terms of service

1.Acceptance of the Terms

These Terms govern your access to and use of the website and any related services located at www.cubit.digital (“Cubit”, the “Site”, “we,” “our,” or “us”), including any content, functionality, and services offered on or through the Site. To make these Terms easier to read, the Site and the content, functionality, and services offered on or through the Site are collectively called the “Services.” By using the Services, you accept and agree to be bound and abide by these Terms. If you do not agree to these Terms, do not access or use the Services. Please review the Privacy Policy, which also governs your use of the Services, for information on how your information is collected, used, and shared. IMPORTANT NOTICE REGARDING ARBITRATION: WHEN YOU AGREE TO THESE TERMS, YOU ARE AGREEING (WITH LIMITED EXCEPTION) TO RESOLVE ANY DISPUTE BETWEEN YOU AND CUBIT THROUGH BINDING, INDIVIDUAL ARBITRATION RATHER THAN IN COURT. PLEASE REVIEW CAREFULLY SECTION 21 “ARBITRATION” BELOW FOR DETAILS REGARDING ARBITRATION.

2.Eligibility

The Services provided are intended solely for individuals who are eighteen (18) years of age or older. If you are under the age of eighteen (18) or incapable of entering into a legally binding agreement, you are prohibited from using the Services. Furthermore, the use of the Services is restricted to individuals who satisfy the Anti-Money Laundering and Counter-Terrorism Financing customer due diligence requirements specified below and are not otherwise prohibited from utilizing the Services by applicable law. If you are accessing and utilizing the Services on behalf of a company or any other legal entity (such as your employer), you affirm and guarantee that you possess the authority to bind that entity to these Terms. In such cases, references to "you" and "your" shall pertain to the said entity.

3.Changes to the Terms and Services

These Terms are subject to periodic changes and updates, and such modifications become effective immediately upon being posted on the Services. It is crucial for you to regularly review the Terms whenever updates occur or when utilizing the Services. By continuing to use the Services after the posting of any revised Terms, you demonstrate your acceptance and agreement to the revised terms. However, if you do not consent to be bound by these changes, you must refrain from further use of the Services. Please note that specific portions or the entirety of the Services may be updated or terminated at any given time.

4.Services

The CBT Platform serves as an online environment that facilitates the secure authorization between a client and a server through the delivery of cryptographic authorization keys. When users access the Platform, they are directed to a login page hosted by the authorization server, which ensures a seamless and user-friendly authentication experience. Through the Cubit Authorization Code, users have the ability to create Tokens ("CBT") for themselves. These Tokens can be used to initiate transactions. You can send Euro, USD, or other available currencies to the CBT platform and receive an authorization key to create Cubit ("Mint"). Alternatively, you can send a digital signature to verify the destruction of a certain value of Cubit and receive compensation in the form of Euro, USD, or other available currencies on the CBT platform, corresponding to the destroyed amount ("Burn"). Please note that CBT tokens are not considered legal tender, monetary instruments, stored value, or currency. The minting or burning of Cubit can be done at a specified rate with Euro, USD, or other available currencies on the CBT platform. This process is facilitated through accounts managed by our independent fiduciary network, which includes banks, payment providers, and depository institutions (referred to as "Banking Partners"). Asset tokenization and bank deposit accounts managed by our Banking Partners are utilized for the benefit of users. However, it's important to understand that the minting or burning of CBT does not guarantee any right of redemption or exchange of CBT tokens for Euro, USD, or other available currencies on the CBT platform. We and our Banking Partners reserve the right to decline the facilitation of CBT token minting or burning for various reasons. This includes situations where there is a violation or attempted violation of applicable laws, statutes, ordinances, or regulations; suspicion or belief that the transaction involves blocked property, frozen assets, or proceeds of any criminal activity, terrorist financing, or corruption as defined by applicable laws; or exposure to sanctions, restrictions, or penalties. In cases where a user has purchased an authorization key from Cubit but has not used it for a MINT transaction, a refund of the purchase price can be requested. To initiate the refund process, users should contact us via email at support@cubit.digital. Once the request has been investigated and it is confirmed that the authorization key remains unused, the key will be voided, and a refund will be issued using the same payment method that was used for the initial purchase.

