Welcome to Singbit.sg

Singbit.sg is a platform enabling its users to exchange to buy and sell cryptocurrency. All trades on this site are concluded solely between users of the service, and while Singbit.sg may help in resolving disputes between the parties, it does not itself become a party to such transactions, contracts or relationships. 

It is important to us that you, and our other users, have the best possible time while using our site and services, and that when you use this site you are fully aware of your respective legal rights and obligations. For that reason, we have created these Terms of Service as the legally binding terms to govern your use of this site and our services. Please read these Terms of Service carefully before using the site because they affect your legal rights and obligations.

This User Agreement or Terms of Service ("Agreement") form a legal agreement covering the provision of Singbit.sg services ("service" or "services") by Singbit.sg (“Singbit” or “Singbit.sg” or "us" or "our" or "we") to you as an individual ("you" or "your"). Your use of the services will be governed by this Agreement, along with the Singbit.sg Privacy Policy. Please read this Agreement carefully before using Singbit.sg. By using the services, you agree to become bound by the terms and conditions of this Agreement.

Acceptance and Change of Terms

If you do not agree with any of these Terms of Service please do not use this site. By using this site or our services you will be deemed to have irrevocably agreed to these terms and conditions. Please note that these Terms of Service may be revised and reissued without notice at any time. You should visit this page regularly, and before engaging in any trades in particular, to review the current Terms of Service, since your continued use of the site will be deemed as an irrevocable acceptance of any revisions. Notwithstanding the above, we will strive to notify you of any changes to these Terms of Service which significantly affect your rights and obligations. Such notices will be sent to the email address you have provided us through your account settings, and it is your responsibility to keep your contact information up to date.

Singbit reserves the right to amend fees at any time without prior notice.

Allowed jurisdictions

Services provided by Singbit.sg might not be legally allowed in certain jurisdictions. By accepting these terms and conditions you confirm that you are not a resident of a such jurisdictions.

Registration and User Account

To use our services, or to access this site or some of the resources it has to offer, you may be asked to provide registration details in order to register a user account ("account"). It is a condition of use of this site and our services that all the details you provide are correct, current, and complete. If we believe the details are not correct, current, or complete, we have the right to refuse you access to the site, or any of its resources, and to terminate or suspend your account.

You may only act on your own behalf. Your account may not be used to act as an intermediary or broker for any person or entity.

You may only use your own account to trade at Singbit.sg and you may only use one user account at a time for trading. You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers (PINs), or any other codes or credentials that you use to access the services. You are not allowed to sell, borrow, share or otherwise make available your account or any detail necessary to access your account to people or entities other than yourself.

Your account must not contain misleading or fraudulent information, including, but not limited to having a non-personal phone number, creating fake reputation information for your account, faking your country of origin or providing fraudulent identification documents.

We may at any time require you to complete our ID verification process and may also require you to submit additional identification documents to us if we deem it necessary. Failing to complete ID verification will be considered a violation of this Agreement.

Trading

With a registered and verified account you can trade on SIngbit.sg. You may buy or sell Bitcoin, Ethereum and other cryptocurrencies available on the site.

By trading on our platform, you agree to the Singbit User Agreement/Terms of Service. Valid payment details must be provided through the Singbit.sg trade system. It is a violation of this User Agreement to provide payment details through other communication channels.

Singbit is held in escrow during the whole trade process until the seller has confirmed the receipt of payment in full.

Buyers must be able to, upon our request, provide adequate proof of payment for up to 180 days after the trade has been completed.

In cases where we have reason to believe a buyer may be engaging in fraudulent activity, including without limitation where the buyer’s payment is frozen, held, reversed, charged back or in other ways withheld from the seller, and in particular, if we in these circumstances deem that the buyer is not cooperating to the fullest extent to resolve the issue, we may provide the buyer’s information to the seller for the purposes of recovering the funds and/or preventing or investigating fraudulent activity. The information will be disclosed to the extent we deem it is necessary for the aforementioned purposes and may include without limitation the buyer’s contact details, login and transaction records and/or any details and records we have obtained about the buyer through our identity verification measures.

Disputes on Bitcoin Trades

If the buyer and seller are in disagreement over a trade, either party or Singbit.sg may initiate a dispute. Disputed trades may be resolved by Singbit.sg support staff.

