Terms of Service

TERMS OF SERVICE

Terms of Use

1. Submission of Information In order to use the Services (as defined below), you will be required to submit certain information for authentication purposes. All personal information that you provide to us will be treated in accordance with our privacy policy (the “Privacy Policy”), the terms of which are incorporated by reference into these terms of use (the “Terms of Use”). If you do not agree with the terms of our Privacy Policy or Terms of Use, do not use Localcoin’s website (localcoinatm.com.hk) (“Website”) or the Services (as defined below).

2. The Services Damasca Limited, trading as Localcoin (“Localcoin”), allows users to purchase digital currencies such as bitcoin through digital automated teller machine kiosks (an “ATM”) in the Hong Kong Special Administrative Region of the People’s Republic of China (“Hong Kong”). The purchase of digital currency through an ATM is a “Service”.

3. Transactions When you use Localcoin’s Service, you understand that you are instructing Localcoin to purchase digital currency in exchange for legal tender (i.e. “cash money”) and to transfer that digital currency to or from a digital wallet address that you input into the ATM. You understand and agree that you are responsible for conducting your own due diligence regarding any transaction, and that any failure to verify any information and/or third party is your sole responsibility.

4. User Acknowledgement By using a Localcoin Service (a “User”), you agree and acknowledge that:

  • The purchase of digital currency is a high-risk activity. Digital currencies are subject to unpredictable price fluctuations, and the purchase or subsequent sale of digital currencies may result in partial or complete loss of funds. As a condition of using the Services, and subject to any rights implied by law, you agree to assume all risk associated with the purchase, sale, trade, or exchange of digital currencies and further agree that, to the extent permitted under applicable law, you will not hold Localcoin liable for the loss of any funds, either legal tender or digital, incurred as a result of using the Services. If you do not agree, you should not use Localcoin’s Services.
  • Bitcoin and other digital currencies are not currently considered legal tender in Hong Kong and may or may not be recognized as property at law.
  • Localcoin is not a bank, credit union, trust, or any other kind of financial institution. It is not a deposit-taking institution and does not accept deposits from Users; we merely provide a platform through which Users can purchase digital currencies.
  • Localcoin does not provide securities, investment contracts, or any other document or financial instrument considered at law to be a "security" or “futures contracts”, and the Services we provide do not constitute trading, purchase, sale, or exchange in securities, investment contracts, or any other document or financial instrument considered to be a "security" or “futures contracts” under any law.
  • Scam warning: No government agencies or quasi-governmental agencies demand payment by digital currency. Localcoin further prohibits you from acting on behalf of or on the instructions of a third party. You are solely responsible for verifying the recipient of any digital currency or legal tender that you instruct Localcoin to deliver while using the Service. With respect to ATM transactions, you acknowledge that you are aware of and have read any warning(s) affixed to or displayed on the ATM and, having read those warnings, will complete any transaction at your own discretion, and not on the instructions of a known or unknown third party.

5. Eligibility In order to use the Service, you must be at least eighteen (18) years old. [You do not require an account to use the Service; however, you will be required to/You are required to establish a user ID (“UID”) and] submit a mobile/digital wallet owned by you where we can send your purchased digital currency and a valid Hong Kong mobile phone number registered with a Hong Kong telecommunications services provider in order to authenticate the transaction. You may be required to submit, among other things, information and documents for identity verification in accordance with the customer due diligence (“CDD”) requirements under the laws and regulations of Hong Kong and/or any other jurisdictions that Localcoin, by virtue of its provision of the Services, is subject to (collectively, “Applicable Laws”).

6. Updates to User Profile Localcoin may require you to provide proof of identification and/or other evidence before updating a User’s profile information.

7. Payments Localcoin may choose to accept or refuse any method of payment, at any time, at its sole discretion. Where Localcoin accepts payments via any third-party payment processing service (a “PPS”), the User agrees that the use of a PPS is subject to the terms and conditions as agreed to solely between the User and that PPS. Localcoin is not a party to any terms of service between the User and PPS. Subject to any rights implied by law, Localcoin will not be responsible or liable in any way for any losses, claims, damages, costs, expenses, injuries to person or property, or any other claim arising in connection with the User’s relationship with a PPS, including their use of your personal information. In cases where a PPS may, in certain circumstances, charge a foreign exchange fee, such fee is the User’s responsibility to pay.

