GARANTEX USER AGREEMENT

This version is valid from October 30, 2023

RISK STATEMENT

Virtual currencies (cryptocurrencies) are more volatile compared to other investment vehicles and reserve currencies of national banks. The value of virtual currencies (cryptocurrencies) can be subject to significant fluctuations over short periods of time, and the User risks losing their money.

The User understands, acknowledges and accepts this risk when making any transactions with virtual currencies (cryptocurrencies) on the Platform and in the P2P Section of the Platform.

The User confirms that they made every effort to thoroughly study the nature of virtual currencies (cryptocurrencies) and make trading decisions regarding virtual currencies (cryptocurrencies) deliberately, upon assessment of their risks, their financial situation and readiness to take on all risks associated with the volatility of virtual currencies (cryptocurrencies).

By registering on the Platform, the User assumes all possible risks that exist in the virtual currency (cryptocurrency) market.

The Company does not own or control the underlying blockchain software protocols that regulate the issuance, burning, and other aspects of the operation of blockchains and virtual currencies (both blockchain coins and tokens). Generally, the underlying software protocols are open source software, therefore anyone can audit, use, copy, modify, and distribute them.

The Company assumes no responsibility for the operation of the underlying blockchain software protocols and cannot guarantee their operability, security, or availability. The User acknowledges and accepts the risk of possible changes to the basic software protocols related to any virtual currency (cryptocurrency) that the User keeps on their account.

Once the User requests the withdrawal of cryptocurrency or virtual currency from their account, the Platform cannot cancel the transaction. The User is fully responsible for any transfer of virtual currency (cryptocurrency) to the address specified by the User.

Access to the Platform's services is limited, and the User is solely responsible for meeting the requirements for access to the Platform. The Platform currently does not provide services to residents and citizens of the United States.

The User accepts the terms of this Agreement by putting a special check mark in the designated field named "I accept the terms of the User Agreement" in the registration form and clicking on the "Continue" button below the registration form.

The User undertakes to regularly monitor new versions of the Agreement. The User automatically accepts the new version of the Agreement by continuing to use the Platform after the changes take effect. If the User does not agree with the terms of the new version of the Agreement, they should stop using the Platform.

The Company prohibits the use of multiple accounts on the Platform if one account is a referral to another. The Company considers this an attempt to circumvent the provisions of this Agreement, and reserves the right to restrict or cease the provision of Platform services. The terms of use of the Referral Program are specified in Article 5.3 of this Agreement, with additional details provided in "Rules and Commissions" section.

1. Subject of the Agreement

1.1. This agreement (hereinafter referred to as the Agreement) contains the terms and conditions for using the Garantex electronic platform located at https://garantex.org/ web address (hereinafter referred to as the "Platform"), and the terms of access to the services provided by the Platform. The Agreement is concluded by and between Garantex Europe OU, a company (hereinafter referred to as the Company) registered and operating in accordance with the legislation of Estonia under the registration number 14850239, legal address: Harju maakond, Tallinn, Kesklinna linnaosa, J. Poska tn 51a / 1-3, 10150, and the User of the Platform (hereinafter referred to as the User), an individual who has completed the registration procedure on the Platform for the purposes of private use of the Platform.

1.2. This Agreement is an electronic agreement between the User and the Company regarding the User's utilization of the Services provided by the Company. Any other pre-existing written or oral agreements between the User and the Company regarding such utilization are hereby replaced and superseded. Garantex hereby grants the User a non-exclusive license to access the Platform, and allows the User to utilize the Services exclusively for the purpose of performing actions in accordance with the terms of this Agreement.

1.3. All content of the Platform (including texts, graphics, user interfaces, photos, trademarks, logos, sounds, musical pieces, works of art, software codes, web design and website structure, the selection, coordination and location of content on websites and/or mobile applications) is owned, controlled or subject to a license owned by Garantex, and is protected by trademarks, patents, and other property rights, including the ones regulating intellectual property.

1.4. The Agreement is considered accepted by the User if the User has entered the required mark in the special field under the heading "I accept the terms of the User Agreement" in the registration form and has expressed their agreement with the terms of this Agreement by clicking the "Continue" button below the registration form.

