Anti-Money Laundering/Combating the Financing of Terrorism/ Know Your Customer (AML/CFT /KYC/) Policy

We (the company “Belfrics”) demonstrate our full commitment and support to high standards of compliance with the Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) requirements by establishing robust and comprehensive policy, procedures, processes and systems for the prevention and detection of money laundering and terrorist financing activities. The companies-wide AML/CFT program adopting a risk-based approach is subject to periodic reviews to ensure that it remains robust and complies with the requirements. The Company will fully cooperate with the enforcement agencies and competent authority in the investigation of money laundering and/or financial crime. The Company protects itself from involvement in money laundering or suspicious activity by taking this key measure including having the following in place:

  • Establishing AML/CFT policies and procedures
  • Implementing internal controls throughout its operations that are designed to mitigate risks of money laundering and financing of terrorism
  • Performing Know Your Customer (“KYC”) checks which is as per guideline(s) on all users
  • Designate country compliance officer(s) in each country(s) that the business is located as per the countries’ local regulatory requirements
  • Conducting an annual AML/CFT audit either internal or external audit services
  • Regular communication, supplemented with latest updates on AML/CFT and training programs through various channels were undertaken to raise staff awareness at all levels within the company and its affiliates
  • Record keeping of all identification/transaction details obtained for the purpose of customer identification as well as of all documents in accordance with statutory requirements; and not permit any trades to be made with incomplete account-opening information
  • Screening of individuals and entities against sanction programs such as OFAC and other related sanction programs to ensure that the company does not deal with any sanctioned individuals/entities

1. Policies, Procedures and Internal Controls*

The Policy (s) will be reviewed and approved by the Company’s Board. The Policy (s) once approved will be provided to all employees. Each employee will acknowledge and will need to read through and understand the policies. All policies and procedures will be reviewed and updated or revised as needed and periodic reviews will be performed. The company is committed to establishing and maintaining policies, controls and procedures to manage and effectively mitigate the risks of money laundering and terrorist financing. These policies will be regularly reviewed to ensure that they remain fit for purpose and will include:

  • The risk management practices adopted by the company to prevent its business being used for money laundering and/or terrorist financing.
  • Customer due diligence requirements, including enhanced due diligence for those customers presenting higher risk, such as Politically Exposed Persons (PEPs) and Senior Public Figures (SPF).
  • Internal controls in relation to its senior management and staff members.
  • The independent audit of its policies, controls and procedures.
  • Record keeping.
  • Monitoring compliance with its policies, controls and procedures and their communication to staff.

The Company has developed and implemented internal controls for the purpose of ensuring that all of its operations comply with all AML/CFT legal requirements and that all required reports are made on a timely basis. Some of those internal controls are listed within this document and include, but are not limited to, the Customer Identification Program, the Suspicious Activity Reporting system, and the required reports on the Program’s effectiveness to the Company’s Board.

2. Reporting Requirements*

Reasonable procedures and processes for maintaining records of the information used to identify and verify Belfrics Users are required under this Policy. The following are required steps in the record keeping process:

  • The Company is required to maintain a record of identifying information provided by the customer.
  • Where the Company relies upon a document to verify identity, the Company must maintain a copy of the document that the Company relied on that clearly evidences the type of document and any identifying information it may contain.
  • The Company must also record the methods and result of any additional measures undertaken to verify the identity of the customer.
  • The Company must record the resolution of any discrepancy in the identifying information obtained.
  • All transaction and identification records will be maintained for a minimum period of 7 years from date of submission of the same by the Belfrics User.

3. The Compliance Officer*

The company will appoint compliance officer (s) to

  • Receive disclosures, assess, advise, monitor and report on any suspicious activities or transactions – money laundering activity and be responsible for anti-money laundering activity
  • Ensure that appropriate training and awareness is provided to new and existing staff regularly
  • Ensure that the AML policy is reviewed and updated as required.
  • Ensure that appropriate anti-money laundering systems and processes are incorporated by the company.

The compliance officer(s) will be in charge of directing the annual AML audit of the Company’s operations. The independent audit will be conducted by an independent third-party auditor, with working knowledge of compliance requirements.

4. Training*

All of the officers and employees of the Company are required to receive AML training either online or physically at least once every year. The Company will track the training progress of all employees and maintain documentation of each employee, the date of the AML training as well as a description of such training. New employees will receive appropriate AML training within 30 days of their hire date. Training for all employees will include not only the legal elements of AML laws and regulations but will also cover job specific applications of these laws. Ongoing training will be provided and updated regularly to reflect current developments and changes to laws and regulations.

5. Verification*

The KYC documents used in opening an account relationship must be verified prior to establishing the account by a Belfrics staff. Verification of identity will require multi-factor authentication, layered security and other controls to ensure a meaningful user identity confirmation process based on account size or other factors. The following are examples of verification methods the Company may use:

  • Obtaining proof of address, such as a copy of a utility bill not more than 3-month-old or bank statement from the account holder to be not more than 3 months old.
  • An OTP will be sent to the customer to verify the telephone number. In the event the OTP is not able to be sent to the customer, an introduction telephone call will be performed after the account relationship is open to validate the customer(s)contact details.
  • Obtaining a financial statement for a business account.
  • Comparing the identifying information with information available from a trusted third-party source, such as a credit report from a consumer-reporting agency and via in house Belrium KYC verification system.
  • Analysing whether there is logical consistency between the identifying information provided, such as the customer’s name, street address, ZIP code, telephone number, date of birth, and social security number (logical verification).
  • Utilizing knowledge-based challenge questions.
  • Obtaining a notarized copy of an individual’s birth certificate or a business’ certificate of incorporation sealed with an apostille for valid identification.
  • When the type of account increases the risk that the Company will not be able to verify the true identity of the customer through documents is confirmed the account will be closed.
  • A clear photo(s) should be taken, e.g. a selfie together the customer holding their identification document.

6. Account levels (For Individuals) *

There are different account levels, each with its respective deposit and withdrawal limits.

Please note: There are some cases where you will still be required to provide extra documentation.

LEVEL
REQUIREMENTS
LEVEL 1
  1. identity document
  2. Address proof
  3. Employment/income information
LEVEL 2
  1. All documents of level 1
  2. Bank proof
LEVEL 3
  1. level 1 + level 2 documents
  2. proof of income
7. Verification Levels and Limits (Individual)*

Certain of this limit apply to each verification level.

Note* the limited provide are subject to change as per the regulator requirements and/or changes in company policy. The company reserves the rights to do so.

Note* The limits provided are for both Fiat Currency and Cryptocurrency Transactions, or/and for transactions that have a Mix of both Fiat Currency and Cryptocurrency. Please be advised this is a combined limit. No separate limit is to be provided as of this moment.

COUNTRY
LEVEL
LABUAN MALAYSIA

LEVEL1
USD $20,000.00

LEVEL2
USD 50,000.00

LEVEL3
USD 500,000.00

8. Customer Identification*
CUSTOMER IDENTIFICATION

It is the Company’s policy to ensure that it has reasonably identified each customer who uses the Company’s virtual currency exchange platform. Users may be identified using a variety of methods.

a) Proof of Identification:

a.1) For individuals:

  • Full Name (as per the certified official Identification document).
  • Date and place of birth.
  • A clear color photo should be taken e.g. a selfie (this is to validate the authenticity of all/any of the photo identification provided) by the customer, with the customer holding the ID document. This applies to all customers of the company.
  • Proof of residence and mailing address a copy of a recent (not more than 3 months) utility bill shall suffice.
  • However, in relation to countries/regions/locations in which the P.O box is their only address available, further due diligence will be taken in which additional documents will need to be provided as provided below.
  • Official issued identification number (e.g. a certified copy of national identity card /passport, social security number, employee identification number or Malaysia Revenue Authority Personal Identification number).
  • Copy of valid photo identification of the principal(s) involved with the account e.g. driving license (if contains photograph of individual), armed forces identification, passport, alien identification card/work permit) in which will include the front and back of the identification document; (note* in addition this is a compulsory requirement).
  • A copy of individual’s birth certificate (this is a non-photo-based document is some/all) countries.

For all Passports/Identity Documents ensure the following:

  • The document is valid and shows the issue and expiry dates.
  • The photograph is clear and all features are visible.
  • The page showing signature is included.
  • The place of issue and passport number details are included and are clearly legible.
  • Nationality details are included.
  • For national ID card, driver’s license (if contains photograph of individual), Armed Forces ID Card both the front portion and the back portion of the card will need to be provided.
  • A copy of individual’s birth certificate (this is a non-photo-based document is some countries) in which has to be sealed with an apostille for valid identification.
  • Proof of residential address documents must show the name of the customer opening the account (documents showing joint names for couples are acceptable). Further the address has to be the same on all the received documents and needs to be not more than 3 months.

This is a Compulsory document and needs to be not more than 3 months old.

Bank or building society statement from a financial institution which is, in the opinion of the company (in its absolute discretion), reputable.

And one of the following which need to be not more than 3 months old:

  • Valid, full driving license (unless already provided as proof of identity)
  • Utility bill (such as gas, water, electricity, although NOT a mobile phone bill).
  • Television license.
  • Home or motor insurance policy document or certificate (or equivalent).
  • Council tax (or equivalent) bill.
  • A letter from the lawyers confirming house purchase; proof of previous address must be supplied (only acceptable for customer in between property moves).
  • Rental Tenancy Agreement which has been officially stamped, signed and verified.
  • Letter or any document from the university/college/or any agency which shows hostel/residence has been facilitated to the customer which shows the current address not more than 3-month-old.

a.2) Customer with PO Box Address*

a) This is a Compulsory document that needs to be not more than 3 months old. Further the P.O. Box address has to be the same on all of the received documents:

Bank or building society statement from a financial institution which is, in the opinion of the company (in its absolute discretion), reputable.

b) Note: For individual customer whom, the P.O. box is their only address available, it is compulsory to provide a minimum of two of the following -which need to be not more than 3 months old:

  • Utility bill (such as gas, water, electricity, although NOT a mobile phone bill).
  • Television license
  • Home or motor insurance policy document or certificate (or equivalent).
  • Council tax (or equivalent) bill.
  • Letter from the lawyer confirming house purchase; proof of previous address must be supplied (only acceptable for customer(s) in between property moves).
  • Rental Tenancy Agreement which has been officially stamped, signed and verified
  • Letter or any document from the university/college/or any agency which shows hostel/residence the current P.O. Box address.

a.3) Customer who Share an Address with Another Person*

If you share an address with another person, like your parents or a housemate, you can ask them to sign an affidavit and submit it along with the following:

a) Passports/Identity Documents of the parents or a housemate as per (8a.1) For individuals.

b) A valid proof of address document as below which need to be not more than 3 months old:

  • Utility bill (such as gas, water, electricity, although NOT a mobile phone bill).
  • Television license.
  • Home or motor insurance policy document or certificate (or equivalent).
  • Council tax (or equivalent) bill.
  • Letter from your lawyer confirming house purchase; proof of previous address must be supplied (only acceptable for customer(s) in between property moves).
  • Rental Tenancy Agreement which has been officially stamped, signed and verified.
  • Letter or any document from the university/college/or any agency which shows.
  • hostel/residence has been facilitated to the customer which shows the current address.

c) With the signed and certified copy of the affidavit (Please click here for the affidavit form).

d) For customer with P. Box Address please refer to point (8a.2) for information.

a.4) For Customer(s) Foreign Resident, Not a Local Citizen*

a) Valid government-issued residence permit/visa, which should be one of the following types and document need to be not more than 3 months old:

  • Proof of Residency
  • Business or
  • Permanent or
  • Refugee or
  • Spousal or
  • Study or
  • Work

b) This is a Compulsory document and need to be not more than 3 months old. Further the P.O. Box address has to be the same on all of the received documents:

Bank or building society statement from a financial institution which is, in the opinion of the company (in its absolute discretion), reputable.

c) A valid proof of identity document and document need to be not more than 3 months old:

  • Utility bill (such as gas, water, electricity, although NOT a mobile phone bill).
  • Television license.
  • Home or motor insurance policy document or certificate (or equivalent).
  • Council tax (or equivalent) bill.
  • Letter from lawyer confirming house purchase; proof of previous address must be supplied (only acceptable for customers(s) in between property moves).
  • Rental Tenancy Agreement which has been officially stamped, signed and verified
  • Letter or any document from the university/college/or any agency which shows
  • Hostel/residence has been facilitated to the customer(s) which shows the current address.

d) For customer(s) with PO Box Address please refer to point (8a.2).

