1. GENERAL CONDITION
1.4. You should be aware that your country of residence may impose certain unique restrictions to the Services provided by CW LAB, and you are responsible for complying with rules and regulations as applicable to your activities with CW LAB. Use of the Website, or any Products is available to those who are 18 years old and older in Estonia, or of legal age in their own country of residence.
1.5. By using CW LAB’s Website or any Products, you are stating that you are of legal age in your country of residence and that you are legally allowed to use the Website, Services or any other Products. You also agree to use CW LAB’s Products and Website for lawful purposes only.
1.6. Reliance on Information Posted. The information our Website and Products is for general information purposes only. While we aim to provide accurate and useful information, we do not accept any responsibility for the use of this information, and we cannot warrant its accuracy or usefulness. Use of this information is carried out at your own risk, and we do not accept any liability from consequences users might incur from using the information, such as through loss of funds while selling, exchanging or other trading operations.
1.7. Content and its intended use. We reserve the right to update or change the format and content on our Website and other Products without notifying users. This content and format is accepted “as is” and should be used at your own risk. The content on our Website and other Products may include content related to or provided by third parties. We do not accept responsibility for the information and views presented in third-party content. We are not liable to users or third-party content providers for the accuracy or nature of third-party content.
1.8. The content on our Website and any other Products is not intended to be used as advice of any kind, nor is it intended to be used to inform or guide user selling, exchanging, and trading of the Digital Assets. We do not accept liability for any financial losses incurred while trading with CW LAB, or for damages of any kind incurred as a result of anyone using the Website or any other Products in any way, including through relying on the information or tools offered by CW LAB. Trading and investing is at your own risk, and we offer no warranties or implied warranties to the fullest extent permitted by law.
We cannot and do not offer a guarantee that the content of the Website or any other Products is free from viruses, malware, or other harmful software, and it is your responsibility to check for malware and viruses and implement appropriate IT security when using our Website or any Products.
1.10. Accessing the Website and Account Security. We reserve the right to make changes to the Website, or withdraw the Website, and to amend or withdraw any other Products that we offer at our sole discretion. We do not guarantee that our Website or any other Products will exist in perpetuity with uninterrupted service, and we will not be liable if our Website or any other Products becomes unavailable for any period of time or at any time.
If your application doesn’t conform to the warranty applying to it, you may in this instance notify Apple and Apple may refund the purchase price of the application. To the fullest extent permitted by law, Apple does not give or enter into any warranty or condition regarding the application and is not liable for claims, losses, or other expenses related to your use of the application or the use of others.
If your application doesn’t conform to the warranty applying to it, you may in this instance notify Google and Google may refund the purchase price of the application. To the fullest extent permitted by law, Google does not give or enter into any warranty or condition regarding the application and is not liable for claims, losses, or other expenses related to your use of the application or the use of others.
2. SCOPE OF SERVICES
2.1. CW LAB OÜ users can use the Website, Services and any other Products to:
- Open an account, herein referred to as the “Account” or “Client Account”, and use the Products and Services (e.g. Wallet) provided by CW LAB;
- Buy, sell, and exchange digital assets for other digital assets;
- Store Digital Assets with a respective third-party service provider;
- Perform financial operations using the account such as making transactions;
- Transfer Digital Assets to other CW LAB OÜ users or third-parties.
3. PROVISION OF SERVICES
3.1. Clients need to open an Account with CW LAB to use the Services provided.
3.2. CW Lab has the right to approve or reject applications based on internal policies, and we are not obliged to disclose the reasons for our decision regarding an application.
3.3. The Client will provide all the information and documents needed to open an account. We may request additional information after the account has been opened and approved, and the Client must provide this information to keep using the Account.
3.4. In case of change of information and/or documents the Client must inform CW LAB immediately. We may withhold or stop access to the Services and the Account if a Client refuses to provide additional information when asked.
3.5. Fiat currency limits are set at the sole discretion of CW LAB and are subject to change. The client must inform us at once if they do not agree to these changes, and continued use of our Services means the Client accepts the changes.
3.6. The client acknowledges and accepts that any losses incurred from losing access to CW LAB Services is not the responsibility of the Company, and that the Company is not liable for these losses.
