Elitium Terms and Conditions
1. General Terms & Conditions
For the purpose of this Agreement, the terms Elitium, the Website, the Service, the Platform, or the Company, are used interchangeably to refer to Elitium.
First-person pronouns are used in this Agreement (us, we, our, ours, etc.) to refer to the Company. Second-person pronouns (you, yours) refer to the User or Users.
EUM: Elitium’s cryptocurrency name.
Account: refers to the user’s personal account under which the user performs transactions, has visibility of the EUM transactions performed inside Elitium’s website and EUM funds.
Dashboard: refers to the user’s administration site inside Elitium’s website.
Recipient Wallet Address: refers to the user’s wallet address inside Elitium.
Elitium Terms and Conditions: refers to each of the agreements and documents on elitium.io/legal which cover, in conjunction with this Agreement, the use of Elitium’s Site, Products and Services.
Crypto Assets: refers to the type of assets which can only and exclusively be transmitted by means of block-chain technology, including but not limited to digital coins and digital tokens and any other type of digital mediums of exchange, such as Bitcoin, to the full and absolute exempt of the securities of any kind.
Exchange: shall mean an exchange of the crypto asset of one type to the crypto asset of another type at the terms and conditions set forth by exchanging parties, which is executed via the Third-party service in the respective block-chain network.
By accessing or using the Service you agree to be bound by these Terms. If you do not agree with any of these terms, you are prohibited from using or accessing this site. The materials contained in this website are protected by applicable copyright and trademark law.
c. Use License
Permission is granted to temporarily download one copy of the materials (information or software) on our website for personal, non-commercial transitory viewing only. This is the grant of a license, not a transfer of title, and under this license you may not:
• Copy, modify or create derivative works of the Service or any content published in Elitium’s website;
• Copy, manipulate or aggregate any content (including data) for the purpose of making it available to any third party;
• Trade, sell, rent, loan, lease or license any content or access to the Service, whether commercially or free of charge;
• Use or introduce to the Service any data mining, crawling, “scraping”, robot or similar automated or data gathering or extraction method, or manually access, acquire, monitor or copy any portion of the Service, or download or store content (unless expressly authorized by Elitium Limited). Certain data and other information within the Service is available by subscription. Please contact firstname.lastname@example.org for more info;
• Make excessive requests for information or take any action that interferes with, disrupts or imposes an undue burden on the Service or any server or network connected to the Service or negatively affects the quality or availability of any content, or speed or functionality of the Service;
• Introduce a virus, Trojan horse, worm, time bomb or other malware to the Service, or use any device, software or routine to bypass any software or hardware that prohibits volume requests for information;
• Violate, bypass or circumvent any security measure intended to limit or prevent access to the Website, content or Service; or otherwise attempt to gain unauthorized access to the Service, any content or to any computer systems or networks connected to the Service or any Elitium server, whether through hacking, password mining, unauthorized use of another’s password/credentials or any other means;
• Restrict, inhibit or interfere with use of the Service by any other user (including by hacking or defacing the Website);
• Introduce or otherwise distribute through the Website any computer program that damages, interferes with, intercepts, collects, releases or discloses any system, data or personal information of ours or any third party;
• Make use of any of our trademarks, service marks, trade names or logos or those of any third party displayed on the Website; or modify or remove any copyright or other proprietary notice in the content;
• Use the Website, content or Services for or in connection with any activity that (i) violates any law, statute, ordinance or regulation, or (ii) involves proceeds of any unlawful or illegal activity.
• This license shall automatically terminate if you violate any of these restrictions and may be terminated by us at any time. Upon terminating your viewing of these materials or upon the termination of this license, you must destroy any downloaded materials in your possession whether in electronic or printed format.
