Elitium Terms and Conditions

Effective date: 30th of July 2021
  1. General conditions
    1. These Terms of Service govern Your access and use of the Services available via the Website, the domains and subdomains of Elitium Services OÜ, as well as the app of
      Elitium Services OÜ. The Terms of Service constitute the legal agreement between You and Elitium Services OÜ. 
    2. You should read these Terms of Service (hereinafter the “Terms”) carefully before You use the Services. 
    3. By accepting these Terms, You confirm that You fully agree to all the terms and conditions set out herein. If You do not agree to the terms and conditions set out in
      these Terms, then You may not use the Services.
    4. The Elitium Services OÜ Privacy Policy is part of these Terms and regulates the processing of personal data on the
      platform. You can find the Privacy Policy
      here
  2. Definitions
    1. Elitium”, “us”, “we” or
      our” means Elitium Services OÜ, an Estonian private limited company registered under registry code 14852362 and registered address Väike-Paala tn 2, Tallinn, Harju County, Estonia, 11415, contact
      email address:
      [email protected].
    2. You” or “your” means a person using the Website and/or Services provided by
      Elitium.
    3. Party” means each of You and Elitium and “Parties” means You and Elitium
      collectively.
    4. Services” means the services provided by Elitium to You which consist in a digital platform that includes the Website,
      Wallet, Swap, Elitium Staking Program, Elitium Capital, Elitium Card and Growth Program. 
    5. Website” means the Website accessible at https://www.elitium.io/, including its subdomains, programming code, related technologies, know-how, databases, design and Content therein.
    6. Account” means the account created for You upon registration in the Website.
    7. Wallet” means the wallet software provided by us, consisting of software that permits You to self-custody virtual
      currency, organise network addresses, view transaction history and transact in virtual currencies. 
    8. Swap” means the conversion service provided by us that allows You to exchange one virtual currency for another virtual
      currency.
    9. Elitium Staking Program” means an in-house staking program which rewards participants for holding a balance of EUM in
      their Staking wallet. Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. 
    10. EUM” means Elitium Coin, a native crypto currency of the Elitium platform. EUM is an ERC-20 standard used on the Ethereum
      blockchain. You can buy EUM both, in fiat (through various PSPs) and crypto payments (using CoinPayments). Instant transactions between EUM are enabled free of charge.
    11. EUMS” means a staking token used in the Elitium Staking Program. EUMS and EUM can be swapped against each other in a
      fixed 1:1 ratio.
    12. Staking wallet” means the virtual wallet on the Elitium platform which enables You to participate in the Elitium Staking
      Program.
    13. NFT” means a non-tangible token.
    14. Virtual Currency” means a value represented in the digital form, which is digitally transferable, preservable or tradable
      and which natural persons or legal persons accept as a payment instrument, but that is not the legal tender of any country.
    15. Content” means text, design, data, video content or other intellectual property, content or information, made available
      to You by Elitium.
    16. Terms” means these Terms of Services, as amended from time to time.
    17. KYC” stands for Know-Your-Customer.
    18. AML” stands for anti-money laundering.
    19. PEP” stands for politically exposed person and shall have the meaning given in the Money Laundering and Terrorist
      Financing Prevention Act of Estonia: a natural person who is or who has been entrusted with prominent public functions including a head of State, head of government, minister and deputy or assistant minister; a member of parliament or of a
      similar legislative body, a member of a governing body of a political party, a member of a supreme court, a member of a court of auditors or of the board of a central bank; an ambassador, a chargé d’affaires and a high-ranking officer in the
      armed forces; a member of an administrative, management or supervisory body of a State-owned enterprise; a director, deputy director and member of the board or equivalent function of an international organisation, except middle-ranking or more
      junior officials.
  3. Accessing the Services. Opening Account
    1. To use the Services, you must open an Account with Elitium. Any use of the Services must be carried out by You exclusively through the Account opened for You.
    2. To register for an Account or to use any of the Services, You must be at least 18 years of age. 
    3. You are responsible for maintaining adequate security and control of any login IDs, passwords, keys, personal identification numbers (PINs), and any other codes or
      devices which are intended to or can otherwise be used to access the Account and/or use the Services.
    4. We will require login credentials to access your User Account. We may impose additional security measures to be used when You access our Services, for example a
      two-factor authentication by sending security passcodes via mobile text message, electronic mail or by other means or we may add third party 2FA apps to our Services. We can make any form of security measures optional or mandatory at our
