Terms and Conditions

Terms and Conditions for the use of the Get Paid In Bitcoin Pty Ltd portal and Bitcoin Wages Service

These Terms of Service (“Terms”) set out the conditions under which Get Paid In Bitcoin Pty Ltd ABN 24 167 096 415 (the “Company”) offer a system of exchange of funds into Bitcoin for payment directly into Users’ Wallets (the “Service”).

Please read these Terms carefully. Your use of the Service indicates your acceptance of and agreement with these Terms.

The Service, managed by the Company, is an electronic software service for acquiring cryptographic unique tokens (“Bitcoin”) using Australian Dollar funds deposited into the Users’ Accounts via the Company bank accounts.

The Company reserves the right, at its sole discretion, to change, add or remove portions of these Terms, at any time. You will be notified of such changes two (2) business days in advance through your Account and/or registered email address and upon such notification it is your responsibility to review the amended Terms.

Your continued use of the Service, indicated by depositing Australian Dollar funds, following the posting of changes will mean that you accept and agree to the changes. You agree that all subsequent Australian Dollar Deposits entered by you or another party on your behalf will be subject to the Terms then in effect. As long as you comply with these Terms as modified from time to time, the Company grants you a personal, non-exclusive, non-transferable, non-sub licensable, limited right to enter and use the Service.

Your acceptance of these Terms, as amended from time to time, gives the Company an authority to exchange your funds into Bitcoin according to the following clauses as well as perform the functions described herein.

1. Use of the Website and Service: Jurisdictional Limits

The information in this website and the use of the Service is not intended for any person who is not an Australian resident and is not made available to any person in any jurisdiction where its distribution or use would be contrary to any law or regulation. Nothing in this website or the Service should be considered an offer or solicitation to buy or sell any service or product to any person in any jurisdiction where such offer or solicitation would be unlawful.

2. Company’s Authority

The Company is not a principal in any Transaction. In giving an Instruction, the User appoints the Company as its agent to exchange the User’s funds into Bitcoin.

Transactions will be subject to settlement and delivery, and any Australian Dollar Deposit is irrevocable authority from the User to the Company to settle the Transaction and deduct any Commission or Fee or other amount owing to the Company under these Terms or for any other reason.

The Service is available only to Australian Users and is not offered or available to any person who resides outside of Australia.

The Company is not licensed as an Australian Financial Services Licensee and it does not offer general or personal financial advice. Nothing in this website is intended to be or should be taken as financial, legal or taxation advice. Users should seek their own financial, legal, tax and accounting advice as to the likely outcomes for them of acquiring Bitcoin or other crypto-currency.

3. Who May Be a User of the Service

A User must be an Australian resident individual or business which has met the Company’s Account opening procedures, including, if required, any client verification procedures, and which is authorised to use the Service by the Company. The Company retains absolute discretion in determining who may be a User of the Service and may cease to allow a User to transact through the Service at any time without prior notification. The Company has absolute discretion in accepting or rejecting an application to be a User or any Instruction.

Users agree to provide the Company with accurate, current and complete information about themselves as prompted by the registration process, and keep such information updated. It is the User’s responsibility to ensure ALL the information submitted is correct and the Company is not liable for any loss occasioned due to incorrect information being submitted by the User or use of the Service in ways that are contrary to the instructions provided by the Company.

4. Users’ Accounts

Users are responsible for maintaining the confidentiality of their Account information, including their password, and for all activity including Instructions and Transactions that occur on their Account. Users agree to notify the Company immediately by email of any unauthorised use of their Account or password, or any other breach of security. The Company will not be liable for any loss a User may incur as a result of unauthorised use of that User’s Account’s credentials. Users will be held liable for losses incurred by the Company or any other Users of the Service due to someone else’s unauthorised use. Users shall not use any Account other than their own or access the Account of another User at any time. Users may not attempt to gain unauthorised access to the Service, and any attempt to do so or to assist others (Users or otherwise) to do so, or distribution of instructions, software or tools for that purpose, will result in the accounts of such Users being terminated, and this does not limit the right of the Company to take any other action against you.

