Terms & Conditions

GlobalBlock Limited

Terms and Conditions of Business

Version: v0.4 (Jan 2021)

 

>

This document contains the terms and conditions upon which customers use our execution-only Cryptocurrency brokering services (the Services). By using the Services, you are agreeing to accept and comply with these terms and conditions. You should read the entire terms and conditions carefully before you use the Services.

Contact details:

info@globalblock.co.uk

+44 (0) 203 750 1810

 

Important Notice:

The trading of Cryptocurrencies involves a high degree of risk. The Services are suitable only for persons who (a) have the ability to bear the total loss of all amounts invested in Cryptocurrencies using the Services; (b) fully understand and accept the risk factors involved in participating in the Cryptocurrency markets (including the specific risk factors described in clause 9 (Risk Factors) of these Terms); and (c) have a very high risk tolerance.

The Services provided by GlobalBlock under these Terms are execution-only broking services. GlobalBlock cannot and will not provide you with any advice as to the suitability or risk-profile of any transaction which you request GlobalBlock to execute as part of the Services. Any decision to proceed or not to proceed with a given transaction rests solely with you the Client.

The Services are not regulated by the Financial Conduct Authority or any other governmental body. See clause 2 (Regulatory Status) below for further details.

Contents

1.     Defined words and expressions in these Terms                    3

2.     Regulatory status                                                                           6

3.     Our Services                                                                                     7

4.     Custody of your Fiat Currency and Cryptocurrency              7

5.     Trade Providers                                                                               8

6.     Using the Services                                                                          9

7.     Our charges                                                                                   10

8.     Foreign exchange                                                                         10

9.     Risk factors                                                                                    10

10.  Client confirmations and obligations                                      11

11.  Onboarding you as a client                                                        14

12.  Communications                                                                          15

13.  Our responsibilities and liability to you                                 16

14.  Termination of our relationship                                               16

15.  Confidentiality and disclosure of information                     17

16.  Data protection                                                                            18

17.  Intellectual property                                                                   21

18.  Our relationship                                                                           21

19.  Tax                                                                                                    21

20.  Other important terms                                                               21

21.  Complaints                                                                                     22

22.  Changes to our terms & conditions of business                  23

23.  Governing law and jurisdiction for disputes                         23

 

 

 

In this document, we, us or our refers to GlobalBlock Limited, a company registered under the laws of England and Wales with company number 09450626 with its registered office at Argyle House, 3rd Floor, Northside, Joel Street, Northwood Hills, Middlesex, HA6 1NW and its operational office at 65 Curzon Street, London, W1J 8PE (GlobalBlock).

1.                   Defined words and expressions in these Terms

The bold, capitalised words and expressions used in these Terms have the following meanings:

AML and CFT Policy

GlobalBlock’s Anti-Money Laundering and Counter Financing of Terrorism policy as amended from time to time, a copy of which is available from GlobalBlock on request (and included in the Onboarding Documents).

Asset Manager

A Client whose business involves making, advising on or managing investments for its clients (Underlying Clients) and which will use the Services for the purpose of buying and selling Cryptocurrencies on behalf of its Underlying Clients.

Client

The person (whether an individual or a legal entity) that has been onboarded as a client of GlobalBlock in accordance with these Terms and who will receive the Services (including any shareholder, officer, director, member, employee or other person acting for or on behalf of the Client). References to you or your are references to the Client.

Connected Person

With respect to GlobalBlock, its employees, officers, directors, agents, consultants, shareholders, members or partners.

Controller, Processor, Data Subject, Personal Data, Personal Data Breach, processing and appropriate technical and organisational measures as defined in the Data Protection Legislation.

 

Cryptocurrency

Any digital currency and for which GlobalBlock agrees to provide broking services from time to time in accordance with these Terms. Cryptocurrencies shall be interpreted accordingly.

Crypto Custodian

A provider that has been approved by GlobalBlock to provide custody services to Clients in respect of any Cryptocurrency as listed in Appendix 1, together with any other such provider as GlobalBlock may approve from time to time.

Crypto Omnibus Account

An omnibus Cryptocurrency account in the name of Globalblock held at a Crypto Custodian.

Cold Storage

The storage of Cryptocurrency in an offline digital wallet.

