Dutch: De Nederlandse versie van deze algemene  voorwaarden kan gevonden worden op: https://www.satos.eu/nl/voorwaarden-en-beleid/algemene-voorwaarden/

 

 

General Terms and Conditions of SATOS

 

 

1. Applicability

1.1 We, Satos B.V. (hereinafter “SATOS”), offer various services in the field of cryptocurrency. These general terms and conditions apply to the contractual relationship between SATOS and the Customer (“Customer”) with respect to all services we provide.

 

2. Definitions

2.1 “Cryptocurrency” is a digital unit that represents value. Elsewhere, these are also referred to as digital currency tokens or credits.

2.2 “Cryptocurrency Address” is an address comparable to a bank account number but in this case for cryptocurrency.

2.3 “Services” refers to the services offered by SATOS.

2.4 “Miner(s)” are computers used by individuals or companies to verify cryptocurrency transactions for a fee.

2.5 “Platform” is the peer-to-peer platform where Customers can buy and sell cryptocurrency through Bybit.com and access certain other Services.

2.6 “Wallet” is a digital Service from SATOS that stores and keeps accessible the public and private keys of the Customer's cryptocurrency transactions for further cryptocurrency transactions.

 

3. Requirements

3.1 To make use of the Services of SATOS, SATOS Customers need to create an account on the Bybit platform.

3.2 In addition, Customers must meet the following requirements:

1. 1. The Customer is of legal age or has the required consent from their legal representative(s);
   2. The Customer is domiciled within the European Union and is not a citizen of the United States of America;
   3. The Customer is not a national or citizen of a country subject to sanctions by the United Nations, the United States of America, the European Union, the Netherlands, or the United Kingdom;
   4. The Customer is the holder of the bank account number provided by the Customer, which is used for processing and/or payment of transactions;
   5. The Customer owns the (cryptocurrency) address used in depositing and withdrawing cryptocurrency. 'Owns' means having control of the public and private key of the respective address and/or, in case it concerns an address of an online wallet or cryptocurrency exchange (such as the Bybit platform), having sole management over it;
   6. The (crypto)currency offered by the Customer has been acquired legitimately, and the Customer has no knowledge or suspicion of a possible illegal past of the (crypto)currency. The funds (both in euros and cryptocurrency) are of legitimate nature. The Customer can demonstrate this at the request of SATOS. If SATOS reasonably deems this proof insufficient, SATOS has the right to suspend or reverse the relevant transaction and the customer’s account on the platform; and
   7. The Customer is the ultimate beneficial owner (UBO) of the (crypto)currency used in the context of the Services of SATOS. If this is not the case, the Customer must always indicate this prior to the transaction.

 

4. Onboarding

4.1 SATOS is subject to strict legislation, including laws to prevent money laundering and terrorist financing, and specific sanction laws. These impose various "Know Your Customer" and "Anti-Money Laundering" obligations on SATOS. In this context, all SATOS Customers are required to undergo a verification process.

4.2 New Customers cannot use the Services until they have successfully completed the aforementioned verification process.

4.3 Customers transitioning from Bybit to SATOS must also complete this process; any of their orders will only be executed and delivered after the completion of this process.

 

5. Services

5.1 SATOS provides various Services in the field of cryptocurrency. The main Services provided by SATOS are as follows:

1. 1. Custody – Services related to the security and management of cryptocurrencies owned by Customers; and
   2. Transactions – Customers can buy and sell cryptocurrencies on the Platform. This includes transactions involving cryptocurrency to euro, euro to cryptocurrency, and cryptocurrency to cryptocurrency.

5.2 For completeness, the Customer shall timely execute all transactions and (related) agreements. Moreover, the Customer shall provide SATOS with all the cooperation SATOS reasonably needs to provide the Services in a timely manner.

5.3 SATOS may change the Services from time to time. For example, in the context of technological developments, in case of changes in applicable laws and regulations, changes in SATOS's operations, or external circumstances that have a significant impact on SATOS's operations. SATOS will notify the Customer at least 30 days before such changes take effect. If the Customer disagrees with the changes, they are entitled to terminate their contractual relationship with SATOS.

5. 4 The Customer shall immediately notify SATOS of any problems with the Customer's account or with any of the Services (particularly regarding orders and transactions).

