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Philbit.ph has created the following Privacy Policy to let you know what information we collect when you visit our site and/or use the Philbit.ph Services, why we collect it and how it is used and stored. We are committed to ensuring that your privacy is safeguarded, and we are transparent as to how we process your personal information. This Privacy Policy takes into consideration the rights and obligations as outlined under the Data Privacy Act 2012 (Republic Act 10173), its Implementing Regulations, and the laws of the Philippines. Personal information simply means any information or data that can be used to distinguish, identify or contact you. This Policy explains the data collection and use practices of Philbit.ph website and mobile apps; it does not apply to other online or offline Philbit.ph sites, products or services. The terms “you,” “your,” and “yours” refer to the customer/purchaser utilizing our site. The terms “Philbit.ph,” “we,” “us,” and “our” refer to PHILBIT Inc. doing business as Philbit.ph. By using this website, you consent to the data practices prescribed in this statement. We may periodically make changes to this Privacy Policy that we will include on this page. It is your responsibility to review this Privacy Policy frequently and remain informed about any changes to it. We encourage you to visit this page often.

WHY WE COLLECT PERSONAL INFORMATION AND HOW WE USE IT

Our primary purpose in collecting personal information is to provide you with a secure, efficient, and customized experience. We may use collect, use, process and examine your personal information when reasonable, relevant and necessary to:

• Provide Philbit.ph services and customer support timely and efficiently at your request;
• Process transactions and send notices about your transactions;
• Resolve disputes, collect fees, and troubleshoot problems;
• Prevent potentially prohibited or illegal activities;
• Customize, measure, and improve Philbit.ph services and the content and layout of our website and applications;
• Deliver direct marketing, service update notices, and promotional offers based on your communication preferences;
• Compare information for accuracy and verify it with third-parties; and
• Monitor the quality and security of the network and train our staff.

When we can, we aggregate and anonymize this information such that you are never identified as an individual. For the avoidance of doubt, with this practice we try to present information in segments or categories and remove any personally identifiable information from the data.

We will not sell or rent your personal information to third-parties for their marketing purposes without your explicit consent. We may combine your information with information we collect from other companies and use it to improve and personalize Philbit.ph services, content and advertising.

HOW WE COLLECT INFORMATION ABOUT YOU

When you visit the Philbit.ph website or use Philbit.ph services or Philbit.ph application, we collect information sent to us by your computer, mobile phone, or other access device. This information may include your IP address, device information including, but not limited to, unique identifier, name and type, operating system, location, mobile network information and standard web log information such as your browser type, traffic to and from our site, and the pages you accessed on our website.

Before permitting you to use Philbit.ph services, we may require you to provide additional information we can use to verify your identity or address or manage risk, such as your date of birth, social security number or other information. We also collect your contact details like billing address, telephone number, mobile phone number, email address. We may also obtain information about you from third-parties such as credit bureaus and identity verification services. You can check what we know about you by making a request to the Philbit.ph Data Privacy Officer through the contact details provided below.

When you use Philbit.ph services, we collect information about your transactions and your other activities on our website and we may collect information about your computer or other access device for fraud prevention purposes.

You may choose to provide us with access to certain personal information stored by third-parties such as social media sites (such as Facebook and Twitter). The information we have access to varies by site and is controlled by your privacy settings on that site and your authorization. By associating an account managed by a third-party with your Philbit.ph account and authorizing Philbit.ph to have access to this information, you agree that Philbit.ph may collect, store and use this information in accordance with this Privacy Policy.

In order to help protect you from fraud and misuse of your personal information, we may collect information about your use and interaction with our website or Philbit.ph services. For example, we may evaluate your computer, mobile phone or other access device to identify any malicious software or activity that may affect the availability of Philbit.ph services.

Finally, we may collect additional information from or about you in other ways such as interactions with our customer support team.

HOW WE USE COOKIES

When you access our website or content or use our application or Philbit.ph services, we or companies we work with may place small data files called cookies or pixel tags on your computer or other device. We use these technologies to:

• Recognize you as a Philbit.ph customer;
• Customize Philbit.ph services, content, and advertising;
• Measure promotional effectiveness; and
• Collect information about your computer or other access device to mitigate risk, help prevent fraud, and promote trust and safety.

We use both session and persistent cookies when you access our website or content. Session cookies expire and no longer have any effect when you log out of your account or close your browser. Persistent cookies remain on your browser until you erase them or they expire.

We also use Local Shared Objects, commonly referred to as “Flash cookies,” to help ensure that your account security is not compromised, to spot irregularities in behavior to help prevent fraud, and to support our sites and services.

We encode our cookies so that only we can interpret the information stored in them. You are free to decline our cookies if your browser or browser add-on permits, but doing so may interfere with your use of our website. The help section of most browsers or browser add-ons provides instructions on blocking, deleting or disabling cookies.

You may encounter Philbit.ph cookies or pixel tags on websites that we do not control. For example, if you view a web page created by a third-party or use an application developed by a third-party, there may be a cookie or pixel tag placed by the web page or application. Likewise, these third-parties may place cookies or pixel tags that are not subject to our control and the Philbit.ph Privacy Policy does not cover their use.

HOW WE PROTECT AND STORE PERSONAL INFORMATION

Throughout this policy, we use the term “personal information” to describe information that can be associated with a specific person and can be used to identify that person. We do not consider personal information to include information that has been anonymized so that it does not identify a specific user.

We store and process your personal information on our computers in Asia-Pacific and elsewhere in the world where Philbit.ph facilities or our service providers are located, and we protect it by maintaining physical, electronic and procedural safeguards. We use computer safeguards such as firewalls and data encryption. We enforce physical access controls to our buildings and files. And we authorize access to personal information only for those employees who require it to fulfill their job responsibilities.
In our offices we have organized departments so that those persons who are authorized to view, monitor, analyze, and manage personal information are isolated from other employees.

RIGHTS OF PHILBIT.PH CUSTOMERS

Filipino citizens and residents that are customers of Philbit.ph irrespective of current jurisdiction have been guaranteed certain privacy and information security rights under the Data Privacy Act 2012. Philbit.ph adheres to rights expressly stated in the Act where applicable.

HOW WE SHARE PERSONAL INFORMATION TO FULFILL PHILBIT.PH SERVICES

To process your payments we may securely share some of your personal information with the person or company that you are paying or that is paying you. This includes your contact information; date of sign-up; the number of payments you have received from verified Philbit.ph users; and, whether you have verified control of a bank account. We manage these data sharing activities by the guidelines of our information security policy as well as this policy. In addition, this and other information may also be shared with third-parties when you use these third-parties to access Philbit.ph services. Unless you have agreed to it, these third-parties are not allowed to use this information for any purpose other than to facilitate your transactions using Philbit.ph services.
If you are buying goods or services and pay using Philbit.ph, we may also provide the seller with your shipping and confirmed billing address to help complete your transaction with the seller. The seller is not allowed to use this information to market their services to you unless you have agreed to it. If an attempt to pay your seller fails, or is later invalidated, we may also provide your seller with details of the unsuccessful payment. To facilitate dispute resolutions, we may provide the buyer with the seller’s address so that any goods can be returned to the seller.

We work with third-parties, including merchants, to enable them to accept or facilitate payments from or to you using Philbit.ph. In this case a third-party may share information about you with us, such as your email address or mobile phone number to inform you that a payment is sent to you or when you attempt to pay that merchant or through that third-party. We use this information to confirm that you are a Philbit.ph customer and that bitcoin as a form of payment can be enabled, or where a payment is sent to you, to send you notification that you have received a payment. Also, if you request that we validate your status as a Philbit.ph customer with a third-party we will do so. Please note that merchants you buy from and contract with have their own privacy policies, and Philbit.ph cannot be held responsible for their operations, including, but not limited to, their information practices.

HOW WE SHARE PERSONAL INFORMATION WITH OTHER PARTIES

We may share your personal information with:

• Service providers under contract who help with parts of our business operations such as fraud prevention, bill collection, marketing and technology services. Our contracts dictate that these service providers only use your information in connection with the services they perform for us and not for their own benefit.
• Financial institutions with which we partner.
• Companies that we plan to merge with or be acquired by. (Should such a combination occur, we will require that the new combined entity follow this privacy policy with respect to your personal information. You will receive prior notice of any change in applicable policy.)
• Law enforcement, government officials, or other third-parties when:
  • We are compelled to do so by a subpoena, court order or similar legal procedure; or
  • We believe in good faith that the disclosure of personal information is necessary to prevent physical harm or financial loss;
  • We report suspected illegal activity or to investigate violations of our User Agreement.
• Other third-parties with your consent or direction to do so.

Philbit.ph will not sell or rent any of your personal information to third-parties for their marketing purposes and only shares your personal information with third-parties as described in this policy. If there is an actionable breach of your personal information, we will notify you within 72 hours.

If you establish a Philbit.ph account indirectly on a third-party website or via a third-party application, any information that you enter on that website or application (and not directly on a Philbit.ph website) will be shared with the owner of the third-party website or application and your information may be subject to their privacy policies.

We will notify you of material changes to this policy by updating the ‘Last Updated’ date at the top of this page. It is recommended that you visit this page frequently to check for changes.

HOW WE PROTECT YOUR INFORMATION

The integrity, confidentiality and security of your information are particularly important to us. That’s why we strictly enforce our privacy policy within the company and we have implemented technological, organizational and physical security measures that are designed to protect your information from unauthorized access, use, alteration and disclosure. We also put in effect safeguards such as:

1. We keep and protect your information using a secured server behind a firewall, encryption and security controls;
2. We restrict access to your information only to qualified and authorized personnel who hold your information with strict confidentiality;
3. We undergo regular audit and rigorous testing of our infrastructure’s security protocols to ensure your data is always protected; and
4. We let you update your information securely to keep our records accurate. We will retain your personal data throughout the subscription of our products and services, and for a maximum period of five (5) years after account closure, in accordance with Philippine AML laws and regulations, as they might be amended from time to time.