Custodian

A Crypto Custodian and/or Fiat Custodian.

Custodian Agreement

The agreement(s) (including any applicable standard terms & conditions) between GlobalBlock and a Custodian, which governing the terms on which the Custodian will provide the custody services, as such agreements may be updated from time to time.

Data Protection Legislation

 

the UK Data Protection Legislation and any other European Union legislation relating to personal data and all other legislation and regulatory requirements in force from time to time which apply to a party relating to the use of Personal Data (including, without limitation, the privacy of electronic communications); and the guidance and codes of practice issued by the relevant data protection or supervisory authority and applicable to a party.

Designated Broker

The individual GlobalBlock broker designated to you, or another GlobalBlock broker, if the first is unavailable.

FCA

The Financial Conduct Authority of the United Kingdom.

Fiat Currency

Pounds sterling (GBP), Euro (EUR) or US dollars (USD) or any other fiat currency in respect of which GlobalBlock agrees to provide Services from time to time in accordance with these Terms. Fiat Currencies shall be interpreted accordingly.

Fiat Custodian

A provider that has been approved by GlobalBlock to provide custody services to Clients in respect of any Fiat Currency as listed in Appendix 1, together with any other such provider as GlobalBlock may approve from time to time.

Fiat Custodian Account

A Fiat Currency account with a Fiat Custodian in the name of the Client.

FSMA

The Financial Services and Markets Act 2000, as amended from time to time.

Liveness Verification

An online verification used to detect a spoof attempt by determining whether the source of the biometric same is a human being or a fake representation.

Onboarding Documents

The documents and information you provide to GlobalBlock and/or any Third Party Provider for the purposes of onboarding you as a Client with GlobalBlock and/or a Third Party Provider, including any information you provide in the online application form on the GlobalBlock website.

Privacy Policy

GlobalBlock’s privacy policy as then in force, an up-to-date copy of which may always be found on the GlobalBlock website.

RAO

The Financial Services and Markets Act 2000 (Regulated Activities Order) 2001, as amended from time to time.

Terms

The terms and conditions of business contained in this document which, together with the information contained in the Onboarding Documents, collectively govern the services provided to the Client by GlobalBlock.

Third Party FX Services

Has the meaning given in clause 8.2.

Third Party Provider

A Crypto Custodian, Fiat Custodian and/or Trade Provider (or any of them).

Third Party Agreement

A Custodian Agreement or Trade Provider Agreement (as applicable).

Trade Provider

A provider that has been approved by GlobalBlock (as listed in Appendix I) to provide Trade Provider Services to Clients, together with any other such provider as GlobalBlock may approve from time to time.

Trade Provider Agreement

The agreement(s) (including any applicable standard terms & conditions) between GlobalBlock and a Trade Provider, which governing the terms on which the Trade Provider will provide the Trade Provider Services, as such agreements may be updated from time to time.

Trade Provider Services

The buying and selling of Cryptocurrencies on behalf of the Client pursuant to instructions received from GlobalBlock.

UK Data Protection Legislation

 

all applicable data protection and privacy legislation in force from time to time in the UK including the General Data Protection Regulation ((EU) 2016/679); the Data Protection Act 2018; the Privacy and Electronic Communications Directive 2002/58/EC (as updated by Directive 2009/136/EC) and the Privacy and Electronic Communications Regulations 2003 (SI 2003/2426) as amended.

US Person

Any citizen of the United States of America or any person holding a US passport regardless of residency or domicile; or any company having a registered office in the US or anyone who has an obligation to pay tax to the US tax authorities on their worldwide income.

 

2.                   Regulatory status

2.1            Globalblock has been temporarily registered under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as a cryptoasset business until 9 July 2021, pending the determination of our application by the Financial Conduct Authority

3.                   Our Services

3.1              We offer an execution-only Cryptocurrency brokering service to assist you in buying and selling Cryptocurrencies.

An “execution-only” service means that we will not advise you (whether in general terms or specifically) on the merits, risks or suitability or otherwise of any Cryptocurrency trading transaction that you are contemplating, nor the suitability or risk-profile of such transactions or prevailing or future market trends. Any decision to proceed or not to proceed with a given transaction rests solely with you.