      discretion.
    5. We may limit the use of our Services to certain hardware devices and/or supported software. We do not guarantee that our Services will be accessible through all
      manufacturers of electronic devices or software developers.
    6. The Account provided may include information such as: your fiat balance; your Virtual Currency balance; executed transaction details; unexecuted transaction details;
      and deposit, information about withdrawals, swaps or exchanges.
    7. You have an obligation to fully and timely cooperate with Elitium in the investigation of any suspected unauthorized access to the Account or use of the
      Services. 
    8. All information You provide to Elitium at any time (including but not limited to the information provided upon the opening of the Account) must be accurate, current and
      complete and may not be misleading in any respect. Elitium may, from time to time, request such information to be updated and/or supplemented, in which case You are obliged to provide Elitium with the updated and/or supplemented information
      without delay. If You are not able or willing to update such information, Elitium has the right to close Your Account and/or restrict You from accessing the Services.
    9. If You qualify as a PEP, we reserve the right to forbid and block You from accessing our Services.
  4. Wallet Service
    1. You must open an Account, as explained in section ‎3, and go through the verification process as explained in section ‎9, before You can start using the Wallet
      Service.
    2. When You create a Wallet, You must: create a strong password that You do not use for any other purpose; protect and keep secret all credentials for the Wallet; control
      access to your device and your Wallet; immediately notify us if You discover or otherwise suspect any security breaches related to your Wallet; and use the backup functionality provided through the Wallet and safeguard your backup files.
    3. You can store in our Wallet the following cryptocurrencies: EUM, Paxos Gold (PAXG), Tether (USDT). You should not attempt to store
      Virtual Currencies in your Wallet that are not supported. Your transaction history will be recorded in the respective public decentralized ledger of the cryptocurrency used.
    4. The Wallet software generates a cryptographic private and public key pair that You may use to send and receive any supported Virtual Currencies. You should keep a backup
      outside our Services of all the passphrases, identifiers, backup phrases, keys and addresses. If You do not maintain this backup copy, You may lose the access to your Virtual Currencies. We are not responsible for maintaining this data on your
      behalf.
    5. Your Virtual Currency will be held in the Elitium custodial omnibus wallets. Virtual Currencies stored in the Elitium wallets are kept on a custodial basis by us until
      they are withdrawn to the user. The price and amount of the Virtual Currency is not fixed until the transaction is executed and confirmed in the blockchain of the respective Virtual Currency. 
  5. Swap
    1. You may access the Swap service by using your own Wallet. In the Swap You are able to swap cryptocurrencies supported by Elitium with other users.
    2. Only deposit or withdrawal will generate actual crypto transactions.
    3. Investments made through the Elitium platform will be aggregated, meaning that Elitium will perform single large transactions from Elitium wallets with funds
      originating from individual user deposits.
    4. You may not cancel, reverse or change any Swap transaction. We may suspend, delay, redirect, reverse or cancel any Swap transaction at any time and for any reason
      including, but not limited to, suspicion of risk of fraud, crime, breach of this Terms, or other illicit activities.
    5. We may implement raise and lower Swap transaction limits. Factors for such transaction limit changes may include the time of your transaction, your location, the
      Virtual Currency purchased, and the Virtual Currency sold.
  6. Elitium Staking Program
    1. The Elitium Staking Program offers an in-house staking program that rewards participants up to 6.5% per year for holding a balance of EUM in their Staking wallet, with
      monthly payouts. 
    2. Staking is done through the Client’s staking blockchain and the staking token (EUMS). 
    3. To stake, users need to swap EUM against EUMS (1:1 fixed ratio) and transfer these to their Staking wallet, where EUMS are then staked. 
    4. Rewards that are generated through staking are also EUMS tokens, which, when the user decides to stop staking, can be swapped back to EUM tokens (in the same fixed 1:1
      ratio). 
    5. Elitium’s staking architecture provides an interface where the swap from EUM to EUMS and the other way around happens in the backend on behalf of the user, and both the
      balance and the rewards are shown to the user always in EUM. 
    6. Besides staking on the Elitium platform, users can also stake EUM through 3rd party providers.
  7. Elitium Masternode
    1. You can become an owner of Masternodes by depositing 125 000 EUM in Your Elitium wallet and
      contacting Elitium, who will then setup the necessary technical prerequisites. Please note that the number of Masternodes is limited.
    2. Each Masternode hosts a full copy of the blockchain in real-time alongside a full copy of the ledger, allowing the Masternode to feed a secondary-level of services over a