HOW YOU CAN ACCESS OR CHANGE YOUR PERSONAL INFORMATION

You have certain rights in relation to your personal data under the Data Privacy Act of 2012, which includes the right to object to processing, the right to access your data, the right to amend or rectify inaccurate data, and the right to erasure or blocking of data.
If you wish to have access to your personal information in our records; or you think that such personal information we have of you is incomplete, not up-to-date, or otherwise inaccurate; or prefer to opt-out of this privacy policy you may get in touch with our Data Privacy Officer through the contact details provided below. You may always review and edit your personal information at any time by logging into your account and clicking the ‘Profile’ or ‘My Account’ tab. If you close your Philbit.ph account, we will mark your account in our database as “Closed,” but will keep your account information in our database as per the time limits above mentioned. However, if you close your account, your personal identifiable information will not be used by us for any further purposes, nor sold or shared with third-parties, except as necessary to prevent fraud, assist law enforcement, as required by law, or in accordance with this Privacy Policy.

HOW YOU CAN CONTACT US ABOUT PRIVACY QUESTIONS

If you have questions or concerns regarding this policy, you may contact us on our support page or by contacting directly our Data Privacy Officer at privacy@philbit.ph.

DO NOT SERVICE NOW, JUST TEST.

1. DEFINITIONS.

PHILBIT Inc.: A company duly registered with the Bangko Sentral ng Pilipinas (BSP) as a licensed remittance agent. It offers cash in and cash out services, mobile air-time top ups, remittance services, bill payments and Virtual Currency exchange (hereinafter “PHILBIT Inc. Services”), under the Philbit.ph brand.

DCPay Philippines Inc.: A company that is duly registered with the Bangko Sentral ng Pilipinas (BSP) as an E-Money Issuer. It offers electronic money issuance and remittance services using, under the Philbit.ph brand. It issues a form of electronic money which allows Philbit.ph users to easily and conveniently send and receive cash as well as make payments electronically.

Philbit PHP: A form of electronic money that is withdrawable in cash, or cash equivalent, or which allows Philbit.ph customers to easily and conveniently send and receive PHP value as well as make payments electronically.

Philbit PHP Wallet: A wallet that stores Philbit PHP. It is a wallet that is linked to a Philbit.ph Customer’s identifying information. Functionalities include, but are not limited to, transfer of funds, payments of goods and services, and balance inquiry.

Philbit.ph Customer: A physical or legal person, the identifying information of whom and/or by whom was provided to PHILBIT Inc. using the Philbit.ph Web Portal/App. This also includes any persons using a Philbit.ph account on behalf of a Philbit.ph Customer, any unauthorized users of a Philbit.ph Account, and any person(s) otherwise controlling a Philbit.ph account.

Philbit.ph App / Philbit.ph Web Portal: A mobile application that serves as the interface between the account holder and his Philbit.ph Account.

Philbit.ph Account: Refers to an account that has Philbit PHP Wallet, and/or Virtual Currency which would be linked to a Philbit.ph Customer identifying information.

2. GENERAL.

When using the Virtual Currency wallet, bill payments, mobile airtime top-ups, any cash in and/or cash out services, via the Philbit.ph App and/or Web Portal, you are bound by the “PHILBIT Inc. User Agreement”. When using the Philbit.ph Philippine Peso Wallet, provided by DCPay Philippines Inc, and available under the Philbit.ph App and/or Web Portal, you are bound by the “DCPAY User Agreement”.

3. CONTACT DETAILS.

Philbit.ph Customer Service Hotline No. (02) 631-6234
BSP – Financial Consumer Protection Department (Tel. No.: (632) 708.7325; Fax No.: (632) 708.7345)

PHILBIT INC. USER AGREEMENT

This User Agreement (“Agreement”) is a contract between you and PHILBIT Inc. and applies to your use of PHILBIT Inc. services. You must read, agree with and accept all of the terms and conditions contained in this Agreement.
This is an important document which you must consider carefully when choosing whether to use PHILBIT Inc. services.

GENERAL

By signing up to use the PHILBIT Inc. account through the Philbit.ph website, the PHILBIT Inc. API, and/or any associated websites or mobile applications (collectively the “Philbit.ph site”), you agree to comply with and be legally bound by this Agreement, as revised from time to time. If you do not agree to any of the terms set forth in this Agreement, or any subsequent modification to the Agreement, you may not access or use any of the PHILBIT Inc. Services.
We may amend or modify this Agreement by posting on the Philbit.ph site or emailing to you the revised Agreement, and the revised Agreement shall be effective at such time. We may (a) modify or discontinue any portion of the PHILBIT Inc. services, and (b) suspend or terminate your access to the PHILBIT Inc. Services, at any time, and from time to time, without notice to you in certain, limited circumstances described herein. You agree that we shall not be liable to you or any third party for any modification or termination of the PHILBIT Inc. services, or suspension or termination of your access to the PHILBIT Inc. Services, except to the extent otherwise expressly set forth herein.
PHILBIT, Inc., dba Philbit.ph is duly registered with the Bangko Sentral ng Pilipinas (BSP) as Remittance & Transfer Company (RTC) with Money Changing (MC)/ Foreign Exchange Dealing (FXD) & Virtual Currency Exchange (VC) service, and all such activity is subject to the rules and regulations of the Bangko Sentral ng Pilipinas and the Anti-Money Laundering Act (AMLA), as amended.
Please note the following risks of using PHILBIT Inc. services:

• Digital currency purchased using a bank account or credit card may be reversed at a later time, for example, if such a payment is subject to a chargeback, reversal, claim or is otherwise invalidated.
• A digital currency transaction may be unconfirmed for a period of time (usually less than one hour, but up to one day) and never complete if it is in a pending state.
• You agree that disputes between you and PHILBIT Inc. will be resolved by binding, individual arbitration and you waive your right to participate in a class action lawsuit or class-wide arbitration.
• Holding digital currency is high risk. The price or value of digital currency can change rapidly, decrease, and potentially even fall to zero, and could cause large losses. Please consider carefully before purchasing or holding digital currency, taking into consideration your financial circumstances.

1. OUR RELATIONSHIP WITH YOU.

1.1 PHILBIT Inc. helps you make payments to and accept payments from third parties. PHILBIT Inc. also provides a digital currency wallet service where you can store your digital currency. PHILBIT Inc. also allows users to buy and sell digital currency. PHILBIT Inc. is an independent contractor for all purposes. PHILBIT Inc. does not have control of, or liability for, the products or services that are paid for with PHILBIT Inc. services. We do not guarantee the identity of any user or other party or ensure that a buyer will complete a transaction. PHILBIT Inc. is not a money transmitter. PHILBIT Inc. assists its users in digital currency transactions.
1.2 Your Privacy. Protecting your privacy is very important to PHILBIT Inc. Please review our Privacy Policy in order to better understand our commitment to maintaining your privacy, as well as our use and disclosure of your information.
1.3 Privacy of Others; Marketing. If you receive information about another user through PHILBIT Inc. services, you must keep the information confidential and only use it in connection with PHILBIT Inc. services. You may not disclose or distribute a user’s information to a third party or use the information for marketing purposes unless you receive the user’s express consent to do so. You may not send unsolicited email to a user through Philbit.ph.
1.4 Intellectual Property. “Philbit.ph” and all logos related to Philbit.ph services and/or PHILBIT Inc. services are either trademarks, or registered marks of PHILBIT Inc. or its licensors.
1.5 Password Security and Keeping Your Email and Address Current. You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers (PINs), or any other codes that you use to access Philbit.ph services. You are responsible for keeping your email address up to date in your Account Profile.
1.6 Notices to You. You agree that PHILBIT Inc., via Philbit.ph App and/or Web Portal may provide you communications about your Account and Philbit.ph services electronically.
1.7 Notices to PHILBIT Inc. We prefer receiving notices to PHILBIT Inc. electronically through our support system at help@Philbit.ph. Paper notifications can also be sent to PHILBIT Inc. See our contact page for our mailing address.
1.8 All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