2. Terms used in the Agreement

"Account" – an account created by the User on the Platform containing Credentials, information about the amount and composition of cryptocurrency and assets in fiat equivalent that is available in the User's Personal Account;
"Additional Verification" — the procedure for obtaining Users ' biometric data by the Company, if such data is required to provide Services under this Agreement in high-quality and secure manner;
"Advertisement" ("Ad") — a publication voluntarily placed in the P2P Section by the User of the Platform wishing to deposit and/or withdraw the Exchange Balance;
"Affiliate Account" — an additional account that is effectively managed by the owner of another existing user account on the Platform;
"Agent" — a User who initiates a transaction acting as either a Buyer or a Seller;
"Agreement" —this User Agreement and its integral parts, including all additions and/or changes;
"Arbiter" — an administrator of the P2P section, a mediator in non-judicial disputes who is voluntarily invited to the transaction by Platform Users in order to resolve disputes;
"Arbitration" — a non-judicial dispute voluntarily initiated by users of the Platform in order to resolve disagreements on a transaction;
"Banking Details" — data provided by Users, namely by the Seller for making a transaction with the Buyer in the P2P Section of the Platform;
"Buyer" — the role of an Agent or Counteragent who performs trading transactions on the Platform when buying Exchange Balance in currency equivalent;
"Company" — the Platform operator that performs technical, legal and other activities to support the operation of the Platform, as well as Users of the Platform, on a contractual basis, authorized to accept and process claims against Garantex, make changes to the operation of the Platform, the content of the Platform's website, documentation provided on the Platform's website and other in-house policies and procedures;
"Counterparty" — a User being an opposite party to a financial transaction, who can be either a Buyer or a Seller;
"Credentials" — a set of user identification data including password, code, UID (unique identification number), token, and any other information or device provided to the User in order to access the Platform;
"Cryptocurrency" — a type of virtual currency, an account of internal counting units that are part of a decentralized payment system without an internal or external administrator or any similar entities and operate automatically. Within the framework of this Agreement, cryptocurrency is considered part of virtual currencies and/or a variety of virtual currencies;
"Cryptocurrency Exchange" — digital space on the Platform designed for trading cryptocurrencies using fiat currencies;
"Exchange Balance" — the User's Account balance displayed in currency equivalent in the "Assets" tab. The Exchange Balance can be either replenished or withdrawn in any selected currency: RUB (ruble), EUR (euro), USD (US dollar). The Platform is entitled to set limitations for any replenishment or withdrawal options;
"Fictitious Transaction" — an agreement between unscrupulous Users to conduct a fictitious exchange of the Exchange Balance and fiat currency in the P2P Section of the Platform;
"Fictitious Transaction Terms" — illegal terms for making a transaction, within the framework of an agreement between Users to conduct a fictitious exchange of the Exchange Balance and fiat currency in the P2P Section of the Platform;
"Garantex Code" — a method of transferring value between Garantex users by attaching the fiat value of the code to a one-time set of characters, which, if activated in the Personal Account of any User, replenishes its balance with the appropriate amount of funds;
"Maker" — a User who creates an Advertisement in the P2P Section of the Platform, an Order in the "Exchange" section, or a Garantex Code in the User's Personal Account.
"Mining Pool" — a digital space on the Platform designed to combine the capacity of Users ' personal equipment in order to increase the probability of finding a block in the blockchain;
"Order" — a User's personal request to buy and /or sell Cryptocurrencies. Each virtual currency can be placed against another virtual currency. The Order can be placed on Cryptocurrency exchange (in the "Exchange" section of the Platform).
"P2P (peer-to-peer) Section" — a model of interaction between Platform Users (both being at the same level and having equal rights) that connects Buyers directly to Sellers and enables them to perform global peer-to-peer transactions, to exchange the Exchange Balance for their fiat funds, and create their own Advertisements and/or choose from available offers from other Users;
"Payment Method" — a method of transferring funds from the Buyer to the Seller that is used in the P2P Section of the Platform and is not part of the Platform's software;
"Personal Data" — information that identifies a person, such as name, address, email address, trading information and banking details, biometric data. The term "Personal Data" does not include anonymous and/or aggregated data that does not allow identifying a specific User;
"Platform" or "Garantex" – the Garantex digital platform located at https://garantex.org/ web address that provides Services to Users and represents the combination of data, software, websites, mobile applications, domain names, including any subdomains, digital content, and intellectual property objects. If the Platform's domain or content needs to be changed for any reason, it includes the Platform after any such changes;
“Politically Exposed Person” (PEP), or “Public Official” – a person entrusted with a prominent public function, as defined by the Financial Action Task Force (FATF).
"Privacy Policy" – rules and regulations that govern the collection, storage, distribution and protection of Personal Data received by the Platform from Users, being an integral part of the Agreement and available in the English language at Privacy Policy;
"Rating" — summary of user ratings for completed transactions in the P2P Section of the Platform;
"Rating Cheat" — fraudulent actions aimed at increasing the number of ratings from unscrupulous Users of the Platform for fictitious transactions;
"Referral Program" — a partnership program that allows a Platform user to become a Referral Partner by enticing a Referral to register using their Referral Link. The Referral Program's rules are stipulated in Article 5.3 of this Agreement and extend to the Platform users who voluntarily participate in the Program;
"Referral Partner" — a Platform user who entices a Referral to register using their Referral Link and receives Referral Fees to their AFF account.
"Referral" — a Platform user who registers using the Referral Link of the Referral Partner;
"Referral link" – a link to one of the Platform's webpages that contains a unique ID of the Referral Partner. The Referral Link is available at users' personal accounts, in Partnership Program tab.
"AFF Account" – a Platform user's virtual account used for awarding Referral Fees to the Referral Partner and the Referral Bonus to the Referral, in accordance with this Agreement.
"Referral Fees" – fees transferred to the Referral Partner's AFF account. The amount of the Referral Fees depends on the Referral Reward (in percentage) and the turnover of the Referral Network (in Russian rubles).
"Referral Bonus" – a one-time award transferred to the Referral's AFF account as part of this marketing program.
"Referral Payouts" – referral awards transferred to the ruble account from the AFF account after successful verification.
"Referral Network" – all Referrals of a Referral Partner.
"Referral Network Turnover" – the turnover (volume) of all market transactions completed by the Referrals of one Referral Partner in a given time period.
"Referral Reward" – the percentage of trading fees of the Referral network received by the Referral Partner.
"Seller" — the role of an Agent or Counteragent who performs trading transactions on the Platform when selling Exchange Balance in currency equivalent;
"Services" — actions or activities performed by the Company on the Platform to provide Users with access to the Cryptocurrency Exchange, Mining Pool, Referral Program, and P2P Section;
"Surcharge (Price, %)" — a payment expressed in monetary value which is paid in excess of the terms of the transaction by voluntary agreement of both parties to the transaction, namely Users, Buyer and Seller in the context of the P2P Platform;
"Taker" — a User of the Platform who voluntarily accepts the offer of the Maker in one of the Platform's sections.
"Transaction" — a bilateral agreement between Users to perform an exchange of the Exchange Balance and fiat currency in the P2P Section of the Platform;
"Trustee" — an individual who, after successfully competing the Verification Procedure, has the right to act on behalf of and in the interests of the User, upon prior agreement with the Company;
"User" – an individual who has successfully completed the registration procedure on the Platform and has reached the age that legally allows performing monetary transactions, operations with cryptocurrency, and purchase and sale transactions in accordance with the legislation of respective country;
"User's Personal Account" — a specialized page provided to the User via an individual link ("My Profile" in the Platform menu) to access an Account on the Platform, or to a person who has logged in on behalf of the User;
"Verification Procedure" — -an identification and authentication procedure that uses biometric data, including fingerprints, facial recognition, copies of User documents, contact information, residence permit that the Company may request;
"Virtual Currencies" — funds deposited by the User in fiat currency and/or cryptocurrency to the Account balance, as well as coins, tokens and other assets received as a result of using the Services;
"Zeroing of Rating" — regulatory measures by the Platform aimed at preventing fraudulent actions by the Users of the Platform regarding rating cheat;

3. Rights and Obligations of the Parties

3.1. THE COMPANY HAS THE RIGHT TO:

3.1.1. Make changes to the terms of the Agreement at any time. The Company has the right to make changes to this Agreement and the Privacy Policy, unilaterally and at any time; such changes will take effect immediately after the new version of the Agreement is published online at https://garantex.org and the Privacy Policy.

