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Terms and Conditions
LakeBTC Terms and Conditions
This is an important document which you must consider carefully when choosing whether to use LakeBTC services.
Please note the following risks of using LakeBTC services:
Bitcoin purchased using a bank account or credit card may be reversed at a later time, for example, if such a payment is subject to a chargeback, reversal, claim or is otherwise invalidated. A bitcoin transaction may be unconfirmed for a period of time (usually less than one hour, but up to one day) and never complete if it is in a pending state. Holding bitcoin is high risk. The price or value of bitcoin can change rapidly, decrease, and potentially even fall to zero. You agree that disputes between you and LakeBTC will be resolved by binding, individual arbitration and you waive your right to participate in a class action lawsuit or class-wide arbitration.
Our Relationship with You
- LakeBTC helps you buy and sell bitcoins with other users. LakeBTC does not have control of, or liability for, the products or services that are paid for with LakeBTC services. We do not guarantee the identity of any user or other party or ensure that a buyer will complete a transaction. LakeBTC is not a money transmitter. LakeBTC assists its users in Bitcoin transactions.
- Privacy of Others; Marketing. If you receive information about another user through LakeBTC services, you must keep the information confidential and only use it in connection with LakeBTC services. You may not disclose or distribute a user's information to a third party or use the information for marketing purposes unless you receive the user's express consent to do so. You may not send unsolicited email to a user through LakeBTC.
- Intellectual Property. "LakeBTC.com", "LakeBTC", and all logos related to LakeBTC services are either trademarks, or registered marks of LakeBTC or its licensors.
- Password Security and Keeping Your Email and Address Current. You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers (PINs), or any other codes that you use to access LakeBTC services. You are responsible for keeping your email address up to date in your Account Profile.
- Notices to You. You agree that LakeBTC may provide you communications about your Account and LakeBTC services electronically.
- Notices to LakeBTC. We prefer receiving notices to LakeBTC through our customer support system at https://www.LakeBTC.com.
- Eligibility. To be eligible to use LakeBTC services, you must be at least 18 years old (19 in Alabama and Nebraska).
- Identity Authentication. If you wish to buy or sell bitcoin through LakeBTC, you authorize LakeBTC, directly or through third parties, to make any inquiries we consider necessary to validate your identity.
- Taxes. It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. LakeBTC is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.
- LakeBTC may cancel or reverse potentially high-risk buys or sells of bitcoin, including those made using reversible payment methods.
- LakeBTC does not cancel or reverse bitcoin-to-bitcoin transactions, as long as they are accepted and confirmed on the bitcoin network.
- LakeBTC users are in control of their bitcoin at all time, and LakeBTC keeps 100% of customer funds in storage. LakeBTC does not engage in fractional reserve lending.
- In the event LakeBTC needs to retrieve funds from offline storage, there can be a delay in sending coins of up to 48 hours.
- LakeBTC does not guarantee the value of bitcoin. You acknowledge that the price or value of bitcoin can change rapidly, decrease, and potentially even fall to zero. You acknowledge that holding bitcoin is high risk. You agree to deliver the agreed upon payment for bitcoin upon confirmation of an order, regardless of changes in bitcoin value.
- LakeBTC reserves the right to change the buy/sell limits on your account as we deem necessary.
Restricted Activities. In connection with your use of LakeBTC services, other users, and third parties you will not:
- Violate any law, statute, ordinance, or regulation (for example, those governing financial services, controlled substances, or consumer protections);
- Intentionally try to defraud LakeBTC or other LakeBTC users.
- Infringe LakeBTC's or any third party's copyright, patent, trademark, or intellectual property rights.
- Provide false, inaccurate or misleading information.
- Take any action that imposes an unreasonable or disproportionately large load on our infrastructure; or detrimentally interfere with, intercept, or expropriate any system, data, or information.
- Indemnification. You agree to indemnify and hold LakeBTC, its parent, the officers, directors, agents, joint venturers, and employees harmless from any claim or demand (including attorneys’ fees) arising out of your breach of this Agreement or your use of LakeBTC services.
- Release of LakeBTC. If you have a dispute with one or more users, you release LakeBTC (and our parent, officers, directors, agents, joint ventures, employees and suppliers) from any and all Claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes. In addition, you waive any protection available to you under California Civil Code §1542, which says: [a] general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if not known by him must have materially affected his settlement with the debtor.
- Disputes with LakeBTC. If you think we have made an error, write to us via email us at support at LakeBTC.com. In your correspondence, you must give us information sufficient to identify you, your account, and the transaction on which you believe an error occurred. You must contact us within 30 days after the transaction occurred. Within 90 days of receiving your request, we must either correct the error or explain to you why we believe the transaction was correct.
Residents of the USA and China
Our service is unavailable to the residents of the USA and China. Existing users who are residents of USA or China should close their accounts promptly.
- Limitations of Liability. IN NO EVENT SHALL WE, OUR PARENT, THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF LAKEBTC OR OUR PARENT BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH OUR WEBSITE, LAKEBTC SERVICES, OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE). Some states do not allow the exclusion or limitation of incidental or consequential damages so the above limitation or exclusion may not apply to you. OUR LIABILITY, AND THE LIABILITY OF OUR PARENT, OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS, TO YOU OR ANY THIRD PARTIES IN ANY CIRCUMSTANCE IS LIMITED TO THE ACTUAL AMOUNT OF DIRECT DAMAGES.
- No Warranty. LAKEBTC SERVICES ARE PROVIDED "AS IS" AND WITHOUT ANY REPRESENTATION OF WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. LAKEBTC, OUR PARENT, THE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES AND SUPPLIERS OF LAKEBTC OR OUR PARENT SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. LakeBTC does not have any control over the products or services that are paid for with LakeBTC services and LakeBTC cannot ensure that a buyer or a Seller you are dealing with will actually complete the transaction or is authorized to do so. LakeBTC does not guarantee continuous, uninterrupted or secure access to any part of LakeBTC services, and operation of our site may be interfered with by numerous factors outside of our control. LakeBTC will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, credit cards, and check issuances are processed in a timely manner but LakeBTC makes no representations or warranties regarding the amount of time needed to complete processing because LakeBTC services are dependent upon many factors outside of our control, such as delays in the banking system or the U.S. or international mail service. Some states do not allow the disclaimer of implied warranties, so the foregoing disclaimers may not apply to you. This paragraph gives you specific legal rights and you may also have other legal rights that vary from state to state.
- Arbitration. Except for claims for injunctive or equitable relief or claims regarding intellectual property rights (which may be brought in any competent court without the posting of a bond), any dispute arising under this Agreement shall be finally settled on an individual basis in accordance with the American Arbitration Association's rules for arbitration of consumer-related disputes and you and LakeBTC hereby expressly waive trial by jury. The arbitration shall take place in San Francisco, California, in the English language and the arbitral decision may be enforced in any court. The prevailing party in any action or proceeding to enforce this Agreement shall be entitled to costs and attorneys’ fees.
- Time Limitation on Claims. You agree that any claim you may have arising out of or related to your relationship with LakeBTC must be filed within one year after such claim arose; otherwise, your claim is permanently barred.