5.Anti-Money Laundering and Counter-Terrorist Financing

Our utmost commitment lies in providing secure, compliant, and reputable services through the Platform. Therefore, we maintain a robust and thorough customer due diligence process that encompasses comprehensive implementation, ongoing analysis, and reporting. This includes diligent monitoring of transactions for any suspicious activity and potential reporting to international regulatory bodies. We retain the right to decline registration or prohibit transactions for any individual or entity, without limitation, based on various factors. This includes individuals or entities from jurisdictions that fail to meet applicable Anti-Money Laundering and Counter-Terrorist Financing ("AML-CTF") standards, Politically Exposed Persons as defined by relevant laws, or those who do not meet our customer due diligence standards, requests, or requirements. Please be aware that your use of the Platform and any related services may necessitate enhanced customer due diligence procedures. To ensure compliance, your identity will be validated and verified based on the information provided. As part of our Know Your Customer (KYC) policy and ongoing account monitoring, we may periodically request additional information and documentation from you. If we are unable to establish contact and verify your identity, we may decline to facilitate the minting and burning of Cubit. In cases where required by applicable law enforcement and regulatory authorities, we will fully cooperate. We may also share information if there are reasonable grounds to believe that Cubit is being utilized for illicit purposes.

6.Accessing the Platform

We retain the right, at our sole discretion, to modify the Platform, any services provided on the Platform, or any materials we offer on the Platform, without prior notice. In the event that a CBT token is associated with a blockchain that undergoes a fork, we reserve the right to select the new fork based on various factors, including but not limited to community adoption and long-term viability. If a fork occurs, all CBT tokens on the non-selected fork will become invalid and unusable. Generally, a blockchain fork refers to any protocol upgrade that disrupts backward compatibility. The determination of whether a blockchain fork has taken place is solely and absolutely within our discretion. To initiate the burning of CBT tokens, it is necessary to create an account on the Platform and fulfill any bank verifications and KYC/AML validation requirements as mandated by us or our independent fiduciary partners. Your use of the Platform is contingent upon the accuracy, currency, and completeness of the information you provide for your account. All data you input into the Platform is governed by our Privacy Policy. We maintain the right to deny access to the Platform, suspend accounts, or terminate accounts for any reason or no reason at all. This includes violations of these Terms, applicable laws and regulations, or engaging in any Prohibited Uses as outlined below. Such actions may be taken at any time and at our sole discretion. While we will provide notice of such actions, we are not obligated to disclose the specific reasons behind them.

7.Account Security

You bear full responsibility for maintaining the confidentiality of your account information and for all activities conducted under your account. It is imperative that you promptly notify us of any unauthorized use of your account or any other security breaches. We shall not be held liable for any losses incurred due to unauthorized access to your account or the misuse of your account or password, whether with or without your knowledge. Exercise caution when accessing your account from public or shared computers to prevent others from viewing or recording your password or personal information. We reserve the right to disable any account, at our sole discretion, if we believe that you have violated any provisions of these Terms.

8.Fees

We are not accountable for any fees or costs, including bank transfer, wire, or any other associated fees ("Fees"), incurred during the minting or burning of CBT tokens. Any Fees you encounter when issuing or redeeming CBT tokens will be deducted from the minted or burned amount before transferring the remaining balance to you. You are responsible for all on-chain transaction costs linked to the transfer of CBT tokens on the blockchain. We reserve the right to impose fees for minting or burning CBT tokens. In addition to the blockchain-specific transaction fees associated with such transfers, we do not charge any additional on-chain transaction fees. We retain the right to levy supplementary fees for the Services. Please note that you can burn up to 80% of the total tokens held by you at any given time, while the remaining tokens can be burned 60 days later based on the highest token amount within that period ("rolling reserve"). The rolling reserve aims to ensure proper usage by users and cover any potential damages that may occur to Cubit while utilizing the Cubit platform or service. This provision does not impede Cubit's other rights to seek compensation or indemnification for damages resulting from the violation of these terms of use and/or applicable laws.

9.Taxes

You bear complete responsibility for any taxes, fees, and commissions arising from your use of the Services. By using the Services, you agree to indemnify Cubit and our Banking Partners from any liability, claims, or penalties related to such taxes. This includes any taxes imposed on Cubit by relevant taxing authorities in connection with the fees paid to you as a result of utilizing the Services.