Politically Exposed Persons*

Politically Exposed Person” (PEP) is a term describing someone who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold.

Senior Public Figure is defined as a senior official in the executive, legislative, administrative, military or judicial branches of a government, whether or not elected, a senior official of a major political party, or a senior executive of a government-owned or government-funded corporation, institution or charity. A “Senior Public Figure” also includes any entity that has been formed by or on behalf of a Senior Public Figure, in which the Senior Public Figure is a beneficial owner of at least twenty-five percent of the entity. In addition, a “Senior Public Figure” includes the immediate family of a Senior Public Figure and any close associate or relative of a Senior Public Figure.A close associate is a person who is widely and publicly known to maintain an unusually close relation- ship with and able to conduct financial transactions on behalf of a Senior Public Figure.

The company cannot take on such an individual or their family member, close relative or known a person of the PEP or SPF as a customer without the consent from the Company’s Board or/and compliance officer(s).

In addition, the prospective customer will be required, at customer take on stage, to provide information, with supporting evidence of their source of wealth:

  • Their current salary and other income; and
  • Their liquid assets (including cash and investment portfolio).
  • Further documents as per 8a.1 to 8a.4 (whichever is applicable) For individuals.

9. Account levels (For companies and other corporate and non-corporate bodies) *

There are different account levels, with deposit and withdrawal limits that apply to each level.

Please note there are some cases where you will still be required to provide extra documentation upon request by the company.

LEVEL
REQUIREMENTS
LEVEL 0
  1. Confirm your email address, password and all details requested on the registration page (Company name, Reg. No, Directors name, Gender, Password and Repeated Password, Country and Mobile Number.
  2. A clear Photo(s) should be taken e.g. a selfie of the, Director(s).
LEVEL 1
  1. The requirements from point 10a to 10c.
  2. Including information from Level 0.
10.For companies and other corporate and non-corporate bodies*
10a) Proof of Identification:

  • Business name in full as per the company registration document.
  • Name of businesses representative for the account.
  • A copy of business’ certificate of incorporation sealed with an apostille for valid identification
  • A clear Photo(s) should be taken e.g. a selfie (this is to validate the authenticity of all/any of the photo identification provided) by the customer. This applies to all customer(s) of the company.
  • The address of the customer’s principal place of business and, if different, the customer’s mailing address. If the customer has a local address different from its principal place of business, the local address. This should be facilitated with any two of the below documents – these address verification documents need to be not more than 3 months.

  • Utility bill (such as gas, water, electricity, although NOT a mobile phone bill) which need to be not more than 3 months old.
  • Stamped and signed Tenancy agreement (shows the name of the customer opening the account (documents showing joint names for couples are acceptable), and the address.
  • Any other document that can indicate the location of the respective business e.g. business account bank statement, loan and etc in which need to be not more than 3 months old.
  • Official issued identification number of the principal(s) involved with the account (e.g., passport number, social security number, employee identification number or individual taxpayer identification number).
  • Copy of valid photo identification of the principal(s) involved with the account e.g. Driving license (if contains photograph of individual), armed forces identification, passport, alien identification card) in which will include the front and back of the identification document; (note* in addition this is a compulsory requirement.
  • Each of the following:

  • Business Certificate of incorporation and memorandum and articles of association sealed with an apostille for valid identification.
  • Latest annual return (optional for new startups).
  • Latest 3-month bank statement (for new start-ups) which indicates as proof the total capital injected into the company.
  • LLatest statutory report and accounts.
  • Current shareholder and director registers.
  • Resolution of the Board of Directors to open an account and identification of those who have authority to operate the account.
  • Full CDD documentation on each director (see “for individuals” above).
  • Full CDD documentation on each ultimate beneficial owner of more than 20% of the company’s share capital. Where there are corporate shareholders, documentation confirming the identity of the ultimate individual beneficial owners must be provided.

10b) For partnerships*

Including each of the following:

  • Registration certificate (where applicable) or any business registration document
  • KRA PIN Certificate, VAT Certificate, Tax Compliance Certificate
  • Copy partnership deed
  • Full CDD on all individual partners (see “for individuals” above)

10c) For charities, foundations or trusts and etc*

This category of customer is particularly high risk. Charities, foundations and trusts and etc operate with different structures based on the jurisdiction in which they are based in. Thus, the company does not provide any services to religious, sporting, social, cooperative and professional societies and Charities, foundations and trusts.

The company/employees cannot/will not take on such an individual as a customer without the consent from the Company’s Board or/and compliance officer(s) in writing.

Note* additionally, Customer due diligence procedures will be followed to determine the beneficial owners of corporate or business customer. This would include determining if the customer is an agent of or on behalf of another; obtaining information about the structure or ownership of a customer who is a legal entity that is not publicly traded in the respective region; and where the customer is a trustee, obtaining information about the trust structure, determining the provider of the funds and any persons who have control over the funds or the power to remove the trustee. Kindly verify with the Company’s Board or/and compliance officer(s) before taking any action in the matters as mentioned above

11. Verification Levels and Limits (Cooperate)*
Ascertain this limit apply to each verification level.
COUNTRY
LEVEL
MALAYSIA

Deposits per month – USD 200,000.00
Withdrawals per month – USD 200,000.00

Note* the limits provided are subject to change as per the regulator requirements and/or changes in company policy. The company reserves the rights to do so.

Note* the limits provided are for both Fiat Currency and Cryptocurrency Transactions, or/and for transactions that have a Mix of both Fiat Currency and Cryptocurrency. Please be advised this is a combined limitand the Company shall not provide separate limits.

For the request to Increase of Deposit and Withdrawal Limits for Corporate bodies, the customer is required to furnish the requirements as below:

  • Up to date/Latest annual return
  • Latest Profit and Loss (P&L) statement
  • Latest 3-month bank statement (for new startups)

Kindly note the request to increase the Deposit and Withdrawal Limits is subject for approval.

The Limit as below:
COUNTRY
LIMIT MAXIMUM
MALAYSIA

USD 1,000,000.00

Note* the limits provided are subject to change as per the regulator requirements and/or changes in company policy. The company reserves the rights to do so.

Note* The limits provided are for both Fiat Currency and Cryptocurrency Transactions, or/and for transactions that have a Mix of both Fiat Currency and Cryptocurrency. Please be advised this is a combined limit and the Company shall not provide separate limits.

12. SUSPICIOUS TRANSACTION AND ACTIVITY REPORTS*

The Company will diligently monitor transactions for suspicious activity. Transactions that are unusual will be carefully reviewed to determine whether they are fraudulent or illegal. Internal controls will be implemented so that an ongoing monitoring system is in place to detect such activity real-time as it occurs. When such suspicious activity is detected, the Compliance Officer, shall contact the Legal Counsel and together will determine whether a filing with any law enforcement authority is necessary.

Suspicious activity can include more than just suspected money laundering attempts. If a transaction seems suspicious, the Company may wish to make a filing with a law enforcement authority, even if no money is lost as a result of the transaction.

The Compliance Officer will initially make the decision of whether a transaction is potentially suspicious. Once the Compliance Officer has finished his review of the transaction details, he or she will consult with the Company’s senior management to make the decision as to whether the transaction meets the definition of suspicious transaction or activity and whether any filings with law enforcement authorities should be filed.

The Compliance Officer will maintain a copy of the filing as well as all back up documentation. The fact that a filing has been made is confidential. No one, other than those involved in the investigation and reporting should be told of its existence. In no event should the parties involved in the suspicious activity be told of the filing. The Compliance Officer may inform the Company’s Board of the filing and the underlying transaction.

Note* In addition, the company reserves the right to request additional documents if/when required for KYC/AML/CFT purposes in its absolute discretion.

Note* This document and any other document attached or affiliated to this document is subject to change by company as per the regulator requirements and/or changes in company policy. The company reserves the rights to do so.

Introduction –Welcome to the User Agreement (hereinafter “Agreement” or “Terms and Conditions”) of Belfrics International Limited and its group companies. The provisions of this Agreement will govern your use of our Site and of our services, and you should therefore take some time to read the Agreement carefully. The purpose of the Site and Services is to provide our users with an Exchange whereby users may trade certain virtual currencies (the “Exchange”). The Exchange does not issue such virtual currencies to its users; rather, the Exchange merely provides a means for users to conveniently trade or exchange their existing virtual currencies with other users. Should you have any questions or comments regarding our Site or Services, please feel free to contact us at: [email protected].

NOTICE
PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY. BY ACCESSING THIS SITE AND ANY PAGES THEREOF, YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS BELOW. IF YOU DO NOT AGREE TO THE TERMS AND CONDITIONS BELOW, DO NOT ACCESS THIS SITE, OR ANY PAGES THEREOF.

1.1. Through these Terms and Conditions, we are placing legal conditions on your use of the Site, Exchange, and Services and making certain promises to you:

1.1.1. You must agree to all of the conditions in this Agreement. If you do not agree to or accept all the conditions of this Agreement, please immediately discontinue access to and use of the Site, the Exchange and the Services.

1.1.2. If you are under the age of eighteen (18) or the legal age for entering legally binding contracts under applicable laws, you are not permitted to use this Site, the Exchange, or the other Services at all. Misrepresentation of your age to gain access to our Site or Services is considered a breach of this Agreement and may constitute computer hacking under applicable law.

1.2. If you do not understand all of the terms in this Agreement, then you should consult with a lawyer before using the Site, Exchange, or the Services.

1.3. Party Definitions and Introductory Terms – The operative parties referred to in this Agreement are defined as follows:

1.3.1. Belfrics International Limited is the operators of the website (“Site”), the Exchange, and any associated Services. Hereinafter, “Company” shall mean, Belfrics International Limited. When first-person pronouns are used in this Agreement, (us, we, our, ours, etc.) these provisions are referring to the Company as publisher of this Site and provider of the Exchange. Additionally, when the terms “the Site” or “Site” are used, these terms refer to https://malaysia.belfrics.com/. Our Site, and the Services the Site provides, including the Exchange and the ancillary services (collectively, ”Services”), may contain images and content, including but not limited to text, software, images, graphics, data, messages, or any other information, and any other website content owned, operated, licensed, or controlled by the Company (collectively, “Materials”).

1.3.2. You, the User – As the user of this Site and/or Services (the “User”), this Agreement will refer to the User as “you” or through any second-person pronouns, such as “your,” “yours,” etc. Hereinafter, the User of the Site and/or Services shall be referred to in applicable second-person pronouns.

1.3.3. User vs. Member – For the purposes of this Agreement, all Members are Users, but not all Users are Members. This Agreement applies to all users whether they are Members or not. You become a User by accessing this Site or Service in any way. You need not become a Member of the Site to make this Agreement apply to you. You become a Member by registering with the Site for a Member ID and password, as discussed below. Only Members may trade or exchange virtual currency via the Exchange or use the Services.

1.3.4. Parties – Hereinafter, the Company and you shall collectively be referred to as the “Parties” and each, a “Party”.