2. ACCOUNTS.

2.1 Eligibility. To be eligible to use PHILBIT Inc. services, you must be at least 18 years old. For minors, you shall provide a consent form duly completed by your parent/legal guardian along with your and their identification documents.
2.2 Identity Authentication. If you wish to buy or sell digital currency through the exchange provided by PHILBIT Inc., available via Philbit.ph App/Web Portal, you authorize PHILBIT Inc., directly or through third parties, to make any inquiries we consider necessary to validate your identity.
2.3 Multiple Accounts. PHILBIT Inc. Accounts are personal and non-transferable. By using PHILBIT Inc. Services, you agree that you will not create more than one Account, and that we may, without notice, close or suspend any or all of the Accounts of a Member who has, or whom we reasonably suspect has, opened multiple Accounts.
2.4 Third Party Applications. If you grant express permission to a third party to connect to your Philbit.ph account, either through the third party’s product or through Philbit.ph, you acknowledge that granting permission to a third party to take specific actions on your behalf does not relieve you of any of your responsibilities under this Agreement. Further, you acknowledge and agree that you will not hold PHILBIT Inc. responsible for, and will indemnify PHILBIT Inc. from, any liability arising from the actions or inactions of this third party in connection with the permissions you grant. You may change or remove these permissions at any time from the Account Settings (API) page.
2.5 Taxes. It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. PHILBIT Inc. is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.
2.6 Your account with us is not a bank account. Our services are not financial instruments. No interest will be paid on any funds or currency you use to purchase or trade for any other currency, and such currency is not insured by the company or any government agency.
2.7 Limitations. PHILBIT Inc. may delay an order if customer has not provided personal identifying information, if it reasonably suspects that customer is in violation of the User Agreement, or if further personal identifying information is necessary to establish the identity of the customer (“KYC”). Until completion of such verification procedures, customers may experience delayed processing of digital currency Transactions or Conversion Service transactions. PHILBIT Inc. will designate any such delayed transaction as “pending,” and funds will not be available until the pending transaction is completed. PHILBIT Inc. reserves the right to refuse to process, cancel, or to reverse any customer transaction (i) as required by law, (ii) in response to a facially valid subpoena, court order, or other government order, or (iii) if PHILBIT Inc. reasonably suspects that the transaction is erroneous, or is in violation of the PHILBIT Inc. User Agreement.
2.8 Unsolicited Deposits. Unsolicited deposits into our bank account are subject to a processing fee of up to Php 4,000.00 per incidence. PHILBIT Inc. reserves the right at its own discretion to either process or reject such deposits and associated orders. Any reversal of funds will require adequate (as determined by PHILBIT Inc.) proof of payment, identification of payer, and proof of ownership of the originating account (where applicable). Examples of unsolicited deposits include but are not limited to: making a deposit without a corresponding order; check, wire, or other non-cash deposits; depositing an amount that substantially exceeds the order amount; placing an order after a deposit has been made; any type of deposit resulting in circumvention of account limits.
2.9 Wrong or Partial Beneficiary Details. A processing fee of up to Php 200.00 per failed attempt may be assessed at PHILBIT Inc.’s discretion for orders which we are unable to complete due to wrong or partial beneficiary information.
2.10 PHILBIT Inc. reserves the right to refuse to process, or to cancel or reverse, any transactions, including purchases or sales of digital currency in its sole discretion, even after funds have been debited from your account(s), if PHILBIT Inc. suspects the transaction involves (or has a high risk of involvement in) money laundering, terrorist financing, fraud, or any other type of financial crime; in response to a subpoena, court order, or other government order; if PHILBIT Inc. reasonably suspects that the transaction is erroneous; or if PHILBIT Inc. suspects the transaction relates to a Prohibited Business and/or Prohibited Use, as set forth below. In such instances, PHILBIT Inc. will reverse the transaction. In the cases of digital currency transaction, we are under no obligation to allow you to reinstate a purchase or sale order at the same price or on the same terms as the cancelled transaction.
2.11 PHILBIT Inc. will make reasonable efforts to ensure that requests for cash in to and/or cash outs from your PHILBIT Inc. account are processed in a timely manner within our advertised processing times. But PHILBIT Inc. makes no representations or warranties regarding the amount of time needed to complete processing which is dependent upon many factors outside of our control. PHILBIT Inc. reserves the right to delay your cash in and/or cash out at any time. We will always notify you before you confirm your transaction, or within reasonable time after we introduce such delayed processing times.

3. DIGITAL CURRENCY

3.1 PHILBIT Inc. may cancel or reverse potentially high-risk buys or sells of digital currency, including those made using reversible payment methods.
3.2 PHILBIT Inc. does not cancel or reverse digital currency-to-digital currency transactions, as long as they are accepted and confirmed on the blockchain network.
3.3 PHILBIT Inc. keeps 100% of customer funds in storage. PHILBIT Inc. does not engage in fractional reserve lending.
3.4 In the event PHILBIT Inc. needs to retrieve funds from offline storage, there can be a delay in sending Philbit of up to 72 hours.
3.5 PHILBIT Inc. does not guarantee the value of digital currency. You acknowledge that the price or value of digital currency can change rapidly, decrease, and potentially even fall to zero. You acknowledge that holding digital currency is high risk. You agree to deliver the agreed upon payment for digital currency upon confirmation of an order, regardless of changes in digital currency value.
3.6 PHILBIT Inc. reserves the right to change the buy/sell limits and/or suspend trading activity on your account as we deem necessary.
3.7 The PHILBIT Inc. services are available only in connection with those digital currencies that PHILBIT Inc., in its sole discretion, decides to support. The digital currencies that PHILBIT Inc. supports may change from time to time. If you have any questions about which digital currencies PHILBIT Inc. currently supports, please visit https://support.Philbit.ph/hc/en-us . Under no circumstances should you attempt to use the PHILBIT Inc. services to store, send, request, or receive digital currencies in any form that are not supported by PHILBIT Inc. PHILBIT Inc. assumes no responsibility or liability in connection with any attempt to use PHILBIT Inc. services for digital currencies that PHILBIT Inc. does not support.
3.8 Operation of Digital Currency Protocols. PHILBIT Inc. does not own or control the underlying software protocols which govern the operation of digital currencies available for buy/sell and/or supported through our platform. In general, the underlying protocols are open source and anyone can use, copy, modify, and distribute them. By using PHILBIT Inc., you acknowledge and agree (i) that PHILBIT Inc. is not responsible for operation of the underlying protocols and that PHILBIT Inc. makes no guarantee of their functionality, security, or availability; and (ii) that the underlying protocols are subject to sudden changes in operating rules (a/k/a “forks”), and that such forks may materially affect the value, function, and/or even the name of the digital currency you buy/sell at the exchange operated PHILBIT Inc. In the event of a fork, you agree that PHILBIT Inc. may temporarily suspend the PHILBIT Inc. Services and operations (with or without advance notice to you) and that PHILBIT Inc. may subsequently, in its sole discretion, (a) configure or reconfigure its systems or (b) decide not to support (or cease supporting) the forked protocol entirely, provided, however, that you will have an opportunity to withdraw funds from the platform. You acknowledge and agree that PHILBIT Inc. assumes absolutely no responsibility whatsoever in respect of an unsupported branch of a forked protocol.
PHILBIT Inc. will support only one fork of each digital currencies protocol which we determine, at our sole discretion, best reflects the consensus approach.
3.9 Digital Currency Transactions. PHILBIT Inc. processes purchases and/or sales of supported digital currencies according to the instructions received from its customers and we do not guarantee the identity of any user, receiver or other party. You should verify all transaction information prior to submitting instructions to PHILBIT Inc. Once submitted to a digital currency network, a digital currency transaction will be unconfirmed for a period of time pending sufficient confirmation of the transaction by the digital currency network. A transaction is not complete while it is in a pending state. Funds associated with transactions that are in a pending state will be designated accordingly, and will not be included in your PHILBIT Inc. Account balance or be available for transactions. PHILBIT Inc. may charge network fees (miner fees) to process a digital currency transaction on your behalf. PHILBIT Inc will calculate the network fee in its discretion, although PHILBIT Inc will always notify you of the network fee at or before the time you authorize the transaction.
3.10 PHILBIT Inc. securely stores all digital currency private keys in our control in a combination of online and offline storage. As a result, it may be necessary for PHILBIT Inc. to retrieve certain information from offline storage in order to facilitate a digital currency transaction in accordance with your instructions, which may delay the initiation or crediting of such digital currency transaction for 72 hours or more. You acknowledge and agree that a digital currency transaction facilitated by PHILBIT Inc. may be delayed.
3.11 Sending Digital Currency to Your Fiat PHP Wallet. For customers receiving digital currency directly to their PHP wallet using their bitcoin address, PHILBIT Inc. reserves the right to not process such conversion (for example, when such transaction exceeds our system limits), in which case, the funds will be remain in digital currency value and will be credited to the customer’s digital currency wallet.

4. UNAUTHORIZED USES.

Users are prohibited from using any PHILBIT Inc. Services, services provided to or in relation to other users, and related third party services, for or in relation to certain activities (“Unauthorized Uses”) which contravene the Agreement. This prohibition is designed to protect Philbit Customers from wrongdoing and ensure compliance with local laws and international norms.
These categories are not exhaustive and are designed primarily for illustrative purposes. Any use of the services for the purpose of facilitating, participating in, or acting in relation any Unauthorized Uses can lead to service disruptions, changes in services, account deactivation or reporting to law enforcement. If you believe you are using Philbit services for one of the purposes below, are seeking to use Philbit services for that reason, or are unsure whether your use or intended use may be a Prohibited Use, you may contact Philbit Support for clarity.
Prohibited Uses include transaction or activities related to:

• (a) Investment Schemes: Support of pyramid schemes, paluwagans, ponzi schemes, network marketing, unlicensed investment vehicles, deceptive charity schemes, referral marketing programs or multi-level marketing programs;
• (b) Fraud: Provision of any false, deceptive, inaccurate or misleading information to Philbit, Philbit users, or other third parties for pecuniary gain or other ends;
• (c) Gambling: Online gambling, lotteries, casinos and informal gambling, gaming operations, sports betting, and other games of chance and forms of speculation;
• (d) Unauthorized Financial Institutions and MSBs: Unlicensed money transmission, unlicensed financial services, and other unregulated financial operations. This also includes securities brokers, unlicensed investment vehicles, check cashing services, collections agencies, and bail bonds;
• (e) Drugs: Illegal narcotics, drug paraphernalia, commercial drugs and other controlled substances, and other mind or body altering substances presenting a public health risk;
• (f) Stolen Items: Stolen goods including digital and virtual goods, all goods for which seller does not have clear title;
• (g) Intellectual Property Infringement: Items that infringe or violate any intellectual property rights, including trademark, copyright, privacy or any other proprietary rights. This includes the selling or facilitating of sales of counterfeit or unauthorized goods or activities related thereto;
• (h) Shell Companies: Entities that appear to have no genuine business purpose or are otherwise designed to operate for a purpose other than that which they purport to operate under are prohibited;
• (i) Bearer Shares Entities: Customers transacting with, on behalf of, or in relation to entities for which the identity of beneficial owners are not known and in which ownership stakes are freely alienable are prohibited;
• (j) Adult Services and Media: Services involving prostitution, sale of illegal pornographic materials, and forms of human trafficking;
• (k) High Risk Entities: Any individual, group, or entity deemed to pose an inordinately high risk to Philbit, its customers, or other third parties may be considered unacceptably high risk and an unauthorized user;
• (l) Violence: Violent acts towards self or others, or activities or items that encourage, promote, facilitate or instruct others regarding the same;
• (m) Coercion: Extortion, blackmail, or efforts to induce unearned payment;(m) Coercion: Extortion, blackmail, or efforts to induce unearned payment;
• (n) Weapon Sales: Unlicensed sale of firearms and certain weapons.

