General Regulations

Bitbank is a comprehensive platform for managing and exchanging digital assets. Trading, exchange, storage, and management of digital assets, along with other cryptocurrency market services, are provided to users in full compliance with the laws and regulations of the Islamic Republic of Iran. Bitbank aims to provide a secure and transparent environment for conducting cryptocurrency transactions and managing users' digital assets, ensuring that access to these services is simple and reliable for all users. The use of Bitbank’s services is subject to full acceptance of the terms and conditions outlined below. These regulations are established to ensure security, compliance with the country’s current laws, and the provision of optimal services to users. By creating an account, you confirm your agreement with all the terms outlined and acknowledge that you are aware of and will comply with all the regulations and conditions stated in this document and related documents. If you do not accept any of these terms and conditions, you may not create an account or access Bitbank’s platform and services.

Article 1. Account Creation and Identity Verification

1.1 Account Creation

Users must provide their personal information to create an account. Account creation is permitted only for individuals over 18 years of age, and the use of another person’s personal information is prohibited, except in the case of legal entities where a legally appointed representative registers on behalf of the company. Users must use a valid phone number, email, banking information, identification documents, and address. Each individual or legal entity is permitted to create only one account.

1.2 Identity Verification

Identity verification is mandatory for using Bitbank’s services and applies to both individuals and legal entities:

1.2.1 Individuals

Iranian Nationals: Users must provide their first name, last name, national ID number, date of birth, banking information, and upload images of their identification documents as per the platform’s procedures. Additionally, phone number verification and submission of a selfie with identification documents are required to complete the verification process.

Foreign Nationals: Foreign nationals with valid identification documents such as a passport, Amayesh card, or residence permit can create an account and complete identity verification on Bitbank. Additionally, foreign nationals must have an active bank account with a domestic bank in Iran for rial deposits. Other required information for foreign nationals is the same as that for Iranian nationals.

1.2.2 Legal Entities

The legal representative of the company must create a corporate account and provide personal identification documents, a signature certificate, an official company introduction letter, and company documents, including the establishment notice, the latest changes notice, economic code certificate, company contact information (email and mobile number), and details of authorized signatories. Any changes to the legal entity’s or representative’s documents must be reported to Bitbank.

Registration and use of Bitbank’s services are subject to Bitbank’s review, verification of details, and successful identity verification. Bitbank reserves the right to request additional information or documents from users at any time to complete the identity verification process. Use of Bitbank’s services is only possible after successful verification. Bitbank reserves the right to conduct necessary investigations, either directly or through third parties, to verify users’ identities and protect its services against fraud, money laundering, terrorism financing, and other financial crimes. During these investigations, user information may be disclosed to legal authorities or institutions involved in compliance, validation, and fraud prevention. These investigations are conducted to ensure the security of services and compliance with relevant laws and regulations.

The responsibility for the accuracy and authenticity of the documents and information provided during the verification process lies with the registering user or the legal entity’s representative. If the information provided is proven to be false, Bitbank reserves the right to immediately suspend the user’s account, deny services, and pursue the matter through legal authorities.

1.3 Account Usage

Users undertake to use their accounts solely for personal and exclusive purposes and not to share security information, such as passwords, with any other person. Any liability arising from unauthorized use by third parties is entirely the user’s responsibility. For legal entity accounts, liabilities arising from unauthorized use are jointly and severally borne by the legal representative and the company. All transactions and activities related to the account are the user’s responsibility, and Bitbank will not be liable for any damages resulting from such activities. For more information on security measures and related responsibilities, refer to Article 2 on Account Security.

Article 2. Account Security

2.1 Account Security Responsibility

Users are responsible for safeguarding their username and password. Bitbank bears no responsibility for the loss of user information or assets due to users’ negligence in maintaining the security of their information. Users are strongly advised to use complex passwords, two-factor authentication, and antivirus and anti-malware software to ensure the security of their systems.

2.2 Security Incidents

Users must immediately notify Bitbank’s support team of any security incidents or unauthorized access. Bitbank may temporarily suspend access to the account to ensure the security of the account and users’ digital assets. If a password or account information is lost or stolen, Bitbank has no obligation to recover the information.