You indemnify and hold Elitium harmless against any direct, indirect, consequential or special damages, or any other damages of any kind, including, but not limited to, loss of use, loss of profits or loss of data, whether in an action in contract, tort (including but not limited to negligence) or otherwise, arising out of or in any way connected with your use of our services, including but not limited to incorrect use of reusable address, incorrectly constructed transactions, etc.
d. Ownership and Intellectual Property
The Service contains trademarks of Elitium, including the “Elitium” name and logo. All trademarks included on the Service belong to Elitium Limited or have been licensed to Elitium Limited by the trademark owner(s) for use on the Service. You are not allowed to copy or otherwise use any of these trademarks in any way except as set out in these terms and conditions.
You acknowledge and agree that the text, information, data, graphics, images, audio, video, design, organization, compilation, meta data, look and feel, advertising and all other protectable intellectual property available on the Site and/or through the Services is the Intellectual Property of Elitium, and/or its advertisers or Information Providers, and is protected by intellectual property laws.
The materials on our website are provided on an ‘as is’ basis. We make no warranties, expressed or implied, and hereby disclaim and negate all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights.
Further, we do not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on our website or otherwise relating to such materials or on any sites linked to this site.
By continuing to use our service, you agree to have understood the additional Full Disclaimer.
f. Limitations of Liability
In no event shall we or our suppliers, subsidiaries, affiliates, shareholders, directors, officers, employees, agents, partners and Information Providers be liable for any damages (including, without limitation, damages for loss of profit, exemplary or special damages, loss of sales, loss of revenue, loss of savings, loss of goodwill, loss of any software or data, loss of bargain, loss of opportunity, loss of use of computer equipment, loss of or waste of management or other staff time, due to business interruption and/or any indirect, consequential or special loss) however arising out of the use or inability to use the materials on our website, even if we or an Elitium authorized representative has been notified orally or in writing of the possibility of such damage.
If any applicable authority holds any portion of this clause to be unenforceable, then the liability will be limited to the fullest possible extent permitted by applicable law.
The Service provides, or third parties may provide, links to other World Wide Web or accessible sites, applications or resources. Because Company has no control over such sites, applications and resources, you acknowledge and agree that Company is not responsible for the availability of such external sites, applications or resources, and does not endorse and is not responsible or liable for any content, advertising, products or other materials on or available from such sites or resources. You further acknowledge and agree that Company shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such site or resource.
g. Force Majeure
Neither we (nor any bank where our deposit accounts are held) will be liable for our failure to perform any obligations under this Agreement due to events beyond our control, and the time provided for performing such obligations shall be extended by a period of time equal to the duration of such events. Events beyond our control include, but are not limited to, acts of God, war, riot, arson, embargoes, civil commotion, strikes, labor disputes, equipment failures, bank failures, crypto-asset market collapse or fluctuations, fiat currency conversion rate fluctuations, strikes, fire, flood, earthquake, hurricanes, tropical storms or other natural disaster or casualty, shortages of labor or material, shortage of transportation, facilities, fuel, energy, government regulation or restriction, acts of civil or military authority or terrorism, fiber cuts, weather conditions, breaches or failures to perform by third parties, technical problems, including hardware and software crashes and other malfunctions, failure of the telecommunications or information services infrastructure, hacking, SPAM or failure of any computer, server or software disruptions on account of or caused by vandalism, theft, phone service outages, power outage, Internet disruptions, viruses, and mechanical, power or communications failures.
If any law, regulation, rule, regulation or decision of any self-regulatory organization, or ordinance, whether international, federal, state, or local, becomes effective which substantially alters our ability to offer the Service hereunder, we shall have the right to cancel this Agreement, with notice, if reasonably possible, effective upon the earlier of (i) the date upon which we are unable to provide our Services hereunder; or (ii) thirty (30) days following notice.
h. No Class Arbitrations, Class Actions or Representative Actions
You and the Company agree that any dispute is personal to you and the Company and that any such dispute will be resolved solely through individual arbitration and will not be brought as a class arbitration, class action or any other type of representative proceeding. Neither party agrees to class arbitration or to an arbitration in which an individual attempts to resolve a dispute as a representative of another individual or group of individuals. Further, you and the Company agree that a dispute cannot be brought as a class, or other type of representative action, whether within or outside of arbitration, or on behalf of any other individual or group of individuals.
i. Right of Set Off
To the extent allowable by law, we reserve the right to set-off any damages or amounts owed to us by you for your breach of this Agreement, your indemnification obligations, or for your other obligations under this Agreement against funds in your Account (including, without limitation, transaction fees, funds transfer fees and dormancy fees).
j. Links To Third Party Websites
Our Service may contain links to third-party web sites or services that are not owned or controlled by Elitium.