Singbit.sg support resolves disputes by carefully evaluating the terms of trade, payment evidence, user reputation, other data submitted to us by our users and data collected by in accordance with the Privacy Policy.

If the seller turns unresponsive, we will resolve the dispute to the buyer if we are confident that the seller has received valid payment from the buyer. If the buyer is unresponsive, the seller may dispute the trade and we will resolve the dispute to the seller.

After the trade has been released by the seller, cancelled by the buyer or automatically cancelled due to not being marked as paid, the trade is considered finished and cannot be disputed, reversed or altered.

Providing fraudulent information or documents in a dispute or making false claims or otherwise trying to force a certain outcome of a disputed trade is considered a violation of this Agreement. If payment details are provided outside of Singbit.sg, the dispute may be resolved without taking the payment details into consideration.

Monitoring, Suspension and Termination

We use automated fraud and risk modelling when assessing the risk associated with your account and your trades. If we find your account to pose a fraud risk or a risk to Singbit.sg or our customers, the use of your account and the service may be temporarily limited pending our manual review and/or additional identity verification measures required from you.

Furthermore, we have the right to, at our sole discretion, suspend, limit or terminate the use of your account and/or suspend the use of, hide or remove any advertisements or other material you have submitted to the services, if:

  1. we have reason to believe that you have acted in violation of these Terms of Service or that any content or material submitted or shared by you in or through the services violates these Terms of Service or the intellectual property rights, other property rights or the right to privacy of any third party;
  2. we have reason to believe that your use of the services is in violation of any applicable law or regulation, or that you are using the services in a fraudulent manner or otherwise contrary to the purpose of this Agreement;
  3. we have reason to believe that you have supplied false, misleading or deceptive information in connection with your registration, identity verification, transactions or any other use of the services, either to us or to another user;
  4. you have not responded to our inquiries or supplied the information requested by us within a reasonable period of time; or
  5. we are required to do so under any applicable law, regulation or an order issued by an authority.

Our above right includes the right to limit access to your account balance for up to 180 days, or even longer if pursuant to a court order or other legal process or obligation, or if you have not completed the additional identity verification measures we have requested from you, or if we have reason to believe that you do not have the right to access or control the account or the cryptocurrency funds on that account.

If we determine that you have at any previous point in time violated this Agreement or any other agreement that you have entered into with us, we will immediately close, suspend or limit your account and cryptocurrency balance.

Although we reserve the right to terminate your use of the services immediately and without hearing you in any of the above circumstances, we wish to deal with such situations in a fair and proportionate manner. Depending on our legal and contractual obligations, the urgency of the issue and the way we decide to balance the interests requiring protection, we will usually strive to inform and hear you before we take actions based on our above-mentioned rights under this Section, particularly if it involves the permanent termination of your account and/or any content or materials associated with it. By using the services, however, you agree and acknowledge that this is not always possible and that we are not in any circumstance liable for any damage, losses, expenses or harm resulting from the use of our rights under this Section.

Fees and Pricing

The services are provided to you against fees determined on a per transaction basis in accordance with the prices and pricing principles set out on the Singbit.sg website at the time of the relevant transaction or the fulfilment of any other fee basis. Such fees may include e.g. percentage-based fees for incoming and outgoing transactions created and they may be deducted from your Singbit.sg wallet balance or deposit. In addition, the fees may include percentage-based fees for merchant invoicing services deducted from the paid invoice amount as well as hourly fees for any custom work you decide to order from us.

Any amounts charged by us will be displayed to you on our site prior to the transaction, or other action or service on which the fee is based. By engaging in or ordering any of the aforementioned actions or services you will be deemed to have irrevocably agreed to the applicable pricing.

