Exchange rules

2.1. The BitFlaming web resource provides services specified in clause 4 of these Rules. However, in the process of receiving the service, the User must follow the rules for performing exchange operations listed in clause 9. The provision of services is carried out in accordance with the procedure defined in clause 5 of these Rules.

2.2. A User who has performed an exchange of digital funds is obliged to pay for this exchange.

2.3. The BitFlaming web resource has the right to send Users informational, advertising messages, as well as notifications about current promotions, promo codes, and special offers to the email specified during registration.

2.4. The User has the right to refuse receiving mailings by sending a corresponding written request to the official email address of the Service specified in the “Contacts” section of the BitFlaming website. The mailing termination is carried out within 5 (five) working days from the moment the request is received.

3.1. The BitFlaming web resource must fulfill the following obligations:

3.1.1 To perform exchanges of digital currencies of payment systems Qiwi, Payeer, Perfect Money, Paycash, Yandex Money and similar, in accordance with the conditions prescribed in the Rules.

3.1.2 To provide technical and informational support to Users in the process of receiving services.

3.1.3 To guarantee the confidentiality of information obtained during the exchange (personal data, amount, time of transaction). If an anonymous payment system participated in the exchange, then such operation becomes “confidential” and is not disclosed.

3.1.4 To restrict access of persons not involved in the exchange to information about these operations.

3.1.5 To provide discounts to Users according to the Rules.

3.1.6 To transfer funds to the User’s account within 24 hours after обращения in situations specified in clauses 3.2.5, 5.4, 5.5, 5.6 of these Rules.

3.1.7 To ensure non-disclosure of data about exchange operations and personal information about the User to third parties. Exceptions are the following cases:

• lawful decision of judicial authorities
• lawful request of law enforcement authorities
• request of one of the payment systems with which the Service operates

3.2 The User must fulfill the following obligations:

3.2.1 To provide reliable personal data and details necessary for performing the exchange. To check the information before sending for errors and typos.

3.2.2 To specify a correct email address.

3.2.3 To ensure the ability to receive notifications from the web resource to the email address, ensure access to the Internet via a computer or other suitable device. To максимально protect the connection of the device with the Service using antivirus programs.

3.2.4 To comply with all rules of this Agreement.

3.2.5 To notify the Service administration in cases when funds were not credited to the recipient’s account. Also to inform about situations specified in clauses 5.4, 5.5, 5.6 of these Rules. Notification must be made within one calendar month from the occurrence of these circumstances. Otherwise, disputed amounts will be transferred to the web resource account.

3.2.6 To comply with the laws of the country in which the User is located, as well as the laws of the state of which the User is a citizen.

3.2.7 To comply with legislative acts and norms regulating online exchange operations.

3.3 Rights of the BitFlaming web resource:

3.3.1 To suspend the operation of the resource if necessary to устранения problems and modernization.

3.3.2 To stop operations with funds if a request has been received from law enforcement authorities regarding this operation or its participants. Also, the administration has the right to stop the operation if it has grounds to believe that it may be related to fraud or other violation of the law. Suspension occurs for the time necessary for investigation.

3.3.3 To independently establish a system of bonuses and discounts and change it.

3.3.4 To establish remuneration of the web resource for conducting operations and change its amount.

3.3.5 To restrict access to services to a potential User without explanation of reasons.

3.3.6 If the User made a mistake during an exchange operation, the Service has the right to request confirmation via mobile communication, email, and other methods.

3.3.7 To stop communication with a User who intentionally prevents providing information for resolving an issue or is inadequate.

3.3.8 To block operations in situations предусмотренных clauses 5.4, 5.5, 5.6 of these Rules.

3.3.9 To suspend operations until the User is identified.

3.4 The Service administration has the right to block the User’s application if there is information about unjust enrichment in this or another Service and presence in the debtors list. The block remains until clarification of circumstances and compensation of damages caused by the User.

3.5 The Service has the right to change the terms of the referral program.

3.6 The Service does not начисляет rewards under the partner program if it receives profit less than 0.6%.

3.7 Rewards accrued under the referral program can be withdrawn only if the User has 5 or more referrals. Each of them must have at least one completed application.

3.8 The administration has the right to suspend the operation if there are suspicions that the User’s purpose is to profit from exchange rate differences. The application will be blocked until all details are clarified.

3.9 The Service provides a preliminary exchange rate when creating an application, formed at the best market price. If the rate changes on the exchange by more than 0.2%, recalculation of received funds is carried out up to 1% of the current rate of Binance/Bybit/Kucoin exchanges.

