FlowNet Withdrawal Service’s Terms and Conditions
These FlowNet Withdrawal Service’s Terms and Conditions (“Withdrawal Terms”) are entered into between FlowNet.xyz (“FlowNet”, “we”, “our”), an online payment institution and you. You hereby agree to these Withdrawal Terms by and between you and FlowNet, and agree to be legally bound by its terms and conditions. By accessing the relevant Withdrawal Services provided by FlowNet, you agree and confirm that you have carefully read and fully understand the terms and conditions under these Withdrawal Terms (including any amendments made by FlowNet at any time), including the terms which exclude or limit FlowNet’s liabilities under these Withdrawal Terms, and the terms that exclude or limit your rights as the Customer (“Customer”, “you”, “your”). If you do not accept these Withdrawal Terms or the contents of these Terms, or refuse to acknowledge and agree with our right to unilaterally modify these Withdrawal Terms at any time, please immediately stop using and accessing the Withdrawal Services.
The contents of these Withdrawal Terms also include various system specifications, other agreements or rules in connection with or related to these Withdrawal Terms or this Service, and other relevant agreements and rules regarding the services that FlowNet may provide from time to time. Once the aforementioned contents are released or published, they are an integral part of these Withdrawal Terms, and you shall be legally bound by them. By using this Service, you confirm you have read, understood, and accepted these Withdrawal Terms and any relevant terms and conditions, service terms, user agreements, transaction and operation rules, policies, announcements and other rules (as amended and restated from time to time) published by FlowNet from time to time in connection with this Service (“User Agreements”), and that you agree to be legally bound by any and all terms and conditions thereof. Unless you have read and accepted all the terms and conditions of these Withdrawal Terms and applicable User Agreements, you are not authorized to and shall not use this Service or any of its corresponding services.
The Terms and any applicable User Agreements constitute the entire agreement and understanding regarding the use of any or all of the Service, and any manner of accessing them, between: You and FlowNet, depending on your location, nationality, services used, and your level of KYC and/or KYB completed.
Recitals
A. These Withdrawal Terms are a binding agreement between you and FlowNet only. You unequivocally agree and understand and hereby represent and affirm that by signing up for this Services, you agree and undertake to act in compliance with and be legally bound by these Withdrawal Terms as well as all applicable laws and regulations.
B. You understand that you have access to the Withdrawal Services only to the extent authorized by FlowNet. You acknowledge and agree that FlowNet will satisfy obligations created through your use of the Services, subject to the terms below. Additionally, you agree and accept all the legal documents (including but not limited to Terms of Use, Privacy Policy etc.) provided by FlowNet.
C. Details on FlowNet’s collection, use, and handling of your personal data are described in FlowNet’s Privacy Policy. Please review it carefully and contact FlowNet if you have any questions. By using the Services, you consent to and direct FlowNet to share information relating to transactions, including receipt information or other personal data, in order to deliver the Services.
1. Eligibility
1.1 You understand and acknowledge that:
a) You have the required legal capacity to enter into these Withdrawal Terms by and between you and FlowNet and agree to be legally bound by the terms and conditions of these Withdrawal Terms in their entirety.
b) You have agreed to abide by the User Agreements and you are eligible and not prohibited from using the services defined therein, including the Withdrawal Service;
c) You should carefully consider and use clear and independent judgment to evaluate your financial condition and risks related to the Withdrawal Services before making any decision to use this Service, and bear all the losses arising there from;
d) In order to use the Withdrawal Service, you have the ability to perform operations on the internet;
e) You agree to abide by the applicable local laws and regulations in your jurisdiction in your use of the Withdrawal Services;
f) You are the legal owner of the Digital Asset and Fiat Currency in your FlowNet account and represent and guarantee that the sources of these Digital Asset and Fiat Currency are legal;
g) You must explicitly opt-in in writing and be approved by us to use the Withdrawal Services;
h) By logging into your account or authenticating to any application programming interface (“API”) with your API key (“API Authenticating” or “API Authentication”) following any change to these Withdrawal Terms, your login or API Authentication, as applicable, shall constitute your agreement to be legally bound by its terms and conditions as amended;
i) You agree and understand that we have the right to require your affirmative assent and continued acceptance of these Withdrawal Terms, from time to time, as a condition of you accessing or using any of the Withdrawal Services, logging into your FlowNet account, or API Authenticating, as applicable;
j) If you do not agree to be bound by these Withdrawal Terms, you should not access or use any of the Withdrawal Services, login to your FlowNet account, or API Authenticate. Should you disagree with these Withdrawal Terms (including any changes or amendments thereto), please suspend immediately any usage relating to the Withdrawal Services;
k) In order to use the Withdrawal Services, you must first successfully provide the required identification information pursuant to our Anti-Money Laundering (“AML”) Compliance Program;
l) We reserve the right to change these terms and conditions at any time with or without notice to you. A copy of the latest version of these Withdrawal Terms will be available on this page;
m) Access to the Withdrawal Service is subject to FlowNet product restrictions applicable to your account; and
n) Access to the Withdrawal Service is subject to FlowNet internal approval and may be denied or revoked at any time without prior notice at FlowNet’s sole discretion.
