User Terms & Conditions

Pi42.com Platform (as defined hereafter) is owned, operated and managed by LIGHTNINGNODES TECHNOLOGIES PRIVATE LIMITED (CIN: U62099GJ2023PTC143842) having its registered office at 1328, Gala Empire, Drive-in-Road, Memnagar, Thaltej Road, Ahmedabad City, Ahmedabad - 380054, Gujarat (hereinafter referred to as ‘Company’ or ‘Us’ or ‘We’ or ‘Our’, which terms shall mean and include our affiliates, group entities, related parties and service providers).

Please carefully read these User Terms and Conditions before accessing any information, content, products, services, applications, tools, and features on Pi42.com Platform or using our Services. By signing up or accessing or using or continuing to browse through Pi42.com Platform or using our Services, whether as a guest or registered user, you agree that you have read, understood, and accepted each of the terms contained herein and agree to be bound by the same.

If you have objections to these User Terms and Conditions, or any part thereof, and/or if you do not agree to be bound by these User Terms and Conditions, or any part thereof, please do not access Pi42.com Platform and do not use our Services in any manner.

1 – INTRODUCTION


1 a) These User Terms and Conditions govern the access to and use of Pi42.com Platform. We reserve the right to change, amend, remove, modify, suspend or discontinue Pi42.com Platform or our Services without prior notice, including adding or removing functionalities or features or creating usage limits. We may, at our discretion, update the Pi42.com Platform from time to time. We may also amend or update these User Terms and Conditions (in whole or in part).

We reserve the right to choose markets and jurisdiction to provide the Services in, and may restrict or refuse in our discretion, the provision of Services in certain countries or regions.

You shall regularly and periodically check these User Terms and Conditions and the Additional Policies set out below before you make any transaction on Pi42.com Platform. We shall have no liability or responsibility whatsoever due to any such changes, additions, removals or modifications.

All modifications or changes to the User Terms and Conditions will be effective upon publication on the Pi42.com Platform. As such, your continued use of the Services acts as acceptance of the amended User Terms and Conditions. For the avoidance of doubt, if you do not agree with any part of these User Terms and Conditions, or any such modification or change, then you should close your Account, withdraw all relevant funds and cease using the Pi42.com Platform.

1 b) Additional Policies. These User Terms and Conditions are in addition to any other agreements or policies applicable for availing our Services and that govern your use of information, content, tools, products and services available on and through Pi42.com Platform. In addition to User Terms and Conditions, we reserve the right to introduce other policies and procedures that can apply to use of our Pi42.com Platform and Services. Such additional policies include:

  1. Privacy Policy, which sets out the terms on which we process any personal data we collect about you or that you provide to us.
  2. Trading Policy, which sets out the terms on which trades are executed on Pi42.com Platform.
  3. KYC-AML Policy, which sets out the terms regarding identity verification of our Users and the procedures followed for early identification and reporting of prohibited/illegal activities.

By consenting to these User Terms and Conditions, you also consent to our Privacy Policy, Trading Policy and KYC-AML Policy and such other policies as we may introduce from time to time. When using Pi42.com Platform, you must at all times comply with these and all applicable policies.

1 c) Risk Acknowledgement 

Trading in Virtual Digital Assets and perpetual futures involves a high degree of risk to your capital. Virtual Digital Assets are subject to frequent fluctuations in value and exchange rates, and the value of Virtual Digital Assets may increase or decrease at any time. Resultantly, there can be a substantial risk that you lose money buying, selling, holding, or investing in Virtual Digital Assets or perpetual futures. You should consult your financial advisor, legal or tax professional regarding your specific situation and financial condition and carefully consider whether trading or holding Virtual Digital Assets or trading in perpetual futures is suitable for you. Trading in Virtual Digital Assets or perpetual futures may not be appropriate for all investors. Instances of security breaches and adverse regulatory changes may detrimentally affect the value of, and your ability to possess or trade, Virtual Digital Assets or perpetual trades (as applicable). Actual or potential regulatory actions or enhanced regulatory scrutiny of Virtual Digital Asset businesses may adversely affect our business, including our ability to offer all or part of the Pi42.com Platform or our Services.  As a result, such regulatory action or scrutiny may also adversely affect your ability to access, use, transfer, withdraw, or exchange your Client Funds. Trading in Virtual Digital Assets or perpetual futures may result in total loss of your investment for reasons as mentioned above or due to additional risks not listed or foreseen by us. Please also refer to our disclosure document available at Risk Disclosures.

We do not own or control the underlying software protocols which govern the operation of Virtual Digital Assets. The underlying protocols may be open source, and may be subject to risks typically associated with open source software. We assume no responsibility for the operation of the underlying protocols and do not guarantee the functionality or security of network operations. You agree and understand that the underlying protocols of different Virtual Digital Assets and their networks are subject to changes in operating rules (each a “Fork”) which may result in more than one version of such network (each a "Forked Network"). You further agree and understand that Forks may materially affect the value, function, and/or name of the Virtual Digital Assets held in your Account and the value of the perpetual futures contracts on the Pi42.com Platform. In the event of a Fork, we may temporarily suspend our Services in respect of the relevant Virtual Digital Assets or perpetual futures (with or without advance notice to you) and may determine, in our sole discretion, whether to support the Forked Network. You acknowledge and accept the risks of operating changes to Digital Asset protocols and agree that we are not responsible for such operating changes and not liable for any loss of value you may experience because of such changes in operating rules.

You acknowledge and agree that we are not a financial institution, bank, credit union, trust, hedge fund, broker or investment or financial advisor, and are generally not subject to the same laws, regulations, directives, or requirements applicable to such persons. You acknowledge and agree that no oral or written information or advice provided by us, our officers, directors, employees, or agents, nor any information obtained through the Pi42.com Platform or Services, will constitute investment, or financial advice. You are solely and exclusively responsible for all trading decisions made by you while using the Pi42.com Platform or Services. We do not give advice or recommendations regarding the trading of Virtual Digital Assets or perpetual futures, including the suitability and appropriateness of, and investment strategies involving any Virtual Digital Assets. We will not be held responsible for the decisions you make to buy, sell, or hold Virtual Digital Assets or perpetual futures based on the information provided by us.