1.4. WHAT THIS AGREEMENT IS – THIS AGREEMENT IS A LEGAL CONTRACT BETWEEN YOU AND THE COMPANY. YOU SHOULD TREAT IT AS ANY OTHER LEGAL CONTRACT BY READING ITS PROVISIONS CAREFULLY, AS THEY WILL AFFECT YOUR LEGAL RIGHTS. BY ACCESSING THE SITE OR USING THE SERVICES IN ANY MANNER, YOU ARE DEEMED TO HAVE READ, UNDERSTOOD AND AGREED TO BE BOUND BY ALL OF THE TERMS CONTAINED IN THIS AGREEMENT. YOU MAY NOT PICK AND CHOOSE, WHICH TERMS APPLY TO YOU. IF YOU DO NOT AGREE WITH ALL OF THE TERMS IN THIS AGREEMENT, YOU MUST CEASE ALL ACCESS AND USE OF THE SITE AND ANY OTHER SERVICES PROVIDED BY THE COMPANY. NOTHING IN THIS AGREEMENT IS INTENDED TO CREATE ANY ENFORCEMENT RIGHTS BY THIRD PARTIES.

1.5. Consideration – Consideration for your acquiescence to all of the provisions in this Agreement has been provided to you in the form of allowing you to use our Site and our Services. You agree that such consideration is both adequate, and that it is received upon your viewing or using any portion of any of our Site(s) and/or Services.

1.6. Electronic Signatures / Assent Required:

1.6.1. Nobody is authorized to access this Site or use the Services unless they have signed this Agreement. Such signature does not need to be a physical signature, since electronic acceptance of this Agreement is permitted by various jurisdictions’ laws, such as the Electronic Signatures in Global and National Commerce Act (E-Sign Act) and similar legislation. You manifest your agreement to this Agreement by taking any act demonstrating your assent thereto. Most likely, you have clicked or will click a button containing the words “I agree” or some similar syntax. You should understand that this has the same legal effect as you placing your physical signature on any other legal contract. If you click any link, button, or other device provided to you in any part of our Site’s interface, then you have legally agreed to all of these Terms and Conditions. Additionally, by using any part of our Site or Services in any manner, including the Exchange, you understand and agree that such use constitutes your affirmation of your complete and unconditional acceptance to all of the terms in this Agreement.

1.6.2. Even if you fail to sign this Agreement, you understand and agree that you are still bound by the terms of this Agreement by virtue of your viewing the Site or using any portion of the Site or our Services.

1.7. If you are seeking information regarding any illegal activities, or seeking to engage in any illegal or fraudulent financial activity, please leave this Site immediately and do not attempt to use the Services. You acknowledge that you are aware of the legality of using our Services in your relevant local jurisdiction, and you agree that you will not use the Services, including the Exchange, if such use is prohibited or otherwise violates the laws of your state, province, country, or other jurisdiction.

1.8. Revisions to this User Agreement:

1.8.1. From time to time, we may revise this Agreement. We reserve the right to do so, and you agree that we have this right. Your continued use of the Site and the Services shall be deemed acceptance of the then prevailing terms and conditions. You agree that all modifications or changes to this Agreement are in force and enforceable immediately upon posting. Any updated or edited version supersedes any prior versions immediately upon posting, and the prior version is of no continuing legal effect unless the revised version specifically refers to the prior version and keeps the prior version or portions thereof in effect. To the extent any amendment of this Agreement is deemed ineffective or invalid by any court, the parties intend that the prior, effective provisions of this Agreement be considered valid and enforceable to the fullest extent, and all remaining provisions shall remain in full force and effect.

1.8.2. We agree that if we make any material changes to this Agreement, we will send you an email or written notification regarding the change and include an updated version of this Agreement on our web page.  The updated version of the Agreement will include a new “last modified” date at the top of the Agreement in order to identify the then-currently applicable Agreement.  Following receipts of such a notice and the posting of the updated version of the Agreement on our web page, please re-review the Agreement in order to ensure that you understand how your rights and responsibilities may have been affected by the revisions.

1.8.3. Waiver – If you fail to periodically review this Site and Agreement to determine if any of the terms have changed, you assume all responsibility for your failure to do so and you agree that such failure amounts to your affirmative waiver of your right to review the amended terms. We are not responsible for your neglect of your legal rights.

1.8.4. Right to Prior Notice – You have the right to receive prior notice of any material change to this Agreement.

1.9. Incorporation by Reference – Although this Agreement represents the primary terms and conditions of service for our Site and Services, additional guidelines and rules are hereby incorporated by reference. The document(s) which can be found on our Site, and which are specifically incorporated by reference, and which form an integral part of this Agreement are the following: (i) Privacy Policy and (ii) Anti-Money Laundering/Know Your Customer.

2.1. Access and limited license – All users may access certain public areas of the Site; however, only Members may use the Exchange or ancillary services. You understand that all we are providing to you is access to our Services as we provide them. You need to provide your own access to the Internet, and any Internet access or other fees that you incur to access our Site and use our Services are your sole responsibility. We are not providing any hardware or software to you – and you need to purchase or license the necessary hardware and software to access the Site and Services. This Agreement covers all public and non-public areas of the Site.

2.2. We do not provide or issue our Members any virtual currency whatsoever. All virtual currency, including but not limited to Bitcoin (“CRYPTO”) exchanged or traded by and between our Members originates from the Members themselves. The Company does not have access to any third party accounts used by users or Members to obtain virtual currency. All currencies transferred to us by Members for use with the Exchange are held in an omnibus client account controlled by the Exchange. The Exchange maintains an internal ledger recording how much virtual currency each Member possesses in the omnibus client account, and all transactions between Members are based on such ledger.

2.3. YOUR ACCOUNT AND ANY AVAILABLE CURRENCY THEREIN ARE NOT CREDIT CARDS, BANK ACCOUNTS, OR DEPOSITS.

2.4. 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, BITCOIN, OR ANY OTHER THING WITH OTHER MEMBERS, AND ALL ASSETS, INCLUDING SUCH CURRENCY OR BITCOIN, THAT ARE DIRECTLY HELD BY THE COMPANY ARE NOT INSURED BY THE COMPANY OR ANY GOVERNMENT AGENCY. PLEASE NOTE THAT BELFRICS INTERNATIONAL LMITED WILL MAINTAIN DEPOSITORY ACCOUNTS WITH A REPUTED BANK FOR CUSTOMER CURRENCY. ALL CURRENCY TRADED OR PURCHASED BY YOU WILL BE ASSOCIATED WITH YOUR ACCOUNT UNTIL USED TO TRADE WITH OTHER MEMBERS OR UNTIL WITHDRAWN BY YOU.

2.5. We are not responsible for any loss or damage incurred by you as a result of your use of our Services or for your failure to understand the nature of virtual currencies or the market for such currencies. All we are providing you is a method by which you can exchange, trade, and/or store certain virtual currencies, and we make no representations or warranties concerning the value, stability, or legality of virtual currencies.

2.5.1. You acknowledge the following risks:

  • The risk of loss in trading virtual currencies such as Bitcoin (collectively, “Digital Assets”) may be substantial and losses may occur over a short period of time.
  • The price and liquidity of Digital Assets has been subject to large fluctuations in the past and may be subject to large fluctuations in the future.
  • Digital Assets are not legal tender, not backed by any government, and accounts and value balances are not subject to any kind of insurance, compensation or have Securities Investor Protection.
  • Legislative and regulatory changes or actions at the state, federal or international level may adversely affect the use, transfer, exchange and value of Digital Assets. 
  • Transactions in Digital Assets may be irreversible, and accordingly, losses due to fraudulent or accidental transactions may not be recoverable.
  • Some Digital Assets transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that the customer initiates the transactions.
  • The value of Digital Assets may be derived from the continued willingness of market participants to exchange fiat currencies for Digital Assets, which may result in the potential for permanent and total loss of value of a particular virtual currency should the market for that Virtual Currency disappear.
  • There is no assurance that a person who accepts Digital Assets as a payment today will continue to do so in the future.
  • The nature of Digital Assets may lead to an increased risk of fraud or cyberattack, and may mean that technological difficulties experienced by the Company may prevent the access or use of your Digital Assets. 
  • Any bond or trust account we may hold for your benefit may not be sufficient to cover all losses incurred by you.

You acknowledge that you are solely responsible for determining the nature, potential value, suitability, and appropriateness of those risks for you, and that the Company does not give advice or recommendations regarding Digital Assets including the suitability and appropriateness of, and investment strategies for, Digital Assets. You acknowledge and agree that you shall access and use the Services at your own risk. However, this brief statement does not disclose all of the risks associated with trading in Digital Assets.  You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should be aware that you may sustain a total loss of the funds in your Account (as defined below), and that under certain market conditions, you may find it difficult or impossible to liquidate a position.

2.6. You understand and agree that, due to technical and other restrictions, the virtual currency values displayed on our Site may be delayed and therefore not reflect the current, live market value of such currency. Nonetheless, you agree that the values displayed on our Site control your Account and your use of the Site and Services, including the Exchange.

2.7. While virtual currency market values as publicly displayed on the Site may be delayed, we may offer access to live market value data via technical measures such as the FIX (Financial Information exchange) protocol. This live market value data is valuable to us, and we take proprietary measures to keep all live market value data confidential and inaccessible to the public. To the extent that you receive access to such live data, you hereby agree that you will not redistribute, retransmit, duplicate, or otherwise make such data available in any way, either through automated, manual, or any other means. Any distribution or transmission of our live market values feed is a material breach of this Agreement as well as a violation of our trade secrets. You agree that we are not responsible for any failure or outage in the live market value data provided by us.

2.8. In order to use the Exchange, you must create an account with us (your “Account”). Your Account will be used to store various virtual currency amounts as deposited by you. In creating your Account, you may be asked to provide certain registration details or other information. In order to verify your identity, some of this information may be personal, private or detailed. In connection with completing the online registration form, you agree to provide true, accurate, current and complete information about yourself as prompted by the registration form (such information being the “Registration Data”); and you further agree to maintain and promptly update the Registration Data to keep it true, accurate, current and complete at all times while you are a Member. While we use reasonable efforts to protect the personal information of others from inadvertent release or misappropriation, we are not responsible for the intentional or criminal acts of third parties such as hackers or “phishers.” Please refer to our Privacy Policy for more information on the use of your personal information.

2.9. You must promptly inform us of all changes, including, but not limited to, changes in your address and changes in any virtual or fiat currency account used by you in connection with the Site and Services, if applicable. If you provide any information that is untrue, inaccurate, not current or incomplete, or if we or any of our authorized agents have reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, we have the right to suspend or terminate your Account and refuse any and all current or future use of the Site and Services, as well as subject you to civil liability or refer you to the appropriate law enforcement authorities for criminal prosecution. We shall not be liable to make any compensation, monetary or otherwise, following such suspension, termination or inability to use the Site or the Services. You are responsible for any fees that the Company incurs with respect to your Account. If you fail to reimburse us for any fees within thirty (30) days of our initial demand for reimbursement, you agree that you will pay us three hundred Malaysian ringgit (MYR 300) as liquidated damages, being a genuine pre-estimate of loss and damage suffered by Us, as well as any costs incurred by Us for each fee incurred plus interest on the amount owed at a rate equal to the lesser of (is) 1% per month or (ii) the maximum rate permitted by applicable law.

2.10. You are entirely responsible for any and all activities conducted through your Account. You agree to notify us immediately of any unauthorized use of your password or Member ID as well as of any other breach of security. While we may implement certain monitoring procedures designed to alert us to fraudulent activity, we are not responsible for any unauthorized use of your account, and you agree that you are responsible for such unauthorized use and for protecting the confidentiality of your password.