2.3 Asset Protection

In the event of cyberattacks or unauthorized activities, Bitbank will make every effort to protect users’ assets. However, the responsibility for protecting private keys and sensitive information lies with the user.

Article 3. Bitbank Services

Bitbank provides a platform where users can trade cryptocurrencies at rates proposed by other users. Bitbank bears no responsibility for the profits or losses of users’ transactions and acts solely as an intermediary for asset transfers. Users must be aware of the risks associated with the cryptocurrency market before engaging in transactions.

3.1 Conditions for Using Specific Services

Using certain specific Bitbank services requires acceptance of the respective terms and conditions. These terms and conditions are available on the relevant service pages in the website’s regulations section, and users must agree to them before using these services. Violation of specific service terms, where no specific penalties are outlined, will be subject to the penalties specified in the general terms and conditions. Thus, all user obligations and responsibilities under Bitbank’s general regulations remain in full force.

3.2 Shared Services

Some of Bitbank’s services may be provided by banks, partner companies, or Bitbank subsidiaries, and users agree to this arrangement. Banking services provided to users through the national banking network connected to Bitbank are outside the scope of Bitbank’s service provision and oversight. It is evident that any disruptions or damages occurring through users’ bank accounts or the national banking network are beyond Bitbank’s responsibility, and users must refer to the relevant bank for any issues or ambiguities.

3.3 No Financial Advice

All information, reports, and articles available to users are solely for general awareness and improving users’ financial literacy and should not be considered financial advice or encouragement to trade.

Article 4. Transactions and Restrictions

All transactions conducted by users are irreversible, and users are responsible for accurately entering their transaction details. Bitbank bears no responsibility for losses resulting from user errors in entering information. Bitbank may impose restrictions on withdrawals or deposits to prevent suspicious activities, money laundering, or illegal activities.

4.1 Transaction Restrictions

Bitbank is authorized to impose restrictions on transactions, transfers, withdrawals, or deposits to prevent suspicious activities, money laundering, or illegal activities, and users waive any right to object or claim in this regard. Transaction restrictions include, but are not limited to:

In accordance with the regulations issued by the Cyber Police (FATA), rial withdrawals are not possible for 72 hours after the first deposit.
If instructed by competent authorities, Bitbank will hold users’ rial and cryptocurrency balances on the platform until the relevant judicial order is completed.
To ensure the security of users’ assets, withdrawals are restricted for 24 hours after a password change or use of the password recovery option.
If Bitbank deems a transaction suspicious due to its amount or inconsistency with the user’s transaction history, it may prevent the transaction and proceed with approval after verifying its authenticity.
All rial withdrawals from the user’s account will only be transferred to the verified bank account registered in the user’s name. Transfers to third-party bank accounts are not permitted under any circumstances.
Bitbank continuously employs various fraud detection methods, including user location verification upon platform login, to secure users’ digital assets and transactions. If Bitbank detects a transaction or action suspected of fraud or other criminal activities, it may hold users’ rial and cryptocurrency balances for up to 72 hours to verify the authenticity of the actions and transactions.

4.2 Withdrawal and Transaction Cancellation Restrictions

Users may request to withdraw their assets, but Bitbank may impose time or amount restrictions on withdrawals to manage risks and prevent suspicious activities. Cancellation requests for certain transactions may only be possible in specific cases and with Bitbank’s approval.

4.3 Supported Cryptocurrencies

Bitbank provides services only for cryptocurrencies that are officially verified and listed as supported on the platform. This list may be updated over time, and users must ensure that the cryptocurrency they intend to transact with is supported before proceeding. The responsibility for transacting with unsupported cryptocurrencies lies with the user, and such assets cannot be recovered. Bitbank bears no responsibility for losses resulting from such transactions.

4.4 Transaction Cancellation or Modification

Transactions conducted on the Bitbank platform are generally irreversible. However, in cases of transactions conducted with illicit or improper intent, technical issues, system errors, deposits or withdrawals from a user’s account due to Bitbank’s error, or evident errors in quoted rates, Bitbank reserves the right to cancel or modify the transaction at its discretion without requiring judicial or administrative procedures or further user approval. Bitbank may also withdraw funds from the user’s account if necessary. Users must monitor and follow up on any changes to their transactions or account balances. Bitbank is committed to notifying users of transaction cancellations or modifications within 24 hours at the latest. Bitbank will not be responsible for compensating losses resulting from transaction cancellations or modifications, and users agree to these terms by using the services, waiving any right to object or claim.