1 d) General Information

  1. These User Terms and Conditions form a binding agreement between you and us (as the operator of the Pi42.com Platform). By registering, accessing, browsing, or using Pi42.com Platform, you consent to these User Terms and Conditions.
  2. As these User Terms and Conditions constitute a legally binding contract, you must carefully read through these User Terms and Conditions and related notices before using any of our Services.
  3. If you disagree with these User Terms and Conditions, you must not access or browse the Pi42.com Platform, initiate account registration on Pi42.com Platform or seek to acquire any of the Services.

1 e) Anti-Money Laundering Disclaimer

We are committed to improving the global fight against money laundering and terrorist financing. In this regard, we have endeavoured to carefully ensure all our internal anti-money laundering procedures comply with AML Regulations and have enacted the AML Policy. The AML Policy sets out, among other things, the terms regarding identity verification of Users and the procedures followed for identification and reporting of unlawful activities which may be committed by using the Services. When using the Services, you must always comply with our AML Policy.


2 – DEFINITIONS


Unless the context requires otherwise, the following terms shall have meanings ascribed to them as below.

  1. AML means anti-money laundering;
  2. AML Regulations means India’s Prevention of Money Laundering Act, 2002 and the rules, regulations, circulars and guidelines framed thereunder;
  3. AML Policy means the policies and programs maintained by us to comply with the AML Regulations, available at https://pi42.com/kyc-aml ;
  4. Business Day means a day that is not a Saturday, Sunday or public holiday in Ahmedabad, Gujarat, India;
  5. Cryptos or Cryptocurrencies or Digital Tokens or Virtual Digital Assets or VDA means any "virtual digital asset" as defined under the Indian Income Tax Act, 1961, as amended or superseded from time to time;
  6. Client Funds means both, the Virtual Digital Assets and fiat funds of a User;
  7. Account means the registered account of the User on Pi42.com Platform;

  8. Force Majeure means and includes any cause arising from or attributable to acts, or events, beyond our reasonable control, including significant market volatility, natural calamity, strikes, terrorist action or threat, civil commotion, riot, crowd disorder, invasion, war, threat of or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, structural damage, epidemic, pandemic or other natural disaster, calamity, attacks including through computer viruses, hacking, denial of service attacks, interruption in telecommunications or internet services or network provider services, failure of equipment and/or software, ransomware or other manmade disruptions or any law, order enactment, statutory direction, legislation, regulation, rule or ruling of government or any court of law or regulatory authority;

  1. Funding Fees means periodic payments that apply to perpetual futures contracts that are either paid to you or owed by you based on the difference between the spot price and the contract price depending on whether you are holding a long or a short position in the relevant perpetual futures contract. Funding Payments generally occur every 8 hours at 5:30am IST, 13:30 IST and 21:30 IST for all Pi42 Futures perpetual contracts.

  1. KYC means know your customer requirements as determined by us or under the AML Regulations;

  1. Pi42.com means our electronic trading platform system which includes the aggregate of its computer devices, software, database, communication system and all programs and technical facilities associated therewith to enable the User to access Services, obtain Wallet information, receive notices from us, keep record of transactions, settlement obligations;
  2. Privacy Policy means our privacy policy laying down our data handling practices for personal data of Indian Users, available at Privacy Policy.
  3. Transaction Fee means fee payable by you on each transaction executed on Pi42.com Platform as provided at https://pi42.com/blog/fee-structure/; User or Client or you or your means guests on the Pi42.com Platform or persons using the Pi42.com Platform or availing of the Pi42.com Services, directly or indirectly;
  4. Pi42.com Platform collectively means and includes Pi42.com (as defined above), Pi42.com Android app, Pi42.com iOS app, Pi42.com web app, Pi42.com website “https://pi42.com/”, and other web assets on the Pi42.com.com domain, together with the Pi42.com developer portal, public APIs and secure authentication for Users (all either existing or available in the future);
  5. Services means all content, functionality and services made available to Users through Pi42.com Platform including but not limited to: (a) exchanging USD Tether (USDT), a VDA, or other VDAs for Indian Rupees, after a User first credits their Account balance with USDT / other VDAs by means of a VDA Wallet incoming transfer from their own external VDA wallet; (b) trading with the User in VDA/crypto-INR perpetual futures pairs (with an option for us to seek delivery  in accordance with these User Terms and Conditions), for a Transaction Fee  ; and (c) any other products, services or offerings as may be introduced from time to time. In respect of transactions the Users accessing the Pi42.com Platform will be contracting with the Company, which will be the counter-party to all transactions except with regard to VDA incoming transfers into a User's Wallet (in which regard the Pi42.com Platform merely facilitates the transaction as an intermediary);
  6. Restricted Jurisdiction means and includes any jurisdiction other than India; and
  7. Wallet means an online VDA wallet accessible through Pi42.com Platform and owned and operated by a User for storage of their Virtual Digital Assets.

3 – ACCESS TO Pi42.com Platform

3 a) Limited Right to Use. Subject to these User Terms and Conditions, we will grant you a limited, non-exclusive, non-sub-licensable, non-transferable, right to access Pi42.com Platform only for your personal, non-commercial use and solely as necessary in order to avail our Services. This right to use does not include any resale or commercial use of Pi42.com Platform or its contents; any collection and use of the contents, products, services, applications, tools and features; any derivative use thereof; any downloading or copying of account information; or any use of data mining, robots, or similar data gathering and extraction tools. Any content on Pi42.com Platform (including but not limited to any copyrighted material, trademarks, or other proprietary information) may not be reproduced, duplicated, copied, sold, resold, visited, distributed or otherwise exploited for any commercial purpose without our express written consent. There are no implied licences granted under these User Terms and Conditions.


3 b) Content. You can access Pi42.com Platform to avail information, text, graphic, content, tools and features as made available from time to time. Content on Pi42.com Platform is for general information purposes and is subject to change without further notice. [Neither we nor any third parties provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or suitability of the information and materials found or offered on Pi42.com Platform for any particular purpose. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law.] Your use of any information or materials on this website is entirely at your own risk, for which we shall not be liable. It shall be your own responsibility to ensure that any products, services or information available through this website meet your specific requirements.