Supporting Blockchain Forks and Other Cryptocurrencies

From time to time, new and alternative cryptocurrencies and/or forks of the Bitcoin blockchain may be created, including in ways that allow persons who have access to a private key holding a Bitcoin balance to receive a corresponding amount of the new cryptocurrency on the other blockchain (“air-drop”). We have the right, in our sole discretion, to decide on whether and how we support new cryptocurrencies and/or blockchain forks in our services, including also, if necessary, the determination of which blockchain shall be deemed as Bitcoin within the meaning of this Agreement. In any case, we will strive to communicate our decisions concerning any significant new forks or cryptocurrencies on our website reasonably in advance. If we decide not to support a new cryptocurrency, we may decide, but are not obligated, to compensate customers who held Bitcoin on their Singbit.sg account at the time of the air-drop in a manner deemed appropriate by us, such as by converting all of the available new cryptocurrency to Bitcoins and sharing all of the converted Bitcoins between the users who held a Bitcoin balance on their accounts at the time of the creation of the new cryptocurrency. In such cases, we have the right to charge you a processing fee for such conversion in any amount deemed reasonable to us in our sole discretion but not exceeding the amount of compensation payable to you.

If we decide to support a new cryptocurrency, unless otherwise communicated by us, these Terms of Service, including any reference to Bitcoin, shall be equally applied to the new cryptocurrency.

In order to handle a blockchain fork in a way that ensures the security and reliability of our services, we may deem it necessary to temporarily suspend the services. In such cases, we will resume the services as soon as reasonably possible in our discretion.

We cannot guarantee that the decisions we take under this Section will be suitable, desirable or practical to you. If you are concerned about our decisions, stances or the lack thereof regarding any given blockchain fork or new cryptocurrency, we recommend that you withdraw your balance and handle the situation on your own as you see fit. We are not in any circumstance liable for any damage, losses, expenses or harm resulting to you from the use of our rights under this Section.

System Abuse

Without limitation, you agree not to, and not to encourage or allow any other user of the services to

  1. use the services or the site (or any part of them) for any illegal purpose;
  2. use the services in a manner which may cause the services to be interrupted, damaged, rendered less efficient or such that the effectiveness or functionality of the services is in any way impaired;
  3. attempt any unauthorised access to any part or component of the services, bypass or break any security mechanism of the services or use the services in any other manner that poses a security risk to us or any of our users;
  4. misrepresent your identity or credentials, or use those of another person, in engaging with us or any other persons on the site or via the services;
  5. use the services to harvest or otherwise collect information about others;
  6. use the services to engage in or in connection with fraudulent activity;
  7. reverse-engineer the services to find limitations or vulnerabilities;
  8. launch or facilitate, whether intentionally or unintentionally, a denial of service attack on the services or engage in any other conduct that adversely impacts the availability, reliability, or stability of the services;
  9. alter or modify any part of the site or the services; or
  10.  reproduce, sell, resell or otherwise exploit any resource, or access to any resource, contained on this site.

Security

Any passwords used for this site are for individual use only. You shall be responsible for the security of your password. Singbit.sg shall be entitled to monitor the use of your account and your password and, at its discretion, require you to change the password. If you use a password that Singbit.sg considers insecure, Singbit.sg will be entitled to require this to be changed and/or terminate or suspend your account. You are prohibited from using any services or facilities provided in connection with this site to compromise security or tamper with system resources and/or accounts. The use or distribution of tools designed for compromising security (e.g. password guessing programs, cracking tools or network probing tools) is strictly prohibited. If you become involved in any violation of system security, Singbit.sg reserves the right to release your details to system administrators at other sites in order to assist them in resolving security incidents.

Investigations

Singbit.sg reserves the right to investigate suspected violations of these Terms of Service. Singbit.sg may seek to gather information from the user who is suspected of violating these Terms of Service, and from any other user. Singbit.sg may suspend any users whose conduct are under investigation.

Communications

By checking this Agreement, you consent for your name and email address to be used for direct communications in the form of email, of Singbit news, product updates, promotions.

Please act responsibly when using this site. You may only use this site and its contents for lawful purposes and in accordance with applicable law and you are prohibited from storing, distributing or transmitting any unlawful material through this site. You recognise that storing, distributing or transmitting unlawful material could expose you to criminal and/or civil liability. You agree that if a third party claims that material you have contributed to the site is unlawful, you will bear the burden of establishing that it is lawful. You understand and agree that all materials publicly posted (other than by Singbit.sg) or privately transmitted on or through this site are the sole responsibility of the sender, not Singbit.sg, and that you are responsible for all material you upload, post or otherwise transmit to or through this site.

