Legal Terms

These terms and conditions set out the terms whereby TGBEX provides the goods and services defined below to you as a customer and to which you agree at the time of placing the order (“Terms and Conditions”). The Terms and Conditions apply to all customer orders and all use of our Website. Please read the Terms and Conditions carefully and make sure that you understand them before placing an order. If you do not agree to them, please do not attempt to place any order or use our Website.

1. Acceptance of Terms and Conditions

Our account opening form and order form provide a link to the Terms and Conditions and make it possible for you to open an account and place an order after you check the box, ‘I have read and accepted the Terms and Conditions of TGBEX’ . By using our Website or placing an order for any goods or services on it, you accept and agree to be bound by the Terms and Conditions.

TGBEX may at any time modify its Terms and Conditions by publishing new versions on its website. Such publication shall be sufficient notice of the new Terms and Conditions, upon which publication they shall take immediate effect. By using the Website or placing any order after such publication, you agree to be bound by the Terms and Conditions in effect as of that date, even if you may have accepted an earlier version at the time of opening your account.

You can view our current Terms and Conditions at any time by clicking on the “Terms and Conditions” link located at the bottom of any page of our Website.

2. Definitions

In these Terms and Conditions:

“Account” means the account of a customer of TGBEX, required for any High Value purchases by completing the registration form available on the Website.

“AML Documentation” means documents identifying the Customer and the Customer’s source of funds used for a High Value purchase, as required by anti-money laundering legislation and our Customer Due Diligence procedures.

“Bitcoin” means the virtual, or Internet currency known as “Bitcoin” (see http://bitcoin.org). It is not legal tender.

“Our Bitcoin” means the physical representation we manufacture of the Bitcoin public and private keys that we have mined. They look like combinations of letters, numbers and symbols affixed on a physical medium in the shape of a coin. Examples are described approximately on our “Physical Bitcoins” page at http://tgbex.com/index.php without warranty that a particular coin we sell to you will correspond with the description exactly. We reserve our right to modify to a reasonable extent our Bitcoins at variance with the description or images published on our website. If you are unsatisfied with the Bitcoin you receive from us, you have the right to return it for a full refund and cancel your order, as set out in our Terms and Conditions.

“Customer”, “Customers”, means any person that places an order or opens an account on our website.

“Customer Due Diligence” means the steps we take to identify our Customers and checking they are who they say they are. In practice this means obtaining the following from a Customer:

Name

Photograph on an official document which confirms their identity

Residential address or date of birth

To do so, we usually ask for a government issued document like a passport, along with utility bills, bank statements and other official documents. We may refer to other sources of customer information such as the electoral register and information held by credit reference agencies. In certain situations we may also need to identify the “beneficial owner”. Such situations may arise when someone else is acting on your behalf to pay us funds from your sources. Or, the beneficial owner may be someone who owns or controls a company, partnership or trust, in which case we may need to ascertain the ownership structure. As a general rule, the beneficial owner is the person who is behind the Customer and who owns or controls the Customer, or the person on whose behalf a transaction or activity is carried out. If we have doubts about a Customer’s identity, we will not continue to deal with the Customer until we are sure. We generally take the above steps in the event of a High Value transaction but reserve our right to do so in other cases.

“Exchange” in our logo, ‘The Global Bitcoin Exchange’, means our service of exchanging your legal tender such as British pounds sterling or Euro for our Bitcoins or their fractions. We do not provide services in relation to any Internet, virtual, or cryptocurrency other than Bitcoin, repurchase our Bitcoins or provide any platform for our customers to buy or sell anyone else’s Bitcoins.

“High Value” means Euros 1,000 or its equivalent. If your order reaches or exceeds a High Value, you agree to provide us with your AML Documentation, as set out in our Customer Due Diligence definition and procedures.

“Invest” and “Investment” with reference to our Bitcoins means an unregulated investment you make by buying the physical “coins” we manufacture. They have little intrinsic value unless made of precious metals as specified on our Website. Their main value is derived from the keys affixed on the “coin”. They may have a secondary value as physical objects in the market of collectibles, which are not regulated as investments in the Isle of Man or the United Kingdom. The value of our Bitcoin may fall as well as rise, and you may not recover the value of all your investment.

Please note that Bitcoin has special risks not generally shared with official currencies or goods or commodities in a market. In contrast to most currencies supported by governments or commodities such as gold or silver, Bitcoin is a unique kind of currency that relies on technology and the trust of its users. There is no central bank that can take corrective measure to protect the value of Bitcoins in a crisis or issue more currency.

