Terms of Use

FIRSTBLOC WEBSITE GENERAL TERMS OF USE AND CONDITIONS

LAST UPDATED DATE: 18 December 2022

Scope of the Website General Terms of Use and Conditions

Firstbloc Website General Terms of Use and Conditions herein (Firstbloc T&C hereinafter) are deemed applicable between established customer business relationships between Firstbloc (as defined in the next section below) and its clients on the Firstbloc online platform (http.firstbloc.io), an any mobile application associated with Firstbloc.

Note that Firstbloc is the trading name of Pirmasis Blokas, UAB.

Parties to these T&C

These Terms of Use constitute a binding agreement between:

Pirmasis Blokas, a company incorporated and registered in Lithuania under registration number 306145906 and with its registered address at Girulių g. 10-201, LT-12112 Vilnius (“FIRSTBLOC”, “Company”, “we”, “us” or “our” as the context may require) and its successors in interests and assigns; and

The natural person who uses the Website or the legal entity on whose behalf you use the Website after successfully registering an account on the Firstbloc site. (“you” or “you’re” as the context may require).

The Firstbloc Website Platform

This website and any other sites of FIRSTBLOC (collectively, the “Website”) are owned and operated by FIRSTBLOC.

By using the Website, you agree to observe these Terms of Use. Please check this page each time you use the Website, as we may update these Terms of Use from time to time.

If you carry out any transaction through the Website, that transaction may be subject to additional terms and conditions which you will be asked to read and accept at the applicable time. If there are any inconsistencies with these Terms of Use, the terms of the transaction apply to that transaction and any matters related to it.

We may amend these Terms of Use at any time and at our sole discretion. If we do so, we will change the “Last Updated” date at the beginning of these Terms of Use. By continuing to use the Website following the release of updated Terms of Use you consent to such updated Terms of Use. We recommend that you check this page regularly for updates to the Terms of Use.

Overview of Firstbloc Services

Firstbloc Exchange Services: After successfully registering an account into the Firstbloc Online platform, and upon completion of the client due diligence process, a Firstbloc Customer will have the ability to access services provided in the Firstbloc Platform.

Prior to having successfully been validated through our customer due diligence processes, a client will not have the ability to execute any transactions in our platform nor hold any assets in Firstbloc, and neither will the client receive any services from Firstbloc.

Upon a successful registration,verification, confirmation customers will gain access to our platform and will be allowed to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies.

Becoming a Firstbloc Client

Firstbloc client/Firstbloc Account: Persons interested in using Firstbloc Services have to create a user account by registering into the Firstbloc Web Platform and to follow the Firstbloc customer due diligence process. For legal persons, a customer representative of such a legal person will need to contact a Firstbloc representative, who will create an account on behalf of the legal entity or corporate customer.

The registration process includes providing full name, e-mail address, phone number and a password. For legal persons, the Firstbloc representative will create an account with the e-mail, phone number of the legal person, and the full legal name of the legal person. The password will be provided by the Firstbloc representative onto the legal person representative, who is instructed to change the initial password provided at the earliest convenience.

A person (both legal and natural persons) who completes the registration process successfully is deemed a “Firstbloc Client” or “you”.

Client Due Diligence process and verification deposits: In order to be able to use our services, you, as a Firstbloc, must undergo Firstbloc due diligence processes to verify your identity. The duration, steps and requirements of the due diligence process, in compliance with Anti-money Laundering law, may vary depending on your particular circumstances and characteristics, as well as the technical and compliance capabilities of Firstbloc.

Note that during the due diligence stage, Firstbloc reserve its right of requesting additional information from you, including but not limited to additional documentary evidence to complete the due diligence process. Furthermore, for security controls, the first deposit into the Firstbloc platform must come from a Client Bank account owned by you.

As a Firstbloic Customer, you confirm that any information provided to Firstbloc, including any document and documentation provided at the time of onboarding. Your submission of information and documentation is also taken as a confirmation that you are not withholding any information that could influence our decision to accept you as a customer.

Firstbloc will continue to monitor the business relationship established with you, and Firstbloc may require on a periodic basis to request specific information from you.

There is no acceptance guarantee. Even if all documentation is provided, Firstbloc does not guarantee that a specific person will successfully become a client, despite providing all the information requested by Firstbloc. The company reserves its right to refuse persons from becoming clients. Reasons might include, but not limited to, legal restrictions, reputational concerns and economic considerations.

Acceptable use of a Firstbloc Account

You must comply with any instructions we give you about how to use the Website and must not do anything that interferes with or adversely affects the normal operation of the Website (including the ability of other users to access or use the Website).