We at Singbit.sg require that you do not post advertisements or submit to or publish through forums or otherwise make available on this site any content, or act in a way, which:

  1. libels, defames, invades privacy, stalks, is obscene, pornographic, racist, abusive, harassing, threatening or offensive;
  2. seeks to exploit or harm children by exposing them to inappropriate content, asking for personally identifiable details or otherwise;
  3. infringes any intellectual property or other right of any entity or person, including violating anyone's copyrights or trademarks or their rights of publicity;
  4. violates any law or may be considered to violate any law;
  5. you do not have the right to transmit or make available under any contractual or other relationship (e.g., inside information, proprietary or confidential information received in the context of an employment or a non-disclosure agreement);
  6. advocates or promotes illegal activity;
  7. impersonates or misrepresents your connection to any other entity or person or otherwise manipulates headers or identifiers to disguise the origin of the content;
  8. advertises any commercial endeavour (e.g., offering for sale products or services) or otherwise engages in any commercial activity (e.g., conducting raffles or contests, displaying sponsorship banners, and/or soliciting goods or services) except as specifically authorised on this site;
  9. solicits funds, advertisers or sponsors;
  10. includes programs which contain viruses, worms and/or 'Trojan horses' or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications;
  11. disrupts the normal flow of dialogue, causes a screen to scroll faster than other users are able to type, or otherwise act in a way which affects the ability of other people to engage in real time activities via the site;
  12. copies any other pages or images on this site except with appropriate authority;
  13. amounts to a 'pyramid' or similar scheme;
  14. disobeys any policy or regulations established from time to time regarding use of this site or any networks connected to this site; or contains links to other sites that contain the kind of content, which falls within the descriptions above.

Third-Party Sites

This site may link you to other sites on the Internet. These sites may contain information or material that some people may find inappropriate or offensive. These other sites are not under the control of Singbit.sg, and you acknowledge that (whether or not such sites are affiliated in any way with Singbit.sg) Singbit.sg is not responsible for the accuracy, copyright compliance, legality, decency, or any other aspect of the content of such sites. The inclusion of such a link does not imply endorsement of any site by Singbit.sg or any association with its operators.

Singbit.sg cannot ensure that you will be satisfied with any products or services that you purchase from any third-party site that links to or from Singbit.sg since other sites/stores are owned and operated by independent web masters/retailers.

Online Payment Methods

Singbit or Singbit.sg is not associated with any of the trademarks which might appear visible in the Online Payment method lists or advertisement details. Including, but not limited to Alipay, AstroPay, BPAY, CashU, Chase Quickpay, Dwolla, Easypaisa, EgoPay, Amazon Gift Card Code, Apple Store Gift Card Code, Ebay Gift Card Code, iTunes Gift Card Code, Starbucks Gift Card Code, Steam Gift Card Code, Walmart Gift Card Code, Google Wallet, Hal-cash, hyperWALLET, Interac e-transfer, MobilePay FI, MobilePay, MobilePay NO, Moneybookers / Skrill, Moneygram, MoneyPak, M-PESA Kenya (Safaricom), M-PESA Tanzania (Vodacom), Neteller, NetSpend Reload Pack, OKPay, Paxum, Payeer, Paym, Paypal, PayPal My Cash, PaySafeCard, Payza, Perfect Money, Pingit, PYC, PostePay, QIWI, Reloadit, RIA Money Transfer, Serve2Serve, SolidTrustPay, Square Cash, Superflash, Swish, Tigo-Pesa Tanzania, Transferwise, Ukash, Vanilla, Venmo, Vipps, Walmart 2 Walmart, WebMoney, Western Union, Xoom, Yandex Money or any other payment method. Singbit.sg does not itself support these payment methods, or claim to be in partnership with them. Also, services provided by Singbit or Singbit.sg are not authorised, approved, endorsed or sponsored by any of the payment methods listed above or their respective trademark owners. Payment method listings are visible on Singbit.sg for informative purposes only. Trademarks which might appear visible on Singbit.sg website belong to the respective trademark owners alone.

How to Contact Us

This site is owned and operated by Yolo Technology Pte Ltd. You can contact us at any time. Please send us any questions, requests, general correspondence, or notices under or in connection with this Agreement, by contacting our support team. Particularly in the case of sending any notices under this Agreement, please ensure that you have received an acknowledgement from us, which we will aim to send to you within 5 working days of our receipt and should be retained by you.