“Order” means any request by a customers to purchase any goods/ services from our Website, by selecting one or more of our Products and by adding such Product listings to your Basket and making payment for the contents of your Basket (further detailed in clause 6).

“Product”, “Products” and “Goods” means our Bitcoins available for sale on our Website.

“TGBEX”, “We” and “Us” are references to TGBEX Limited, a limited company incorporated in the Isle of Man with registered number 011286V and registered address at 11 Hope Street, Douglas, Isle of Man IM1 1AQ.

“Website” means the website published and run by TGBEX as an e-commerce site for the retail of products as published at www.tgbex.com.

“Your” and “You” refers to any Customer or other user of the Website.

3. About TGBEX Limited

TGBEX is a limited company incorporated in the Isle of Man with its registered office being 11 Hope Street, Douglas, Isle of Man IM1 1AQ.

TGBEX operates the Website. The Website is an electronic web interface through which customers can purchase high quality physical Bitcoins manufactured in a secure and controlled environment.

In placing an Order, the Customer seeks to convert Sterling or Euro into Bitcoins by the purchase of any Products.

4. Registering as a User

You may access the public areas of the Website which contain general information about TGBEX and our service without registering as a Customer, provided that you agree to our Terms and Conditions.

If you wish to place an Order and it is on or above a High Value threshold, at which we collect the AML Documentation, you will first be required to register as a Customer. Due to compliance with regulatory requirements, registration is a three step process as follows:
(i) completion of the new Customer registration form which can be found on the Website;
(ii) provision to TGBEX of the AML Documentation (as set out in our Customer Due Diligence definition and procedures); and
(iii) provision to TGBEX of a signed copy of the Terms and Conditions.

When TGBEX has received all of the required documentation as set out in clause 4 and our Customer Due Diligence definition and procedures, TGBEX will undertake certain additional security checks on a Customer.

If TGBEX in its sole and absolute discretion is satisfied that a customer complies with all applicable requirements, TGBEX will accept the Order and arrange distribution of the Product purchased.

Please note that you will not be able to place a High Value Order under any circumstances until the relevant regulatory requirements have been met.

The Customer undertakes to provide TGBEX as soon as possible any and all information that TGBEX may reasonably require, or in TGBEX’s sole and absolute discretion considers necessary, including without limitation for the purposes of providing such information to any applicable governmental or regulatory authority in relation to regulatory compliance or anti-money laundering laws and regulations.

5. Orders

TGBEX and the Customer will from time to time enter into Orders in accordance with the Customer’s electronic instructions issued through the Website.

Once an Order has been made by the Customer, TGBEX will confirm or decline it, accept it conditionally or make a counter-offer on modified terms, generally within two working days, depending on factors such as value and compliance checks that may need to be made on the Customer placing a High Value Order.

In instances of extreme market volatility and/or where customer client checks (including AML Documentation) have not been completed within an adequate timeframe, generally within 14 days, we reserve the right to refuse custom and refund Customers.

Each Order will be confirmed to the Customer using an automatically generated e-mail, confirming that the Order has been placed and requesting any necessary further information or documentation. The Order for Bitcoins has not been accepted and the contract for the Bitcoins ordered has not been entered into at any time until TGBEX receives payment and all AML Documentation requested and expressly accepts the Order.

TGBEX records details of every Order, including Customer details, limited edition numbers and all data necessary to comply with all applicable data protection regulations.

TGBEX may reasonably ask for documents, references or other information for the purposes of conducting “Know Your Client” and due diligence enquiries into a Customer’s identity and source of funds proportionately to the circumstances such as the value of the Order, as we may find appropriate. If a Customer refuses any requests for information, or does not provide information requested in a timely manner, the Customer agrees that TGBEX is entitled to suspend or terminate the Customer’s account by giving notice with immediate effect. Email to the last known email address provided by the Customer shall be sufficient means of transmitting the notice.

TGBEX may at any time refuse to accept a Customer Order, without reason and without any recourse or liability.

6. Delivery

Products will be despatched to Customers, once payment and any necessary documentation has been received within a reasonable timeframe (we expect deliveries to be made generally within a week of purchase on a confirmed Order, depending on a Customer’s location).

Shipping costs shall be charged in addition to the price of the Order and will depend on the available method of shipment chosen by the Customer, including the Royal Mail, Parcel Force or courier service operating from the Isle of Man, such as DHL, Federal Express or TNT. TGBEX will specify the final cost in its acceptance of the Order.

