Written by
Kanga
Published on
Dear Users,
Pursuant to the Terms and Conditions of Use, we would like to inform you about the newest changes to its provisions. From January 11, 2022, the newly amended provisions will become applicable. According to these new provisions, among others, the Service Operator is changed and the provisions regulating a new service i.e. the possibility of performing obligations under agreements on the security assignment of receivables from a cryptocurrency account (portfolio) or other agreements concluded to secure loan agreements are added. As per the Terms and Conditions of Use, in order to continue using the Service, the acceptance of these new provisions is required. We kindly ask you to read the listed changes carefully and accept the amended version of the Terms and Conditions of Use. Please find below all the amendments that were made.
AMENDMENTS
I. The following provision from the Preamble of the Terms and Conditions of Use:
“This document hereby regulates the terms and conditions of using Kanga Exchange (hereinafter referred to as the Service) by third parties. The Kanga Exchange service is provided by Good Investments LTD, a company registered in accordance with the International Business Companies Act of the Republic of Seychelles under the Company number 192185 (hereinafter referred to as the Operator).”
is deleted and replaced by the following:
“This document hereby regulates the terms and conditions of using Kanga Exchange (hereinafter referred to as the Service) by third parties. The Kanga Exchange service is provided by Good Solution Investments Limited, Cromwell House, Ground-Floor, 117 Albert Street, Belize City, Belize (hereinafter referred to as the Operator).”
II. The existing § 3 subpara. 1:
“To receive the full functionality of a User account, particularly to be able to use any paid services, it is necessary to go through the process of verification of the User according to appropriate provisions of the Anti-Money Laundering and Counter Terrorism Financing Act.”
is deleted and replaced by:
“To receive the full functionality of a User account, particularly tobeabletouseanypaidservices, it is necessary to go through the process of verification of the User according to appropriate provisions of the Anti-Money Laundering and Counter Terrorism Financing Act.The Operator may particularly demand the User to conduct User identification especially in case of:
a) payment for services, including services provided by partners, via bank transfer and a subsequent request to transfer the cryptocurrency to an external wallet,
b) request to transfer cryptocurrency to an account (internal wallet) of an unverified User – verification of the User who requests to transfer cryptocurrency to the account (internal wallet) of another User.”
III. The existing § 6, 7 and 8 are renumbered to 7,8,9 and the new § 6 shall read as follows:
1. The Operator, as a part of the Service, additionally renders services consisting in providing Users with the possibility (functionality) to perform the obligations resulting from the concluded agreements on security assignment of receivables from the cryptocurrency account (portfolio) or other agreements executed to secure the already concluded loan agreements (or the loan agreements to be concluded), in which the User is the borrower (hereinafter also referred to as the Borrower), and the other Party-the lender (hereinafter also referred to as the Lender).
2. The Operator is not a party to any agreements referred to in subparagraph 1 hereinabove. The Operator only provides the functionality as a part of the Service. The Operator does not in any way guarantee the performance of any provisions of the agreements mentioned in the subparagraph 1 hereinabove by any of the parties thereto. The Operator shall not be liable for any acts or omissions of the User and/or the Lender resulting from the agreements concluded by them.
3. The abovementioned functionality is available only to those Users who have an active, unblocked, and verified account in the Service.
4. The Operator provides the services described in this section at the explicit request of the User, which may be expressed, in particular, in any kind of agreement with the Lender, to which the User hereby consents. The User further agrees to the processing of the data and information contained in agreements concluded by the Operator with other entities. At the same time, the User may authorize the Lender to send to the Operator the contents of any agreements concluded between the User and the Lender alongside the request for the provision of the Operator’s service referred to in subparagraph 1 hereinabove.
5. The service defined in subparagraph 1 hereinabove, provided at the explicit request of the User, involves, in particular, the following:
a. temporarily blocking the cryptocurrencies (receivables) that are at the disposal of the User on his account (wallet) by the Operator for a period notexceeding 7 days from the date of receipt of the request referred to in subparagraph 4 hereinabove by means of transferring them to another account (wallet) assigned to the User from which it will not be possible to transfer the cryptocurrency to another account or wallet, withdraw these funds or dispose of them in any other way subject to the withdrawal of consent by the User until the moment the Operator receives a notification about the conclusion of an agreement for the security assignment of receivables from a cryptocurrency account (wallet) in the Service or a notification about the conclusion of another agreement,
b. securing the claims for the withdrawal
of cryptocurrencies from another account (wallet) of the User referred to in point (a) hereinabove, for a period exceeding 7 days, including in particular the claims resulting from a loan agreement, a security assignment of receivables agreement or another type of agreement by preventing the User and other entities from transferring the cryptocurrency from the account (wallet) to another account or wallet, as well as excluding the possibility of withdrawing or otherwise disposing of these funds, subject to the provisions set forth hereinbelow.
6. The Operator undertakes, at the request of the User and with his consent, to provide the service described in subparagraphs 1 and 5 hereinabove in accordance with the agreement for the security assignment of receivables from the cryptocurrency account (wallet) in the Service, other agreements to secure cryptocurrencies, and loan agreements concluded by the User, in particular to enable the transfer of cryptocurrency from the account (wallet) referred to in subparagraph 5 letter (b) hereinabove at the request of the User or another authorized entity (including the Lender) based on the contents of the Lender’s statement. The Operator reserves the right to charge an appropriate fee for this service, provided that, if such a fee is introduced, it will be visible to the User in the Service.
7. The Operator is not obliged to verify the accuracy of any statements orrepresentations made by the entities referred to in this paragraph, the User thus declares that all his data and statements that will be included in the contents of the agreements referred to in subparagraph 1 hereinabove are true and thus bears full personal liability for any consequences of providing false or inaccurate data.”
IV. Provisions of §8 (whose numbering is changed to §9) with the following wording:
1. “The governing law for the agreement between the User and the Operator, made based on these Terms and Conditions of Use, is the governing law of the Republic of Seychelles, subject to the mandatory provisions.
2. All disputes related to the services provided by the Operator will be settled by the competent common courts.”
are deleted and replaced by the following:
1. “The governig law for the agreement between the User and the Operator, concluded on the basis of these Terms and Conditions of Use, is the governing law of Belize, subject to the mandatory provisions of law.
2. Any disputes related to the services provided by the Operator will be resolved by the competent common courts.
3. In the event that any of the provisions of these Terms and Conditions of Use becomes invalid or ineffective, the remaining provisions shall continue to be binding upon the Parties.”
4. The Operator may, without the consent of the User, assign the rights and obligations resulting from these Terms and Conditions of Use to any other entity, to which the User hereby agrees.”