3.2              The Services comprise of the buying and selling of Cryptocurrencies on behalf of Clients (relying solely on the Client’s instructions) through one or more Trade Providers. The Services do not include holding any Fiat Currency or Cryptocurrency on behalf of Clients, as further explained in clause 4 (Custody of your Fiat Currency and Cryptocurrency).

4.               Custody of your Fiat Currency and Cryptocurrency

4.1            GlobalBlock offers the storage of Cryptocurrencies through a Cryptocurrency Omnibus Account held with a Crypto Custodian. The custody of Cryptocurrency shall only be provided by a third-party Crypto Custodian, and not GlobalBlock. However, the Client accepts that the Cryptocurrency Omnibus Account shall not be in their own name, and they may not have direct legal recourse to the Crypto Custodian for any losses or damages caused by the Crypto Custodian. Furthermore, the Client acknowledges that their Cryptocurrency stored in the Cryptocurrency Omnibus Account shall not be segregated from the Cryptocurrency of other clients.

4.2              In order to use the Services, the Client shall be required to send the respective Cryptocurrency to the client staging wallet address of the Crypto Custodian (address to be provided by your Designated Broker). The address from which the Cryptocurrency is received by the Crypto Custodian shall be screened and analysed by a third-party anti-money laundering partner with respect to, but not limited to, any suspicious or unlawful activity, before being transferred to the Cryptocurrency Omnibus Account. All Cryptocurrency stored in the Cryptocurrency Omnibus Account shall be controlled by GlobalBlock by way of Globalblock providing instructions to the Crypto Custodian.

 

4.3              GlobalBlock and/or the Crypto Custodian shall have the right to return any Cryptocurrency to the Client at any time without providing any reason. The Crypto Custodian may suspend the Crypto Omnibus Account should it determine that the Client is involved in any suspicious or unlawful activity.

 

4.4              The Client acknowledges that the Cryptocurrency Omnibus Account shall be held in Cold Storage by the Crypto Custodian.

 

4.5              GlobalBlock shall use reasonable efforts to check that the Crypto Custodian has an insurance policy in place to cover losses on the Crypto Omnibus Account caused by certain types of criminal activity. GlobalBlock gives no guarantee to the Client that the Crypto Custodian shall have, or continue to have, any such insurance policy, nor makes any representation or warranty that such insurance policy is robust or sufficient or will cover any losses suffered by the Client. Furthermore, the Client acknowledges that GlobalBlock has no responsibility or duty to take or enter into an insurance policy in its own name or capacity.

 

4.6            GlobalBlock will not have any responsibility or obligation with respect to the safekeeping of any Fiat Currency or Cryptocurrency.

GlobalBlock is not responsible for any damage or loss you may suffer in connection with any Fiat Currency or Cryptocurrency held in the custody of a Custodian (including as a result of any actions or any failure to act by the Custodian) regardless of any provisions to the contrary in a Custodian Agreement.

 

5.                   Trade Providers

5.1              GlobalBlock will buy and sell Cryptocurrencies through its approved Trade Providers. Depending on the nature of the Services required by a Client, it may be necessary to engage multiple Trade Providers. Note that in many cases a single third party will act as Fiat Custodian, Crypto Custodian and Trade Provider. See Appendix 1 for more information on which services can be provided by our approved Third Party Providers.

5.2              The terms and conditions on which a Trade Provider will provide its services are governed by the relevant Trade Provider Agreement. GlobalBlock is not responsible for any damage or loss you may suffer as a result of the actions or omissions (i.e. any failure to act) by any Trade Provider (including but not limited to failure or delay in the execution or settlement of trades), regardless of any provisions to the contrary in a Trade Provider Agreement.

5.3              In order to use the Services, Clients must as a minimum indicate their acceptance of the Trade Provider Agreement (as between GlobalBlock and the Trade Provider) for each Trade Provider to be engaged. In some cases, a Trade Provider will also require the Client to be onboarded as a client of the Trade Provider, in which case further documentation will be required from you before we can provide any Services in conjunction with that Trade Provider. Please see clause 11 (Onboarding you as a Client) for more information.

