Terms of Service
UAB Stormbenda (also referred to as ‘Genesis’) and the User (Also referred to as ‘You’) by virtue of the User using the Services. By signing up through the Website You agree that You have read, understood, and accept all of the Terms. If You do not agree or fail to adhere to the Terms or any other rules of any of the Services, You are not entitled to use the Services.
Accepting these Terms is a condition to use the Services. Refusal to accept these modifications shall preclude the User from using the Services. All Users are obliged to observe these Terms. Genesis reserves the right to update the Terms at any time, at its sole discretion. In case of any changes, Genesis will change the date of the last update at the beginning of the Terms. By continuing to use the Services following the release of updated Terms, the User consents to the updated Terms. Genesis invites the User to check this page regularly for updates to the Terms.
Before using the Services of Genesis, the User must carefully consider whether purchasing or holding Cryptocurrencies is suitable for the User in the light of the User’s financial situation and knowledge regarding the Cryptocurrencies that the User is interested in. Purchasing or holding Cryptocurrencies entails a substantial risk of loss and the value of Cryptocurrencies is subject to extreme volatility.
The Website and the Services offered by Genesis are NOT ADDRESSED TO AND MAY NOT BE USED BY:
natural persons who are NOT at least 18 years of age; and
‘Account’ any account opened with Genesis by a User, using which, the User can access the Services;
‘Basic Account’ – account opened with Genesis by a User, using which the User can access the Services, Basic Account has the limit of 10 000 EUR for the total amount of Cryptocurrency bought with Fiat currency by the User.
‘Conversion Rate’ – the price or exchange rate of one unit of a given supported Cryptocurrency whereby the price of the offered asset is determined by Genesis. Conversion Rate is derived
persons who have their citizenship or their legal place of residence in Iran, North Korea,
USA, China, Russia, or any country that is in the FATF watchlists.
from multiple factors, such as direct and indirect asset acquisition cost and market risk to which Genesis is exposed to while completing the transaction.
‘Cryptocurrency’ – a digital representation of value that does not possess a legal status of currency or money, that is not issued or guaranteed by a central bank or any other public authority, is not necessarily attached to a currency, but is accepted by natural or legal persons as a means of exchange and which can be transferred, stored and traded electronically.
‘Genesis’ – UAB Stormbenda, a Lithuanian private limited liability company registered under registry code 305990228, Vilnius, Eišiškių Sodų 18-oji g. 11.
‘Fiat Payments’ – Service allowing Users to use the Purchase Service by using their credit or debit card or wire transfer or alternative payment methods with the fee described on the Website.
‘Wallet’ – Cryptocurrency wallet of the User, which can be accessed through the Website.
‘Purchase Service’ – regulated service of Cryptocurrency purchase through which Users can buy and sell supported Cryptocurrencies from and to Genesis, in exchange for specified Fiat currencies and specified Fiat currencies from Genesis, in exchange for supported Cryptocurrencies.
‘Pro Account’ – account opened with Genesis by a User, using which the User can access the Services, Premium Account does not have a daily deposit limit.
‘Rate Reference’ – the price of one unit of a supported Cryptocurrency in terms of a specified Fiat currency or another supported Cryptocurrency, which is based on the lowest ask price for buying or the highest bid price for selling a Cryptocurrency on the exchanges operated by trusted third party vendors.
‘Services’ – services provided by Genesis to the Users, including, the Wallet and the Purchase Services.
‘Taxes’ ‒ taxes, levies, duties or similar governmental assessments of any nature, including, for example, value-added, sales, use or withholding taxes, assessable by any jurisdiction whatsoever.
‘Terms’ – these Terms and Conditions including all the chapters, as amended from time to time.
‘User’ – anyone who uses the Website and/or Services provided by Genesis.
‘Wallet Services’ ‒ regulated service of Cryptocurrency depository wallet, whereby User is able to deposit Cryptocurrencies and store Cryptocurrencies acquired by using the Purchase Service, can be accessed via the Website, and which is a regulated service, as further described in section 6 below, including the Services of Cryptocurrency withdrawal and Cryptocurrency deposit.
‘Website’ – website of Genesis located at https://www.genesisxchange.com Services description
Genesis is exclusively entitled to decide on functionality, the use, subject matter and the range of the Services as well as to cease rendering the Services.
Genesis is exclusively authorized to decide on the contents and the nature of the Services as well as to freely add, change, or remove particular elements.
The materials appearing through the Services could include technical or contents errors. Genesis does not warrant that any of the materials on Services are accurate, complete, or current. Genesis may make changes to the materials contained on Services at any time without notice. Genesis does not, however, make any commitment to update the materials.
The use of any new Services of Genesis, after the User has accepted these Terms shall be subject to its provisions.
