Terms & Conditions
1. INITIAL PROVISIONS
1.1 Registration, and Service Platform is managed by OpenXcell LLC “Operator”.
1.2 Wallet services realized by Open Xcell LLC hereinafter referred to as a Wallet Service Provider
1.3 At present, no Digital Currency is a legal tender oft , Digital Currency is not regulated by any specific law or by the laws governing payment services (including without limitation the Act No 510/2002 on the payment system and on amendments to certain laws, as amended). At present, Digital Currency trading is not subject to any licensing, regulation, or supervision by the National Bank.
1.4 In accordance with the provision of Article 273 (1) of the Commercial Code Act No 513/1991, as amended (hereinafter referred to as “Commercial Code”), these General Terms and Conditions (hereinafter referred to as “GTC”) shall regulate the mutual rights and obligations of parties which will arise from and/or in connection with a contract for Cryptocurrency trading (hereinafter referred to as “Contract”) to be made between the Operator and the client (hereinafter referred to as “Client”).
1.5 These GTC shall be deemed incorporated in the Contract by reference and shall be binding upon both the Operator and the Client for the duration of the Contract, until the full and complete settlement of all obligations and claims between the Operator and the Client. As a general rule, these GTC shall also apply to cases where the party ordering or receiving the Operator’s services is a natural person acting for the purposes of its business, or a legal entity. In such cases, however, the application of certain provisions of GTC shall be excluded by virtue of law or of their nature.
1.6 These GTC shall also govern the provision of a special electronic wallet service by the Wallet Service Provider for the purposes of providing services offered by the Operator on its Website.
2. DEFINITIONS
2.1 For the purposes of these GTC and the contractual relationship between the Operator and the Client, the following terms shall have the meanings ascribed thereto herein below, unless these GTC or the Contract between the Operator and the Client provide otherwise:
a) GTC shall mean these General Terms and Conditions governing the rights and obligations of the Operator and the Client in connection with Cryptocurrency trading;
b) Customer or Client shall mean (i) a natural person who has reached the age of 18 and has the full legal capacity, (ii) a business natural person (self-employed person), or (iii) a legal entity, who/which visits the Website or orders and/or receives any service provided by the Operator through the Website;
c) Cryptocurrency or Digital Currency shall mean an electronically stored unit, whether or not having an issuer, which does not constitute a means of payment within the meaning of the Act No 510/2002 on the payment system and on amendments to certain laws, but is accepted for payment for goods or services by a person other than the issuer; for the purposes of these GTC, Digital Currency shall be understood as including, without limitation, Bitcoin, Litecoin or Ethereum;
d) Transaction shall mean buying and/or selling a Digital Currency under the Contract;
e) Party shall mean the Operator or the Client individually; f)Parties shall mean the Operator and the Client collectively;
g) Contract shall mean a Contract for buying or selling BARREL Tokens, made between the Parties through the Website, by which one Party undertakes to deliver BARREL Tokens being bought or sold to the other Party, and such other Party undertakes to accept the BARREL Tokens and pay the purchase price thereof to the first Party. The Contract conclusion process shall be completed upon delivery of the Operator’s confirmation of order acceptance and receipt of consideration from the Client.
h) Website shall mean any website operated by the Operator which has the nature of a copyrighted work and the property rights which are exercised by the Operator; the Website contents must not be stored, processed, modified, reproduced, or distributed, or be subject to the exercise of any property rights unless the Operator grants its prior written approval therefore;
2.2 For the purposes of lockup BARREL Token or using the website services, Customer shall mean a person registered in the BARREL system (hereinafter referred to as “Registered Customer”).
2.3 Before using BARREL services, the Customer must send a completed registration form to the Website, in which the Customer shall provide true identification details including the Customer’s name and surname, contact e-mail address, and telephone number. The Operator shall register the Customer and send a registration confirmation to the Customer’s contact e-mail address and establish the Customer’s client account with unique login data. The Customer shall have the right to make full use of the BARREL services (corresponding to the particular verification level within the meaning of Article 4 a) and 4 b) of these GTC.
3. CUSTOMER VERIFICATION LEVELS AND CORRESPONDING
AUTHORISATIONS OF THE CUSTOMER.
