This Agreement, along with any other documents we provide you pertaining to your BSaV.io account, is a contract that establishes rules which control your account with us. Please read this carefully. By agreeing with these terms and conditions and opening the account, you agree to be bound by these rules.
DEFINITIONS – As used in this Agreement the words “we,” “our,” and “us” mean BSaV Limited dba BSaV.io and the words “you” and “your” mean the accountholder(s) and anyone else with the authority to deposit, withdraw, or exercise control over the funds in the account.
“Account” means your BSaV Ltd online account, including any other reward earning or loan sub accounts we may establish for you in the future.
“Digital Asset” means a digital representation of value in which encryption techniques are used to regulate the generation of digital units and verify the transfer of assets, operating independently from a central bank.
“Eligible Digital Assets” means the types of Digital Assets we may choose to accept and support from time to time, which are subject to change in our sole discretion, based on business and regulatory considerations.
PRIMARY AGREEMENT – This agreement represents the only agreement between you and us, and no other representations have been made to you orally or in writing anywhere else, and you have not relied on any such representations when deciding to open this account.
CONSENT TO ELECTRONIC NOTICES – You agree that all notices, statements and other communication regarding the account shall be made by email to the email address you provide below and that you waive any for notification by regular mail except where required by law
CHANGE OF TERMS We may change the terms of this Agreement at any time. We will give you notice or by email any other method permitted by law. If any notice is necessary, we will email it to the address you have provided us. Notices that we send to you at your email address as shown on our records will be binding on you for all purposes. You agree to notify us in writing in advance of any change of email address.
TRANSFER – Transfer means any change in ownership, withdrawal rights, or survivorship rights, including but not limited to, any pledge or assignment of the account as collateral. You cannot transfer the account to another person without our written consent.
PLEDGES – Any pledge of the account (to which we have agreed) must first be satisfied before the rights of any joint account survivor become effective. For example, if one joint tenant pledges the account for payment of a loan and then dies, the surviving joint tenant’s rights in the account are subject first to the payment of the debt.
WITHDRAWALS – Only those of you indicated as account owners may withdraw funds from the account. In appropriate cases, a court-appointed representative or attorney in fact under a valid power of attorney agreement may also withdraw from the account with the proper legal documentation.
For every withdrawal request, you will be required to provide the details of the wallet to which you wish to transfer your Digital Assets. In the event that the details you provide are inaccurate, incomplete or misleading, your Digital Assets may be permanently lost. We will not be liable for any loss that results from inaccurate, incomplete or misleading details that you may provide for such transfer. If the transfer address you specify is one to which we are unable to process transfers, we will have no liability for any resulting failure or delay in processing your requested withdrawal. BSaV Ltd and our third-party partners may experience cyber-attacks, extreme market conditions, or other operational or technical difficulties which could result in the immediate halt of transactions s either temporarily or permanently. Provided that BSaV Ltd has taken reasonable commercial and operational measures to prevent such events in technical systems controlled by BSaV Ltd, BSaV Ltd is not and will not be responsible or liable for any loss or damage of any sort incurred by you as a result of such cyber-attacks, operational or technical difficulties or suspensions of transactions. Withdrawal limits based on amounts and/or frequency may apply from time to time and will be described in your Account interface. Every transmission request shall be deemed pending until accepted by us. We may refuse to accept such request, or delay the processing of an approved request for any reasonable reason, including but not limited to insufficient assets in your Account, inaccurate or misleading information provided by you, or any doubt or suspicion of money laundering or other financial crime related to your Account. Where you transmit only a part of the Eligible Digital Assets available in your Account, the transmitted Eligible Digital Assets will include first the principal amount (i.e. assets transmitted by you) and only after these are transmitted in full, any paid rewards may be transmitted.
SETOFF – You grant us a security interest in any and all of your Accounts for debts, amounts owed, or liabilities incurred (“Obligations”) to us or any of our affiliates by any owner of any of your Accounts. Obligations may include both secured and unsecured debts, and Obligations you owe individually or together with someone else, including Obligations under other transactions or agreements between you and us or any of our Affiliates. We may take or set off assets in any or all of your Accounts, or transfer assets between any or all of your Accounts with us or any of our Affiliates for direct, indirect, and acquired Obligations that you owe us or our Affiliates, including any balances as a result of not having sufficient assets available, regardless of the source of assets in an Account. These rights are in addition to other rights we have to take, transfer, or charge assets in your Accounts for Obligations you owe us or our Affiliates. Your acceptance of these Terms serves as your consent to BSaV Ltd asserting its security interest or exercising its right of setoff should any laws governing your Account require your consent. If the law restricts our ability to take, transfer, or setoff assets in your Account, or if some Digital Assets are protected from attachment, levy, or legal process, you waive those conditions and limits to the full extent that you may do so by contract, and you authorize us to apply assets in any or all of your Accounts to your Obligations. We hereby agree that, to the extent permitted by applicable law, you may take or set off assets in your Account, or any amounts we owe you with respect thereto, against the Obligations. If the law restricts your ability to take, transfer, or setoff assets in your Account, or if some Digital Assets are protected from attachment, levy, or legal process, we waive those conditions and limits to the full extent that we may do so by contract, and we authorize you to apply assets in any or all of your Accounts to your Obligations.