4. SELLING AND EXCHANGE OF THE DIGITAL ASSETS
NOTE: Exchange operations with Digital Assets involve a high degree of risk. Values of Digital Assets are subject to fluctuation and there is a significant time lag between placement of your exchange Order and delivery of Digital Assets to your Wallet.
4.1. The terms “sale” or “transaction” herein refer to the sale and transaction of Digital assets for fiat currency or vice versa unless stated otherwise.
4.2. To sell or exchange Digital Assets for fiat currency, the Client must indicate the type of Digital currency and the relevant amount. The price will be determined at the moment the Client has entered the request to purchase Digital Currency. CW LAB will then display the sale price, the amount of commissions, and other fees applicable to the transaction. The Client will have the option of executing the transaction based on this displayed price, or choosing not to execute. Executing the transaction will authorize the CW LAB to charge commissions and fees from the Client’s account, and if there is an insufficient amount of fiat currency to pay these fees and commissions, the transaction will not go through.
4.3. The same principles in the above section also apply to the exchange and trade of Digital Assets.
4.4. Limitations. Limitations may be applied by us on either a single sell or exchange transaction, or on a daily sell volume per Account. Clients must meet this limitation when applying to sell or exchange transactions, otherwise the transaction will not be executed. Clients must check the limits for their own Account to learn this information.
4.5. Confirmation. At minimum, 1 blockchain confirmation is required on a transaction that doesn’t exceed 4BTC, and 6 transactions are required on larger amounts.
4.6. Payout. To initiate the payout after a sale or exchange to the Account or Digital Assets wallet, we need to receive the minimum required number of confirmations for your transaction. The payouts are normally settled within 24 – 72 hours on working days from the time the transaction is complete. If Company cannot transfer fiat currencies to the Account for reasons which depend on the client, we have the right to exchange fiat currencies to digital currencies and hold them until further instruction from the client.
4.7. Exchange Fees and Processing. By accepting the terms and agreements listed here, the client agrees to pay CW LAB a fee for each completed transaction. The exchange rates for and availability of Digital Assets is subject to change, and both of these items will be shown on-screen when making a transaction. The Company may choose not to authorize wire transfers for customers whose accounts have not passed through the necessary identification and authentication checks. Our fees are subject to change without notice, and Clients are obliged to pay these fees when charged.
|Crypto to crypto||2.5%|
|Crypto to fiat||2.5%|
|Deposit via SEPA||0.5% (minimum 3 EUR)|
|Deposit via FasterPayments||0.5% (minimum 3 GBP)|
|Withdrawal via SEPA||0.5% (minimum 3 EUR)|
|Withdrawal via FasterPayments||0.5% (minimum 3 GBP)|
CW LAB Clients agree that the Company may withhold or cease the provision of various products and services without notice. Payments may also be withheld. Clients are obligated to pay any outstanding funds to CW LAB when fees, costs, or expenses are incurred by the Client. CW LAB reserves the right to apply a lower fee at its own consent without additional notice.
4.8. If CW LAB suspects fraud on the part of any Client, we may close the Client Account and reverse payouts. We also reserve the right to contact law enforcement agencies, financial regulators, and private companies regarding any suspected fraud. CW LAB is not liable for any fraud or illegal activity carried out by Clients, including credit card fraud, and may use third-party companies to process payments and provide other services as we see fraud or otherwise unlawful activity so as to employ collection services to recover payments.
5. PURCHASE OF THE DIGITAL ASSETS
5.1. Request. After the client initiates a transaction to purchase Digital Assets, a request is sent to CW LAB indicating the type and amount of Digital Assets to be purchased.
5.2. The client can see the information regarding the transaction. This includes:
- Requested amount of the Digital Assets the Client wants to buy;
- Other fees related to the transaction and the total amount of fiat currency which will be deducted from the Client Account.
The necessary fiat currency amount will then be removed from the Account.
5.3. Execution. The transaction is executed successfully when the client has received to his Wallet the respective Digital Asset they intended to purchase.
5.4. Transfer. It may take 24-72 hours to receive Digital Assets in a Wallet after purchase. We may inform clients via email when Digital Assets have been transferred.
Important note only for BTC/EUR pair: Because of crypto exchange company’s (e.g.Bitstamp) internal fees policy, CW LAB Client might be charged for additionally 3 EUR per one fiat withdrawal.