The Customer shall obtain one of the following verification levels:
a) Verification level 1 (one) After Customer’s registration details (name, surname or registered name, residential address or registered address, e-mail address, and telephone number) have been verified; the Customer shall then be able just to send and receive Cryptocurrencies and is only allowed to use our Wallet services.
b) Verification level 2 (two) Buy or sell cryptocurrencies shall be executed exclusively by Customer that has been successfully identified in accordance with AMLA and Article 14 of these GTC. The Customer shall wait for the completion of the identification, verification, and approval by the Operator and only then the Customer shall be able to buy/sell Cryptocurrencies without limitations.
c) When using the Website, the Customer must comply with generally applicable laws and these GTC and respect the rights of the Operator and of third parties. The Customer specifically agrees to refrain from:
a) Using the Website in any manner that could be detrimental to the Operator and to other Customers and/or third parties;
b) Altering the contents of or otherwise interfering with the Website or jeopardizing and/or disturbing its operation;
c) Using any software or hardware or other mechanisms and techniques able to adversely affect the operation of the Website;
d) Unlawfully obtain any personal data of other Customers or any information constituting the Operator’s trade secret within the meaning of the Commercial Code; or
e) Using any unsecured e-mail or making their client account access password available to any third parties.
f) The Customer shall be responsible for any harm or damage due to the Customer’s act or omission contrary to accepted principles of morality, generally applicable laws, these GTC, and/or the Contract.
4. Pagosa Oil
4.1 Pagosa Oil provides Platform services.
4.2 Pagosa Oil is subject to supervision by the US Inspection Authority.
4.3 Should the Operator withdraw from a Contract concerning a Pagosa Oil product, the Operator shall return the purchase price of the Cryptocurrency, or the relevant part thereof, to the Customer’s bank account or other Account notified by the Customer to the Operator for that purpose.
4.4 The Operator shall issue the invoice for enrollment service without undue delay following the payment; such invoice shall include the Customer’s details provided by the Customer in the process of registration for the Website.
5. “Operator “ Pagosa Oil
5.1 “Operator” Pagosa Oil Platform: OpenXcell LLC
Pagosa Oil is a service of the “Operator” allowing Customers to participate in buying Pagosa Oil Tokens.
5.2 In BARREL, a Customer may buy and/or sell Cryptocurrencies via their client account (refer to Article 6 of these GTC) and use other Pagosa Oil services of their choice, taking regard to the facts and risks referred to in Article 8 of these GTC.
5.3 The Customer shall not pay any handling fees in connection with their use of the Pagosa Oil service, save third parties’ transaction fees payable according to the third parties’ current price lists for wire transfers to “recharge” the Customer’s Credit.
5.4 Pagosa Oil shall provide to the Customer overview of the service within the framework of the Customer registration for the Website.
5.5 Upon detection of any discrepancy, the Customer must lodge a complaint without undue delay and support the claim with appropriate data and documents.
5.6 If the Customer withdraws from Pagosa Oil tokens or realizes buying/selling cryptocurrencies and closes the client account, the Operator shall transfer any remaining Credit balance to the Customer’s bank account notified by the Customer to the Operator for that purpose.
6. INTERMEDIATION (Affiliate Partner Program)
6.1 Affiliate Partner Programme is a system of recommending/bringing new clients to the Operator’s Website by the Customer (hereinafter referred to as “Partner Programme”). By such recommending/bringing a new client to the Operator’s Website, the Customer becomes the Operator’s partner (hereinafter referred to as “Partner”). The Partner shall receive a fee.
6.2 The Partner shall have the exclusive liability for the taxation of any income the Partner receives under the Partner Programme in accordance with applicable legislation.
6.3 Terms and Conditions for participation in the Pagosa Oil affiliate partner program are described in a separate document.
6.4 By applying to the Pagosa Oil affiliate program you are confirming that you have read the agreement and agree to the terms and conditions.
7. Purchasing Pagosa Oil tokens.
7.1 To purchase Pagosa Oil tokens Customer shall register on the Pagosa Oil website and choose the method of payment. Upon confirming the purchase, the Customer shall be automatically redirected to a secured “payment gate” website to make the payment for the services ordered by the Customer.