10.Assumption of Risk; No Advice

Cryptocurrency markets are highly volatile and undergo rapid changes in terms of liquidity, market depth, and trading dynamics. It is your sole responsibility to manage and monitor your account on the Services and to accurately assess the status of your CBT tokens, even if the information displayed on the Services is incorrect. Please note that we do not offer investment advice. The information provided within the Services is for informational purposes only, and we do not encourage any action based on such information. This information should not be construed as investment advice. We do not provide guidance on whether it is advisable to mint CBT tokens, the timing of minting or burning, or any other aspects related to the minting or burning process, such as trading techniques, models, algorithms, or other strategies. Furthermore, the information presented on the Services does not imply that the minting of CBT tokens is suitable or appropriate for you.

11.Risks

12.Feedback

If you provide us with any ideas, thoughts, criticisms, suggested improvements, or other feedback regarding the Services (collectively referred to as "Feedback"), you acknowledge and agree that we have the right to utilize the Feedback in any manner we consider appropriate, including but not limited to: (a) enhancing our Services, and (b) promoting the Services. You understand and agree that you will not be entitled to any compensation for the use of your Feedback in these ways.

13.Intellectual Property Rights

The Services, including all its contents, features, and functionality (such as information, software, text, displays, images, video and audio, and the arrangement thereof), are the property of Cubit or its licensors and are protected by copyright, trademark, patent, trade secret, and other intellectual property or proprietary rights laws in the European Union, United States, and internationally. These Terms allow you to use the Services for your personal use only, with the following limitations: • You may not reproduce, distribute, modify, create derivative works of, publicly display, publicly perform, republish, download, store, or transmit any part of the Services or the software used to provide the Services. • You may not remove, obscure, or alter any copyright, trademark, or other proprietary rights notices from copies of materials obtained from the Services. • No ownership or rights in the Services or any content on the Services are transferred to you, and all rights not expressly granted to you are reserved by Cubit.

14.Prohibited Uses

You may only use the Services for lawful purposes and in accordance with these Terms. You agree not to use the Services: • In a manner that violates any applicable federal, state, local, or international laws or regulations, including those related to data or software export to and from the European Union, US, or other countries.
• To exploit, harm, or attempt to exploit or harm minors, such as by exposing them to inappropriate content or requesting personally identifiable information.
• To transmit or solicit any advertising or promotional materials, including junk mail, chain letters, spam, or similar solicitations.
• To impersonate Cubit, a Cubit employee, another user, or any other person or entity.
• In a way that infringes upon the rights of others, or that is illegal, threatening, fraudulent, harmful, or associated with any unlawful, illegal, fraudulent, or harmful purpose or activity.
• To engage in conduct that restricts or inhibits anyone's use or enjoyment of the Services, or that may harm or offend Cubit, other users of the Services, or expose them to liability, as determined by us.
• By using any automated device or process, whether automated or manual, to monitor or copy any material on the Services or for any other unauthorized purpose.
• To disguise the proceeds of, or further, any breach of laws or regulations, or to deal in contraband CBT, other digital tokens, funds, or proceeds.
• To use any funds, keys, CBT tokens, or other digital tokens on the Platform that have not been legally obtained by you or do not belong to you.
• To interfere with or undermine our rights or obligations, or those of any other user or third party.
• To engage in conduct that is detrimental to Cubit, other users of the Services, or any third party.
• To provide false or misleading account registration details or information to Cubit.
• To reverse-engineer, decompile, or disassemble any software used to provide the Services.
• To use Cubit trademarks, logos, URLs, or product names without our express written consent, including in meta tags or other hidden text or metadata.
• To access non-public areas of the Services, Cubit's computer systems, or the technical delivery systems of Cubit's providers without authorization.
• To attempt to probe, scan, or test the vulnerability of any Cubit system or network or breach any security or authentication measures.
• To avoid, bypass, remove, deactivate, impair, descramble, or otherwise circumvent any technological measures implemented by Cubit or its providers or any other third party to protect the Services.
• To collect or store personally identifiable information from other users of the Services without their explicit permission.
• To encourage or enable any other individual to engage in any of the above activities. While we are not obligated to monitor access to or use of the Services, we reserve the right to do so for operating the Services, ensuring compliance with these Terms, and complying with applicable laws or legal requirements. We have the right to investigate violations of these Terms or any conduct that affects the Services, and we may consult and cooperate with law enforcement authorities to prosecute users who violate the law.