Users may not create or use any Account other than their own. For a User to be exempt from any of these rules, the User must request express and prior permission from the Company. The creation or use of multiple Accounts without obtaining such prior express permission from the Company will lead to the immediate suspension of all User Accounts on the Service, as well as all pending transactions. A User’s ability to deposit into its Account may be regulated by applicable know-your-customer (KYC) or anti-money laundering (AML) laws including the Anti-Money Laundering - Counter Terrorism Financing Act 2006 (Cth) and its rules and regulations.

The Company may restrict Transactions that may violate those laws or its internal KYC-AML policies. The Company’s KYC-AML policy is located on its website. The Company may restrict any Transaction that is flagged as a suspicious activity by the Company’s internal processes and/or file suspicious activity reports on flagged Transactions.

All Deposited Currency credited to the User’s Account will be maintained in trust in a bank account with a reputable Australian deposit-taking institution under the Company’s name or in the name of a custodian appointed by the Company. Such an account may be segregated for each User or be a pooled account containing funds of multiple Users of the Company’s products. The Company retains absolute discretion to determine whether to use segregated or pooled accounts and the Company retains the right to switch between segregated or pooled accounts without approval from a User. However, if the Company maintains User Accounts in a pooled account, it will ensure that proper procedures are maintained at all times to identify the assets of each User. Regardless of whether pooled or segregated accounts are used, at no time will the Company mix its own funds with assets held in a User Account.

All User Accounts denominated in Deposited Currency will be converted to Bitcoin daily through the Service, less the fees and commissions payable by the User to the Company. The Bitcoin will only be transferred to Users through the procedures allowed by the Service. Although Bitcoin may be held by the Company on the User’s behalf, the User remains the absolute beneficial owner of the number of Bitcoin that are identified as the User’s. The Company will maintain strict procedures to ensure that the correct number of Bitcoin are recorded as the property of the relevant User, as well as adopting security measures to prevent Bitcoin being misused, misplaced, misappropriated or stolen. A User’s Account number is unique to each customer and is kept private from all other Users. All transactions made through a User’s Account are deemed to be transactions of the Account holder’s sole initiative.

5. Account Transfers

The User may deposit Deposited Currency into their Account by way of direct bank transfer only.

Deposits of Deposited Currency made by way of bank transfer are subject to the relevant bank’s transfer terms and conditions.

Upon sign up with the Service the Company designates a deposit address, deposit amount, random cent amount and deposit reference number for each User. Users must not disclose their designated deposit details to any person other than the pay office at their employment and other than when transferring funds to their Account.

Users acknowledge that:

(a) The networks by which Deposited Currency and Bitcoin transfers occur are outside of the Service. The Company gives no guarantee of and takes no liability for the security of the transfer network. Losses of Deposited Currency and Bitcoin or other crypto-currencies may occur due to use of the transfer network which are outside of the control of the Company;

(b) The speeds of the transfer networks are outside of the control of the Company. It may take some days for a transfer to a User’s Account (deposit) to be received by the Service, or for a transfer of Bitcoin into a User’s Wallet to be effected.

The Company is not liable for any consequences of failures of fund deposits or Bitcoin or other crypto-currency transfers to be effected in a timely manner.

The Company is not obliged to accept any funds or Deposited Currency to any Account. Refused deposits will be returned to the client after consultation with the client in question. The Company may at its own discretion, execute any Transaction and not forward Bitcoin, if the source of the deposit cannot be determined beyond reasonable doubt. Such deposits will be transferred into Bitcoin but held in a separate multisig account until the correct owner of the Bitcoin can be determined.

6. Execution Policy

In general, the Company will execute all Transactions within 24 hours from which the Deposited Currency appears in the Company’s account. The Client acknowledges it may take up to three (3) business days for the Deposited Currency to appear in the Company’s account due to any unforeseen circumstances outside of the control of the Company including but not limited to internet problems or banking delays. Bitcoin will be delivered via the Bitcoin network although it may take up to 48 hours or longer for the Bitcoin to show up in the User’s Wallet due to unforeseen circumstances outside of the control of the Company, such as, but not limited to, problems with the Bitcoin network, Bitcoin nodes or other general internet problems etc. The Company reserves the right to put Instructed Transactions on hold, or only fill them in part. The exchange of funds into Bitcoin will be performed at any time of the day and the exchange rate used will be the rate at the time of the transaction, even though the exchange rate has varied from the time when deposited funds cleared in the Company’s account and that the Bitcoin may be delivered several hours later.

