannot guarantee that there will be no errors and/or bugs in the functioning of the Wallet.
Sanctuary DEX provides You with the means to secure Your Wallet and help ensure You, and only You, are able to access and transact through Your Wallet, including mnemonics, personal identification numbers (PINs) and private key pairs. Sanctuary DEX does not store or have access to Your mnemonics, PINs or private key pairs. You shall be solely responsible for safekeeping Your mnemonics, PINs, private key pairs, and any other means of authentication You use to access Your Wallet. If You lose such means of authentication, Sanctuary DEX has no way to recover them for You. As a consequence of such loss, You may permanently lose access to any cryptocurrencies or digital assets You have stored in Your Wallet.
2. THE Sanctuary Decentralized Exchange (“DEX”) Platform
Sanctuary DEX provides You a means to access a hybrid trading platform (the “DEX”) that lets You trade cryptocurrencies and digital assets directly with other users.
The DEX is only for use with Ether (ETH) and with any other cryptocurrencies or digital assets that Sanctuary DEX may explicitly decide to support in the future at its sole discretion. Sanctuary DEX has no obligation to support any cryptocurrencies or digital assets (including but not limited to any forkcoins, altcoins, airdrops or any other cryptocurrencies or digital assets, however named). Sanctuary DEX takes no responsibility or liability in connection with any attempt to use the DEX for cryptocurrencies or digital assets other than the supported cryptocurrencies and digital assets.
By accessing and/or using the Services, You acknowledge and agree that Sanctuary DEX does not hold Your funds nor offer refunds. You shall be solely responsible for Your own funds and accounts. Sanctuary DEX takes no responsibility for decisions, actions or losses resulting from Your use of the DEX, including losses due to the decrease in value of cryptocurrencies and digital assets purchased and/or sold through the Exchanger. You shall be solely responsible for Your understanding of the details and mechanics of the cryptocurrencies and digital assets You trade using the DEX as well as for Your own trading decisions. Sanctuary DEX makes no representations and warranties and offer no guarantees of any kind, whether express or implied, about the cryptocurrencies and digital assets that You trade using the DEX.
While the information contained on the DEX is periodically updated, no guarantee is given that the information provided on the DEX is correct, complete, or up-to-date.
Sanctuary DEX charges a transaction fee in PNT tokens for both parties involved in a transaction on the DEX. The current transaction fees applied are shown on the Sanctuary DEX internet site. By agreeing to these Terms, You agree to these transaction fees. You further acknowledge that all transactions on the Ethereum blockchain are subject to a network fee (Gas) in Ether (ETH). To record transactions on the blockchain, therefore, You shall maintain a sufficient amount of Ether (ETH). In some cases, at the sole discretion of Sanctuary DEX, a transaction could take place without any fee in PNT tokens and with Sanctuary DEX covering the Gas network fee.
By accessing and/or using the Services, You acknowledge and agree that Sanctuary DEX cannot guarantee the confirmation of any transaction on any blockchain network. Sanctuary DEX has no control over any blockchain network.
By accessing and/or using the Services, You acknowledge and agree that Sanctuary DEX does not act or serve as Your broker, intermediary, agent, or advisor with respect to any action (including refraining from any action) You make or intend to make using the DEX. Sanctuary DEX owes You no fiduciary duty.
The Exchanger is currently undergoing beta testing; therefore, Sanctuary DEX cannot guarantee that there will be no errors and/or bugs in the functioning of the Exchanger.
3. THE DEBIT CARD
Sanctuary DEX may in future partner with third-party providers to enable you to use a physical and/or virtual debit card (the “Sanctuary DEX Card”) linked to your Wallet. Your use of the Sanctuary DEX Card is subject to all applicable terms and conditions set out by such third-party provider.
4. ANTI MONEY LAUNDERING AND COUNTER TERRORIST FINANCING
Decentralized services, such as the Services, are currently excluded by law from any identification duty. However, the legal environment is still under evolution and development. Regulatory authorities are carefully scrutinizing businesses and operations associated with cryptocurrencies around the world. Sanctuary DEX’s business model may change because of new legal, regulatory and compliance requirements from any applicable laws in any jurisdiction, even with retroactive effect, especially for KYC (Know Your Customer) and Anti Money Laundering (AML) laws and regulations.
In such a case Sanctuary DEX is committed to applying the AML legislation providing You with safe, compliant, and reputable service. This includes monitoring of suspicious transactions and mandatory reporting to the supervisory authorities. In addition, pursuant to the AML rules, Sanctuary DEX shall keep certain information and documentation on file for a period of ten years after the termination of the relevant business relationship or from the completion of the relevant transaction.
In such a case Sanctuary DEX will ask, verify, and record information identifying any person accessing and/or using one or both Services according to the applicable legal requirements. Therefore, to access and/or use of certain Services You may have to follow a KYC (Know Your Customer) process in order to verify Your identity. In such a case Sanctuary DEX will ask You to obtain an Sanctuary DEX Identity, where you have to provide true, current and complete information about Yourself. If You are a representative of a corporation, governmental organization or other legal entity, You must prove that You have the right, power and authority to enter into these Terms on behalf of the corporation, governmental organization or other legal entity and to legally bind it to these Terms.