3 c) Interruptions. We do not make any representation or warranty that Pi42.com Platform and our Services will always be available, uninterrupted or error-free. You are aware and acknowledge that trading over the internet involves many uncertain factors and complex hardware, software, systems, communication lines, peripherals, etc., which are susceptible to interruptions and dislocations; and Pi42.com Platform may at any time be unavailable without further notice. You agree that you shall not have any claim against us on account of any suspension, interruption, non-availability or malfunctioning of our systems for any reason whatsoever or on account of any losses incurred due to volatility of prices of the Digital Assets or if Services are unavailable at any time or for any period. We will not be liable for any loss or damage caused by a virus, worms, or other technological attacks or harmful material that may infect your computer equipment, computer programmes, data or other proprietary material related to your use of Pi42.com Platform.


4 – YOUR PI42.COM ACCOUNT

4 a) Getting Started. If you choose to avail Services via Pi42.com Platform, you will need to register an Account  with us by providing your details, completing necessary KYC verification requirements as per KYC-AML Policy and executing such undertakings, declarations, agreements etc. as required. You will need to maintain this account for the period that you seek to avail our Services.

Your Account shall be activated only upon successful completion of KYC verification requirements. We are required to collect your personal data for registering and opening your Account, which includes: a) for an individual - Name, Mobile Number, Email Address, Date Of Birth, Gender, Photograph,  Permanent Account Number (PAN), Driving License, Proof of Address, Proof of Identity, Bank Account details b) for an entity - i) Articles of Association (AOA) ii) Memorandum of Association(MOA) iii) PAN Card iv) Certificate of Incorporation v) Board Resolution and Authorization Letter vi) List of Shareholders vii) Signature where “Proof of Source of Funds and Purpose of Trading” viii) PAN of Director(s) ix) Aadhar Card of Director(s) x) Director’s Report xi) KYC of the Director(s) xii) six month Bank Statements of the entity. If Politically Exposed Person (PEP), trading experience and any other document or information as required. You agree to provide the above stated information, or such other information as may be necessary or required by us to provide the Services, at the time of creating an Account or at any later stage. Further, you acknowledge and understand that the act of providing your Aadhaar ID is voluntary in nature unless mandated under applicable law. You may choose to provide us with an alternative identity proof. Please refer to our Privacy Policy which explains what information (including personal data) we collect and how it is used and shared.


4 b) One account per User. You may only open one Account with us unless we have agreed in writing the opening of additional accounts. We may refuse the creation of duplicate accounts for the same User. Where duplicate accounts are detected/identified, we may close/delete/terminate or merge duplicate accounts at our sole discretion.


4 c) Who can open an Account? You must meet all eligibility and residency requirements to open, maintain and operate an Account in accordance with applicable laws of India or other jurisdictions relevant to you.

  1. If you are an individual of an age of majority (at least 18 years of age). You must be resident in India (as defined under the Foreign Exchange Management Act, 1999).

  1. If you are a corporate entity duly incorporated under the laws of India, provided you submit all the necessary documents as mentioned above.

 

We reserve the right to refuse access to any User who has been suspended, disqualified, debarred and/or removed by us or by any regulatory and/or statutory authority. If we change the eligibility criteria to be registered with Pi42.com Platform and you no longer comply with the new eligibility criteria, as determined by us in our sole discretion, you accept that we may close your Account without any liability for us. You are solely responsible for ensuring that you are in compliance with all laws, rules and regulations applicable to you. If your right to access Pi42.com Platform is revoked or use of Pi42.com Platform or our Services is in any way prohibited, in such circumstances, you agree not to use or access Pi42.com Platform or use our Services in any way. Only the Account holder must operate the Account. If it is found that the Account is being operated by a third party, Company at its sole discretion shall immediately deactivate the Account.

4 d) You are not from Restricted Jurisdictions. You are not eligible to register, open or maintain an Account or otherwise permitted to access Pi42.com Platform, its content, usage and features if you are not a resident in India or you otherwise are (by reason of your nationality, domicile, citizenship, residence or otherwise) associated with any Restricted Jurisdiction. If at any time, we determine that you are accessing Pi42.com Platform from any Restricted Jurisdiction, or have given false representations as to your location, residence, citizenship or place of residence, we reserve the right to forthwith restrict/terminate your Account immediately [and liquidate any open positions at your cost and consequences].

4 e) Providing Accurate Information. All information (including personal and sensitive personal data) you provide to us must be complete, accurate, up-to-date and truthful and not misleading. You must promptly update this information whenever it changes. We are not responsible for any financial loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information and/or provide additional supporting documents.

4 f) Suspension, Deactivation, Termination. Your continued access to Pi42.com Platform depends upon fulfilment of necessary KYC verification requirements as per KYC-AML Policy from time to time. If you provide any information that is untrue, inaccurate, not current, or incomplete (or becomes untrue, inaccurate, ambiguous, not current, or incomplete), or if we have reasonable grounds to suspect that such information is untrue, inaccurate, ambiguous, not current, or incomplete, we have the right to suspend, deactivate, restrict or terminate your Account and refuse any and all current or future use of Pi42.com Platform (or any portion thereof) at our sole discretion, in addition to any right that we have against you at law or in equity, for any misrepresentation of information provided by you. We have the right to disable your access to the User Account or any part of it, whether chosen by you or allocated by us, at any time, if in our reasonable opinion you have failed to comply with any of the provisions of these User Terms and Conditions and the Additional Policies, including without limitation the KYC-AML Policy.

We reserve the sole discretion to open an Account and may refuse to open an Account for you at our sole discretion.

4 g) The nature of the perpetual futures contracts offered on the Pi42.com are legal binding agreement on crypto derivatives. It allows users to do the said trading in INR, which is first of a kind.  The users can speculate on the futures price. Depending on the price, users can hold or  sell to other buyer.

4h) Email ID/Phone Number Updation- You can update your registered Email ID and phone number in the Pi42.com Platform by writing a mail to [email protected].

