Terms and Conditions


1. Service description

Northcrypto.com is a network based trading platform that allows you to purchase and sell virtual currencies. In addition, Northcrypto.com provides virtual currency storage (the afore mentioned all together “Services”). The Service Provider is NorthCrypto Oy, a limited liability company established under the laws of Finland and having its registered place of business in Turku.

The Service enables you to trade virtual currencies with a trading partner (“Trading Partner”) chosen by the Service Provider. The Trading Partner aspires to ensure that the Service constantly provides you with trading offers of virtual currencies. The Service Provider may occasionally change the collaborator acting as the Trading Partner. The Service Provider is not a party in the transactions performed through the Service.

These Terms and Conditions present the terms of using the Service. By creating your User Account in the Service you agree on these Terms and Conditions and the Service Provider’s Privacy Policy.

2. Definitions

For the purposes of these Terms and Conditions the following definitions shall apply:

  • User Account: Your personal user account in the Service. On your User Account you will see information about your assets in euro, the balance of your Virtual Currencies, the number of your transfers and withdrawals, your trading history and other information and settings you have set. You can manage your information and settings on the User Account. The User Account of the Service is not to be mistaken for a bank account. The assets transferred into the User Account are stored in the Service Provider’s bank account reserved for clients’ assets.
  • User ID: The e-mail address you provide while creating your User Account serves as your User ID. You will need your User ID for example while logging in to your User Account.
  • Blockchain: Technology that enables actors unknown to each other to together produce and maintain decentralized databases. A blockchain is executed as a form of a list or a log of transactions that are divided among the participants which makes it possible to verify it from multiple sources and which also simultaneously forms a database. The Virtual Currencies supported by the Service are based on a blockchain.
  • Blockchain Fork (or Split): An event in which a blockchain is divided into two or more separate blockchains.
  • Website: www.northcrypto.com
  • Virtual Currency: Blockchain based decentralized currency, such as Bitcoin, Litecoin or Ethereum. The Virtual Currencies supported by the Service at any chosen time are announced on the Website. The Service Provider can occasionally add or delete the Virtual Currencies supported by the Service.

3. Becoming a customer and creating a User Account

Creating a User Account is a precondition to becoming a customer and using the Service. The User Account is created by following the instructions presented on the Website.

By creating a User Account:

  • you commit to follow these Terms and Conditions and accept that the Terms and Conditions are applied, without a separate consent, to all transactions made by you through the Service
  • confirm that you have been informed of the Privacy Policy and given the consents possibly identified in the Policy
  • confirm that the information you have given the Service Provider is true and up to date.

To create a User Account and to use the Service you have to identify yourself by using a so called strong authentication method, for example online banking access codes. The identification is required, among other things, to prevent money laundering, financing of terrorism and other acts of misconduct. The Service Provider also has the right to demand additional documents and information to confirm your identity and to verify the given information from, for example, the population information system or from other similar source. After the first identification you shall log in to your User Account with the password you have created.

In the process of creating the User Account you have to provide us your personal bank account number in IBAN-form. This bank account will function as the account that you can transfer assets onto in euro from the Service. The Service Provider has the right to demand documents and actions to verify that the account you have announced is your personal account. It is neither allowed nor possible to transfer assets from the Service to elsewhere than the personal bank account you have provided. To transfer assets to another user of the Service is not allowed or possible either. In case you want to change the bank account you have provided for the User Account you can contact the Service Provider via e-mail at: support@northcrypto.com

The User Account is personal and you may only possess one User Account at a time. No-one other than you may use your User Account and you are not allowed to act as an intermediary in favour for a third party or in any other equivalent role.

The Service Provider shall inform you when your User Account has been accepted and you can begin to use of the Service. The acceptance of the User Account creates a contract between you and the Service Provider concerning the Service in accordance with these Terms and Conditions. The contract shall be effective until further notice. You have the right to terminate the contract and to end your User Account with immediate effect at any time. The Service Provider may terminate the contract with 30 days’ notice at any time. If there is reasonable doubt that you have violated these Terms and Conditions the Service Provider has the right to terminate the contract with immediate effect.

To create a User Account and to use the Service you have to be at least 18 years old. In case you are included in a list concerning financial sanctions published by the European Union or European Union member state, you are not allowed to create a User Account and may not use the Service.

You shall immediately inform the Service Provider of any changes in the information you have provided.

It is strictly prohibited to use the Service and the Website for illegal purposes. Since the regulation concerning Virtual currencies may vary between countries you are always solely responsible to act according to the regulation applicable to you, regardless of whether it is determined by your residence or other factors. The Service Provider accepts no responsibility whatsoever of damages and consequences due to the fact that you have violated the regulation applicable to you while using the Service.

It is strictly prohibited to use the Service and the Website to purposes of harming the Service or the Website.

The Service Provider has the right to not to open up a User Account to the Service due to any reason. If you have failed to create a User Account you can contact the Service Provider via e-mail: support@northcrypto.com.

4. Withdrawals and transfers

Trading in the Service requires that you transfer assets in euro to your User Account by making a wire transfer to the Service Provider’s customer funds account. The Service Provider aims to register the transfer without delay, nevertheless at the latest in three working days from the transfer. The assets in euro that are usable in the Service will then be visible on your User Account.

