Service Terms

Updated July 06, 2019

1. Introduction

This page sets out the service terms for FedX account-holders. By signing up for or otherwise accessing FedX, you accept all of these terms. A reference in these Service Terms to ‘we’, ‘us’ or ‘our’ means BlackBear Ventures Capital Corp. and its directors and officers.

Separate Terms of Use also apply to users who use our services located at www.fedx.eu In the event of conflict between these Service Terms and the website Terms of Use, the Service Terms shall prevail.

FedX is an introductory service that enables its users to find others interested in trading digital assets. Users can use FedX to create advertisements where they offer to buy or sell digital assets. Other users reply to these advertisements and the two users can agree to meet to trade digital assets for anything they want or complete the trade online.

Unlike traditional exchanges, we do not accept deposits or process withdrawals and there is no automatic matching algorithm. Unlike a normal escrow arrangement, FedXdoes not hold any digital assets or fiat in trust; the digital assetsportion of the trade is put in trust through a decentralized escrow mechanism that exists on the digital assetsdistributed network.

As an additional feature, FedX leverages an end‐to‐end encryption scheme to protect messages in transit between users from eavesdropping by hackers and oppressive regimes.

2. Your Account

You will need to register and create an account in order to access the FedX platform as a user. When you register as a member and create your profile, you will need to provide us with your email address, and pick a username and password. You must log in using your username and password to access the services.

You must maintain the confidentiality of your password and you are responsible for all activities that are conducted through your account, whether or not you have authorized such use.

You must remember your password. If you lose your password, you will not be able to access your encrypted communications or wallet, and there is no way for FedX to recover access.

We currently do not allow usernames to be changed

If you wish to delete your account, please open a support ticket with your request. You must be at least 18 years old to sign up for a FedX account. If you sign up for an account, you warrant that you are at least 18 years old.

3. Generating FedX Keys

When you create an account, a primary private key is created unique to you (called the root private key). You hold this key – we do not have a copy. This root private key is used to encrypt other private keys unique to you (called the party private keys). Each party private key has a mathematically-corresponding party public key which is not encrypted and is stored and shared by FedX to allow other users to establish shared secrets, using a cryptographic key agreement protocol (known as a "Diffie–Hellman key exchange"). These shared secrets are used to encrypt communications between other FedX users.

As such, we cannot read your communications with another user, unless you or the other user gives us the shared secret required to decrypt these communications.

You may also have private keys for the digital assetsyou hold in a cryptocurrency wallet. We also cannot access these private keys, so we cannot access your cryptocurrencies, token balances or any other item or information that is able to be stored in the wallet.

4. Posting Offers

FedX users may post offers to buy or sell digital assetsin exchange for local currencies or other goods using the marketplace. Offers on the marketplace are made publicly available, and can be viewed by anyone who accesses the website.

When an offer is displayed, we may also display symbols next to the offeror’s username such as a symbol to indicate the offeror’s trade activity, response rate or standard hours.

Offerors can write their own terms and conditions of sale, which may be published with the offer or negotiated with the other party to the transaction. However, all terms and conditions of sale must include the mandatory terms specified in these Service Terms regarding FedX’s fee and the process for resolving disputes.

Offers displayed on the FedX website have FedX’s fee (see section 10) priced into them by default, which is why buyers and sellers will see a different rate for the same trade. The prices you see are what you should expect to receive after FedX’s fee has been charged, however they are not inclusive of the digital assets’network transaction fees.

You must not post any offers or content that is prohibited by any of FedX policies or rules (“Prohibited Content”) nor engage in trades with other FedX users which are unlawful. FedX reserves the right to delete offers from the marketplace at its discretion. Generally, it will delete offers if they appear to be unlawful, non-genuine, fraudulent, spam, or are otherwise incorrect.

5. Communications Between Parties

FedX users can communicate over the FedX platform.

All communication made between buyers and sellers on FedX is end-to-end encrypted. No third parties, including us, have the technical ability to decipher and/or read these messages unless we are given the shared secret to do so by one party.

It is the responsibility of a user to make and keep adequate records of communications, details of transactions and financial history to the extent that they are required to do so in their jurisdiction.

Once the shared secret used to encrypt the messages is destroyed, that conversation is gone forever and cannot be recovered. You must not engage in communication with other FedX users which is offensive, abusive, unlawful, defamatory, indecent, inappropriate, or in furtherance of trading any Prohibited Content.

You acknowledge that we are unable to provide you with any other information about the identity of another FedX user other than what is made available to you on our website.

6. Trades of Digital Asset

The parties of a trade are referred to as "buyers" (those who are interested in buying digital assets) and "sellers" (those who are interested in selling digital assets).