7.2 After a client buys a Pagosa Oil Token, the token becomes automatically locked. Customers can unlock Pagosa Oil tokens only after the expiration of the lockup period. The minimum lockup period is 12 months for all new and existing accounts starting from the 1st of July 2023.
8. PAYMENT FOR BUYING AND SELLING CRYPTOCURRENCIES
8.1 The Customer shall pay the purchase price of the Pagosa Oil token by wire transfer. The Customer may make the payment by means of a SEPA transfer to the Operator’s account specified in the order, or using a “payment gate” financial service the website of which shall be automatically generated for the Customer upon the binding order confirmation.
8.2 The Customer may offer for sale to the Operator only Pagosa Oil tokens that are owned by the Customer and held in their electronic wallet account maintained by the Wallet Service Provider.
8.3 Paying the purchase price of Pagosa Oil token by means of wire transfer from a third party’s account, or selling a Cryptocurrency held by a third party and/or in a third party’s electronic wallet shall be forbidden. The Operator disclaims all liability for any damage incurred by the Customer in consequence of any breach of the above rules.
9. RISKS ASSOCIATED WITH TRANSACTIONS AND LIABILITIES
9.1 The Operator disclaims all liability to the Customer for any loss due to negligence of the Customer or any third party or to their deliberate action contrary to accepted principles of morality, applicable laws, these GTC, and/or the Contract. The Operator disclaims all liability for any loss and/or damage incurred by the Customer in consequence of indicating an incorrect electronic wallet account or bank account, or of loss, theft or misuse of the Customer’s e-mail, electronic wallet, or bank account access password. The Operator disclaims all liability for any loss and/or damage incurred by the Customer in consequence of legislative changes, including without limitation changes in the interpretation and application of laws currently in effect, or of court decisions. Also, the Operator disclaims all liability for any loss and/or damage due to loss of availability of the Internet network or of a particular Cryptocurrency P2P network (hereinafter referred to as “Blockchain”), full or partial loss of functionality of the Operator’s Website, illegal misuse of the Operator’s Website, computer viruses, cyber-attacks or interruption of operation of the Operator’s Website (e.g. for maintenance purposes), or termination of operation of the Website by the Operator.
9.2 In case effectuating a Transaction is impossible for any reason, the respective amount of the purchase price of the relevant Digital Currency (the Digital Currency transferred to the Operator’s electronic wallet account) shall be returned back to the bank account/electronic wallet account from which it was transferred. The Operator disclaims all liability for any loss or damage incurred by the Customer in consequence of indicating an incorrect electronic wallet account or bank account, or of loss or misuse of the Customer’s electronic wallet or bank account access password or e-mail address. Also, the Operator disclaims all liability for any loss or damage incurred by the Customer in consequence of loss of availability of the Internet network or of Cryptocurrency P2P networks, or negligence or lack of cooperation on the part of the Customer or a third party. The Operator equally disclaims all liability for any illegal action or breach of the provisions of these GTC or of a Contract concluded through the Operator’s acceptance of the Customer’s order by the Customer. The Operator also disclaims all liability for any damage or loss caused to the Customer by force majeure or changes in the applicable legislation.
9.3 The buying and/or selling of a Digital Currency is associated with the risk of potential loss of funds by the Customer and, accordingly, it is not suitable for everyone. Digital Currency trading entails risks related to changes in the financial market that are beyond the Operator’s control. The Operator hereby draws the Customer’s attention to the fact that any gain derived from past Transactions does not guarantee future gains. By accepting these GTC, the Customer acknowledges their understanding of the risks associated with buying/selling a Digital Currency. The Operator advises the Customer to never buy/trade for money that the Customer cannot afford to lose.
9.4 The information provided on the Website is for general informational purposes only. It is not intended to serve as financial, investment, or personal advice, nor has it a binding nature and, accordingly, the Customer must not exclusively rely on or refer to that information.
9.5 The Operator recommends that the Customer should carry out their own extensive research before undertaking any financial obligation.