This is restricted to 3 attempts.

The support team will request for documentation required for this update and you adhere to the video KYC and additional steps for maintaining the security of our services.

4 i) In the event that funds are deposited into your account and a withdrawal request is subsequently raised by you without any trading activity and keeping a minimum balance in your wallet, Pi42 reserves the right to temporarily hold the withdrawal.

At least one trade must be executed by you to qualify for withdrawing funds to your bank account,

5. Referral Rules-

You can participate in our referral program and hereby consent to Pi42 deducting applicable Tax Deducted at Source (TDS) from referral rewards, in adherence to relevant tax laws.

You can withdraw your referral amount only when the minimum amount is reached. Additionally, you need to place at least one trade on Pi42.com Platform to withdraw the referral amount.

Referral rewards on our Platform are not subject to any limitations. You may refer any amount of people and earn any number of rewards. We do not have restrictions in this regard.

6. Understanding Liquidation and Bankruptcy Prices on Pi42

In the event of liquidation on the Pi42 platform, it is crucial to understand the concepts of Liquidation Price and Bankruptcy Price.

Liquidation occurs when your margin balance falls below the required maintenance margin, triggering the closure of your position to prevent further losses. The Liquidation Price is the point at which this process begins, while the Bankruptcy Price is where your losses equal your initial collateral, resulting in a zero-margin balance.

Our system uses these thresholds to execute stop-limit orders, ensuring your position is closed at or above the Bankruptcy Price to manage risk effectively and protect against excessive losses. The liquidation order is executed at the Bankruptcy Price, finalizing the process and safeguarding against further financial loss.

7– YOUR OBLIGATIONS

7 a) What to Do. You must keep your Account unaltered and secure by all means, and take steps to on your end to ensure your account is protected and there is no unauthorised use/access of the same. You must change your password regularly and ensure that it is not reused across other online accounts. You may reset your Account password using your email address. You must follow recommended password management practices. You must set up 2-Step authentication or multi-factor authentication, if prompted.

7 b) What Not to Do. You must not let anyone access your Account or watch you accessing it. You must not use any functionality that allows your login details or passwords to be stored by the computer or browser you are using or to be cached or otherwise recorded.

7 c) Transacting on your own account. All activities under your Account shall be deemed as activities carried out or authorised by the registered User. You shall only use Account to transact on your own account and not on behalf of any other person or entity. We disclaim any liability arising from any transactions/sale/purchase which are not conducted by you or for any obligations of other Users to You, any acts or omissions of a third party or User of Pi42.com Platform with whom you choose to deal with. If you know or suspect that anyone other than you know or has unauthorised access to your Account information or any part of it, you must promptly notify us by sending us an email at [email protected]  We are not liable for any losses/damages/costs or other consequences of unauthorised use of your account.

7 d) Funding Fees. If you enter into a perpetual futures contract through the Pi42.com Platform, you will periodically (for instance, every eight hours) be required to pay or will be entitled to receive Funding Fees based on the difference between the spot price and the contract price depending on whether you are holding a long or a short position in the relevant perpetual futures contract. Perpetual futures contracts do not have a set expiry date, thus, Funding Fees ensure that the price of the futures contract aligns with the prevailing spot price of the underlying VDA.

7 e) Undertakings, Representations & Warranties. By accessing Pi42.com Platform or by registering, opening and maintaining an Account, you represent, warrant and undertake (as applicable) that:

  1. you are 18 (eighteen) and over 18 (eighteen) years of age and are competent to contract;

  2. you are a legal entity apart from an individual, you are validly organised under applicable law of India and are eligible to enter into these User Terms and Conditions and create an Account.

  3. you are not barred by applicable law from entering into these User Terms and Conditions or transactions on the Pi42.com Platform;

  4. you have full authority and capacity to register open and maintain Account and execute, deliver and perform your obligations hereunder;

  5. you are resident in India (as defined under the Foreign Exchange Management Act, 1999 and Income Tax Act, 1961);
  6. you (by reason of your nationality, domicile, citizenship, residence or otherwise) are not associated with any Restricted Jurisdiction;
  7. you have not been adjudged bankrupt;
  8. all information provided by you to us is true, accurate, complete, and updated;
  9. you do not have an existing Pi42.com Account and will not (and will not attempt to) register for more than one Pi42.com Account (unless otherwise permitted by us);
  10. you are registering for a Pi42.com Account only for yourself, and not on behalf of any third party (unless otherwise permitted by us);
  11. these User Terms and Conditions and any transactions entered into hereunder by you create valid and binding obligations which are enforceable against you in accordance with their terms including in the jurisdiction in which you are resident, and do not violate the terms of any law, regulation, order, charge, agreement, or instrument by which you are bound or to which your assets are subject;
  12. you have not been previously barred from using the Services, or have had your Account previously terminated for breach of these User Terms and Conditions;  
  13. you are not in breach of, and will not breach any applicable laws, including without limitation the AML Regulations, the Foreign Exchange Management Act, 1999 and the Income Tax Act, 1961;
  14. you will not transact using the Pi42.com Platform with any person resident outside India. Any Wallet incoming transfers received by you shall be only from a VDA wallet owned and controlled by you, an Indian resident;
  15. you are not on any trade or economic sanctions lists, including but not limited to lists circulated by United Nations Security Council, US Department of the Treasury’s Office of Foreign Assets Control, the US Department of State, the European Union, Her Majesty’s Treasury, the Hong Kong Monetary Authority, or the Monetary Authority of Singapore;
  16. you have consistent and uninterrupted access to the internet and the email address, mobile number provided to us during the Account application procedure; and
  17. you are aware of the financial and other risks involved with trading in Virtual Digital Assets and perpetual futures. You have carefully assessed your financial standing and risk tolerance and procured legal advice. You are willing and financially able to assume all risks related to trading of Virtual Digital Assets and perpetual futures.
  18. you are solely responsible for determining your tax liability in relation to trading of VDA’s and perpetual futures, payable by you under applicable laws.

