User Agreement | SIGEN.pro

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Last updated: 23 February 2018
This User Agreement governs the relationship between Buyers and Sellers selling, buying and trading on the Website. This User Agreement is the integral part of the Terms. All capitalized terms used in the Terms shall apply to this User Agreement with the same meanings as in the Terms.

Buy and Sell Limits

The limit on the maximum amount for buy and sell as well as withdrawal amount is indicated on the Website. The buy and sell limits depend on the Trust Score you have (see below).

Trading Process

As part of the Services, our registered users may sell bitcoins, and request and receive bitcoins or other real currency from other registered users (each such user shall be hereinafter referred to as the “Seller” and the “Buyer” accordingly).
The user cannot register more than one user account.
Any user may act as a Seller and/or a Buyer. However, the Seller cannot act as the Buyer in the same order or vice versa.
The Seller may initiate the transaction by placing a sell offer (the “Sell Offer”) on the Website. The Sell Offer shall indicate BTC amount. Additionally, the Sell Offer may contain minimum transaction amount, minimum buyer rating, preferred response time, maximum transaction time and minimum exchange rate. The Sell Offer becomes public once you submit the Sell Offer. The Buyer may initiate a buy offer on the Website indicating BTC amount the Buyer wishes to buy (the “Buy Offer”) on the Website. Additionally, the Buy Offer may contain minimum transaction amount, minimum seller rating, preferred response time, maximum transaction time and maximum exchange rate. The Buy Offer becomes public once you submit the Send Purchase Bid.
Once the offer is accepted by the Buyer (the “Order”), SIGEN will deposit Seller’s bitcoins as instructed by the Order. The Seller’s bitcoins will be safely secured by SIGEN in Escrow account and protected in accordance with our Privacy Policy. The escrowed bitcoin(s) is/are a guarantee for the Buyer that bitcoin(s) will be released upon completion of the Order or security period as specified below.
The Buyer transfers the agreed buy price to the account of the Seller and makes a screenshot of the performed transaction. The Seller is obliged to confirm receipt of the agreed buy price from the Buyer on the Website.
For security reasons SIGEN may delay the release of bitcoins from the Escrow account to the Buyer's account for up to 72 hours due to risks associated with a possibility to withdraw payments. After the Seller’s confirmation or completion of security period, SIGEN releases bitcoins from the Escrow account to the Buyer’s account.
Each Buyer and Seller will verify that the transaction amount is not greater than their transaction limit based on the Trust Score.
All communication between the Seller and the Buyer shall be performed directly between the parties. SIGEN shall not be involved in the transaction between the Seller and the Buyer. SIGEN solely acts in accordance with the Order. Prior to any transaction, both users shall verify with whom they will perform the transaction and their Eligibility status as provided in the Terms and Conditions. SIGEN does not verify Sellers and Buyers, nor does it guarantee the users’ compliance with the applicable law.
SIGEN reserves the right to refuse to process or to cancel any pending Order as required by law or in response to a subpoena, court order, or other binding government order. SIGEN shall also be entitled to cancel Orders which, in our sole discretion, constitute an abusive use of the Website. We also reserve the right to cancel Orders which, under the circumstances, appear clearly erroneous with respect to price, quantity, or other parameters.
Neither Seller or Buyer can terminate the Order after the Seller confirmed receipt of the buy price from the Buyer. Otherwise, the Buyer and/or the Seller may request termination of the Order at any time.

Seller’s Rights and Obligations


The Seller obliges to:
  • comply with this User Agreement, Terms and Conditions, Privacy Policy, other rules of SIGEN and all applicable laws;
  • deposit the amount of bitcoins specified in the Order;
  • timely respond to the Buyer’s acceptance of the Order and any changes to the Order;
  • timely and accurately confirm the receipt of Buyer’s payment;
  • provide SIGEN with any necessary information and documents in case of dispute;
  • comply with any and all export control rules, tax law, AML and KYC requirements applied in his jurisdiction.

Buyer’s Rights and Obligations

The Buyer obliges to:
  • comply with this User Agreement, Terms and Conditions, Privacy Policy, other rules of SIGEN and all applicable laws;
  • timely respond to any changes to the Order;
  • timely and faithfully transfer the buy price agreed in the Order;
  • provide adequate proof of payment for up to 180 days after the trade has been completed and any necessary information upon request of SIGEN;
  • comply with any and all export control rules, tax law, AML and KYC requirements applied in his jurisdiction.

