TERMS & CONDITIONS-LOTUS
INTRODUCTION
These Terms & Conditions ("Terms") govern your access to and use of the LOTUS platform (including the website and any other LOTUS products or services) ("Services"). The term ‘website’ as used in this Privacy Policy includes the LOTUS App and any other digital platforms or services provided by LotusX Technologies Private Limited. By using our Services, You (“your”, “user”, “the user”) agree to be bound by these Terms. If you do not agree to all of these Terms, please discontinue using this platform immediately and do not visit the platform again.
ABOUT US
LOTUS is a platform developed and operated by LotusX Technologies Private Limited ("LOTUS", "we", "us", “platform”), a company incorporated under The Companies Act, 2013.
ELIGIBILITY
You must be at least 18 years old and legally competent to enter into a binding contract with LOTUS to use our Services. By using our Website or/and Services, you represent and warrant that you meet all of these requirements.
SERVICES
LOTUS provides you with access to its dashboard, which allows you to engage in the exchange of fiat-to-crypto and crypto-to-fiat.
USING OUR SERVICES
1. Account Creation: You can access on-ramping & off-ramping services by signing up on our website. You may need to provide your personal details such as email address, mobile number and verify it using a One-Time Password (OTP) sent to your email or/and mobile number. Additionally, you will be required to complete LOTUS's Know-Your-Customer (KYC) process as and whenever required, by providing information to LOTUS to be in compliance with applicable Indian laws ("Applicable Laws").
2. Representations and Warranties: By using our Services, you represent and warrant that:
A. You shall comply with the Terms of Use.
B. All data, information, material, and documents provided to LOTUS must be accurate, true, and up-to-date. You agree to immediately notify LOTUS of any changes to the information provided.
C. LOTUS is not providing financial, investment, tax, or legal advice. By using the platform, you are solely responsible for your decisions and actions. The platform is not recommending any specific actions.
D. You are using our Services for lawful activities only.
E. You are complying with all applicable laws and regulations, including anti-money laundering laws.
F. Engaging in transactions on the LOTUS platform that is not prohibited by law in your jurisdiction.
G. You have not allowed any third party to use your account.
H. You are legally eligible to use our services under these Terms.
FEES AND PAYMENTS
1. You will be charged certain fees for each transaction you undertake on LOTUS. LOTUS reserves the right to modify the fees at any time, at its sole discretion. The fees will be displayed on the main payment page during each transaction.
2. LOTUS may be obligated to deduct a specific amount from your transaction amount for Tax Deducted at Source (TDS) as mandated by applicable Laws of India.
3. Before processing your order, you will see a detailed breakdown of the fees, applicable taxes, and gas fees. Your order will be processed only after receiving the full amount displayed.
4. You agree not to initiate chargebacks if LOTUS has successfully processed your order
NO REFUND AND NO CANCELLATION POLICY
1. Transactions on LOTUS are considered final and are non-refundable due to the irreversible nature of crypto transactions and the volatility of VDAs.
2. For any further questions regarding cancellations or refunds, please contact LOTUS support through email at support@lotus.sx
INTELLECTUAL PROPERTY
All the content on the LOTUS platforms are the sole intellectual property of LOTUS. You are granted a limited right to access the LOTUS platform for using the Services. You agree not to use LOTUS's intellectual property for any other purpose or attempt to reverse engineer LOTUS's platform. LOTUS may use third-party intellectual property to provide its services.
PERSONAL INFORMATION
LOTUS collects personal information as required by applicable Indian Laws and to comply with KYC obligations. This information may also be necessary for us to provide our services. This information is collected as per LOTUS's Privacy Policy & AML/KYC Policy available on the platform. By using our Services, you consent to LOTUS collecting this information. LOTUS may use this data to provide and improve its Services and share it with partners and government agencies as required by law.
SECURITY
You shall ensure that the information received to you by using the platform, including any personal information, is protected from unauthorised access or use and shall promptly report to LOTUS of any unauthorised access or use of such information to the extent required by applicable law. You must ensure secure operation of the LOTUS platform by employing reasonable security measures on your device. You shall shall report any security deficiencies or intrusions at legal@lotus.sx
INDEMNITY
You agree to indemnify LOTUS and its affiliates, agents, and employees from any fees, charges, legal proceedings (including litigation fees) , damages, or liabilities arising from your actions that violate these Terms & Conditions or applicable Indian Laws.
DISCLAIMER
1. Use at Your Own Risk: You acknowledge that you are using our Services at your own risk. LOTUS provides these Services on an "As-Is" and "As Available" basis without warranty of any kind, either express or implied. LOTUS does not warrant that the Services will be safe, uninterrupted, error-free, or protected against any hacks, cybercrimes, or other threats. LOTUS disclaims all other warranties, express or implied, including but not limited to the fitness, quality, performance, non-infringement, or purpose of the Services.
2. No Liability for Legal Changes: LOTUS is not liable for any changes in law that may render transactions on its platforms illegal.
3. No Financial Advice: LOTUS is merely providing technical infrastructure for these transactions and does not offer any financial or other advice. You undertake these transactions at your own risk.
4. Speculative Nature of Assets: You acknowledge the speculative nature of VDAs and understand the substantial personal risk involved in engaging in transactions. LOTUS does not make any representations or recommendations regarding the advisability of purchasing or selling VDAs.
LIMITATION OF LIABILITY
In no event shall LOTUS, its affiliates, agents, or employees be liable for any direct, indirect, incidental, special, consequential, or exemplary damages, including but not limited to, damages for loss of profits, goodwill, use, data, or other intangible losses, arising out of or related to the use or inability to use our Services, even if LOTUS has been advised of the possibility of such damages. Your sole remedy for any dissatisfaction with the Services is to discontinue your use of them.
MISCELLANEOUS
1. Sanctions Compliance: You agree that you are not on any sanction lists related to money laundering, terrorist financing, etc.
2. Nature of Funds: The money received by LOTUS is considered income in the ordinary course of business and not a deposit.
3. LOTUS shall not be held responsible for any failure, delay, or interruption in the provision of services arising from circumstances beyond its reasonable control, including but not limited to network failures, natural disasters, or governmental actions.
GOVERNING LAW & JURISDICTION
These terms shall be governed by and construed in accordance with the laws of India. Any disputes arising out of or in connection with these terms shall be subject to the exclusive jurisdiction of the courts of Bengaluru, Karnataka, India.
ENTIRE AGREEMENT
These terms shThese Terms constitute the entire agreement between you and LOTUS and supersede all prior or contemporaneous communications and proposals, whether oral or written.all be governed by and construed in accordance with the laws of India. Any disputes arising out of or in connection with these terms shall be subject to the exclusive jurisdiction of the courts of Bengaluru, Karnataka, India.
SEVERABILITY
If any provision of these terms is found to be invalid or unenforceable by Indian laws, such provision shall be deemed severable from the remaining provisions and shall not affect the validity or enforceability of such remaining provisions.
AMENDMENTS
LOTUS may amend these terms from time to time. You are solely responsible for reviewing these terms periodically for any updates. Your continued use of our Services after the effective date of any amendments constitutes your acceptance of such amendments.
CONTACT INFORMATION
1. If you have any questions or concerns about these Terms or our Services, please contact us at legal@lotus.sx
2. By using our platform or/and our Services, you acknowledge that you have read, understood, and agreed to be bound by these Terms & Conditions.