15.Reliance on Information Posted

The Services contain content provided by third parties, including materials from other users, attorneys, third-party licensors, syndicators, aggregators, or reporting services. Any statements or opinions expressed in these materials, except for the content provided by Cubit, are solely the opinions and responsibility of the individuals or entities providing them. We are not responsible or liable for the content or accuracy of any materials provided by third parties, and this applies to you and any third party.

16.Links to Third Party Websites and Resources

The Services may include links to third-party websites or other resources for your convenience. However, we have no control over the content of those websites or resources. If you choose to access any of these third-party websites or resources linked on the Services, you do so at your own risk and are subject to the terms and conditions of those websites and resources.

17.Disclaimer of Warranties

YOUR USE OF THE SERVICES, THE AUTHORIZATION CODE, AND CBT TOKENS IS SOLELY AT YOUR OWN RISK. THE SERVICES AND CUBIT TOKENS ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS, WITHOUT ANY WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED.NEITHER CUBIT NOR ANY PERSON ASSOCIATED WITH CUBIT MAKES ANY WARRANTY OR REPRESENTATION REGARDING THE COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY, OR AVAILABILITY OF THE SERVICES OR CBT TOKENS. FURTHERMORE, CUBIT AND ITS ASSOCIATES DO NOT GUARANTEE THAT THE SERVICES, ITS CONTENT, OR CBT TOKENS WILL BE ACCURATE, RELIABLE, ERROR-FREE, OR UNINTERRUPTED. THERE IS NO ASSURANCE THAT DEFECTS WILL BE CORRECTED, THAT THE SERVICES OR THE SERVER PROVIDING IT ARE FREE FROM VIRUSES OR OTHER HARMFUL COMPONENTS, OR THAT THE SERVICES OR CBT TOKENS WILL MEET YOUR SPECIFIC NEEDS OR EXPECTATIONS. CUBIT HEREBY DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, FITNESS FOR A PARTICULAR PURPOSE, QUIET ENJOYMENT, AND ANY WARRANTIES ARISING FROM THE COURSE OF DEALING OR USAGE OF TRADE. PLEASE NOTE THAT THE ABOVE DISCLAIMER DOES NOT AFFECT ANY WARRANTIES THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.

18.Limitation on Liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, NEITHER CUBIT, ITS DIRECTORS, SHAREHOLDERS, ITS BANKING PARTNERS, NOR ITS SERVICE PROVIDERS INVOLVED IN CREATING OR DELIVERING THE SERVICES WILL BE LIABLE FOR ANY INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES. THIS INCLUDES DAMAGES FOR LOST PROFITS, LOST REVENUES, LOST SAVINGS, LOST BUSINESS OPPORTUNITIES, LOSS OF DATA OR GOODWILL, SERVICE INTERRUPTION, COMPUTER DAMAGE, SYSTEM FAILURE, OR THE COST OF SUBSTITUTE SERVICES OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH THESE TERMS OR THE USE OF OR INABILITY TO USE THE SERVICES. THIS APPLIES WHETHER THE CLAIM IS BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), PRODUCT LIABILITY, OR ANY OTHER LEGAL THEORY, EVEN IF CUBIT OR ITS SERVICE PROVIDERS HAVE BEEN INFORMED OF THE POSSIBILITY OF SUCH DAMAGES. IT ALSO APPLIES EVEN IF A LIMITED REMEDY STATED HEREIN IS FOUND TO HAVE FAILED OF ITS ESSENTIAL PURPOSE. TO THE MAXIMUM EXTENT PERMITTED BY LAW, CUBIT'S TOTAL LIABILITY ARISING OUT OF OR IN CONNECTION WITH THESE TERMS OR THE USE OF OR INABILITY TO USE THE SERVICES WILL NOT EXCEED THE AMOUNT YOU HAVE PAID TO CUBIT FOR THE APPLICABLE SERVICES IN THE LAST 12 MONTHS FROM WHICH THE LIABILITY AROSE. IF YOU HAVE NOT HAD ANY PAYMENT OBLIGATIONS TO CUBIT, THE MAXIMUM LIABILITY WILL BE ONE HUNDRED DOLLARS ($100), AS APPLICABLE. THE EXCLUSIONS AND LIMITATIONS OF DAMAGES STATED ABOVE ARE FUNDAMENTAL ELEMENTS OF THE AGREEMENT BETWEEN CUBIT AND YOU. PLEASE NOTE THAT THE ABOVE DOES NOT AFFECT ANY LIABILITY THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.