5. DISPUTES WITH PHILBIT INC.

5.1 Indemnification. You agree to indemnify and hold PHILBIT Inc., its parent, the officers, directors, agents, joint venturers, and employees harmless from any claim or demand (including attorneys’ fees) arising out of your breach of this Agreement or your use of PHILBIT Inc. services.
5.2 Release of PHILBIT Inc. If you have a dispute with one or more users, you release PHILBIT Inc. (and our parent, officers, directors, agents, joint ventures, employees and suppliers) from any and all claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes. In addition, this release extends to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if not known by him must have materially affected his settlement with the debtor.
5.3 Disputes with PHILBIT Inc. If you think we have made an error, write to us at Philbit.ph, or email us at help@Philbit.ph. In your correspondence, you must give us information sufficient to identify you, your account, and the transaction on which you believe an error occurred. You must contact us within 30 days after the transaction occurred. Within 90 days of receiving your request, we must either correct the error or explain to you why we believe the transaction was correct.

6. CUSTOMER CASH-IN.

6.1 PHILBIT Inc. may introduce you to third party customers or “Tellers” for the purpose of cashing-in funds into your PHILBIT Inc. account. While we try to verify each Teller, we will not assess the suitability, legality or ability of any third party cash-in providers and you expressly waive and release the company and/or its directors, officers, and employees from any and all liability, claims or damages arising from or in any way related to the third party cash-in service provider. The company will not be a party to disputes, negotiations of disputes between you and such third party providers. Responsibility for the decisions you make regarding services offered via the software or service (with all its implications) rests solely with you. We will not assess the suitability, legality or ability of any such third parties and you expressly waive and release the company and/or its directors, officers and employees from any and all liability, claims, causes of action, or damages arising from your use of the software or service, or in any way related to the third parties introduced to you by the software or service.
6.2 Any references in the Site, Application or Services to a Customer being “verified” or “connected” (or similar language) only indicate that the Member has completed a relevant verification process, and does not represent anything else. Any such description is not an endorsement, certification or guarantee by PHILBIT Inc. about any Customer, including of the Customer’s identity and whether the Customer is trustworthy, safe or suitable. Instead, any such description is intended to be useful information for you to evaluate when you make your own decisions about the identity and suitability of others whom you contact or interact with via the Application and Services. We therefore recommend that you always exercise due diligence and care when deciding whether to trust a Teller or to accept a cash-in request from a Customer, or to have any other interaction with any other Customers.

7. GENERAL PROVISIONS.

7.1 Limitations of Liability. IN NO EVENT SHALL WE, OUR PARENT, THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF PHILBIT Inc. OR OUR PARENT BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH OUR WEBSITE, PHILBIT Inc. SERVICES, OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE). Some states do not allow the exclusion or limitation of incidental or consequential damages so the above limitation or exclusion may not apply to you. OUR LIABILITY, AND THE LIABILITY OF OUR PARENT, OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS, TO YOU OR ANY THIRD PARTIES IN ANY CIRCUMSTANCE IS LIMITED TO THE ACTUAL AMOUNT OF DIRECT DAMAGES.
7.2 No Warranty. PHILBIT Inc. SERVICES ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OF WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. PHILBIT Inc., OUR PARENT, THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF PHILBIT Inc. OR OUR PARENT SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. PHILBIT Inc. does not have any control over the products or services that are paid for with PHILBIT Inc. services and PHILBIT Inc. cannot ensure that a buyer or a seller you are dealing with will actually complete the transaction or is authorized to do so. PHILBIT Inc. does not guarantee continuous, uninterrupted or secure access to any part of PHILBIT Inc. services, and operation of our site may be interfered with by numerous factors outside of our control. PHILBIT Inc. will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, credit cards, and check issuances are processed in a timely manner but PHILBIT Inc. makes no representations or warranties regarding the amount of time needed to complete processing because PHILBIT Inc. services are dependent upon many factors outside of our control, such as delays in the banking system or the U.S. or international mail service. Some states do not allow the disclaimer of implied warranties, so the foregoing disclaimers may not apply to you. This paragraph gives you specific legal rights and you may also have other legal rights that vary from state to state.
7.3 Force Majeure. We shall not be liable for delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control and shall not affect the validity and enforceability of any remaining provisions.
7.4 Arbitration. Except for claims for injunctive or equitable relief or claims regarding intellectual property rights (which may be brought in any competent court without the posting of a bond), any dispute arising under this Agreement shall be finally settled by arbitration in accordance with the Arbitration Rules of the Singapore International Arbitration Center (“SIAC Rules”) for the time being in force, which rules are deemed to be incorporated by reference in this clause. The Tribunal shall consist of one or more arbitrators (if one arbitrator cannot be designated by mutual agreement of the Parties) appointed in accordance with said rules. The venue for arbitration shall be Singapore, and the language of arbitration shall be English. The arbitral award shall be final and binding on the Parties and shall be enforceable in any court having jurisdiction. The prevailing party in any action or proceeding to enforce this Agreement shall be entitled to costs and attorneys’ fees.
7.5 Time Limitation on Claims. You agree that any claim you may have arising out of or related to your relationship with PHILBIT Inc. must be filed within one year after such claim arose; otherwise, your claim is permanently barred.
7.6. Export Controls & Sanctions. The supply of digital currency and the PHILBIT Inc. services through the Philbit.ph site is subject to Philippines and international export controls and economic sanctions requirements. By acquiring any such items through the PHILBIT Inc. site, you represent and warrant that your acquisition comports with and your use of the item will comport with those requirements. Without limiting the foregoing, you may not acquire digital currency or any of the PHILBIT Inc. services through the PHILBIT Inc. site if: (1) you are in, under the control of, or a national or resident of Cuba, Iran, North Korea, Sudan or Syria or any other country subject to United States embargo, UN sanctions, HM Treasury’s financial sanctions regime, or if you are on the U.S. Treasury Department’s Specially Designated Nationals List or the U.S. Commerce Department’s Denied Persons List, Unverified List, Entity List HM Treasury’s financial sanctions regime; or (2) you intend to supply the acquired digital currency or PHILBIT Inc. Services to Cuba, Iran, North Korea, Sudan or Syria or any other country subject to United States embargo or UN sanctions (or a national or resident of one of these countries), or to a person on the Specially Designated Nationals List, Denied Persons List, Unverified List, Entity List, or HM Treasury’s financial sanctions regime.

POLICY ON CUSTOMERS FROM THE STATE OF NEW YORK

In light of the recent New York “BitLicense” regulations we have regretfully decided to no longer service customers who are either residents of, or are located in the state of New York.
By signing up for an account with us or by using any of our products and services, you confirm that you are not a New York State resident or New York State legal entity, and that you will not be using our services from the State of New York.

APPENDIX 1: PROHIBITED BUSINESSES AND PROHIBITED USE

The following categories of businesses, business practices, and sale items are barred from PHILBIT Inc. services (“Prohibited Businesses”). By opening a PHILBIT Inc. account, you confirm that you will not use PHILBIT Inc. services in connection with the following businesses, activities, practices, or items:

1. Operating as an unlicensed money transmitter, money service, payment service provider, e-money, or any other financial services business which requires licensure, including but not limited to exchanges of virtual currencies, sales of money orders or traveler’s checks, and escrow services
2. Counterfeit products or any product or service that infringes upon the copyright, trademark, or trade secrets of any third party
3. Stolen goods
4. Narcotics, controlled substances, prescription and pharmaceutical services, drug paraphernalia, or any substances designed to mimic illegal drugs
5. Gambling, except where permitted by PHILBIT Inc.
6. Sports forecasting or odds making
7. Prostitution or illegal escort services
8. Violent acts towards self or others, or activities or items that encourage, promote, facilitate or instruct others regarding the same
9. Funding any of the items included on this Prohibited Businesses list
10. Extortion, blackmail, or efforts to induce unearned payments
11. Unlicensed sale of firearms and certain weapons
12. Engaging in deceptive marketing practices
13. Any business that violates any law, statute, ordinance or regulation

You may not use your Philbit.ph Account to engage in the following categories of activity (“Prohibited Use”). By opening a Philbit.ph Account operated by PHILBIT Inc., you confirm that you will not use your Account to do any of the following:

1. Violate or assist any party in violating any law, statute, ordinance, regulation or any rule of any self-regulatory or similar organization of which you are or are required to be a member (for example, those laws, rules, or regulations governing financial services, controlled substances, or consumer protections);
2. Partake in a transaction which involves the proceeds of any unlawful activity;
3. Partake in any transaction involving online gambling except where permitted by PHILBIT Inc.;
4. Defraud or attempt to defraud PHILBIT Inc. or other PHILBIT Inc. users;
5. Infringe upon PHILBIT Inc.’s or any third party’s copyright, patent, trademark, or intellectual property rights;
6. Provide false, inaccurate or misleading information;
7. Take any action that imposes an unreasonable or disproportionately large load on our infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information;
8. Interfere with another individual’s or entity’s access to or use of any of the PHILBIT Inc. Services;
9. Defame, abuse, harass, stalk, threaten or otherwise violate or infringe the legal rights (such as, but not limited to, rights of privacy, publicity and intellectual property) of others;
10. Publish, distribute or disseminate any unlawful material or information;
11. Transmit or upload any material to the PHILBIT Inc. Site that contains viruses, Trojan horses, worms, or any other harmful or deleterious programs;
12. Harvest or otherwise collect information from the PHILBIT Inc. Site about others, including without limitation email addresses, without proper consent;
13. Act as a payment intermediary or aggregator or otherwise resell any of the PHILBIT Inc. Services, unless expressly authorized by PHILBIT Inc. in writing;
14. Transfer any rights granted to you under this Agreement;
15. Use the PHILBIT Inc. Account information of another party to access or use the PHILBIT Inc. Site, except in the case of specific Merchants and/or applications which are specifically authorized by a user to access such user’s PHILBIT Inc. Account and information;
16. Otherwise attempt to gain unauthorized access to the Philbit.ph Site, other Philbit.ph Accounts, computer systems or networks connected to the PHILBIT Inc. Site, through password mining or any other means;
17. Engage in transactions involving items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the law;
18. Take any action that PHILBIT Inc. deems as circumventing PHILBIT Inc. controls, including, but not limited to, opening multiple PHILBIT Inc. Accounts or abusing promotions which PHILBIT Inc. may offer from time to time;
19. US Residents are prohibited from using Philbit.ph for money transmission or to conduct any other financial activity requiring licensure or covered by regulations governing financial services.