3.1.2. Unilaterally change the amount of commissions charged for operations and/or transactions made by the User on the Platform.

3.1.3. For security reasons, the Company may restrict cryptocurrency withdrawals from the User's account, the creation of Garantex Codes, as well as operations (Transactions) in the P2P Section of the Platform for a period of 6 (six) hours or more from the moment of creating a request for cryptocurrency withdrawal and the first replenishment of the User's account with fiat currency.

3.1.4. Suspend access to the provision of Services at any time for technical reasons, since there are external factors that may affect the seamless provision of Services.

3.1.5. Suspend, restrict or permanently revoke the User's access to the Account at any time and for any period, notifying the User, in case the User violates any of the provisions of the Agreement or other agreements that may be associated with the User's utilization of the Services.

3.1.6. Make changes to the Platform interface, texts, graphic elements, design, images, photos and videos, and other results of intellectual activity, as well as to the set of computer programs contained in the information system that ensure the availability of such information at https://garantex.org, including any subdomains.

3.1.7. The Company may, at its sole discretion, limit the number of accounts that the User can have, maintain or acquire.

3.1.8. Request personal information from Users at any time, which may include photos and/or copies of the User's documents, banking card used for payment, or any other document / information that the Company may deem necessary.

3.1.9. Terminate access to the Content or Services upon receipt of a request from law enforcement agencies or other government agencies.

3.1.10. If the User's trading activity on the Platform appears suspicious or abnormal, the Company, at its sole discretion, has the right to stop processing the User's Orders and Transactions until the situation is resolved. The Company may ask for further probe or to request documents that may be required in accordance with the applicable law or agreement with Counteragents.

3.1.11. In case of Platform default, the Company shall specify the date of termination and liquidation of all existing Orders and Transactions. The User is required to make all payments due under active User's Orders and Transactions at or before the liquidation date. Failing this, the Company may liquidate any open position to cover the required payments.

3.1.12. The company may refuse to provide services in all markets and jurisdictions and may restrict or prohibit the use of the Platform in some countries. The Company currently does not provide Services, without any exceptions, to the following jurisdictions: Afghanistan, Central African Republic, Congo-Brazzaville, Congo-Kinshasa, Cuba, Democratic People's Republic of Korea, Ethiopia, Eritrea, Iran, Namibia, Libya, Pakistan, Somalia, Sudan, Syria, Uganda, United States, South Sudan, Zimbabwe, Yemen.

3.1.13. In accordance with Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, Garantex may restrict or prohibit the use of all or part of the services, or allow the use of the services only after successful completion of due diligence, for customers associated with the following high-risk countries/zones: Albania, Burkina Faso, Barbados, Cayman Islands Cambodia, Canada, Haiti, Jamaica, Mali, Malta, Jordan, Morocco, Myanmar, Nicaragua, Panama, Philippines, Senegal, Bahamas, Barbados, Botswana, Ghana, Iraq, Mauritius, Trinidad and Tobago, Vanuatu, Japan, Mongolia, Taiwan, Venezuela.

3.1.14. The Company is entitles to suspend, restrict or block (temporarily or indefinitely) the User's access to the Account at any time, notifying the User, in case of emergence of facts or suspicions that the User utilizes the Platform for purposes other than as intended, or that the User does not use their Account for buying or selling, and/or transferring of Cryptocurrency and Virtual Currency for more than 7 days. The User can lose access to the Platform's Services temporarily or indefinitely if the Company suspects or established the fact that the User utilizes (attempts to utilize) the Platform as a depository of fiat currency.

3.1.15. Restrict withdrawals of Cryptocurrency from the User's Account for Additional Verification, after the User places a request for the withdrawal of Cryptocurrency on the Platform. The verification period will be set automatically and may exceed 2 hours from the moment of creating a request for the withdrawal of Cryptocurrency.

3.1.16. Require the User to complete Level 3 Verification Procedure on the Platform.

3.1.17. Request that the User underwent Additional Verification in "My Profile" section on the Platform's website, in the technical support chat, or at the Company's office in Moscow.

3.1.18. Users who are foreign citizens can complete the Level 3 Verification Procedure by visiting the Company's office in Moscow, with notifying the Company of their visit in technical support chat on the Platform's official website or in Telegram bot.

3.1.19. If the Platform's algorithms recognize an action performed by the User or a sequence of actions performed by the User as suspicious, the Company reserves the right to freeze deposits and/or withdrawals of cryptocurrency and/or the Exchange Balance (in fiat currency equivalent) for the period required to prevent a violation or to correct the User's technical error. In order to restore access to withdrawals and replenishments of Cryptocurrency and fiat currency, the Company has the right to request that the User completes Level 3 Verification Procedure, proves the source of the funds, and confirms the ownership of the account.

3.1.20 The Company shall not provide its Services to any Politically Exposed Person, and shall terminate its Services to any User who becomes a Politically Exposed Person while already being registered on the Platform.

3.2. THE COMPANY UNDERTAKES TO:

3.2.1. Provide the User with a digital Platform for using the Services.

3.2.2. Ensure the protection of the User's Account, not to transfer Credentials and Personal Data to third parties without the User's consent. Ensure the safety of the User's Credentials and Personal Data by monitoring the operability of the system and software, performing timely equipment maintenance, anti-virus checks, and installation of comprehensive protection systems against unauthorized access.

3.3. THE USER HAS THE RIGHT TO:

3.3.1. Carry out transactions to buy/sell cryptocurrencies using their own funds.

3.3.2. Deposit and withdraw funds in the fiat equivalent to their personal accounts.

3.3.3. Select one currency for the registered Account and perform exchanges between fiat currencies and cryptocurrencies.