Elitium has no control over, and assumes no responsibility for, the content, privacy policies, or practices of any third party web sites or services. You further acknowledge and agree that Elitium shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such web sites or services.
We strongly advise you to read the terms and conditions and privacy policies of any third-party web sites or services that you visit.
We may terminate or suspend access to our Service immediately, without prior notice or liability, for any reason whatsoever, including without limitation if you breach the Terms defined in Elitium Terms and Conditions.
All provisions of the Terms which by their nature should survive termination shall survive termination, including, without limitation, ownership provisions, warranty disclaimers, indemnity and limitations of liability.
l. Governing Law
These Terms shall be governed and construed in accordance with the laws of Gibraltar without regard to its conflict of law provisions.
Our failure to enforce any right or provision of these Terms will not be considered a waiver of those rights. If any provision of these Terms is held to be invalid or unenforceable by a court, the remaining provisions of these Terms will remain in effect. These Terms constitute the entire agreement between us regarding our Service, and supersede and replace any prior agreements we might have between us regarding the Service.
We shall have the right, at any time and without notice, to add to or modify these Terms, simply by delivering such amended terms to User by electronic message through any medium to any address provided to Company by User. What constitutes a material change will be determined at our sole discretion.
User’s access to or use of the Service after the date such amended terms are delivered to User shall be deemed to constitute acceptance of such amended terms. By continuing to access or use of our Service, you agree to be bound by the revised terms.
If you do not wish to continue using the Service under the new version of the User Agreement, you may terminate the User Agreement by contacting the company.
n. Acceptable use of the Service
You may not use the Service for any other purposes or in any way that is unlawful or in any manner that could harm Elitium or its affiliated companies, or its customers, suppliers or other parties, as determined in our sole discretion.
In addition to the actions defined in the section “Use License”, you may not use the Service in any manner that violates this User Agreement or that could damage, disable, overburden, or impair the Service (or any network(s) connected to the Service), interferes with any other party’s use of the Service or otherwise undermines the integrity of the Service or any of its features.
o. Death of a user
After the death of a user, the heir or heirs can only dispose of the balance in any Elitium Wallet and utilize the Services offered by Elitium after Elitium has received the information and documentation that it requests.
a. Services provided
Our Services provide you with the means to purchase, sell and stake Elitium’s cryptocurrency, EUM.
The EUM coins are sold through the liquidity partners exchanges. When purchasing on the Elitium Dashboard, your purchase will be automatically delivered out of one of the liquidity pools from these exchange partners and transferred to your Elitium Wallet. You acknowledge and agree that the exchange rates information made available via the Services are an estimation only and may differ from prevailing rates available via other sources outside of our Services.
You affirm that you are aware and acknowledge that Company is a non-custodial provider of software services, meaning that the Company does not custody, control or manage user funds in any manner whatsoever. The Services are deployed in a decentralized environment wherein the Services can be autonomously and directly accessed by the Users without any involvement or actions taken by Company or any third-party.
You will need your own Elitium account to use the Service and obtain full access to www.elitium.io and all of its subdomains.
Upon registration, you will be provided with an Elitium account. You will be able to use your account for trading after the process for customer onboarding, described below, has been completed and the user has been approved.
Elitium has the right not to accept persons or entities as customers or not to accept them for certain services without giving a reason.
