Norwegian Block Exchange AS (hereinafter referred to as NBX) offer an internet-based marketplace for customers to buy and sell digital assets with other NBX customers. The service enables the customer to store funds for trade either in a client’s fiat account or in an NBX digital wallet.
The company is registered in Brønnøysundregistrene with registration no. 920245676, business address Snarøyveien 36, 1364 Fornebu, Norway. In addition, NBX are registered at the Financial Supervisory Authority (FSA) in Norway as an approved marketplace within virtual currencies.
By using the NBX marketplace, hereafter also called “NBX exchange” or “NBX services”, registering for an NBX account or using any other NBX services, you (hereafter you, your, or yourself) agree to accept and to comply with the Terms of Service as stated below. You should read the entire document carefully before you start using NBX services.
Use of the terms or names NBX and NBX exchange may refer, depending on context, to the services, products, website, content or other materials (collectively called “NBX services”) provided by NBX.
Persons under the age of 18 are not permitted to access or use the NBX exchange service. The NBX exchange will only allow registered customers who have established an account to buy and sell digital currencies. If you do not accept these terms, do not create an account.
Full use of the NBX services requires that you create an account by providing us with information, such as your full name and a valid e-mail address, as well as a password and a two-factor authentication. You are responsible for all activity that occurs in association with your account. NBX are not liable for any losses or damages caused by your failure to maintain the confidentiality of your account credentials. Please contact NBX Customer Support if you discover or suspect any security breach related to the NBX service or your account.
It is your responsibility to follow the rules and laws in your country of residence and/or country from which you access the marketplace/site. Please note that you may not be able to access the marketplace/site from outside the country in which you established the account.
In conducting digital business, as well as in using digital assets, there are special risks given the virtual nature of these transactions. For example, with regard to both real and digital assets/currencies, prices fluctuate just as currency values fluctuate. Both businesses and consumers must be aware of the risk that losses can occur as a result of buying, selling or trading anything within a marketplace.
Digital assets pose special risks in trading due to their volatility. Official fiat currencies and the value of goods and commodities in a marketplace, while not fixed in value, tend to be more stable. Digital currencies are a unique type of currency, backed by technology and trust but not by a government, other legal entity or commodity-based value. Because of the as-yet unregulated, decentralised nature of digital currencies, there is no central authority or bank that will intervene in a crisis to stabilise or correct volatility in the value of digital currencies. Digital and cryptocurrencies exist as part of a digital and partly anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity.
Digital currencies can be vulnerable to a number of unexpected changes in markets, demand, the regulatory environment, competition, and other conditions, all of which may erode confidence in the digital currency being traded. Trading platforms themselves may be vulnerable to technical or security problems, such as the possibility of hacking, which could result in transactions not settling, and in the worst case, stolen assets.
All risks cannot be foreseen or predicted, although NBX have outlined some of the major risk considerations in this Terms of Service document. Because there may be other risks, you should carefully evaluate your own risk tolerance and your current financial situation against the risk inherent in digital assets and/or currency trading.
NBX strongly recommend that you place digital assets that are not meant to be used in the marketplace within a short-term period into your private digital wallet for your own security.
By registering with NBX, you agree to provide NBX with current, accurate and complete information about yourself, as prompted by the registration process, and to keep such information updated. You further agree that you will not use any account other than your own or access the account of any other customer at any time or assist others in obtaining unauthorised access.
NBX may set minimum limits for trade sizes, minimum limits for processing deposits and withdrawals. Current limits are specified in the NBX Knowledge Base, which can be found at https://nbxsupport.zendesk.com/hc/en-us
You are responsible, during your customer relationship with NBX, for maintaining the confidentiality as mentioned above, of your account information, including a strong password, safeguarding your own digital assets, and all activity including transactions posted to your account.
Any actions, transactions, orders and operations initiated from your account or using your password and two-factor authentication will be considered made by you, and are irrevocable once validated using your password or made through your account.
As a part of the KYC processes NBX will request information from you as a customer throughout the business relationship. If NBX detect suspicious activity related to your account, NBX may, but are not obligated to, request additional information from you, including authenticating documents, and to freeze any transactions pending NBX review. If the aim of a transaction is not clear, NBX may inquire into the aim of the transaction and/or the source of funds. In particular situations you may be required to present documents or information confirming that the transactions comply with AML/CTF and sanctions regulations. Until the transaction is verified, the ability to use the funds may be restricted. If you refuse to provide NBX with the required information, NBX are forbidden to conclude a transaction and may terminate the deals made or business relations with you.