The attempt or creation of a double, duplicate account is prohibited. Firstbloc does only allow per Firstbloc client. We reserve the right to block any discovered duplicate accounts and keep it locked. Any funds in that account will be transferred by Firstbloc to the client’s original account provided that we can verify the owners are one and the same. We may charge a fee for such transfer if we deem you at fault. The creation of duplicate accounts

Sharing of accounts is also prohibited, and neither are you allowed to transfer your account or assets deposited within your Firstbloc account to any third parties prior consent from Firstbloc.

When using a bank account, the ownership of the account holder of the client bank account must match the ownership of the Firstbloc client account. This also applies to other financial instruments used with Firstbloc.

With the exception of legal entities and legal arrangements, you must act in your own name for your own behalf. It is prohibited to act as an intermediary for someone else or to allow access to your account to any third parties

Regarding legal entities and arrangements, Firstbloc will allow appropriate representatives to act on behalf of such legal entities and arrangements. On a discretionary basis, Firstbloc will also create separate sub accounts for the different relevant persons of those such entities and legal arrangements. Relevant parties might also wish to create additional accounts for their own use.

Regarding information of your account, Firstbloc will act on the premise that, unless you notify us of any changes, information originally provided by you is current and accurate

You are responsible for ensuring the security of the systems and devices that you use to access the Website, including through use of appropriate virus-checking and other security software.

Restricted access

Access to certain areas of the Website is restricted. We reserve the right to restrict access to other areas of the Website at our discretion.

If FIRSTBLOC provides you with or allows you to select/create/generate a user ID and password to enable access to restricted areas of the Website or other content or services, you must make sure that the user ID and password are always kept secure and confidential.

FIRSTBLOC may disable your ID and password at our sole discretion without notice or explanation.

Firstbloc client prohibition

Firstblic has prohibited entering into business transactions and any transactions with the below persons:

-Individuals under the age of 18 or older in accordance with the specific laws applicable to that person.

-Natural and legal persons subject to sanctions by the United Nations, the European Union and the United Kingdom.

-Person with date of birth, country of incorporation, residence, trading presence in our prohibited jurisdiction lists.

-In addition, Firstbloc reserves the right to exclude any person at any time.

Account security

You are responsible for keeping your log-in details confidential, meaning that you must not disclose your password or any other appropriate log-in details to any third party.

Cooperation

As a Firstbloc customer, you have the obligation to report to us any problems you might encounter with your account, Firstbloc services or the Firstbloc Platform, and to support Firstbloc in fixing the issue.

You also have the duty to collaborate during the client due diligence stage at registration, and to communicate and provide without delay any changes to your personal data and/or requesting documentation by Firstbloc as part of ongoing client due diligence.

If you are or represent a legal entity, you must inform us of any change in your ownership structure, including changes of ultimate beneficial owners. You must also inform us of any restructuring, insolvency, dissolution or similar proceedings. If you cease to exist as a legal entity, you must also inform us about the termination.

You also must ensure that in the best interest of your account and the Firstbloc platform, that you choose a suitable, complex password and keep your logging details.

You must also understand that while Firstbloc will act in the verification of your information as soon as practicable, both due to internal and external factors the process can take some time and/or be delayed. For that very reason, onboarding into the Firstbloc platform might be delayed. Firstbloc does not take any responsibility about any incurred or perceived loss on your behalf by your capacity to onboard.

Firstbloc access and services

After registering in the Firstbloc website and being successfully verified by Firstbloc customer due diligence and monitoring, you will be a Firstbloc client and will be able to log into the website platform operating by Firstbloc.

Termination rights

Shall we provide notice period for ordinary termination? – no, notice could mean further negative actions against the company, theft, fraud, hacking etc.

Firstbloc reserves its right to terminate a business relationship at any time and without notice, with immediate effect.

Firstbloc also reserves its right to lock and freeze a Firstbloc client account for specific periods of time, including the complete block of transactions, the suspension of a transaction until approval or refund, and to reverse a fiat transaction immediately.

Causes for any of the above include, but are not limited to:

-We believe a Firstbloc client has been convicted or accused with substantial grounds of civil, criminal or administrative crimes.

-We become aware that an official investigation by a competent public authority has been launched against a Firstbloc client.

-To comply with any applicable law or regulation, internal guidelines , or orders made by the courts or law enforcement.

-Failure to comply with the T&Cs herein.

-Using the payment service provider for illegal activities, or incur excessive chargeback against the payment service provider.

-Account inactivity: failure to log into your Firstbloc account for more than 12 months.

-Use of disrespectful or abusive language towards Firstbloc staff.

-Creation of duplicate accounts.

-Providing incorrect identity or source of funds documentation, or such documentation being outdated or misleading.