Digital assettrades are conducted via the digital assets distributed network, which we cannot and do not control. When a seller sends digital asset to a buyer during the course of a trade, the seller creates a specialized digital assettransaction containing a Pay-to-Script-Hash output derived from a digital assetscript developed by FedX. FedX cannot access digital assets held in escrow at any time. It is impossible for us to allow the escrowed Pay-to-Script-Hash output to be spent by anyone other than the buyer or seller as per the code of the digital assetScript.

7. Terms of Transaction

Once digital asset is transferred into escrow, the trade should proceed in accordance with the terms agreed between the buyer and the seller. This will ordinarily require :

  • Seller should make payment;
  • Once payment is received in full and in cleared funds, the digital asset held in escrow must be released.

If the buyer does not make the payment within a defined time period, the escrow may be cancelled by the seller. The buyer may cancel the escrow at any time.

Sales between buyers and sellers are subject to:

  • The payment of FedX’s fee;
  • The process for resolving disputes set out in these Service Terms; and
  • The seller’s terms and conditions, or any other terms and conditions agreed between the buyer and the seller. In the event of inconsistency, the higher in the list of terms prevails.

8. Security

You must comply with all reasonable security requirements prescribed from time to time by FedX.

9. Disputes

If the parties have not resolved the dispute and have not agreed on an alternative dispute resolution process, either party may refer the dispute to FedX.

The party referring the dispute to FedX must give FedX access to the key material used to encrypt communications between the buyer and the seller. Both parties agree to give FedX access to their conversation history and all other information required by FedX to resolve the dispute, including evidence of payment. FedX will review the evidence and it will direct the digital asset to the party who in FedX’s reasonable opinion is entitled to own it under the terms of sale.

Parties must respond to FedX’s requests for information promptly (and at least within 24 hours). If a party does not respond to a request within that time frame, FedX may resolve the escrow in favor of the other party to the dispute.

FedX reserves the right to refuse to resolve a dispute where FedX, in its sole discretion, considers that:

  • The issue is best resolved through other methods;
  • one or both parties have not provided all required or requested information;
  • The ownership of digital assetis not clear from the information provided;
  • The contract between the parties is unlawful;
  • A party is acting unlawfully or fraudulently;
  • FedX has a legal obligation to do so; or
  • Directing digital assets to a party would cause FedX to breach any applicable laws.

Where FedX exercises its right to refuse to resolve a dispute, FedX will notify both parties of this. Either party may then apply for a court order resolving the dispute.

If a party provides a copy of a court order to FedX, FedX will resolve the escrow in accordance with the court order.

This process for resolving disputes is incorporated in all contracts between buyers and sellers arranged through FedX.

10. FedX Fees

For transactions concluded through FedX, FedX charges a 1.0% fee for the maker (the person who placed the offer listing) and 1.0% for the taker (the person responding to the offer). The fee is charged in the corresponding digital asset or FedX token.

This term is incorporated in all contracts between buyers and sellers arranged through FedX and using the FedX’s services.

11. Taxes

By using FedX, you are responsible for determining what taxes apply to any trades you conduct with other FedX’s users. You must pay for all taxes applicable to all trades in which you participate. You indemnify FedX for any claim, loss or damage arising from your failure to pay applicable taxes.

12. Suspending and Deleting Your Account

We may suspend or delete your account if:

  • We consider that you are using the FedX platform for any unlawful purpose;
  • We receive reports that you are communicating offensive, abusive, unlawful, defamatory, indecent or inappropriate messages to other users;
  • FedX is required by law to do so;
  • There is any change in law that adversely affects FedX’s operating model or would make it unlawful to continue the service without materially changing the FedX platform or regulatory license required to operate; and
  • For any other reason in our absolute discretion.

Once your account is deleted, we destroy any information we hold in relation to it after any legal requirement imposed on FedX to retain it has expired.

After suspension of your account, you are entitled to limited access for the purpose of managing existing trades however you may not open new trades or post to the marketplace.

13. Compliance with Laws

To use the services provided by FedX you may need to fulfill certain legal obligations in your country and/or state of residence. By accepting these Service Terms, you confirm that you have reviewed your local laws and regulations and that you are aware of, and fulfill, any and all such obligations.

You further warrant that you will use the website and the services in compliance with all applicable laws, including, without limitation, any applicable money transmitter regulations, laws, rules, and codes.

14. Risks

Digital asset transactions are irreversible. If you release or send digital asset to somebody else, it is generally not possible for FedX, nor yourself, to recover the funds. This also applies to sending digital asset to an incorrect address. You transfer any digital asset at your own risk.

If someone gains access to your account and uses your wallet, we will have no way to recover your funds.

We strongly recommend that if you do not have a strong understanding of the underlying "blockchain" technology that supports cryptocurrencies such as Bitcoin, you do not use our services. Cryptocurrencies can be subject to extreme price volatility. You should consider your financial circumstances and tolerance to risk before acquiring and trading in cryptocurrencies.