      network and facilitate more advanced functions, like carrying out specific tasks related to block validation.
    3. The owner of the Masternode can request an exclusive Elitium Card – The Elitium Masternode Diamond Card.
    4.  You can read more on the Masternode requirements here.
  8. Restrictions and Obligations
    1. You agree that You will not do any of the following while using or accessing the Services:
      1. Impersonate or misrepresent Your affiliation with any person or entity or otherwise commit fraud;
      2. Reproduce, modify, adapt, prepare derivative works based on, perform, display, publish, distribute, transmit, broadcast, sell, license or otherwise exploit the
        Website;
      3. Use the Website or Services in a commercial manner;
      4. Circumvent, disable or otherwise interfere with security related features of the Website or Services, or features that prevent or restrict use or copying of any
        Content;
      5. Interfere with or disrupt (or attempt to interfere with or disrupt) any web pages available on the Website, servers or networks connected to the Website, or the
        technical delivery systems of our providers or disobey any requirements, procedures, policies or regulations of networks connected to the Website;
      6. Attempt to probe, scan or test the vulnerability of any our system or network or breach or impair or circumvent any security or authentication measures protecting the
        Website and Services;
      7. Attempt to decipher, decompile, disassemble or reverse engineer any of the software used to provide the Website and Services;
      8. Attempt to scrape, parse, access, search or meta-search the Website with any engine, software, tool, agent, device or mechanism other than software and/or search agents
        provided by Elitium or other generally available third-party web browsers;
      9. Use the Website to send altered, deceptive or false source-identifying information;
      10. Use the Website or Services in any manner not permitted by these Terms;
      11. Encourage or instruct any other individuals to do any of the foregoing or to violate these Terms.
    2. You will not assign these Terms or assign any rights or delegate any obligations hereunder, in whole or in part, whether voluntarily or by operation of law, without our
      prior written consent. Any purported assignment or delegation by You without our appropriate prior written consent will be null and void.
    3. We may assign these Terms or any rights hereunder without Your consent. 
    4. If the object of the service offered by Elitium is the offering of Virtual Currency to you, then the Virtual Currency constitutes as digital content pursuant to the
      Estonian Law of Obligations Act. This allows Elitium Limited to rely on specific exceptions in the law if certain conditions are met.
  9. KYC/AML obligation
    1. In order to access the Wallet and Exchange services, You are required to go through our verification process.
    2. Upon registration and creation of the Account, You will have to proceed with e-mail verification, and KYC verification. The verification process will be conducted in
      English.
    3. You may have to provide proof of transfer when depositing funds in your Wallet via wire transfer.
    4. The KYC verification will require You to upload the following documents via the Website to our cooperation partners – Onfido and Sum and Substance Ltd:
      1.  A clear and colorful scanned copy of an identification document that can be the passport or the ID card. 
      2. A clear and colorful scanned copy of the proof of address. Such proof can be a copy of a utility bill (gas, electricty, water, bank statement or internet, etc) or a
        certificate of residence for the last 3 months.
    5. You can find the terms of the Onfido service here. You understand that in order to use the Elitium Capital service, You must follow the Onfindo’s terms of service as well as the Terms of Elitium. Elitium is not liable for the actions of Onfindo.
    6. You can find the terms of the Sum and Substance Ltd service here. You understand that in order to use the Elitium Capital service, You must follow the Sum and Substance Ltd’s terms of service as well as the Terms of Elitium. Elitium is not liable for the actions of Sum and
      Substance Ltd.
    7. If, in a one-month period, You transact cryptocurrencies in a value equal or superior to the equivalent of 20 000 euros, You shall update your proof of address for the
      last 3 months.
    8. If You deposit cryptocurrencies in the Wallet, via wire transfer or credit card, in an equivalent value to, at least, 10 000 euros, You will be required to provide
      proof of the source of funds. 
    9. Under the AML rules, we are committed to performing transaction monitoring. We reserve the right to further inquire You on the provenience of your funds and/or request
      additional documents.
    10. Elitium may disclose personal data and KYC/AML information to its financial partners, payment processing partners and banks that handle our clients’ incoming funds and investments.
    11. Elitium will not provide services to PEPs. We screen all our customers and do not allow PEPs to access our Services.
  10. Geographical restrictions
    1. We will not provide the Services to the citizens or residents of the following:
      Countries/States.– USA– Russia– Iran– Cuba– North Korea– Iraq– Syria– Somalia– Sudan– South Sudan