FINAL PROVISIONS

Language. The User Agreement is enforced in both Tagalog and English, which have equal legal force. In the event of any conflict between the provisions of the User Agreement prepared in different languages, the respective provision in English shall prevail.

PHILBIT PRO USER AGREEMENT

This User Agreement (“Agreement”) is a contract between you and Philbit Pro and applies to your use of Philbit Pro services. You must read, agree with and accept all of the terms and conditions contained in this Agreement.
This is an important document which you must consider carefully when choosing whether to use Philbit Pro services.

1. GENERAL.

By signing up to use the Philbit Pro account through the Site “pro.Philbit.asia” website, the Philbit Pro API, and/or any associated websites or mobile applications (collectively the “Philbit exchange site”), you agree to comply with and be legally bound by this Agreement, as revised from time to time. If you do not agree to any of the terms set forth in this Agreement, or any subsequent modification to the Agreement, you may not access or use any of the Philbit Pro Services.
1.1 We may amend or modify this Agreement by posting on the Philbit Pro site or emailing to you the revised Agreement, and the revised Agreement shall be effective at such time. We may (a) modify or discontinue any portion of the Philbit Pro services, and (b) suspend or terminate your access to the Philbit Pro Services, at any time, and from time to time, without notice to you in certain, limited circumstances described herein. You agree that we shall not be liable to you or any third party for any modification or termination of the Philbit Pro services, or suspension or termination of your access to the Philbit Pro Services, except to the extent otherwise expressly set forth herein.
1.2 As used in this Terms of Use, “Philbit Pro” refers to the exchange operated by the company PHILBIT Inc, with its registered address at 12F Centerpoint building, Julia Vargas corner Garnet Road, Ortigas Center Pasig, Philippines, including, without limitation, its owners, directors, investors, employees or other related parties. Depending upon the context, “Philbit Pro” may also refer to the services, products, website, content or other materials (collectively “Philbit Pro Services”) provided by Philbit Pro PHILBIT, Inc., dba Philbit.ph is duly registered with the Bangko Sentral ng Pilipinas (BSP) as Remittance & Transfer Company (RTC) with Money Changing (MC)/ Foreign Exchange Dealing (FXD) & Virtual Currency Exchange (VC) service, and all such activity is subject to the rules and regulations of the Bangko Sentral ng Pilipinas and the Anti-Money Laundering Act (AMLA), as amended.
1.3 Order Book Exchange. Philbit Pro offers an order book for various Digital Currency and Fiat Currency trading pairs (each an ‘Order Book’). Refer to your Philbit Pro account to determine which Order Books are available to you, as they might change from time to time. The Service operated by Philbit Pro allows buyers (“Buyers”) and sellers (“Sellers”) to buy and sell Digital Currencies.
1.4 Access to the Service. Depending on your country of residence, you may not be able to use all the functions of the Site. It is your responsibility to follow those rules and laws in your country of residence and/or country from which you access this Site and Services. As long as you agree to and comply with these Terms of Use, Philbit Pro grants you the personal, non-exclusive, non-transferable, non-sublicensable and limited right to enter and use the Site and the Service.
1.5 Your Account. Your Philbit Pro account consists of the following:

• A dedicated Hosted Digital Currency Wallet for each Digital Currency offered on the Philbit Pro
• A dedicated Fiat Currency Wallet.
• Associated user tools, accessible at [URL] and through API 1.6 Risks.

Please note the following risks of using the Philbit Pro Services:

• Digital currency purchased using a bank account or credit card may be reversed at a later time, for example, if such a payment is subject to a chargeback, reversal, claim or is otherwise invalidated.
• A digital currency transaction may be unconfirmed for a period of time (usually less than one hour, but up to one day) and never complete if it is in a pending state.
• You agree that disputes between you and Philbit Pro will be resolved by binding, individual arbitration and you waive your right to participate in a class action lawsuit or class-wide arbitration.
• Holding and trading digital currency is high risk. The price or value of digital currency can change rapidly, decrease, and potentially even fall to zero, and could cause large losses. Please consider carefully before purchasing or holding any digital assets, taking into consideration your financial circumstances.
• Unlike other commodities or currencies, Cryptocurrencies have inherent and unique risks. They are backed by technology and trust. There is no central bank that can issue more currency or take corrective measures to protect the value of Cryptocurrencies at any given moment.
• Legal Risk: The legal status of certain Digital Currencies may be uncertain. This can mean that the legality of holding or trading them is not always clear. Whether and how one or more Digital Tokens constitute property, or assets, or rights of any kind may also seem unclear. Participants are responsible for knowing and understanding how Digital Tokens will be addressed, regulated, and taxed under applicable law.

2. OUR RELATIONSHIP WITH YOU.

2.1 Philbit Pro helps you trade Digital Assets. It also provides a digital currency wallet service where you can store your digital currency. Philbit Pro also allows users to buy and sell digital currency. Philbit Pro is an independent contractor for all purposes. Philbit Pro does not have control of, or liability for, the products or services that are paid for with Philbit Pro services. We do not guarantee the identity of any user or other party or ensure that a Buyer will complete a transaction. Philbit Pro assists its users in digital currency transactions. Philbit Pro and/or its affiliates may be buyer or seller in the trades.
2.2 Your Privacy. Protecting your privacy is very important to the Philbit Pro. Please review our Privacy Policy in order to better understand our commitment to maintaining your privacy, as well as our use and disclosure of your information.
2.3 Privacy of Others; Marketing. If you receive information about another user through the Philbit Pro services, you must keep the information confidential and only use it in connection with Philbit Pro services. You may not disclose or distribute a user’s information to a third party or use the information for marketing purposes unless you receive the user’s express consent to do so. You may not send unsolicited email to a user through the Philbit Pro.
2.4 Intellectual Property. “Philbit Pro” and all logos related to the Philbit Pro services and/or Philbit Pro services are either trademarks, or registered marks of Philbit Pro, their registered owners or its licensors. The Trademarks and Material should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other Site or networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, trademark and other applicable laws and could result in criminal or civil penalties.
2.5 Password Security and Keeping Your Email and Address Current. You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers (PINs), or any other codes that you use to access Philbit Pro Services. You are responsible for keeping your email address up to date in your Account Profile.
2.6 Notices to You. You agree that Philbit Pro, via Philbit Pro platform, App and/or Web Portal may provide you communications about your Account and Philbit Pro services electronically.
2.7 Notices to Philbit Pro. We prefer receiving notices to electronically through our support system at Philbit Pro.support@Philbit.ph. Paper notifications can also be sent. See our contact page for our mailing address.
2.8 All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

