Updated: 26 January 2020
Trading in Coins is speculative and high risk. You may lose some or all of any money or Coins that you hold or transact using the Platform. You should not trade Coins unless you can afford to lose your investment without hardship. Please read the Five Star Exchange Risk Statement carefully for a summary of some of the risks that you must understand before you use the Platform or Services.
See clause 12 below for an explanation of how our liability is limited in some cases.
You can use the Platform and our Services only if you meet, and continue to meet, the following criteria:
If at any time you do not meet these criteria, you must stop using the Platform and the Services. We can close or suspend your Account at any time where you do not meet these criteria (see clause 4 below).
You appoint Five Star Exchange, and Five Star Exchange accepts the appointment, as your agent for any Transaction in Coins that you have entered into through your Account on the Platform, in accordance with these Terms.
All Transactions through the Platform are deemed to take place in New Delhi, India. On completion of the Transaction, you are deemed to take possession of your Account, and the Assets in your Account, in New Delhi, India.
If you make a payment from your Account in error, it may not be possible to stop or reverse the payment once it has been made. You may only be able to recover such a payment made in error through court action or with the consent of the Account holder who received it. If you ask us to recover a payment from your Account, we will use reasonable efforts to do so, and we may charge you our reasonable costs to do this.
We can decline payments from your Account if:
We can reverse payment paid into your Account, without your consent and without giving notice, if:
Five Star Exchange allows you to use fiat funds solely in exchange for digital currency (like FSC,FSCP,BTC,ETH etc) and with other Five Star Exchange Users in so-called “P2P transactions.” In a P2P transaction, Five Star Exchange holds the digital currency between the two counterparties until payment in fiat funds has been confirmed. And digital currency is released as soon as payment is confirmed. Five Star Exchange reserves the right to resolve issues and disputes among Users in its sole discretion.
We may display Third-Party Content on the Platform or through our Services. We do not control or endorse any Third-Party Content and make no representations or warranties regarding such content, including (without limitation) regarding the accuracy or completeness of any content. Your interaction with Third-Party Content and the third-party services are governed by any agreement made between you and the third-party, and we do not accept liability for any loss, damage or expense incurred as a result of any interaction with Third-Party Content.
To the maximum extent permitted by law, you agree to indemnify us from, and hold us harmless from, and against all claims, damages, costs and expenses (including reasonable solicitor/client fees) that arise out of or relate to:
We do not accept liability, either directly or indirectly, for any loss, expense or cost incurred as result of any lack of performance, unavailability of the Platform and/or the Services, or a failure to comply with these Terms as a result of circumstances outside of our control including, but not limited to, changes of law or an event of force majeure.
You agree to pay all fees and expenses associated with or incurred by you in relation to your use of our Services or Platform, which are published on our Platform.
By using our Platform, you accept that it is up to you to understand whether and to what extent, any taxes apply to any Transactions you conduct through our Services or Platform. We accept no responsibility for, nor make any representation in respect of, your tax liability.
You agree to provide all information to us which we require in order to manage our anti-money-laundering and countering the financing of terrorism obligations, to manage economic trade sanctions risks, or to comply with any Applicable Law in New Delhi, India or any other country. If you fail to provide this information, or provide incomplete, inaccurate, or false information, you agree that we may refuse to establish a business relationship with you, may be required to delay, defer, stop or refuse to process any Transaction, or may terminate our business relationship with you and close your Account at any time without notice.
We reserve the right to add, vary or withdraw any term of these Terms (including to increase, reduce or vary any fees or charges payable in respect of any Service or Platform) at any time. Examples of when we may exercise these rights include:
Any clause of these Terms, or part or any clause, declared invalid is deemed severable and does not affect the validity or enforceability of the remaining clauses.
If we do not exercise or enforce any rights available to us under these Terms that does not constitute a waiver of those rights.
In these Terms:
Account means an account established by a User, and operated, in accordance with these Terms.
Applicable Law means all Acts, regulations, rules, bylaws, orders in Council, proclamations, notices, warrants, instruments, orders of any court or tribunal, regulatory guidance or instructions and relevant industry codes of practice, including any common law and equity, that are applicable to these Terms, or our or your conduct in relation to these Terms, the Platform, and the Services.
Business Day means a day trading banks are open for business in Christchurch, New Delhi, India.
Coin means any blockchain-based, or digital representation of an, asset, token or digital currency, such as BitCoin, Ethereum, LiteCoin or any other digital, virtual or crypto currency.
Coin Balance(s) means any record of Five Star Exchange holding funds on the Five Star Exchange Platform on your behalf.
Five Star Exchange, us, we, our or ours means Five Star Exchange.
Five Star Exchange Risk Statement means the Five Star Exchange risk statement published from time to time on the Platform.
Custodial Account means the bank account held by Five Star Exchange on behalf of Users for the purpose of receiving and transmitting fiat dollar funds matched to Fiat Pegged Tokens.
Fiat Pegged Tokens are digital representations of a fiat currency. There will be an individual Fiat Pegged Token for each fiat currency we offer. Each Fiat Pegged Token is equivalent to one fiat dollar of the respective fiat currency.
Nominated Account means a User's account with a registered bank.
Platform means the Five Star Exchange website and trading platform accessible at www.Five Star Exchange.exchange and any associated Accounts, applications, or websites.
Related Entity means an "associated person" of Five Star Exchange within the meaning of section 12 of the FMCA.
Services means any services provided by us to you or any other User, whether through the Platform or outside of it, including the purchase, sale and exchange of Coins, and the provision of the Platform, your Account (including any Fiat Pegged Tokens), and any Coin Wallet.
Terms means these Terms and Conditions, as updated from time to time.
Third-Party Content means content, advertisements, links, promotions, logos and other materials from a non-Related Entity.
Transactions means any Transaction undertaken through the Platform including any buy, sell or exchange transaction, or transfer of fiat dollars or Coin from an Account.
User means any person who is eligible to use the Platform and our Services and who holds an Account.
In these Terms, headings are for convenience only, and do not affect interpretation. The following rules also apply in interpreting these Terms, except where the context makes it clear that a rule is not intended to apply.