8. Transaction Limits By using the Services, you agree that Localcoin may impose limits on the number of transactions and amount of each transaction, at its sole discretion.

9. Compliance Localcoin has compliance obligations, including CDD, record keeping, and reporting under the Applicable Laws as and when the licensing regime for virtual asset over-the-counter (“VA OTC”) services commences in respect of the carrying out of VA OTC-related services. Localcoin may require you to provide identifying information, including “know your client” information, details regarding the source of funds, or supporting documentation in connection with your use of the Services. You are restricted to establishing a single UID, as multiple users with the same name or identity will not be permitted. Sharing your UID access credentials is also expressly prohibited and will result in immediate cancellation of your access. Localcoin may, in its sole discretion, refuse a transaction, cancel your access to the Service, and prohibit you from using the Services indefinitely. Localcoin may do so without providing any reason or explanation.

10. Authentication You agree that in order to access the Service, you may be required to undergo a verification process to verify your identity and determine your eligibility to use the Service before a transaction can be completed. You may be required to provide identifying information which may include, but not be limited to, your full name, date of birth, nationality, unique identification number (e.g., identity card number or passport number), and document type (“Personal Information”) and documents to verify such Personal Information. You further authorize Localcoin directly, or through third parties, to make any inquiry necessary to verify and validate your identity. You may also be required to submit proof of ownership and/or control of your mobile/digital wallet, and any additional information and/or supporting documentation as Localcoin deems necessary at its sole discretion. Your use of the Service may be delayed during the verification process, and you agree that Localcoin has no responsibility for any potential or actual loss, delay, or harm whether direct or indirect, relating to the completion of that process. In the event you are required to provide identifying information or other information and you do not, you may be denied access to the Service. Localcoin may refuse to process any transaction at any time, if in our sole discretion, we believe you are or may use the Service for any criminal or illegal activities. In the event that a User fails the initial verification process, Localcoin may request identifying information and/or further information in order to authenticate a User.

11. Digital Currency Exchange Rate When you make a purchase of digital currency, we will convert your legal tender into digital currency and deposit your purchased digital currency into your mobile/digital wallet. Localcoin does not set the exchange rate or purchase price for the digital currencies that can be purchased using the Services. Localcoin uses third-party providers to determine the exchange rate of digital currency at the time of each transaction. Rates are determined by many factors, including but not limited to market demand, and Users acknowledge that prices for digital currencies fluctuate on a daily basis. Localcoin does not guarantee any rate or purchase price at any time.

12. Service Fees In consideration of providing the Service, Localcoin charges a Service fee. The amount of the Service fee we apply varies depending on a number of factors.

13. No Refunds You understand and agree that, subject to any rights implied by law, all transactions with Localcoin and/or for the use of any Service are final and non-refundable. In a case where a User has a dispute with the recipient of digital currency, that dispute is between the User and the third-party recipient. You agree that Localcoin has no liability in respect of your transfer of currency to a third party, and that you are solely responsible for the recovery of any disputed funds from the third party.

14. Promotions From time to time, Localcoin may offer promotions or discounts in connection with the Service. These promotions are offered at our sole discretion, and we may initiate or terminate a promotion at any time for any reason without notice.

15. Content All information, data, text, software, messages, or other materials, whether publicly posted or privately transmitted to the Website by Users ("User Content"), is the sole responsibility of such Users. This means that the User, and not Localcoin, is solely and entirely responsible for all such material uploaded, posted, emailed, transmitted, or otherwise made available by using the Service. Localcoin does not control or actively monitor User Content and, as such, does not guarantee the accuracy, integrity, or quality of such content. Under no circumstances will Localcoin be liable in any way for any materials, including, but not limited to, any errors or omissions in any materials or any defects or errors in any printing or manufacturing, or for any loss or damage of any kind incurred as a result of the viewing or use of any materials posted, emailed, transmitted, or otherwise made available via the Service.