      – Yemen

      – Zimbabwe

      – Mali

      – Ukraine

      – Burundi

      – Belarus

      – Afghanistan

      – Bosnia and Herzegovina

      – Crimea

      – Libya

  11. Intellectual property
    1. Unless otherwise clearly stated, all copyright and other IP rights present in the Services or displayed in connection with the Services and on the Website, registered
      or not, are owned by or licensed to Elitium. The foregoing also applies towards any software solutions or parts of it, programs and code present in the Service. 
    2. Subject to Your compliance with these Terms, we give You a personal, worldwide, royalty-free, non-assignable and non-exclusive license to access and use the Website and
      Services for Your own personal use. This license is for the sole purpose of enabling You to use and enjoy the benefits of the Website and Services in the manner permitted by these Terms.
    3. The right to access our Services and our platform will automatically terminate upon the closing of the Account.
    4. Any other use of the Website and Services that not the intended according to this Terms requires our prior written consent.
    5. The Website and Services may be used and accessed for lawful purposes only. You agree to abide by all applicable local, state, national and foreign laws and regulations
      in connection with Your use of the Website and Services.
  12. Liability and Warranty
    1. You are liable for and shall be obligated to compensate to Elitium any and all damages (including the loss of profits) which arise from Your activities. This liability
      applies to the maximum extent permissible under applicable legal acts. 
    2. You will be solely responsible, and to the maximum extent permissible under applicable legal acts, Elitium will have no liability, for any activity that takes place with
      Your Account if the Account has been accessed with Your Account credentials, regardless of whether or not such access has been authorized by You.
    3. Once the coins are no longer in the Wallet, we consider this to be non-custodial Account and not in our control anymore. Elitium is not responsible for any transactions
      happening to the coins once they are no longer in the Wallet. If any mistakes happen during the transfer of virtual currencies to Elitium, then Elitium is not responsible for the loss incurred due to the irrecoverable nature of blockchain
      transactions.
    4. In the event of your Account being closed, Elitium shall assume no liability for any losses incurred from the fluctuation of the prices of the cryptocurrencies held in
      Your Wallet when converting those cryptocurrencies to a specified Fiat currency.
    5. Elitium is liable for and shall be obliged to compensate to You only direct monetary damages and only on the condition that such damages are caused to You by Elitium
      either intentionally or due to gross negligence.
    6. Elitium assumes no liability for any damages caused by third parties or by circumstances outside the control of Elitium including, but not limited to, volatility of
      cryptocurrencies. 
    7. The Services are provided on an “as is” and “as available” basis without any warranty or representation expressed or implied. Elitium does not make any representations or
      give warranties that the access to the Website or use of the Services will be continuous, uninterrupted, timely or error-free.
  13. Risk Factors
    1. There is a risk associated with crypto exchanges of being hacked. You understand that in order to mitigate this risk, You should keep Your log-in information safe.
    2. During periods of high volume, fast market conditions, illiquidity, or volatility in the marketplace, the actual price that a market order is executed may be different
      from the best price indicated at the time of Your order, and in some cases significantly so.
    3. Under certain market conditions You may find it difficult to liquidate a position. There might not be sufficient demand to meet your order. You may suffer losses due to
      orders executing at lower or higher values than anticipated or requested.
    4. Virtual Currency transactions may not be reversible. Once You send Virtual Currency to an address, You may lose access to your Virtual Currency indefinitely. This may
      happen if Virtual Currency is sent by mistake to a wrong address.