6.                   Using the Services

6.1              When using the Services, you may request to make a trade at any time during business hours (9am – 5pm GMT) by contacting your Designated Broker by telephone or email using the contact details you were provided with on confirmation of your acceptance as a Client.

6.2              The process of buying and selling Cryptocurrencies (including the process for placing and confirming orders, notification and approval of Charges, cut-off times, settlement timescales, record-keeping procedures and other logistical matters) will vary depending on the Custodian and/or Trade Provider engaged for the transaction and will be subject to the terms of the Third Party Agreement(s) applicable to that transaction.

6.3              We will always use our reasonable endeavours to provide the Services to you on a ‘best execution’ basis and ensure that the transaction process is efficient and transparent. However, due to the nature of market, this may not always be possible.

6.4            Source of funds. When transferring Cryptocurrency to the Cryptocurrency Omnibus Account which has a value of £10,000.00 (ten thousand pounds sterling) or higher, the Client shall be required to provide documentation, which is acceptable to GlobalBlock, evidencing source of funds.

6.5              Right to refuse trades: GlobalBlock reserves the right to refuse to accept any request to trade from you at any time in our absolute discretion. GlobalBlock and/or the Custodian may return Cryptocurrency to the Client at any time without the need to provide any reason.

6.6              All transactions will be carried out in English.

7.                   Our charges

7.1              The applicable fees, charges and/or commissions in respect of a transaction (Charges) will vary depending on the Custodian and/or Trade Provider engaged for the transaction. We will notify you of the Charges applicable for transactions executed on the platform on a case-by-case basis, including an itemisation of GlobalBlock’s Charges.

8.                   Foreign exchange

8.1              Currency restrictions may apply when buying or selling Cryptocurrencies using the Services. For example, it may only be possible to buy certain Cryptocurrencies using certain Fiat Currencies. Your Designated Broker can provide further information on any applicable currency restrictions in relation to a proposed trade.

8.2              A Trade Provider and/or Custodian may be able to perform additional FX conversion services for you in conjunction with a trade (a Third Party FX Service). Any such Third Party FX Services will be subject to the terms of the applicable Third Party Agreement(s).

9.                   Risk factors

By using the Services, you acknowledge and accept the significant risks which are associated with participating in the Cryptocurrency markets, and you understand and accept that GlobalBlock will not held responsible for any losses relating to such risks, which include, but are not limited to, the following:

9.1              Highly volatile asset class: Cryptocurrencies are a volatile and relatively immature asset class which are subject to a very high degree of volatility, and any investment in them which you may make is exposed to a high level of risk of partial or total loss.

9.2              Regulatory risk & change of laws: The current low level of regulation applicable to Cryptocurrencies means that activities in this asset class are subject to higher risks than more heavily regulated asset classes. In addition, regulatory authorities in most major jurisdictions are in the process of assessing how to regulate Cryptocurrencies and it is very likely that the global legal and regulatory landscape in this area will change considerably in the near future, which could have significant implications for Cryptocurrency prices and liquidity.

9.3              Fraud risk: This asset class is subject to a high degree of risk of fraud (including through malicious hacking and data breaches).

9.4              Technical risks: As a result of the innovative nature of the technology underpinning Cryptocurrency assets, they carry a high degree of technical/IT-related risk which may result in significant losses. There is also a risk of loss of value of Cryptocurrency assets relating directly to the cryptographic nature of the assets, for example risks associated with ‘soft’ or ‘hard’ forks in the blockchains underlying a particular Cryptocurrency.

9.5              Liquidity risk: Certain Cryptocurrencies may lack liquidity meaning that they cannot be sold ad hoc or sold only at a reduced price, particularly in adverse market conditions.

9.6              Execution-only trading risk: As GlobalBlock provides and execution-only service and does not provide any tailored or general trading advice to Clients on their proposed Cryptocurrency transactions, there is a higher risk that poor investment decisions may be made.

9.7              Counterparty risk: Significant loss may result if a counterparty to a transaction is partially or completely unable to honour its obligations in respect of the transaction.

9.8              Tax risk: Changes of the law might lead to an unexpected value decrease of your Cryptocurrency investments.