4.1 BitFlaming performs exchange of digital funds of such payment systems as Bitcoin, Perfect Money, ePayments, Eleksnet, Yandex.Money, Payeer, Qiwi. To carry out payments, the Service uses services of banks, the list of which is presented on the website.

4.2 The web resource does not have authority and capability to verify the User’s rights to the funds that he uses in the process of receiving services.

5.1 The exchange is considered started upon the fact of crediting funds from the User.

5.2 The exchange is considered completed after the Service has transferred funds to the details specified by the User.

5.3 The User cannot cancel the exchange after transferring funds to the account of the web resource or demand a refund of these funds.

5.4 In case the User внес a sum that differs from the one specified in the application, the Service has the right to block the exchange and return the funds.

5.5 If the User specified an incorrect account, the operation is not performed. Refund is carried out upon application based on clause 3.2.5. At the same time, a commission and a penalty of 2% of the operation amount are charged.

5.6 In case the User made a payment from a third-party account or adjusted the payment amount, the Service has the right to block the operation. Funds are returned after the User’s request based on clause 3.2.5. At the same time, a commission and a penalty of 10% of the operation amount are withheld.

5.7 Operations involving bitcoin can take from 15 minutes to several days. This in no way depends on the web resource, and the administration is not able to influence the speed of transactions in the bitcoin network.

5.8 Crediting of funds to Visa and MasterCard payment system cards is carried out within 5 banking days.

5.9 The User must pay for the application within 15 minutes from the moment of its creation, otherwise it may be deleted or recalculated according to the changed rate.

6.1 The BitFlaming Service is not responsible for consequences arising from improper use of the web resource, including errors made by the User during submitting an application for exchange of electronic funds. The Service will not cancel such an operation even if the funds were transferred to an incorrect account.

6.2 The Service does not compensate losses arising from breakdown of equipment used by the User or its individual components.

6.3 The web resource is not responsible for delays of transfers or any errors arising as a result of actions of banks or payment systems. Also, the Service is not responsible for subsequent freezing of bank cards or accounts in payment systems after the exchange.

6.4 Verification of the User’s card will be annulled within one hour if the User did not perform at least one exchange operation during this time.

6.5 The Service is not responsible for losses and damages arising from incorrect representations of the User about tariffs, benefits of exchange operations or other similar moments.

6.6 The Service does not compensate losses incurred by the User as a result of delays or errors during execution of the operation.

6.7 When submitting an application, the User confirms that he has the legal right to dispose of the funds credited for the exchange.

6.8 Losses of third parties caused by the fault of the User when using the Service are compensated by him in full at the expense of deduction or return of future applications of the User.

6.9 If the client independently initiates cancellation of the exchange and refund of funds, a commission of 0.5% of the exchange amount is withheld, as well as a commission for withdrawing funds from the liquidity exchange. The rule applies in cases when funds have already been credited to the liquidity exchange.

6.10 The User has the right to предъявить claims related to execution of the Application within 30 (thirty) calendar days from the moment of its execution. After the expiration of the specified period, claims are not considered, and the Service’s obligations under a specific Application are recognized as fully fulfilled.

6.11 After expiration of the period specified in clause 6.10, information on the Application is transferred to the archive and may be provided exclusively on the basis of official requests of law enforcement authorities.

7.1 The Service administration has the right to change these Rules or make any additions to them at any time. They will come into force from the moment of their publication on the BitFlaming web resource.

8.1 Upon occurrence of force majeure circumstances, the Parties are not responsible for non-performance or untimely performance of the terms of this document. Such circumstances include natural and man-made disasters such as flood, natural disaster, fire, war, terrorist act, riots, hacker attack or acts of authorities. Also, such circumstances include interruptions in power supply and access to networks, including the Internet and telephone communication.

9.1 The web resource is prohibited to be used for carrying out illegal operations. The User is responsible for attempting to exchange funds of dubious origin in accordance with the laws of the state where this violation was committed.

9.2 If illegal actions are confirmed, the Service has the right to transfer information about the operation upon request of competent authorities, payment systems, or the injured party.

9.3 In order to perform an exchange, the User must transfer from his digital account the required number of monetary units. The User independently bears responsibility for the existence of legal grounds for transferring funds to the wallet, since determining the legality of the transaction is not within the competence of the web resource.

