Terms of Service DRB Panama Inc.

These Terms of Service will come into effect on 1st January 2025 for Deribit clients that are onboarded with DRB Panama Inc.

These Terms of Service (the “Terms”) were prepared in the English language. In case of any conflict, discrepancy or ambiguity between the English version and any translated version, the English version will prevail. 

These Terms constitute a legally binding agreement between you (“you” or “your”) and DRB Panama Inc (“DRB Panama”, “we”, “our” or “us”). These Terms apply to the Website and all of your use of the Website and your use of any of the Services (including - without limitation - any trade in the Products) offered by DRB Panama. These Terms also set out the terms and conditions pursuant to which DRB Panama, its agents and assigns may open and operate one or more accounts on your behalf for the purchase, sale or carrying of Products, which transactions are traded through the Platform or through any other Cryptocurrency Trading Platform, exchange, clearing system, virtual assets services provider or similar system or platform chosen by DRB Panama, at its sole discretion (the “Cryptocurrency Trading Platform”), that allows for the trading and clearing of Products or contracts similar to the Products.

Please read these Terms carefully before you use the Website or any of our services. If you have any questions, please contact us by sending an email to legal@deribit.com. By registering for a DRB Panama Account, accessing and using the Website and/or using any of our services in any manner, you acknowledge that you have read, understood and agree to these Terms, as updated and amended from time to time. 

If you do not understand and accept these Terms in their entirety, you should not register for a DRB Panama Account or access or use the Platform or any Service.

1. Definitions

1.1. Capitalized terms in these Terms shall have the following meaning: 

2. Services

DRB Panama enables you to conduct Orders in Products on an execution-only basis by means of the receipt and transmission of Orders through the Platform. After DRB Panama receives a valid Order from you through the Platform, DRB Panama will automatically and electronically send such Order for execution in its own name and for account and risk of you and risk of you to a Cryptocurrency Trading Platform. You can only provide Orders through the Platform.

3. Capacity

3.1. When you buy or sell Products on the Deribit Platform, you are contracting with Deribit, but you are not buying Products from Deribit or selling Products to Deribit

3.2. Deribit acts as an agent, acting on your behalf and on your counterparty’s behalf, to enable the purchase or sale of Products between you and other Deribit users, who are unknown to you.

4. General

4.1. Our website contains the applicable exchange membership terms and the exchange rulebook to the exchange in Dubai operated by Deribit FZE as well as these Terms for DRB Panama. Please note that to you, as a client of DRB Panama, only the Terms of DRB Panama apply. For the avoidance of doubt, the exchange membership terms and the exchange rulebook of Deribit FZE do not apply to the relationship between you and DRB Panama.

4.2. Risks: With our Services, we offer you the possibility to sell or buy Products for your own account and at your own risk. You acknowledge, agree and accept that trading Products entails a high financial risk and that there is additional counterparty risk because our Products are derivative contracts. You have the necessary experience and knowledge to understand the risks involved in our Products. You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading Cryptocurrency and our Products. You may lose all of the funds in your Account.

4.3. Unregulated broker: DRB Panama is not regulated by the Superintendencia del Mercado de Valores in Panama or any other regulator for its brokerage services. You acknowledge, agree and accept that you do business with an unregulated entity. 

4.4. No advice: At no time should any information provided in these Terms or on our Website be construed as financial advice or investment advice. We do not provide any opinion on the merits of any particular investment. Any information provided is for educational purposes and to keep investors informed of prices, ranges, and volatility of Cryptocurrency. 

4.5. None of the Services amount to any marketing, promotion, or offer for any product or investment to you or any third party. You are solely responsible for any losses, damages or costs resulting from your reliance on any data or information that DRB Panama may provide. You will make your own independent decision to access or use our Services. 

4.6. Restricted jurisdictions: The use of the Services is not allowed if you are located, incorporated or otherwise established in, or a resident of: (i) the United States of America; (ii) the Republic of Panama; (iii) any other jurisdiction designated as a restricted area on our Website (as amended from time to time); (iv) a jurisdiction where it would be illegal for you to access or use our Platform or use our services; or (v) a jurisdiction where it would be illegal for us to provide you access to our Platform or use our services. If you are a resident of or are operating from a restricted jurisdiction, as defined in this article, we have the right to terminate your Account with immediate effect, without us being liable for any damages this might entail. 