You can withdraw assets in euro from you User Account at any time. The Service Provider aims to execute the withdrawal without delay, nevertheless at the latest in three working days. The assets will be transferred to your personal bank account that you have provided when creating your User Account.

You may also transfer Virtual Currency from your User Account to an external virtual wallet of your choosing. The Service Provider aims to carry out the transfer without delay, nevertheless at the latest in three working days. You may also transfer Virtual Currency from an external virtual wallet to your User Account.

While doing withdrawals and transfers you are solely responsible for correctly providing all necessary information, such as the address information of a virtual wallet. The Service Provider accepts no responsibility of the possible damage caused by you providing incorrectly the information implied in this section.

You have no right to gain interest income on the assets on your User Account. In case the Service Provider has to pay interest related to the storing of the assets to the Service Provider’s client funds account providing credit institution (negative interest) such expenses will be collected from you by reducing your assets in euro in your User Account.

To prevent misconducts the Service Provider can place limits to transfers and withdrawals. These limitations are further explained in the “Supervision of misconducts” part of the Terms and Conductions.

5. Trading on the Website

You can buy and sell Virtual Currencies in the “Buy & Sell” view where the prices for selling and buying offered at any given time by the Trading Partner are displayed. The prices will update on regular intervals.

The prices displayed in the view include the fees of the Service Provider as well as those of the Trading Partner and you will not be charged any other fees. The fees applicable at any given time are announced at the Website.

In the “Buy & Sell” view you may choose which currency you want to buy and by which currency you want to pay. The trade will be concluded by clicking the “Execute trade” button. By clicking the button you will immediately accept the trade and a binding contract of the trade will simultaneously form. Your contracting party in a trade will be the Trading Partner. The Service Provider will not be a party in the trade. The conditions of the trade will be determined by the offer you accept. Finnish law will be applied to the contract between you and the Trading Partner.

The trade will be registered immediately at your User Account. You and the Trading Partner both accept that the trade has been instantly executed when it is registered at the User Account.

You are responsible that you fill all information correctly when you are trading. The Service Provider or the Trading Partner are not liable for any damage due to the fact that you have given erroneous information, for instance filled in the wrong value to the slot for the amount of Virtual Currency.

6. Technical errors

The prices displayed at the website may at times be incorrect due to technical error. Within three days of the trade, The Service Provider shall have the right to cancel a trade that has been concluded on the basis of incorrect price information. In case the Service Provider suspects a technical error has occurred the Service Provider shall have the right to immediately freeze your User Account which shall have the effect that withdrawals are not possible. Freezing of the User Account will cease at the latest when the Service Provider’s right to cancel a trade due to a technical problem will expire. The trade will not however be cancelled insofar as the assets on your User Account do not cover the amount of assets that would be refunded due to the cancellation. The amount of the refund will always be performed on the basis of the prevailing rate of exchange at the time of trade. The Service Provider or the Trading Partner do not accept responsibility on any part of incorrect prices possibly displayed or the possible damage caused by the cancellation of trades due to incorrect pricing.

7. Blockchain Split

In case the Blockchain that the Virtual Currency supported by the Service is based on is divided into two or more separate blockchains (“Blockchain Split” or “Fork”), The Service Provider shall have the right to decide which Blockchain and Virtual Currency the Service will support. The Service Provider aims to inform of its actions due to the division of a Blockchain it supports within a reasonable period of time. The Service Provider may for example (i) decide to not support a Fork at all or (ii) decide that the new virtual currencies created by a Fork shall be traded and converted into a virtual currency supported by the Service or (iii) decide that the Service shall fully support the new Virtual Currency, whereupon new virtual currencies would be registered to your User Account. In options (ii) and (iii) the expenses can be deducted from the amount of euros or virtual currency compensated to you. If there is any confusion of which Blockchain represents the original Virtual Currency after a Fork the Service Provider shall have the right to decide which Blockchain the Service shall support after the Fork and which Blockchain shall represent the original Virtual Currency.

As a user of the Service you accept that the decision made by the Service Provider might not in all cases be the one you were hoping for. You have no right to perform any demands due to the event described in this section or the actions taken or not taken by the Service Provider due this sort of event.

8. Information Security

The password created in order to use the User Account is your personal password and it is not permitted to disclose it to third parties. It is your responsibility to use your User Account safely and to store the password in a way that it will not be disclosed to third parties. You must immediately inform the Service Provider in case you become aware or you suspect that your password has been disclosed to a third party.

The Service Provider shall have the right to monitor the use of the User Account and the password and the Service Provider may at its sole discretion require you to change your password. The Service Provider may also set requirements for the password’s security and demand you to change your password on the terms that your password does not meet the requirements set by the Service Provider. The Service Provider shall also have the right to prevent the use of the User Account if it is deemed necessary at the Service Provider’s discretion due to reasons related to information security.

The instructions or tips on the Website or provided by other means by the Service Provider are not binding towards the Service Provider and do not necessarily ensure the information security of the Service.