10.               Client confirmations and obligations

By signing the relevant Onboarding Documents and using the Services, you understand, agree and confirm to us that:

10.1           You accept these Terms;

10.2           You are at least 18 years of age and have the full capacity to accept these Terms and enter into transactions involving the sale or purchase of Cryptocurrencies;

10.3           We will not provide you or anyone else with any investment advice in connection with the sale or purchase of Cryptocurrencies;

10.4           You trade entirely at your own risk and we are not responsible for any loss you may suffer as a result of the sale or purchase of Cryptocurrencies through the Services provided by GlobalBlock;

10.5           You have obtained (and will maintain and comply with terms of) any licences, consents, registrations, authorisations, recognitions, approvals and exemptions necessary for the transactions you will undertake through GlobalBlock;

10.6           Any information you provide to us at any time will be true, accurate and not misleading, and when necessary you agree to update us as soon as you become aware of any important changes to such information;

10.7           You are using and will at all times use the Services for your personal and non-commercial use only except in the case where you are an Asset Manager;

10.8           You will not act on behalf of or carry out transactions on behalf of a third party and all funds and/or Cryptocurrency assets provided for the purposes of the Services legally and beneficially belong to you except in the case where you are an Asset Manager;

10.9           You are not using and will at no time use the Services for any transaction which is illegal or contrary to any law or regulation in force anywhere in the world at the time when the transaction is entered into;

10.10       You are not using and will at no time use the Services to perform criminal activity of any sort, including but not limited to money laundering or terrorist financing;

10.11       You have the capability to take delivery of any Cryptocurrency you purchase through your use of the Services;

10.12       Where you are onboarded as a Client with GlobalBlock jointly with more than one person, instructions from any of those persons will be deemed as coming from all. We will hold all joint Clients jointly and severally liable for all instructions;

10.13       You have full authority to engage GlobalBlock and any Fiat Currency or Cryptocurrency deposited or held in any Custodian Account(s) is free from all liens, charges or other encumbrances;

10.14       You are not a US Person or a national of any country listed in the United States Department of Treasury’s Office of Foreign Assets Control website at http://www.treas.gov/ofac; and

10.15       Solely in the case where you are an Asset Manager, you further warrant and represent to us that:

(a)                 You have been duly granted all necessary authority by your Underlying Client to use the Services on its behalf, including but not limited to the entry into any applicable Third Party Agreements;

(b)                 Your use of the Services will not breach any legal, regulatory or other obligations (including contractual obligations) to which you may subject, including any duties or obligations owed to your Underlying Clients; and

(c)                 You have obtained (and will maintain, and your use of the Services will be in full compliance with) any licences, consents, registrations, authorisations, permissions, recognitions, approvals and exemptions (whether regulatory or otherwise) which are required for the transactions you undertake through GlobalBlock.

10.16       Indemnity: You agree to indemnify GlobalBlock and/or any of its Connected Persons against all losses, costs or liabilities (including reasonable legal fees and expenses) that it or they may incur a result of claims, actions, suits or proceedings brought against them by any person in connection with any breach of the warranties representations in clauses (a) to (c) (inclusive) above.

10.17       If at any time after we have on-boarded you as a Client, we become aware that any of the above confirmations or undertakings was or is untrue (wholly or partially), we reserve the right, without notice to you, to cease processing any transactions for you, and take such further action as we, in our absolute discretion, see fit or are required to take under any law or regulation to which we are subject.

11.               Onboarding you as a client

11.1     The onboarding process

In order to complete the onboarding process with GlobalBlock, you will need to:

(a)         Online form: Complete the application form as provided by GlobalBlock.

(b)           KYC & AML documents: Provide certified copies of: (a) your passport or driving licence, and (b) a copy bank statement or utility bill (other than a mobile phone bill) that is not more than 3 months old from the date on which you make the account opening application, together with any additional documentation or information we require in accordance with our AML and CFT Policy and otherwise to satisfy our anti-money laundering, ‘know your customer’ (KYC) and other internal compliance requirements (together referred to as the KYC Documentation).

(c)            Liveness verification: agree to provide a Liveness Verification online.

(d)           Additional documents: Provide any documentation we may request in addition to the information provided in the online application form; and

(e)           Trade Provider documents: Provide copies of the following documents in respect of each Trade Provider that you would like to engage in connection with the provision of Services to you:

(i)                  a signed copy of the relevant Trade Provider Agreement (if required); and

(ii)                any other documentation that the relevant Trade Provider may require in order to onboard you as their client (if required).