You are required to notify NBX immediately of any unauthorised use of your account or password, or any other breach of security, by e-mail to [email protected]
NBX, at its sole discretion, may terminate your access to the marketplace/site and to your account. This may include, without limitation, the right to limit, suspend or terminate the service and customer accounts, or disallow access to the marketplace/site and its content, services and tools. If NBX have reason to believe that such customers are causing problems or creating potential legal liabilities, violating third-party intellectual property rights or acting against the Terms of Service, NBX may take technical and legal steps to keep such customers out of the marketplace and off the site. Additionally, NBX may, in appropriate circumstances and at its discretion, suspend or terminate customer accounts for any reason, including without limitation:
NBX are obliged to inform the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (OKOKRIM) if a customer’s transactions raise suspicions that they may be connected to money laundering or other illegal activities. If the transaction is connected to breaches of sanctions and freezing obligations, NBX shall report these to the Ministry of Foreign Affairs.
With reference to the account verification information listed above, NBX may terminate unverified accounts. NBX will make a good faith effort to contact you by e-mail to verify your identity; unverified accounts will no longer be maintained by NBX after three months.
If the account is inactive for more than one year, NBX reserves the right to terminate the account. Further details can be found in the Knowledge Base https://nbxsupport.zendesk.com/hc/en-us
Accounts may only be transferred in the event of the account holder’s death or incapacitation according to the Norwegian law.
Upon account closure, any amount less than USD 5 in value will not be returned.
NBX reserve the right to not convert digital assets/currencies into fiat but rather return them to a wallet that belongs to the customer.
NBX reserve the right to refuse deposits for which NBX are not able to offer sufficient security or for which NBX do not have capacity or systems to handle. NBX may introduce reasonable limitations on withdrawals per day or per transaction.
Deposit and withdrawal of fiat currency will only be possible toward your own account. You will be asked to state the bank account number you would like the currency transferred to.
You are responsible for providing the correct bank account information, and NBX will not be liable for any loss you might suffer due to providing incorrect information. We will start the payment process without undue delay. However, NBX are not responsible for delayed payments due to delays by their own or the recipient's bank.
NBX use banking providers in order to receive client funds and make payments.
In the event of erroneous payments from NBX, we can correct the error and you are responsible for returning the funds according to our claim. NBX can seek any measures necessary to have the funds returned.
The Money Laundering Act of 01.06.2018 in Norway aims to prevent and identify transactions related to the proceeds of criminal acts or related to acts of terrorism. Businesses that operate exchange and storage of digital currencies were subject to the regulations from 15 October 2018, ref. the Money Laundering Act of 14.09.2018 in Norway, which is within the anti-money laundering requirements of the European Union.
“Money laundering” refers to any action that contributes to concealing the origin of money derived from a criminal offence. Money laundering is punishable under section 337 et sec of the Penal Code in Norway. By terrorist financing is meant financial support or the raising of funds on behalf of persons and/or groups who commit, or have the intent to commit, acts of terrorism. Terrorist financing is punishable under section 135 of the Penal Code in Norway. The provision of NBX services strictly follows anti-money laundering, counter-terrorist financing (AML/CTF) and sanctions regulations and rejects providing services in breach of applicable regulations.
If you refuse to provide NBX with the required information, NBX are prohibited, according to regulation, from establishing a customer relationship.
You must ensure that no act or omission by you nor use (directly or indirectly) of any services is in a manner that is in breach of sanctions and/or causes (or may cause) a breach of sanctions by the customer, affiliate, any direct or indirect shareholder, respective director, member of the management or supervisory board, officers, employees, agents or representatives and/or their beneficial owner and/or NBX.
NBX reserves the right to liquidate all holdings in crypto currency and return fiat to its source of origin in cases where we suspect criminal activity. NBX is not liable for any losses caused by such a sell off of crypto currency, nor can NBX be held liable for funds already transferred off our platform.
All materials on the NBX site and NBX services are the property of NBX and are protected by copyright, trademark and other applicable laws, unless otherwise specified. Materials that you download or print for personal, informational or non-commercial use are permitted, with the stipulation that you comply with the copyright and proprietary laws.
The trademarks and logos used on the NBX site, the NBX exchange and across NBX services ("trademarks") are the property of NBX and their respective owners. This includes, for example, software, images, text, graphics, data, prices, trades, charts, graphs, video and audio that are used on the marketplace/site.
Any unauthorised use of trademarks or material may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties. This includes copying, reproducing, changing, republishing, uploading, posting, distributing, collecting, transmitting or scraping in any manual or automated form.