3.3.4. Make transactions with fiat currency only as part of operations to buy/sell Cryptocurrencies.

3.3.5. Submit a request to the Company's technical support team on the website or in Telegram bot to suspend the processing of their Personal Data. In order to have such request approved, the User must confirm the ownership of the Account and go through the Know-Your-Client (KYC) procedure in accordance with paragraph 4.5 of this Agreement. The request may be reviewed for more than 2 weeks. Suspension of processing of Personal Account Data means submitting that the User has submitted a request to remove access to the Platform's Services and this request has been approved. The Account will be completely deleted automatically after 3 years.

3.3.6. Use information specifically provided by the Platform for viewing or downloading from the website or mobile applications for personal purposes only.

3.4. THE USER UNDERTAKES:

3.4.1. Not to use the Platform or Services for any illegal purposes or other purposes that are not mentioned in the Agreement, not to transfer Credentials to any third party, and not to use the Platform in the interest of any third party in any way.

3.4.2. Not to use any automated device, software or methodology algorithm, or any similar or equivalent manual process in order to access, acquire, copy, or control any part of the websites, mobile applications, or content, or in any way reproduce or circumvent the navigation structure or the appearance of the websites, mobile applications, or content in order to obtain or attempt to obtain any materials, documents, or information through any means.

3.4.3. Not to attempt to gain unauthorized access to any part or feature of the Company's services, or any other systems or networks connected to the Company's services or to any of their servers, by hacking, password cracking, or any other illegal means, including the use of virtual private networks or any other mechanism that facilitates the illegal use of or access to the Company's services.

3.4.4. Not to research, scan or check for vulnerability technical services or any networks connected to the Platform's services, as well as not to violate security measures or authentication procedures, forge, falsify, or make changes to any provided documents and Personal Data.

3.4.5. Not to attempt to track any information about any other User or visitor of the Platform's websites or mobile applications, including any account on the Platform's websites or mobile applications that do not belong to the User, or use any Service or information provided by the Company including, but not limited to, Credentials or Personal Data, other than the User's personal information, as provided by the website or Platform.

3.4.6. Not to use any device or software to interfere with or attempt to interfere with the proper operation of the Platform or any transaction conducted on the Platform's websites or mobile applications.

3.4.7. Not to fake headers or otherwise manipulate identifiers in order to conceal the origins of any message or Platform's data transfer through websites.

3.4.8. Not to use the Platform's services for any purposes that are illegal or prohibited by this Agreement, or ask to perform any illegal actions that may violate the rights of the Company or other individuals.

3.4.9. Not to use the Account in order to exchange fiat currencies.

3.4.10. Immediately notify the Company in case of detection or suspicion of a security breach related to the User's account on the Platform's website.

3.4.11. Not to create multiple Accounts for personal use.

3.4.12. Regularly monitor new versions of the Agreement. The User automatically accepts the new version of the Agreement by continuing to use the Platform after the changes take effect. If the User does not agree with the terms of the new version of the Agreement, they should stop using the Platform.

3.4.13. If the User acts as a Seller, they shall publish Banking Details only in the chat of the corresponding Transaction in the P2P Section of the Platform.

3.4.14. If the User acts as a Buyer, they shall make payments using only the Seller's Banking Details published in the chat of the corresponding Transaction in the P2P Section of the Platform.

3.4.15. Communicate about the details of a Transaction in the chat of the P2P Section of the Platform.

3.4.16. Ensure safety of the Account data such as the password, login, Credentials, Personal Data, and no to transfer them to third parties. If the User loses access to the Credentials and Personal Data, access to email and phone number assigned to the Account, the User must restore them in accordance with the data recovery procedure of the platform where the email and phone number were registered.

3.4.17. Undergo Level 3 Verification Procedure in User's Personal Account, if the User conducts Transactions that involve purchases/sales of Exchange Balance in the P2P Section of the Platform and acts as the Ad Maker.

3.4.18 Not to register on this Platform and not to use its Services if the User is a Politically Exposed Person, and to stop using the Platform’s Services in the event that the User becomes a Politically Exposed Person while already being registered on the Platform.

3.4.19 Not to collect donations of any kind to the unique wallet address provided for the User’s Account, and not to forward to this unique address any donations made to other wallet addresses owned by the User. Furthermore, not to send any donations from this unique address, and not to use this unique address for forwarding donations through a chain of wallets (addresses).

4. Terms of Access to Account

4.1. The Platform provides a unique wallet address for each Account, so that the User can deposit Virtual Currency to the Account and withdraw funds from this Account to an external wallet of the User's choice.

4.2. The Platform acts as a custodian of the virtual currency that is kept on the User's Account on the Platform's website, and does not have access to the User's Account on the Platform's website, nor does it have the ability to initiate any operations involving the User's accounts. The User shall be fully responsible for all transactions.

4.3. Garantex Codes (ruble codes) that have been generated but not used for more than 6 (six) months will be blocked. To unblock the corresponding Garantex Code, the User must contact the support team at: @garantexbot and/or support@garantex.org, or using online chat on the https://garantex.org/ website and undergo additional personal identification (remote KYC procedure, personal visit to the Company's representative office) or provide additional information that may be requested by the Company's employees.

4.4. In order to conclude a contract with the User, the Company must obtain Personal Data from the User, which may include copies of the User's documents, biometric data, contact information, proof of residence in a certain area, etc.

4.5. In accordance with the applicable legislation, the Company is required to collect User's personal information in the framework of Know-Your-Client (KYC), Anti-Money Laundering (AML) and prevention of terrorist financing (FATF Standards) practices.

4.6. Before settling any deposit of funds to the User's Account, the Company has the right to request certain personal information from the User at any time, which may include Biometric Data and/or providing copies of the User's documents, banking card details, and any other document/information that the Company may deem necessary.

4.7. In order to undergo the Verification Procedure that requires personal presence at the Company's office in Moscow, to receive in-person consultation, or to deposit or withdraw funds, the user must contact the support team in advance at: Telegram @garantexbot; support@garantex.org, or using an online chat on the https://garantex.org/ website in order to receive the pass at the entrance to the office building.