7. Refund Policy

Transactions can be cancelled on the date of transfer of the Deposited Currency if an email is sent to [email protected] and received by the Company before 17:00 (week business days) the same date, requesting that the transaction be cancelled. The Deposited Currency will then be sent to your nominated bank account within 5 business days. Transactions cannot be cancelled after 17:00 on the date of transfer of the Deposited Currency, although if you would like to offer to sell your Bitcoin back to the Company, all requests can be forwarded to [email protected] for consideration by the Company.

8. Fees and Commissions

The User acknowledges that the Company may charge Fees in respect of the Account and Commissions on Transactions.

Published Fees
The fees applicable to each client are clearly outlined on our website and within the customer portal. These fees are applied transparently at the time of each transaction.

Margin on Exchange Rates
In addition to published fees, there may be a margin between the price at which GPIB acquires Bitcoin from various sources and the price at which Bitcoin is sold to customers. This margin is standard industry practice and represents the company’s income.

The exchange rate may also differ from exchange rates listed on other websites or exchanges. These differences could be a result of various reasons including, but not limited to, international exchange rate differences, fee structure at other businesses, listed price being a spot price, buyer or seller price or the price being for a different time, time zone or simply an old price.

Purpose of Income
The income generated through margins and fees enables GPIB to cover operating costs, pay staff, and compensate our service providers, ensuring the ongoing delivery of a secure and reliable service.

The Company will endeavour to notify Users through their User Accounts or via email providing Users with two (2) days notice in advance of any changes to Fees or Commissions.

The Company is authorised to deduct from the proceeds of any Transaction or from a User’s Account the Commission payable in respect of any Transaction and any other Fees levied upon the User’s Account.

9. Limitations on the Use of the Service

The Company in its absolute and sole discretion may:

1. Restrict the number of open Instructions a User may have on the Service at any one time;
2. Restrict the ability of a User to change or cancel a posted Instruction per any unit of time;
3. Periodically define the incremental values for Instructions on the Service;
4. Limit the size of individual deposits that can be made into the Company’s accounts; and
5. Cancel in whole or in part Instructions that do not adhere to these limitations.

10. The Company’s Obligations

The Company warrants and represents:

• It will use all reasonable care and skill in facilitating the acquisition of Bitcoin on behalf of the Users via the Service.
• The day’s exchange rate between currency and Bitcoin will be determined by the Company and will be published in your client portal as part of your transaction list.
• The trading price for a Transaction is dependent upon the open market or private market prices of Bitcoin, or a combination of each, at any point of the day when the Transaction may occur, and that this rate (or the average rate) will be the conversion price used for ALL settlements on that particular day. The Company is not under an obligation to wait until the Bitcoin is matched to a more desirable price before making the transaction and the Company cannot guarantee a specific exchange rate for Bitcoin on any specific day.
• It shall comply with the laws and regulations relating to offering the Service in Australia.

11. User’s Obligations and Acknowledgements

The User acknowledges that once an Instruction is placed it will proceed to settlement and delivery through the Service unless the transaction is cancelled through the process described in clause 7 above.

The User acknowledges that, when a Transaction is entered, the Service exchanges the User’s deposited currency into Bitcoin.

The User acknowledges that the Company may purchase Bitcoin on the open market or via private markets or by a combination of each, at any point of the day, and that this rate (or the average rate) will be the conversion price used for ALL settlements on that particular day.

The User undertakes to ensure that it retains in its Account sufficient Deposited Currency to meet any regular Fees payable on the Account.

The User represents and warrants that:

(i) It will only operate an Account and use the Service to exchange funds into Bitcoin for the purposes and in accordance with the conditions set forth in these Terms

(ii) It is duly authorised and has the capacity to provide each Instruction and enter into each Transaction.

(iii) It is a resident of Australia

(iv) It will comply with all applicable laws of Australia and any other jurisdiction in which or from which it seeks to operate its Account, give Instructions or enter Transactions

(v) All amounts deposited into its Account come from legal sources which the User owns or otherwise has full legal authority to deal with

(vi) The User’s use of the Service, provision of Instructions or entering any Transaction does not infringe the rights of any third party or any applicable law.