When you create an account at Elitium, you oblige to:
• Create a secure password. You consent not to share your password with other people or Elitium’s users;
• provide an accurate email account, to which only you have access. This account shall be verified. The access to the services provided by Elitium without verification of the email is not allowed;
• maintain the security of your secure password and Account and promptly notify us if you discover any suspicious activity related to your Account;
• agree to pass through AML – KYC procedures, which may be applied to You according to our internal AML – KYC policies. As a part of such procedures, Elitium reserves the right to request additional information and documents, which are aimed without limitation to identify our user and to prove the source of the funds;
• take responsibility for all activities that occur under your Elitium Account.
c. Customer identification
To comply with current Anti-Money Laundering laws, Elitium places prime importance on implementing – and strictly adhering to – appropriate and robust anti-money laundering policies and procedures (the “Elitium AML & CFT Policy”).
As part of the Elitium AML Measures, Elitium performs a “Know-your-customer” process (the “Elitium KYC Process”) before accepting any of its users. This means that the identity of any Service user that wishes to make use of the Elitium service offering must be established and verified. Accounts are issued to each person approved in the Elitium KYC Process, and are not transferable.
To comply with Anti-Money Laundering laws, Elitium does not store any sensitive personal information in any server. We reserve the right to modify the storage place of personal information without any previous consent of the user needed. These changes will always comply with international Anti-Money Laundering policies.
While we use reasonable efforts to protect user’s information from inadvertent release or misappropriation, we are not responsible for the intentional or criminal acts of third parties such as hackers or “phishers.”
Any cryptocurrency wallet address used in connection with the Service (for example to receive cryptocurrency bought using the Service) must be under your control. The Service may not be used to transfer cryptocurrency to a wallet address controlled by a third party. You may not store cryptocurrency transferred directly from a wallet address controlled by a third party into an Elitium Wallet, nor may you use your account to sell cryptocurrency stored in a wallet controlled by a third party.
You agree to provide us with the information we request for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud, or any other financial crime and permit us to keep a record of such information. You agree to keep us updated if any of the information you provide changes. This applies to changes in personal circumstances, such as for example a change of address or a change in name, as well as for changes related to your business, such as a bankruptcy or a change in the legal form of your company. Providing false, inaccurate, misleading information about your identity or not reporting changes in your personal information is a ground for immediate termination of your account.
In addition, further to Elitium AML & CFT Policy, we:
• will report all suspicious transactions to relevant authorities;
• employs active monitoring of transactions for fraud detection;
• will cooperate with police, regulatory agencies, the office of the public prosecutor and other governmental agencies;
• will block and/or freeze any user accounts associated with fraud;
• are allowed to block and/or freeze any account if client has not supplied all information and/or documents required for verification and/or identification;
• will charge fraudulent clients with costs made by Elitium for investigating and resolving fraudulent or other criminal activities, these costs will be settled against clients funds at Elitium.
d. Account use
To prevent fraud and abuse, Service users may not register for – or use – multiple accounts. Any additional Elitium account determined to be created to circumvent this requirement will be disabled. Mass account creation may result in disabling of all related accounts.
For the avoidance of doubt, you may not buy, sell or transfer Elitium accounts.
You are solely responsible for maintaining the confidentiality and security of your account and password, restricting access to your account and for any use or action taken under your account. When available, Elitium strongly encourages users to use two-factor authentication to protect their account.
You agree to accept responsibility for, and bear the full risk of, any and all activities that occur under your account and all transactions entered into under your account. Elitium cannot be held liable for any misuse of your login credentials and is always entitled to assume that the user who logs on to the Service is the party that it professes to be and that has submitted the required documentation as part of the Elitium KYC Process.
If you know, or have reason to suspect, that your login credentials have become available to unauthorized parties or that there is unauthorized activity associated with your account, you must change your password as soon as possible and notify Elitium accordingly for us to take appropriate measures.
i. Buying Elitium’s cryptocurrency (EUM)
The EUM coins are sold through the Elitium liquidity partners. When purchasing on the Dashboard, your purchase will automatically be delivered out of one of the liquidity pools from these liquidity exchange partners.