4.8. For security reasons, the Company restricts the number of Trustees who can be designate during the Level 3 Verification Procedure. During the Verification Procedure, a new User can name one individual who can act on their behalf when interacting with the Platform. The Company reserves the right to provide Users with individual terms of use of the Platform.

4.9. The company, while implementing AML and KYC policies, is entitled to force all Users involved in Transactions in the P2P Section to undergo Level 3 Verification Procedure. Level 3 Verification Procedure includes collection and analysis of User Credentials and Personal Data in accordance with paragraphs 4.4 and 4.5 of this Agreement.

4.10. The User receives the following levels of access to their Account on the Platform, depending on the amount of provided Credentials:

LEVEL 1

The user registers without linking their Account to their phone number:
«+» email address (e-mail) confirmed from the browser;
«-» phone number not confirmed by SMS code;
«-» identity verification procedure not completed;

In this case, the User can:
«+» log in to the Platform;
«+» view trading information;
«+» use the P2P Section of the Platform;
«+» view their Personal Account;

The User cannot:
«-» deposit or withdraw funds (fiat currencies);
«-» perform exchange operations (buying/selling cryptocurrencies);
«-» work with virtual currency (deposit and withdraw cryptocurrencies);
«-» join the Mining Pool;
«-» replenish and create Garantex Codes;
«-» create Ads in the P2P Section of the Platform.

LEVEL 2

The user registers, confirms email address (e-mail) and phone number, but fails to complete the Verification Procedure:
«+» email address (e-mail) confirmed from the browser;
«+» phone number confirmed by SMS code;
«-» identity verification procedure not completed;

In this case, the User can:
«+» log in to the Platform;
«+» view trading information;
«+» use the P2P Section of the Platform;
«+» view their Personal Account;
«+» join the Mining Pool;
«+» work with digital currency (deposit and withdraw cryptocurrencies);
«+» replenish and create Garantex Codes;
«+» withdraw fiat currencies to cards (banking cards in case of Russian rubles);

The User cannot:
«-» deposit or withdraw funds (fiat currencies);
«-» create Ads in the P2P Section of the Platform.

LEVEL 3

The user registers, confirms email address (e-mail) and phone number, successfully completes the Verification Procedure and has full access to all features of the Platform:
«+» email address (e-mail) confirmed from the browser;
«+» phone number confirmed by SMS code;
«+» identity verification procedure completed;

In this case, the User can:
«+» log in to the Platform;
«+» view trading information;
«+» use the P2P Section of the Platform;
«+» create Ads in the P2P Section of the Platform;
«+» view their Personal Account;
«+» join the Mining Pool;
«+» work with digital currency (deposit and withdraw cryptocurrencies);
«+» replenish and create Garantex Codes;
«+» withdraw fiat currencies to cards (banking cards in case of Russian rubles);
«+» deposit or withdraw cash funds (fiat currencies);

The User can deposit funds to their Account in cash (fiat currencies):

by visiting offices in Moscow and other regions of Russia, as well as in other countries around the world;
through the P2P Section of the Platform.
to bank cards of Sberbank, Alfa-Bank, Tinkoff, VTB and any other Russian bank.

The user can withdraw funds (fiat currencies) from their Account:

by visiting offices in Moscow and other regions of Russia, as well as in other countries around the world;
through the P2P Platform Section;
to banking cards issued by Sberbank, Alfa-Bank, Tinkoff, VTB, and any other Russian bank.

5. Services

5.1. CRYPTOCURRENCY EXCHANGE

5.1.1. The Company provides a digital Platform where buyers (Takers) and sellers (Makers) of cryptocurrencies can buy and sell cryptocurrencies, including in exchange for fiat currency on the terms defined in this Agreement.

5.1.2. Any User registered on the Platform can become member of the Cryptocurrency Exchange.

5.1.3. Users, depending on their Account level, have different levels of access to the Virtual Currency received as a result of using the Cryptocurrency Exchange, as defined in Article 4 of the Agreement. In order to gain full access to all features of the Cryptocurrency Exchange, the User must complete the Verification Procedure in accordance with the requirements of the Platform.

5.2. MINING POOL

5.2.1. The Company provides a digital platform and a "special server" that receives and splits up a large task into several smaller ones among the connected Users' equipment, pooling together the capacity of the equipment of several miners and thus increasing the probability of finding a block. The profit received as a result of finding the block is considered Virtual Currency, and the Company charges a commission for transactions with it in accordance with the terms defined in Article 7 of this Agreement.

5.2.2. Any User registered on the Platform can become member of the Mining Pool.

5.2.3. When using the Mining Pool Service, the User connects their own equipment to a "special server". The Company is not responsible for the safety and technical condition of the User's equipment.

5.2.4. Profit gained when the Mining Pool finds a block is distributed in equal proportions among all Users.

5.2.5. Users, depending on their Account level, have different levels of access to the Virtual Currency received as a result of using the Mining Pool, as defined in Article 4 of the Agreement. In order to gain full access to all features of the Mining Pool, the User must complete the Verification Procedure in accordance with the requirements of the Platform.

5.3. REFERRAL PROGRAM

5.3.1. Referral Partner participating in the Referral Program will receive Referral Fees in the amount of 33% of their Referral Network's fees for crypto-ruble transactions paid by their Referrals.

5.3.2. Any Platform user can become a Referral Partner by using their Referral Link to engage new users. When a new user registers using the Referral Link, they automatically become Referrals for the Referral Partner whose link was used during registration. All Referrals are attached automatically. Referrals cannot be attached to the Referral Partner through requests sent to the Platform employees.

5.3.3. Referrals can get a Referral Bonus to their AFF accounts under the Platform's marketing programs.

5.3.4. A Referral can be detached from the Referral Partner upon personal written request to the Platform's Technical Support or if the Platform's employees become aware that the Referral Partner has violated this Agreement.

5.3.5. The Referral Program covers only fees for marketplace transactions involving cryptocurrencies and Russian rubles. The Referral Program does not apply to account replenishments or market transactions involving fiat currencies other than Russian ruble.