3. ACCOUNTS.

3.1 Eligibility. To be eligible to use the Philbit Pro services, you must be at least 18 years old.
3.2 Identity Authentication. If you wish to buy or sell digital currency through the exchange provided by the Philbit Pro, you authorize Philbit Pro, directly or through third parties, to make any inquiries we consider necessary to validate your identity. you agree to provide Bitstamp with current, accurate and complete information about yourself, as prompted by the registration process, and to keep such information updated.
3.3 Multiple Accounts. Philbit Pro Accounts are personal and non-transferable. By using Philbit Pro Services, you agree that you will not create more than one Account, and that we may, without notice, close or suspend any or all of the Accounts of a Member who has, or whom we reasonably suspect has, opened multiple Accounts.
3.4 By using a Philbit Pro Account you agree and represent that you will use Philbit Pro only for yourself as Account owner, and not on behalf of any third party, unless you have obtained prior approval from Philbit Pro. You may not sell, lease, furnish or otherwise permit or provide access to your Philbit Pro Account to any other entity or to any individual that is not your employee or agent, if you maintain a business account. In such cases, you accept full responsibility for your employees’ or agents’ use of Philbit Pro, whether such use is directly through Philbit Pro website or by other means, such as those facilitated through API keys, and/or applications which you may authorize. You understand and agree that you are responsible for any and all orders, trades, and other instructions entered into Philbit Pro including identifiers, permissions, passwords, and security codes associated with your Philbit Pro Account.
3.5 Third Party Applications. If you grant express permission to a third party to connect to your Philbit Pro account, either through the third party’s product or through Philbit Pro, you acknowledge that granting permission to a third party to take specific actions on your behalf does not relieve you of any of your responsibilities under this Agreement. Further, you acknowledge and agree that you will not hold Philbit Pro responsible for, and will indemnify Philbit Pro from, any liability arising from the actions or inactions of this third party in connection with the permissions you grant. You may change or remove these permissions at any time from the Account Settings (API) page.
3.6 Taxes. It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. Philbit Pro is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.
3.7 Your account with us is not a bank account. Our services are not financial instruments. No interest will be paid on any funds or currency you use to purchase or trade for any other currency, and such currency is not insured by the company or any government agency.
3.8 Limitations. Philbit Pro may delay an order if customer has not provided personal identifying information, if it reasonably suspects that customer is in violation of the User Agreement, or if further personal identifying information is necessary to establish the identity of the customer (“KYC”). Until completion of such verification procedures, customers may experience delayed processing of digital currency Transactions or Conversion Service transactions. Philbit Pro will designate any such delayed transaction as “pending,” and funds will not be available until the pending transaction is completed. Philbit Pro reserves the right to refuse to process, cancel, or to reverse any customer transaction (i) as required by law, (ii) in response to a facially valid subpoena, court order, or other government order, or (iii) if reasonably suspects that the transaction is erroneous, or is in violation of the Philbit Pro User Agreement. You are also responsible for maintaining the confidentiality of your Account information, including your password, safeguarding your own Cryptocurrencies, and all activity including Transactions that are posted to your Account. If there is suspicious activity related to your Account, we may, but are not obligated to, request additional information from you, including authenticating documents, and to freeze any transactions pending our review. You are obligated to comply with these security requests or accept termination of your Account. You are required to notify Philbit Pro immediately of any unauthorised use of your Account or password, or any other breach of security, by email to Philbit Pro.support@Philbit.ph. Any user who violates these rules may be terminated, and thereafter held liable for losses incurred by Philbit Pro or any user of the Site.
3.9 Minimum allowable trade is 50 PHP in value.
3.10 Deposits. You may fund your Philbit Pro Account by depositing Digital Currency and/or Fiat Currency from your Philbit.ph Account, Bank Account or an external Digital Currency address into your Philbit Pro Account, as they might be available from time to time. Funds in your Philbit Pro Account can be used only to trade on the Philbit Pro. If you are funding from your Philbit.ph account, you hereby authorise Philbit Pro to initiate debits from your Philbit wallet in settlement of such transactions.
3.11 Withdrawals. You may withdraw Digital Currency from your Philbit Pro Account by transfer to your Philbit.ph wallet or to an external Digital Currency address. You may withdraw Fiat Currency from your Philbit Pro Account to fiat Philbit.ph wallet. Note that all deposits to and withdrawals from your Philbit Pro Account may be subject to limits, as they may be advertised in your Philbit Pro account and/or Philbit.ph wallets.
3.12 Fees. may also charge a fee on certain deposit or withdrawal methods. All such fees will be clearly advertised in your Philbit Pro Account. For any Trading Fees, by placing an order on Philbit Pro, you agree to pay all applicable fees and you authorize Philbit Pro to automatically deduct fees directly from your Philbit Pro Account.
3.13 Philbit Pro reserves the right to refuse to process, or to cancel or reverse, any transactions, including purchases or sales of digital currency in its sole discretion, even after funds have been debited from your account(s), if Philbit Pro suspects the transaction involves (or has a high risk of involvement in) money laundering, terrorist financing, fraud, or any other type of financial crime; in response to a subpoena, court order, or other government order; if Philbit Pro reasonably suspects that the transaction is erroneous; or if Philbit Pro suspects the transaction Philbit Pro. will reverse the transaction. In the cases of digital currency transaction, we are under no obligation to allow you to reinstate a purchase or sale order at the same price or on the same terms as the cancelled transaction.
3.14 Philbit Pro will make reasonable efforts to ensure that requests for cash in to and/or cash outs from your Account are processed in a timely manner within our advertised processing times. But Philbit Pro makes no representations or warranties regarding the amount of time needed to complete processing which is dependent upon many factors outside of our control. Philbit Pro reserves the right to delay your cash in and/or cash out at any time. We will always notify you before you confirm your transaction, or within reasonable time after we introduce such delayed processing times.
3.15 Suspension and Cancellation. We may suspend your Philbit Pro Account or your access to any one for more Order Books in accordance with the User Agreement Account suspension and termination provisions. Suspension or termination of your Philbit Pro Account shall not affect the payment of fees or other amounts you owe to Philbit Pro and/or Philbit.ph. In the event that your Philbit.ph is suspended or terminated, we will immediately cancel all open orders associated with your Philbit Pro Account, block all withdrawals and bar the placing of further orders until resolution or Account cancellation.
3.16 No Warranty. We do not represent that Philbit Pro and/or the Philbit Pro Services, will be available without interruption. Although we will strive to provide you with continuous operations, we do not guarantee continuous access or that there will be no delays, failures, errors, omissions or loss of transmitted information, nor do we guarantee that any order will be executed, accepted, recorded, or remain open. Philbit Pro reserves the right to cancel any open trades and/or suspend Philbit Pro activity in accordance with the below Trading Rules.
3.17. No Investment Advice or Brokerage. For the avoidance of doubt, Philbit Pro does not provide investment, tax, or legal advice, nor does Philbit Pro broker trades on your behalf. All Philbit Pro trades are executed automatically, based on the parameters of your order instructions and in accordance with posted Trade execution procedures, and you are solely responsible for determining whether any investment, investment strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation.
3.18 Outstanding amounts. In the event that there are outstanding amounts owed to Philbit Pro and/or Philbit.ph hereunder, Philbit Pro reserves the right to debit your Philbit Pro Account accordingly and/or to withhold amounts from funds you may transfer from your Philbit Pro Account to your Philbit.ph Account.

4. DISPUTES WITH PHILBIT PRO.

4.1 Indemnification. You agree to indemnify and hold Philbit Pro, its parent, the officers, directors, agents, joint venturers, and employees harmless from any claim or demand (including attorneys’ fees) arising out of your breach of this Agreement or your use of Philbit Pro services.
4.2 Release of Philbit Pro. If you have a dispute with one or more users, you release Philbit Pro (and our parent, officers, directors, agents, joint ventures, employees and suppliers) from any and all claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes. In addition, this release extends to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if not known by him must have materially affected his settlement with the debtor.
4.3 Disputes with Philbit Pro. If you think we have made an error, write to us at Philbit.ph, or email us at help@Philbit.ph. In your correspondence, you must give us information sufficient to identify you, your account, and the transaction on which you believe an error occurred. You must contact us within 30 days after the transaction occurred. Within 90 days of receiving your request, we must either correct the error or explain to you why we believe the transaction was correct.

5. CUSTOMER CASH IN.

5.1 Philbit Pro may introduce you to third party customers or “Tellers” for the purpose of cashing-in funds into your Philbit Pro account. While we try to verify each Teller, we will not assess the suitability, legality or ability of any third party cash-in providers and you expressly waive and release the company and/or its directors, officers, and employees from any and all liability, claims or damages arising from or in any way related to the third party cash-in service provider. The company will not be a party to disputes, negotiations of disputes between you and such third party providers. Responsibility for the decisions you make regarding services offered via the software or service (with all its implications) rests solely with you. We will not assess the suitability, legality or ability of any such third parties and you expressly waive and release the company and/or its directors, officers and employees from any and all liability, claims, causes of action, or damages arising from your use of the software or service, or in any way related to the third parties introduced to you by the software or service.
5.2 Any references in the Site, Application or Services to a Customer being “verified” or “connected” (or similar language) only indicate that the Member has completed a relevant verification process, and does not represent anything else. Any such description is not an endorsement, certification or guarantee by Philbit Pro about any Customer, including of the Customer’s identity and whether the Customer is trustworthy, safe or suitable. Instead, any such description is intended to be useful information for you to evaluate when you make your own decisions about the identity and suitability of others whom you contact or interact with via the Application and Services. We therefore recommend that you always exercise due diligence and care when deciding whether to trust a Teller or to accept a cash-in request from a Customer, or to have any other interaction with any other Customers.

6. GENERAL PROVISIONS.

6.1 Limitations of Liability. IN NO EVENT SHALL WE, OUR PARENT, THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF Philbit Pro OR OUR PARENT BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH OUR WEBSITE, Philbit Pro SERVICES, OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE). Some states do not allow the exclusion or limitation of incidental or consequential damages so the above limitation or exclusion may not apply to you. OUR LIABILITY, AND THE LIABILITY OF OUR PARENT, OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS, TO YOU OR ANY THIRD PARTIES IN ANY CIRCUMSTANCE IS LIMITED TO THE ACTUAL AMOUNT OF DIRECT DAMAGES.
6.2 No Warranty. Philbit Pro SERVICES ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OF WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. Philbit Pro, OUR PARENT, THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF Philbit Pro OR OUR PARENT SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. Philbit Pro does not have any control over the products or services that are paid for with Philbit Pro services and Philbit Pro cannot ensure that a buyer or a seller you are dealing with will actually complete the transaction or is authorized to do so. Philbit Pro does not guarantee continuous, uninterrupted or secure access to any part of Philbit Pro services, and operation of our site may be interfered with by numerous factors outside of our control. Philbit Pro will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, credit cards, and check issuances are processed in a timely manner but Philbit Pro makes no representations or warranties regarding the amount of time needed to complete processing because Philbit Pro services are dependent upon many factors outside of our control, such as delays in the banking system or the U.S. or international mail service. Some states do not allow the disclaimer of implied warranties, so the foregoing disclaimers may not apply to you. This paragraph gives you specific legal rights and you may also have other legal rights that vary from state to state.
6.3 Force Majeure. We shall not be liable for delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control and shall not affect the validity and enforceability of any remaining provisions.
6.4 Arbitration. Except for claims for injunctive or equitable relief or claims regarding intellectual property rights (which may be brought in any competent court without the posting of a bond), any dispute arising under this Agreement shall be finally settled by arbitration in accordance with the Arbitration Rules of the Singapore International Arbitration Center (“SIAC Rules”) for the time being in force, which rules are deemed to be incorporated by reference in this clause. The Tribunal shall consist of one or more arbitrators (if one arbitrator cannot be designated by mutual agreement of the Parties) appointed in accordance with said rules. The venue for arbitration shall be Singapore, and the language of arbitration shall be English. The arbitral award shall be final and binding on the Parties and shall be enforceable in any court having jurisdiction. The prevailing party in any action or proceeding to enforce this Agreement shall be entitled to costs and attorneys’ fees.
6.5 Time Limitation on Claims. You agree that any claim you may have arising out of or related to your relationship with Philbit Pro must be filed within one year after such claim arose; otherwise, your claim is permanently barred.
6.6. Export Controls & Sanctions. The supply of digital currency and the Philbit Pro services through the Philbit.ph site is subject to Philippines and international export controls and economic sanctions requirements. By acquiring any such items through the Philbit Pro site, you represent and warrant that your acquisition comports with and your use of the item will comport with those requirements. Without limiting the foregoing, you may not acquire digital currency or any of the Philbit Pro services through the Philbit Pro site if: (1) you are in, under the control of, or a national or resident of Cuba, Iran, North Korea, Sudan or Syria or any other country subject to United States embargo, UN sanctions, HM Treasury’s financial sanctions regime, or if you are on the U.S. Treasury Department’s Specially Designated Nationals List or the U.S. Commerce Department’s Denied Persons List, Unverified List, Entity List HM Treasury’s financial sanctions regime; or (2) you intend to supply the acquired digital currency or Philbit Pro Services to Cuba, Iran, North Korea, Sudan or Syria or any other country subject to United States embargo or UN sanctions (or a national or resident of one of these countries), or to a person on the Specially Designated Nationals List, Denied Persons List, Unverified List, Entity List, or HM Treasury’s financial sanctions regime.