CONSENT TO USE OF ASSETS - In consideration for the rewards earned on your Account and the use of our Services, you grant BSaV Ltd the right, subject to applicable law, without further notice to you, to hold the Digital Assets available in your account in BSaV Ltd’ name or in another name, and to pledge, re-pledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer or use any amount of such Digital Assets, separately or together with other property, with all attendant rights of ownership, and for any period of time, and without retaining in BSaV Ltd’ possession and/or control a like amount of Digital Assets or any other monies or assets, and to use or invest such Digital Assets. You acknowledge that with respect to assets used by BSaV Ltd pursuant to this paragraph:
(i) You may not be able to exercise certain rights of ownership;
(ii) BSaV Ltd may receive compensation in connection with lending or otherwise using Digital Assets in its business to which you have no claim or entitlement;
(iii) BSaV Ltd borrowers may default partially or entirely, which can result in partial or total loss of your coins. In that event, you authorize BSaV Ltd to use Eligible Digital Assets to absorb the remaining losses;
(iv) BSaV Ltd may use your Eligible Digital Assets as collateral to borrow other digital or fiat assets in different jurisdictions around the world. While such borrowing are for the purpose of optimizing the returns to all members, BSaV Ltd may experience losses or partial recovery of such collateral in certain situations.
(v) You authorize BSaV Ltd to use Eligible Digital Assets to absorb the remaining losses; and,
(vi) BSaV Ltd may lend your coins to exchanges, hedge and other counterparties, which may provide full or partial collateral for any coin or fiat loan.
RISK DISCLOSURE - These Terms and the holding of Digital Asset relationship does not create a fiduciary relationship between us and you; your Account is not a checking or savings account, and it is not covered by insurance against losses. We may lend, sell, pledge, hypothecate, assign, invest, use, commingle or otherwise dispose of assets and Eligible Digital Assets to counterparties or hold the Eligible Digital Assets with counterparties, and we will use our best commercial and operational efforts to prevent losses.
ELIGIBLE DIGITAL ASSETS ARE NOT LEGAL TENDER. BSAV LTD IS NOT A DEPOSITORY INSTITUTION, AND YOUR BSAV LTD WALLET IS NOT A DEPOSIT ACCOUNT. ELIGIBLE DIGITAL ASSETS IN YOUR BSAV LTD WALLET ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR THE SECURITIES INVESTOR PROTECTION CORPORATION (SIPC).
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. Any secured account maintained by BSaV Ltd for the benefit of its customers may not be sufficient to cover all losses incurred by customers. The value of Digital Assets may be derived from the continued willingness of market participants to exchange Digital Assets for Fiat currencies or other Digital Assets. If such willingness is abolished for any reason, this may result in the potential for a permanent and total loss of value of a particular Digital Asset. The volatility and unpredictability of the price of Digital Assets may result in significant loss over a short period of time. The nature of Digital Assets may lead to an increased risk of fraud or cyber-attack, including rollback attacks or Blockchain reorganizations. The nature of Digital Assets means that any technological difficulties experienced by BSaV Ltd may prevent the access or use of your Digital Assets and/or cause losses of Digital Assets. Although BSaV Ltd takes precautionary measures to protect against cyber threats, circumstances may arise where losses or damages incur. In that event, you authorize BSaV Ltd to use Eligible Digital Assets to absorb the remaining losses. In light of these risks, which are only some of the risks involved in using the Services and holding or trading in Digital Assets, and do not constitute an exhaustive list of such risks, you should carefully consider whether holding or trading Digital Assets in general and/or using our Services is suitable for you in light of your financial condition.
LOAN PURPOSE – You understand that loans through BSaV Ltd are available only for commercial purposes and not for not for any personal, family, or household purposes.