16. Restrictions on User Content and Use of the Service Localcoin reserves the right at all times (but has no obligation) to remove or refuse to distribute any User Content and to terminate any Users or reclaim UIDs [or usernames]. We also reserve the right to access, read, preserve, and disclose any information as we reasonably believe is necessary to:

  • Satisfy any applicable law, regulation, legal process, or governmental request;
  • Enforce these Terms of Use, including the investigation of potential violations hereof;
  • Detect, prevent, or otherwise address fraud, security, or technical issues;
  • Respond to User support requests; or
  • Protect the rights, property, or safety of our Users and the public.

When using the Service, you must not:

  • Use the Service in violation of these Terms of Use, including in violation of the eligibility requirements;
  • Use the Website and/or Services for any illegal, criminal, and/or fraudulent purpose;
  • Copy any content unless expressly permitted to do so by these Terms of Use;
  • Upload, post, email, transmit, or otherwise make available any material that:Is unlawful, harmful, threatening, abusive, harassing, tortuous, defamatory, vulgar, obscene, pornographic, libelous, invasive of another's privacy, hateful, or racially or ethnically objectionable, encourages criminal behavior, gives rise to civil liability, violates any law, or is otherwise objectionable;You do not have a right to make available under the Copyright Ordinance (Cap. 528) or under a contractual relationship;Infringes any patent, trademark, trade secret, copyright, or other proprietary rights of any party;Is or contains unsolicited or unauthorized advertising, solicitations for business, promotional materials, "junk mail," "spam," "chain letters," "pyramid schemes," or any other form of solicitation;Contains software viruses or any other computer code, files, or programs designed to interrupt, destroy, or limit the functionality of any computer software or hardware or telecommunications equipment or data, or that compromises a User's privacy; orContains any falsehoods or misrepresentations or creates an impression that you know is incorrect, misleading, or deceptive, or any material that could damage or harm minors in any way;
  • Impersonate any person or entity or misrepresent their affiliation with a person or entity, including but not limited to Localcoin personnel;
  • Interfere with or disrupt Localcoin’s servers or networks connected to them, or disobey any requirements, procedures, policies, or regulations of networks connected to Localcoin, or probe, scan, or test the vulnerability of any system or network or breach or circumvent any security or authentication measures;
  • Interfere with, damage, harm, obstruct, deface, modify, disassemble, disconnect, or otherwise deal with an ATM in any manner whatsoever other than for the purpose of conducting a transaction;
  • Intentionally or unintentionally violate any applicable local, state, national, or international law or regulation;
  • Collect or store personal data about other Users or viewers;
  • License, sell, rent, lease, transfer, assign, distribute, host, or otherwise commercially exploit Localcoin’s property;
  • Modify, translate, make derivative works of, disassemble, decompile, reverse compile, or reverse engineer any software provided as part of the Service, except to the extent the foregoing restrictions are expressly prohibited by applicable law; or
  • Register for the Service on behalf of a group or corporate entity.

Localcoin may, in its sole discretion, restrict, suspend, or terminate your account and/or use of Services if we determine you have violated any of these Terms of Use, including this clause.


17. License of Content By submitting, posting, or displaying User Content on or through the Service, you grant us (and our agents) a non-exclusive, royalty-free license (with the right to sublicense) to use, copy, modify, transmit, display, and distribute such User Content. Localcoin will not be responsible or liable for any use of User Content in accordance with these Terms of Use. You represent and warrant that you have all the rights, power, and authority necessary to grant the rights granted herein to any User Content that you submit.

18. End User License Except for User Content, the Website, and the information and materials that it contains are the property of Localcoin and its licensors, and are protected from unauthorized copying and dissemination by copyright law, trademark law, and other intellectual property laws. Subject to these Terms of Use, Localcoin grants you a non-transferable, non-exclusive license to use the Website for your personal use (the "License"). Nothing in these Terms of Use gives you a right to use the Localcoin or the Website’s names, trademarks, logos, domain names, and other distinctive brand features without our prior written consent. Any future release, update, or other addition to the functionality of the Website will be subject to the terms of these Terms of Use.