6. STORAGE FEE
6.2. If your Account has become the subject of storage fee, charging the storage fee will stop during the next business day after you start transacting with the CW LAB Services. Storage fee will be charged to store your balances, if you don’t transact using CW LAB Services for six (6) months up to twelve (12) months. Transacting includes withdrawal, deposit, exchange, or transfer. During the period from six (6) months up to twelve (12) months the storage fee for fiat currency will be charged at a rate of 6.00€ per month, per balance at the current prevailing exchange rate and for Digital Assets balances, at a rate of 0.30% of account balance monthly, or a minimum of 6.00€ per month. After 12 months, we’ll charge you a storage fee at a rate of 8.00 € per month, per balance at the current prevailing exchange rate. For Digital Assets balances, the storage fee will be charged per balance at a rate of 0.003 BTC, or a minimum of 8.00€ per month. When your account is dormant for 12 months or longer, Your Digital Assets balances may also be used in our pooled liquidity accounts, but this won’t affect your balance, and balance will be returned after you start transacting with the CW LAB Services.
7. REFUND POLICY
7.1. CW LAB bears no liability or responsibility for losses incurred by the inappropriate, incorrect, illegal, or unauthorized use of our services. We will not cover losses or provide refunds in such cases.
7.2. Refunds apply only to funds deposited by the Client to the CW LAB, not to any funds or assets processed as CW LAB services. In the event that a refund is approved for any reason, the refund will not exceed the original deposit.
7.3. Blockchain transactions are permanent and irreversible. It is not possible to cancel or modify a blockchain transaction after it has been made, including during the phase that the transaction is pending. It is the Client’s responsibility to ensure that the details of such transactions are correct.
7.4. Refunds may only be authorized in cases where funds were, due to unforeseen errors or technical issues, not credited to the Client’s Wallet as appropriate after the client has bought or sold digital assets. Refunds will be authorized at the discretion of CW LAB and funds will be returned to the client in the same manner and to the same address, debit card, or account through which they were deposited.
7.5. Clients can contact support at any time at [email protected] in order to make an inquiry or file a dispute or request regarding a refund. Clients are obligated to provide support with all necessary details on request when asking for a refund. Submission of a refund request, inquiry, or dispute regarding a refund does not guarantee that a refund will be granted.
8. CANCELLATION POLICY
8.1. Pending and completed CW LAB transactions cannot be cancelled or reversed by the Client. It is not possible to alter, reverse, or cancel transactions made on blockchain networks, and users should ensure that they have entered the correct addresses and amounts when transferring digital assets.
8.2. CW LAB does not accept liability or responsibility for any funds lost due to errors made by the client when entering this information. It is possible to permanently lose or destroy certain digital assets by sending them to an incompatible address.
9.1. Either CW LAB or our clients can terminate the relationship between us at any time and with no reason given, provided there are no outstanding settlements or pending transactions. When transactions are still pending, termination will come into effect when the party initiating the termination receives written acknowledgement from the other party that the relationship is terminated, and this acknowledgement does not affect previous transactions or rights in place before termination.
9.2. Clients will not be entitled to a remedy or alternative for discontinued services, except for the withdrawal of existing funds.
9.3. CW LAB can terminate client access to the Website and any other Products at the sole discretion of the company.
9.4. Among other reasons not listed, CW LAB may also suspend or terminate your account for any or all of the following reasons:
- Unlawful or unauthorized attempt to access the Website, Services or any other Products
- Breach of security features limiting use access to or protecting content
- Due to the request of legal authorities or financial regulators, provided that CW LAB deems the request to be legitimate and compelling acting in its sole discretion.
- Accounts that have been inactive for a period of 6 months may be cancelled, along with unconfirmed accounts. CW LAB is not liable for any issues resulting in terminating a relationship or cancelling an account.
- CW LAB reserves the right to change, suspend, or discontinue all or any part or aspect of the Services at any time without notice to the client or Website visitors.