Article 5. API Usage

Bitbank may allow users to use the API to access certain services. The API is a tool that enables advanced users to conduct transactions and access data automatically. Users must use the API only for legal purposes, and all access must comply with Bitbank’s restrictions and regulations, including limits on the number of requests within a specific timeframe and adherence to security principles. Users are responsible for securely protecting API access keys, and Bitbank bears no responsibility for misuse of these keys. In case of improper or unauthorized use, Bitbank reserves the right to suspend the user’s API access or account and pursue legal action to recover damages if necessary.

Article 6. User Obligations and Responsibilities

6.1 Legality of Assets

Bitbank users must ensure that the source of all assets, including rial funds and cryptocurrencies received or transferred, is legal and compliant with domestic and international regulations. Users guarantee that their assets do not originate from illegal sources and belong entirely to them, not to third parties or illicit sources. Upon Bitbank’s request at any time, users must provide documentation proving the legality and ownership of their assets. If proven otherwise, Bitbank reserves the right to suspend the user’s account and report the necessary information to legal authorities.

6.2 Prohibition of Illegal Use

Users undertake to use their accounts solely for legal purposes and refrain from any illegal activities, including but not limited to financing crimes, money laundering, gambling, currency or goods smuggling, fraud, pyramid schemes or networking, producing illicit content, drug trafficking, arms trading, providing prohibited services, using leased accounts, suspicious financial transactions, phishing, data manipulation, or any other illegal activities. Bitbank reserves the right to suspend the user’s account and take necessary actions, including reporting to relevant authorities, if suspicious or illegal activities are detected. The user bears full responsibility for any violations or breaches of law, and Bitbank will not be liable in this regard.

6.3 Commitment to Security Compliance

Users must take necessary measures to protect their account login information (such as passwords and API keys) and use secure networks, software, devices, and two-factor authentication. Users must also ensure that they access the Bitbank platform using the valid address https://bitbank3.com to prevent phishing or other misuse. Any security breaches resulting from non-compliance with these obligations are entirely the user’s responsibility.

6.4 Reporting Suspicious Activities

Users must immediately report any suspicious activities or security threats that may harm their assets or Bitbank’s system to the support team. These activities include attempts at unauthorized access, unusual transactions, or unexpected changes in the account.

6.5 Prohibition of Account Ownership Transfer

Users are strictly prohibited from transferring ownership of their accounts to others or granting access to third parties. Any liability arising from unauthorized use due to account transfer or access granted to third parties is entirely the responsibility of the original account holder.

6.6 Acceptance of Cryptocurrency Market Risks

Users must be aware that the cryptocurrency market is highly volatile and unpredictable, with no guarantee of profitability or asset value stability. Users participate in transactions at their own risk. The responsibility for all trading decisions and associated risks, including sudden price changes, extreme volatility, and potential loss of capital, lies entirely with the user. Bitbank bears no responsibility for potential losses incurred by users.

6.7 Guarantee of Information Accuracy

Users must provide accurate, complete, and up-to-date information requested by Bitbank, including identity, contact, and financial details. Users undertake to immediately notify Bitbank and update their information in case of any changes. All liabilities arising from providing inaccurate, incomplete, or outdated information are the user’s responsibility.

6.8 Right to Legal Action

In case of damage to Bitbank due to user actions on the platform, whether or not specific penalties are outlined in this agreement, Bitbank reserves the right to pursue compensation through legal channels. Users undertake to cover all damages incurred by Bitbank, including legal fees, costs for hiring attorneys or legal representatives, damages to reputation and commercial standing, and other imposed losses.

Article 7. Limitation of Liability

Bitbank’s liability is strictly limited to the cases specified in this document, and except where explicitly stated, Bitbank, its managers, advisors, and employees bear no responsibility for any other matters, including the following:

7.1 Damages Caused by User Actions

Bitbank bears no responsibility for damages resulting from user actions, including violations of laws and regulations, failure to follow Bitbank’s security recommendations, errors in entering information such as wallet addresses, or other user actions.