To purchase EUM with crypto assets, you may use our payment gateway to fund the purchase with other available cryptocurrencies, such as Bitcoin, from an account that belongs to you with a third-party crypto asset provider. For example, to purchase EUM with 100 Bitcoin, you would use the Platform’s payment gateway to make the purchase with your own pre-existing 100 Bitcoin from your wallet. The Platform would then credit your Account with the EUM equivalent at the purchase price to 100 Bitcoin on the available ledger, and you would be able to stake or trade those EUM.
You may also purchase EUM with fiat currency through the available payment gateways at the Service using your funds in fiat currency. The purchase would then be transferred to your wallet converted to EUM at the current EUM purchase price.
You represent and warrant that all funds, including fiat currency and crypto assets, that you transfer or use to purchase EUM from us, do not represent the proceeds of any criminal or fraudulent activity. You are not allowed to receive funds in your Account from a sender other than yourself. If we reasonably determine that you are not the owner of funds in your Account, we reserve the right to dispose of those funds in accordance with applicable law and in our sole discretion, which may include returning the funds to the originator or to a charity of our choosing.
You understand that EUM prices on the Dashboard or Website may differ from other websites or exchanges trading EUM.
We will make reasonable efforts to process electronic debits from your bank account, but we make no representations or warranties regarding the amount of time needed to complete processing.
ii. Buy orders
Buy orders are entered by clicking the “Buy EUM” button on the Website. By clicking this button, you are authorizing us to initiate the transaction at the quoted price and agree to any associated fees. You cannot cancel, reverse, or change any transaction after completing the transaction through our payment processors.
Once a buy order is entered, you will be provided with a payment request for that transaction through a third-party payment processor.
All payments are handled through third-party payment processors (AdvancedCash https://advcash.gi/en/ and CoinPayments https://www.coinpayments.net/). Please refer to their Terms and Conditions for further information on how payments are processed.
You agree and acknowledge that if you enter an incorrect external wallet address, we will not be able to recover any cryptocurrency delivered to that address and that you will not be entitled to any refunds and/or replacement cryptocurrency. It is solely your responsibility to verify that the external wallet address provided is correct.
iii. Execution and settlement
Elitium executes transactions by sending the cryptocurrency through the relevant cryptocurrency network.
You acknowledge that Elitium has no influence over the speed of the transaction. Depending on the type of cryptocurrency, settlement of a transaction may take up to 24 hours and – in exceptional circumstances – may not occur at all.
If problems occur relating to the settlement of a transaction, please contact the Elitium Support Department.
iv. Risk transfer, irreversibility and refunds
The risks associated with the cryptocurrency will transfer to us as soon as the products are delivered at the Elitium Wallet. This is deemed to have taken place after the required amount of confirmations from the network.
Due to the nature of cryptocurrencies, a completed transaction cannot be refunded, undone or reversed.
v. Suspension of orders
When, in our opinion, an unusual situation (technical, legal or otherwise in nature) takes place, Elitium may suspend your orders until further verification.
On suspicion of criminal activities, Elitium reserves the right to suspend transaction(s) until the transaction has been verified. Elitium may do this by telephone, e-mail or other means if possible, to the extent permitted by applicable law.
vi. Loss of Value on Suspension or Cancellation of Orders and Accounts
We are not responsible for any loss of value in your Account, or of any crypto asset or fiat currency, resulting from the suspension or closing or your Account or your order for any of the reasons listed in this Agreement, including your violation of this Agreement or from any government seizure or forfeiture.
You agree that neither the Company nor any third party acting on our behalf shall be liable to you for any termination of your access to any part of the Service in accordance with this Agreement.
vii. Refusal of orders
Elitium may refuse to accept orders in its sole discretion for any reason. Although Elitium endeavors to maintain its service, certain cryptocurrencies may not be available from time to time due to IT or other issues.
viii. Payments and pricing
You understand and acknowledge that all rates and quotes published on the Website are variable and subject to change at any time.