19. Feedback If you provide Localcoin with any suggestions, comments, or other feedback relating to any aspect of the Website and/or Service ("Feedback"), Localcoin may use such Feedback in the Website or in any other Localcoin products or services (collectively, "Localcoin Offerings''). Accordingly, you agree that:

  • Localcoin is not subject to any confidentiality obligations with respect to the Feedback;
  • The Feedback is not confidential or proprietary information of you or any third party, and you have all of the necessary rights to disclose the Feedback to Localcoin;
  • Localcoin (including all of its successors and assigns and any successors and assigns of any of the Localcoin Offerings) may freely use, reproduce, publicize, license, distribute, and otherwise commercialize Feedback in any Localcoin Offerings; and
  • You are not entitled to receive any compensation or reimbursement of any kind from Localcoin or any of the other Users of the Website with respect to the Feedback.

20. Links & Third-Party Websites The Website may contain links to other websites that are not owned or controlled by Localcoin. In no event will any reference to any third party, third-party product, or service be construed as an approval or endorsement by Localcoin of that third party, third-party product, or service. Localcoin is also not responsible for the content of any linked websites. Any third-party websites or services accessed from the Website are subject to the terms and conditions of those websites and/or services, and you are responsible for determining those terms and conditions and complying with them. The presence on the Website of a link to any other website(s) does not imply that Localcoin endorses or accepts any responsibility for the content or use of such websites, and you hereby release Localcoin from all liability and/or damages that may arise from your use of such websites or receipt of services from any such websites.

21. Disclaimer of Representations, Warranties, and Conditions The Website, Services, and all materials provided therein are provided "as is." To the maximum extent permitted by law, Localcoin disclaims all representations, warranties, and conditions, either express, implied, statutory, by usage of trade, course of dealing, or otherwise including, but not limited to, any implied warranties of merchantability, non-infringement, title, satisfactory quality, or fitness for a particular purpose. Any information or material downloaded or otherwise obtained through the use of the Service is at your own discretion and risk, and you will be solely responsible for any damage to your computer system, loss of data, or any other loss that results from downloading or using any such material.

Localcoin makes no warranties about the price or availability of any digital currency. Localcoin does not warrant, endorse, guarantee, provide any conditions or representations, or assume any responsibility for any product or service advertised or offered by any third party through the Website or in respect of any website that can be reached from a link on the Website or featured in any banner or other advertising on the Website, and Localcoin will not be a party to any transaction that you may enter into with any such third party. Localcoin will not be liable for any type of content exchanged by means of the service.

No data or information obtained by you in oral or written form from us or through or from our Services will create any warranty not expressly stated in these Terms of Use. Any information available on the Website, Localcoin app (the “App”), or through these Services is for informational purposes only. Nothing on our Website, App, or Service constitutes, or is meant to constitute, any kind of advice, including, but not limited to, legal, investment, tax, accounting, or financial advice, and should not be relied upon in that regard.

22. Limitation of Liability Trading, storing, dealing, purchasing, selling, and otherwise using digital currencies comes with substantial and inherent risks. In registering for an account and using our Services, you agree that, subject to any rights implied by law which cannot be excluded, Localcoin is not liable to you in any way for changes to the Services or availability of digital currency, including, but not limited to, regulatory intervention by a third party in the operation of the Website and Service, or the underlying value of any digital currency.

Subject to any rights implied by law which cannot be excluded and to the extent permissible under applicable laws and regulations, Localcoin, its subsidiaries, directors, affiliates, officers, members, employees, or agents (“Localcoin Parties”) will not be liable for any direct, indirect, incidental, special, consequential, exemplary, or other damages whatsoever, including, without limitation, any damages that result from:

  • Your use of or your inability to use the Website, App, any ATM, or the Service;
  • The cost of procurement of substitute goods, data, information, or services;
  • Errors, mistakes, or inaccuracies in the materials on the Website or at an ATM;
  • Personal injury or property damage of any kind whatsoever arising from or relating to your use of the Service;
  • Any bugs, viruses, trojan horses, or any other files or data that may be harmful to computer or communication equipment or data that may have been transmitted to or through the Website or App;
  • Any errors or omissions in any material on the Website or any other loss or damage of any kind arising from or relating to your use of the Website or Service; and
  • Lost funds, lost profits, loss of use, loss of data, fines, fees, and penalties.

These limitations will apply even if Localcoin has been advised of the possibility of such damages.

