Anti Money laundering (AML) - a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Link to AML Statement.
Beneficial owner (BO) - is a private person, who is the actual owner of funds that are placed in customer account, or private person in whose interests all transactions from account are provided.
Commission - refers to the fee which is payable to NBX on each Transaction, such as a Purchase Transaction.
Counter-Terrorist Financing (CTF) - a set of laws, regulations and procedures have been enacted to prevent the financing of terrorist activity.
Customer - natural person or legal entity which uses, has used or intends to use a service, can be used in the text as “you”.
Force Majeure - a legal term that describes unforeseeable events that are out of the control of the involved parties. Used in contracts to describe situations in which parties are released from any liability due to force majeure events/occurrences.
Know Your Customer (KYC) - is a principle of understanding the customer's activity including verification of the identity of clients and assessing potential risks towards business relationship.
Marketplace - in the context of NBX, a trading platform for buying and selling various digital assets.
Member(s) - refers to Buyers and Sellers as well as any holder of an Account.
Personal Data - information that identifies an individual, such as name, address, e-mail address, trading information, and banking details. “Personal data” does not include anonymised and/or aggregated data that does not identify a specific user.
Price - the "price per coin" for which customers/members are willing to purchase or sell cryptocurrencies service in a Bitcoin Purchase Transaction. The price may be expressed in any of the currencies deposited by customers in their accounts Members in their Account and supported by the service.
Politically Exposed Person (PEP) - is a natural person who performs or has performed prominent public functions, also their family members and close associates. Link to Knowledge Base explanation.
Sanctions - political and/or economic measures which are put in place by international, regional and state bodies with the aim of influencing the behaviour of a particular country’s regimes, individuals or groups. In NBX's context, a set of measures imposed by the competent authorities (UN, EU, USA, UK, Canada, Norway and others) NBX might add if necessary without prior notification) against the states, natural and legal persons, as well as other subjects which violate the human rights, commit ethnical, territorial and religious conflicts, support terrorism or violate other international norms and principles.
Seller(s) - Customer/member(s) that submit an offer to sell cryptocurrenciesthrough the service.
Service(s) - the technological platform, functional rules and market managed by NBX Ltd. to permit sellers and buyers to purchase and sell cryptocurrency.
Source of Funds - origin of the particular funds or assets which are used in the business relationship between the company and its clients.
Trading platform - a website or computer program used for trading financial assets online.
Transaction - includes the following:
- The agreement between the buyer and the seller to exchange Ccryptocurrencies through the service for currencies at a commonly agreed rate ("Purchase Transaction");
- The conversion of currencies into Cryptocurrencies deposited by customer(s)Members into their Account(s) ("Conversion Transaction");
- The transfer of Cryptocurrencies among customer(s)Members ("Transfer Transaction");
- The transfer of currencies among customer(s)Members ("Currency Transfer Transaction");
- The purchase of ancillary products ("Purchase Transactions").