The Service Provider never requests you to deliver your User ID or password other than when you are logging in to the User Account. Other requests concerning the User Account or revealing the password must not be answered even if the requests might seem originated from the Service Provider.

The Service Provider has the right to share information of you to the competent authority in case you commit actions that endanger the information security of the Service, the Website or other related systems.

9. Changes in the Service and in the Terms and Conditions

The Service Provider shall have the right to change or terminate, temporarily or permanently, the Service and the Website or a part of them or to restrict the use of the Service or the Website at any given time. The Service Provider aims to inform of essential changes to the Service in a reasonable amount of time prior to performing such changes, nevertheless at least 30 days before the change shall come into force.

The Service Provider shall have the right to alter the Terms and Conditions unilaterally at any given time. The Service Provider aims to inform of essential changes made to the Service in a reasonable amount of time prior to preforming such changes, nevertheless at least 30 days before the change shall come into force.

The Service Provider may transfer its rights and duties set forth in the contract to a third party at any given time without your consent by informing about the transfer 30 days before the transfer shall take place. You have no right to transfer the rights and duties related to the Terms and Conditions and the Service to a third party.

For weighty reasons, for example due to order by an authority, the Service Provider shall have the right to disregard the time limits for informing the changes stated in this section.

10. Disclaimers

While using the Service you acknowledge and accept that the value of Virtual Currencies may vary radically. The Service Provider or the Trading Partner offer no guarantees or advises on the value of the Virtual Currencies or the stability of the value. Due to the fluctuations your property may increase or decrease at any point of time and the Virtual Currency might even become valueless. Virtual Currencies are not currency put into circulation by central banks which means that central banks can not engage in activities in order to reserve the value of a Virtual Currency.

The Service does not include investment advice in any respect. Any communication by the Service Provider such as pricing information or other information about the Virtual Currency or for example the Service Provider’s decision to offer or not to offer certain Virtual Currency in the Service should not be interpreted to be a recommendation to purchase or not to purchase, sell or not to sell the Virtual Currency in question. Each purchase and sale decision is your own decision and the Service Provider does not have any responsibility of such decision or its consequences.

The Service Provider aims to maintain the Service and the Website functioning at all times but the Service Provider does not at any part guarantee the functioning and accessibility of the Service at any given time. The Service Provider aims to inform reasonably in advance in the event of premeditated maintenance breaks.

The purpose of the Service is that the Trading Partner constantly offers purchase and sales offers concerning Virtual Currencies. The Service Provider or the Trading Partner do not however guarantee that offers to purchase or to sell Virtual Currencies are constantly available in the Service.

The Service Provider is not responsible for any possible indirect damage, such as loss of revenue or profit or other consequential damages unless the Service Provider has caused the harm by gross negligence or by malicious act.

You shall be liable to compensate in full amount any damage caused to the Service Provider caused by your violation of these Terms and Conditions.

11. Supervision

The Service Provider has in place certain risk management procedures which the Service Provider uses to prevent the use of the Service and the Website for illegal purposes such as money laundering or financing of terrorism and other actions in violation of the Terms and Conditions.

In accordance with the above mentioned purpose the Service Provider shall, among other rights, have the right to restrict the amount you can transfer to the Service at once or during a period of time decided by the Service Provider. The restrictions and the applicable amounts are announced on the Website.

In the event that the Service Provider detects actions related to your User Account that imply illegal actions or actions in violation of these Terms and Conditions the Service Provider has the right to fully freeze your User Account and prevent you from using it. The Service Provider may also request for additional information such as more specific identification information in order to investigate the situation. The freezing of the User Account may continue at most 180 days or longer if there is a pending court proceeding concerning the matter or the freezing is justifiable due to official investigation or order or if you have failed to deliver the additional information the Service Provider has required or if the Service Provider has a reason to doubt that you do not have the right to possess the assets on the User Account whether in euro or in Virtual Currency.

The Service Provider also has the right to terminate the contract concerning your User Account immediately if the Service Provides deems that you have violated the Terms and Conditions or the law while using the Service and the Website.

12. Force majeure

The Service Provider is not responsible for not fulfilling its duties when this is due to a force majeure.

Any obstruction that is not dependable of the Service Provider’s actions and prevents the Service Provider from fulfilling its duties shall be considered to be a force majeure. Force majeure events include also the interruption of the network traffic, instability of the Blockhains the Service supports, interruptions in general distribution of electricity, payment transactions or telecommunications and the obstacles due to actions by authorities.

13. Contacts and Communication

You can contact the Service Provider at any time via e-mail at: support@northcrypto.com. The Service Provider shall without undue delay confirm that it has received the message and aims to answer you as soon as possible.

The e-mail address you provide while creating your User Account acts as your confirmed and qualified communication channel and you are deemed to have received all notifications delivered to that e-mail address.

14. Governing law

The Service and to the contractual relationship formed by the use of it is governed by the laws of Finland except the conflict of law rules that lead the application of any other law than the Finnish law. The Sale of Goods Act (355/1987) or the international Sale of Goods Act (1980 Convention on Contracts for the International Sale of Goods) are not applied.

All possible disputes due to this contract shall be heard by the District Court of Helsinki.