7. Payment

We accept payment by the following methods:

BY DEBIT CARD
BY PAYPAL

BY BITCOIN
BY WIRE TRANSFER

8. Returns

You have the right to cancel this contract and return the goods within 14 days without giving any reason. The cancellation period will expire after 14 days from the day on which you acquire, or a third party other than the carrier and indicated by you acquires physical possession of the goods. To exercise the right to cancel, you must inform TGBEX of your decision to cancel this contract by a clear statement (e.g. a letter sent by post, fax or e-mail). You may use our model cancellation form, which appears at the end of this clause, but it is not obligatory. You can also electronically fill in and submit the model cancellation form or any other clear statement on our Website [insert Internet address]. If you use this option, we will communicate to you an acknowledgement of receipt of such a cancellation on a durable medium (e.g. by e-mail) without delay. To meet the cancellation deadline, it is sufficient for you to send your communication concerning your exercise of the right to cancel before the cancellation period has expired.

If you cancel this contract, we will reimburse to you all payments received from you, including the costs of delivery (except for the supplementary costs arising if you chose a type of delivery other than the least expensive type of standard delivery offered by us). We may make a deduction from the reimbursement for loss in value of any goods supplied, if the loss is the result of unnecessary handling by you.

We will make the reimbursement without undue delay, and not later than:
(a) 14 days after the day we receive back from you any goods supplied, or
(b) (if earlier) 14 days after the day you provide evidence that you have returned the goods, or
(c) if there were no goods supplied, 14 days after the day on which we are informed about your decision to cancel this contract.

We will make the reimbursement using the same means of payment as you used for the initial transaction, unless you have expressly agreed otherwise; in any event, you will not incur any fees as a result of the reimbursement.

We may withhold reimbursement until we have received the goods back or you have supplied evidence of having sent back the goods, whichever is the earliest.

You shall send back the goods or hand them over to us without undue delay and in any event not later than 14 days from the day on which you communicate your cancellation from this contract to us. The deadline is met if you send back the goods before the period of 14 days has expired. You will have to bear the direct cost of returning the goods.

You are only liable for any diminished value of the goods resulting from the handling other than what is necessary to establish the nature, characteristics and functioning of the goods. Given the nature of the goods, this means that any Product returned to us that has been opened or used in any way will not be refundable.

Neither TGBEX, nor any of its owners, directors or employees can be held liable for loss of Bitcoins caused by the security of any Product purchased being compromised after the point of receipt.

CANCELLATION FORM

To:

TGBEX Limited
11 Hope Street
Douglas
Isle of Man
IM1 1AQ

I/We [*] hereby give notice that I/We [*] cancel my/our [*] contract of sale of the following goods [*]/ for the supply of the following service [*], ordered on [*]/received on [*].

Name of Customer: [name]

Address of Customer: [address]

Signature of Customer: [signature] (only if this form is notified on paper)

Date

[*] Delete as appropriate.

9. Investment Information

TGBEX may from time to time provide information to the Customer on Bitcoins, the industry and its Products.

Notwithstanding any such information provided by TGBEX, the Customer acknowledges and agrees that it enters into each Order of its own free will without reliance on any information provided by TGBEX and that any such Order is at his/her own risk.

TGBEX, nor any of its owners, directors or employees can be held liable for the increase or decrease in the value of Bitcoins.

The Customer acknowledges and agrees that market forces (such as exchange rate or Bitcoin market price) can fluctuate and that in extreme circumstances, such fluctuations may cause the manufacture of our Products to become uneconomical. By placing an Order, a Customer agrees that in such circumstances and at the discretion of TGBEX, Orders can be refused and any payments returned.

The Website and its contents, including these Terms and Conditions (together, “this communication”) have not been approved as a financial promotion for the purposes of Section 21 of the Financial Services and Markets Act 2000 (FSMA) in the United Kingdom or the Isle of Man, or anywhere in the world. Nothing in this communication constitutes investment, tax, legal or other advice.

Reliance on this promotion may expose you to significant risk of losing all of the property or assets invested. The foregoing risk factors do not purport to be a complete explanation of all the risks involved in the promoting of this Investment. Potential investors should read the information on the pages linked to the Website and any other documents relating to Bitcoin and our Products. You are strongly advised to seek independent professional advice from an appropriately authorised and specialised adviser as to whether this investment is suitable for you.