9.6 No material published on the Website is to be interpreted as advice. The Operator does not provide any specific or implicit recommendation to the Customer regarding any product or service offered on the Website.
9.7 The Operator disclaims all liability for any loss or forgone profits made by a Website visitor in reliance, whether direct or indirect, to any information contained in or associated with the Website.
9.8 Further, the Operator disclaims all liability for any harm or damage incurred by the Customer that is caused, in particular, by:
a) legislative changes, including changes in the interpretation and application of laws currently in effect;
b) loss of availability of the Internet or of Digital Currency P2P networks;
c) full or partial loss of availability or functionality of the Website;
d) illegal misuse of the Website;
e) computer viruses;
f) cyber-attacks;
g) other force majeure events that the Operator is unable to foresee and/or control;
h) termination of the buying and/or selling of any or all Digital Currencies or of any other services; or
i) interruption (e.g. for maintenance purposes) or termination of the Website operation by the Operator.
9.9 By using the Operator’s services, the Customer confirms their understanding and acceptance of the potential risks associated with the buying and/or selling and storage of Cryptocurrencies.
9.10 Operator reserves the right to reject customers without giving reasons, as well as to block user accounts and dissolve the lockup positions when it becomes aware that the customer has opened a customer account with false information. The operator shall report such cases to the Financial Crime Investigation Service (FCIS).
9.11 The customer uses the services provided by Operator at his own risk. The operator is not liable for a possible loss of assets of the customer due to exchange rate fluctuations of virtual currencies. The risk of a loss of value of the portfolio lies exclusively with the customer. Liability for ordinary/slight negligence is explicitly ruled out.
9.12 Operator is not liable for any damages or losses caused by force majeure, insurrection, war, and/or natural disasters. The operator is not liable for damages or losses caused by extraordinary and/or unforeseeable circumstances that are not under the influence of the Operator or Partners of the Operator. These circumstances may constitute but are not limited to malfunctions of the software and/or hardware of third parties and/or customers.
9.13 Operator takes every effort to ensure full functionality of the platform and to prevent malfunctions of software and/or hardware at any time. Despite this, the customer acknowledges that malfunctions of software and/or hardware that led to disruptions of the platform cannot be ruled out completely. The operator is not liable for any damages or losses caused by interruptions or malfunctions of its software and/or hardware. These malfunctions may constitute, but are not limited to, outages of the platform or erroneous transactions.
9.14 The customer acknowledges that the availability of the platform can be interrupted temporarily due to technical maintenance. Technical maintenance can for example be needed to increase the platform’s stability and functionality.
9.15 The activities of the Operator do not constitute investment advice.
10. ORDER CANCELLATION
10.1 Any offers for buying/selling a Digital Currency published on Pagosa Oil Website shall be for informational purposes only and shall constitute a mere call for offers. Any orders of Customers shall constitute a mere proposal for entering into a Contract.
10.2 The Operator reserves the right to not enter into a Contract with the Customer on the basis of an offer published on the Website or of an order made by the Customer.
10.3 The Operator shall have the right to cancel an order confirmation without giving the reason, provided that in such case any sum previously paid by the Customer for the purchase of a Cryptocurrency, or any amount of a Cryptocurrency previously confirmed for exchange for a financial currency, shall be sent back to the bank account/electronic wallet account from which the Transaction was executed by the Customer.
10.4 A Customer is a consumer under legislation in force and shall not be allowed to withdraw from the Contract during the lockup period without paying a fine and giving the reason within the meaning of Article 5(5)(a) of the Act No 266/2005 on consumer protection in distance marketing of financial services and on amendments to certain laws (hereinafter referred to as “Consumer Protection Act”), because the subject of the Contract is delivery of a Digital Currency the price of which depends on financial market variations that are beyond the Operator’s control and that may occur during the statutory withdrawal period. In such case, the fine shall amount to the value of the unrealized Transaction. A Customer not being a consumer shall not be allowed to withdraw from the Contract, because the subject of the Contract is the delivery of a Digital Currency the price of which depends on financial market variations that are beyond the Operator’s control and that may occur in a short time after the entry into the Contract.