-Firstbloc client conducts transactions in such a manner that can be deemed suspicious

-The termination, dissolution, windup or similar proceedings in case of the client in case of a legal entity.

-A Firstbloc client loses their legal capacity to act.

-Upon notified of deceasement of a Firstbloc client.

Firstbloc will notify you of notice of termination per email, unless it would be unlawful for Firstbloc to act in that manner. Firstbloc is not obliged to provide you with any explanation, findings or information regarding your termination

In cases where your Firstbloc account becomes frozen or locked Firstbloc may at its own discretion lift the lock or freeze to allow you to trade and/or complete specific transactions. Firstbloc is under no obligation to remediate a transaction at the same price or terms existing at the time of the suspension, blockage or freeze.

Risks

Firstbloc clients must be aware that using Firstbloc services and products offered by Firstbloc bear risks which ultimately can result in the total loss of your investment and assets. See below a non-exhaustive list of existing risks:

Technological risks: Underlying software applications for blockchain and cryptocurrency technology are outside of Firstbloc control or influence . There is no guarantee that the process for receipt, use and ownership of any cryptographic blockchain based digital information units will be uninterrupted or error-free. There is also the inherent risk that software and related technology could contain weaknesses, vulnerabilities or bugs causing partial or complete loss of cryptographic blockchain based units.

Many of these technologies or software applications required for the sale, transfer or holding of token are neither released by a software manufacturer nor in any other way certified by a central entity such that there would be a person or entity that could be held liable for such defects.

Legal and regulatory risks: Changes in the law and regulations Firstbloc is subject to can have significant effects on the Firstbloc platform and Firstbloc services, including those provided to you. As Firstbloc is fully committed to be compliant with all applicable law and regulations, we will make the necessary changes to do so which may result in the limitation or termination of certain services.provided to you.

Abandonment risk: Purchased cryptographic blockchain based digital assets purchased by you might be abandoned for a number of reasons: lack of commitment from the industry or the public, lack of funding, reputational damage or lack of commercial success, for example. These are reasons outside the direct control and influence of Firstbloc, and for that matter, we cannot make any guarantee as to the present and future functionality and success of assets provided or transferred by Firstbloc.

Internet vulnerabilities and theft: Software applications and platforms, such as those of Firstbloc, as well the technology components of blockchain technology can be subject to cyber and physical attacks that can result in the loss of digital assets or personal data, as well as the ability to use Firstbloc services.

Losing credentials: Any person obtaining access to your password, e-mail address or 2FA device may be able to access your Firstbloc Account and your assets deposited within the Firstbloc system, as well as your personal data. As a Firstbloc customer, you are solely responsible for the security, storage and strength of your password and security details.

Phishing: Electronic instruments used to access Firstbloc services, such as e-mail, are susceptible to phishing and spoofing attacks. You must always access Firstbloc through the official Firstbloc channel and website.

Depreciation in value and volatility: The value of cryptocurrencies and digital assets are considered to be extremely volatile, as their price and value tends to be determined by current market prices. The inability to make a digital asset reedemable to a central entity or to access physical assets that such digital asset may represent makes digital currencies and cryptocurrencies vulnerable declinations as to their value, which may include a depreciation of value up to zero. Note that past performance of a particular or similar assist does not guarantee present nor further results or value.

Speculation risks: Digital assets and cryptocurrencies are presently regarded as highly speculative. As a Firstbloc client, note that there is a risk of loss your entire capital invested Therefore, usage of Firstbloc products is only oriented towards customers who are highly experienced in speculative investments and can bear the loss of their invested capital.

Task risks: Services and assets purchased though the Firstbloc Platform as a Firstbloc client may trigger tax obligations, depending on the country of your residence, as well as applicable supranational laws. Firstbloc does not bear any responsibility towards your tax liability, and does not bear the obligation to notify its customers as to existing or future tax implications.

Maintenance Risk:Being a technology backed Platform, Firstbloc systems and website will need maintenance and development work. These can be both planned and unplanned, and during this period interruptions will occur, which could prevent or impair you from accessing Firstbloc products and services. Firstbloc is not responsible for any real or perceived loss a client might suffer due to maintenance work.

Limitation of liability

FIrstbloc will use reasonable endeavours, care, and skill in operating the Firstbloc Website, yet we cannot promise that the Website will always be available, meet the requirements of Firstbloc clients or be completely free of faults, errors, or compromise from cybersecurity events. To the maximum extent permitted by law, except as expressly set out in these Terms of Use, we exclude:

Firstbloc Clients: Firstbloc shall not be liable for any damages or loss incurred by a Firstbloc client in connection with Firstbloc systems/products/services offered by Firstbloc unless such damage was done with malicious intent, gross negligence or physical damage to clients.