POLICY ON CUSTOMERS FROM THE STATE OF NEW YORK

In light of the recent New York “BitLicense” regulations we have regretfully decided to no longer service customers who are either residents of, or are located in the state of New York.
By signing up for an account with us or by using any of our products and services, you confirm that you are not a New York State resident or New York State legal entity, and that you will not be using our services from the State of New York.

APPENDIX 1: PROHIBITED BUSINESSES AND PROHIBITED USE

The following categories of businesses, business practices, and sale items are barred from Philbit Pro services (“Prohibited Businesses”). By opening a Philbit Pro account, you confirm that you will not use Philbit Pro services in connection with the following businesses, activities, practices, or items:

• a. Operating as an unlicensed money transmitter, money service, payment service provider, e-money, or any other financial services business which requires licensure, including but not limited to exchanges of virtual currencies, sales of money orders or traveler’s checks, and escrow services
• b. Counterfeit products or any product or service that infringes upon the copyright, trademark, or trade secrets of any third party
• c. Stolen goods
• d. Narcotics, controlled substances, prescription and pharmaceutical services, drug paraphernalia, or any substances designed to mimic illegal drugs
• e. Gambling, except where permitted by Philbit Pro
• f. Sports forecasting or odds making
• g. Prostitution or illegal escort services
• h. Violent acts towards self or others, or activities or items that encourage, promote, facilitate or
• i. Instruct others regarding the same
• j. Funding any of the items included on this Prohibited Businesses list
• k. Extortion, blackmail, or efforts to induce unearned payments
• l. Unlicensed sale of firearms and certain weapons
• m. Engaging in deceptive marketing practices
• n. Any business that violates any law, statute, ordinance or regulation

You may not use your Philbit.ph Account to engage in the following categories of activity (“Prohibited Use”). By opening a Philbit.ph Account operated by Philbit Pro, you confirm that you will not use your Account to do any of the following:

• a. Violate or assist any party in violating any law, statute, ordinance, regulation or any rule of any self-regulatory or similar organization of which you are or are required to be a member (for example, those laws, rules, or regulations governing financial services, controlled substances, or consumer protections);
• b. Partake in a transaction which involves the proceeds of any unlawful activity;
• c. Partake in any transaction involving online gambling except where permitted by Philbit Pro;
• d. Defraud or attempt to defraud Philbit Pro or other Philbit Pro users;
• e. Infringe upon Philbit Pro’s or any third party’s copyright, patent, trademark, or intellectual property rights;
• f. Provide false, inaccurate or misleading information;
• g. Take any action that imposes an unreasonable or disproportionately large load on our infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information;
• h. Interfere with another individual’s or entity’s access to or use of any of the Philbit Pro Services;
• i. Defame, abuse, harass, stalk, threaten or otherwise violate or infringe the legal rights (such as, but not limited to, rights of privacy, publicity and intellectual property) of others;
• j. Publish, distribute or disseminate any unlawful material or information;
• k. Transmit or upload any material to the Philbit Pro Site that contains viruses, Trojan horses, worms, or any other harmful or deleterious programs;
• l. Harvest or otherwise collect information from the Philbit Pro Site about others, including without limitation email addresses, without proper consent;
• m. Act as a payment intermediary or aggregator or otherwise resell any of the Philbit Pro Services, unless expressly authorized by Philbit Pro in writing;
• n. Transfer any rights granted to you under this Agreement;
• o. Use the Philbit Pro Account information of another party to access or use the Philbit Pro Site, except in the case of specific Merchants and/or applications which are specifically authorized by a user to access such user’s Philbit Pro Account and information;
• p. Otherwise attempt to gain unauthorized access to the Philbit.ph Site, other Philbit.ph Accounts, computer systems or networks connected to the Philbit Pro Site, through password mining or any other means;
• q. Engage in transactions involving items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the law;
• r. Take any action that Philbit Pro deems as circumventing Philbit Pro controls, including, but not limited to, opening multiple Philbit Pro Accounts or abusing promotions which Philbit Pro may offer from time to time;
• s. US Residents are prohibited from using Philbit.ph for money transmission or to conduct any other financial activity requiring licensure or covered by regulations governing financial services.

DCPAY PHILIPPINES INC. USER AGREEMENT

By signing up to use the Philbit PHP Wallet, held by DCPAY Philippines Inc. through the Philbit.ph App and Web Portal (collectively the “DCPAY Services”), you agree to comply with and be legally bound by this Agreement, as revised from time to time. If you do not agree to any of the terms set forth in this Agreement, or any subsequent modification to the Agreement, you may not access or use any of the DCPAY Services.
We may amend or modify this Agreement by posting on the Philbit.ph site or emailing to you the revised Agreement, and the revised Agreement shall be effective at such time. We may (a) modify or discontinue any portion of the DCPAY Services, and (b) suspend or terminate your access to the DCPAY Services, at any time, and from time to time, without notice to you. You agree that we shall not be liable to you or any third party for any modification or termination of the DCPAY Services, or suspension or termination of your access to the DCPAY Services, except to the extent otherwise expressly set forth herein.

1. OUR RELATIONSHIP WITH YOU.

1.1 DCPAY helps you make payments to and accept payments from third parties. DCPAY also provides a mobile wallet service where you can store your e-money. DCPAY is an independent contractor for all purposes. DCPAY does not have control of, or liability for, the products or Services that are paid for with DCPAY Services. We do not guarantee the identity of any user or other party or ensure that a buyer will complete a transaction.
1.2 Your Privacy. Protecting your privacy is very important to DCPAY. Please review our Privacy Policy in order to better understand our commitment to maintaining your privacy, as well as our use and disclosure of your information.
1.3 Privacy of Others; Marketing. If you receive information about another user through DCPAY Services, you must keep the information confidential and only use it in connection with DCPAY Services. You may not disclose or distribute a user’s information to a third party or use the information for marketing purposes unless you receive the user’s express consent to do so. You may not send unsolicited email to a Philbit.ph customer through DCPAY.
1.4 Intellectual Property. “DCPAY” and all logos related to DCPAY Services are either trademarks, or registered marks of DCPAY or its licensors.
1.5 Password Security and Keeping Your Email and Address Current. You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers (PINs), or any other codes that you use to access DCPAY services. You are responsible for keeping your email address up to date in your Account Profile.
1.6 Notices to You. You agree that DCPAY may provide you with communications about your Account and DCPAY services electronically.
1.7 Notices to DCPAY. We prefer receiving notices to DCPAY electronically through our support system at help@Philbit.ph. Paper notifications can also be sent to DCPAY PHILIPPINES INC. See our contact page for our mailing address.

2. ACCOUNTS.

2.1 The Philbit PHP Wallet is a reloadable cash account. It is an E-MONEY instrument that stores Philbit PHP and is issued by DCPAY. It is not a depository account and therefore, it is neither covered by the Philippine Deposit Insurance Corporation (PDIC) nor earns any interest. However, it is subjected to the rules and regulations of the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Act (AMLA). Functionalities include, but are not limited to, transfer of funds, payments of goods and services, purchase of load, and balance inquiry.
2.2 Eligibility. To be eligible to use DCPAY services, you must be at least 18 years old. For minors, you shall provide a consent form duly completed by your parent/legal guardian along with your and their identification documents.
2.3 Identity Authentication. If you wish to cash in or cash out through DCPAY, you authorize DCPAY, directly or through third parties, to make any inquiries we consider necessary to validate your identity.
2.4 Third Party Applications. If you grant express permission to a third party to connect to your DCPAY account, either through the third party’s product or through DCPAY, you acknowledge that granting permission to a third party to take specific actions on your behalf does not relieve you of any of your responsibilities under this Agreement. Further, you acknowledge and agree that you will not hold DCPAY responsible for, and will indemnify DCPAY from, any liability arising from the actions or inactions of this third party in connection with the permissions you grant. You may change or remove these permissions at any time from the Account Settings (API) page.
2.5 Taxes. It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. DCPAY is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.
2.6 Limitations. DCPAY may delay an order if a customer has not provided personal identifying information, if it reasonably suspects that a customer is in violation of the User Agreement, or if further personal identifying information is necessary to establish the identity of the customer (“KYC”). Until completion of such verification procedures, customers may experience delayed processing of Transactions. DCPAY will designate any such delayed transaction as “pending,” and funds will not be available until the pending transaction is completed. DCPAY reserves the right to refuse to process, cancel, or to reverse any customer transaction (i) as required by law, (ii) in response to a facially valid subpoena, court order, or other government order, or (iii) if DCPAY reasonably suspects that the transaction is erroneous, or is in violation of the DCPAY User Agreement.
2.7 Unsolicited Deposits. Unsolicited deposits into our bank account are subject to a processing fee of up to Php 4,000.00 per incident. DCPAY reserves the right at its own discretion to either process or reject such deposits and associated orders. Any reversal of funds will require adequate (as determined by DCPAY) proof of payment, identification of payer, and proof of ownership of the originating account (where applicable). Examples of unsolicited deposits include but are not limited to: making a deposit without a corresponding order; check, wire, or other non-cash deposits; depositing an amount that substantially exceeds the order amount; placing an order after a deposit has been made; any type of deposit resulting in circumvention of account limits.
2.9 Wrong or Partial Beneficiary Details. A processing fee of up to Php 200.00 per failed attempt may be assessed at DCPAY’s discretion for orders which we are unable to complete due to wrong or partial beneficiary information.