10.5 The foregoing shall be without prejudice to the Customer’s right to withdraw from the Contract in cases where the Operator has not performed its obligations under the Contract, whether in full or in part or performed its obligations on a terms other than agreed. The liability for any damage (including loss of profit) incurred by the Operator in consequence of cancellation of a validly confirmed order, or non-realization of such an order for reasons attributable to the Customer, shall be attached to the Customer and the Operator shall be entitled to make a claim for damages against the Customer.
11. COMPLAINTS
11.1 A validly confirmed Transaction cannot be complained against or canceled except where the Customer has sent a binding order based on wrong information provided by the Operator. The burden of proof and demonstration that a loss was incurred as a consequence of wrong information and in causal connection with the alleged reason for the complaint shall be upon the Customer.
12. PERSONAL DATA PROTECTION
12.1 The Operator shall process the user’s personal data in compliance with GDPR and the Personal Data Protection Act.
12.2 The Customer shall provide the following data to the Operator for the purposes of concluding and performing the service within the meaning of the Personal Data Protection Act: the Customer’s personal data including their name, surname, permanent address, e-mail address, and IP address; and where the Customer is a legal entity, the Customer shall provide to the Operator the Customer’s registered name, registered address and Identification No, and the Customer’s statutory body’s personal data including name, surname, permanent address, e-mail address, and IP address. Subject to the data subject’s consent, such consent to be given in Data Protection Act, where the amount of the Transaction(s) exceeds EUR 5,000 within the meaning of Article 4 a and b of these GTC, the Customer shall also provide to the Operator the Customer’s telephone number, a photocopy of their driving license and a photocopy of their identification card, which shall be retained by the Operator for the duration of the Contract between the Operator and the Customer. Upon termination of the Contract, such data shall be destroyed in accordance with GDPR.
12.3 By checking the relevant checkbox prior to sending an order, the Customer shall give their consent to personal data processing for the purposes of receiving information on news, discounts, and other marketing offers within the meaning of the Personal Data Protection Act, and to the processing and storing of the Customer’s personal data, including the Customer’s title, name, surname, permanent address, e-mail address and telephone number, by the Operator. Such data are necessary for the Operator to pursue its business, including sending information on new products, discounts and special offers of goods/services.
12.4 By accepting these GTC, the Customer as the data subject represents and acknowledges that the Customer provides their personal data to the Operator voluntarily and gives their specific and unambiguous consent as an expression of their free and serious will.
12.5 Prior to granting their consent to the processing of their personal data, the Customer received from the Operator all the following information:
12.6 Contact details and information about the Operator.
12.7 Purpose of personal data processing.
12.8 Performance of a Contract under these GTC.
12.9 The Operator’s marketing activities.
12.10 The Operator shall not provide, disclose or make available Customers’ personal data to other recipients.
12.11 The Operator hereby confirms that it shall not carry out cross-border transfers of Customers’ personal data to non-EU countries. Customer’s personal data shall not be processed for the purposes of automated decision-making and profiling.
12.12 The consent to personal data processing shall be granted for the duration of the Contract, subject to prior withdrawal by the Customer.
12.13 As a data subject, the Customer shall have the following rights:
a) Right of access to their data: The Customer shall have the right to obtain from the Operator confirmation as to whether or not personal data concerning the Customer are being processed, and where this is the case, access to the personal data and other information in accordance with Legislation;
b) Right to rectification of personal data: The Customer shall have the right to obtain from the Operator without undue delay the rectification of inaccurate personal data concerning the Customer. Taking into account the purposes of the processing, the Customer shall have the right to have incomplete personal data completed, including by means of providing a supplementary statement;
c) Right to erasure (so-called right to be forgotten): The Customer shall have the right to obtain from the Operator the erasure of personal data concerning the Customer without undue delay and the Operator shall have the obligation to erase the personal data without undue delay if any of the grounds listed in of GDPR (e.g. the personal data are no longer necessary in relation to the purposes for which they were collected or otherwise processed; the Customer has withdrawn the consent to the processing of their personal data; etc.) applies;
d) Right to restriction of processing: The Customer shall have the right to obtain from the Operator restriction of processing of the Customer’s personal data under the GDPR act;
e) Right to the accuracy of data: The Customer shall have the right to the accuracy of their personal data in accordance with Article 20 of GDPR;
f) Right to object to processing, including profiling (if any): The Customer shall have the right to object to the processing of personal data concerning them under Article 21 of GDPR and to profiling, if any, under Article 22 of GDPR. The Operator does not presently carry
g) out personal data processing for the purposes of automated decision-making and profiling. The Customer’s objections shall not affect any processing of personal data prior to the objecting or processing of the Customer’s personal data for purposes that are not subject to the Customer’s consent or that are based on a legal reason which cannot be objected to;
h) Right to withdraw consent to processing: The Customer shall have the right to withdraw their consent to the processing of their personal data at any time, provided that such withdrawal shall not prejudice the lawfulness of processing based on the Customer’s consent prior to the withdrawal.