4.7. Updates: You agree that we have the right to amend, supplement, modify, or change these Terms, from time to time. We will notify you about important amendments to our Terms in advance on the Platform and/or per email. The amended Terms will apply to our legal relationship at the earliest of: when you accept the amended Terms; when you keep using our Services after you have been informed about our updated Terms; or one month after our notification of the amended Terms. If you do not agree with the amended Terms, your sole remedy is to terminate the use of the Platform and our Services. 

5. Our Platform

5.1. Custody of Cryptocurrency: subject to applicable law, where DRB Panama provides Cryptocurrency custody services for you, any Cryptocurrency held and stored on your behalf and on behalf of other members shall be segregated from DRB Panama's own Cryptocurrency. 

We may hold your Cryptocurrency in our custody either directly in our Wallets, or indirectly with one or more third party custodians, including in omnibus wallets of group entities.

5.2. Availability: We will do our utmost to ensure that the Platform is available at all times, but we may not always be able to prevent down time or limited functionality of the Platform. You agree and accept that i) we do not guarantee the continuous availability of the Platform or any Cryptocurrency Trading Platform; and ii) the Platform has the functionality as available during your use (‘as is’). We will remedy any bugs and other defects and make available updates of the Platform at our sole discretion and on a best-efforts basis. 

5.3. Unavailability errors: As the use of our Services is at your own risk, you acknowledge that we are not responsible for any errors, delays, communication failures and other malfunctions of the Platform or any Cryptocurrency Trading Platform, and that the consequences of such malfunctions shall be for your own account. 

5.4. Changes and restrictions: We are at any time entitled to i) make functional, procedural or technical changes or improvements to the Platform; and ii) to (temporarily or permanently) limit or remove functionalities of the Platform, terminate the Platform entirely or to restrict the use of the Platform, without becoming liable to you. 

5.5. Accuracy of information: We do our utmost to offer correct and up to date information on our Platform or any Cryptocurrency Trading Platform, including – without limitation - market information. However, you acknowledge and accept that such market data may not be accurate and that the use of the market data when trading Products shall be at your own risk.  

6. Your Use of our Services

6.1. Account: To be eligible to use our Services, you need to create an Account by submitting the details requested in our Account creation form. You warrant that the information you provide is correct and up to date and you will notify us of any material changes to the information you have provided us when applying for an Account. 

6.2. Verification: You acknowledge and accept that we may be required to perform additional checks from time to time to verify your identity and the business relationship, including, but not limited to, by means of a copy of a valid identification document and/or proof of residential address. You warrant that the information you disclose in this respect is at all times correct, authentic and up to date. We reserve the right to suspend, terminate or limit your right to use our Services (which may include imposing trading limits) until we have verified your identity or if the results of our identity verification process give rise to such measures. 

6.3. Account Security: The login credentials to access your Account are strictly personal. You are solely responsible to keep your login credentials, 2FA-tokens, and other Account login details confidential. 

At all times, you shall maintain adequate security and control of all of your Account IDs. You are responsible for taking the necessary security measures (or ensuring that your Permitted Users take such measures) to protect your Account and to keep your Account ID secure, including by:

a) strictly abiding by all of our mechanisms or procedures;

b) creating a strong password and unique password for the Account and maintaining security and control of your Account IDs;

c) keeping the Email Account and telephone number (if applicable) provided to us up to date in order to receive any notices or alerts that we may send you;

d) never allowing remote access or sharing your device and/or device screen with someone else when you are logged on to your Account;

e) remembering that under no circumstances will we ask you to share your passwords or 2-factor authentication codes; and

f) logging out from the Account at the end of each visit.

You must keep the Email Account and Account IDs secure against any attacks and unauthorised access. You must notify us immediately if you have knowledge or have reason for suspecting that the security of your Account has been compromised or if there has been any unauthorised use of your Email Account. 

6.4. Use of your Account: You are at all times responsible and liable for any use of your Account, including (unauthorized) trading activity by a third party. You acknowledge and accept that we may not be able to undo transactions executed by a third party through your Account. 

