Terms Of Use

Terms of Use

Latest Revision: November 29, 2019

Before you can get started buying and selling at SATOS you are required to accept our terms and conditions. Not because we want to hide behind a heap of text with fine print but because we think it’s important to be clear. With a product like bitcoin it’s not extraordinary that large amounts of money are involved. That’s why it’s important to know exactly what we can expect from each other.

To ensure that everybody has read our latest terms and conditions, we ask you to confirm this at every order. We normally do this with a “checkbox” that needs to be checked before you can place your order. Pretty simple.

To save you some time we have asked our legal team to write the terms and conditions in plain English, with as little use of fancy words or sector limited language possible.

Let’s get started. Grab a cup of coffee or tea and take some time to study this page. Time to get a little bit more serious.

Oh, before I forget, if you have questions about any of the underlying content, don’t hesitate to ask your questions on our live chat, by e-mail or by phone.

Changes in terms and conditions

Whenever we make changes in the terms and conditions, the date at the top of this page will be updated. With important changes, we will notify you additionally; for example by e-mail or Twitter. Aside from these terms and conditions, we also advise everyone that uses our website and services, to read our privacy policy carefully.

Definitions

1. “Cryptocurrency” is a digital unit which represents a value. These may also be called digital currency, tokens or credits.

2. “Cryptocurrency-address” is an address comparable to a traditional bank account but in this case, it’s only meant for cryptocurrencies.

3. “Miner(s)” are computers that are used by people or businesses to check transactions for a fee.

4. “Relation or buyer” refers to you as a user of our website or services.

The conditions

  1. Both the relation and SATOS will abide by all applicable laws and regulations in relation to but not limited to, cryptocurrencies and traditional currencies.
  2. In case of not living or staying in the Netherlands, you declare to not only abide by Dutch laws and regulations but also by laws and regulations applicable to the area you are living in or are currently staying in.
  3. You are aware of the fact that the value of cryptocurrencies can fluctuate heavily and that you have no guarantee of increase of the value of cryptocurrencies that are yours or will be yours.
  4. By accepting these terms and conditions you declare to either be older than the legal age required to sell or purchase cryptocurrencies or to have permission from a parent or legal guardian.
  5. The relation shall at all times tell the full truth and is the beneficiary or authorized person of the bank account numbers provided to SATOS.
  6. The beneficiary of the bank account that is used by you for transactions is only allowed to be yours with the only exception if a company bank account is used for which you are authorized to make transactions.
  7. You declare to be the ultimate beneficial owner (UBO) of the (crypto)currencies that are used during transactions with SATOS. In the event that this is not the case, you will declare this prior to placing an order or making a transaction.
  8. Transactions with SATOS concern digital goods without a fixed value. The to be used rate during transactions is determined by SATOS. This rate is only determined for a single transaction and cannot be called upon by the relation after the respective transaction.
  9. SATOS has no influence on the further processing and processing time by the miners after SATOS has sent cryptocurrencies.
  10. Completed transactions are definitive and irreversible.
  11. You send (crypto)currencies to a destination determined by SATOS. After SATOS receives the (crypto)currencies, SATOS completes the transaction by sending the counter value of (crypto)currencies to the destination provided by the relation. SATOS only sends the counter value after cryptocurrencies are confirmed by the network. In case the received amount of (crypto)currencies differs from the requested order, SATOS updates the counter value of the transaction before completing the order. In case you sent more (crypto)currency than stated in your order, the price may be recalculated by SATOS based on the amount that we received.
  12. (Crypto)currencies are required to be received by SATOS within the time limit shown on the transaction page. In case this period is expired, SATOS will calculate a new rate for the respective order on the time of receiving the (crypto)currency (current price).
  13. Payments for cryptocurrencies are required to be completed within the time as stated on the transaction page. In case payments are completed after this period, SATOS will recalculate a new exchange rate for the cryptocurrencies on the time of completing the payment (current price).
  14. In case you paid more than stated in your order, SATOS may recalculate the price based on the paid amount.
  15. Payments are done every business day. SATOS is not responsible or liable for the processing time of banks or any delay of payment.
  16. Whenever amounts are deposited back to our bank account, for example because of incorrect provided information (ie. IBAN, beneficiary) or fraud, SATOS reserves the right to charge a fee for each payment.
  17. SATOS reserves the right to freeze and/or cancel placed or paid orders until orders have been processed. SATOS is not liable or responsible for any damages caused by this.
  18. SATOS reserves the right to, in case of not being able to process an order due to a breach with these terms and conditions, to return the (crypto)currencies at a to be calculated rate by SATOS based on the moment of returning the funds.
  19. You declare to waive your rights about the legal reflection time. You have no right to cancel the agreement due to cryptocurrencies being bound to heavy fluctuations on the financial markets. SATOS has no influence on these fluctuations. Placed and/or paid orders are therefore definitive and irreversible.
  20. The (cryptocurrency)address that is used while making transactions with SATOS is owned by you. If you do use someone else’s cryptocurrency address, this will be entirely at your own risk. SATOS reserves the right to block these kind of transactions or to charge a fee in this event.
  21. The relation may be held accountable for damages suffered as a result of providing incorrect information to SATOS. Providing and entering the correct information (for example a cryptocurrency address) is entirely your own responsibility.
  22. By accepting these terms and conditions, you declare that your (crypto)currencies are obtained in a legal manner and that you have no suspicion or knowledge of any illegal history of these (crypto)currencies.
  23. In case of the relation receiving information from any of our employees, either by telephone, e-mail or in person, this should be considered as an opinion and not financial advice. SATOS is not responsible and/or liable for any damages as a result of acting on this information.
  24. SATOS in no way offers any guarantee for buying back sold cryptocurrencies or the value that you can get for your cryptocurrencies in the future.
  25. You are responsible for keeping your cryptocurrencies safe. SATOS does not accept any liability or responsibility for damages as a result of stolen or missing cryptocurrencies.
  26. Offers by SATOS are without any obligation and subject to errors. No rights can be derived from this.
  27. SATOS is not liable or responsible for any damages caused by not holding yourself to these terms and conditions.
  28. SATOS is not liable or responsible for the misuse of any obtained personal data or (crypto)currencies in case this was done by the use of email accounts of the relation that were not secured or hacked.
  29. In case SATOS has any suspicion of fraud or abuse, SATOS reserves the right to freeze transactions until the legitimacy of the transaction is verified. In the event that a transaction is frozen, SATOS reserves the right to charge a fee on the transaction as compensation for verification activities.
  30. SATOS uses a KYC/AML policy and conducts client investigations. Relations with a lot and/or large volumes of transactions may be required to provide additional information. SATOS has the right to freeze transactions pending receiving and evaluation of this requested information.
  31. In some cases, we share data with governments and financial institutions. We only do this in case we suspect fraud, terrorism financing, money laundering, foul play or if we are obliged by law to do so.
  32. After placing an order with a bank account unknown to us, SATOS requires relations to complete a one-time verification. (Crypto)currencies will only be sent after this process is completed. During the required verification, the transaction cannot be canceled.
  33. SATOS aims to prevent as much money laundering and fraud as possible. SATOS reserves the right to, at any moment, end the relationship with the relation. Whenever there is a suspicion of acting in breach of these terms and conditions or the law, SATOS reserves the right to take appropriate measures.
  34. All services and products provided by SATOS fall under Dutch law and regulations.