10. WARRANTIES & ACKNOWLEDGMENT
10.1. The Client (and/ or representative of the Client, when the Client is a legal person) states the following:
10.1.2. The client adheres to relevant legal regulations and rules based on their country of residence;
10.1.3. The client is solely responsible for lawful handling of taxation as outlined in applicable tax regulations;
10.1.4. The client is authorized to use CW LAB and is doing so personally;
10.1.5. The client maintains information such as personal data, financial details, and information regarding their activities on CW LAB confidential;
10.1.6. The client ensures a level of security appropriate to the risk in respect of the personal data and securing authorization credentials;
10.1.7. The data the client provides when registering for CW LAB is accurate, complete and current; the client provides the necessary banking information required by CW LAB, such as name and account details. This also applies to electronic payment service provider information;
10.1.8. The client agrees to provide the details of a Digital Assets Wallet for the purpose of a Digital Assets return;
10.1.9. The client only uses specific addresses for Digital Assets provided by CW LAB when sending Digital Assets intended for sale
10.1.10. The client is aware that funds held on the CW LAB account are not considered as a deposit, and that CW LAB services are not associated with banking or financial institution services which require a specific license.
11. THE CLIENT ACKNOWLEDGES THE FOLLOWING
11.1. The client is responsible for any losses related to the sale, purchase, or exchange of Digital Assets.
11.2. There are risks inherent to the trade of Digital Assets such as market volatility, liquidity risk, and others. The client is solely responsible for all legal risks associated with these services.
11.3. The client is responsible for any losses related to the sale, purchase, or exchange of Digital Assets.
11.4. Transactions can be cancelled at any time by CW LAB and Digital Assets may then be returned to the client account after minimum blockchain confirmations have been reached.
11.5. Prices are based on an aggregate provided by CW LAB.
11.6. CW LAB is not liable for technical delays on the Website or any other Products we offer, whether these delays affect price or other aspects of service.
11.7. Banks may refuse to open an Account and this is not the responsibility of CW LAB.
11.8. The time it takes to transfer Digital Assets is subject to market conditions and the mining fee attached to the transaction.
11.9. In the event of unauthorized use of services, CW LAB neither bears any responsibility nor covers any losses.
11.10. Clients must provide accurate information when completing information requests to avoid delays and mistakes in processing transactions and payouts. This includes ensuring that spelling is correct.
12. INTELLECTUAL PROPERTY
12.1. Business name. CW LAB’s logo, name, and related logos, names, slogans, designs, and media are the intellectual property of CW LAB or affiliates. Unauthorized use is not allowed. None of the contents of the Website or any other Products grant license or rights to use these media in any way without express written permission upon application.
12.2. Intellectual Property Rights. Use of our Website, Services and the Products is permitted for your personal, non- commercial use only. You must not reproduce, distribute, modify, create derivative works of, publicly display, publicly perform, republish, download, store or transmit any of the material on our Website and any other Products. Exceptions can be made in cases where:
- Copies of our IP materials are temporarily stored by your computer in RAM;
- Files are automatically cached by your browser.
- Media has been printed for personal use such as leaving a single copy of a webpage printed in your residence for non-commercial use.
12.3. Do not:
- Alter materials on the website;
- Make unauthorized copies of materials on the website;
- Delete or make changes to any copyright materials created by CW LAB;
- Access or use the website for commercial or unauthorized purposes;
- Contact [email protected] in order to request permission to use CW LAB IP for any purpose.
13. PROHIBITED USE
13.1. The Website, Services and any other Products can only be used for lawful purposes.
13.2. Do not use the Website and any other Products in such a way that violates local or international laws or regulations, including any laws regarding the export of data or software to and from the EU or other countries.
13.3. Do not use the Website and any other Products for the purpose of exploiting, harming or attempting to exploit or harm minors in any way by exposing them to inappropriate content, asking for personally identifiable information or otherwise.
13.5. Do not use the Website and any other Products to send advertising or promotional material without our prior written consent.
13.6. Do not use the Website and any other Products to impersonate CW LAB staff or any other party that you do not represent.
13.7. Do not use the Website and any other Products to attempt to harm CW LAB users or otherwise restrict or inhibit anyone’s use or enjoyment of the Website and any other Products.
13.8. Do not use the Website and any other Products to republish, redistribute or re-transmit any data from any of our communications, analytics, and other Products without our permission;
13.9. Do not use the Website and any other Products for copy or store any of our Products other than for your own personal non-commercial use. Unauthorized or commercial use is forbidden.