7.2 Service Interruptions

Bitbank strives to provide stable and uninterrupted services to users. However, technical issues may lead to service interruptions. In case of interruptions due to technical problems, disruptions, outages, server inaccessibility, or maintenance, Bitbank will inform users as soon as possible and work to resolve the issue promptly. Bitbank bears no responsibility for losses resulting from such interruptions, and users must use the services with awareness of these risks.

7.3 Force Majeure Events

Bitbank bears no responsibility for damages caused by events beyond its control, including natural disasters, wars, riots, large-scale cyberattacks, internet infrastructure disruptions, or other foreseeable or unforeseeable conditions. Users acknowledge these risks by using Bitbank’s services and agree to these terms.

7.4 Cyberattacks and Security Measures

Despite all security measures taken by Bitbank, the platform bears no responsibility for information disclosure or damages resulting from cyberattacks or unauthorized access to user accounts. The responsibility for safeguarding private keys and other sensitive information lies entirely with the user.

7.5 Users’ Tax and Legal Obligations

Bitbank bears no responsibility for users’ tax obligations related to their transactions or other legal responsibilities.

7.6 Contractual and Legal Limitations

Bitbank is not liable for any indirect, incidental, or consequential damages resulting from users’ use of the services.

7.7 Unauthorized Access and Malware

Bitbank bears no responsibility for damages caused by unauthorized third-party access to servers, illegal use of servers, or losses resulting from malware distribution by third parties.

7.8 Specific Cryptocurrency Features

Bitbank bears no responsibility for damages caused by the specific features or technical limitations of cryptocurrencies.

7.9 Damages from Information Provided on the Platform

Bitbank bears no responsibility for losses resulting from users’ actions based on information, opinions, predictions, or prices provided on the platform.

Article 8. Account Termination and Suspension

Bitbank reserves the right to temporarily or permanently suspend access to a user’s account if any of the following conditions occur:

Request from governmental, legal, or judicial authorities.
Suspicion of criminal activity or suspicious activities, such as money laundering or terrorism financing.
Non-compliance with Bitbank’s rules and regulations, including violation of any obligations outlined in these terms, at Bitbank’s discretion.
Use of the account by a third party or transfer of the account to a third party.
Verification or suspicion of inaccurate information provided.
User refusal to provide additional information or documents upon Bitbank’s request.
Transfer of assets to suspicious wallets or wallets on Bitbank’s blacklist.
Verification of the user’s death, incapacitation, bankruptcy, or lack of legal capacity.
Technical issues or security risks that, at Bitbank’s discretion, may harm the platform or other users.
Any illegal activity.
Misuse or inappropriate use of services, at Bitbank’s discretion, or use of services to harm national interests or public order.
Inactivity of the account for 12 months, as outlined in Article 15.
User request, subject to review and approval by Bitbank.
Discovery of fraud or criminal activities through operational review systems.

Bitbank reserves the right to temporarily suspend an account to mitigate risks and then take necessary actions to lift the suspension or permanently suspend the account. In case of termination, the handling of the user’s assets is subject to a competent judicial authority’s order, and the user waives any right to claim. User information will be archived for a specified period in accordance with national laws.

Article 9. Privacy and User Data Protection

9.1 Data Collection, Use, and Processing

Bitbank is committed to protecting users’ personal information. User data is collected and processed solely to provide better services and in compliance with national laws and regulations. Data will not be shared with any person or organization other than Bitbank’s subsidiaries or legal authorities without legal authorization. User data may be used for security purposes, service improvement, and product development. Such data will be used anonymously and solely for product development and service quality enhancement. When necessary and in compliance with all legal requirements, Bitbank may disclose user information to legal authorities, credit institutions, or other relevant organizations to ensure identity verification and prevent financial crimes. All user data and information will be stored and archived for a specified period as required by national laws. Users consent to the collection, storage, use, and processing of their data for the purposes mentioned and other legal cases as per the privacy policy.

9.2 Use of Cookies and Browser Data

Bitbank may use cookies to collect information about users’ website visits. This information is used to improve user experience and provide better services. Users may adjust their browser settings to prevent cookie storage, but this may reduce service quality.