Genesis ‘Wallet Services’ allow the User to store, send and receive supported Cryptocurrencies. Genesis does not stores cardholder funds, the funds are held and operated by 3rd party the Wallet technical provider – ‘FireBlocks LTD’.
The User may buy or sell supported Cryptocurrencies using Fiat Payments at the current Conversion Rate. The bought Cryptocurrencies may be transferred to the User’s Wallet which private keys are in Genesis’ control, or to another Cryptocurrency walled owned by the Userfrom the Cryptocurrency wallet of Genesis. The User may withdraw the bought Cryptocurrencies to another Cryptocurrency wallet held by the User. The Fiat currency for the sold Cryptocurrency may be only transferred to the account owned by the User.
Quick Checkout Service
The User, who is a natural person may purchase Cryptocurrencies using an external Cryptocurrency wallet, where the purchased Cryptocurrencies will be transferred. The external Cryptocurrency wallet must be opened and belong in the name of the User. To use the Quick Checkout Services, the User must still open an Account but does not have to use the Wallet Services. The Quick Checkout Service is not available for Users, who are legal entities.
Registration and Account
In order to access and use the Services, the User must create an account with Genesis (‘Account’). With creating the Account, the User agrees to:
provide accurate, current and complete information when creating or updating an Account;
maintain and promptly update Account information;
maintain the security and confidentiality of login credentials and restrict access the
Account and computer;
promptly notify Genesis if the User discovers or otherwise suspects any security breaches related to the Site; and
take responsibility for all activities that occur under the Account and accept all risks of unauthorized access.
Upon registration, Genesis will conduct a identification verification (‘Know Your Customer’ or ‘KYC’) process to comply with all applicable anti-money laundering, sanctions and other relevant statutory requirements. Genesis reserves the right to limit the Website functionality to the Users who have not passed verification. If the Customer refuses to provide required documents and information under KYC, Genesis reserves the right to immediately terminate the Services provided to the User.
The User undertakes to provide Genesis with correct and relevant documents and personal information contained therein. In case the User provides counterfeit documents and false personal information, such behavior will be interpreted as a fraudulent activity.
The User hereby authorizes Genesis to, directly or indirectly (through third parties), make any inquiries as Genesis considers necessary to check the relevance and accuracy of the information provided for verification purposes. Genesis may ask for additional information after onboarding and during the client experience to comply with anti-money laundering laws and regulations.
Personal data transferred will be strictly limited to the necessary amount and with protected security measures in use to protect the data.
Genesis requires to provide the User for the KYC process depending on the Account type chosen by to User.
For the Basic Account, the User, who is a natural person, is required to provide at least:
proof of address document.
For the Pro Account, the User, who is a natural person, is required to provide at least:
proof of address document;
proof of funds document.
For the Basic Account, the User, who is a legal entity, is required to provide at least:
extended registry card
proof of address document.
For the Pro Account, the User, who is a legal entity, is required to provide at least:
extended registry card;
proof of address document;
proof of funds document.
Use of the Services
The Services enable the User to make various transactions with Cryptocurrencies.
Genesis may carry out verification checks for certain transactions as requested by law. Carrying out those checks might increase the time it takes to process the client’s transaction. Genesis shall not be held responsible for any delays because of carrying out such checks. Genesis shall not bear any losses or damages, direct or indirect because of delays when carrying out transaction checks.
It is the User’s sole responsibility to determine whether, and to what extent, any taxes apply to any transactions the User conducts through the Website or are associated with the Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities.
Revoking or amendment of orders
The User acknowledges that the execution time of orders is based on the actual operation time of Genesis. The User has the right to revoke or amend their orders at any point before they are being processed by Genesis (order status “New”). To revoke or amend an order the User needs to write a request to Genesis via email [email protected] from the contact email that the User has provided Genesis. The request needs to refer to the order ID of the order the User wants to revoke or amend.
Account termination or closing
The User may close their account at any time. Closing the Account by the User means that the further use of the Services with the use of current password and login shall no longer be possible. To close the Account, the User needs to write a relevant request to Genesis via email [email protected] from the contact email that the User has provided Genesis.
The User is responsible for closing their Account.
Genesis reserves the right to close the Account due to gross infringement of the provisions of these Terms or in the event of illegal use of the Services upon notice to the User via email. Genesis may also suspend the User’s access to the Services if Genesis suspects that the User has failed to comply with these Terms, poses an unacceptable fraud risk to Genesis, or if the User provides any false, incomplete, inaccurate or misleading information.
Genesis shall not be liable for damages suffered by the User arisen due to the closing or termination of the Account or suspension of the access to the Services, in case of a breach of by the User of these Terms, any statutory requirements, or for other reasons arising from the fault of the Customer.
Once an Account has been closed, it cannot be re-opened in the future.
The User agrees to pay to Genesis the fees for the usage of the Services as set forth in Genesis pricelist on the Website as published, amended, and updated from time to time.