8 - ELECTRONIC COMMUNICATIONS


You hereby authorise us to send transactional, service and promotional confirmations to You through phone calls or text messages in connection with the Pi42 exchange Platform and you represent and warrant that the same does not conflict with the preferences you have registered under the Telecom Commercial Communications Customer Preference Regulations, 2018, as amended or superseded from time to time. Your mobile carrier’s standard mobile messaging and data rates may apply.

8 a) You agree to receive electronically all communications, agreements, documents, notices, and disclosures (collectively, “Communications”) that Pi42 provides in connection with your use of Pi42.com Platform or Services. We may provide these Communications to you by posting them on Pi42.com Platform or notification via your mobile operating system or app store provider, emailing them to you at the email address you provide in the Account, sending them through an instant messenger chat service, or through other forms of electronic communication such as SMS or text message to the mobile phone number that you provide in your Account.

8 b) It is your responsibility to provide Pi42 with accurate, complete and up-to-date contact information and to update your contact information as necessary. You understand and agree that if Pi42 sends you an electronic Communication, but you do not receive it because (i) your contact information available/attached with your Account is incorrect, blocked by your service provider, or out of date, (ii) the Communication was re-routed to your spam folder, or (iii) you are otherwise not able to receive or access the Communication, Pi42 will be deemed to have provided the Communication to you and the Communication will be binding on you. If any email Communication is returned as undeliverable, we retain the right to block your access to Pi42.com Platform or to your Account until you provide and confirm a new and valid email address and, if required, any additional checks or diligence by us.


9 - LIMITATIONS ON USE OF Pi42 SERVICES

9 a) Company is neither the creator nor the administrator of any Virtual Digital Assets nor it is in any way responsible for volatility or fluctuations or other factors affecting pricing of any Cryptocurrency, the operation of any blockchain with respect to any Cryptocurrency, or the mining process in relation to any Cryptocurrency. Company has no control over generation, distribution, retention (except in the Wallets), verification, termination, or market volatility of any Virtual Digital Assets or perpetual futures.

9 b) Company does not provide any warranty or / and guarantee of any kind, either express or implied, in relation to the Services. Services and the products offered therein are provided on an "as-is" and "as available" basis. Users avail of Services, and deal in Digital Assets and perpetual futures at their own risk and with full awareness of the risk of the possible diminishment, devaluation and (potentially) complete loss of the entire holding or valuation of the User Account and all Digital Assets held therein, in the event of the occurrence of any of the risk factors outlined in these User Terms and Conditions (as well as other risk factors inherent in any transactions involving Digital Assets), including, but not limited to, changes in the regulatory or legal regime in India and/or outside India, and any legal, regulatory, contractual or other restrictions that may be placed on us or the Pi42.com Platform. It is hereby expressly declared that we offer no warranty or /and guarantee of any kind regarding Services. You expressly acknowledge and agree that use of the Services and the Pi42.com Platform is at your sole risk.

9 c) Services are strictly available for use only within India, to the extent (and till such time) that transactions or trading in Digital Assets and perpetual futures are permitted and not been curtailed in such parts of India. Further, in the event that a User resides in any Restricted Jurisdiction, such users are not permitted to use Services in any form ("Restricted Jurisdiction Use"). Any Restricted Jurisdiction Use will amount to a breach, and we shall (i) be entitled to forthwith terminate the use and operation of the User’s Account, (ii) extend all cooperation to the relevant governmental and enforcement authorities, and (iii) not be liable in any manner whatsoever for any Loss arising out of such, in relation to, or subsequent to such Restricted Jurisdiction Use. Users are therefore duly warned against availing of services in any manner whatsoever in or from a Restricted Jurisdiction. Users shall be solely responsible for ensuring compliance with this requirement.Users are solely responsible for compliance with applicable laws while using the Services. Users are hereby duly cautioned that presently in India, the regulatory and tax regime for VDAs in India is in flux and may contain ambiguities..

We make no warranty that the Services or the Pi42.com Platform will be uninterrupted, timely, accurate or reliable; nor do we make any warranty as to the permanent availability of any information that may be stored or transferred through the Services or the Pi42.com Platform. We undertake reasonable efforts to ensure that the Platform does not host, display, upload, modify, publish, transmit, store, update or share any information that contains software virus, or any other computer code, file or program designed to interrupt, destroy or limit the functionality of any computer resource. That said, you understand and agree that any material and/or data downloaded or otherwise obtained through use of the Services or Pi42.com Platform is done at your own discretion and risk; and you will be solely responsible for any damage to your computer system or phone or any other device or loss of data that results from the download of such material or data.

We are not responsible for any content uploaded by you on the Pi42.com Platform. We are not responsible for any direct or indirect damages or losses caused to you, including without limitation, lost profits, business interruption or other loss resulting from use of or reliance in any way on anything available on the Pi42.com Platform. It is solely your responsibility to evaluate the accuracy, reliability, completeness, and usefulness of content available on the Pi42.com Platform that is used by you.

We do not provide investment and financial advice to our Users. The content on the Pi42.com Platform is provided for general information only and is not intended to, and does not amount to, investment advice. By giving our approval, consent, advice, or information about any matter dealt with by these User Terms and Conditions or in respect of the Services, we do not create, make, or give any warranty, representation or undertaking about any circumstances relating to the subject matter of the consent or approval.

We will not be liable for any loss or damage caused to your computer equipment, computer programs, data or other device caused by a virus, denial-of-service attack, distributed denial of-service attack, malware, cyber attack, or other technologically harmful material. You must use your own virus protection software.

We strive to maintain the accuracy of information posted on the Pi42.com Platform. However, we cannot guarantee the accuracy, suitability, reliability, completeness, performance, or fitness for purpose of the content through the Pi42.com Platform and will not accept liability for any loss or damage that may arise directly or indirectly from the content. Such information on Pi42.com Platform is subject to change without notice and is provided for the primary purpose of facilitating Users to arrive at independent decisions.