With every buy order, you are required to pay a purchase price. Payments to us can be made using any one of the payment methods supported by us. The availability of a method of payment depends on a number of factors including, for example, where you are located, the identification information you have provided to us and limitations imposed by third party payment processors. Additional fees and conditions may apply based on the selected payment method. When using some payment methods, the amount of cryptocurrency delivered might differ from the amount indicatively quoted because of delayed settlement or discounted transaction fees.
Please refer to our payment processors (AdvancedCash https://advcash.gi/en/ for MasterCard & Visa, and CoinPayments https://www.coinpayments.net/) for further information on currencies and cryptocurrencies accepted as payment; and to our Website for more information on the payment methods we currently support, fees and conditions.
f. Elitium wallets
For your convenience, Elitium offers a wallet feature for storage and retrieval of cryptocurrency (an “Elitium Wallet”). An Elitium Wallet is a digital storage in which you are able to store your cryptocurrency.
Elitium makes sure that all positions in EUM held in Elitium Wallets are booked in its administration. Elitium holds these positions for your risk and account. All Elitium Wallet addresses are owned by Elitium.
By transferring EUM to an Elitium Wallet, you transfer the title of that cryptocurrency to Elitium. Upon the transfer of EUM to your Elitium Wallet, you will receive a claim against Elitium for the delivery of the same amount of EUM to you.
g. Elitium Wallet security
Elitium will take every reasonable measure to secure funds stored in an Elitium Wallet, but cannot guarantee complete security. Any use is at your own risk.
h. Omnibus wallets
Elitium may store user funds in “omnibus wallets”, containing the cryptocurrencies of several users. If cryptocurrencies held in an omnibus wallet, of which the details have not been recorded so as to identify them as being the property of specific users, are destroyed or otherwise lost by Elitium for reasons for which Elitium cannot be held liable, any resulting deficiency shall be apportioned by Elitium among those users who, at the moment of the destruction or loss, had a claim on Elitium for the delivery of the same type of cryptocurrency, pro rata to the amounts of their claims at said moment.
All assets directly held by the Company are not insured by the Company or, except as set forth in the Elitium Terms and Conditions, by any government agency.
i. Statement of Account
A statement of your Account, including the amount of cryptocurrency available, may be accessed in electronic format for viewing online at the applicable page in your Dashboard. The Company uses commercially reasonable efforts to ensure that the information contained in your Statement of Account is accurate and reliable; however, because the information is provided real-time, errors may occur.
ii. Closing Your Account
You may close your Account by providing written notice to us, and upon receipt of such notice, a hold will be placed on your Account to allow any then pending transactions to clear. After notifying us of your desire to close your Account, we may terminate your ability to transact in your Account and only permit you to withdraw the remaining available funds associated with your Account. Closing your Account will not affect any rights and obligations incurred prior to the date of Account closure.
i. Bankruptcy and mingling of assets
In the event of a bankruptcy of Elitium (or of a third party service provider where cryptocurrencies of users are held), it may occur that under the national laws applicable to Elitium, or that third party, it is not possible to distinguish cryptocurrencies belonging to a user from cryptocurrencies belonging to another user, or that Elitium or that third party holds for itself or another party.
The user is aware that in case of default or bankruptcy of Elitium, or said third party, the user may not be able to regain part, or all, of the user’s cryptocurrency amount.
j. Mistakes and verification of information
You must check the information made available by Elitium as soon as possible after it has been made available by Elitium, so as to limit damage as a result of errors. If you do not receive a message from us while you know, or should know, that you can expect a message from us, you will make us aware of that in writing as soon as possible.
If you detect an inaccuracy or incompleteness, you must inform us about this as soon as possible. Elitium will determine, by any lawful means, if and how the possible error can be fixed.