9.4 Bank transfer is carried out within the framework of internet banking of payment systems. Some systems charge a commission for transfer, which the User must take into account when performing the operation. For example, Payeer (0.95%), Perfect Money (0.5%).

9.5 The web resource is not responsible for payments made by third parties with the consent of the User.

9.6 This document is considered accepted in full from the moment of pressing the “Start exchange” button.

10.1 By using the services of the Web resource, the Client agrees to undergo the identity verification procedure.

10.2 The web resource may request any personal data in any format and volume that it deems necessary for full verification within the framework of international AML standards.

10.3 The Sumusb service is used as a tool for user verification (KYC checks)

10.4 The Client provides consent to the Web Resource to carry out the necessary checks directly or through third parties to confirm the identity or protect the Client and/or the Web Resource from financial crimes such as fraud. Such third parties may be KYC services and/or other systems, the choice of which is not limited to the Client. To verify addresses and transactions, the exchange platform uses the BitOK and CoinKyt tools, designed to control, record and analyze cryptocurrency transactions. If, when compared with data from other anti-money laundering (AML) services, discrepancies in risk assessment arise, the exchange service is guided solely by the results obtained from BitOK and CoinKyt.

10.5 By using the services of the Web Resource, the Client agrees to AML verification of all online addresses used in transactions on the Web Resource.

10.6 The web resource has the right to request verification of the Client if the online address of the Client’s wallet participating in the transaction is associated with the following categories:

• Illegal Service

• Mixing Service

• Fraudulent Exchange

• Darknet Marketplace

•Darknet Service

• Ransom

• Scam

• Stolen Coins

• Terrorism Financing

• Sanctions

• Illicit Actor/Organization

• High-Risk Jurisdiction

• Gambling

• Fraud Shop

• Enforcement action

•Child Exploitation

10.7 As part of the AML verification procedures, each transaction is assigned an individual risk score (Risk Score). If the value of this indicator goes beyond the acceptable threshold, the exchange operation may be suspended for the time required for in-depth analysis. In such cases, additional verification measures are applied, including requesting information about the client (KYC) and sources of funds (SoF).

The following criteria have been established for risk assessment: the permissible share of funds in the High Risk category is no more than 5%, in the Medium Risk category is no more than 20%, and the final Risk Score should not exceed 50%.

Sources for verification are international databases that are updated on a regular basis. The analysis is carried out for each operation separately, and the risk profile can be adjusted taking into account the parameters of a specific user. Therefore, even an address that previously had zero risk may change its Risk Score as a result of interaction (receiving or sending) with a high-risk counterparty.

10.8 If the risk values after the AML check are higher than acceptable, then it becomes necessary to verify the identity:

To do this, the User must provide:

1. Identity document

One of the following documents:

o passport;

o ID card;

o driver's license;

Upload a photo or scan of the front and back sides of the document (or passport spread).

2. Selfie / Liveness check

Photo or short video of a face in real time according to the instructions of the Sumsub system.

3. Proof of Address

One of the documents issued no earlier than 3 months ago:

o utility receipt;

o Internet or telephone bill;

o bank statement;

o an official letter from a government agency.

The document must contain:

o Client's full name;

o full residential address;

o data matching the identity document.

4. Confirmation of the origin of funds (Source of Funds / SoF)

When checking, the client must also provide:

o screenshots of exchange accounts or crypto wallets;

o transaction history;

o confirmation of income (salary, freelancing, dividends, etc.);

o asset purchase and sale agreements;

o other documents confirming the legal origin of funds.

10.9 Procedure and duration of verification

• Processing data manually (including AML, KYC, SoF) takes no more than 24 hours from the moment the full set of documents is received.

• The decision to carry out an exchange or return funds is made within 24 hours after completion of the specified verification.

• Thus, the maximum review period is approximately 48 hours.
10.10 After the identity verification procedure, the Service will refund the funds to the User, minus the network commission for sending.
In case of refusal of verification, the User must report this via an email to BitFlaming, also indicating the application number and details. In this case, the Service will return the funds to the User minus 5% (no more than $100) if there are additional expenses in addition to the network commission.

If funds were blocked at the initiative of partners or authorized bodies, their return is carried out only after the blocking is completely lifted.The processing fee for such a transaction is charged in accordance with the general procedure: no more than 5%, but not more than 100 USD. Refunds are made within 12 to 24 hours from the moment the decision is made.

If the client does not provide the required information or does not get in touch within 90 calendar days, the funds may be blocked until an official request is received.