Third Party Services

You acknowledge that we may enable or assist you to access, interact with, and/or purchase services from several supported platforms and other third parties via third-party websites or applications (collectively, “Third-Party Services”). Such Third-Party Services are not under our control. We do not review, approve, monitor, endorse, warrant, or make any representations with respect to Third-Party Services and are not responsible for any Third-Party Services. You undertake that you use all Third-Party Services at your own risk, and you should apply a suitable level of caution and discretion in doing so. Any use of Third-Party Services is governed solely by the terms and conditions of such Third-Party Services and any contract entered into, or any transaction completed via any Third-Party Services, is between you and the relevant third party, and not with us. You shall comply in all respects with all applicable terms of the Third-Party Services that you access or subscribe to in connection with such services. If at any time any Third-Party Services cease to make their programs available to us on reasonable terms, we may cease to provide such features to you without entitling you to refund, credit, or other compensation.

PROHIBITED USE

We do not allow any activity or content on Pi42.com Platform that:

  1. belongs to another person and to which you do not have any right;
  2. is grossly harmful, harassing, blasphemous, defamatory, obscene, pornographic, paedophilic, libellous, invasive of another's privacy including bodily privacy, insulting or harassing on the basis of gender, hateful, or racially or ethnically objectionable, disparaging, relating to or encouraging money laundering or gambling or an online game that causes user harm, or promoting enmity between different groups on the grounds of religion or caste with the intent to incite violence or otherwise unlawful in any manner whatever as prohibited by the laws in force;
  3. harms children or minors in any way;
  4. infringes any intellectual property or proprietary rights;
  5. violates the law in force;
  6. deceives or misleads any person about the origin of the message or knowingly and intentionally communicates any misinformation or information which is patently false and untrue or misleading in nature or in respect of any business of the Central Government, is identified as fake or false or misleading by the duly notified fact check unit of the Central Government;
  7. is grossly offensive or menacing in nature;  
  8. impersonates another person;
  9. contains software virus or any malicious data or other computer code, files, or programs designed to harm, interrupt, destroy or limit the hardware, software, or functionality of any computer resource;
  10. threatens the unity, integrity, defence, security or sovereignty of India, friendly relations with foreign states, or public order, or causes incitement to the commission of any cognisable offence, or prevents investigation of any offence, or is insulting other nations;
  11. interferes with other Users’ enjoyment of the Services;
  12. exploits Pi42.com Platform for any unauthorized commercial purpose;
  13. is aimed at modifying, adapting, translating, disassembling or reverse engineering any portion of Pi42.com Platform;
  14. is aimed at reformatting or framing any portion of Pi42.com Platform;
  15. is aimed at probing, scanning, or testing the vulnerability of any system, security or authentication measures implemented by us, or otherwise tampers or attempts to tamper with Pi42.com Platform’s technological design and architecture;
  16. is aimed at gaining unauthorized access to, interfere with, or damage, any server, computer, or database used by us for providing the Pi42.com Platform and the Services;
  17. is antisocial, disruptive, or destructive, including ‘flaming,’ ‘spamming’, ‘flooding’, ‘trolling’, ‘phishing’ or ‘griefing’ as these terms are commonly understood and used on the Internet;
  18. involves using any spider, site search/retrieval application, or other device to retrieve or index any portion of Pi42.com Platform or the content posted on Pi42.com Platform, or to collect information about its Users for any unauthorized purpose;
  19. involves accessing or using Pi42.com Platform for the purpose of creating a product or service that is competitive with any of our products or services;
  20. involves creation of accounts by automated means or under false or fraudulent pretences;
  21. is in the nature of an online game or is in the nature of advertisement or surrogate advertisement or promotion of an online game or of any online gaming intermediary offering such an online game, or involves distribution or publishing of any unsolicited marketing/advertisements;
  22. involves malicious trading, market abuse, market manipulation, insider trading or similar offences;
  23. violates any law for the time being in force, or involves the proceeds of an illegal activity or any activity in breach of these User Terms and Conditions or any other applicable policies;
  24. is aimed at circumventing, or bypassing any restrictions placed by us; or
  25. is false, incorrect, inaccurate, or fraudulent.  

Any such activity will be viewed as a material breach of these User Terms and Conditions. You must promptly notify us of any actual or potential violation of these User Terms and Conditions that come to your knowledge.

We reserve the right at all times to disclose any information (including the identity of Users) as necessary to satisfy any law, regulation, valid governmental request or as necessary in our opinion for the resolution of an offence.

We reserve the right to unilaterally determine whether you have violated these User Terms and Conditions and take action against such violation, without any prior notice. Such actions may include, but are not limited to:

  1. blocking and closing order requests;

  2. freezing Client Funds or disabling your Account;

  3. reporting the incident to authorities;

  4. publishing the alleged violations and actions that have been taken; or

  5. removing any violative content from the Pi42.com Platform.

10 – LIMITATION OF LIABILITY

Disputes with Users: If you have a dispute with one or more Users of the Pi42.com Platform, you agree that neither we nor our affiliates or service providers, nor any of their respective officers, directors, members, shareholders, agents, joint venturers, employees and representatives (“Pi42.com Parties”) will be liable for any claims, demands, damages (actual and consequential), losses, costs and expenses, including litigation costs and attorneys’ fees (“Losses”) arising out of or relating to such disputes.

Release: To the maximum extent permitted by applicable law, you hereby release and waive all claims against Pi42.com Parties, from all liability for Losses arising from or in any way related to your use of the Pi42.com Platform or the Services. You expressly waive and relinquish any rights thereto which you may have under any other applicable law or in equity, to the fullest extent permitted by law.