Risks associated with the Services
Any activity related to Cryptocurrencies carries significant risks. Prior to using the Services, the User should carefully consider such risks.
The User agrees to:
carefully considered the risks involved in purchasing and holding Cryptocurrencies and acknowledge that the Cryptocurrencies may fluctuate in their value.
acknowledge the uncertain nature of Cryptocurrencies (including, but not limited to, the risk of unknown vulnerabilities in or unanticipated changes to the network protocol) and, that Cryptocurrencies are not regulated by any central bank nor other government authority, and do not constitute a securities instrument.
If the User is in any doubt as to the actions the User should take, Genesis encourages the User to consult with a legal, financial, tax or other professional advisor(s). If any of the risks are unacceptable to the User, the User should not use the Services.
The User acknowledges and agrees that they will access and use the services at their own risk.
Trademarks and Intellectual Property
The User explicitly acknowledges that Genesis is and remains the sole owner of the Services and/or other intellectual property rights relating thereto. The Websites and all information, content, material, graphics, products, website addresses, and layouts and services included on or otherwise made available to the User through the Website are the exclusive property of Genesis and are protected under applicable law. All such rights and goodwill are, and shall remain, vested with Genesis.
The User may only use the Website and/or the Services only for personal, lawful and non- commercial use. Any other use of content of the Services is strictly prohibited and the User agrees not to infringe or enable others to infringe Genesis’ intellectual property rights.
The User may not sell or modify materials derived or created from the Services or reproduce, display, publicly perform, distribute or otherwise use the materials in any way for any public or commercial purpose. The User’s use of the materials on any other website or on a file-sharing or similar service for any purpose is strictly prohibited. The User may not copy any material or content derived or created from the Services without prior written permission from Genesis.
Without prejudice to the right of the User or any third party to challenge the validity of any intellectual property of Genesis, the Customer shall not perform or authorize any third party to perform any act which would or might invalidate or be inconsistent with any intellectual property of Genesis – including without being limited to any patent, copyright, registered design, trade mark or other industrial or intellectual property rights – and shall not omit or authorize any third party to omit to do any act which, by its omission, would have that effect.
The Website may contain links to third party websites on the internet. These third party websites may contain information or material that some people may find offensive or inappropriate. Third party websites might also refer to their own initiative to the Website(s). The User acknowledges that the third party websites are not under the control of Genesis. The User also acknowledges that , whether or not such websites are affiliated in any way with Genesis, Genesis is not responsible for the accuracy, decency, legality or any other aspect of the content of such websites.
The User undertakes to notify Genesis of any actual, threatened, or suspected infringement of any intellectual property rights of Genesis which comes to the User’s notice, and of any claim by any third party due to use of the Services.
Genesis makes great efforts to guarantee the highest quality of its operations to ensure accessibility and continuity of Services in accordance with their use and purpose. However, no long-distance data transmission, guarantees 100% security, continuity, and accessibility of the Services.
As is. The site, services and software are provided on an “as is” and “as available” basis, with all faults, and Genesis expressly disclaims all warranties, representations, and conditions of any kind arising from or related to these Terms or the User’s use of the Website, Services, and Software, including the implied warranties of merchantability and fitness for a particular purpose. The User acknowledges that, to the extent allowed by applicable law, all risk of use of the Website, Services, and Software rests entirely with the User.
IN NO EVENT WILL GENESIS BE LIABLE FOR ANY LOST PROFITS, REVENUE OR DATA, INDIRECT, INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES, OR DAMAGES OR COSTS DUE TO LOSS OF PRODUCTION OR USE, BUSINESS INTERRUPTION, OR PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES ARISING OUT OF OR IN CONNECTION WITH THE SERVICES, WHETHER OR NOT GENESIS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND REGARDLESS OF THE THEORY OF LIABILITY ASSERTED.
Cap on Liability
UNDER NO CIRCUMSTANCES WILL GENESIS BE LIABLE TO THE USER FOR DAMAGES ARISING OUT OF THE SERVICES EXCEEDING THE AMOUNT OF 100 EUR.
The limitations set above will not apply to damages caused by the gross negligence, fraud, or willful misconduct of Genesis, or to the extent such limitations are precluded by applicable law (in which case Genesis’ liability will be increased to the minimum amount required to comply with such law).
The User agrees to indemnify Genesis against any claims, damages, losses or legal fees incurred due to the User’s use (or misuse) of Genesis.
This is the entire agreement between the parties and supersedes any other agreement, representations (or misrepresentations), or understanding, however, communicated.
Applicable legislation and disputes resolution
The legislation of Republic of Lithuania shall be applied to the Terms. Any court action between Genesis and the User shall be resolved in the Vilnius District Court which has exclusive jurisdiction for resolving disputes arising under the Terms.
If You have any questions, complaints or claims with respect to the Website or the Services please contact Genesis at [email protected]