9.3 Security Measures for Data Protection

Bitbank takes all necessary measures to protect user data and employs security technologies to prevent unauthorized access. However, users are also responsible for taking necessary measures to protect their information. Bitbank bears no responsibility for unauthorized access to user accounts, data disclosure due to cyberattacks, or incidents beyond its control.

9.4 Data Retention Period

Bitbank permanently retains records of users’ rial and cryptocurrency deposits and withdrawals, and this information will always be available to users. Transaction records are retained for a minimum of two months and up to six months and will be accessible to users during this period.

Article 10. Changes to Services and Regulations

10.1 Changes to Services

Bitbank reserves the right to modify or update its services at any time. These changes may include adding, removing, or improving features, and users consent to these changes by continuing to use the services.

10.2 Changes to Terms and Conditions

Bitbank reserves the right to modify the terms and conditions of its services at any time. Any changes will be communicated to users through the website and will take effect immediately upon posting. Continued use of Bitbank’s services constitutes acceptance of the new terms. Users must note that changes to these terms and conditions will directly affect their rights and obligations, and the responsibility for reviewing changes lies with the users.

Article 11. Independence of Provisions

All provisions and terms of this agreement are set independently of each other. If any article or clause of this agreement is deemed invalid or unenforceable by law or judicial ruling, it will not affect the validity or enforceability of the remaining provisions and clauses, which will remain in full force.

Article 12. Dispute Resolution

In case of any disputes between the user and Bitbank, both parties will attempt to resolve the dispute through negotiation. If no agreement is reached, disputes will be resolved under the jurisdiction of the competent judicial authorities in Tehran.

Article 13. Fees, Charges, and Tax Regulations

13.1 Tax Regulations

Users must comply with all tax regulations related to cryptocurrency transactions. The responsibility for paying all banking and tax-related costs associated with buying, selling, or transferring cryptocurrencies lies with the users, and Bitbank bears no responsibility for users’ tax obligations.

13.2 Service Fees

All applicable fees related to Bitbank’s services, including transaction, deposit, and withdrawal fees, are transparently listed on the fees and charges page. Users are responsible for paying these fees. Users agree to pay all fees, charges, and debts imposed by Bitbank. Bitbank is authorized to deduct these amounts directly from the user’s account. If the account balance is insufficient, Bitbank may deduct the equivalent debt from other digital assets in the account. Bitbank reserves the right to modify the type and amount of fees and charges at any time, notifying users of changes through the website. Users agree that any calculations made by Bitbank regarding fees and charges are final and binding unless there is an evident error.

Article 14. Intellectual Property Rights

All intellectual property rights related to Bitbank, including the brand name, logo, designs, and content, belong to Bitbank, and no one may use them without permission. Violation of this clause will result in the user’s liability to compensate for all material, intellectual, and potential damages resulting from copying or similar actions.

Article 15. Support System and User Communication

15.1 24/7 Support Services

Bitbank provides 24/7 support services for its users. Users can easily contact the support team at any time via phone, email, or online chat on the website. The support team is committed to responding to all questions, requests, and reports promptly and as quickly as possible.

15.2 Complaint Handling Process

Users can submit complaints through the designated complaint form on the website. The Bitbank support team is obligated to thoroughly review complaints and provide necessary responses as quickly as possible. Users can also track the status of their complaints through their profiles.

15.3 User Communication

Bitbank communicates with users via email, SMS, or phone calls using the contact information provided during the verification process. It is critical that users ensure their contact information is accurate and up-to-date. If contact information changes, users must immediately notify Bitbank. Bitbank bears no responsibility for users’ failure to receive information, notifications, or important updates due to outdated contact information.

Article 16. Inactive Accounts and Management

16.1 Inactive Accounts

If an account remains inactive for an extended period (more than 12 months), Bitbank reserves the right to suspend the account along with its rial and digital assets. Users will need to undergo re-verification to regain access to their account and assets.

16.2 User Notification

Bitbank is obligated to notify users of any actions regarding their accounts and assets via email or SMS, allowing users to take necessary actions.

Ondo Finance