6.5. Using the Wallet on our Platform or any Cryptocurrency Trading Platform is at all times at your own risk. We are not liable for loss of Cryptocurrency stored in your Wallet or transferred to or from your Wallet, including, but not limited to, unauthorized access by a third party, loss or violation of your private key or transferring Bitcoin to an Ethereum address. 

6.6. Use of Market Data: The use of Market Data and/or Derived Data is for personal use only. You are not allowed to aggregate, resell, publish, forward or in any other way process Market Data and/or Derived Data (except for personal use) without explicit approval from us. In case you wish to make use of this Market Data and/or Derived Data for any non-personal use, please contact info@deribit.com.  

6.7. Agent: You appoint DRB Panama as your agent for the purposes of carrying out your directions and instructions that you give to DRB Panama in accordance with these Terms, including all instructions you input or deliver via the Platform. You authorize DRB Panama to open or close your Account, place and withdraw orders and take such other steps as are reasonable to carry out your instructions or directions. You understand DRB Panama may provide trading and brokerage services through Cryptocurrency Trading Platforms and you agree to receive and transmit financial information and instructions through electronic means via the Platform.

6.8. Cryptocurrency Trading Platform: DRB Panama may enter into agreements with any Cryptocurrency Trading Platform whereby DRB Panama may open an account with a Cryptocurrency Trading Platform for your benefit and/or on your behalf and will give to any such Cryptocurrency Trading Platform orders for the purchase, sale or holding of Products that would be credited to such account for your benefit and/or on your behalf, and the Products would trade on the Cryptocurrency Trading Platform and will clear and settle in accordance with the rules, terms and conditions of the Cryptocurrency Trading Platform including margin requirements. 

You agree that any such Cryptocurrency Trading Platform may accept from DRB Panama, without inquiry or investigation, (i) orders for the purchase or sale of Products for your benefit and/or on your behalf, or (ii) any other instructions concerning you or any Products in your Account.

Any Cryptocurrency Trading Platform shall look solely to DRB Panama unless otherwise directed by DRB Panama, and not to you, with respect to any such orders or instructions. The Cryptocurrency Trading Platforms will deliver confirmations, statements, and all written or other notices directly to DRB Panama with copies to or made available to you, and that Cryptocurrency Trading Platform will look directly to DRB Panama for delivery of margin, payment, or cryptocurrencies. You understand that DRB Panama may use the funds in your Wallet for delivery of margin, payment, or cryptocurrencies. 

You agree to hold any Cryptocurrency Trading Platform harmless from and against any losses arising in connection with the delivery or receipt of any such communication(s).

6.9. Omnibus Account: You authorize DRB Panama to open and keep one or multiple omnibus accounts with any Cryptocurrency Trading Platform where your Cryptocurrency and Products will be pooled with the Cryptocurrency and Products of other users of DRB Panama. You authorize DRB Panama to trade, manage, and hold Products in the omnibus account on your behalf.

You grant DRB Panama full trading authority for Products transactions in the omnibus account. DRB Panama may buy, sell, exchange, or otherwise trade Products in the omnibus account as it deems appropriate. You expressly acknowledge the following: (i) You agree and authorize that DRB Panama may submit orders to a Cryptocurrency Trading Platform and enter into transactions on any such Cryptocurrency Trading Platform your behalf, and (ii) each time DRB Panama submits and order in a Cryptocurrency Trading Platform, DRB Panama does it on your behalf.

You agree to comply with all applicable laws, regulations, and rules regarding trading of Products and management of the omnibus account. DRB Panama shall provide you with periodic account statements, detailing the account's transactions, holdings, and other relevant information.

6.10. Orders: Any instruction or order given for your Account, including via the Platform or using your Account username or password, will be treated as being from you and fully authorized by you. You agree that DRB Panama shall be entitled (but not required) to act upon any instructions given by you so long as DRB Panama reasonably believes such instruction was actually given by you. You instruct and authorize DRB Panama to rely on such instruction or order without further inquiry and agree that DRB Panama will not be liable for doing so.

You agree not to allow any person access to your Account, your Account username or password, or permit any other person to give orders or instructions on your Account to DRB Panama, without the prior consent of DRB Panama. If any other person has access to your Account, your device, your Account username or password, that is solely at your own risk. DRB Panama may execute your orders on any exchange or market.