5.5 SATOS reminds the Customer that the law requires the Services to comply with the agreement.

 

6. Bybit

6.1 SATOS collaborates with Bybit Fintech Limited (Bybit.com) (“Bybit”) for its services. Bybit operates – directly or indirectly – the Bybit.com website, accessible via an app and website. This website acts as an exchange where transactions involving cryptocurrencies can take place. All transactions executed by the Customer here are transactions with SATOS.

6.2 To use the Services of SATOS, all Customers must have a Bybit account. Customers can obtain an account by registering on the Bybit app or website (and entering into the relevant agreements). By accepting these general terms and conditions, you agree that you can also use services from SATOS with your Bybit account.

6.3 This Bybit account is used, among other things, to record the crypto-currency of Customers that can be used on the Platform to close transactions. Customers can add “funds” to their account by depositing cryptocurrency or money (fiat).

6.4 The Customer authorizes SATOS to reserve and withdraw funds from the Customer's account at the request of Bybit and its partners, for the settlements of transactions made by the customer through its “Bybit Card – Mastercard”. The Customer also consents to the refunding of over-reserved or withdrawn funds back to the Customer's credit, and to the conversion of funds if necessary for the settlement of transactions.

6.5 The Customer authorizes SATOS to reserve and withdraw funds from the Customer's account at the request of Bybit and its partners, for the settlement of Customer obligations from Bybit's “Earn” products. The Customer also consents to the refunding of returns, rewards, and over-reserved or withdrawn funds back to the Customer's credit.

6.6 For irregularities and disputes regarding reserved or withdrawn funds concerning the “Bybit Card – Mastercard” or “Earn” are contractual relationships with Bybit and the Customer should contact Bybit’s customer service for resolution.

 

7. Custody

7.1 SATOS offers Customers an online credit for the crypto and fiat they entrust to SATOS for safekeeping. SATOS manages the value of the cryptocurrency in wallets of which it controls the private keys in the case of crypto, and in the case of SATOS Tokens or fiat, the euro value is kept in its bank account or the bank account of Stichting SATOS Escrow, registered with the Chamber of Commerce under number 90512766.

7.2 When the Customer transfers fiat to SATOS or sells cryptocurrency for fiat, the Customer receives SATOS virtual assets represented as EUR or € in the balance. When requesting a withdrawal in SATOS virtual assets, these are converted into fiat prior to the transaction. By accepting these terms and conditions, you authorize SATOS to convert your transfers into the accepted virtual assets on the platform without further notice to you.

7.3 SATOS is entitled, at its own discretion, for instance in cases of reversed payments, to freeze or deduct the funds of the Customer.

 

8. Transactions

8.1 SATOS enables Customers to buy and sell cryptocurrencies on the Platform. These transactions involve cryptocurrency to euro, euro to cryptocurrency, and cryptocurrency to cryptocurrency.

8.2 Customers can place orders on the Platform for the purchase or sale of cryptocurrency.

8.3 The orders specify which cryptocurrency is being bought or sold, what is being paid with (euro or cryptocurrency), and in what the payment will be made (euro or cryptocurrency). This means that when a Customer:

1. 1. places a purchase order, the Customer authorizes SATOS to debit their funds or to decrease a specific cryptocurrency in their Wallet pro rata to the purchase amount of the purchased cryptocurrency; and
   2. places a sale order, the Customer authorizes SATOS to credit their funds or to increase a specific cryptocurrency in their Wallet pro rata to the sale amount of the sold cryptocurrency.

8.4 When a Customer makes a purchase with specific cryptocurrency in their Wallet, the amount of the purchase cannot exceed the value of the relevant cryptocurrency in their Wallet plus SATOS’s fee.

8.5 Transactions with SATOS involve digital goods without a fixed value. The exchange rate at the time of the transaction is determined by SATOS. This rate is one-time, and once the transaction is completed, it cannot be appealed.

8.6 SATOS has no influence on the processing and handling time of withdrawal and deposit transactions by the (cryptocurrency) network and the miners.

8.7 Cryptocurrency and payments for cryptocurrency must be received by SATOS within the set time frame on the transaction page. If the cryptocurrency is received later, SATOS calculates an exchange rate at the time of receipt (the current rate).

8.8 It is not allowed to make payments directly to third parties other than cryptocurrency exchanges. If the Customer still enters the (cryptocurrency) address of a third party (e.g., an online store), this is entirely at the Customer's risk. SATOS reserves the right to block such transactions and to pass on any costs.