The User will not:

(i) Use the Service to perform any illegal activity of any sort, including, but not limited to, money laundering or terrorism financing; or

(ii) Give any Instruction or enter any Transaction or undertake any other activity, whether or not through the Service, which would or may negatively affect the performance of the Service or the reputation of the Company.

The User confirms that in using the Service, it has considered the risks posed by such actions, including the risks that:

• The value of Bitcoin may rise or fall
• The value of Bitcoin will be affected by factors outside of the control of the Company
• The value of Bitcoin may be affected by new digital currency being created or developed or other similar commodities being developed
• Bitcoin may not be transferrable or accepted for transfer by any third party
• Bitcoin may not be accepted as payment for goods and services by any person

12. Intellectual Property

All intellectual property rights vested in texts, images or any other content found on or related to the Service are owned by the Company. Accordingly, Users may not copy, distribute, reproduce, republish, upload, transmit, modify, post, frame-in or otherwise use in any way any such content without the prior express authorisation of the Company.

The Company’s property or that of our vendors or licensors is protected by patent, trademark and/or copyright laws of Australia and may not be used without the Company’s express written consent.

The Company may take any action available in law or equity to protect its intellectual property and to remedy any breach or potential breach of its rights, including by seeking an injunction to prevent a breach of its rights.

13. Website Commentary

The website may include commentary and information on Bitcoin, the market for Bitcoin and uses for Bitcoin or other information, interactive tools, quotes, reports and data concerning Bitcoin and trading in Bitcoin and other subject matter. Some of this information may be supplied by entities not affiliated with the Company (Third Party Information). To the maximum extent possible, the Company will identify and attribute all information sourced from third parties. The Company does not explicitly or implicitly endorse or approve the Third Party Information. While the Company takes reasonable steps to ensure that the Third Party Information on its website is correct and up to date, the Company does not verify or validate such information and takes no responsibility for its content or any consequence of any person placing reliance on the Third Party Information. The Company is not obliged to remove or update such Third Party Information where it becomes aware that it is incorrect, misleading or incomplete. Although the Company believes that all businesses and services linked to or mentioned within the website are reputable and good value for money, the Company takes no responsibility for the businesses or services linked to on the site.

14. Liability

The User indemnifies the Company and each of its directors, officers, shareholders, advisers, consultants, agents and contractors (each a “Company Indemnitee”) against all liabilities, claims, losses and expenses (Losses) which may be incurred or suffered by the Company Indemnitee directly or indirectly arising out of any failure by the User to maintain sufficient Deposited Currency or Funds in its Account or otherwise or failing to meet its obligations under these Terms. Such Losses may include legal fees incurred in defending or responding to such Losses and consequential losses. This indemnity will apply regardless of whether a Transaction was entered in error, but will not apply to the extent that Losses were incurred or suffered by a Company Indemnitee due to its own fraud or wilful default.

To the extent permitted by law, none of the Company or the Company Indemnitees will be held liable for any damages, losses, costs, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, or any other direct, indirect or consequential loss to any person including the User arising out of use of the Service, the Company acting on any Instruction, any Transaction, any failure of the Service, any failure or lack of any security measures or for any other reason, except to the extent of the Company’s fraud or wilful default. The Company will not be liable for any perceived loss as a result of cancelling in whole or in part a User’s Instructions.

The Company will not be held liable for any malfunction, breakdown, delay or interruption to the Internet connection, or if for any reason the Service is unavailable at any time or for any period. The Company makes no representation that its website or the Service is free from errors, viruses, worms or other technical anomalies which may cause problems or damage to User’s own computer hardware or software, and the Company accepts no liability for such errors, viruses or worms.

While the Company takes appropriate measures to ensure the website, the Service and all of the Company’s systems are properly secured and protected against attack, it gives no warranty that its security systems are impregnable and loss of Bitcoin and Deposited Currency held on behalf of Users and data referring to or belonging to Users may occur.

Where the Company’s website contains links to other sites and resources provided by third parties, these links are provided for your information only. We have no control over the contents of those sites or resources, and accept no responsibility for them or for any loss or damage that may arise from your use of them.

In the case of fraud or other suspicious activities, the Company will report all necessary information, including names, addresses and all other requested information, to the relevant authorities dealing with fraud and breaches of the law. Users recognise that their Account may be frozen at any time at the request of any competent authority investigating a fraud or other suspicious activity. Nothing in these terms excludes or limits the liability of either the Company or the User for fraud, or any other liability that may not by law be limited or excluded.

