Biswap Terms of Use
Last revised: June 22, 2022
These Terms of Use are entered into between you, hereinafter referred to as “you” or “your,” and biswap.org (hereinafter referred to as “Biswap”) as defined below. By accessing or using any of the products or services provided by Biswap, you agree and confirm that you have read, understood, and accepted all of the terms and conditions stipulated in These Terms, hereinafter referred to as “these Terms” or “Terms”. Additionally, when using some features of Biswap, you may be subject to specific additional terms and conditions applicable to those features.
References to “you” and/or “your” are references to any person using, accessing, or attempting to use or access this website. Please read the terms carefully as they govern your use of the Biswap website and its associated products as well as services. As with any asset, the value of Digital Currencies, as defined below, may fluctuate significantly. There is a substantial risk of economic losses when purchasing, selling, holding, or investing in Digital Currencies and their derivatives.
By making use of Biswap Services, you acknowledge, agree, and confirm that:
As with any asset, the value of Digital Currencies, as defined below, may fluctuate significantly, and there is a substantial risk of economic losses when purchasing, selling, holding, or investing in Digital Currencies and their derivatives;
You shall assume all risks related to Biswap Services and transactions of digital currencies and their derivatives;
Biswap should not be held liable for any such risks or adverse outcomes;
You voluntarily use Biswap products and services;
You understand the mechanism and algorithm of decentralized crypto exchanges such as Biswap.
By assessing, using, or attempting to use Biswap Services in any capacity, you acknowledge that you accept and agree to be bound by these Terms. If you disagree, do not access Biswap or utilize Biswap Services. You automatically agree to comply with these rules by using Biswap`s products, services, and website.
Definitions
Biswap refers to an ecosystem consisting of the Biswap website (whose domain names include but are not limited to biswap.org and biswap.org/swap), clients, or other applications or services that are developed to offer Biswap Services.
Biswap Services refer to various services provided to you by Biswap that are based on the Internet and/or blockchain technologies offered by Biswap websites. Biswap Services include but are not limited to such Biswap ecosystem components as the Digital Asset Trading Platform, farming and staking offerings, Biswap IDO Launchpad, lottery, and trading competition offerings, as well as the Referral Program.
Biswap Platform Rules refer to all rules, interpretations, announcements, statements, letters of consent, and other contents that have been and will be subsequently released by Biswap, as well as regulations, implementation rules, product process descriptions, and announcements published via Biswap Telegram channel (Biswap Announcements).
Users refer to all individuals, institutions, and/or organizations that access, use, or attempt to use Biswap Services.
Digital Currencies refer to encrypted or digital tokens or cryptocurrencies with a certain value that is based on blockchain and cryptography technologies and are issued and managed in a decentralized manner.
Digital Assets refer to Digital Currencies, their derivatives, or other types of digitalized assets with a certain value.
Crypto-to-crypto Trading refers to transactions in which one digital currency is exchanged for another digital currency.
General Provisions
1. Changes to these Terms
Biswap reserves the right to change or amend these Terms at its sole discretion. Biswap will notify about such changes by updating the terms on its website and modifying the “last revised” date displayed in the header of the document. All the changes to these Terms will become effective upon publication on the website or release to users. Hence, your continued use of Biswap Services implies your automatic acceptance of the modified Terms. If you do not agree to any changes to these Terms, you must refrain from using any of Biswap Services immediately. Biswap highly recommends you frequently review these terms to ensure your understanding of the Terms that apply to your use of Biswap Services.
2. About Biswap
Although Biswap has always been committed to maintaining the accuracy of the information provided through Biswap Services, Biswap shall not be liable for any loss or damage that may be caused directly or indirectly by your use of these contents. The information Biswap Services may change without notice, and the main purpose of providing such information is to help users make independent decisions. Biswap does not provide investment or consulting advice of any kind, nor shall it be responsible for the use or interpretation of information on Biswap or any Biswap-related communication channels. All users of Biswap Services must understand the risks associated with Digital Currency Trading, and are highly encouraged to exercise prudence and trade responsibly within their own capabilities.
3. Personal Security
Biswap has always been committed to maintaining the security of users and has implemented the industry’s best security standards. However, the actions of individual users may pose certain risks. You shall agree to treat your wallet’s access credentials (such as seed phrases, private keys, and passwords) as confidential information, and not to disclose such information to any third party. You also agree to be solely responsible for taking the necessary precautions to protect your personal information. You should be solely responsible for keeping your wallets safe and be responsible for all the transactions under your wallets. Under no circumstance shall Biswap be held liable for any loss or consequences caused by authorized or unauthorized use of your wallets’ funds and/or credentials, including but not limited to loss of personal funds, information disclosure, information release, consent or submission of various rules and agreements by clicking on the website. By using any of Biswap Services, you hereby agree that you will strictly follow all safety recommendations of Biswap regarding security, trading, withdrawing, etc.
4. Biswap Services
Biswap has the right to provide, modify or terminate, at its sole discretion, any Biswap Services and allow or prohibit some user’s use of any Biswap Services in accordance with relevant platform rules. Biswap has the exclusive right to determine the Digital Currencies that should be included in the whitelist and may add or remove Digital Assets from the platform’s whitelist at its sole discretion from time to time. In case of such additions, removals, or amendments, Biswap may, but is not obliged to, notify users in advance, and Biswap shall not assume any liability to users in relation to such additions, removals, or amendments.