5.3.6. Only accounts nominated in Russian rubles can be used by Referral Partners and Referrals.

5.3.7. The Referral Program is valid during 1 year (365 days) for each Referral attached to the Referral Partner. Upon the expiry of this term, Referral Fees will no longer be awarded to the Referral Partner.

5.3.8. The Referral Program can be extended for an unlimited term for Referral Partners who have at least 100 Referrals, with 10 of them completing at least 1 crypto-ruble transaction on the Platform. The transactions must be made within 365 days of the registry of the 1st of at least 100 Referrals.

5.3.9. As part of the marketing program, the Platform is entitled to offer a Referral Partner special conditions for permanent participation in the Referral Program. Such conditions shall be stated in a separate agreement.

5.3.10. Referral Fees are accrued on Referral Partner's AFF account. The fees can be transferred to the main ruble account after successful verification by the Platform. Verification takes 15 calendar days and is carried out on days 1-15 of the month following the month of payment request. Verification period can be extended.

5.3.11. Minimum Referral Payment from any AFF account to the user’s main account shall be 5,000 AFF, where 1 AFF equals 1 Russian ruble. Referral payment is transferred to the main account after successful verification. If a user is a Referral who has received the Referral Bonus and a Referral Partner at the same time, they need to cross the RUB 1 mln threshold in crypto-ruble exchange transactions in order to receive the Referral Payment

5.3.12. Referral Partners may advertise their Referral Link via:

posting at their own information platforms or partner resources (chats, channels, social media accounts, as well as webpages and websites with additional content other than the Referral Link and information about the Platform's services),
routing advertising traffic to their own their own information platforms or partner resources that contain relevant and useful information and that do not copy the contents of the Platform's landing pages.
use of logos, elements of visual identity and other promotional materials provided by the Platform specifically to Referral Partners,
routing any types of traffic from YouTube.

5.3.13. Referral Partners are prohibited from advertising their Referral Link via:

direct search advertising traffic;
any advertising traffic from Yandex or Google (except for YouTube);
any advertising traffic from Meta-owned platforms;
posts on platforms that have Platform's trademarks in their domain name (hereinafter in accordance with Article 1.3 of this Agreement);
social networks accounts on behalf of the Platform's trademarks;
copies of the Platform's landing pages on third-party platforms;
posts written with unlawful purposes or posts that may have legal consequences, as well as spam mailouts and webpages used for cloaking, displaying different data to users and search engines;
posts on platforms that are associated with financial pyramids, binary options, gambling (including online casinos and betting), quick loans;
illegal darknet platforms;
use of statements, wording and images aimed at incitement of hatred or hostility based on ethnicity, race, religion, political affiliation or any other attributes, as well as any political statements.

5.3.14. Platform's employees cannot become Referral Partners or Referrals.

5.3.15. A user cannot use the Referral Program to lower their transaction fees by registering additional affiliated accounts as their Referrals.

5.3.16. Referral Program can have one level only.

5.3.17. Common internet connection and the usage of one browser by a Referral Partner and Referrals may be considered a violation of this Agreement.

5.3.18. If the company identifies a violation of this Agreement or suspects the violation thereof, it is entitled to freeze and/or fully or partially write off the Referral Fees, to detach Referrals from the Referral Partner, as well as to prohibit the User from participating in the Referral Program in the future, during a fixed period or indefinitely.

5.3.19. The Company has the right to change the terms of the Referral Program subject to prior notice at least 14 days in advance. The User shall proactively monitor changes to the terms of the Referral Program in this Agreement on the Platform's website.

5.4. P2P SECTION

5.4.1. The Platform is entitled to charge the Advertisement Maker a commission in the established amount in accordance with paragraph 7.2 of this Agreement.

5.4.2. Within the framework of the Platform's marketing program, the Company has the right to offer the User special conditions for reduced commission. Such conditions shall be stated in a separate agreement.

5.4.3. The User acting as a party to a transaction (Buyer or Seller) can assign a rating to the transaction in the range from minus 2 to plus 2. Ratings from Users who have made less than 10 (ten) transactions are not taken into account.

5.4.4. The Company does not interfere with the User rating system in the P2P Section. The company can be invited to interfere, and the Rating can be reset to zero only if the User is found to have been involved in Rating Cheat in the P2P Section.

5.4.5. Ads that are inactive for more than 5 days are automatically removed by the Platform, and the User will no longer be able to see them in "My Ads" section. Ads are considered inactive when no actions (clicks or clickthroughs) were performed with these Ads during 5 (five) days, regardless of the date of their publication.

5.4.6. Users can get access to publication of Ads from the Company after contacting the technical support chat on the Platform's website or using Telegram bot. Publishing Ads in the P2P Section will be approved by the Platform if Users meet the following requirements:

presence of a registered and verified Account on the Platform's website;
Telegram account linked to Personal Account (User Account);
notifications enabled in Personal Account (User Account).

5.4.7. Ads regarding the exchange of the Exchange Balance for other currencies (tenge, hryvnia, etc.) are subject to a 5% Surcharge limit (Price, %).

5.4.8. The Platform does not publish Ads that involve the following payment methods: cash-in, NFC, ATM/terminal cash deposits and other similar Ads with a Surcharge (Price, %) to the Seller in the amount exceeding 0.01%.

5.4.9. Users are prohibited from placing Ads in the P2P Section of the Platform:

regarding buying and/or selling cryptocurrencies;
containing advertising and/or marketing offers;
containing fictitious payments/surcharges/amounts/interest/description, sale of third-party services, spam.
сif the Ad description contains a request to contact the originator of the Ad using channels other than the chat of the exchange, links to third-party services, contacts of third parties (groups and/or communities) such as "Message Telegram *contact* before opening a transaction" and other such notices. Users can provide their contacts in the special "Telegram" field in the form @*your contact*, or in the Description in the form Telegram @*your contact*.
with a Description and header similar/identical/comparable to the ones used by the official Partners of the Platform.