8.9 If the Customer has paid more than the amount of their order, SATOS will recalculate the rate based on the received amount.

8.10 SATOS reserves the right to suspend or cancel placed and paid orders at any time until these orders have been completed by SATOS. SATOS is not liable for any damage caused thereby.

8.11 When amounts are refunded to SATOS's account or SATOS returns funds to the Customer, for example, due to incorrect data entry (IBAN, account holder) or fraud, SATOS is entitled to charge costs at its discretion, with a maximum of 10% of the amount.

 

9. Vergoeding

9.1 SATOS charges the Customer a fee for the Services. This fee is a percentage of the transactions or a fixed amount per order. The costs can be found on the website and prior to the execution of your transaction.

 

10. Risico

10.1 The Customer is aware that online trading in (crypto)currencies entails certain risks. SATOS specifically points out the following risks:

1. 1. The Customer does not have the right to cancel the contract (as applies to distance contracts according to Art. 6:230o of the Dutch Civil Code), since the price of cryptocurrencies is tied to fluctuations in the financial market, over which SATOS has no influence;
   2. The Customer is aware that the value of cryptocurrencies can fluctuate greatly and that the Customer has no guarantee of either an increase or maintenance of the value of the cryptocurrencies in their possession or to be possessed; and
   3. Online transactions carried out through open systems accessible to third parties are inherently subject to certain risks. The same applies to the transmission of data; despite security measures such as encryption, there is always a chance that third parties can intercept data transmitted over the internet.

 

11. Availability of Services

11.1 SATOS endeavors to keep the Services accessible and available.

11.2 In the case of maintenance, repairs, updates, or upgrades, the Services may not be fully available. SATOS will strive to communicate this to the Customer in a timely manner.

11.3 The provision and use of the Services may be subject to limitations or disruptions arising from the current state of technology, over which SATOS has no influence. This particularly applies to the availability of data connections provided by providers. In certain cases, the unavailability of the network can lead to the unavailability of the Services because the necessary data transmission cannot occur. Additionally, temporary capacity issues may arise due to peak loads on the Services, wireless and fixed networks, and on the internet.

11.4 SATOS may take certain measures in the event of technical malfunctions that can affect the Services. This may involve temporarily disabling certain functionalities of the Services or refusing orders from the Customer.

11.5 Disruptions related to the Services may also occur as a result of force majeure, in which case SATOS is not liable. ‘Force majeure’ includes overloading of the blockchain, strikes, lockouts, and government measures, and as a result of technical or other measures (such as repairs, maintenance, software updates, and expansions) that need to take place on the systems of SATOS or those of service providers, content providers, and network operators higher or lower in the chain, which are necessary for the proper or improved operation of the Services.

 

12. Liability

12.1 SATOS cannot be held liable for the processing time of banks or delays in payouts.

12.2 SATOS is not liable for damage resulting from the Customer's inability to use the Services.

12.3 SATOS is not liable for damage resulting from transmission errors, technical errors, breakdowns, illegal interruptions of transmission networks or IT systems, interruptions or errors in the Customer's computer systems or software.

12.4 If SATOS employees provide information to Customers or give advice, this is merely non-binding and informative. The Customer cannot derive any rights from this. SATOS is therefore not liable for any damage suffered or to be suffered as a result of this information or advice.

12.5 SATOS is not liable for indirect or consequential damages, including but not limited to lost profits, missed savings, loss or damage of data, loss of revenue, missed opportunities, lost turnover.

12.6 When the Customer uses websites or Services not provided or offered by SATOS, SATOS is not liable for the content, availability, or performance of such third-party websites or Services, nor for any damage suffered by the Customer as a result of using them.

12.7 The limitations or exclusions of liability do not apply in cases where the liability is the result of acts of subordinates belonging to the leadership of SATOS, nor for liability that cannot be excluded or limited under applicable mandatory law.

 

13. Compliance

13.1 In accordance with applicable laws and regulations, SATOS must at all times be able to establish the identity of its Customers and ensure the legitimacy of transactions and refunds. In both cases, the Customer must adhere to SATOS’s “Know Your Customer” and “Anti-Money Laundering” policies and complete any outstanding verification tasks.

13.2 Based on its “Know Your Customer” and “Anti-Money Laundering” policies, SATOS may conduct specific Customer investigations. SATOS may ask Customers with many, large, or suspicious transactions for additional information and documentation. SATOS has the right to suspend the execution of transactions of these Customers. Customers whose transactions have been suspended in this way cannot cancel these suspended orders or suspended but not yet executed transactions.