In addition, Sanctuary DEX may require You to provide documentation to verify the information You have submitted to Sanctuary DEX including, without limitation, an identification card or a passport, a utility bill, a bank statement or any document proving Your identity issued by a governmental body.
Moreover, Your access and/or use of the Services is subject to international economic sanctions requirements. By accessing and/or using the Services, You agree that You will comply with those requirements. In particular, You shall not access and/or use the Services if: (1) You are in, under the control of, or a national or resident of a country subject to United States embargo or UN sanctions (a “Sanctioned Country“), or if You are a person on the sanctions/embargoes list published by the Office of Foreign Asset Control (“OFAC”) of the United States Department of the Treasury (a “Sanctioned Person“); or (2) You intend to supply any cryptocurrencies or digital assets to a Sanctioned Country (or a national or resident of a Sanctioned Country) or Sanctioned Person.
5. SERVICE LIMITATIONS AND MODIFICATIONS
Sanctuary DEX will make reasonable efforts to keep the Services operational. However, certain technical difficulties or maintenance may, from time to time, result in temporary interruptions. To the extent permissible under applicable law, Sanctuary DEX reserves the right, periodically and at any time, to modify or discontinue, temporarily or permanently, functions and features of the Services, with or without notice, without liability to You, for any interruption, modification, or discontinuation of the Services or any function or feature thereof.
6. KNOWLEDGE REQUIRED
By accessing and/or using the Services, You represent and warrant that (i) You fully understand and have significant experience of cryptocurrencies, digital assets, blockchain systems and services, and (ii) You fully understand the risks associated with the trading of cryptocurrencies and digital assets as well as the mechanics related to the use of such cryptocurrencies and digital assets (including with respect to their storage and exchange).
By accessing and/or using the Services, You acknowledge that trading markets are extremely volatile and shift quickly in terms of liquidity, market depth, and trading dynamics. There is no guarantee against losses for accessing and/or using the Services. By accessing and/or using the Services, You represent and warrant that You are not entering into transactions that are above Your financial abilities. Also, cryptocurrencies and digital assets are not suitable for people without the relevant knowledge and/or experience. By accessing and/or using the Services, You further represent and guarantee that You are aware of the risks related to cryptocurrencies and digital assets, and for which You are solely responsible and liable.
7. INTELLECTUAL PROPERTY RIGHTS
You acknowledge and agree that the Services are the property of Sanctuary DEX or its licensors. Subject to Your compliance with these Terms, Sanctuary DEX grants You a limited right to access and/or use the Services. The right to access and/or use the Services is a non-exclusive, non-transferable, revocable, limited license, and it is subject to the limitations and obligations contained herein. Nothing in these Terms gives You any license (other than as set out in this section), right, title, or ownership of, in, or to any of the Services.
You acknowledge and agree that Sanctuary DEX retains all rights, title, and interest in and to all copyrights, trademarks, trade secrets, patents, and any other proprietary rights in the Services, the software and application programming interfaces (APIs) comprising the Services, and all content therein. You acknowledge and agree that “Sanctuary DEX”, its trademark, service mark, logo and graphics are the registered trademarks or trademarks of Sanctuary DEX.
8. DATA PROTECTION
You acknowledge and agree that Sanctuary DEX may transfer the information collected as part of the KYC process to other companies affiliated to Sanctuary DEX, including to those in foreign jurisdictions, for the purposes of accessing the services provided by those entities. However, in general, Sanctuary DEX will ask your permission through the Sanctuary DEX Identity service before transferring your personal information to other associated group entities.
Sanctuary DEX may terminate these Terms or suspend Your access to the Services at any time, including, without limitation, in the event of Your alleged or actual misuse of the Services or breach of these Terms.
10. LIMITATION OF LIABILITY
Sanctuary DEX is not currently subject to the supervision United States Banking authorities. Sanctuary DEX is not currently allowed to accept deposits in fiat money.
In no event will Sanctuary DEX, its officers, shareholders, employees, agents, directors, subsidiaries, affiliates, successors, assigns, suppliers, or licensors be liable for any loss or damages, including without limitation, direct, indirect, special, consequential, or punitive loss or damages, arising from or related to Your use of the Services, whether in an action of contract, tort or otherwise, and regardless of whether such damages were foreseeable and whether or not Sanctuary DEX was advised of the possibility of such damages.
Without limiting the generality of the foregoing, Sanctuary DEX takes no responsibility for and will not be liable for any financial or other loss or damages arising from or related to the use of the Services, including, without limitation, to any of the following: (i) loss of or inability to access or transact data, cryptocurrencies or digital assets; (ii) technical failure, malfunction or shutdown; (iii) server failure, hacks or unavailability; (iv) data loss; (v) stolen, lost, or unauthorized use of Your means of authorization; (vi) errors calculating network fees; (vii) corrupted data on Sanctuary DEX’s servers; (viii) incorrectly constructed transactions or mistyped wallet addresses; (ix) failure to update or provide correct information; (x) “phishing” or other websites masquerading as Sanctuary DEX; (xi) delays, interruption or loss of services; (xii) loss of business or goodwill.