i) The Customer may exercise the right to withdraw consent at any time, including before the expiry of the time for which it was granted, using any of the following ways: an e-mail sent to [email protected], or a written request sent to the Operator’s registered address. The withdrawal of consent shall not affect any processing of the Customer’s personal data prior to the withdrawal, or processing for purposes based on a different legal reason which is not subject to the Customer’s consent.
12.14 “Cookies” are small text files that are stored in the Customer’s end device or its memory. Cookies enable the recording by the Website of information about the Customer’s visits, the Customer’s browser settings, the Customer’s preferred language, and other information. The Customer’s future visit may thus be faster and more customized to their interests. Without cookies, browsing the Website would be much more complicated. Cookies also enable the customization of the Operator’s offer to the Customer’s individual needs and use of the Google Analytics service. The Operator uses cookies for the purposes of improving the provision of its services and promoting the services. By using the Website, the Customer grants the Operator consent to save cookies on the Customer’s device.
12.15 To prevent the saving of cookies, the Customer needs merely to enable the “private browsing” functionality of their browser before visiting the Website. In such case, however, some parts of the Website may not be displayed correctly, the viewing may be more complicated and the displayed content will not be customised to the Customer’s individual needs.
13 Identification and Verification
13.1 The Operator as an obliged person shall perform the identification of the Client and verification of identification as described in Article 10, Article 11, and Article 13.2
13.3 A suspicious transaction shall be understood as a Transaction carried out in circumstances giving rise to suspicion of money laundering, or of the Transaction funds being destined for the financing of terrorism, or of the Transaction being otherwise connected with or related to the financing of terrorism, or a Transaction otherwise suggesting such suspicion. The Transaction shall be deemed suspicious whenever the Client refuses identification in accordance with AMLA.
13.4 Where the Client is a legal entity, the Operator as an obliged person shall perform the identification of the ultimate beneficial owner and take appropriate measures to verify the identification, including measures to identify the Client’s ownership and management structures.
13.5 For a Client who is a natural person, the Operator shall register and verify the Client’s identification data against the Client’s identity document, if contained in the same, and register the identity document type and number and the issuing country and/or authority and the validity; the Operator shall also check the Client’s appearance against their image in the identity document. The Operator shall not be obliged to carry out the verification of Client identification, as described in the preceding sentence,
13.6 For a Client which is a legal entity, the Operator shall register and verify the Client’s identification data against a documentary proof of the existence of the Client; where the statutory body or a member of the same or the controlling entity of the legal entity concerned is another legal entity, the Operator shall register its identification data and carry out the identification of the ultimate beneficial owner.
13.7 As part of the Client identification, the Operator shall establish and register whether the Customer is a politically exposed person or a person subject to international sanctions enforced by the Slovak Republic pursuant to relevant laws.
13.8 If the Operator detects any defects in the basic registration carried out by the Customer, the Operator shall have the right to ask the Customer to rectify the same immediately and repeat such request until the Customer’s basic registration is deemed fully complying with the contractual terms and legal requirements. The Customer shall be obliged to fulfill such request without delay; failing that, the shall cancel the Customer’s registration.