DRB Panama reserves the right to require full payment in cleared funds prior to the acceptance of any order. You agree to pay for purchases immediately or on DRB Panama’s demand. In the event that you fail to provide sufficient funds, DRB Panama may, at its option and without notice, (i) charge a reasonable rate of interest, (ii) liquidate the Property subject of the buy order, or (iii) sell other Property owned by you and held in your Account. DRB Panama may also charge any consequential loss to your Account or, in the event the funds in the Account are insufficient, to you in person. 

6.11. Review of Confirmations and Statements: You agree that it is your responsibility to review order execution confirmations and statements of your Account promptly upon receipt. These documents will be considered binding on you unless you notify us of an objection within two days from the date confirmations are sent or within ten days after Account statements are sent.

Such objections must be in writing. In all cases, DRB Panama reserves the right to determine the validity of your objection. If you object to a transaction for any reason, you understand and agree that you are obligated to take action to limit any losses that may result from such transactions and that you will bear sole responsibility for any losses relating to the transaction, even if your objection to the transaction is ultimately determined to be valid. Nothing in this clause shall limit your other responsibilities in these Terms.

7. Products

7.1. Products: You can only trade the Products that are available for trading on our Platform or an Cryptocurrency Trading Platform, as well as send Orders to DRB Panama for the purchase, sale or carrying of Products through our Platform or a Cryptocurrency Trading Platform at the time you use the Platform. We reserve the right to add and remove Products to and from our Platform at our sole discretion. Although we will do our best to inform you timely before removing a Product from our Platform, we reserve the right to do so without prior notice. You can only send Orders to DRB Panama for the purchase, sale or carrying of Products through a Cryptocurrency Trading Platform if the products are also available on the Platform. 

7.2. Cryptocurrency: The Cryptocurrency we support for the Products we offer may change from time to time. We reserve the right to terminate support of a Cryptocurrency on our Platform at our sole discretion. Although we will do our best to inform you timely before removing a supported Cryptocurrency from our Platform, we reserve the right to do so without prior notice. 

7.3. Consequence of removal: If we remove a Product or Cryptocurrency from our Platform (or if a Product is removed from an Cryptocurrency Trading Platform by the operator of such platform), any outstanding Order will be canceled. You will be given the opportunity to withdraw the Cryptocurrency from your account. 

7.4. Product terms & policies: Additional terms and contract specifications per Product apply, which terms and policies are available in the Knowledge Base on our Website. By placing an Order, you accept the terms and contract specifications that apply to the relevant Product. 

7.5. Funds: You can only place an Order if you have sufficient funds in your Wallet or have a sufficient margin balance available for trading. From time to time, at our sole discretion, we are entitled to adjust margin requirements that may result in a different available margin balance. 

7.6. Amending margin requirement: We may change the margin requirements including the rate used to determine the margin requirement at any time, without notice, according to market conditions.

8. Trading

8.1. No refunds: Placing Orders and making Trades is at your own risk. Any Trade you make, whether on purpose or by mistake, is final and cannot be reversed. No refund of any Trade shall take place. 

8.2. Reversing/adjusting Trades: We reserve the right to reverse a Trade or adjust the price of a Trade that we regard as being abnormal in respect of the price level to be expected from an orderly market, without being liable for any damages resulting from such reversal or adjustment. 

8.3. Trading pause: We reserve the right to halt or limit the possibility to place Orders or make Trades on the Platform or on a Cryptocurrency Trading Platform, without being liable for any damages resulting from halting or limiting trading. 

8.4. Trading restriction: We reserve the right to (i) limit your right to place Orders; (ii) cancel Orders; (iii) delta hedge your Positions via futures and perpetual Trades; (iv) opening new Positions to reduce the risk in your Account; and/or (v) partially or entirely close any or all of your Positions. The latter includes, but is not limited to, a Position that is profitable and/or a Position that does not breach any margin requirements. We can do this -without limitation- in order to reduce or close counterparty Position(s) that have breached the margin requirements. We are not liable for any damages that you might incur due to such measures. In the event we close any Position of you on basis of this clause, we can determine the price you will receive for the Product of which the Position is closed at our sole discretion, but in principle, this will be the Mark Price. 