5. Staking Programs
Biswap may, but is not obliged to, provide Staking Programs for specific Digital Currencies to reward, as per certain conditions, users who hold such Digital Currencies in their personal wallets. When making use of such Staking Programs, you should note that:
Unless otherwise stipulated by Biswap, Staking Services are free of charge;
Biswap does not guarantee users’ proceeds under any Staking Program;
Biswap has the right to initiate or terminate the Staking Program for any Digital Currencies or modify the rules of such programs at its sole discretion;
Due to network delay, computer system failures, or other force majeure, which may potentially lead to delay of execution of Biswap Staking Programs, Biswap will use reasonable effort to ensure that Biswap Staking Program runs stably and effectively;
You agree that all investment operations conducted on Biswap represent your true investment intentions and that you unconditionally accept the potential risks and benefits of your investment decision;
When using Biswap Staking Program, you should fully recognize the risks of investing in Digital Assets and operate cautiously;
Biswap assumes all responsibility and liability for the funds deposited by users to the Staking Programs contracts.
6. Announcements
Be aware that all official announcements, news, promotions, competitions, and airdrops will be published via Biswap's official Telegram channel: (Biswap Announcements). Users undertake to refer to these materials promptly and on a regular basis. Biswap will not be held liable or responsible in any manner of compensation should users incur personal losses arising from negligence or ignorance of the announcements. Any reliance you place on the information provided by unofficial Biswap channels is, therefore, strictly at your own risk.
7. No Personal And/Or Financial Advice
Biswap is not your advisor, broker, or intermediary, and has no fiduciary relationship or obligation to you in connection with any trades or other activities or decisions affected by you using Biswap Services. Biswap does not provide personal advice in relation to our products and services. No communication or information provided to you by Biswap is intended as or shall be construed as, investment advice, financial advice, trading advice, the recommendation to transact in any investment, or solicitation to engage in any investment activity. All trades are executed automatically using smart contract technology, based on the parameters of your order instructions, and you are solely responsible for determining whether any investment, investment strategy, or related transaction is appropriate for you according to your personal investment objectives, financial circumstances, and risk tolerance, and you shall be solely responsible for any loss or liability therefrom. You have to make sure that the content of the smart contract meets your goals and interests, and that you fully understand its content. We do not monitor whether your use of Biswap Services is consistent with your financial goals and objectives. It is up to you to assess whether your financial resources are adequate for your financial activity with us, and your risk appetite in the products and services you use. Before making the decision to buy, sell or hold any Digital Asset, you should conduct your own due diligence and/or consult your financial advisors prior to making any investment decision. Biswap will not be held responsible for the decisions you make to buy, sell, or hold Digital assets based on the information provided by Biswap.
8. No Tax, Regulatory or Legal Advice
The taxation of Digital Assets is uncertain, and you are responsible for determining what taxes you might be liable to, and how they apply when transacting through Biswap Services. It is your responsibility to report and pay any taxes from transacting on Biswap Services (if such exist), and you acknowledge that Biswap does not provide legal or tax status or obligations relative to these transactions. If you have any doubts about your tax status or obligations when using Biswap Services, or with respect to the Digital Assets held in your wallets, you may wish to seek independent advice. You are encouraged to seek professional and personal tax advice regarding any digital asset transaction.
9. Market Risks
Digital Asset trading is subject to high risk and price volatility. Changes in value may be significant and may occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and any returns can go up or down, and you may not get back the amount you invested. By accepting these Terms, you acknowledge that you are entering into any investment or trade on your own accord, having done your own due diligence. You should not make any investment or trade unless you are prepared to sustain a total loss on your principal capital. You should be aware that certain types of products might carry greater risks and may not be easily understood by non-experts. If you have any doubts about using any of the services offered by Biswap, you should either seek advice from an independent financial advisor or abstain from partaking in it. Biswap will not be liable for any loss that you incur as a result of your investment or trade.
10. Liquidity Risks
Digital Assets may have limited liquidity, which may make it difficult or impossible for you to sell or exit a position when you wish to do so. This may occur at any time, including at times of rapid price movements. We encourage you to monitor the liquidity of every Digital Asset prior to making any trade.
11. Fees & Charges
Fees and charges are subject to the page display on the day. Biswap may, at its sole discretion, update the fees & charges from time to time. Such changes will be communicated to you accordingly. Be aware of all costs and charges that apply to you because such costs and charges will affect the gains you generate from using Biswap Services.
12. Impermanent Loss
Please be aware and well-educated on the consequences of impermanent loss before adding liquidity to any of the liquidity pools available on Biswap. Pools that contain assets that remain in a relatively small price range will be less exposed to impermanent loss. Stablecoins or different wrapped versions of a coin, for example, will stay in a relatively contained price range. In this case, there’s a smaller risk of impermanent loss for liquidity providers (LPs). Impermanent loss is one of the fundamental concepts that anyone who wants to provide liquidity to AMM should understand.
13. Availability Risks
Biswap does not guarantee that Biswap Services will be available at any particular time or that Biswap Services will not be subject to unplanned service outages or network congestion. It may not be possible to buy, sell, stake/unstake or add tokens to liquidity pools when you wish to do so.
Final Provisions
You confirm that you are familiar with these Terms and that you fully understand them. Biswap is not responsible for any risks associated with your use of Biswap's products and services as well as its website. These Terms are mandatory for everyone using Biswap`s products, services, and its website.
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