2.11. Control or use of your Account may not be transferred, leased, assigned or sold to a third party. We disclaim any and all liability arising from fraudulent entry and use of the Site, Exchange, and other Services (including, but not limited to, liabilities arising from unauthorized trades executed through your Account). If a User fraudulently obtains access to your Account or the Exchange, we may terminate the User’s access and membership immediately and take all necessary and appropriate actions under applicable federal, state, and international laws.

2.12. AS PART OF OUR SECURITY MEASURES AND POLICIES, PLEASE NOTE THAT WE WILL NEVER ASK YOU, FOR ANY REASON, WHETHER BY EMAIL, REGULAR MAIL OR TELEPHONE, TO DISCLOSE YOUR ACCOUNT PASSWORD. PASSWORD INQUIRIES WILL ONLY BE CONDUCTED ONLINE AND ONLY AFTER YOU HAVE SIGNED ONTO THE COMPANY’S SITE. WE WILL NEVER SEND YOU EMBEDDED LINKS IN AN EMAIL REQUESTING THAT YOU SIGN ONTO THE SITE BY CLICKING SUCH A LINK. IF YOU RECEIVE AN EMBEDDED LINK BY EMAIL, CLAIMING TO BE FROM US, YOU SHOULD NOT OPEN IT OR CLICK ON THE LINK. THE EMAIL IS NOT FROM US AND IS LIKELY FRAUDULENT. NEVER GIVE YOUR ACCOUNT PASSWORD TO ANYONE WHOM YOU DO NOT INTEND TO AUTHORIZE TO USE YOUR ACCOUNT.

2.13. In order to provide you with the Services, including the Exchange, you may also be required to disclose certain other third-party account information to us, including, without limitation, your bank account number, your Bitcoin addresses and related information. As indicated elsewhere in this Agreement, we are not responsible for any unauthorized use of your Account with Us or any third-party accounts, which you use in connection with the Exchange.

2.14. Funding your Account  After creating your Account with us, you will be able to fund your Account by transferring, for example, CRYPTO, from your accounts with such third party virtual currency providers into accounts operated by the Exchange. No fees are charged by us for funding your Account; however, third parties, such as your bank, may charge transaction and other fees.

2.14.1. For example, to fund your Account with 10 CRYPTO, you would use the third-party Bitcoin software to transfer your own pre-existing 10 CRYPTO to the Exchange’s Bitcoin address for the omnibus client account. The Exchange would then credit your Account with 10 CRYPTO on the Exchange’s ledger, and you would be able to trade those CRYPTO for USD on the Exchange.

2.15. Trading  After your Account has been funded, you may begin to trade your virtual currency with other Members. Trading is accomplished via bids and offers to buy and sell virtual currency. Specific examples and illustrations of how trading works may be found on the Site. We are not responsible for any disputes among or between Members regarding any transaction.

2.15.1. Matching bids and offers to buy and sell virtual currency are automatically paired by the Exchange, and the Exchange will notify the respective Members that the order has been executed. Once a match is made, the order is executed and cleared instantaneously. YOU SHOULD ONLY PLACE A BID OR OFFER TO BUY OR SELL IF YOU FULLY INTEND TO COMPLETE THE TRANSACTION. You have the right to stop payment of a preauthorized bid or offer to sell or buy virtual currency by initiating procedures through your Account online to effectuate closure of such open bid or offer.

2.15.2. Members may only sell as much virtual currency as is recorded by us in the Exchange ledger plus the applicable Transaction Fee. Any attempt by you to sell more virtual currency than our records show exists in your Account after deduction of the applicable Transaction Fee will result in an unsuccessful trade and may be grounds for termination of your Account.

2.15.3. Once an order has been executed and the appropriate currencies have been credited and debited from the Members’ Accounts, there is no way to reverse the transaction. The Exchange simply matches bids and offers put forth by Members and assists Members with carrying out the intent of the Member as expressed via the bid(s) offer(s).

2.16. Fees for Member Transactions – In order to provide the Site, Exchange, and other Services to you, we charge a fee on each transaction initiated by Members of the Site (“Transaction Fee”). The current Transaction Fee may be found on our Site. We reserve the right to change, modify or increase Transaction Fee from time to time. Any such changes, modifications or increases will be effective upon posting such changes, modifications or increases on our Site at https://malaysia.belfrics.com/. If you do not agree to the posted changes, modifications, or increases, you may delete your Account as provided in herein. Your first use of your Account following the posting of any changes or revisions to the terms of this Agreement or modified Transaction Fee as posted on the Site will constitute your acceptance of all such changes or revisions.

2.17. Transaction Fees are paid by both the buyer Member and seller Member in any given transaction. The CRYPTO buyer will be charged a fee in USD and CRYPTO seller will be charged a fee in CRYPTO. Any fees charged by a third party, including any third party provider of virtual currency when moving such virtual currency in or out of the omnibus client account, will be charged to the Member.

2.18. Unless consented to by us in writing, (is) you may only transfer CRYPTO to the same CRYPTO addresses from which you transferred the CRYPTO into your Account with us, if any.

2.19. Withdrawing Currency  In addition to allowing Members to trade virtual currency, the Exchange allows Members to withdraw virtual currency upon request to us. Members may withdraw all or some of their virtual currency, and there is no minimum amount of virtual currency required to maintain your status as a Member (however, as indicated above, you may only trade or sell virtual currency up to the amount shown as belonging to you in the ledger maintained by the Exchange). CRYPTO currency will be transferred from the Exchange’s account to Bitcoin address provided by the Member. Withdrawals will generally take up to Four (4) hours to complete, provided that larger withdrawals may take up to forty eight (48) hours to complete and that any withdrawal may be delayed as necessary to comply with applicable law and/or the Exchange’s customer identification and anti-money laundering procedures.

2.20. A statement of your available currency balance and the status of your Account is available to you in electronic format for viewing online anytime (subject to down times) at the Site. You may review online all transactions that have taken place in the previous one year. You also have the right to receive a receipt, trade ticket or other evidence of a transaction.

2.21. Trading Errors – If you believe that you have been erroneously charged a Transaction Fee, please notify us immediately of such error, along with any additional information concerning the transaction. If we do not hear from you within thirty (30) days after such alleged erroneous Transaction Fee first appears on any Account statement, such fee will be deemed acceptable by you for all purposes.

2.22. Cancellation and Termination of your Membership and Account:

2.22.1. You may close your Account by providing written notice to us, and on such notice, a hold will be placed on your Account to allow all pending transactions to clear, if any. After notifying us of your desire to close your Account, you may use the Exchange to withdraw the remaining available currency associated with your Account.

2.22.2. All currencies appearing in the ledger and attributed to you must be withdrawn or otherwise sold or transferred before cancellation of your Membership and closing of your Account will be finalized.

2.22.3.We reserve the right at our sole discretion to block access to or to suspend, close or terminate your Account if: (i) you violate the terms and conditions of this Agreement, including but not limited to engaging in abusive or harassing behavior; (ii) you add currency to your Account using any source that you do not have the legal right from which to transfer funds; (iii) we have reasonable suspicion that you are directly or indirectly using our Site, Exchange or other Services in violation of applicable law or regulation; (iv) we are directed by a regulatory authority, law enforcement, or a court of competent jurisdiction; (v) we are otherwise required to do so by applicable law or regulation; or (vi) for any other reason in our sole and absolute discretion. We are not responsible for any loss of currency or funds resulting from your violation of the terms and conditions of this Agreement or from any government forfeiture.

2.22.4.Without limiting other remedies, we may immediately issue a warning, temporarily suspend, indefinitely suspend, or terminate your access and use of the Site and Services, including closing your Account, at any time, with or without advance notice, if:

2.22.4.1. We believe, in our sole discretion, that you have breached any material term of this Agreement or the document(s) it incorporates by reference;

2.22.4.2. We are unable to verify or authenticate any information you provide to us;

2.22.4.3. We believe, in our sole discretion, that your actions may cause legal liability for you, our users or us; or

2.22.4.4. We decide to cease operations or to otherwise discontinue any services or options provided by the Site, Exchange, or parts thereof.

2.22.5. You agree that neither the Site nor any third party acting on our behalf shall be liable to you for any termination of your access to any part of the Site or Services.

2.22.6. You agree that if your access is terminated by us, you will not attempt to regain access to the Site, Exchange, or Services – using the same or different username – without prior written consent from us.

2.23. Stolen Cards and Fraudulent Use of Credit Cards  We take credit card fraud very seriously. To the extent that the Site or Services allow the use of credit cards, discovery that any Member has used a stolen or fraudulent credit card will result in the notification of the appropriate law enforcement agencies and termination of such Member’s account.

2.24. Service Interruption  From time to time due to technological factors, scheduled software uploads and other factors beyond or within our control, the Site, Exchange, or other Services may be temporarily interrupted. You agree that we are not liable for any loss and damage arising from such interruption and to hold us harmless against any such interruption of or inability to access the Site or Services.

2.25. Agreement to Receive Notifications and Other Communications  We reserve the right to send electronic mail or other messages to you and to other Members. The purpose of these communications may include but is not limited to:

2.25.1. Providing you with information concerning your Account;

2.25.2. Providing information to you regarding products or services offered by our affiliates or partners;

2.25.3. Informing you about any of our related products or services;

2.25.4. Providing you with information about any item that we think, in our sole discretion, may be of interest to you.

2.26. Absent mutual consent of parties involved, we reserve the right to cancel or nullify trades if: (i) The trade resulted from an erroneous print disseminated by the underlying market which is later cancelled or corrected where such erroneous print resulted in a trade higher or lower than the average trade in the underlying currency pair during the time period encompassing five minutes before and after the erroneous print, by an amount at least five times greater than the average quote width for such underlying currency pair; (ii) The trade resulted from an identifiable interruption or malfunction of an Exchange execution or communication system that caused a quote or order to trade in excess of its disseminated size or quote; (iii) The trade resulted from an erroneous quote in the primary market for the underlying currency pair that has a width of at least $10.00 or that width is at least three times greater than the average quote width for such underlying security during the time period encompassing five minutes before and after the dissemination of such quote. Underlying market includes various digital currency venues and FX rates; or (iv) The trade occurred at a price caused by any of the above, 10% above or below fair market value or deemed clearly erroneous.

3.1. You agree that you will only use the Site and Services for your personal use and for the purposes expressly permitted and contemplated by this Agreement. You may not use the Site and Services for any other purposes, including commercial purposes, without our express prior written consent.