Trust Score and User Rating

SIGEN encourages its users to act based on trust and mutual respect. The more we trust you, the higher Trust Score you have and the more transactions you are able to perform on the Website. In order to increase your Trust Score, you need to confirm your ID, address and bank account. We may also define your Trust Score based on the information from online public profiles. You acknowledge and agree that SIGEN will be entitled to review online public profiles, such as, without limitation, social media, forums and Bitcoin services, in order to review your credibility.
User Rating is affected by the number of completed transactions, positive feedback and user satisfaction of other Users left at SIGEN. You acknowledge and agree that, for the benefit of our platform, all Users of SIGEN and efficiency of transaction we are entitled to post your User Rating in your profile and make it visible for other Users. Such User Rating that posted in the profile relates only to the activity made on the Website and not to any individual person.
The user agrees not to use Trust Score and User Rating to make any employment, credit, credit valuation, underwriting, or other similar decision about any other User.
SIGEN may, but is not obliged to, investigate any feedback left by other users about you. SIGEN will not be responsible for any claims or damages arisen out of any feedback, Trust Score and/or User Rating about you.

Fees

For performing the Services, including for resolving any dispute between users, SIGEN shall be entitled to a commission (fee). Applicable fees are posted on the Website and depend on the amount of the performed transaction. By using our Services, the Buyer agrees to pay all applicable fees and the Seller authorizes SIGEN to deduct such fees directly from the Escrow account upon completion of the Order or security period. Except as otherwise set forth herein, all fees paid to SIGEN are non-refundable.

Currency and Payment Methods

Buyer and Seller may agree on any real currency in exchange for bitcoins as well as any payment method, including, without limitation, PayPal, Webmoney, Skrill and other payment methods. Buyer agrees to cover any and all expenses, including conversion and bank fees, associated with currency conversion, in order to pay the buy price indicated in the Order.

Currency Fluctuation Risk

The users acknowledge that foreign currency can change on a time. As a result, users shall be solely responsible for currency fluctuations and take any associated risks. The currency rate is fixed on the date of the Order and may not be changed under any circumstances. Terms and conditions agreed in the Order shall be binding for both Seller and Buyer.

Bonuses

The users, who we trust and have gained a clean reputation, can be assigned as the Website’s arbitrators to resolve disputes.

Disputes

Any dispute arisen between the Seller and the Buyer in relation to the transaction will be finally resolved by the Website’s arbitrators. The arbitrators are the internal service of the Website, which resolution shall be final and binding for both the Seller and the Buyer. If the Seller and Buyer agreed to change terms and conditions of the transaction outside of the Order, then, in case of a dispute, SIGEN will not resolve such fraudulent matters.
The defaulting party shall cover all damages and fees associated with the dispute, such as, without limitation, dispute expenses, SIGEN’s and arbitrator’s fees, etc. The remainder balance of the defaulting party will be returned to the defaulting party.
In the event of any dispute, SIGEN reserves the right to temporarily block and suspend the user account until the dispute is resolved. The user cannot register more than one user account.
When Sellers turn unresponsive, we will resolve the dispute to the Buyer if we are confident and have proof the Seller has received valid payment from the Buyer. If the Buyer is unresponsive the Seller may dispute the trade and we will resolve the dispute to the Seller.
After the trade has been released by the Seller, cancelled by the Buyer or automatically cancelled due to not being marked as paid the trade is considered finished and cannot be disputed, reversed or altered.

AML and KYC Procedure

SIGEN does not verify and inspect users in order to prevent money laundering. It is the sole responsibility of each user to take all necessary precautions to examine its counterparts in the process of their trading through the Website. The user cannot abuse this Website for the purpose of money laundering and cannot use funds that originated from criminal activity and violate any applicable anti-money laundering legislation.
You agree and understand that in certain jurisdictions only users who are verified with the required level of verification, applicable in the user’s country, may trade. SIGEN does not inspect whether the user is verified and shall not be responsible for users who are restricted to use our Services. By registering for the account and using the Services, you represent and warrant that you are verified in your jurisdiction. Should you cease to be verified at any time, you agree to immediately notify SIGEN and to refrain from accessing such restricted portions of the Website and/or Services.
SIGEN reserves the right to refuse access to any user if SIGEN has any reasons to believe that the user does not accept or adhere these anti-money laundering and verification processes and to report suspicious transactions to relevant authorities.

Taxes

You are solely responsible for determination whether any taxes apply to any transactions connected with your receipt or transfer of bitcoins and other currencies. You shall report and pay applicable taxes to the appropriate tax authorities.

Fraudulent and Illegal Activity

If we have reasons to believe that your use of this Website is fraudulent and/or illegal, we are entitled in our sole discretion to block, suspend or terminate your account or deny the use of any Services. If you have conducted any fraudulent and/or illegal activity, SIGEN reserves the right to take any necessary legal action, disclose your personal information to respective authorities and you may be liable for monetary losses to SIGEN.
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