Subject to the foregoing, the Company’s aggregate liability in respect of claims based on events arising out of or in connection with a User’s use of the Service, whether in contract or tort (including negligence) or otherwise, will in no circumstances exceed the greater of either (a) the total amount held in the User’s Account for the User making a claim less any amount of commission that may be due and payable to the Company in respect of such account; or (b) 125% of the value of the Transaction(s) that are the subject of the claim less any amount of commission that may be due and payable to the Company in respect of such Transaction(s).

15. Termination

A User may close its Account at any time by notification to the Company in the form determined by the Company.

The Company may suspend or terminate a User’s Account at any time immediately upon written notice to the User for any reason, including without limitation:

1. Attempts to gain unauthorised access to the Service or another User’s Account or providing assistance to others attempting to do so;
2. Overcoming software security features limiting use of or protecting any content;
3. Usage of the Service to perform illegal activities such as money laundering, terrorism financing or other criminal activities;
4. Violations of these Terms;
5. Failure to pay or fraudulent payment for Transactions;
6. Unexpected operational difficulties; or
7. Requests by law enforcement or other government agencies.

The Company may by notice to Users discontinue or modify the Service and/or revise or terminate these Terms at any time. Users are deemed to have accepted these revisions or termination to the extent that they continue using the Service.

Subject to these Terms and applicable laws, within 60 days of closure of a User’s Account, whether by the User or the Company, the Company must:

(a) In respect of any Deposited Currency held in the User’s Account, pay to the User’s nominated bank account the amount of the Deposited Currency; and

(b) In respect of any Bitcoin held on behalf of the User, in its absolute discretion either:

(i) Transfer the Bitcoin or other crypto-currency to the User’s Wallet or another location nominated by the User; or

(ii) Sell the Bitcoin at the prevailing market price and pay the amount raised to the User’s nominated bank account.

The Company is entitled to retain from any amounts (whether Bitcoin or Deposited Currency) which may otherwise be payable to the User on closure of its Account any amount payable by the User to the Company, including as fees or commissions on sale of Bitcoin (ii) above. The Company may be legally limited in the values it may refund over a certain period of time and a User will not hold the Company liable for an inability to refund all values as expeditiously as the User may desire.

The User also agrees that the Company may, in its sole discretion by giving notice, terminate Users’ access to the Service, prohibit access to the Service and its content, services and tools, delay or remove hosted content, and take technical and legal steps to prevent the User’s access to the Service if the Company — in its exclusive discretion — believes that the User has breached or may breach these Terms or is otherwise acting inconsistently with the intentions of these Terms.

The Company also reserves the right to terminate Accounts that have been inactive for a period of 6 months or more, or to modify or discontinue the Service. Users agree that the Company will not be liable to them or to any third party for termination of their accounts or access to the Service.

Notwithstanding any suspension or termination of a User’s Account, the User remains liable for all fees and commissions payable in respect of the Account or any Transaction entered prior to the suspension or termination.

16. Governing Law

These Terms and User’s use of the website and the Service will be governed by the laws of Tasmania, Australia. All Users submit to the non-exclusive jurisdiction of the courts of Tasmania.

17. Severability

If any provision of these Terms is deemed invalid or unenforceable by a court of competent jurisdiction, the provision will be enforceable to the maximum extent permissible and the remaining provisions remain in full force and effect.

18. Definitions

In these Terms:

Deposited Currency means the authorised currency of Australia or such other sovereign nation as is acceptable to the Company and held in a User’s Account.

Commission means an amount levied as payment to the Company for arranging the Service. A Commission is generally levied as a percentage of the value of a Transaction.

Fee means an amount levied by the Company in relation to a User’s Account. It may be levied against a particular User’s Account or in respect of a class of Accounts or across all Accounts. Fees may also be levied in respect of specific services provided to Users.

Instruction means an ongoing User request for the User’s funds to be exchanged into Bitcoin by the Company on regular intervals and then paid into the User’s Bitcoin Wallet, less any applicable Fees or Commission.

Transaction means the conversion of Australian Dollars into Bitcoin arising from an Instruction.

Wallet means software installed on a user’s smart phone or computer that the clients use to manage their Bitcoin or other crypto-currency wallet/holdings.