Limitation of Liability: Subject to applicable law, in no event will Pi42.com Parties be liable for any remote, indirect,  incidental, special, punitive, consequential or similar Losses whatsoever arising out of the use of the Pi42.com Platform or Services, any performance or non-performance of the Services, or any product or service provided by or on behalf of the Pi42.com Parties, whether under contract, statute, strict liability or other theory even if we and our affiliates are advised of their possibility. This includes without limitation, Losses arising out of or in relation to:

  1. discontinuation or disruption of any blockchains or wallets underlying the Virtual Digital Assets or perpetual futures offered through the Pi42.com Platform;

  2. disruption of the Service, including where you are denied access to your Wallet;

  3. loss of any Virtual Digital Assets stored in Pi42.com Wallet for any reason whatsoever, save and except due to a wilful and malicious commission or omission by us directly resulting in such loss;

  4. any discontinuation, alteration, suspension, or termination of any part of the Services offered on the Pi42.com Platform due to change in our business plans, or reasons beyond our control including any Force Majeure event or any change in applicable law with respect to Virtual Digital Assets or perpetual futures;

  5. trading in Virtual Digital Assets or perpetual futures including due to fluctuations in the prices of Virtual Digital Assets, any loss of profits or loss of expected revenue or gains, any loss of anticipated trading profits and/or any actual or hypothetical trading losses;

  6. suspension, cancellation, or termination of a Pi42.com Account, including on account of a violation by you of any of these User Terms and Conditions or any applicable law;

  7. seizure of your Virtual Digital Assets by a governmental authority or by order of a judicial authority;

  8. damage to reputation or goodwill; any loss of business or opportunity, customers, or contracts; any loss or waste of overheads, management, or other staff time; or any other loss of revenue or actual or anticipated savings; or

  9. breach of these User Terms and Conditions by us, where the breach is due to circumstances beyond our control, or due to changes in law.

Liability Cap: Notwithstanding anything contained in these User Terms and Conditions, to the maximum extent permitted by law, the maximum cumulative liability of Pi42.com Parties arising out of the use of the Pi42.com Platform or our Services, any performance or non-performance of these User Terms and Conditions or the Services, or any product or service provided by or on behalf of Pi42.com Parties, whether under contract, statute, strict liability or other theory, shall be limited to the monetary value actually received from the User, as consideration or fees in relation to the applicable transaction to which the claim relates. If the claim does not relate to any specific transaction, then Pi42.com Parties’ maximum cumulative liability shall be limited to the monetary value actually received as consideration or fees from the User, for the services rendered by us in relation to the two (2) transactions immediately preceding the date on which the claim is made by the User.

Remedy: You acknowledge and agree that your sole remedy for any suspension, cancellation, or termination of the Pi42.com Account or for cessation of any or all Pi42.com Services shall be refund/recovery of your Client Funds, subject to deductions of amounts owed to us and other legal, regulatory, or statutory dues, and to the permissibility of such refund or recovery under applicable law.


11 – INTELLECTUAL PROPERTY RIGHTS


Unless otherwise specified, all logos, information, text, graphics, or other material uploaded by us, which is made available to you on the Pi42.com Platform, is our property and is protected under copyright, trademark, and other applicable laws.

All logos, trademarks, service marks and logos of the Company and others used or displayed on the Pi42.com Platform (“Trademarks”) are our property or the property of our affiliates or licensors. You may not copy, imitate, or use them without our prior written consent.

You may not:

  1. systematically extract/ or re-utilise parts of the Pi42.com Platform;

  2. create and/ or publish your own database that features substantial parts of this Pi42.com Platform;

  3. make any commercial or derivative use of the Pi42.com Platform or its contents; or

  4. apply for, register, or otherwise use or attempt to use any of our Trademarks, or any confusingly similar marks, anywhere in the world.

The Pi42.com Platform may in places include third party intellectual property. We do not own any rights to such third-party intellectual property and are bound by the license terms for such intellectual property. By virtue of these User Terms and Conditions, you shall also be subject to said license terms.

You may choose to submit comments, bug reports, ideas, or other feedback about the Pi42.com Platform, including without limitation about how to improve the Pi42.com Platform (collectively, “Feedback”). By submitting any Feedback, you agree that we are free to use such Feedback at our discretion and without additional compensation to you, and to disclose such Feedback to third parties (whether on a non-confidential basis, or otherwise). You grant us a perpetual, irrevocable, nonexclusive, worldwide license under all rights necessary for us to incorporate and use your Feedback for any purpose.


12 – NO RELIANCE ON INFORMATION


12 a) We display some content that is not ours. This content is the sole responsibility of the person/entity who makes it available. The content of the Online Pi42.com, including without limitation, text, copy, audio, video, photographs, illustrations, graphics and other visuals, is for informational purposes only and does not constitute professional investment advice, tips or recommendations of any kind. For the avoidance of doubt it is clarified that the Company does not provide investment and financial advice to its Users. Reliance on any information appearing on Pi42.com, whether provided by the Company, its content providers, visitors to Pi42.com or others, is solely at your own risk, and the Company shall not bear any liability for any loss/ injury that may arise due to your reliance on any information published on Pi42.com. You further acknowledge and agree that should any claim/ damage/ liability arise as a result of any reliance placed by you on any information published on Pi42.com, the Company shall have no liability in relation to the same. We may review content to determine whether it is illegal or violates our policies, and we may remove or refuse to display content that we reasonably believe violates our policies or the law. But that does not necessarily mean that we review all content, so please exercise discretion when perusing such content and do not assume that we have reviewed it. Although we make reasonable efforts to update the information on Pi42.com, we make no representations, warranties or guarantees, whether express or implied that the content on Pi42.com is accurate, complete or up-to-date.


13  – INDEMNIFICATION

You agree to indemnify and hold harmless the Pi42.com Parties from and against any Losses arising out of (a) your breach or our enforcement of these User Terms and Conditions or (b) your violation of any applicable law or the rights of any third party and (c) your use of Pi42.com Platform and the Services.


14  - GENERAL TERMS AND PROVISIONS

14  a) Relationship of the Parties: Notwithstanding any provision hereof, for all purposes including without limitation execution of any order and/or transaction initiated by you through Pi42.com Platform, you and the Company shall be and act independently and not as a partner, joint venture, agent, intermediary, broker or in any other fiduciary capacity. You shall not have any authority to assume or create any obligation for or on behalf of the Company, express or implied, and you shall not attempt to bind us to any contract.

14  b) Taxes: It is your sole responsibility to determine, collect, report, and submit any / all taxes applicable to the payments you make or receive in connection with the use of the Services to the appropriate tax authority in India or under any other applicable laws. We are not responsible for determining whether any taxes apply to the transactions carried out by you on Pi42.com Platform or the Services availed by you, or for collecting, reporting or remitting any taxes arising from any transaction undertaken by you via the Pi42.com Platform or Services.