By using the services, you agree that any notice, disclosure, agreement or other communication that we deliver to you electronically to the email address you have defined in your account settings will satisfy any legal communication requirements, including that such communications be in writing.

Changes in Service

Singbit.sg reserves the right to modify or discontinue, temporarily or permanently, all or any part of this site and/or any software, facilities and services on this site, with or without notice, and/or to establish general guidelines and limitations on their use.

Intellectual Property Rights

You acknowledge and agree that all copyright, trademarks and all other intellectual property rights in and related to this site and our services shall remain at all times owned by us and/or our licensors. You are permitted to use the site and our services only as expressly authorised by us. We reserve all rights not expressly granted in and to this site, the services and the content on this site.

Disclaimer of Warranties and Limitation of Liability

This site and the services are provided on an “as is” and “as available” basis for your information and use without any representation or endorsement. To the maximum extent permitted by applicable law, we make no warranties of any kind, whether express or implied, in relation to the site or the services, including but not limited to, implied warranties of satisfactory quality, fitness for a particular purpose, non-infringement, compatibility, security, accuracy, condition or completeness, or any implied warranty arising from course of dealing or usage or trade.

To the maximum extent permitted by applicable law, we make no warranty that the site or the services will meet your requirements or will be uninterrupted, timely, secure or error-free, that defects will be corrected, or that the site or the server which makes it available are free of viruses or bugs or are fully functional, accurate, or reliable. We will not be responsible or liable to you for any loss, destruction or alteration of content or material as a result of uploading to or downloading from the site.

Notwithstanding any other provision in these Terms of Service, nothing shall limit your rights as a consumer under mandatory provisions of applicable consumer protection legislation.

If and to the maximum extent permitted by applicable law, we will not be liable for:

  1. any economic losses (including without limitation loss of revenues, profits, contracts, business or anticipated savings); or
  2. any loss of goodwill or reputation; or
  3. any special or indirect or consequential losses, howsoever arising

in any case whether or not such losses were within the contemplation of either of us at the date on which the event giving rise to the loss occurred. Without limitation, you (and not us) assume the entire cost of all necessary servicing, repair or correction or correction in the event of any such loss or damage arising.

Nothing in these Terms of Service shall exclude or limit our liability based on wilful conduct or gross negligence. If and to the extent applicable law does not allow the above limitations of warranty and liability, such limitations shall not apply to you.

Indemnity

You agree to be fully responsible for (and fully indemnify us against) all claims, liability, damages, losses, costs and expenses, including legal fees, suffered by us and arising out of or related to any breach of this Agreement by you or any other liabilities incurred by us arising out of your use of the services, or use by any other person accessing the services using your user account, device or internet access account; or your violation of any law or rights of any third party.

Rights of Transfer and Assignment

We may transfer or assign our rights and duties under this Agreement to any party at any time without notice to you, but this will not affect your rights or our obligations under this Agreement. You may not, however, transfer or assign any of your rights and duties under this Agreement to any other party.

General

If any part of provision this Agreement is deemed unlawful, void or for any reason unenforceable, then that provision shall be deemed to be severable from this Agreement and shall not affect the validity and enforceability of any of the remaining provisions of the Agreement.

This Agreement (as amended from time to time) contains the entire agreement and understanding between us in respect of all matters which are referred to herein and supersedes any prior written or oral agreement between us relating to such matters. No oral explanation or oral information given by either of us shall alter the interpretation of this Agreement. You confirm that, in agreeing to accept this Agreement, you have not relied on any representation that is not expressly included herein and you agree that you shall have no remedy in respect of any misrepresentation which has not become a term of this Agreement. However, nothing in this Agreement purports to exclude liability for any fraudulent statement or act.

You agree that this Agreement and any dispute between you and us shall be governed in all respects by the laws of Singapore. All claims shall be brought within one (1) year after the claim arises. Failure of either party to exercise in any respect any right under this Agreement shall not be deemed to be a waiver of such right.

The services are controlled and offered by us from Singapore. We make no representations that the services appropriate or available for use in other countries. Users of Singbit.sg are themselves responsible for making sure they are in compliance with legislation of the jurisdiction they operate and reside in.

This Agreement was last updated on: 26th April 2018

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