An investment such as this is suitable only for financially sophisticated investors who are capable of evaluating the merits and risks of such investment, who do not require liquidity for their investment and who have sufficient resources to bear any loss (including a total loss) which might result from such investment. Past performance is not a guide to future performance and may not be repeated.

You are strongly recommended to seek further specific tax advice on your personal circumstances before investing.

TGBEX has taken all reasonable care to ensure that the facts stated in this communication are true and accurate in all material respects and that there are no other material facts whose omission would make any statement of fact or opinion in this communication misleading. All statements of opinion or belief contained in this communication and all views expressed and statements made regarding future events represent the promoter’s own assessment and interpretation of information. No representation is made or assurance given that such statements or views are correct and prospective investors must determine for themselves what reliance (if any) they should place on such statements, views or forecasts.

This communication does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to anyone to whom it is unlawful to make such a solicitation. Prospective investors should inform themselves of, and observe, all applicable laws and regulations including any taxation or exchange control legislation in the countries of their citizenship, residence, domicile or such other status as may be relevant. This communication does not constitute a public offer of shares under Section 85 of FSMA or a regulated activity under Section 3(1) of the Isle of Man Financial Services Act 2008 or a gaming contract.

9. Customer’s Warranty

The Customer represents and warrants as at the date of each Order that:
(a) the Customer is acting as principal in respect of the Order and is not acting for another person;
(b) the Customer has full power and authority to enter into the Order and is the beneficial owner of all monies paid or to be paid, free from any charge or encumbrance;
(c) the information provided by the Customer in relation to the Order (and all AML Documentation provided by the Customer) is at the time of the Order complete, accurate, current and not misleading and that any further information requested by TGBEX is complete, accurate, current and not misleading;
(d) the Customer has not relied upon any other person (with particular respect to any information disclosed or published by TGBEX) in entering into the Order;
(e) the Customer will keep Account login details secure and will not disclose them to any third party;
(f) the Customer is resident in the Isle of Man or the United Kingdom.

By using our website or placing any order, customers agree to and are solely responsible for ensuring compliance with the requirements of any laws and the payment of any taxes or charges that may be applicable to them.

11. Privacy and Data Protection

A Customer provides us with personal data when they register an Account via the Website. We also collect information both relating to you (for example on your usage and purchase history) and on users of the Website in general. Any information we hold on customers will be held securely and will not be used by TGBEX for any purpose other than the Order or for the purposes of discharging its legal duties.

In order to complete Customer Orders, we may share information about Customers with third parties, including, but not limited to, Customers’ banks. Further details are set out in our Privacy Policy below.

You can also get more details on how to find out what information we hold about you and how to ask us to correct any mistakes. For further information please contact Adrian Forbes, our Data Protection Officer, by completing the contact form on the Website.

12. Limitation of Liability

Our liability to you is limited to the price of your Order. In no event shall TGBEX, its shareholders, directors, officers, employees or agents be liable (jointly or severally) to any Customer for loss of use or any special, incidental, indirect or consequential damages arising out of or in connection with the Website, the placement by you of any Order, the delivery of any Products, the failure in whole or in part to deliver any Products or these Terms and Conditions, on any theory of liability, and whether or not advised of the possibility of damage.

TGBEX specifically excludes liability for any loss, harm, distress or damage suffered by you or any third party as a result of inaccurate information appearing on the Website but will correct inaccuracies as soon as reasonably practicable on receipt of notice of the inaccuracy and verification of the information. Please use the Website contact form to notify TGBEX of any inaccuracies.

13. Intellectual Property

Unless otherwise specified, the contents of the Website is subject to the intellectual property rights of TGBEX, such as copyright, trademark, design, database and other rights, whether registered or unregistered. You may view, print and copy information from this Website on any single computer solely for your personal, informational, non-commercial use, provided you keep intact the attribution to us, including all copyright and other proprietary notices.

You may link your website to ours with our knowledge and consent. Please complete the contact form on our Website to obtain it.

You must not copy our Bitcoins for resale or any other commercial use without our express consent in writing or for non-commercial fair use without attribution to us.

14. Applicable Law and Dispute Resolution

The Terms and Conditions and any claim, dispute or complaint arising out of the Terms and Conditions or non-contractual disputes or claims, or any related transaction with us shall be governed by and construed in accordance with the law of the Isle of Man. The law of England and Wales may be used as an aid to interpretation of the legislative provisions applicable in the United Kingdom, references to which appear in our Terms and Conditions. In the event of any inconsistency between the provisions or the interpretations of a provision under the Isle of Man law and English law, the Isle of Man provision and interpretation shall prevail.