3.2. Without our express prior written authorization, you may not:

3.2.1. Duplicate any part of our Site or the Materials contained therein or received via the Services (except as expressly provided elsewhere in this Agreement);

3.2.2. Create any derivative works based on our Site or any of the Materials contained therein or received via the Services, and you agree and stipulate that any and all derivative works are NOT “fair use;”

3.2.3.Use our Site or Services, or any of the Materials contained therein, for any public display, public performance, sale or rental, and you hereby agree and stipulate that any and all such uses are NOT “fair use”;

3.2.4. Re-distribute our Site or any of the Materials contained therein or received through the Services, and you hereby agree and stipulate that any and all such uses is NOT “fair use;”

3.2.5. Remove any copyright or other proprietary notices from our Site or any of the Materials contained therein;

3.2.6. Frame or utilize any framing techniques in connection with our Site or any of the Materials contained therein;

3.2.7.Use any meta-tags, pay-per-click advertising, or any other “hidden text” using our Site’s name or marks, and you hereby stipulate that any use of the Site’s name or marks, or any other marks owned by Us is an infringement upon our trademark rights, and you stipulate to make payment of liquidated damages of Twenty Thousand Malaysia ringgit (MYR 20,000) per such infringement as a genuine pre-estimate of the loss and damage that will be suffered by Us as a result of such infringement, plus you agree to pay any and all fees incurred in the recovery of this amount, including attorneys’ fees and all associated costs;

3.2.8. “Deep-link” to any page of our Site, or avoid agreement to the Site’s Terms & Conditions; you may only link to the main entry page;

3.2.9.Circumvent any encryption or other security tools used anywhere on the Site or in conjunction with the Services (including the theft of user names and passwords or using another person’s user name and password in order to gain access to a restricted area of the Site);

3.2.10. Use any data mining, bots, scrapers or similar data gathering and extraction tools on the Site or in conjunction with the Services;

3.2.11. Sell, rent, lease, license, sublicense, transfer, distribute, re-transmit, time-share, use as a service bureau or otherwise assign to any third party the Materials or Services or any of your rights to access and use the Materials or Services as granted specifically by this Agreement; or

3.2.12. Use our Services for any commercial purpose unless expressly agreed to by us in writing and at our sole discretion. Without such consent by us, your use of the Site and Services is strictly for personal use;

3.2.13. Use our Services to impersonate any other User or person;

3.2.14. Use any material or information in any manner that infringes any copyright, trademark, patent, trade secret, publicity or other proprietary right of any party;

3.2.15. Upload or attempt to upload files that contain viruses, Trojan horses, worms, time bombs, cancelbots, corrupted files, or any other similar software or programs that may damage the operation of another’s property;

3.2.16. Upload, post, email or otherwise transmit any submission that you do not have a right to transmit under contractual, fiduciary or other relationships (such as inside information, trade secrets, proprietary and confidential information learned or disclosed as part of employment relationships or under nondisclosure agreements);

3.2.17. Upload, post, email or otherwise transmit any unsolicited or unauthorized advertising, promotional materials, “junk mail,” “spam,” “chain letters,” “pyramid schemes,” or any other form of solicitation, except in those areas that we may designate for such purpose;

3.2.18. Falsify or delete any author attributions, legal or other proper notices or proprietary designations or labels of the origin or source material that is uploaded or otherwise provided by you;

3.2.19. Restrict or inhibit any other User from using and enjoying the Services;

3.2.20. Harvest or otherwise collect information about others, including e-mail addresses or other personally-identifiable information;

3.2.21. Violate any applicable laws, policies, or regulations;

3.2.22. Upload, post, email or otherwise transmit any material which is illegal immoral, obscene or defamatory of any person;

3.2.23. Do anything that may adversely affect proper operation of the Site, the Services and the reputation and goodwill of the Company.

3.3. Interference:

Except where expressly permitted by law, you may not translate reverse-engineer, decompile, disassemble, or make derivative works from any of our Materials or any other Materials from our Site. You hereby agree not to use any automatic device or manual process to monitor or reproduce the Site or Materials, and will not use any device, software, computer code, or virus to interfere or attempt to disrupt or damage the Site, Exchange, or Services. If you do not adhere to this provision of this Agreement, you hereby stipulate to and agree to pay liquidated damages of twenty thousand Malaysian ringit (MYR 20,000) plus any and all fees associated with recovery of these damages, including attorney’s fees and costs being a genuine, pre-estimate of loss and damage suffered by us as a result of your said breach.

4.1. In various provisions in this Agreement, we have outlined liquidated damages amounts to be applied against you if you violate these specific provisions. You specifically agree to pay these amounts. In agreeing to pay liquidated damages, you acknowledge that this amount is not a penalty, that the actual damages are uncertain and difficult to ascertain, but that this amount represents the parties’ good faith attempt to calculate an appropriate compensation based on anticipated actual damages and is a genuine pre-estimate of the loss and damage which may be suffered by us.

4.2. For any breach of a portion of this Agreement that does not specifically state a liquidated damages amount, you hereby agree that any breach of this Agreement shall result in liquidated damages of three hundred Malaysian ringgit (MYR 300) per occurrence. You specifically agree to pay these three hundred Malaysian ringgit (MYR 300) in liquidated damages per occurrence, but that you will not be required to pay such liquidated damages in an amount in excess of MYR 20,000/- or the outstanding balance of currency or other assets in your accounts with the Company, whichever is greater.

5.1. You expressly agree that use of the Site, Exchange, and Services is at your own and sole risk. You also understand and agree that any material and/or data downloaded or otherwise obtained through the use of the Site and Services or any of the Materials contained therein is done at your own discretion and risk and that you will be solely responsible for any damage to your computer system or loss of data that results from the download of such material and/or data.

5.2. The Site, Exchange, and Services, and all materials contained therein, are provided “as is” without warranty of any kind, either express or implied, including but not limited to, any implied warranties of merchantability, fitness for a particular purpose, title, or non-infringement.

5.3. We make no representations or warranties that the Site, Exchange, and Services, or any Materials contained therein, will be uninterrupted, timely, secure, or error free; nor do we make any representations or warranties as to the quality, suitability, truth, usefulness, accuracy, or completeness of the Site, Exchange, and Services or any of the materials contained therein.

5.4. You understand that we cannot and do not guarantee or warrant that files available for downloading from the Internet will be free of viruses, worms, Trojan horses, or other code that may manifest contaminating or destructive properties. We do not assume any responsibility or risk for your use of the Internet.

5.5. We make no warranty regarding any transaction entered into through the Site, Exchange, or Services, and we are not responsible for any use of confidential or private information by users or third parties. We are NOT responsible for the CRYPTO market, and we make no representations or warranties concerning the value of virtual currency of any kind. You understand and agree that the value of virtual currencies can be volatile and we are not in any way responsible or liable for any losses you may incur by holding or trading virtual currencies, even if the Site or Services are delayed, suspended, or interrupted for any reason.

5.6. The warranties and representations set forth in this Agreement are the only warranties and representations made by Us with respect to this Agreement and the Services, and are in lieu of any and all other warranties, written or oral, express or implied, that may arise either by agreement between the parties or by operation of law or otherwise, including warranties of merchantability and fitness for a particular purpose which are excluded to the fullest extent permitted by applicable laws. None of these warranties and representations will extend to any third person.

6.1. The provision of any services, which are in violation of any laws is strictly prohibited. If we determine that you or any User has provided or intends to engage in any activity or provide any services or material in violation of any law, your ability to use the Site, Exchange, and Services will be terminated immediately without any reimbursement of any payment or fees you may have made to us. We reserve the right, in our sole discretion, to cooperate with law enforcement upon legal request and/or advisement of an attorney. We do hereby disclaim any liability for damages that may arise from any User providing any material or services for any purpose that violates any law. You do hereby agree to defend, indemnify and hold us harmless from any liability that may arise for us should you violate any law.

6.2. To the maximum extent permitted by applicable laws, you also agree to defend and indemnify us should any third party be harmed by your illegal actions or should we be obligated to defend any claims including, without limitation, any criminal action brought by any party.

6.3.To the maximum extent permitted by applicable laws, you agree to defend, indemnify, and hold harmless Company, its parent company, affiliates and subsidiaries and each of their respective officers, directors, shareholders, members, partners, attorneys, employees, independent contractors, telecommunication providers, and agents, from and against any and all claims, actions, loss, liabilities, expenses, costs, or demands, including without limitation legal and accounting fees, for all damages directly, indirectly, and/or consequentially resulting or allegedly resulting from your (or you under another person’s authority including without limitation to governmental agencies) use, misuse, or inability to use the Site, Exchange, Services, or any of the Materials contained therein, or your breach of this Agreement. we shall notify you by electronic mail, mail, or other appropriate means, of any such claim or suit, and reasonably cooperate (at your expense) in the defines of such claim or suit. We reserve the right to participate in the defines of such claim or defines and choose our own legal counsel, but are not obligated to do so.

6.4. To the maximum extent permitted by applicable laws, you hereby discharge, acquit, and otherwise release Company, its parent company, its affiliates and subsidiaries and each of their respective agents, employees, officers, directors, shareholders, attorneys, and affiliates, from any and all allegations, counts, charges, debts, causes of action, and claims relating in any way to the use of, or activities relating to the use of the Site and Services including, but not limited to claims relating to the following:

6.4.1. Negligence, gross negligence, reckless conduct, intentional interference with contract or advantageous business relationship, defamation, privacy, publicity, intellectual property, misrepresentation, any financial loss not due to the fault of the Site, false identities, fraudulent acts by others, invasion of privacy, release of personal information, failed transactions, purchases or functionality of the Site, unavailability of the Site, its functions and/or Services and any other technical failure that may result in inaccessibility to the Site, Exchange or Services, or any claim based on vicarious liability for torts committed by users encountered or transacted with through the Site and Services, including but not limited to fraud, computer hacking, theft or misuse of personal information, assault, battery, stalking, rape, cheating, perjury, manslaughter, or murder.

6.4.2. The above list is intended to be illustrative only, and not exhaustive of the types or categories of claims released by you. This release is intended by the parties to be interpreted broadly in favour of us, and thus any ambiguity shall be interpreted in a manner providing release of the broadest claims. This release is intended to be a full release of claims, and the parties acknowledge the legally binding nature of this provision, and the nature of the rights given up in connection therewith.

7.1. Save as permitted to the maximum extent by applicable laws, in no event shall we (or our licensors, agents, suppliers, resellers, service providers, or any other subscribers or suppliers) be liable to you, or any other third party for any direct, special, indirect, incidental, consequential, exemplary, or punitive damages, including without limitation, damages for loss of profits, loss of information, business interruption, revenue, or goodwill, which may arise from any person’s use, misuse, or inability to use the Site, Exchange, Services, or any of the materials contained therein, even if we have been advised of the probability of such damages. This is for any matter arising out of or relating to this Agreement and your use of the Site and the Services, whether such liability is asserted on the basis of contract, tort or otherwise, even if we have been advised of the possibility of such damages.

7.2. We (nor any bank where our deposit accounts are held) will not be liable for our failure to perform any obligations under this Agreement due to events beyond our control, and the time provided for performing such obligations shall be extended by a period of time equal to the duration of such events. Events beyond our control include, but are not limited to, acts of God, war, riot, arson, embargoes, civil commotion, strikes, labour disputes, equipment failures, bank failures, virtual currency market collapse or fluctuations, credit or debit card transaction processing failures, strikes, fire, flood, earthquake, hurricanes, tropical storms or other natural disaster or casualty, shortages of labour or material, shortage of transportation, facilities, fuel, energy, government regulation or restriction, acts of civil or military authority or terrorism, fibre cuts, weather conditions, breaches or failures to perform by third parties, technical problems, including hardware and software crashes and other malfunctions, failure of the telecommunications or information services infrastructure, hacking, SPAM or failure of any computer, server or software disruptions on account of or caused by vandalism, theft, phone service outages, power outage, Internet disruptions, viruses, and mechanical, power or communications failures. If, after the date of this Agreement, any law, regulation, rule, regulation or decision of any funding method association, or ordinance, whether federal, state, or local, becomes effective which substantially alters our ability to perform Services hereunder, we shall have the right to cancel this Agreement, with notice, if reasonably possible, effective upon the earlier of (is) the date upon which we are unable to provide our Services hereunder; or (ii) thirty (30) days following notice.

7.3. In no event shall our maximum total aggregate liability hereunder for direct damages exceed the total fees actually paid by you for use of the Site or Services for a period of more than three (3) months from the accrual of the applicable cause or causes of action. Because some jurisdictions prohibit the exclusion or limitation of liability for consequential or incidental damages, the above limitation may not apply to you.

7.4. To the extent allowable by law, we reserve the right to set-off any damages or amounts owed to us by you for your breach of this Agreement or other obligations under this Agreement against funds in your Account.

8.1. Some websites, which are linked to or from the Site are owned and operated by third parties. Because we have no control over such websites and resources, you acknowledge and agree that we are not responsible or liable for the availability of such external websites or resources, and do not screen or endorse them, and are not responsible or liable for any content, advertising, services, products, or other materials on or available from such websites or resources.