Elitium is authorized to fix or otherwise undo any error or mistake and any transactions and bookings that are the direct or indirect result of such error or mistake.
Elitium is entitled to correct any mistake in a bank account and name match that are the direct or indirect result of such error or mistake, and is able to cancel transactions that are the result of such error or mistake. Elitium can charge a user with fees for these transactions if the user has made a mistake in the bank account verification or registration procedure, or has purposely or by mistake, provided wrong information to Elitium.
Elitium’s administration serves as complete proof between you and us except for proof to the contrary provided by you.
k. Referral program
Elitium may offer some of its users the opportunity to participate in referral programs, where participating users may be granted certain rewards, in the form determined by the Company, after completing determined actions defined by Elitium for a specific purpose.
Elitium has the right to change and cease such referral payments with immediate effect and without prior notification. In addition, Elitium has the right to remove referred users from your account at its sole discretion.
You shall be solely responsible for and shall pay, and shall indemnify Elitium against any liability with respect to any failure by you to pay, all employment taxes, income taxes, value added taxes, goods and services taxes and any other taxes or sums due to national, federal, state or local governments, as the case may be, as a result of your use of the Service.
You acknowledge that only you are responsible for the provision of information to tax authorities where such is required. Notwithstanding the above, upon request from a tax authority, Elitium will provide information relating to you to the tax authorities.
All prices posted on the Website and in other materials originating from Elitium include applicable taxes and other levies imposed by the applicable governing authority, unless stated otherwise.
In relation to sell and buy orders, and according to the governing legislation where this agreement is executed, you consent that transactions including cryptocurrencies, in which such cryptocurrencies are used for selling or buying operations of the token, will not be liable for VAT.
m. No Offer of Securities
Elitium takes all possible measures to integrate and exchange those digital coins and digital tokens and other types of digital mediums of exchange only that cannot be classified as “security“ by SEC or other competent national authorities.
The responsibility for the fact that the crypto asset cannot be treated as “security“ lies with the owner of digital token and/or digital coin. Elitium reserves the right at its sole discretion to prohibit and discontinue any transactions or exchange with the token or the coin if there is any risk or speculations that such token and/or coin can be treated as “security“.
We follow the best practices to decide whether crypto assets are securities or not. However, for the avoidance of any doubt, the provisions of this clause shall not constitute, or deemed to be construed to constitute, any warranty and/or investment, financial, legal or any other professional advice, that any crypto asset available through our Services is not a security.
n. Purchasing of Masternode Shares
Elitium may offer the option of purchasing Masternode Shares. You may be entitled to such option, provided that you have passed any registration requirements established by Elitium, and that the balance of your user profile is sufficient for the purchase of the selected Masternode Share.
When purchasing the Masternode Shares, you shall comply with the following terms:
• You are entitled to choose one or more Masternodes that are offered on the Website;
• If you want to purchase only a portion of the Masternode, you shall specify the amount that you are willing to invest for the portion of the respective Masternode;
• You are entitled to purchase an unlimited number of Masternode Shares both in the full amount and in any portion thereof;
• You may purchase the Masternode Shares for an amount not exceeding the available balance of your user profile.
By submitting the application to purchase the Masternode Shares, you shall irrevocably authorise us to use the balance of your Account to pay the collateral necessary for Masternode set up.
After selecting the Masternode Shares and indicating the investment, which you agree to make for the Masternode, we shall inform you of the selected Masternode and submit for review and its approval. If you agree to the investment, you will need to provide Elitium with a confirmation through the available means for that purpose.
We shall provide you with information regarding the Masternode Share dividend payment schedule and amount. You are entitled to become acquainted with all actions carried out in your user profile, including payments made and received.
In the case that we find that your user profile has a negative balance, we shall notify you, who shall be obliged to add up the balance of you user profile by such amount that is sufficient to cover the negative balance in full, no later than within 5 (five) days after receipt of the notification from us.
If you have any questions about these Terms and Conditions, please contact the Elitium Support Department at email@example.com.