8.5. Forced deleveraging: Under extreme market circumstances, in order to protect the integrity of DRB Panama, the Platform or a Cryptocurrency Trading Platform, we reserve the right to partially or entirely close your Position(s) to be able to close positions of counterparties to help prevent counterparty bankruptcies, where the liquidity in the market is not enough to take over positions of counterparties that are on the verge of bankruptcy or already bankrupt. (Bankruptcy is defined in 7.7 below). In the event we close any Position on the basis of this clause, we can determine the price you will receive for the Product of which the Position is closed at our sole discretion, but in principle this will be the Mark Price. In case of liquidation on the basis of this clause, whether or not any compensation from the Insurance Fund will be provided will be determined by us at our sole discretion.

8.6. Liquidation: If your available funds are insufficient for your Position(s), then your Position(s) will be incrementally closed against the then-available prices in the market until your funds are sufficient for the remainder of your Positions, in accordance with the applicable terms and policies for the relevant Product. 

8.7. Bankruptcy: If your Positions have been liquidated and the amount of Cryptocurrency in your Wallet is insufficient to cover your (additional) losses, your Account is bankrupt. We will reset the balance of the relevant Cryptocurrency in your Account to zero by transferring funds from the Insurance Fund to your account. 

8.8. Insurance Fund: The fund that will be used to cover for losses of bankruptcies. The balance of the Insurance Fund and terms that apply are available on our Website. If bankruptcies in a session deplete the Insurance Fund, any further losses will be covered by profits made by traders on the Platform on a pro-rata basis. In such a case, all winning traders of a session would get taxed a percentage on their profits to cover for the bankruptcies of other Accounts.  

9. API

9.1. Use & Availability: you acknowledge and accept that the API may not be available at all times. We are not responsible for any wrong Orders or other incorrect actions on our Platform when using our API.

9.2. Costs: Upon notifying you in advance, we are entitled to amend the fees that apply to the use of our API. 

9.3. Discontinuation: We reserve the right to, without prior notice, terminate the support of the API and to limit or suspend the functionality thereof.  

10. Fees & Withdrawals

10.1. Fees: You acknowledge and agree that fees will apply when you use our Services. Depending on the type of Trade you conclude, we will charge a transaction fee or grant a transaction rebate, which will be deducted from or added to the value of the Trade. The applicable fees and rebates per Product and per type of Trade may be amended from time to time and are available on our Website. 

10.2. Withdrawal: You may withdraw your available Cryptocurrency from your Wallet, provided that i) your withdrawal request exceeds the minimum withdrawal requirement as communicated on the Platform; and ii) your available margin balance remains sufficient to uphold your Positions. The fee for a withdrawal depends on the current state of the network of the Cryptocurrency. We are not responsible, nor liable, for any fees that may apply to your withdrawal request or otherwise alienate Cryptocurrency from your Wallet. Except as required by facially valid court order, we will not sell, transfer, loan, hypothecate or otherwise alienate or encumber Cryptocurrency in your Wallet unless specifically agreed with you. 

10.3. Delay: You acknowledge and accept that we may not be able to immediately execute any withdrawal request (for instance due to offline storage of Cryptocurrency). We use reasonable efforts to execute a withdrawal request within 72 hours. We are not liable for any damages incurred due to a delay in executing your withdrawal request. 

10.4. Withdrawal freeze: We may suspend a withdrawal request and/or limit your right to withdraw Cryptocurrency for a period of time, for instance, if we are required to investigate a request or suspect a violation of these Terms, applicable law or other applicable terms, or to comply with the terms of any facially valid subpoena or other judicial order.  

11. Liability

11.1. Limitation of liability: If we are liable as a result of an attributable breach of our obligations, an unlawful act or otherwise, our liability will be limited to compensation of only your direct damages to a maximum of the fees paid by you to us during the six (6) month period prior to the cause of such liability. 

11.2. Indirect damages: Any liability of us for damages other than direct damages (“indirect damages”), including – but not limited to – consequential damages, loss and/or damage of data, loss of profits, business opportunity, revenue or goodwill as well as lost Trades or sales, is excluded. 

11.3. Unavailability: We are not liable for any damages you may incur due to (parts of) the Platform, any Cryptocurrency Trading Platform or the API being (temporarily) unavailable. 