NBX services offer no warranty of any kind. NBX cannot guarantee that the NBX site or NBX services will be available 100% of the time to meet your needs. However, NBX will strive to provide uninterrupted service, and where that is not possible, will aim to provide it as soon as possible. Despite best efforts, it is possible that service may be interrupted, and it is possible that there may be delays, failures, errors, omissions, or loss of transmitted information.
In accordance with these Terms of Service NBX will try to ensure that the NBX site and NBX services can be accessed by you. However, NBX may suspend use of the site for maintenance and will make reasonable efforts to give you notice of this. In critical or emergency situations, NBX may be unable to provide this notification; you acknowledge the risks associated with not always being able to use the site or carry out transactions using your account.
NBX will make reasonable efforts to fulfil all purchases of digital currency, but in some circumstances, NBX may be unable to. If this is the case, NBX will notify you and seek your approval to re-attempt the purchase at the current exchange rate, please see https://nbxsupport.zendesk.com/hc/en-us for further information
The availability of a method of payment depends on a number of factors including, for example, where you are located, the identification information you have provided to NBX, and limitations imposed by third-party payment processors.
NBX might be unable to perform the services that comprise the NBX exchange and services due to factors beyond NBX’s control, including but not limited to an event of force majeure, failure of the hardware, software or other infrastructure used by NBX, internet connection or other technical breakdowns. In these circumstances NBX will make reasonable efforts to restore the service.
NBX may suspend, terminate, or modify the service as deemed necessary by NBX due to changes in applicable law, sanctions policy, required repairs, maintenance, upgrades and/or replacement of the software, hardware and/or other infrastructure used by NBX, updating of the NBX internal procedures and the like. NBX shall not be liable to the customer in such events.
Although NBX endeavour to provide accurate and timely information, NBX and NBX services may contain inaccuracies, incomplete or outdated information, or errors. NBX may change or update any and all NBX services at any time without notice, and you should independently verify all information before making decisions or taking action.
APIs (application programming interfaces), or widgets, allow certain parties access to certain information/data. NBX may provide such access. NBX may also provide widgets that you can use to enter NBX data on your site. You may use these in their original unmodified and unaltered state. APIs are used at your own risk.
Use of NBX APIs is subject to you the user obtaining a valid API key or authentication key generated by NBX. The use of APIs without obtaining a valid API key from NBX may lead to NBX suspending your account.
The NBX website may link or refer to other websites ("external websites"). These external websites or third-party sites are not within the control of NBX; therefore, NBX assumes no responsibility or liability for the content presented via these external websites.
The NBX exchange facilitates buying, selling and trading in the marketplace in the digital assets/currencies NBX have listed, and in some cases to purchase goods , to some extent, an unregulated, international and open payment system.
NBX do not provide any investment advice with regard to the services or uses of NBX, the NBX exchange or NBX services.
NBX may provide information on the price, range and volatility of digital currencies that are available on the NBX platform and events that have affected the price of such digital assets/currencies, but this shall not be considered as investment advice nor should it be construed as such.
For the purpose of this section, “taxes” refers to any contribution to international, state or municipal revenue imposed by the government or other authorities in relation to the NBX exchange or NBX services.
You are responsible for determining what taxation applies to you with regard to NBX services to be in compliance with the relevant tax authority in your jurisdiction. NBX will not be responsible for assessing, collecting, reporting, withholding or remitting any taxes on your behalf as a result of your trades, and likewise offers no tax-related advice or information.
NBX do not provide any tax advice to the customer. The customer shall investigate his/her own tax liability with respect to the NBX service.
The services provided by NBX may be subject to fees. To get more information regarding trading, funding, costs/fees, order processes and other similar matters, the NBX Knowledge Base (https://nbxsupport.zendesk.com/hc/en-us) provides more detailed information.
If your payment is not successful or if your payment method has insufficient funds, you authorise NBX, at its sole discretion, either to cancel the transaction or to debit your other payment methods, including balances in your digital currency wallets, in any amount necessary to complete the transaction. You are responsible for maintaining an adequate balance and/or sufficient credit limits in order to avoid overdraft, insufficient funds, or similar fees charged by your payment provider.
NBX reserve the right to, at any time, and at its own discretion, change which digital assets/currencies that may be traded via NBX services. In the event of a change, NBX will aim to notify of such change through the NBX website or other media within a reasonable timeframe before the change comes into force.
You give consent that NBX may use e-mail as a general communication channel with you.