The Services support are not integrated with third party services. Sanctuary DEX takes no responsibility for any third party services and will not be liable for any loss or damages caused by such third party services.
The Services are provided on an “as is” and “as available” basis without any representation or warranty of any kind, whether express or implied, to the maximum extent permitted by applicable laws. Sanctuary DEX disclaims any implied warranties of title, merchantability, fitness for a particular purpose and/or non-infringement.
In no event will the aggregate liability of Sanctuary DEX, arising out of or related to these Terms and/or the Services, exceed the amount of United Stated Dollars 100 (one hundred).
By accessing and/or using the Services, You acknowledge and agree that You shall not use the Services if applicable laws, based on Your country and state of location, residency and/or citizenship, prohibit You from doing so in accordance with these Terms.
By accessing and/or using the Services, You acknowledge and agree that You shall not use, or assist third parties to use, the Services any way which may constitute a contravention of applicable laws or which may contradict the purposes or hinder the operations of the Services or hinder the operations of other users of the Services.
Without limitation to the foregoing, You acknowledge and agree that You shall not use, or assist third parties to use the Services to, without limitation, avoid taxes, engage into activities that may amount to market abuse (including, without limitation, front-running, wash trades, etc.), engage into illegal gambling, frauds, money laundering or terrorist activities.
To the fullest extent permitted under applicable laws, You agree to hold harmless and indemnify Sanctuary DEX, its officers, shareholders, employees, agents, directors, subsidiaries, affiliates, successors, assigns, suppliers, or licensors from and against all third party claims and all liabilities, damages, assessments, losses, costs, or expenses (including reasonable attorney fees) resulting from or arising out of (i) Your alleged or actual breach of these Terms, including, without limitation, Your express representations and warranties; (ii) Your alleged or actual use or misuse of the Services; and (ii) Your alleged or actual infringement or violation of any laws or of the rights of a third party.
You shall be solely responsible for any taxes applying to the payments You make or receive through the Services, and to collect, report, and remit such taxes to the appropriate tax authorities.
14. SANCTIONED COUNTRIES
OFAC’s actincve sationed countries (the most comprehensive programs are listed in bold):
1. ENTIRE AGREEMENT
These Terms constitute all the terms and conditions agreed upon between You and Sanctuary DEX and supersede any prior agreements in relation to the subject matter of these Terms, whether written or oral.
2. SEVERABILITY AND WAIVER
Unless as otherwise stated in these Terms, should any provision of these Terms be held totally or partially invalid or unenforceable, such invalidity or unenforceability shall not in any manner affect or render invalid or unenforceable the remaining provisions of these Terms, and the application of that provision shall be enforced to the extent permitted by applicable laws.
The failure of Sanctuary DEX to exercise or enforce any of the rights or provisions of these Terms shall not considered as a waiver of Sanctuary DEX’s rights to do so.
Sanctuary DEX may assign these Terms and/or delegate any of its obligations hereunder, in whole or in part. You may not assign these Terms or any part of them, nor transfer or sub-license Your rights under these Terms to any third party.
4. NO PARTNERSHIP
Nothing contained in this Agreement shall be deemed or construed to create a principal and agent, partnership or joint venture relationship between You and Sanctuary DEX.
5. FORCE MAJEURE
Sanctuary DEX will not be deemed in default of these Terms to the extent that performance of its obligations is delayed or prevented by reason of any external force including, without limitation, war, insurrections, bank failures, strikes, fires, floods, earthquakes, labor disputes, epidemics, governmental regulations, freight embargoes, natural disaster, act of government or any other cause beyond Sanctuary DEX’s reasonable control.
6. GOVERNING LAW AND JURISDICTION
The Terms for the Wallet services offered by Sanctuary DEX are subject to and governed by the law of the United States of America and the State of Mississippi to the exclusion of international private law and any international treaties. The Terms for the DEX services offered by Sanctuary DEX are subject to and governed by the laws of Mississippi and the United States to the exclusion of international private law and any international treaties. All disputes arising from or under these Terms shall be subject to the exclusive jurisdiction of the competent courts of Mississippi, and the United States of America for the Wallet Services, and for the DEX Services.
7. NO CLASS PROCEEDINGS
You will only be permitted to pursue claims against Sanctuary DEX and/or Sanctuary DEX related services and applications on an individual basis, not as a plaintiff or class member in any class or representative action or proceeding, and You will only be permitted to seek relief (including monetary, injunctive, and declaratory relief) on an individual basis.
8. TIME BAR
You acknowledge and agree that any claim or cause of action arising out of or in connection with the Services shall be commenced within 1 (one) year after its accrual; thereafter, any such claim or cause of action shall be permanently barred.
If You have any questions regarding these Terms, please contact us at legal@Sanctuary DEX.io.
At Sanctuary DEX™ we take compliance with all laws in the jurisdictions we operate in very seriously. We proactively educate our team on the issues that are relevant for 100% legal compliance. We try to focus on the main issues that we have seen that concern regulators and legislators the most. Click to read more.