Important note: By providing us with any of the documentation referred to above in clause (a), you authorise us to forward such documentation on to Third Party Providers on your behalf in order to facilitate the process of onboarding you as their client and for the ongoing provision of the services to you. Please see our Privacy Policy for further details on how we process and safeguard your personal information.

By submitting the online application form you consent to us carrying out such credit and identity checks as we consider necessary with our third-party KYC service providers. You also consent to us holding copies of identification documentation and sharing their details with our third-party KYC service providers in accordance with our Privacy Policy.

Your Designated Broker will confirm to you by email once you have been successfully onboarded as a Client with GlobalBlock and the relevant Third Party Providers. If we have any further questions on your application or require additional documentation we will contact you promptly by email.

When your Designated Broker contacts you to confirm that you have been successfully onboarded as a Client, they will inform you of their contact details (telephone number and email address).

Important note: We are not obliged to accept you as a Client and may refuse your application for any reason without providing the reason for the decision. We may also impose restrictions as a condition of agreeing to provide Services to you.

12.               Communications

12.1           No verbal statements by GlobalBlock or its brokers, employees or agents will be binding unless and until confirmed in writing (including by email) between the Client and GlobalBlock.

12.2           The Client agrees that GlobalBlock may contact them both on a non-real time basis (e.g. by sending the Client written documents or emails) and on a real-time basis (e.g. by telephoning the Client) and the Client consents to such communications and acknowledges that such communication would not be considered by the Client as being a breach of any of its rights under the Telecommunications (Data Protection and Privacy Act 1998) Act 2003.

13.               Our responsibilities and liability to you

13.1           GlobalBlock will not be responsible or liable in any respect for any loss you suffered as a result of or relating to:

(a)                 Loss of value of your Cryptocurrency assets (including, but not limited to, losses attributable to any of the risk factors listed in clause 9);

(b)                 Storage and custody of your Cryptocurrency assets (whether using your client wallet or otherwise), including, but not limited to, data corruption or loss; data breaches or hacks; loss or malfunction of Cryptocurrency wallets; and loss or malfunction of cryptographic keys.

(c)                 Delays in the execution of trades caused by matters outside of our reasonable control.

13.2           We are not liable for any loss or damage incurred by you as a result of your breach of these Terms in any way. Nor are we liable for any loss of profits, loss of anticipated savings or any “indirect” or “consequential” loss as defined by the laws of England.

13.3           Nothing in these Terms will limit or exclude GlobalBlock’s liability for fraud or any other liability which cannot be limited or excluded by law.

13.4           Indemnity: You agree to indemnify GlobalBlock and/or any of its Connected Persons against all losses, costs or liabilities (including reasonable legal fees and expenses) that it or they may incur a result of claims, actions, suits or proceedings brought against them by any person in connection with the Services provided to you.

Important note: This means that that you will be required to compensate us in full (on a pound-for-pound basis) for any such losses.

14.               Termination of our relationship

14.1           Either GlobalBlock or the Client may terminate the contract formed by these Terms at any time and for any reason by written notice to the other party, subject to the remaining provisions of this clause 14.

14.2           Termination shall not affect any accrued rights, remedies, obligations and liabilities of the parties as at the date of Termination.

14.3           We reserve the right to terminate the contract immediately at any time where there is a material breach of the Terms by you or where we are unable to contact you with regard to any matter. We also reserve the right to terminate the contract where it becomes unlawful for us to carry out the Services or we are obliged to do so by virtue of any legal or regulatory obligation.

14.4           In the event of Termination, we will close out any trades not completed and inform you of any loss or liability incurred. You are responsible for the loss or liability we have incurred and you must pay such loss or liability incurred promptly on demand by GlobalBlock. We reserve the right to use any sums standing to the credit of any Custodian Account to settle all or part of the loss or liability.

15.               Confidentiality and disclosure of information

15.1           Save as set out in clause 15.2 below and otherwise provided by these Terms and our Privacy Policy, we will keep confidential and not disclose to third parties any personal information relating to you, including your name, address, email address and details any of the trades you have made with us (“Personal Information”) without your written consent.