15. Disclaimer of Warranties

FedX does not facilitate or provide brokerage, exchange, payment, escrow, remittance, or merchant services.

FedX is only an introductory and information service, and, to the maximum extent permissible by law, is not responsible for any actions of its users including, without limitation, representations by any users regarding funds (digital asset or local currency) having been transferred or any ownership of digital asset or funds.

To the maximum extent permitted by law, FedX does not guarantee the quality or fitness for purpose of its services. FedX is provided on an "as is" and “as available” basis and you agree to use it at your sole risk. While we strive to make the services available to you at all times, we do not make any representations as to the availability of the services, or that your access or use of the website will be uninterrupted or timely. There may be delays, failures, errors, omissions or loss of transmitted information.

We make no warranties, claims or guarantees related to any of our users, including but not limited to:

  • The merchantability or fitness of the user;
  • The identity of the user;
  • The location of the user;
  • The reliability and timeliness of the user;
  • The accuracy of any information the user presents; or
  • The accuracy of any information we provide about the user.

To the maximum extent permitted by law, we make no guarantees to the safety, reliability, availability or longevity of any of the data we collect or store. We strongly recommend that you keep a back-up copy of your private keys.

Our website’s Terms of Use contains additional disclaimers of warranties in relation to our website and the content on it.

16. Limitation of Liability and Indemnity

You agree to indemnify FedX and hold FedX and its parents, subsidiaries, affiliates, officers, employees, agents, partners and licensors (if any) harmless against all losses, claims, actions, liability, damage, costs (including attorney’s fees), expenses and penalties arising directly or indirectly from any:

  • breach by you of these Service Terms;
  • unauthorized use of your FedX account;
  • Act or omission (including any negligence, unlawful conduct, willful misconduct or fraud) by you in relation to your use of FedX’s services;
  • Third party claim against us in relation to your use of FedX’s services;
  • Any action taken by FedX at your request in respect of your account, trade or dispute;
  • Any inaction or delay on your part in respect of any dispute, including any failure by you to respond to a request for information by us within the time required under clause 9 (Disputes);
  • Any failure by you to comply with any reasonable recommendation made by FedX; and
  • Infringement of intellectual property rights by you.

Except in the case of gross negligence or fraud in a resulting dispute, and to the fullest extent permitted by law, FedX is not liable for:

  • Any breach of these Service Terms; or
  • Any act or omission (including any negligent act or omission) of FedX in connection with these Service Terms or any services supplied by FedX.

Under no circumstances, including in cases of gross negligence or fraud, are we liable to you for any consequential damages suffered by you.

17. Privacy

Personal information we collect about you through the services (if any) will be dealt with in accordance with our Privacy Policy.

18. Applicable Law, Waiver of Class Action, and Language

These Service Terms are governed and shall be construed in accordance with the laws of Saint Kitts and Nevis. Any dispute, controversy, or claim arising out of or relating to this Agreement will be resolved in the court of Saint Kitts and Nevis and Saint Kitts and Nevis shall have exclusive jurisdiction over such matters.

EXCEPT WHERE PROHIBITED BY APPLICABLE LAW, YOU AGREE THAT ANY DISPUTE RESOLUTION PROCEEDING WILL BE CONDUCTED ONLY ON AN INDIVIDUAL BASIS AND NOT IN A CLASS, CONSOLIDATED, OR REPRESENTATIVE ACTION.

These Service Terms may be translated into other languages;however, the official language of these terms is English. Translations may not accurately represent the information communicated in the English language.

19. Notices

You agree that an email sent to the email address nominated when you created your account is a valid notice under these Service Terms.

You should exercise reasonable caution when reviewing emails and SMSs purporting to originate from FedX as emails can be vulnerable to phishing, spoofing, and additional viruses.

20. Changes to these terms

We reserve the right, at our sole discretion, to update, change or replace any part of these Service Terms by posting updates and changes to our website. If there is a change which has a material adverse impact on you, we will notify you by emailing you and providing 30 days’ notice. If you do not agree to the changes, your only remedy is to discontinue using the services.

It is your responsibility to check our website periodically for changes. Your continued use of or access to our website or the services following the posting of any changes to these Service Terms constitutes acceptance of those changes.

These Service Terms were last updated in Jul 06, 2019.

21. Terms that survive account closure

The following terms in these Service Terms continue to apply after the closure of your account:

  • Clause 9 – Disputes
  • Clause 10 – FedX Fees; and
  • Clause 16 – Limitation of Liability and Indemnity

22. Entire understanding

These Service Terms contain the entire understanding between the parties as to the subject matter of this terms.

23. Contact

Please send any questions, comments, issues, or general correspondence via email to support@fedx.eu

Please take time to read the above carefully before proceeding. It is necessary that you have read and understand the information.