BALANCE COMPUTATION METHOD – We use the daily balance method to calculate the rewards on the account. This method applies a daily periodic rate to the principal in the account each day.
TRANSACTION LIMITATIONS – You can make additional deposits to the account at any time. You may make withdrawals with 30 days notice. If you need to make a withdrawal with less than 30 days notice (early withdrawal), you may request it via email to help@BSaV.io. In certain circumstances, such as the death or incompetence of an account owner, the law permits, and in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply. Deposits made by ACH Debit from your bank account cannot be cancelled after they are in the "processing" status.
REWARDS - The current rewards rate is visible in your account dashboard at all times. Rewards rate are subject to change each month, with the new rewards rate taking effect on the 1st day of the month.
EARLY WITHDRAWAL PENALTY – If we consent to a request for an early withdrawal, you will forfeit rewards accrued during that month (but not any rewards previously earned and applied to principal)
TAX REPORTING – You understand that rewards earned is taxable to US persons and you agree to provide required information to us that is necessary to comply with IRS regulations, including providing a completed W-9 form to us when requested. You understand that as a US person, you will receive a 1099-INT form for each year your account earns rewards in excess of $10. If you are a non-US person, you understand that it is your responsibility to abide by your local tax reporting requirements and that we will provide you with a yearly account statement showing your total rewards earned.
CONVERSION RATES - Any conversion between a Digital Asset and another Digital Asset shall be made by us in accordance with the rates and prices applicable at the actual time of conversion. Applicable rates are indexed to those used by industry-leading platforms, as we may choose to use from time to time, in our sole discretion
MINIMUM BALANCE REQUIREMENT – You must make a minimum deposit of 1 BSV (or other currency equivalent) to open the account. You must maintain the minimum balance on a daily basis to earn
the annual percentage yield (APY) disclosed.
REWARDS RATE INFORMATION – The rewards rate is calculated daily and will be paid monthly. Rewards begins to accrue on the day we receive your deposit to fund the account. The APY stated in your account dashboard assumes that rewards earned remains on deposit for 1 year. A withdrawal of rewards will reduce earnings. When using your Digital Assets as collateral for a loan, no rewards will be earned.
ACCOUNT CLOSURE - (i) BSaV Ltd Right to Account Closure- We have the right to close your Account at any time for any reason without advance notice. If your Account has a balance when we close it, we will return the remaining Digital Assets to you, including accrued rewards earned until the close date, less any applicable penalty, withholding tax and other applicable deductions, unless prohibited by applicable law. In the event of irregular activity, we may hold your assets until we close your account. Any Digital Assets that BSaV Ltd returns to you will be sent to the designated withdrawal addresses in your user profile on the BSaV Ltd platform for each respective Digital Asset you hold. Accounts are not transferable or assignable in whole or in part. BSaV Ltd may be required by law to turn over the assets in abandoned or unclaimed customer accounts to the state of your last known residence (“Escheatment”). Escheatment periods vary by jurisdiction, and you are responsible to determine the applicability of such laws in your place of residence. BSaV Ltd reserves the right to deduct a dormancy fee or other administrative charges from such unclaimed or abandoned Digital Assets, as permitted by applicable law.
(ii) Right to Close Your Account- If you want to terminate your Account with BSaV Ltd, you may do so by notifying BSaV Ltd at help@BSaV.io Once your BSaV Ltd Account is closed, you agree: (a) to continue to be bound by these Terms, (b) to immediately stop using the Services, (c) that we reserve the right (but have no obligation) to delete all of your information and account data stored on our servers, and (e) that we shall not be liable to you or any third party for termination of access to the Services or for deletion of your information or account data. You acknowledge that any legal obligations you may have under any other agreement with BSaV Ltd (including any loan agreement or agreement governing lending or investing in BSaV Ltd or its affiliates) will not be affected in any way by the termination of the Terms and any such other agreement between you and BSaV Ltd will continue to be in effect in accordance with its terms.
KYC/AML VERFICIATION – You understand that BSaV Ltd may be required to conduct KYC/AML verification on you, to comply with laws and regulations. You agree to provide BSaV Ltd any such requested information in a timely manner.
UNAUTHORIZED TRANSFERS - You must notify us IMMEDIATELY via email to security@BSaV.io if you believe that an electronic transfer has been made without your permission, or if your statement shows transfers that you did not make. YOU ACCEPT ALL RISKS OF UNAUTHORIZED ACCESS AND USE OF YOUR ACCOUNT.
