VitBlock Exchange’s Risk and Compliance Disclosures
Updated and Effective as of February 18, 2019
This Risk and Compliance Disclosure should be read in conjunction with the Terms of Service (Terms) of VitBlock Exchange(“VitBlock”). In plain English, we want you to understand the important risks and compliance matters while you trade on our platform.
I. Trading is Risky
The risk of loss in trading or holding digital assets can be substantial. You should therefore carefully consider whether trading in digital assets or any levered or derivative digital assets is suitable for you in light of your financial condition.
II. VitBlock Does Not Accept Nor Settle in Any Fiat Currency
While other platforms can help you settle or withdraw in fiat currency, VitBlock does not allow or enable settlement or withdraws in fiat currency. VitBlock is a digital asset-only trading platform. The plain English analogy is that if you are looking for a heavy metal concert, don’t go into a classical music concert by mistake … you may come out with a headache.
III. Digital Assets are Not Money Nor Fiat Currency
While there are other trading or exchange platforms that help convert or liquidate digital assets into money or fiat currency, our trading platform does not provide such services. VitBlock does not view digital assets as money or fiat currency as digital assets are NOT backed by any government or central banks.
IV. We Do Not Accept Certain Customers
VitBlock seeks to be a robust international trading platform and a good corporate citizen. As a result, we cannot and do not want customers in jurisdictions that i) have banned activities involving digital assets, ii) require costly cross-jurisdictional regulations, or iii) are on international sanction lists. We simply don’t want to run afoul with various countries’ regulations.
V. We May Help Governments
While we may not welcome costly regulations, we respect regulations and comply with applicable regulations. As a good corporate citizen, we may be asked for information from law enforcement authorities and will assist if permissible by law. What this means is that our platform only welcomes law abiding customers. We welcome the opportunity to earn your business, in return we require that you act legally and properly on our platform.