Last updated: 17 November 2023
A. Fiat Services
1. By using any Fiat Services, you acknowledge and agree that:
a. you have read, understood and accepted, and you will be bound by, and will comply with, these Fiat Services Terms, the Privacy Notice, and any other Binance Platform Rules related to Fiat Services. If you do not understand and accept these Fiat Services Terms, the Privacy Notice, and any other Binance Platform Rules related to Fiat Services, in each case in their entirety, you should not use Fiat Services;
b. Binance or Bifinity (as applicable) may partner with any Fiat Partners to provide such Fiat Services and that, if applicable, you will open an account with any such Fiat Partners by completing the relevant registration and identity verification for such account, and by accepting any user agreements, terms and conditions, policies and procedures or similar documents of any Fiat Partners;
c. any payments, which are expressed in any Fiat Currencies and which have been made in connection with any Fiat Services may not be cancelled, recalled or refunded, and that any chargeback requests in connection with any Fiat Services that involve a Fiat Partner, are also subject to that Fiat Partner's policies and procedures.
d. when you transfer Fiat Currencies to your Binance Fiat Account, such Fiat Currencies may be converted into electronic money which will be held in an account at the Fiat Partner in the name of Binance (not your name) and you will have no contractual arrangement with the Fiat Partner. Fiat Currencies and any electronic monies held in such a way by that Fiat Partner will be held solely for the benefit of Binance and will be held together with Fiat Currencies transferred by other Binance users. Such Fiat Currencies and electronic money will not be segregated from assets belonging to Binance. You may view your near-real time statements at any time by logging into your Binance Account. Binance will at all times maintain records for individual balances. Binance shall not be liable for the insolvency of Fiat Partners or any other third party. In the event of Binance’s insolvency, winding up or similar event, your Fiat Currencies and electronic money shall be treated in accordance with Applicable Law.
2. If:
a. you are resident or located in an EEA jurisdiction or in the United Kingdom, then all Fiat Services will be provided to you by Bifinity; or
b. you use any Fiat Services, which involve a debit card or credit card, then (regardless of your residence or location) such Fiat Services will be provided to you by Bifinity, and in each case you will be required to read, accept and comply with the Terms of Use and Privacy Policy of Bifinity UAB and may need to complete an additional identity verification procedure as required by those terms.
3. When you select the Fiat Service that you would like to use, a fee that you may need to pay, and the details of the Transaction, may be shown to you. You may need to confirm certain Transactions in connection with Fiat Services within a specific period of time in order to be able to proceed with such Transactions, and you agree to pay all such applicable fees when you confirm such Transactions. Binance or Bifinity (as applicable) may, in its sole discretion, elect to accept or reject any Transaction in connection with Fiat Services. You will not be charged any such fees in the event that your Transaction in connection with Fiat Services is rejected.
B. General Terms
All terms and references, which are used in these Fiat Services Terms, but are not defined or construed in these Fiat Services Terms, shall have the same meaning and construction as in the Binance Terms of Use.
These Fiat Services Terms are to be read together with the Binance Terms of Use. In the event of any conflict or inconsistency between these Fiat Services Terms and the Binance Terms of Use, the order of precedence in which these documents are to be read is: first the Fiat Services Terms, and then the Binance Terms of Use.
C. Definitions
Bifinity means Bifinity UAB, a Lithuanian private limited company with registration number 305595206 having its registered office at Lvivo g. 25-104, Vilnius, Lithuania, and which is registered with the Financial Crime Investigation Service (FCIS) in Lithuania as a Virtual Currency Exchange Operator and Depository Virtual Currency Wallet Operator in accordance with the applicable laws and regulations of the Republic of Lithuania. Bifinity UAB is not a licensed financial services provider, and the cryptocurrency exchange and depository services provided by Bifinity UAB are not regulated by the Bank of Lithuania.
Binance Fiat Account means the record (available on your Binance Account) of your fiat currencies’ balance (if any), which is enabled through an electronic money wallet account, a payment account or a similar service that is provided by a Fiat Partner.
Binance Terms of Use means the terms of use, which govern your use of the Binance Services that are made available to you on or through the Platform or otherwise, and which are available HERE.
Binance Platform Rules means the Binance Terms of Use and all other other rules, interpretations, announcements, statements, letters of consent and other contents that have been and will be subsequently released by Binance, as well as all regulations, implementation rules, product process descriptions, and announcements published in the Help Center or within products or service processes.
Fiat Partner means any third party service provider listed in the Schedule to these Fiat Services Terms, or with which Binance or Bifinity (as applicable) may partner in connection with the offering of any Fiat Services.
Fiat Services means the facilitation by Binance or Bifinity (in accordance with clause 2 of these Fiat Services Terms) of any of the following:
(a) maintaining your Binance Fiat Account;
(b) crediting your Binance Fiat Account with fiat currencies via a bank transfer, relevant payment instrument or with a debit card or credit card;
(c) paying for the purchase of Digital Assets at spot prices on the Platform with (i) fiat currencies available in your Binance Fiat Account, or (ii) your debit card or credit card;
(d) crediting the proceeds of the sale of Digital Assets for fiat currencies at spot prices on the Platform to (i) your Binance Fiat Account, or (ii) your debit card or credit card; and
(e) withdrawing fiat currencies from your Binance Fiat Account into your bank account, payment account or similar account or your debit card or credit card.
Bifinity UAB Terms of Use are available HERE.