11.4. No limitation: The limitations and exclusions of liability mentioned in the preceding paragraphs of this article will lapse if and in so far as the damages are the result of our intentional or willful recklessness. 

11.5. Notice of liability: In no event, we shall be liable to pay any compensation for your damages before you have reported the damages to us in detail. Any claim for compensation will lapse if you have failed to report such claim to us within three months after such damages arising.  

12. Force Majeure

12.1. Force Majeure: any event beyond our reasonable control, such as – but not limited to – flood, extraordinary weather conditions, earthquake, or any other Act of God, fire, war, insurrection, riot, labor dispute, accident, the action of government, failure of our suppliers to comply with their obligations, a communications failure (including internet), power failure, or equipment or so ware malfunction shall qualify as a “Force Majeure Event”. 

12.2. Excused Performance: Any non-performance from our side that is the result of a Force Majeure Event shall not be attributable to us. 

12.3. No liability: We shall not be liable for any damages which we could not prevent due to a Force Majeure Event.  

13. Warranties & Indemnification

13.1. Your warranties: When using your Account and/or the Platform you represent and warrant that: 

a) you have accepted our Terms; 

b) you are at least 18 years old (or at least the age to enter into legally binding contracts in your jurisdiction, when higher) and have the capacity to create an Account and use the Platform;

c) you have full power, authority, and capacity to (i) access and use the Platform and/or the Services; and (2) enter into and deliver, and perform your obligations under these Terms and any agreement entered into pursuant to, or in connection with, these Terms;

d) all consents, permissions, authorisations, approvals and agreements of third parties and all authorisations, approvals, permissions, consents, registrations, declarations, filings with any Regulatory Authority, governmental department, commission, agency or other organisation having jurisdiction over you which are necessary or desirable for you to obtain in order to (i) use our Services and (ii) enter into and deliver, and perform the Trades contemplated under these Terms and any agreement entered into pursuant to, or in connection with, these Terms, have been unconditionally obtained in writing, disclosed to us in writing, and have not been withdrawn or amended;

e) these Terms and any agreement entered into pursuant to, or in connection with, these Terms constitute valid and legally binding obligations, enforceable against you in accordance with their respective terms;

f) you are not a resident or representative of an entity in the sense of Article 3.4 of these Terms; 

g) if you are using our Platform on behalf of your organization, you are authorized to do so. The relevant organization will be liable for your actions, including any breach of these Terms; 

h) you, or any party affiliated to you, are not in any way sanctioned by or under investigation in relation to an -money laundering laws, counterterrorism financing laws, anti-corruption laws, economic sanctions laws or related regulations; 

i) you will not use the Website or API in any way that causes, or may cause, damage to the Website, the Platform or impairment of the availability or accessibility of the Website and/or the Platform, or in any way which is unlawful, illegal, fraudulent or harmful, or in connection with any unlawful, illegal, fraudulent or harmful purpose of activity; 

j) Neither the entry into these Terms, the placing of any Order or the giving of any other instruction will violate any law applicable to you (in particular any US laws, tax laws, market abuse laws or insider dealing laws);

k) you will not use the Website or API to copy, store, host, transmit, send, use, publish or distribute any material which consists of, or is connected to, any spyware, computer virus, Trojan horse, worm, keystroke logger, rootkit or other malicious computer software; 

l) you will not perform any (distributed) denial of service or other malicious attacks, or conduct any systematic or automated data collection activities (including without limitation scraping, data mining, data extraction and data harvesting) on our systems; 

m) you will only deposit in your Account, trade and withdraw Cryptocurrency from your Account that are your own and that have been legally obtained by you; 

n) the Cryptocurrency deposit addresses and withdrawal addresses you have provided to us are your own and that you have full control over these addresses; 

o) you are aware of the risks using our Platform, including, but not limited to, high volatility risk of Cryptocurrency and the fact that you may lose all your Cryptocurrency in your Account if the market moves against you; 

p) you will at all times comply with applicable laws and regulations; 

q) you have knowledge and experience in trading the Products we offer and are aware of the risks related to our Platform and services, including losing all the Cryptocurrency you deposit in your Wallet; 

r) you will not be involved or initiate any form of market manipulation, including spoofing orders or otherwise; 

s) the information and documents you provide are correct, genuine and up to date. 