Third party services: When a Firstbloc Client uses websites, systems or service not owned by Firstbloc e.g. digital wallet, Firstbloc will not be liable for availability, content or performance of such third party services, nor will Firstbloc be liable for any damage/loss occasioned to a Firstbloc Client through the use of such third party services. Firstbloc Customers are deemed by Firstbloc to use third party services at their own risk, including the sending of funds to third parties.

Damage Claims: Firstblic will not be held liable for any claims from a Firstbloc Customer for loss damages when Firstbloc has delayed, stopped or refused to go through a transaction pursuant to anti-money laundering legislation and regulatory obligations.

Furthermore, to the maximum extent permitted by law, except as expressly set out in these Terms of Use, we exclude:

all conditions, representations, warranties, and statutory guarantees, whether express or implied, in relation to the Website; and
any liability, whether in contract, tort (including negligence), or otherwise, for any indirect or consequential loss, damage or expense incurred by you or any other user in connection with the Website.

To the extent we are unable by law to exclude any implied condition, representation, warranty, or statutory guarantee in relation to the provision of goods or services through the Website, we limit our liability for a breach to the re-supply of those goods or services, or payment for such re-supply. This is without limitation to any other exclusions or restrictions of our or others’ liability in connection with this Website.

Reasonableness

By becoming a Firstbloc Client and using the Firstbloc Website and making use of services provided by Firstbloc, you agree that the exclusions of liability set out herein are reasonable. If you do not think they are reasonable, you must not use the Website.

Intellectual property

All the intellectual property rights in and to the Website belong to Firstbloc and applicable licensors. We may update and change the materials available on the Website, including by removing materials, at any time in our sole discretion without notice to you. You may download or print sections of the Website if needed for your own personal use, however, in other cases you may not reproduce any part of the Website without our express prior consent. To the extent that the Website contains functionality that allows you to access or download specific materials through the Website, your use of that functionality and the downloaded materials may be subject to separate terms and conditions which you will be asked to read and accept at the relevant time.

Website links

Firstbloc Website may have links to information that has not been devised, verified, or tested by us or any of our officers, employees, or agents. These are provided for your information only. We do not take any responsibility for that information, nor provide an endorsement as to its accuracy or completeness. We do not guarantee that the information, or the provision of the hyperlinks to you, does not infringe third party rights. If the Website contains a link to an external website, we do not endorse, recommend, approve, guarantee, or introduce any third parties or the services and/or products that those third parties may offer. We accept no responsibility for them or any of the content available, or for any loss or damage that may arise from your use of them. You may provide a link to the home page of the Website at, on any website you operate, if you do not suggest any form of association, approval, or endorsement on our part without our express prior permission and you promptly delete the link at our request. Except as set out in this clause, you may not link to the Website.

No financial services activities or advice

The information and any materials contained in this Website should not be considered as an offer or solicitation to buy or sell regulated instruments, provide advice, enable, or take deposits or deliver any other regulated services of any kind in any jurisdiction, except as expressly stated and lawfully permitted. Any products or services described on this Website are not available to all persons and are subject to separate terms, conditions, and restrictions. The information contained on the Website is not intended to provide and should not be construed as advice of any kind. You should obtain appropriate professional advice when necessary. It does not take into account your objectives, financial situation or needs.

Data Protection

Firstbloc is fully committed to compliance to the General Data Protection Regulation, as set up here.

Disclosure to authorities

Firstbloc may need to disclose any data pertaining to you, including your transaction history and personal details, if required to do so by a court of law or law enforcement agency, taxation office or other competent regulatory authority or governmental body.

We will cooperate with the above authorities, or similar component bodies, to the maximum extent of our capabilities.

Governing Law

Firstbloc activities, services provided and established business relationships are designed and function in accordance with the laws of the Republic of Lithuania, as well as supranational European Law where applicable.

Severability

Should any provision of these Terms of Use be found to be unfair, invalid, or unenforceable for any reason whatsoever, its unfairness, invalidity or unenforceability shall not affect the validity or enforceability of any other provision and any unfair, invalid, or unenforceable provision shall be severable.

The terms contained in these Terms if Use are severable so that if any part of them shall be declared void the remaining parts shall remain valid.

Entire agreement

Other than certain specific functionalities of the Website, which may from time to time, be subject to separate, explicitly stated terms and conditions, these Terms of Use constitute the entire agreement between you and FIRSTBLOC in connection with your use of the Website and supersedes all previous agreements in respect of your use of the Website.

Contact

Please contact us at [email protected] if you have any questions about the Website.https://cockpit.sumsub.com/checkus#/applicants/company?limit=10&page=0