8.2. You further acknowledge and agree that we shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such third-party content, goods or services available on or through any such website or resource. If you decide to access any such third party website, you do so entirely at your own risk and subject to any terms and conditions and privacy policies posted therein.

8.3. You further acknowledge that use of any website controlled, owned or operated by third parties is governed by the terms and conditions of use for those websites, and not by this Agreement or our Privacy Policy, which is incorporated into this Agreement by reference.

8.4. Links to external websites (including external websites that are framed by the Site) or inclusions of advertisements do not constitute an endorsement by us of such websites or the content, products, advertising, or other materials presented on such Site, but are for your convenience.

8.5. You hereby agree to hold us harmless from any and all damages and liability that may result from the use of links that may appear on the Site or via the Services. We reserve the right to terminate any link or linking program at any time.

9.1. ‘Belfrics’ is considered a service mark owned and/or licensed by us. We aggressively defend our intellectual property rights.

9.2. Other manufacturers’ product and service names referenced herein may be trademarks and service marks of their respective companies and are the exclusive property of such respective owners, and may not be used publicly without the express written consent of the owners and/or holders of such trademarks and service marks. You acknowledge and agree that we either own or have been authorized by relevant third party intellectual property owners to use all trademarks, copyright, patents, design and intellectual property of any nature and form found on the Site and the Services.

9.3. All of the marks, logos, domains, and trademarks that you find on the Site and Services may not be used publicly except with express written permission from us, and may not be used in any manner that is likely to cause confusion among consumers, or in any manner that disparages or discredits us.

10.1. The Materials accessible from the Site, Services, and any other website owned, operated, licensed, or controlled by Us are our proprietary information and valuable intellectual property and we retain all right, title, and interest in the Materials.

10.2. The Materials may not be copied, distributed, republished, modified, uploaded, posted, or transmitted in any way without our prior written consent, except that you may print out a copy of the Materials solely for your personal use. In doing so, you may not remove or alter, or cause to be removed or altered, any copyright, trademark, trade name, service mark, or any other proprietary notice or legend appearing on any of the Materials.

10.3. Modification or use of the Materials except as expressly provided in this Agreement violates our intellectual property rights.

10.4. Neither title nor intellectual property rights are transferred to you by access to the Site and Services.

10.5. All Materials included on the Site, such as text, graphics, photographs, video and audio clips, music, soundtracks, button icons, streaming data, animation, images, downloadable materials, data compilations and software are the property of Company or its content suppliers and is protected by United States and international copyright laws. The compilation of all Materials on the Site is the exclusive property of Company or its content suppliers and protected by United States and international copyright laws, as well as other laws and regulations.

11.1. You understand and acknowledge that the software elements of the Materials on the Site may be subject to regulation by agencies of the Government of Malaysia, which prohibits export or diversion of software to certain countries and third parties. Diversion of such Materials contrary to Malaysia’ or international law is prohibited.

11.2. You will not assist or participate in any such diversion or other violation of applicable laws and regulations.

11.3. You agree that none of the Materials are being or will be acquired for, shipped, transferred, or re-exported, directly or indirectly, to proscribed or embargoed countries or their nationals or be used for proscribed activities.

11.4. NO AGENCY RELATIONSHIP – Nothing in this Agreement shall be deemed to constitute, create, imply, give effect to, or otherwise recognize a partnership, employment, joint venture, or formal business entity of any kind; and the rights and obligations of the parties shall be limited to those expressly set forth herein. We are not your agent, fiduciary, trustee or other representative. Except for the indemnity and exculpation provisions herein, nothing expressed in, mentioned in, or implied from this Agreement is intended or shall be construed to give any person other than the parties hereto any legal or equitable right, remedy, or claim under or in respect to this Agreement to enforce any of its terms which might otherwise be interpreted to confer such rights to such persons, and this Agreement and all representations, warranties, covenants, conditions and provisions hereof are intended to be and are for the exclusive benefit of you and Us.

12.1. Notice – Any notice we are required to give you under this Agreement may be provided by email, postal mail, or facsimile utilizing the contact information provided by you when you registered with the Site or by general posting on the Site. Notices from you to us shall be given by email to: [email protected] unless otherwise specified in the Agreement.

12.2. Change of Address – Either party may change the address to which notice is to be sent by written notice to the other party pursuant to this provision of the Agreement.

12.3. Change to Terms and Conditions or Fee Schedule – We will provide you notice of a change to our Terms and Conditions or Fee Schedule through the email address you provide to us. The email notice to you will instruct you to visit our website to review the new changes to the Terms and Conditions or the Fee Schedule.

12.4. When Notice is Effective – Notices shall be deemed effective upon delivery. Notices delivered by overnight carrier (e.g., Malaysian POS) shall be deemed delivered on the business day following mailing. Notices mailed by Malaysian Speed Post, postage prepaid, registered or certified with return receipt requested, shall be deemed delivered five (5) days after mailing. Notices by email and facsimile transmission, with confirmation from the transmitting machine that the transmission was completed, are acceptable under this Agreement provided that they are deemed delivered one (1) hour after transmission if sent during the recipient’s business hours, or otherwise at 9:00 a.m. (recipient’s time) the next business day. Notices delivered by posting on the site shall be deemed delivered upon posting. Notices delivered by any other method shall be deemed given upon receipt. Either Party may, by giving the other Party appropriate written notice, change the designated address, fax number and/or recipient for any notice or courtesy copy, hereunder.

12.5. Refused, Unclaimed, or Undeliverable Notice – Any correctly addressed notice that is refused, unclaimed, or undeliverable, because of an act or omission of the Party to be notified shall be deemed effective as of the first date that said notice was refused or deemed undeliverable by the postal authorities, messenger, facsimile machine, email server or service provider, or overnight delivery service.

We do not provide any facility for sending or receiving private or confidential electronic communications. Visitors should not use this Site or Services to transmit any communication for which the sender intends only the sender and the intended recipient(s) to read. Notice is hereby given that all messages and other content entered into this Site or Services can and may be read by the agents and operators of the Site or Services, regardless of whether they are the intended recipients of such messages.

14.1. Binding Arbitration

If a dispute arises between the Parties arising out of or otherwise relating to this Agreement, the Parties shall meet and negotiate in good faith to attempt to resolve the dispute. If the Parties are unable to resolve the dispute through direct negotiations, then, except as otherwise provided herein, either Party must submit the issue to binding arbitration in accordance with applicable Arbitration Ordinance. Claims subject to arbitration (“Arbitral Claims”) shall include, but are not limited to, contract and tort claims of all kinds, and all claims based on any federal, state or local law, statute, or regulation, excepting only claims by Us under applicable worker’s compensation law, unemployment insurance claims, intellectual property claims (including but not limited to claims involving copyrights, trademarks, patents, unfair competition, and/or trade secrets), along with actions (regardless of the underlying cause of action) by Us seeking injunctions, attachment, garnishment, and other equitable relief.

Any dispute arising out of or relating to this Agreement, or the breach thereof, shall be finally settled on an individual basis –

(i) in the case of disputes involving customers of Belfrics International Limited, by arbitration in Malaysia in accordance with the Arbitration Rules of the Malaysia International Arbitration Centre for the time being in force, which rules are deemed to be incorporated by reference in this clause. The language of the arbitration shall be English and the Agreement shall be interpreted in accordance with the laws of Malaysia.

An arbitral decision resulting from (i) the above may be enforced in any court, and a prevailing party in any action or proceeding to enforce this Agreement shall be entitled to costs and attorneys’ fees.  Additionally, the Parties waive any right to trial by jury, as well as any right to participate in a class action lawsuit.

14.2. The Arbitrator shall have no authority to award any punitive or exemplary damages, certify a class action, add any parties, or vary or ignore the provisions of this Agreement. The arbitrator shall render a written opinion setting forth all material facts and the basis of his or her decision within thirty (30) days of the conclusion of the arbitration proceeding.

14.3. No waiver of right to arbitration – There shall be no waiver of the right to arbitration unless such waiver is provided affirmatively and in writing by the waiving party to the other party. There shall be no implied waiver of this right to arbitration. No acts, including the filing of litigation, shall be construed as a waiver or a repudiation of the right to arbitrate.

14.4. Notwithstanding the period of limitation prescribed by applicable laws for the bringing of any relevant action or claim, the Parties hereby mutually agree that no action, regardless of form, arising out of or in conjunction with the subject matter of this Agreement, except for claims involving intellectual property, claims to recover outstanding amounts due to Us and claims for indemnification, may be brought by any Party more than one (1) year after the cause of action arose, following which either Party shall have no further claim whatsoever against the other Party.

Each Party acknowledges that the other Party’s remedies at law may be inadequate to provide them with full compensation in the event of a breach of this Agreement, and that the non-breaching Party shall therefore be entitled to seek injunctive relief in the event of any such breach, in addition to seeking all other remedies available at law or in equity.

16.1. Assignment. The rights and liabilities of the parties hereto will bind and inure to the benefit of their respective assignees, successors, executors, and administrators, as the case may be. You may not assign this Agreement without our prior written consent. We may assign this Agreement and our rights and obligations hereunder at any time upon thirty (30) days prior written notice to you.

16.2. Severability. If for any reason a court of competent jurisdiction or an arbitrator finds any provision of this Agreement, or any portion thereof, to be invalid, unenforceable or illegal, such invalidity, unenforceability or illegality shall not affect the remainder of this Agreement which will continue to be in full force and effect.

16.3. No Waiver. No waiver or action made by us shall be deemed a waiver of any subsequent default of the same provision of this Agreement. No failure or delay in exercising or enforcing any privilege, right, remedy, or power hereunder shall be deemed a waiver of such provision by us. If any term, clause or provision hereof is held invalid or unenforceable by a court of competent jurisdiction, such invalidity shall not affect the validity or operation of any other term, clause or provision and such invalid term, clause or provision shall be deemed to be severed from this Agreement. All waivers must be in writing.

16.4. Headings. All headings are solely for the convenience of reference and shall not affect the meaning, construction or effect of this Agreement.

16.5. Complete Agreement. This Agreement, together with our Privacy Policy, and AML/KYC document constitutes the entire agreement between the parties with respect to your access and use of the Site, Exchange, Services and the Materials contained therein, and your use of the Site and Services, and supersedes and replaces all prior understandings or agreements, written or oral, regarding such subject matter.

16.6. Other Jurisdictions. We make no representation that the Site, Exchange, Services or any of the Materials contained therein are appropriate or available for use in other locations, and access to them from territories where their content or function may be illegal or is otherwise prohibited. Those who choose to access the Site, Exchange and Services from such locations do on their own initiative and are solely responsible for determining compliance with all applicable local laws

1. General

A.The operative parties referred to in this policy are the Company and You, the User of this site.

1. Belfrics International Limited. – is the publisher and operator of the website(s) listed at the beginning of this Policy. Hereinafter, Belfrics International Limited shall be referred to as “Company” (Us, We, Our, Ours). Additionally, when the terms “the Site” or “Site” are used, these terms refer to the website(s) listed at the beginning of this Policy, as well as the Services offered via the Site, such as the virtual currency exchange (the “Exchange”) and ancillary services as defined in Our User Terms [A1].

2. You, the User – As the User of this Site, this Policy will refer to the User as “You” or through any applicable second-person pronouns, such as “Yours,” etc. Hereinafter, the User of the Site shall be referred to in applicable second-person pronouns.

B. This Privacy Policy describes how we the Company use information received about you when you visit our Site or when you subscribe to, or otherwise use our Services. This Policy does not cover any information that we may receive from or about you through channels other than through the use of the Site or Services.

Please note that by using our site, you consent to our websites privacy policy herein.