If you are sending personal information, NBX recommends that you send e-mail in an encrypted format. Unencrypted e-mail is not secure and NBX are not responsible for any damages incurred by sending unsecured e-mail.
If you send unencrypted or unsecured e-mail or other types of communications, NBX may respond using the same channels; therefore, you assume all the risk associated with this.
The NBX service and NBX content and/or data are provided “as is”, without warranty of any kind. Without limiting the foregoing, NBX explicitly disclaim all express or implied warranties arising out of or related to these terms or the NBX service, including implied warranties of merchantability, fitness for a particular purpose, and non-infringement.
NBX make no warranty that the NBX service will meet your requirements or be available on an uninterrupted, secure, or error-free basis. We make no warranty regarding the quality, accuracy, timeliness, truthfulness, completeness, or reliability of the NBX Services.
You remain entirely responsible for your decisions and actions within the NBX exchange and with regard to your use of all NBX services.
NBX or our directors, employees, or any other party involved in creating, producing, or delivering the NBX Service are under no circumstances liable to you or any third party for any direct, indirect, consequential, exemplary, incidental, special, or punitive damages, including lost profit, lost revenue, loss of data, service interruption, computer damage, or system failure or other damages arising from your use of the Services, even if we have been advised of the possibility of such damages.
In no event will NBX’s total liability arising out of or in connection with these terms or from the use or inability to use the NBX service, exceed a maximum aggregate amount of the combined value of the digital currency in the wallet at the time of the relevant incident, less any amount of commission fees that may be due and payable in respect of such account. For a claim relating to a specific transaction the amount shall be limited to the purchase / sale amount (as relevant) of the transaction, less any amount of commission fees that may be due and payable in respect of such amount.
Disputes between customers/users of NBX services will not include NBX and, or NBX affiliates or service providers, respective officers, directors, agents, joint venturers, employees and representatives. NBX will not be liable for any claims, demands and damages (actual and consequential, direct or indirect) of any kind or nature arising out of or in any way connected with such disputes.
To the fullest extent permitted by applicable law, you hereby agree to indemnify NBX and its partners against any action, liability, cost, claim, loss, damage, proceeding or expense suffered or incurred directly or indirectly arising out of (i) your access to or use of the NBX Service, (ii) your content, (iii)these Terms, (iv) your violation of any law or rights of a third- party, or (v) any harmful act towards any other user of the services.
Notwithstanding the foregoing, NBX reserve the right, at your expense, to assume the exclusive defence and control of any matter for which you are required to indemnify NBX, and you agree to cooperate, at your expense, with NBX defence of such claims. NBX will use reasonable efforts to notify you of any such claim, action, or proceeding which is subject to this indemnification upon becoming aware of it.
Except as otherwise stated herein, these Terms of Service constitute the entire and exclusive understanding and agreement between NBX and you regarding the NBX service, and these Terms supersede and replace any and all prior oral or written understandings or agreements between NBX and you regarding the NBX service.
NBX will notify you before any material changes are made to these Terms. Upon such notification, it is your responsibility to review the amended Terms of Service as your continued use of NBX services following the posting of a notice of changes to the Terms of Service signifies that you accept and agree to the changes, and that all subsequent transactions you undertake will be subject to the amended Terms.
If for any reason a court of competent jurisdiction finds any provision of these Terms invalid or unenforceable, that provision will be enforced to the maximum extent permissible and the other provisions of these Terms will remain in full force and effect.
You may not assign, delegate, or transfer these Terms, by operation of law or otherwise, without NBX’s prior written consent. Any attempt by you to assign or transfer these Terms, without such consent, will be invalid. NBX may freely assign or transfer these Terms without restriction. Subject to the foregoing, these Terms will bind and inure to the benefit of the parties, their successors, and permitted assigns.
NBX’s failure to enforce any right or provision of these Terms will not be considered a waiver of such right or provision. The waiver of any such right or provision will be effective only if in writing and signed by a duly authorised representative of NBX. Except as expressly set forth in these Terms, the exercise by either party of any of its remedies under these Terms will be without prejudice to its other remedies under these Terms or otherwise.
We value feedback from our customers, and will do our best to resolve your case. In order for your inquiry to be processed effectively, it is important that you precisely describe the problem.
These Terms of Service and the resolution of any disputes shall be governed by and construed in accordance with the laws of Norway.
If you have any questions relating to these Terms of Service, your rights and obligations arising from these Terms and/or your use of NBX services, your account or any other matter, please contact [email protected]