13.3 If SATOS has a suspicion of fraud, terrorism financing, money laundering, foul play regarding a particular Customer, or is legally obliged to do so, SATOS may share its data with authorities or financial institutions. Furthermore, SATOS has the right to suspend the execution of transactions of these Customers. Customers whose transactions have been suspended in this way cannot cancel these suspended orders or suspended but not yet executed transactions.

13.4 Both the Customer and SATOS must act in accordance with all applicable laws and regulations regarding but not limited to cryptocurrencies and received funds.

13.5 If the Customer does not live or reside in the Netherlands, the Customer must not only adhere to Dutch laws and regulations but also to the laws and regulations applicable to the Customer in the country where the Customer lives or resides.

 

14. Termination

14.1 Notwithstanding its other rights under the law, SATOS has the right to discontinue the Services and immediately terminate the contractual relationship with the Customer without prior or further notice to the Customer if:

1. 1. Government institutions or authorities initiate an investigation into the Customer in connection with possible crimes;
   2. SATOS is obliged to do so to comply with applicable laws and regulations or judicial decisions; or
   3. The Customer fails and continues to fail to provide SATOS with information SATOS needs to meet its legal obligations.

14.2 In the event of termination of the contractual relationship with the Customer, the Customer shall provide all assistance and cooperation that SATOS reasonably requires to handle the termination of the contractual relationship. For example, the Customer will transfer their cryptocurrency to the Wallet of a third party. If the Customer fails to do this within 14 days after termination, SATOS is entitled, without liability to the Customer, to sell the cryptocurrency and transfer the proceeds to the last known bank account number of the Customer at SATOS.

 

15. Miscellaneous

15.1 These general terms and conditions are governed by and interpreted in accordance with Dutch law. These general terms and conditions do not limit the mandatory legal consumer protection that the Customer may be entitled to under the applicable law in the country where the Customer has their residence.

15.2 All disputes, on whatever basis, related to the contractual relationship between SATOS and the Customer, these general terms and conditions, or the Services shall be submitted to the competent court in Amsterdam, unless the Customer – within a month after SATOS has invoked this provision in writing – opts for settlement of the dispute by the legally competent court.

15.3 If one or more provisions of these general terms and conditions are deemed invalid, unlawful, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall remain in full force and effect.

15.4 SATOS may amend these general terms and conditions from time to time. For example, in the case of changes in applicable laws and regulations, changes in SATOS's operations, or external circumstances that have a significant impact on the operations of SATOS. SATOS will notify the Customer at least 30 days before such changes apply to the Customer. If the Customer does not wish to accept the changes, they may terminate their contractual relationship with SATOS before the changes take effect.

15.5 SATOS will send the Customer information about their account (such as payment authorizations, invoices, password changes, changes of payment method(s), confirmation messages, and notifications) exclusively in electronic form, for example, via email to the email address provided by the Customer at registration.

15.6 The Customer must ensure that their contact and other information is correct and up to date. The Customer must immediately notify SATOS of any changes. SATOS is entitled to use the contact and address details provided by the Customer as such until the Customer notifies SATOS of a new address.

15.7 The Customer is not allowed to transfer the contractual relationship with SATOS or any rights and obligations under it (including those in these general terms and conditions) to a third party without the prior written consent of SATOS.

15.8 All (intellectual property) rights related to the Services, the underlying software, the content, and the design thereof belong to SATOS and its licensors. Without the express written permission of SATOS, the Customer is not allowed to sell, distribute, publish, broadcast, circulate, or exploit the Services in any way. Without the prior written consent of SATOS, it is not permitted for the Customer to reproduce, (whether electronically or otherwise) transmit, adapt, display, deliver, license, provide a link to, or otherwise use the Services in whole or in part for public or commercial purposes.

 

 

 

SATOS B.V.

Chamber of Commerce: 65743954

VAT: NL856241106B01

Address: Kraijenhoffstraat 137A

Postcode: 1018RG

Location: Amsterdam

Country the Netherlands

 

SATOS is a subsidiary of:

Bitned Beheer B.V.

Chamber of Commerce: 65678192

VAT: NL856211096B01

Address: Kraijenhoffstraat 137A

Postcode: 1018RG

Location: Amsterdam

Country the Netherlands