3. RESTRICTED ACTIVITIES.

3.1 Restricted Activities. In connection with your use of DCPAY Services, other users, and third parties you will not:

• Violate any law, statute, ordinance, or regulation (for example, those governing financial Services, controlled substances, or consumer protections);
• Intentionally try to defraud DCPAY or other DCPAY users;
• Infringe DCPAY’s or any third party’s copyright, patent, trademark, or intellectual property rights;
• Provide false, inaccurate or misleading information;
• Take any action that imposes an unreasonable or disproportionately large load on our infrastructure; or
• Detrimentally interfere with, intercept, or expropriate any system, data, or information.

4. DISPUTES WITH DCPAY.

4.1 Indemnification. You agree to indemnify and hold DCPAY, its parent, the officers, directors, agents, joint venturers, and employees harmless from any claim or demand (including attorneys’ fees) arising out of your breach of this Agreement or your use of DCPAY Services.
4.2 Release of DCPAY. If you have a dispute with one or more users, you release DCPAY (and our parent, officers, directors, agents, joint ventures, employees and suppliers) from any and all Claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes. In addition, this release extends to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if not known by him must have materially affected his settlement with the debtor.
4.3 Disputes with DCPAY. If you think we have made an error, write to us at DCPAY PHILIPPINES, INC. or email us at dcpay@Philbit.ph. In your correspondence, you must give us information sufficient to identify you, your account, and the transaction on which you believe an error occurred. You must contact us within 30 days after the transaction occurred. Within 90 days of receiving your request, we must either correct the error or explain to you why we believe the transaction was correct.

5. CUSTOMER CASH-IN.

5.1 DCPAY may introduce you to third party customers or “Tellers” for the purpose of depositing funds into your DCPAY account. While we try to verify each Teller, we will not assess the suitability, legality or ability of any third party deposit providers and you expressly waive and release the company and/or its directors, officers and employees from any and all liability, claims or damages arising from or in any way related to the third party deposit service provider. DCPAY will not be a party to disputes, negotiations of disputes between you and such third party providers. Responsibility for the decisions you make regarding Services offered via the software or service (with all its implications) rests solely with you. We will not assess the suitability, legality or ability of any such third parties and you expressly waive and release the company and/or its directors, officers and employees from any and all liability, claims, causes of action, or damages arising from your use of the software or service, or in any way related to the third parties introduced to you by the software or service.
5.2 Any references in the Site, Application or Services to a Customer being “verified” or “connected” (or similar language) only indicate that the Member has completed a relevant verification process, and does not represent anything else. Any such description is not an endorsement, certification or guarantee by DCPAY about any Customer, including of the Customer’s identity and whether the Customer is trustworthy, safe or suitable. Instead, any such description is intended to be useful information for you to evaluate when you make your own decisions about the identity and suitability of others whom you contact or interact with via the Application and Services. We therefore recommend that you always exercise due diligence and care when deciding whether to trust a Teller or to accept a deposit request from a Customer, or to have any other interaction with any other Customers.

6. GENERAL PROVISIONS.

6.1 Limitations of Liability. IN NO EVENT SHALL WE, OUR PARENT, THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF DCPAY OR OUR PARENT BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH OUR WEBSITE, DCPAY SERVICES, OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE). OUR LIABILITY, AND THE LIABILITY OF OUR PARENT, OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS, TO YOU OR ANY THIRD PARTIES IN ANY CIRCUMSTANCE IS LIMITED TO THE ACTUAL AMOUNT OF DIRECT DAMAGES.
6.2 No Warranty. DCPAY SERVICES ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OF WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. DCPAY, OUR PARENT, THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF DCPAY OR OUR PARENT SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. DCPAY does not have any control over the products or services that are paid for with DCPAY Services and DCPAY cannot ensure that a buyer or a seller you are dealing with will actually complete the transaction or is authorized to do so. DCPAY does not guarantee continuous, uninterrupted or secure access to any part of DCPAY Services, and operation of our site may be interfered with by numerous factors outside of our control. DCPAY will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, credit cards, and check issuances are processed in a timely manner but DCPAY makes no representations or warranties regarding the amount of time needed to complete processing because DCPAY Services are dependent upon many factors outside of our control, such as delays in the banking system.
6.3 Arbitration. Except for claims for injunctive or equitable relief or claims regarding intellectual property rights (which may be brought in any competent court without the posting of a bond), any dispute arising under this Agreement shall be finally settled by arbitration in accordance with the Arbitration Rules of the Singapore International Arbitration Center (“SIAC Rules”) for the time being in force, which rules are deemed to be incorporated by reference in this clause. The Tribunal shall consist of one or more arbitrators (if one arbitrator cannot be designated by mutual agreement of the Parties) appointed in accordance with said rules. The venue for arbitration shall be Singapore, and the language of arbitration shall be English. The arbitral award shall be final and binding on the Parties and shall be enforceable in any court having jurisdiction. The prevailing party in any action or proceeding to enforce this Agreement shall be entitled to costs and attorneys’ fees.
6.4 Time Limitation on Claims. You agree that any claim you may have arising out of or related to your relationship with DCPAY must be filed within one year after such claim arose; otherwise, your claim is permanently barred.
6.5 Export Controls & Sanctions. The use of DCPAY Services is subject to Philippines and international export controls and economic sanctions requirements. By using the DCPAY Services, you represent and warrant that your use of the service will comport with those requirements. Without limiting the foregoing, you may not use any of the DCPAY Services if: (1) you are in, under the control of, or a national or resident of Cuba, Iran, North Korea, Sudan or Syria or any other country subject to United States embargo, UN sanctions, HM Treasury’s financial sanctions regime, or if you are on the U.S. Treasury Department’s Specially Designated Nationals List or the U.S. Commerce Department’s Denied Persons List, Unverified List, Entity List HM Treasury’s financial sanctions regime; or (2) you intend to provide Products or Services to Cuba, Iran, North Korea, Sudan or Syria or any other country subject to United States embargo or UN sanctions (or a national or resident of one of these countries), or to a person on the Specially Designated Nationals List, Denied Persons List, Unverified List, Entity List, or HM Treasury’s financial sanctions regime.

7. UNAUTHORIZED USES.

Users are prohibited from using any DCPAY Services, Services provided to or in relation to other users, and related third party Services, for or in relation to certain activities (“Unauthorized Uses”) which contravene the Agreement. This prohibition is designed to protect Philbit.ph Customers from wrongdoing and ensure compliance with local laws and international norms. By opening a Philbit.ph Account, you confirm that you will not use your Account for any Unauthorized Uses.
These categories are not exhaustive and are designed primarily for illustrative purposes. Any use of the services for the purpose of facilitating, participating in, or acting in relation any Unauthorized Uses can lead to service disruptions, changes in services, account deactivation or reporting to law enforcement. If you believe you are using DCPAY services for one of the purposes below, are seeking to use DCPAY services for that reason, or are unsure whether your use or intended use may be a Prohibited Use, you may contact Philbit Support for clarity.
Prohibited Uses include transaction or activities related to:

• (a) Investment Schemes: Support of pyramid schemes, paluwagans, ponzi schemes, network marketing, unlicensed investment vehicles, deceptive charity schemes, referral marketing programs or multi-level marketing programs;
• (b) Fraud: Provision of any false, deceptive, inaccurate or misleading information to Philbit, Philbit users, or other third parties for pecuniary gain or other ends;
• (c) Gambling: Online gambling, lotteries, casinos and informal gambling, gaming operations, sports betting, and other games of chance and forms of speculation;
• (d) Unauthorized Financial Institutions and MSBs: Unlicensed money transmission, unlicensed financial services, and other unregulated financial operations. This also includes securities brokers, unlicensed investment vehicles, check cashing services, collections agencies, and bail bonds;
• (e) Drugs: Illegal narcotics, drug paraphernalia, commercial drugs and other controlled substances, and other mind or body altering substances presenting a public health risk;
• (f) Stolen Items: Stolen goods including digital and virtual goods, all goods for which seller does not have clear title;
• (g) Intellectual Property Infringement: Items that infringe or violate any intellectual property rights, including trademark, copyright, privacy or any other proprietary rights. This includes the selling or facilitating of sales of counterfeit or unauthorized goods or activities related thereto;
• (h) Shell Companies: Entities that appear to have no genuine business purpose or are otherwise designed to operate for a purpose other than that which they purport to operate under are prohibited;
• (i) Bearer Shares Entities: Customers transacting with, on behalf of, or in relation to entities for which the identity of beneficial owners are not known and in which ownership stakes are freely alienable are prohibited;
• (j) Adult Services and Media: Services involving prostitution, sale of illegal pornographic materials, and forms of human trafficking;
• (k) High Risk Entities: Any individual, group, or entity deemed to pose an inordinately high risk to Philbit, its customers, or other third parties may be considered unacceptably high risk and an unauthorized user;
• (l) Violence: Violent acts towards self or others, or activities or items that encourage, promote, facilitate or instruct others regarding the same;
• (m) Coercion: Extortion, blackmail, or efforts to induce unearned payment;
• (n) Weapon Sales: Unlicensed sale of firearms and certain weapons.

FINAL PROVISIONS

Language. The User Agreement is enforced in both Tagalog and English, which have equal legal force. In the event of any conflict between the provisions of the User Agreement prepared in different languages, the respective provision in English shall prevail.