2. Revisions to this Policy

We reserve the right to revise, amend, or modify this Policy and our other policies and agreements at any time and in any manner.You should periodically check for any modifications of this Policy by re-visiting this web page and using the “refresh” button on your browser prior to your use of the Site and the Services. You should note the date of last revision to this Policy, which appears at the top of this Policy. If the “last modified” date remains unchanged after You have clicked the “refresh” button on Your browser, you may presume that no changes have been made since the last reading of the Policy. A changed “last modified” dates, indicates that this Policy has been updated or edited, and the updated or edited version supersedes any prior versions immediately upon posting. In a merger or acquisition of the Company, customer personal information will likely form part of the assets to be transferred. Any and all changes to this Policy arising from such merger or acquisition will be posted on the Site and you will be notified of the changes via a news update within your account(s) settings page.

3. Personal Information that We Collect

Visitors to Our Site, and users of Our Services, will have multiple manners of interactivity with us. Depending upon Your level of interaction, we will collect different information about you. The type of information collected is as follows:

1. Members – Members are those Users who interact with our services in a way which requires registration, for example, participating in the Exchange or our user discussion forums, if applicable (“Forums”). As a Member, You may be prompted to provide Your name, Your residence address and mailing address (if different), Your telephone and fax numbers, a valid email address, Your date and place of birth, Your state-issued driver’s license number, a copy of a valid photo ID (such as a driver’s license, passport, armed forces identification card or alien identification card), proof of residence, Your government issued identification number (e.g., Passport number, social security number, employee identification number or taxpayer identification number), other personal information necessary to verify your Identity, Your credit card information, and Your Bitcoin addresses and related information (“personal information”) which may lead to Your identification.

2. Browsers – Browsers are visitors to the Site who never enter into any active data collection pages or use the Services or Exchange. Browsers may, however, view content posted by Members. Any information gathered from Browsers is also gathered from Members. This information is restricted to cookies, IP Addresses and Referral URLs, and other passive information gathering devices. Browsers are also considered Users of the Site.

4. How We Collect Information from You

a) By reading, understanding and by proceeding further to continue access to and use of the Site, you have hereby given your consent to us to: –

a1) Store and process your Personal Data;
a2) Disclose your Personal Data to the relevant governmental authorities or third parties enforcement agencies where/when required by law or for legal purposes.

1. Passive Collection
We use cookies (Please refer to our Cookies Policy) to collect information about you in order to enhance your experience on the Site. The information collected in our cookies includes, but is not limited to, your User IP address, geographic location and other session data. Cookies are small text files that are stored in your local browser cache. Such cookies enable the recognition of your browser in order to optimize the Site and simplify its use. Most browsers are set-up to accept these cookies automatically. We use cookies to improve our knowledge of your use of the Site and hence the efficiency of your individual use of this Website. The cookies are not permanent and will expire after a short period of non-use. For security reasons, you may wish to deactivate the storing of cookies or adjust your browser to inform you before the cookies are stored on your computer. However, please note that if you do erase or block the cookies, you may not be able to utilize some features on the Site. We shall however not in any way, be held liable for any loss or damage resulting from your inability to use such features.

2. Active Collection
We collect information from you when you register for an account to use the Services or Exchange and when you use such Services.

2. Continuous Collection
We may/will actively collect/request information from you when required to update your personal data for time to time. It is essential for you to update us on any changes on information. Kindy refer to our Terms & Conditions or other User policies;

5. How We Use Your Information

The primary uses for your information are; to provide you with services you have requested and/or paid for, to conduct customer identification, anti-money laundering reviews and compliance, and to comply with applicable law. We may also use your information to deliver customized services to you. Members personal information, login information and e-mail addresses may be disclosed to third parties for the purpose of providing certain features or third-party services associated with the Exchange, including our Anti-Money Laundering client verification providers for the purpose of complying with applicable laws. The Site may contain links to other third party websites, which are regulated by their own privacy policies. We are not responsible for the privacy policies of these other third party websites even if you accessed them using links from the Site or were linked to the Site from a third party website. We are not responsible for how third parties use your information, and you should become familiar with such third parties’ privacy policies prior to requesting their services. Non-personal and aggregate information, such as that collected passively, is used in order to customize our marketing efforts or to customize the efficient use of our Site for an aggregate group of customers. We additionally may use the personal information of Users whose membership has expired or has been cancelled in order to market our services to these individuals in the future.

We generally will use your information for the purposes for which you specifically provide it, for example, to ensure payment for subscription services, if applicable. We may also use your information for market research purposes in the form of aggregate data – in order to increase your (and other Users’) experience according to tracked interests, to analyze and target potential new markets, and for other marketing purposes. Such general information may be shared with third parties to show general service usage but is however not linked to personally identifiable information.

6. Special Cases

We take the protection of your personal information very seriously and recognize the need to keep your personal information registered with the Site secure. Save as expressly provided herein, our personal information will not be passed on by us or by our agents for use by third parties in any form whatsoever unless we have obtained your consent or are legally required to do so or except for the following purposes. It is our policy not to use or share the personal information about Browsers or Members in ways unrelated to those described in this Policy without also providing you an opportunity to opt out or otherwise prohibit such unrelated uses. However, we may disclose personal information about Browsers or Members (including all information and documentation provided to us concerning a Member), or information regarding your use of the services or Site(s) accessible through our services, for any reason if, in our sole discretion, we believe that it is reasonable to do so, including but not limited to:

1)To satisfy or/and comply with any laws, such as: –

a) The Electronic Communications Privacy Act and/or other respective regulations, legal requirements or governmental, or legal requests by enforcement agencies and/or Any person to whom disclosure is permitted or required by any statutory provision or law

b) To any local or foreign regulatory body, government agency, statutory board, ministry, departments or other government bodies and/or its officials; and/ or

Carrying out due diligence or other screening activities as required by regulators and law. Fulfillment of any regulatory / legal requirements / applicable laws; To protect ourselves, our Members, and the general public, we specifically reserve the right to disclose any and all information to law enforcement in the event that a crime is committed, is suspected, or if we are compelled to do so by lawful criminal, civil, or administrative process, discovery requests, subpoenas, court orders, writs, or reasonable request of authorities or persons with the reasonable power to obtain such process. It is further within our sole discretion to cooperate with and disclose information to law enforcement, private party litigants and governmental agencies, about our Users to the extent required by applicable law. Examples of such cooperation include lawful criminal, civil, or administrative process, discovery requests, subpoenas, court orders, writs, or reasonable request of authorities or persons with the reasonable power to obtain such process; Preventing, detecting and investigating fraud, misconduct, any unlawful action or omission, whether relating to your application or any other matter relating to your account(s), and whether or not there is any suspicion of the aforementioned To manage and maintain your account(s) and facility(ies); Respond to your inquiries and complaints and to generally resolve disputes To disclose information that is necessary to identify, contact, or bring legal action against someone who may be violating our Terms & Conditions or other User policies; To operate Our Site, Services and Exchange properly; Anyone who violates our Anti-Spam Policy, if applicable, may have their personal information made public. If there is any investigation on any unlawful spamming, or any use of bulk e-mail in order to promote your User profile, or any use of bulk e-mail in any manner that leads back to our Site, or any one of our Sites, we may take such steps as we deem appropriate in our discretion to ensure that Your bulk e-mail activities stop If we have reason to believe that a Member is not the owner of a credit card (s) or other account(s), even if the credit card (s) or account (s) use is authorized by the owner of the said product, we are required provide information about you to the credit card and/or account holder and/or appropriate authorities. In order to conduct our business operations more smoothly, we may also be disclosing the personal data you have provided to us to our third-party service providers, agents and/or our affiliates or related corporations, and/or other third parties whether sited in Kenya or outside of Kenya, for one or more of the above-stated Purposes. Such third-party service providers, agents and/or affiliates or related corporations and/or other third parties would be processing your personal data either on our behalf or otherwise, for one or more of the above-stated Purposes. Where we disclose your personal data to third parties with your consent, we will employ our best efforts to require such third parties to protect your personal data.

7. Transmittals from Us

We may send you periodic announcements including the details of our existing and new programs. You may opt out of these announcements by contacting [email protected] or by clicking the opt-out link at the bottom of these emails. If you opt-out of these marketing emails, you may still receive system notices and other information that is specifically related to your account

If you provide your information to us, use the Site, or subscribe to any of our Services, including the Exchange, you will have created a commercial relationship with us. In having done so, you understand that even unsolicited commercial email sent from us or our affiliates is not SPAM (refer to our Spam Policy)as that term is defined under applicable law.

8. Our Commitment to Data Security

We will retain control of and responsibility for the use of any personal information you disclose to us. We take measures to protect the transmission of all sensitive User information. We make all reasonable efforts to ensure the integrity and security of our network and systems by utilizing encrypted software and protective firewalls. All User information is retained in-house for the life of the account and is secured via administrative password protection. Nevertheless, we cannot guarantee that our security measures will prevent third-party ‘hackers’ from illegally obtaining this information. We take all reasonable measures to prevent such breaches of security, but you however acknowledge and agree that communications through the internet is not entirely secure and hence, we are unable to guarantee that our security is one hundred percent (100%) breach-proof. You assume the risk of such breaches to the extent that they occur despite our reasonable security measures. Our security procedures shall nevertheless continuously be revised based on new technological developments. Whilst we have security measures in place to protect your personal information, please do not send any other confidential or proprietary information through the Site. You should exercise extreme caution when disclosing such confidential or proprietary information in this way. We shall not be responsible for any loss or damage arising from disclosure of such confidential or proprietary information that is sent through the Site .

9. Additional matters relating to personal data

Retention of personal data
We will retain your personal data, in compliance with this Anti-Money Laundering/Combating the Financing of Terrorism/ Know Your Customer (AML/CFT /KYC/) Policy, for the duration of your relationship with us, and afterwards for such period as may be necessary for our legitimate business purposes (including compliance with our legal obligations, preventing fraud, resolving disputes and enforcing agreements), to protect the interests of the company and its customers, and as required by law. All transaction and identification records will be maintained for a minimum period of 7 years

Incomplete personal data
Where indicated (for example in online application forms or account opening forms), it is obligatory to provide your personal data to us to enable us to process your application for our products or services. Should you decline to provide such personal data, we may not be able to process your application/request or provide you with our products or services.

Your right to access, update, or remove your personal data
Most of the data we collect, and the ways in which we use it, are necessary for us to provide and improve the services we provide to you, or to comply with our obligations. In certain situations, we give you the ability to choose how we use your data.
Depending on the country in which you live, you may have certain rights under data protection law, including the right to object to the processing of your personal data or to request that we:
provide you with a copy of your personal data (including in a format that can be shared with a new provider); or Correct, delete, or restrict the processing of your personal data.Please feel free to contact us at: [email protected] if you would like to exercise or find out more information on any of the above rights. These rights are limited in some situations, such as where we are legally required to process your data and may limit your ability to use our products and services and as well for AML/CFT purposes.

Data breaches
We will notify you and the relevant supervisory authority as soon as we become aware of any data breach that is likely to result in a risk to your rights and freedoms.

10. How to Access or Modify Your Information

We may offer our Members the opportunity to access or modify information provided during registration. To access or modify such information, contact our Customer Service via [email protected]

11. Where to Direct Questions About Our Privacy Policy

If you have any problems, questions or suggestions about this Privacy Policy or the practices described herein, you may contact us at [email protected].

Note* This document and any other document attached or affiliated to this document is subject to change by company as per the regulator requirements and/or changes in company policy. The company reserves the rights to do so.