DISLOCUSURE OF ACCOUNT INFORMATION - Disclosure of Account Information
We may disclose information to third parties about you, your Account, or the transfers you make:
(i) Where it is necessary for the provision of our Services under these Terms;
(ii) In order to verify the existence and condition of your Account for a third party, such as a referral partner;
(iii) For the purpose of conducting our AML and KYC checks;
(iv) If you give us written authorization;
(v) In order to comply with any request or order by any government agency or competent court; and
LIABILITY - We are not liable to you for errors that do result in a financial loss to you. We may take any action that is authorized or permitted by these Terms without liability to you, even if such action causes you to incur fees, expenses or damages. If third parties make claims on your Account, or if we receive conflicting instructions from you, or if we become involved in or concerned about a dispute between you and any third party, we reserve the right to react in ways that we believe in good faith to be appropriate, including by closing your Account and returning the Digital Assets available therein, or interpleading assets to court. You are liable for all expenses and fees we incur for such conflicts or disputes, including internal costs and attorneys’ fees, and we may charge or deduct them directly from your Account.
We are not responsible for delays or loss incurred as a result of an error in the initiation of the transaction and have no obligation to assist in the remediation of such transactions. By initiating a transfer, you attest that you are transacting in an Eligible Digital Currency which conforms to the particular BSaV Ltd account into which assets are directed. For example, if you select an Ethereum wallet address to receive assets, you attest that you are initiating a transfer of Ethereum alone, and not any other currency such as Bitcoin or Ethereum Classic. BSaV Ltd incurs no obligation whatsoever with regard to Unsupported Currencies sent to a BSaV Ltd account or Eligible Digital Currency sent to an incompatible Eligible Digital Currency account. Erroneously transmitted assets will be lost. We recommend customers send a small amount of Eligible Digital Currency as a test prior to initiating a send of a significant amount of Eligible Digital Currency.
We reserve the right to limit access to your Accounts, which can include temporarily or permanently removing your Account access via the internet, and/or restricting your Account, and/or closing your Accounts without prior notice to you (unless prior notice is required by law), and we shall have no liability for such actions. In addition, BSaV Ltd reserves the right to withhold or delay the transmission of assets belonging to you if you fail to comply with these Terms. Our total aggregate liability to you for any claim is limited to the face value of the applicable item or transaction, or the actual value of any assets not properly credited or debited.
DISCLAIMER OF WARRANTY - THE BSaV Ltd SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT ANY WARRANTY UNDER THESE TERMS AND TO THE EXTENT ALLOWED BY APPLICABLE LAW ALL EXPRESS OR IMPLIED CONDITIONS, REPRESENTATIONS, AND WARRANTIES INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OR CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, SATISFACTORY QUALITY, OR ARISING FROM A COURSE OF DEALING, USAGE, OR TRADE PRACTICE, OR WARRANTY OF NON-INFRINGEMENT ARE DISCLAIMED. IN NO EVENT SHALL BSaV Ltd, ITS AFFILIATES AND SERVICE PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES OR REPRESENTATIVES, BE LIABLE (A) FOR ANY AMOUNT GREATER THAN THE VALUE OF THE ELIGIBLE DIGITAL CURRENCY IN YOUR BSaV Ltd WALLET(S) OR (B) FOR ANY LOST PROFITS, DIMINUTION IN VALUE OR BUSINESS OPPORTUNITY, ANY LOSS, DAMAGE, CORRUPTION OR BREACH OF DATA OR ANY OTHER INTANGIBLE PROPERTY OR ANY SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES, WHETHER BASED IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH AUTHORIZED OR UNAUTHORIZED USE OF THE BSaV Ltd SERVICES OR THE BSaV Ltd SERVICES, OR THIS AGREEMENT, EVEN IF AN AUTHORIZED REPRESENTATIVE OF BSaV Ltd HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES.
BSaV Ltd MAKES NO REPRESENTATIONS ABOUT THE ACCURACY, ORDER, TIMELINESS OR COMPLETENESS OF HISTORICAL ELIGIBLE DIGITAL CURRENCY PRICE DATA AVAILABLE IN THE BSaV Ltd SERVICES. BSaV Ltd WILL MAKE REASONABLE EFFORTS TO ENSURE THAT REQUESTS FOR TRANSACTIONS ARE PROCESSED IN A TIMELY MANNER BUT BSaV Ltd MAKES NO REPRESENTATIONS OR WARRANTIES REGARDING THE AMOUNT OF TIME NEEDED TO COMPLETE PROCESSING WHICH IS DEPENDENT UPON MANY FACTORS OUTSIDE OF OUR CONTROL.