    5. Past performance of a Virtual Currency is not a reliable indicator or guarantee of future performance.
    6. The value of Virtual currencies is affected by many other factors including, but not limited to, future sales or minting, failure to deliver projects or meet
      expectations, failure or damage to the underlying network/blockchain, fraud or theft, competition in the Virtual Currency’s market, technical failures or general global and economic indicators.
    7. The transmission of information over the internet is not completely secure or error free. You should stop transacting when it is clear there has been a breach of security
      or a system failure that poses a risk to security exists, such as malware, ransomware or phishing.
  14. Termination of the Agreement. Closing the Account
    1. You have a right to terminate these Terms at any time by ceasing to use the Services and/or by closing your Account. From the moment of closing the Account, You will
      not be entitled to use any of the Services.
    2. Elitium may terminate these Terms without giving any justification, by giving You an advance notice of at least 14 days and refunding You the market value of any assets
      You have in Your Wallet.
    3. Elitium may terminate these Terms with You at any time if:
      1. You violate any provision of these Terms;
      2. You become a PEP;
      3. It is required by a competent authority;
      4. It is required by applicable law.
    4. In the event of Your Account being closed, Elitium reserves the right to convert all the cryptocurrencies stored in Your Wallet to a specified Fiat currency as Elitium
      deems fit and transfer the funds to a bank account indicated by You. 
  15. Modifications
    1. Elitium may revise these Terms from time to time. Therefore, the Terms may be changed or amended. Any changes or amendments will be published on the Website and sent to
      Your registered email to notify You about the updates of the Terms. You will be asked to accept the amendments. A notice about changes will be posted on the Website’s homepage for a reasonable period of time prior to such changes coming into
      force.
    2. The effective date which is at the top of the Terms informs You about the latest version of the Terms. We advise You to revisit this page from time to time to make sure
      You are familiar with the current version of the Terms. 
    3. If You do not agree to any updated Terms, You must stop using the Website or the Services.
  16. Taxes
    1. It is Your sole responsibility to determine whether, and to what extent, any Taxes apply to any transactions You conduct using the Service, and to withhold, collect,
      report and remit the correct amounts of Taxes to the appropriate tax authorities. Your transaction history is available through the Website. The fees collected by Elitium do not include any Taxes. 
  17. Applicable law. Jurisdiction
    1. These Terms have been drawn up in accordance with the laws of the Republic of Estonia and the application, interpretation, and termination shall be governed by the laws
      of the Republic of Estonia.
    2. Any disputes regarding the Services and/or in connection with these Terms shall be settled through negotiations. If the Parties fail to resolve the dispute through
      negotiation, the disputes shall be settled by
      Harju Maakohus (Harju County Court), pursuant to the procedure provided by the law of the Republic of
      Estonia.
  18. Miscellaneous
    1. If any term, clause or provision of these Terms is held unlawful, void or unenforceable, then that term, clause or provision will be severable from this agreement and
      will not affect the validity or enforceability of any remaining part of that term, clause or provision, or any other term, clause or provision of these Terms and the invalid condition shall be replaced by a valid condition as close as possible
      to the outcome and the detail of the replaced condition. 
    2. These Terms are provided in English. Any translation has the sole purpose of being convenient for You. In case of any inconsistency, contradiction or doubt, the English
      version of these Terms shall prevail. 
    3. You can contact us if You have any questions, feedback or comments related to our Services, by sending an email to [email protected].