Anti-Spam Policy

Introduction –We (the company “Belfrics”) are aware of our responsibilities and are dedicated to protecting the privacy rights of other users. So, if you use Belfrics, you must read and understand our Anti-SPAM policies and you must agree to our Terms and Conditions and also other affiliated policies. There is no such thing as a ‘purchased opt-in list.’ So, if you purchased an email list of any kind, please do not upload it to Belfrics or plan to send email to those contacts through Belfrics, as this is a violation of our Anti-SPAM policy. Kindly go through our Terms and Conditions and also other affiliated policies before proceeding with any such decisions.

1. What is a SPAM

It is an irrelevant or unsolicited message sent over the Internet, typically to a large number of users, for the purposes of advertising, phishing, spreading malware, etc.

There are four ways by which a customer may violate our Anti-Spam policy:

  • By sending spam as defined on this page – our Anti-SPAM policies, which can be found here.
  • By sending content that is prohibited by our policies, which includes sending unsolicited email.
  • By not responding properly to an inquiry from a Belfrics staff member about the source of an email list or email address.
  • By not including the required elements on every campaign sent through our email marketing service.
  • We may determine whether a customer is spamming. There are a number of factors Belfrics uses to determine whether a customer is spamming. These may include: violating our guidelines, experiencing excessive spam complaints from recipients, complaints sent to abuse report addresses, complaints sent to any of Belfrics’s upstream and downstream providers, and evaluating a customer’s email campaign statistics and recipient addresses.

2. Examples of Spam

Any email message that is sent to a recipient who had previously signed up to receive newsletters, product information or any other type of bulk email, but later opted-out by indicating to the sender that they did not want to receive an additional email, then that email is spam.

Any email message that is sent to a recipient without a way for a person to opt-out or request that future mailings not be sent to them, is spam.
Any email message that is sent to non-specific addresses.
Any email messages sent to a purchased list of email contacts.
Any email message that does not have a valid email address in the From Line is spam.
Any email that does not include a valid physical address. A phone number is also recommended (but not required).
Any email message that contains any false or misleading information in the header, subject line or message itself is spam.
Any email that says you can earn any amount and currency each week from home is spam
Any anonymous email or emails that do not contain the required elements. Since spammers often use anonymous email accounts to do their work, you can’t create a trial account using some anonymous @yahoo.com, @hotmail.com, etc. email account.

3. Prohibited Content Spam

Please don’t use Belfrics to send anything offensive, to promote anything illegal, or to harass anyone. The following list includes examples of content that are prohibited:

Pornography, adult content, escort or dating services, or content promoting adult novelty items.
Material that exploits children or discloses personal information of children of any age.
Materials selling or promoting illegal products, drugs or substances.
Material that is grossly offensive or threatening in any way.
Content that introduces viruses, worms, harmful code and/or Trojan horses on the Internet
Content that violates Law of any counties and regions.
Material that encourages violence against any governments, groups or individuals.
Affiliate marketing or multi-level marketing products and/or services.
List broker or list rental services
Material that belittles any person, religion, race and etc

4.What is Not Spam

Below are examples of content that is *not* considered SPAM:

Anytime an organization sends a mass email message to its present and/or past customers, it is NOT spam provided that the organization offers a way for the customer to unsubscribe of future mailings and that the customer did not previously “unsubscribe”.
An email message is NOT spam if the recipients in anyway requested email to be sent to them from the sender or the sender’s organization and they have not “unsubscribe” of your list.An email message is NOT spam when sent to recipients who agreed to receive information or promotions from a partner organization (as long as there is a clear “unsubscribe” option).
A message is NOT spam if it is sent to addresses that have been properly collected an if the recipients are made aware at the time of sign up that they may receive emails from third parties.
All emails must include a relevant title, from and reply-to address that is a valid email address, name of the sender, physical address and location and phone number.
OTP (one-time password) emails. Kindly note you as the customer may opt for the OTP to be sent via other methods indicated in our system.

5. Avoiding Spam Related Problems

It’s in best interest of the company to keep our system clean, because our reputation and our Customers’ deliverability depends on it. If you are a spammer and do not abide by our terms of service, we reserve the right to terminate your account immediately and without refund.

6. How we deal with complaints

Even though a customer may not be sending spam, complaints may still be received by Belfrics from a customer’s recipients. It is our duty to respond to every abuse complaint, so that the complainant knows his/her address was not harvested, sold or otherwise improperly added to a customer’s lists. The respective staff takes the following steps anytime a complaint is received:

The Belfrics staff reviews the customer’s response and the entire complaint and determines whether or not the customer is in compliance with this policy.

The company will respond to the complaint. As long as the customer has been adhering to this policy. The staff will respond to the complainant and reassure him that his email address has been unsubscribed from future mailings.

Should the customer be found to be in violation of this policy, the customer will receive a spam determination response from our staff with specific information related to the violation.

7. Please Report Bad Senders

If you are reporting SPAM, kindly forward the contents of the offending information, including all header information to the “Report A Spam “option on the unsubscribe page.

Note* This document and any other document attached or affiliated to this document is subject to change by company as per the regulator requirements and/or changes in company policy. The company reserves the rights to do so.

1. Belfrics Cookie Policy

At Belfrics, we respect your concerns about privacy and value the relationship that we have with you.

Like many companies, we use technology on our website to collect information that helps us enhance your experience and our products and services. The cookies that we use at Belfrics allows our website to help us understand what information and advertising is most useful to visitors.

Please take a moment to familiarize yourself with our cookie practices and let us know if you have any questions by sending us an email on xxxxxxx.

Please ensure you read this policy together with our Privacy Policy. Any personal data provided to or collected by Belfrics via cookies and other tracking technologies is controlled by Belfrics. By using our websites, you are consenting to our use of cookies in accordance with this Cookie Notice and our Privacy Policy. This Cookie Policy may be amended from time to time and any such amendments to the Cookie Policy shall be posted on this website page and the changes shall take effect 7 days from date of posting of any such amendments.Any transaction undertaken after the change shall be subject to the changes and you shall be deemed to have accepted any such changes. You should periodically check for any modifications of this Policy by re-visiting this web page and using the “refresh” button on Your browser prior to Your use of the Site and the Services. You should note the date of last revision to this Policy, which appears at the top of this Policy. If the “last modified” date remains unchanged after You have clicked the “refresh” button on Your browser, you may presume that no changes have been made since the last reading of the Policy. A changed “last modified” dates, indicates that this Policy has been updated or edited, and the updated or edited version supersedes any prior versions immediately upon posting.

2. What is a cookie?

Cookies, pixel tags and similar technology (collectively known as ‘cookies’) are files containing small amounts of information which are downloaded to any internet enabled device – such as your computer, smartphone or tablet – when you visit a website.

Cookies are then sent back to the originating website on each subsequent visit or to another website that recognizer that cookie. Cookies do lots of different and useful jobs, such as remembering your preferences, generally improving your online experience, and helping us offer you the best products and services.

There are many types of cookies. They all work in the same way, but have minor differences.

3.What do we use cookies for?

We use cookies to make our website easier to use, to deliver a personalized experience on our website and to better tailor our products and services to your interests and needs. Cookies are used to help speed up your future activities and enhance your experience on the Belfrics website.

The cookies you consent to, are also used to collect your personal data which we then profile into audiences so that we can deliver targeted advertising tailored to your interests and limit the number of times you see an advertisement. For more detailed information about the same, please see our Privacy Policy.

We also insert cookies in emails and newsletters to improve our content and advertising.

Lastly, we use cookies to compile anonymous, aggregated statistics that allow us to understand how people use our websites and to help us improve their structure and content.

How can I control or delete cookies?

There are many ways to manage your cookies:

  • You can refuse your consent;
  • You can disable Belfrics or third-party cookies by use of your browser settings; or
  • You can use our cookie management tool to disable Belfrics or third-party cookies).

4. Control via your browser settings

Most internet browsers are initially set up to automatically accept cookies. If you do not want our websites to store cookies on your device, you can change your browser settings so that you receive a warning before certain cookies are stored. You can also adjust your settings so that your browser refuses most of our cookies or only certain cookies from third parties. You can also withdraw your consent to cookies by deleting the cookies that have already been stored.

If you disable the cookies that we use, this may impact your experience while on the Belfrics website, for example you may not be able to visit certain areas of a website or you may not receive personalized information when you visit a website.

If you use different devices to view and access the Belfrics website (e.g., your computer, smartphone, tablet) you will need to ensure that each browser on each device is adjusted to suit your cookie preferences.

The procedures for changing your settings and cookies differ from browser to browser. If necessary, use the help function on your browser or click on one of the links below to go directly to the user manual for your browser.

Internet Explorer
Mozilla Firefox
Google Chrome
Safari
Opera

There are also software products available that can manage cookies for you.

You can also use www.ghostery.com to evaluate the use of cookies used on our websites.

To find out more about cookies, including how to see what cookies have been set and how to manage and delete them, visit www.allaboutcookies.org.

5. What cookies do we use?

The cookies used on the Belfrics website may be generally categorised as follows:

Necessary Cookies : These cookies are essential to make our website work correctly, they enable you to navigate our website and use our features. Without these cookies, some of our services cannot be provided. Examples include remembering previous actions (e.g. entered text) when navigating back to a page in the same session. Do these cookies collect personal data/identify me? These cookies do not identify you as an individual. If you do not accept these cookies, it may affect the performance of the website, or parts of it.

Performance Cookies : These cookies collect information about how you use our website, for instance which pages you go to most often, the time spent on our websites, and any issues encountered such as error messages. These cookies are also used to let affiliates know if you came to one of our websites from an affiliate and if your visit resulted in the use of a product or service from us, including details about the product or service. This helps us improve the performance of our website.

Do these cookies collect personal data/identify me? These cookies do not identify you as an individual. All information these cookies collect is aggregated and therefore anonymous. It is only used to improve how a website works.

Functionality Cookies : These cookies allow our website to remember the choices you make (such as your user name, language or the region you are in) to provide a more personalised online experience. These cookies may also be used to remember changes you have made to text size, fonts and other parts of web pages that you can customise. Similarly, they may be used to keep track of what you have viewed and to enable you to engage better and more with our website.

Do these cookies collect personal data/identify me? The information these cookies collect may include personal data that you have disclosed. If you do not accept these cookies, it may affect the performance and functionality of the website and may restrict access to content on the website.

Targeting or Advertising Cookies : These cookies are used to deliver content that is more relevant to you and your interests. They are also used to deliver targeted advertising or limit the number of times you see an advertisement as well as help measure the effectiveness of the advertising campaigns on the Belfrics website. They remember that you have visited one of our websites and this information is shared with other parties, including advertisers. These cookies may also be linked to site functionality provided by third-parties. Do these cookies collect personal data/identify me? Most types of these cookies track consumers via their Device ID or IP address therefore they may collect personal data.

Third-Party Cookies : We use a number of partners that may also set cookies on your device on our behalf when you visit our websites to allow them to deliver tailored Belfrics advertising within their domains, for example Facebook and Google DoubleClick. We endeavor to identify these cookies before they are used so that you can decide whether you wish to accept them or not. We also use a number of partners to provide digital experiences and functionalities on our websites. For example, while browsing our website you may be served cookies from third-parties who provide some of its features on our websites (e.g., a YouTube video), although you have withdrawn or declined your consent to our cookies. This happens because you have directly given your consent to the use of their cookies. In such cases, you should directly withdraw your consent on the relevant third-party website. Do these cookies collect personal data/identify me? Based on the type of cookies used by the relevant third-party, the information these cookies collect may include personal data.

Duration of the cookie we use

In terms of duration, we may use two different types of cookies on our websites:

Session Cookies. These cookies are temporary cookies that remain on your device until you leave our websites.

Persistent Cookies. These cookies remain on your device for much longer or until you manually delete them (how long the cookie remains on your device will depend on the duration or “lifetime” of the specific cookie, as well as your browser settings).