 

All fees, commissions, interests, and other charges of Pi42.com are exclusive of any applicable goods and services tax which shall be borne by you and separately charged. In case any further Goods and Services Tax (GST) is made applicable on the Services or the transactions on the Pi42.com Platform in the future, we reserve the right to separately charge such GST which shall be borne by You. You agree that perpetual futures do not amount to 'virtual digital assets', 'goods' or 'services'.

 

You hereby authorize us to withhold any applicable tax and deposit on your behalf in accordance with this Clause. In cases where we withhold tax, we shall provide you with evidence of such withholding as per the statutory requirements. You would be solely responsible for claiming any credits, refund or exemption(s), if any, from tax authorities. Pi42.com shall not be responsible in any manner whatsoever for the same.


14  c) Assignment: You may not assign any rights and/or licences granted under these User Terms and Conditions without our express prior written consent. We reserve the right to assign our rights without restriction, including without limitation to any of our affiliates or subsidiaries, or to any successor in interest of any business associated with Pi42.com. Any attempted transfer or assignment in violation hereof shall be null and void. Subject to the foregoing, these User Terms and Conditions will bind and inure to the benefit of the parties, their successors and permitted assigns.


14  d) Severability: If any provision of these User Terms and Conditions shall be determined to be invalid or unenforceable under any rule, law or regulation or any governmental agency, local, state, or federal, such provision will be changed and interpreted to accomplish the objectives of the provision to the greatest extent possible under any applicable law and the validity or enforceability of any other provision of these User Terms and Conditions shall not be affected.


14  e) Change of Control In the event that Pi42.com Platform is acquired by or merged with a third party entity, we reserve the right, in any of these circumstances, to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control.

14  f) We reserve the right to revoke the signup, bonus, and rewards from the User at any given time, as well as to terminate the rewards program altogether.


14  g) Survival. All provisions of these User Terms and Conditions which by their nature extend beyond the expiration or termination of these User Terms and Conditions, including, without limitation, sections pertaining to suspension or termination, Account cancellation, debts owed to Company, general use of the Pi42.com Platform, disputes with Company, and general provisions, shall survive the termination or expiration of these User Terms and Conditions

15. TERMINATION

We may suspend your access to any or all the Services, and/or terminate your Account (and, to the extent applicable, any accounts beneficially owned by related entities or affiliates), with immediate effect, in the event, at the sole discretion of Pi42.com, it is determined that you are in breach of these User Terms and Conditions or any applicable law. You acknowledge that our decision to take certain actions, including suspending or terminating your account may be based on confidential criteria and that we are under no obligation to disclose the details of its decision to take such action with you.

You may terminate your Account at any time by writing to us at [email protected] from your registered email-ID.

You must pay any outstanding amounts owed to us before your Account is terminated. Any pending transactions at the time of cancellation of Account will be cancelled. You need to close all the open positions in the Pi42.com Platform and if any outstanding funds exists, you  have to raise a withdrawal request on the funds.

16. EFFECT OF TERMINATION:

Notwithstanding anything contained in these User Terms and Conditions, we reserve the right to retain and use the transaction data or other information related to an Account after termination, in the manner specified in our AML Policy and Privacy Policy.

Once the Account is terminated, all charges and liabilities owed to us on the account will be due and payable to us. Upon payment of all outstanding charges to us (if any), you will be entitled to withdraw all the balance funds from the Account within a period of 7 (seven) days from the date of such termination; unless such transfer is: (i) prohibited under applicable law, including applicable sanctions programs; (ii) required by a valid court order; or (c) necessary for compliance with applicable law in Pi42.com’s discretion.

17.  PRIVACY AND CONFIDENTIALITY

Any personal information you provide us will be dealt with in accordance with our Privacy Policy.

You shall not disclose to any person, any confidential information relating to us which may come into your possession in connection with these User Terms and Conditions and its performance, and you shall use all reasonable endeavours to prevent such disclosure. We may disclose information related to you including your use of Services, if required by any applicable law or otherwise requested by any law enforcement or tax authority, or if we otherwise deem fit in our sole discretion, which shall be exercised reasonably and in accordance with law.

18. NOTICES

Any notice under these User Terms and Conditions will be communicated electronically. Such notices may be delivered by us through email (at the primary email address listed in your Account), by posting them on the Pi42.com Platform, or through other electronic communication such as text messages or mobile push notifications. Any notices you send us must be sent to us on email at [email protected]   

You (a) consent to receive communications from us in an electronic form; and (b) agree that all communications we send electronically satisfy any legal requirement that such communications would satisfy if they were made in writing, physically.


19  – COMPLAINTS


If you have any grievance, objection or complaint about Pi42.com Platform, our Services or any incident concerning the User Terms and Conditions, you may contact our grievance officer, Mr. Prajwal B by sending an email to [email protected] and in furtherance thereto provide us with all the necessary/relevant information and/or documents concerning such matter. We will undertake reasonable/fair/appropriate efforts to investigate and resolve your complaint.


20  - FORCE MAJEURE


Without prejudice to any provision hereof, we shall not be liable for delays, failure in performance of these User Terms and Conditions or interruption of the Service, which result directly or indirectly from a Force Majeure event. Provided that, a Force Majeure event shall not affect the validity and enforceability of any provisions, the performance of which is not affected by such an event.


21  - GOVERNING LAW

These User Terms and Conditions, its subject matter and its formation, are governed by the laws of the Republic of India. The courts of Bangalore, India will have exclusive jurisdiction to deal with any dispute arising out of or in connection with these User Terms and Conditions or any other terms and conditions made applicable on you by us and you irrevocably consent to the jurisdiction of such courts and waive any objection as to inconvenient forum.


DISCLAIMER

VDAs are unregulated digital assets, not a legal tender and subject to market risks. All investments are subjected to price fluctuation, liquidity and other risks. We do not guarantee any assured returns or profit. Trading in crypto products and perpetual futures can be highly risky. There may be no regulatory recourse for any loss from such transactions.

Last Updated on: 14 August, 2024.