15.2           We may disclose, in our absolute discretion and without further notice to you, any Personal Information to law enforcement, taxation authorities, data protection authorities, government officials, and any other regulatory authorities when:

(a)                 required or requested by law or regulatory authorities;

(b)                 required by court order or other legal procedure; or

(c)                 where disclosure is necessary to report suspected illegal activity.

15.3       With respect to US persons, we may share your information with other financial institutions as authorized under Section 314(b) of the US Patriot Act, and with tax authorities, including the US Internal Revenue Service, pursuant to the Foreign Account Tax Compliance Act (“FATCA”), to the extent that this statute may be determined (by us in our discretion) to apply.

 

16.         Data protection

 

16.1       Both parties will comply with all applicable requirements of the Data Protection Legislation. This clause 16.1 is in addition to, and does not relieve, remove or replace, a party's obligations or rights under the Data Protection Legislation. In this clause 16 Applicable Laws means (for so long as and to the extent that they apply to the Provider) the law of the European Union, the law of any member state of the European Union and/or Domestic UK Law; and Domestic UK Law means the UK Data Protection Legislation and any other law that applies in the United Kingdom.

 

16.2       The parties acknowledge that for the purposes of the Data Protection Legislation, the Client is the Controller and Globalblock is the Processor.

 

16.3       Without prejudice to the generality of clause 16.1, the Client will ensure that it has all necessary appropriate consents and notices in place to enable lawful transfer of the Personal Data to Globalblock and/or lawful collection of the Personal Data by Globalblock on behalf of the Client for the duration and purposes of this agreement.

 

16.4       Without prejudice to the generality of clause 16.1, Globalblock shall, in relation to any Personal Data processed in connection with the performance by Globalblock of its obligations under this agreement:

 

(a)               process that Personal Data only on the documented written instructions of Client unless Globalblock is required by Applicable Laws to otherwise process that Personal Data. Where Globalblock is relying on Applicable Laws as the basis for processing Personal Data, Globalblock shall promptly notify the Client of this before performing the processing required by the Applicable Laws unless those Applicable Laws prohibit Globalblock from so notifying the Client;

 

(b)              ensure that it has in place appropriate technical and organisational measures, to protect against unauthorised or unlawful processing of Personal Data and against accidental loss or destruction of, or damage to, Personal Data, appropriate to the harm that might result from the unauthorised or unlawful processing or accidental loss, destruction or damage and the nature of the data to be protected, having regard to the state of technological development and the cost of implementing any measures (those measures may include, where appropriate, pseudonymising and encrypting Personal Data, ensuring confidentiality, integrity, availability and resilience of its systems and services, ensuring that availability of and access to Personal Data can be restored in a timely manner after an incident, and regularly assessing and evaluating the effectiveness of the technical and organisational measures adopted by it);

 

(c)               ensure that all personnel who have access to and/or process Personal Data are obliged to keep the Personal Data confidential;

 

(d)              not transfer any Personal Data outside of the European Economic Area unless the prior written consent of the Client has been obtained and the following conditions are fulfilled:

 

(i)                the Client or Globalblock has provided appropriate safeguards in relation to the transfer;

 

(ii)              the data subject has enforceable rights and effective legal remedies;

 

(iii)            Globalblock complies with its obligations under the Data Protection Legislation by providing an adequate level of protection to any Personal Data that is transferred; and

 

(iv)            Globalblock complies with reasonable instructions notified to it in advance by the Client with respect to the processing of the Personal Data;

 

(v)              assist the Client, at the Client’s cost, in responding to any request from a Data Subject and in ensuring compliance with its obligations under the Data Protection Legislation with respect to security, breach notifications, impact assessments and consultations with supervisory authorities or regulators

 

(vi)            notify the Client without undue delay on becoming aware of a Personal Data Breach;

 

(vii)          at the written direction of the Client, delete or return Personal Data and copies thereof to the Client on termination of the agreement unless required by Applicable Law to store the Personal Data; and

 

(viii)        maintain complete and accurate records and information to demonstrate its compliance with this clause 16.4 and allow for audits by Client or the Client’s designated auditor and immediately inform the Customer if, in the opinion of the Provider, an instruction infringes the Data Protection Legislation.