1.2 You agree and undertake that:
a) You shall not use the Withdrawal Service for any illegal purposes, including but not limited to illegal gambling, money laundering, fraud, extortion, data breaches, terrorist financing, and any other violent activities or any businesses prohibited by any applicable law;
b) You shall not conduct, initiate or promote any forms of market manipulation or other forms of illegal conduct, including but not limited to illegal gambling, machine-gunning (repetitive and excessive execution), misuse of indicative pricing for benchmarking, money laundering, fraud, extortion, data breach, terrorist financing, and any other violent activities or businesses prohibited by the law;
c) All funds used in the Withdrawal Services belong solely to you and are not derived from any third party or illegal activities. No third-party withdrawals are permitted. You must confirm the legitimacy of your funds upon request, and failure to do so may result in suspension of your account or reversal of transactions;
d) You are responsible to take reasonable precautions, including but not limited to the precautions in accordance to these Terms, to ensure the security of your account;
e) Upon account opening you understand that the Digital Asset and Fiat Currency held in your account will not accrue any interest and any interest earned from the maintenance of your Digital Asset and Fiat Currency shall not be payable to you;
f) All transactions, instructions or any payments performed and carried out under your account shall be deemed as authorised transactions, instructions or payment by you. You shall hereby indemnify, defend and hold FlowNet harmless from all losses and/or damages incurred in connection with any such transactions, instructions or payments performed under your account;
g) In the course of providing the Withdrawal Services, you may be offered the option of appoint FlowNet as the party performing the withdrawal on your behalf. If you appoint FlowNet, you acknowledge and agree that any and all transactions, instructions or any payments performed and carried out from your account by FlowNet (or under FlowNet’s name upon your instructions) shall be deemed authorised transactions, instructions or payment by you. FlowNet shall not be liable for any loss arising from or in connection with any such transactions, instructions or payments. You shall indemnify, defend and hold FlowNet harmless from all losses and/or damages incurred in connection with the foregoing;
h) You understand that FlowNet is not a currency trading platform and you shall not use the Withdrawal Services and/or account for the purpose of currency trading. FlowNet reserves its right to suspend and/or terminate your account without any prior notice to you in the event that your account is suspected carrying out any currency trading;
i) It is your responsibility to ensure that there is sufficient Digital Asset and Fiat Currency in your account for the purpose to use the Withdrawal Services and pay any applicable fees and charges to FlowNet;
j) All Digital Asset and Fiat Currency in your account are always subject to reversal, chargeback or whatsoever adjustment. FlowNet may set off any of your payment obligation from your transaction without any prior notice to you and will not in any way be responsible for any losses caused by such transmittal or reversal of funds;
k) FlowNet complies with anti-money laundering (AML), counter-terrorism financing (CTF), know-your-transaction (KYT) and know-your-customer/know-your-business (KYC/KYB) regulations. You agree to provide additional KYC information upon request, including identity verification, source of funds documentation, or other details. FlowNet may monitor transactions for suspicious activity and has the right to block, reverse, or report any transactions that appear suspicious or in violation of laws. Your use of FlowNet’s Services and/or products is conditional upon the completion and continuation of such checks. Non-compliance may lead to account suspension, termination, or legal action;
l) FlowNet will need and will request complete, current and valid information about you to manage your account. Such information may include but is not limited to: your legal name; your address(es); your telephone number(s); your date(s) of birth; your employment and income information; and your Social Security number(s); or other government identification number(s). For the avoidance of doubt, no Services will be provided to you should you refuse to provide FlowNet with the aforementioned information and/or refuse to provide KYC/KYB information with FlowNet;
m) For the avoidance of any doubt, you agree that the Withdrawal Services can only be provided to you on the following conditions:-
i) FlowNet supports the Withdrawal Services in your jurisdiction; and
ii) You have provided the account information that FlowNet need as provided above;
1.3 Violation of these behavioral standards may result in temporary or permanent suspension from Service access at FlowNet's sole discretion.
2. Withdrawal Services
2.1 Subject to these Terms, FlowNet agrees to provide you a service where you may withdraw or transfer any available relevant Fiat Currencies to your other bank account or similar account under your name and/or third parties' (“Beneficiary”) bank account or similar account, subject to KYC/KYB, KYT, or AML/CTF checks or the due diligence checks, to the extent they are not frozen or otherwise subject to any restriction on withdrawal, transfer or release in accordance with these Terms (“Withdrawal Services”). In requesting the Withdrawal Services, you may request that the Services be executed by FlowNet in FlowNet’s name. Where you make such request, you agree and acknowledge that any withdrawal, transfer, instruction or payment executed in FlowNet’s name shall be deemed authorised by you and validly made pursuant to your instruction in accordance with these Terms.
2.2 By using the Withdrawal Services, you are deemed to have read, understood, and irrevocably accepted and agreed to the entirety of these Withdrawal Terms by your continued provision of any instruction via electronic means. If you do not agree with any of the terms set out above, please do not continue to provide instructions through electronic means.