13.9 If the Operator identifies a suspicious Transaction, the Operator shall report the transaction to the Financial Crime Investigation Service (FCIS);
13.10 The Operator shall have the right to hold back the Customer’s order concerning a suspicious Transaction if a threat exists that the execution of the Transaction could prevent or substantially hamper the seizure of income from crime or of funds destined for the financing of terrorism, or upon the Office’s written request, until receipt of the Office’s written instruction to execute the Transaction, but for no more than 120 hours; after the expiry of that time limit, the Operator shall be obliged to hold back the Transaction if it has received the Financial Crime Investigation Service’s notification of referral of the case to law enforcement authorities, but for no more than additional 72 hours. The periods of time relevant to the holding back of a Transaction shall be exclusive of Saturdays, Sundays, and Public Holidays.
14. Lockup period, Service Duration, and Termination
14.1 The contractual relationship between the customer and is of indefinite duration. Irrespective of this, the contractual relationship between the Operator and the customer may be terminated with immediate effect for good reason. An important reason is in particular the repeated violation of essential provisions of these terms and conditions despite written warning or the prohibition of the business activities by the Operator.
14.2 These terms and conditions may subsequently be modified by the Operator.
14.3 Starting from the 1st of July 2023 minimum lockup period is 12 months.
15. Requirements for entries to Pagosa Oil benefits.
15.1 Pagosa Oil is a utility token that allows one to get Rewards out of Pagosa Oil token lockups.
15.2 The value of the Pagosa Oil token depends on the market environment and market activities and can be volatile. After the lockup period Pagosa Oil token can be unlocked and transferred into the customer’s wallet.
15.3 Pagosa Oil grants lifetime access to lockup programs. Termination of the programs may occur due to “insurmountable force”, which covers legal acts, emergencies, and unavoidable circumstances under specific conditions, such as natural disasters, military actions, server breakdown, internet failure, technical problems, and other similar reasons.
16. Taxes.
16.1 It is the Client’s responsibility to determine what taxes apply to the operations completed via the Pagosa Oil Services, including the responsibility to report and remit the correct tax to the appropriate tax authority. Client agrees that Operator is not responsible for determining whether taxes apply to your operations or for collecting, reporting, withholding, or remitting any taxes arising from any trades.
17. FINAL PROVISIONS
17.1 The Parties have agreed that communication between them shall take the form of e-mail messages.
17.2 Any legal matters not specifically governed by these GTC shall be governed by the applicable Hungarian Civil Code on electronic commerce and Consumer Protection Act.
17.3 The Customer shall not have the right to transfer any rights and/or obligations concerning Pagosa Oil to a third party without the Operator’s prior written approval.
a. If misuse of the Pagosa Oil service is suspected, the Operator reserves the right to suspend the availability of the service until such suspicion has been rebutted, in which case the Customer shall not be entitled to any compensation claims on account thereof.
b. Any disputes between the Operator and the Customer arising from and/or in connection with the Contract shall be decided by competent courts of USA.
c. The Operator shall have the right to amend these GTC, mainly for the reason of changes in legislation or in the market or economic conditions relevant to Digital Currency trading, in order to ensure the proper operation of the Website and/or proper provision of services by the Operator. The Operator undertakes to notify Customers of any such amendments to GTC in advance, at least fifteen (15) calendar days before the effective date thereof. In case such amendments have an effect of substantially limiting the Customer’s rights, the Customer shall have the right to terminate their use of Pagosa Oil no later than the day preceding the effective date of the amendments and request the return of the Customer’s Credit.
d. These GTC shall become effective when published on the Website.
e. Before sending an order/registering, the Customer was invited to confirm, in a designated manner, that the Customer had been informed about these GTC and had read and understood the GTC and fully approved the same without reservations.
f. Operator does not carry out the investment decisions made in the name and on the account of the customer itself but passes them on to the partners.
g. The customer has the possibility to obtain comprehensive information regarding the portfolio directly online at any time. In this context, the customer confirms that he has regular access to the internet by signing this agreement.
h. To provide lockup services offered through Pagosa Oil cooperates with several partners ("Partners") to enable the lockup of virtual currencies. In the process, individual accounts are created with the partners in the name and on account of the customer.
i. Apart from accepting this terms and condition customer must accept terms and conditions and the privacy policies of the partners.