We do not currently accept orders from consumers resident outside the Isle of Man or the United Kingdom; please do not place an order with us unless you are resident there.

If you have any complaint in respect of your order, our Products or conduct, please first raise it with us by completing and submitting the contact form on our Website. We will acknowledge receipt within three working days and endeavour to find a mutually satisfactory solution by negotiations with you within three months. You agree to keep the matter confidential during the term of our negotiations. So do we.

If you are still unsatisfied with the solution we may have been able to offer, then to the maximum extent permitted by the applicable consumer protection legislation, you submit to the jurisdiction of the Isle of Man courts that will be competent to hear any dispute or claim arising out of our contract or any other basis with you. If you are a consumer resident outside the Isle of Man, this clause is without prejudice to your statutory rights under the consumer protection legislation in the jurisdiction of your residence within the United Kingdom.

15. Termination

TGBEX may change or discontinue the availability of the Website at any time without prior notice.
We reserve the right without notice to prevent you from accessing the Website or our server, or to refuse registration; or with prior notice to your last email address notified to us, terminate your Account, should you breach these Terms and Conditions or if we have reason to believe that you have breached them.

In the event that you have been prevented or refused access to the Website or if your registration or Account has been terminated, you must not use the Website under any alias or through any other registered user or Customer.

PRIVACY & COOKIES POLICY

This TGBEX Privacy and Cookies Policy (“The Policy” or “Policy”) describes the way we treat personal information that we collect when a person visits a website, payment portal or web pages owned or operated by TGBEX, or by use of the TGBEX payment systems. By using our services, visiting our Website, ordering any product(s), or by opening an Account with us, any customer is deemed to have agreed to the terms of this Policy. This Policy uses the terms defined in TGBEX’s Terms and Conditions from time to time.

Data Collection and Usage by TGBEX

We collect personal information whenever a Customer creates an Account with us, or any person registers to receive e-mail newsletters and promotions from us. In addition, we may automatically receive and record information on our server logs from your browser including your IP address, TGBEX cookie information and the page(s) you choose to view.

When you open an Account and/or before an Account is activated, we may require you to provide information, documents, references, reports or permission to conduct “know your client” or financial or other types of due diligence investigations into your business or financial affairs.

We may also request certain information, such as your bank account details, before we can deliver your product(s) ordered.

Primarily we use any information collected to enable us to discharge our obligation to provide the TGBEX payment systems and for the purposes of providing product(s) to Customers, by ensuring compliance with TGBEX’s Terms and Conditions, this Policy and any applicable laws and regulations.

We may from time to time at our discretion, use information collected to learn about the manner in which customers use our Website and services.

How we use Cookies

When you visit the Website as a guest or as an account holder, a cookie may be stored onto your computer. A cookie is a small, encrypted text file containing information about your preferences and allows your usage and location to be tracked. The use of cookies is an industry standard, and you will find them used on most web sites. You can choose to disable cookies from being stored on your computer by changing your browser settings.

Disabling cookies may result in a reduced performance by our Website, systems and ability to offer products. Some partners whose content is embedded into, or linked to or from our site may also use cookies. However, we have no access to, nor control over these cookies. Such partners will be subject to appropriate checks to ensure security is not compromised.

TGBEX Information Disclosure

TGBEX will neither sell nor lend your personal information to anyone. We may send personal information about you to other companies or people only when we have your consent to share the information, or if we need to share your information in order to provide, or fulfil our obligations to you as a user of the TGBEX payment systems, or if we need to send the information to companies who work on behalf of us to provide a product or service to you.

We will respond to court orders, subpoenas or legal process where we find it necessary to do so, to investigate potential violations of the TGBEX Terms and Conditions, the provisions of any applicable law, or any internal procedures, or guidelines for any products, or services.

Marketing / Promotions

Where guests, customers or users have agreed by prior notice to be notified of marketing and promotional material, these may include marketing information about TGBEX, any new product launches, or selected business partners and connected ventures.

Any marketing, or promotional e-mails we send to Customers or target Customers will contain an easy automated unsubscribe link so that they can opt-out of any subscriptions easily. Subscribers can simply follow the instructions in the e-mail to unsubscribe.

Privacy Policy Changes

We may amend this Policy from time to time when we see fit by posting an announcement on our Website. You agree that such posting will constitute sufficient and adequate notice to you of any changes. You agree that your continued use of our products, or services as a guest, or user after such amendment will constitute your acceptance of and agreement to be bound by the new policy.