19.Indemnification

You agree to defend, indemnify, and hold harmless Cubit or any company control or operate Cubit and Banking Partners, their affiliates, licensors, and service providers, and its and their respective officers, directors, employees, contractors, agents, licensors, suppliers, successors, and assigns from and against any claims, liabilities, damages, judgments, awards, losses, costs, expenses, or fees (including reasonable attorneys’ fees) (collectively “Claims”) arising out of or relating to: (i) your violation of these Terms; or (ii) your use of the Services, or (iii) your issuance or redemption of any CUBIT.

20.Governing Law

These Terms and any action related thereto will be governed by the laws of the Republic of Cyprus without giving effect to any choice or conflict of law provisions or rules.

21.Arbitration

(a) Mandatory Arbitration of Disputes. Any dispute, controversy or claim arising out of or relating to these Terms, or the breach, termination, enforcement, interpretation or invalidity thereof, or the use of the Services (collectively, “Disputes”) shall be resolved solely by binding, individual arbitration and not in a class, representative or consolidated action or proceeding, in accordance with the International Arbitration Rules of the UK Arbitration Association. The language to be used in the arbitral proceedings shall be English. (b) Exceptions. There are limited exceptions to the arbitration requirement stated in Section 21(a) above. (i) Either party may seek resolution of a Dispute in small claims court if it qualifies for such a proceeding. (ii) Both parties retain the right to seek injunctive or other equitable relief from a court to prevent or stop the infringement or misappropriation of their respective intellectual property rights. (c) Class Action Waiver. YOU AND CUBIT AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN YOUR OR ITS INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING. Further, if the parties’ Dispute is resolved through arbitration, the arbitrator may not consolidate another person’s claims with your claims and may not otherwise preside over any form of a representative or class proceeding. If this specific provision is found to be unenforceable, then the entirety of this Arbitration section shall be null and void. (d) Severability. With the exception of any of the provisions in Section 21(c) of these Terms (“Class Action Waiver”), if an arbitrator or court of competent jurisdiction decides that any part of these Terms is invalid or unenforceable, the other parts of these Terms will still apply.

22.Waiver and Severability

No waiver by Cubit of any term or condition set forth in these Terms shall be considered as a continuing or further waiver of that term or condition. Furthermore, any failure by Cubit to assert a right or provision under these Terms shall not be deemed as a waiver of such right or provision. In the event that a court or other tribunal of competent jurisdiction holds any provision of these Terms to be invalid, illegal, or unenforceable for any reason, that provision shall be limited or eliminated to the minimum extent necessary, and the remaining provisions of the Terms shall remain in full force and effect, except for any provisions stated in Section 21(c) of these Terms. Unless expressly stated in these Terms, the exercise of any remedies by either party under these Terms shall not prejudice any other remedies available under these Terms or otherwise.

23.Entire Agreement

These Terms represent the complete and exclusive agreement between you and Cubit regarding the Services, superseding all prior or contemporaneous understandings, agreements, representations, and warranties, whether written or oral, concerning the Services. You are not permitted to assign or transfer these Terms, whether by operation of law or otherwise, without the prior written consent of Cubit. Any attempt by you to assign or transfer these Terms without such consent will be considered null and void. Cubit, however, reserves the right to freely assign or transfer these Terms without any restrictions. Subject to the aforementioned provisions, these Terms will be binding upon and will benefit the parties, as well as their successors and permitted assigns.

24.Your Comments and Questions

All feedback, comments, requests for technical support and other communications relating to the Services should be directed to: support@cubit.digital