5.4.10. Ads from official Partners of the Platform are marked with a special "Official Partners" orange badge.

5.4.11. The maximum percentage of Surcharge (Price, %) in Ads may vary and depends on the conditions in the internal market of the P2P Section of the Platform, taking into account the requirements stipulated in this Agreement.

5.4.12. All Transactions submitted for Arbitration are considered by the Arbiter one at a time. The Arbiter may, at their discretion, rank-order Transactions and postpone the processing of Transactions that require additional time and/or efforts.

5.4.13. The time period during which the Arbiter reviews Transactions is not limited and may exceed 12 (twelve) hours after the User sends a request.

5.4.14. Transactions submitted for Arbitration may be canceled by the Arbiter at the request of the Seller within 10 (ten) minutes, if the banking details are not specified in the transaction chat and the counterparty (Buyer) is out of reach.

5.4.15. Publication of the final decision regarding a transaction that contains banking details and/or if the payment has been cleared may be postponed by more than 12 hours from the moment of submission of the transaction to Arbitration.

5.4.16. Any offensive messages directed at the Arbiter, the counterparty and Platform employees involved in resolving the issue regarding a transaction are not acceptable and may result in consequences in accordance with paragraphs 3.1.5 and 3.1.10 of this Agreement.

5.4.17. The Arbiter may, at the request of counterparties (Seller and/or Buyer), change the Amount (To be paid/Received) of the Transaction submitted for Arbitration after both parties agree to such change. Changing the Surcharge (Price, %) for a transaction submitted for Arbitration is impossible for technical reasons.

5.4.18. The Arbiter has the right to refuse to complete or cancel the Transaction if there are aggravating factors related to the violation of the current legislation of the Russian Federation by any of the counterparties (Buyer and/or Seller) in accordance with paragraph 3.1.9 of this Agreement.

5.4.19. If the User is found to have been involved in suspicious actions and frauds, related or unrelated to actions in the P2P Section of the Platform, their account may be blocked, and access to the section restricted in accordance with paragraphs 3.1.5 and 3.1.10 of this Agreement.

5.4.20. The Arbiter may, using the transaction chat, request the Buyer and/or Seller to undergo the Level 3 Verification Procedure, undergo additional verification, or visit the Company's office if the counterparties engaged in the transaction are found to have been involved in fraud on the Platform's website in accordance with paragraphs 3.1.8 and 3.1.10 of this Agreement.

5.4.21. The Arbiter has full discretion to make a decision regarding the disclosure of information received during the investigation of the transaction to the Buyer and/or Seller.

6. Liability of the Parties

6.1. USER'S RESPONSIBILITY

6.1.1. The User takes full responsibility for the password that the User assigns to their Account, for its security and protection from leakage.

6.1.2. The User is fully responsible for all actions related to the use of the Services through their password-protected Account, as well as for the security of their own computer systems and hardware.

6.1.3. In the event the Company suffers losses due to the User's fault, the User shall compensate the Company, its officers, directors, shareholders, legal successors, employees, agents, subsidiaries and branches for actual damages and lost profit.

6.1.4. The User is fully responsible for the use of the Services, their own actions when using the Platform, their operations, deals, transactions, disclosed information and documentation.

6.1.5. The User acknowledges and accepts that any transaction made in the blockchain is irreversible, and the User is fully responsible for providing correct details about their wallet for transferring Virtual Currency in the Platform's services.

6.1.6. The User is prohibited from having several referral accounts in order to receive referral payouts, as well as from engaging in any other fraud involving Referral Links/Referral Program. In the event of violation of this paragraph, the User may suffer consequences in accordance with paragraph 3.1.14 of this Agreement.

6.1.7. The User who initiates Ad placement in the P2P Section of the Platform agrees to undergo Level 3 Verification Procedure in order to comply with the Platform's AML and KYC policies.

6.2. THE COMPANY'S RESPONSIBILITY:

6.2.1. Unless prescribed by the law, the Company is not liable to the User for any losses, lost profits, material damage, indirect losses and loss of profits, even if the Company is notified of the possibility of such losses.

6.2.2. The Company is not responsible for events beyond its control, such as transactions processed through the blockchain associated with a specific Virtual Currency.

6.2.3. Buyers and Sellers of Virtual Currency trade with each other, and the Company is not a counterparty to any transactions that the User makes.

6.2.4. Should the Company take any legal action against the User as a result of the User's violation of the terms of this Agreement, the Company is entitled to compensation for the incurred costs, and the User agrees to pay all reasonable legal costs and expenses for such legal actions, in addition to any other costs incurred by the Company.

6.2.5. The User agrees that the Company shall not be liable to the User or to any third party for revoking the User's access to the Company's Services as a result of any violation by the User of the terms of this Agreement.

6.2.6. Depending on the User's country of residence, there may be other factors that could restrict Users from using all or part of the Services. The User is solely responsible for compliance with the applicable laws in the country of their residence (registration) and/or the territory from where the User logs in to the website and/or Platform and/or uses any Services.

6.2.7. Publication of banking details outside the P2P Section of the Platform, including on third-party websites, instant messengers, social networks, third-party chats, etc., is considered invalid by the Company and cannot refer to Transactions performed in the P2P Section of the Platform.

6.2.8. Payment made using Banking Details published outside the P2P Section of the Platform including on third-party websites, instant messengers, social networks, third-party chats, etc., is considered invalid by the Company and cannot refer to Transactions performed in the P2P Section of the Platform.

6.2.9. The Company, within the framework of security enforcement and implementation of AML and KYC policies, binds the Ad Maker to complete Level 3 Verification Procedure. Level 3 Verification Procedure is considered completed when the system assigns Level 3 to the Account which can be seen in the User's Personal Account.

7. Company Commissions

7.1. The Company charges commissions (fees) on transactions with Users' Virtual Currency depending on the currency of the User's account.

7.2. The commission rates and conditions for charging fees on transactions on the Cryptocurrency Exchange and P2P Exchange, as well as fees on other Services provided by the Company on the Platform, are detailed in the "Rules and Commissions" section on the website https://garantex.org/rules as well as in the "Commissions" section on the website https://garantex.org/pages/fee/crypto.