 

16.5       The Client consents to Globalblock appointing a third-party processor of Personal Data under this agreement. Globalblock confirms that it has entered or (as the case may be) will enter with the third-party processor into a written agreement substantially on that third party's standard terms of business and in either case which the third-party processor undertakes reflect and will continue to reflect the requirements of the Data Protection Legislation. As between the Client and Globalblock, Globalblock shall remain fully liable for all acts or omissions of any third-party processor appointed by it pursuant to this clause 16.5.

16.6       Either party may, at any time on not less than 30 days’ notice, revise this clause 16 replacing it with any applicable controller to processor standard clauses or similar terms forming part of an applicable certification scheme (which shall apply when replaced by attachment to this agreement).

17.               Intellectual property

The GlobalBlock Limited trademarks and logos are our property. They should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated.

18.               Our relationship

Nothing in these Terms is intended to, or will be deemed to, establish any partnership or joint venture between GlobalBlock and the Client or any other person, nor constitute any person the agent of another person, nor authorise any person to make or enter into any commitments for or on behalf of any other person.

19.         Tax

It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions that you request as part of the Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities.

20.               Other important terms

20.1           Recording of telephone calls: Telephone calls between Clients and GlobalBlock may be recorded and retained for training purposes and/or as verification of instructions to trade by the Client. Such calls may be used in evidence in the event of a dispute.

20.2           Unenforceability: If any provision or part-provision of these Terms is or becomes invalid, illegal or unenforceable under the laws of any relevant jurisdiction, that provision or part-provision will be deemed to be deleted from the Term, and that deletion will not affect the validity and enforceability of the rest of these Terms.

20.3           Entire agreement: These Terms constitute the entire agreement between GlobalBlock and the Client with respect to the matters covered, and these Terms take precedence over all previous written, verbal or implied understandings between them with respect to those matters. By accepting these Terms you confirm that you are not relying upon any statements, representations, promises or undertakings that are not contained in these Terms.

20.4           Rights of third parties: No person other than GlobalBlock or a Client shall have the right to enforce any provision of these Terms under the Contracts (Rights of Third Parties) Act 1999.

20.5           Force majeure: If we are unable to perform the Services due to a Force Majeure Event, our obligations to you in respect of the Services will cease for as long as we continue to be unable to provide the Services. For the purposes of this clause, a “Force Majeure Event” means any circumstance beyond our reasonable control, including but not limited to, any changes of laws or sanctions policies, delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other industrial dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, data loss, theft or corruption, or other catastrophe or any other occurrence which is beyond our reasonable control.

20.6           Conflict between agreements: If there is an inconsistency between any of the provisions of these Terms and the provisions of any Third Party Agreement, the provisions of these Terms shall prevail.

21.               Complaints

21.1       If you wish to make a complaint, you should advise your broker of the complaint immediately. In order to allow us to investigate your complaint promptly and effectively, you should provide your broker with full details of the circumstances giving rise to your complaint including, if applicable, details of the time and date of any relevant actual or purported request or trade. We reserve the right not to commence investigations until such details are provided. We will investigate the complaint promptly and fully and provide a written response to your complaint.

21.2       We are not covered by the Financial Services Compensation Scheme.

22.               Changes to our terms & conditions of business

We may amend these Terms at any time by notifying you of the amended terms and conditions. Such notification can be made to you by email (to the email address that we hold for you from time to time) and your continued use of any of Services after the date of such notification means that you agree to and accept such amended terms and conditions.

23.               Governing law and jurisdiction for disputes

These Terms will be governed by and construed in accordance with English law and by accepting these Terms all parties agree to the exclusive jurisdiction of the English courts to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with these Terms.

Appendix 1: GlobalBlock Custodians & Trade Providers

Name

Details

Services provided to GlobalBlock Clients

Qredo

Qredo Limited, a private company incorporated in England & Wales (company number: 7834052) with registered address: Kemp House, 152-160 City Road, London, EC1V 2NX

●       Cryptocurrency storage

●       Crypto Custodian

Alt 5 SIgma

registered address: 420 Lexington Ave. Suite 2320, New York, NY, 10170

●    Trade exchange platform

●    Trade Provider