2.3 As part of the features of the Withdrawal Services, you may receive and/or collect money through your account and any such transactions will be recorded and reflected in your account’s history. You hereby agree and acknowledge that FlowNet may set off any of your payment obligations from your account without any prior notice to you.
2.4 Subject to your provision of clear and accurate instructions and Beneficiaries’ information, you may use the Withdrawal Services to send money through your account and any such transactions will be recorded and reflected in your account’s history.
2.5 You acknowledge that you shall ensure that there is sufficient fund or Fiat Currency to proceed any such Withdrawal Services, failing which your withdrawal or transfer may be rejected, delayed, disrupted or cancelled. Any losses or damages incurred therefrom shall be your sole responsibility.
2.6 FlowNet’s delivery obligations are satisfied upon the completion of its usual procedures to effect the transfer to the Beneficiary.
2.7 FlowNet may, acting in good faith and in a commercially reasonable manner, refuse to accept or make (or accept or make on such terms as it may determine) any delivery of a Fiat Currency from you and it will provide notice of any such refusal as soon as reasonably practicable.
2.8 You must ensure that any withdrawal or transfer request submitted by you is complete and accurate. We are not required to verify the accuracy, authenticity or validity of any withdrawal or transfer request. However, when in doubt as to the accuracy, authenticity or validity of a withdrawal or transfer request, FlowNet reserves the right, at its sole and absolute discretion, to refuse to act upon such withdrawal or transfer request or to seek further information in relation to such withdrawal or transfer request. Withdrawal or transfer request are irrevocable and our record of all withdrawal or transfer request will be conclusive and binding on you for all purposes.
2.9 You acknowledge that you are solely responsible for the accuracy and completeness of all aspects relating to your withdrawal or transfer request, including but not limited to: (i) sending the correct and intended amount, (ii) sending the funds to a correct designated bank account, (iii) providing correct, complete, and consistent information for the transaction, (iv) and doing so within the timeframe communicated to you.
2.10 FlowNet reserves the right to charge a handling fee or other charges or expenses in relation to the processing of any aspect of the withdrawal or transfer set out in its prevailing relevant fee schedules. You authorise FlowNet to debit any handling fee and any other charges and expenses then due and payable by you from the withdrawal or transfer proceeds and/or any of your account.
FlowNet may set, vary or remove any limits on the withdrawal or transfer amount, frequency of withdrawal or transfer or other features relating to withdrawal or transfer, set by it from time to time at its sole discretion.
3. Third Party Payment Provider
3.1 FlowNet engages any appropriately payment service providers (whether affiliated with us or not) ("Third Party Payment Providers") in providing the Withdrawal Services, the selection of which is in our sole discretion depending on various factors, including without limitation, the prevailing fees, charges, location of your bank or similar account, etc. Any such withdrawal, release or transfer shall be effected in accordance with such instructions and procedures as may be prescribed by these Terms.
3.2 The Withdrawal Services are provided through Third Party Payment Providers. Accordingly, the terms and conditions apply in relation to any Third Party Payment Providers instructed through FlowNet. Any such withdrawal or transfer instructions you provide through FlowNet are provided by you to the relevant Third Party Payment Providers that receives and processes any withdrawal or transfer instruction given by you through FlowNet.
3.3 You are responsible for reading, understanding, and agreeing to comply with the terms and conditions that govern your use of the Third Party Payment Providers services.
3.4 You agree and irrevocably authorise FlowNet to collect and disclose your transaction information to the Third Party Payment Providers. Your information will be used in accordance with their respective privacy policies.
3.5 In some cases, you may be requested to accept terms and conditions of a third party payment service provider in order to be able to use a particular payment method or a particular fiat currency, in which case you will have the contractual relationship with such a provider in accordance with their terms.
3.6 When you make a withdrawal or transfer request via the Withdrawal Services through FlowNet:
a) You are instructing FlowNet directly or through the relevant Third Party Payment Provider to process the withdrawal or transfer and must provide all the relevant information requested as directed through FlowNet; and
b) You authorise FlowNet to debit the amount necessary to complete the transfer from your account and to pay it to the Beneficiary’s bank or similar account directly or through the relevant Third Party Payment Provider on your behalf.
3.7 You agree to indemnify and hold harmless FlowNet, its officers, directors, employees, and agents from any claims, demands, losses, liabilities, damages, costs, and expenses, including attorney’s fees, arising from or in connection with your use of the service of the Third Party Service Providers, your violation of the terms and conditions of the Third Party Service Providers, or any other violations of rights related to the use of the service of the Third Party Service Providers.
3.8 Once FlowNet has successfully processed and completed the withdrawal or transfer in accordance with your instructions, your sole and exclusive recourse shall be with the Beneficiary. FlowNet does not assume and expressly disclaims any responsibility or liability for:
a) The delivery, specified quantity, quality, legality, fitness for purpose, or adequacy of any other aspect of such goods, services, assets, or funds provided or promised by the Beneficiary.
b) Any disputes, claims, or losses arising out of your dealings or contractual relationship with the Beneficiary.
c) Any discrepancies, shortfalls or errors in the amount remitted by the Third Party Payment Provider to FlowNet.