13.10. Do not use the Website and any other Products to store or host any Products (including pages of a Website) on a server or other storage device connected to a network or create a database by systematically downloading and storing any data from the Website or the Product;
13.11.Do not use the Website and any other Products to remove or change any content of any Product or attempt to circumvent security or interfere with the proper working of the Product or any servers on which it is hosted;
13.12. Do not create links to the Website from any other website without our prior written consent unless you are the webmaster of the other site and you are aware that the link is not misleading, fairly indicates the destination, contains no statement implying a CW LAB endorsement, and links only to the CW Lab OÜ homepage. Do not replicate CW LAB IP as a Meta tag. This is permitted only in the event that the website does not contain unlawful, threatening, libelous, pornographic, or offensive content.
13.13. Do not use automated means to access the website for any reason.
13.14. Do not create any financial product or service based on our products or services.
13.15. Do not attempt to interfere with the proper working of the website.
14. USER INFORMATION
15. ACCURACY OF WEB CONTENT
15.1. Content may be updated occasionally, but this does not imply that the content is always up to date or complete. Material on our Website or any other Products may be out of date and we are not obligated or required to update it.
16. CONFIDENTIAL INFORMATION
16.1. When you use or access the Website, Services or any Products, data may be transmitted over an open network in such a way that communications could be intercepted by third parties. This is not our responsibility or liability and we cannot guarantee the confidentiality or security of any communication or data transmitted to us through the Website.
17. LINKS FOR THE WEBSITE
17.1. If a Website or any other Products contains links to other sites and resources provided by third parties, these links are provided for your convenience only. This includes links contained in advertisements, including banner advertisements and sponsored links. 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. If you decide to access any of the third-party websites linked to any Website, you do so entirely at your own risk and subject to the terms and conditions of use for such website. We reserve the right to withdraw linking permission without notice.
18. THIRD PARTY SERVICE
18.1. Third party vendors and partners may use the Website or any other Products, and may contribute to the production and development of both. Some of these third parties may require users to comply with additional terms and conditions. This page identifies third- party terms and conditions that are required by such third-party vendors and business partners as they apply to the features set forth below, and these conditions are subject to change at the third party’s discretion.
19. DISCLAIMER OF WARRANTIES
19.1. As stated earlier, we cannot guarantee that the Products and Website will be free from malware, viruses, or harmful code, and your IT security is your responsibility. We are not liable for losses or costs caused by a distributed denial-of-service attack or other technologically harmful material that may infect your computer systems or equipment, or data or other other proprietary material due to your use of the website. Your use of the Website is at your own risk, and its content is provided on an “as is” basis with no warranties (implied or otherwise).
19.2. Neither the company nor any person associated with the company makes any warranty or representation with respect to the completeness, security, reliability, quality, accuracy or availability of the website.
19.3. We cannot guarantee, nor can anyone associated with CW LAB, that any of the content or services will be accurate, reliable, free of errors, uninterrupted, or in service in perpetuity.
19.4. CW LAB disclaims warranties of any kind, including express, limited, and statutory warranties to the fullest extent permitted by law.
20. LIMITATION ON LIABILITY
20.1. Neither the company nor its affiliates, service providers, employees, associates, licensors, officers, or directors will be held liable for damages arising from the use or inability to use our Website or any other Products, or any associated sites or products. This includes, but is not limited to, loss of revenue, personal injury, emotional injury or distress, loss of goodwill, reputational damage, loss of profits, breach of contract, and loss of anticipated earnings.
20.2. The company will not be liable for any loss or damage arising from any use of your account by you or by any third party, including unauthorized use and cyber-attacks.
22. COMPLAINTS AND DISPUTE RESOLUTION
22.2. For complaints, please outline the cause of the complaint, your desired outcome, and any other relevant information. CW LAB will consider your complaint without prejudice, and your complaint will be handled in a reasonable amount of time. You agree to use the complaints process before alternative solutions such as legal action. You agree to use the complaints procedure before filing claims with a bank in case of stolen cards or other issues. Failure to comply with these provisions may be used as evidence of your fraudulent conduct, bad faith, or unwillingness to settle the issue.
24. GEOGRAPHIC RESTRICTIONS
24.1. CW LAB is owned by a limited company based in Estonia and makes no claims that the Website or any Product of its content is accessible or appropriate outside of Estonia. Access may not be legal by certain persons or in certain countries. Access to the Website or any other Products from other regions is done at your own initiative and you must comply with your own local laws.
26. CONTACT DETAILS