To the extent permissible under applicable laws and regulations, Localcoin’s aggregate liability to you in respect of any losses, liabilities, damages, costs, expenses, or claims arising out of or in connection with the Service, however caused (including but not limited to a breach of a condition or warranty implied by law or otherwise, and which cannot be excluded), is limited to the maximum extent possible, at Localcoin’s option, to:

  • The supply of the Services again; or
  • The cost of having the Services supplied again.

23. Indemnification To the extent permissible under applicable laws and regulations, you should indemnify and hold Localcoin and its subsidiaries, affiliates, officers, agents, and employees harmless from all claims, actions, proceedings, demands, damages, losses, costs, and expenses (including reasonable lawyers’ fees), incurred with any materials submitted, posted, transmitted, or made available by you through the Service and/or any violation by you of these Terms of Use.

24. Termination Localcoin may, in its sole discretion and without prior notice, immediately terminate your ability to access the Services, the Website, or portions thereof. Cause for such termination may include, but not be limited to:

  • Breaches or violations of these Terms of Use or any other agreement that you may have with Localcoin (including, without limitation, non-payment of any fees owed in connection with your use of Services or otherwise owed by you to Localcoin);
  • Requests by law enforcement or other government agencies;
  • A request by you;
  • Discontinuance or material modification to the Website (or any part thereof) or offer of Services;
  • Unexpected technical, security, or legal issues or problems; and/or
  • Participation by you, directly or indirectly, in fraudulent or illegal activities.

Termination of your access to the Service and/or Website may also include removal of some or all of the materials uploaded by you to the Website. You acknowledge and agree that all terminations may be made by Localcoin in its sole discretion and that Localcoin will not be liable to you or any third party for any termination of your access to the Services or the Website or for the removal of any of the materials uploaded by you to the Website. Any termination of these Terms of Use by Localcoin will be in addition to any and all other rights and remedies that Localcoin may have.

25. Availability & Updates Localcoin may alter, suspend, or discontinue the Service or Website at any time and for any reason or no reason, without notice. The Website or Service may be unavailable from time to time due to maintenance or malfunction of computer or network equipment or other reasons. Localcoin may periodically add or update the information and materials regarding the Service or the Website without notice.

26. Security Information sent or received over the internet is generally unsecure, and Localcoin cannot and does not make any representation or warranty concerning the security of any communication to or from its ATM or the Website or any representation or warranty regarding the interception by third parties of personal or other information. You are responsible for safeguarding any password(s) that you use to access the Service, and you are responsible for any activities or actions under your password(s). You agree to keep your password(s) secure. Localcoin will not be liable for any loss or damage arising from your failure to comply with these requirements.

27. General These Terms of Use constitute the entire agreement between you and Localcoin relating to the Website, the Service, and all related activities. Localcoin may, in its sole discretion, amend, vary, revise, or replace these Terms of Use. You agree that the Terms of Use governing your use of the Service is the version posted to the Website at the time the Service is used.

28. Severability If any part of these Terms of Use is held to be unlawful, void, or unenforceable, that part will be deemed severed and will not affect the validity and enforceability of the remaining provisions. The failure of Localcoin to exercise or enforce any right or provision under these Terms of Use will not constitute a waiver of such right or provision. Any waiver of any right or provision by Localcoin must be in writing and will only apply to the specific instance identified in such writing. You may not assign these Terms of Use, or any rights or licenses granted hereunder, whether voluntarily, by operation of law, or otherwise without Localcoin’s prior written consent.

29. Jurisdiction, Choice of Law, and Dispute Resolution Your use of the Service, including the application and interpretation of these Terms of Use, are governed by the laws of Hong Kong. Any dispute, controversy, difference, or claim arising out of or in relation to these Terms of Use shall be [subject to the exclusive jurisdiction of the courts of Hong Kong./referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (“HKIAC”) in accordance with the HKIAC Administered Arbitration Rules in force when the notice of arbitration is submitted. The law of this arbitration clause shall be Hong Kong law. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be three (3). The arbitration proceedings shall be conducted in English.]

30. Contact Information If you have any questions about these Terms of Use, or if you wish to make any complaint or claim with respect to the Service, please contact us at: [email protected]