7.3. The User undertakes to regularly monitor the terms of commissions on the Platform's website for possible changes.

7.4. The User's turnover is calculated as the turnover for the previous 30 calendar days and is nominated in Russian rubles for RUB accounts, or in ruble equivalent at the exchange rate on the day of transactions for accounts in other fiat currencies presented on the Platform, and is fixed daily at 03:00:00 Moscow time (UTC+3: 00). User commissions that depend on turnover take effect within one hour from the moment when the turnover is settled and are valid until the next commission takes effect.

7.5. The Company charges commissions regardless of and in addition to blockchain commissions when withdrawing the corresponding cryptocurrencies to wallets outside the Platform.

8. Guarantees

8.1. The User acknowledges that transactions that exhibit traits of money laundering may be blocked.

8.2. The Company is not affiliated with or supported by any third party; the Company does not cooperate or work with any third party including, but not limited to, providers of various services such as casinos, binary brokers, forex brokers, etc.

8.3. The Company operates independently of regulated or unregulated brokers.

8.4. The Company does not have access to the User's Virtual Currency and cannot initiate any transactions involving the User's Account.

8.5. The Company does not guarantee error-free or continuous provision of Services, or that any errors will be amended, or that the User's utilization of Services will yield specific results.

8.6. By using the Company's Services, the User acknowledges the risks, and the Company has the right to assume that the User has sufficient experience and knowledge to understand the risks associated with each transaction.

8.7. When registering on the Platform, the User represents and warrants that:

the User has reached 18 years of age or the User has reached the age of legal capacity to conclude contracts and assume obligations under such contracts in accordance with the legislation applicable in their place of residence or sojourn;
the User is an individual with full legal capacity and capacity to act, and sufficient scope of authority to enter into this Agreement;
the User was not Previously prohibited from using or temporarily restricted from using the Company's Services and/or Platform.
the User does not currently have an Account on the Company's Platform.

8.8. The User's utilization of the Platform and Services is regulated by international oversight standards and provisions of economic sanctions. By sending, receiving, buying, selling, trading or storing Virtual Currencies on the Platform, the User agrees that they will comply with these requirements. The User is not allowed to make any transactions or trades on the Platform or use the Services if:

the User is controlled by, or is a resident of, or a citizen of one of the high-risk and other controlled jurisdictions as defined by the Financial Action Task Force on Money Laundering (FATF), or a jurisdiction that prohibits the use of Cryptocurrencies, or another jurisdiction that has strategic weaknesses in regulations regarding the prevention of money laundering and combating the financing of terrorism, that pose significant threats to the financial system of the European Union in accordance with the Commission Delegated Regulation (EU) 2016/1675, or is included in the United Nations Security Council Consolidated List of Sanctions (hereinafter referred to as the "Sanctioned Country"), or if the User is included in the Specially Designated Nationals And Blocked Persons List by the U.S. Office of Foreign Assets Control, or in the Denied Persons List by U.S. Department of Commerce, or is subject to the financial sanctions of the EU or the HM Treasury of the United Kingdom (hereinafter referred to as the "Sanctioned Person");
the User is a resident and/or citizen of the United States.
the User is under the control of or is a resident or citizen of an unrecognized state or territory or jurisdiction that requires a mandatory national license or special registration to perform transactions with Cryptocurrency that the Company may not have;
the User is a person who does not meet any of the standards, requests or requirements of this Agreement, or belongs to a high-risk group, including, but not limited to, factors listed above.

9. Choice of Law and Dispute Resolution

9.1. The use of the Company's Services is governed by the laws of Estonia, and any disputes arising out of the interpretation of the terms of this Agreement and/or violation of the Agreement in relation to the Services, shall be resolved through negotiations. If the matter cannot be resolved through negotiation, the User and the Company agree to refer the dispute to the competent Estonian courts.

Should you have any further questions, please contact the Garantex support team: in Telegram bot (@garantexbot), by email: support@garantex.org , or using an online chat on the official website: https://garantex.org/

10. Company's operating procedures for dealing with suspicious transactions and transactions that can be considered fraudulent, money laundering, financing terrorism and/or proliferation of weapons of mass destruction.

10.1. Should the Company have suspicions or obtain information that a particular transaction carried out through the P2P Section of the Platform is carried out for the purpose of money laundering, for the purpose of financing terrorism, for the purpose of financing the proliferation of weapons of mass destruction, or the transaction is carried out using illegal funds (obtained through theft, embezzlement, fraud, etc.), the Company has the right to suspend (freeze) this transaction.

10.2. Should the situation described in paragraph 10.1 of this User Agreement arise, the User who engages in a transaction in the P2P Section of the Platform using allegedly illegal funds or aimed at carrying out illegal actions undertakes to provide appropriate documental evidence confirming the source and ownership of these funds within 14 (fourteen) calendar days from the moment of suspension (freezing) of the transaction. If the User cannot provide evidence confirming the source and ownership of the funds within the specified period for valid reasons, the User shall notify the Company about this and suggest other deadline for submitting documents. Each such case is considered by the Company individually, and the Company reserves the right to make an independent decision regarding the extension or refusal to extend the above-mentioned period.

10.3. Should the User provide evidence that properly confirms the source of origin and ownership of the funds, the Company shall unblock (unfreeze) previously suspended transaction in order to bring it to completion.

10.4. In case of non-compliance with the requirements provided in paragraph 10.2 of this Agreement, the Company, in order to prevent money laundering, financing of terrorism, financing the proliferation of weapons of mass destruction, has full power and authority to cancel the transaction. In these circumstances, the User agrees that the entire amount of funds frozen as part of the transaction shall not be repayable.

10.5. Should the conditions described in paragraph 10.4 of this Agreement occur, the other User, being a counterparty in the P2P Transaction and acting as a bona fide acquirer and being fully committed to fulfill their obligations under the transaction, shall receive divestiture of funds to their account from the unscrupulous User as part of the transaction.

10.6. Meanwhile, the Company shall notify and remind Users acting in good faith that they need to pay taxes to relevant state authorities upon receiving funds as profits for bona fide User.