13.2. You shall indemnify, hold harmless and defend us from any claim, demand or penalty (including - without limitation - attorneys’ fees and any fines, fees, or penalties imposed by any Regulatory Authority) arising out of or in connection to your use of the Platform, breach of these Terms, your violation of any law, rule, regulation or the rights of any third party.   

14. Privacy and Data

14.1. Use of personal data: You give your prior, informed, unequivocable, and traceable consent for the treatment of your personal data to us, in which case we will act as the data controller. We may share your personal data with third parties, including affiliates, which in said case, we must comply with the applicable security measures and legal obligations under Law 81 of 2019 and Executive Decree 285 of 2021 (as such norms may be amended from time to time), which regulate personal data in Panama. You may exercise your ARCOP rights (access, rectification, cancellation, opposition, and portability) of your personal data, at any time of the treatment, subject to the applicable law. We will at all times treat your personal data in accordance with our Privacy Policy. You authorize us to process your personal information in accordance with our Privacy Policy.

14.2. Data Sharing with Regulatory Authorities: By using our Services, you expressly consent to the sharing of your data with regulatory authorities. This may include, but is not limited to, sharing information with government agencies or other authorized bodies for compliance with legal obligations, investigations, or regulatory requirements.

14.3. By using our Services, you acknowledge and agree that we may share your data with third parties to ensure compliance with the travel rule and other applicable laws and regulations.

15. Intellectual Property Rights

15.1. Ownership: The Intellectual Property Rights in relation to our Platform, are held by us or our licensor(s). Nothing in these Terms may be construed to constitute a transfer of Intellectual Property Rights from one party to the other. 

15.2. License: Under the condition that you comply with these Terms, you are granted a non-exclusive, non-sublicensable and non-transferable right to access and use the Platform, including our Website, your Account and all materials made available on our Platform for your own personal use and to the extent required for your use of our services only.  

16. Suspension & Termination

16.1. Termination by you: You are entitled to terminate your agreement with us by sending an email to the address provided on our Website. 

16.2. Suspension: if we suspect that you have breached these Terms, applicable law and/or the trading terms provided on our Website, we may temporarily suspend your Account and limit your trading. We are entitled to limit your right to place Orders, cancel Orders and/or close your Positions during this investigation. Deposits or withdrawals of Cryptocurrency may be limited by us. We are not liable for any damages you may incur due to such measures. 

16.3. Termination by us: We reserve our rights to terminate your Account at any time and without stating reasons. Unless we are required otherwise by applicable law or a judicial order, we will provide a notice period of seven days before your Account is terminated. During this notice period you will be able to close your Positions and withdraw Cryptocurrency from your Wallet. After the notice period has lapsed, we are entitled to immediately close any Positions that may still be open and return any remaining Cryptocurrency to you. We will not be liable for any damages you may incur due to us invoking our right to terminate your Account. 

If DRB Panama discontinues your Account or any services related to your Account, you agree that DRB Panama is authorized to: (i) liquidate any products in your account and send any net proceeds after satisfying any pending obligations, if any and, (ii) close your Account. 

16.4. Survival: The provisions of these Terms that are constituted to survive termination of our agreement shall remain applicable in case of termination of such agreement, including, but not limited to, the following articles: Article 2, Article 3, Article 4, Article 11, Article 12, Article 13, Article 14, Article 16, Article 17, Article 18 and Article 19. 

17. Enforceability

17.1. Enforceability: If at any time any provision of these Terms is or becomes illegal, void or invalid, such invalidity shall not affect the validity of the remainder of the Terms. We will replace such invalid provision by such other provision which, being valid in all respects, shall have an effect as close as possible to that of the replaced provision.  

18. No Waiver

18.1. Any failure or delay by us to enforce any provision of these Terms or to exercise any right under these Terms will not be construed as a waiver to any extent of our rights.

19. Other

19.1. Links to third-party websites (including, without limitation, content, materials, and/or information in the third-party websites) may be provided as a convenience but they are not controlled by us. You acknowledge and agree that we are not responsible for any aspect of the content, materials, information or services contained in any third-party websites accessible or linked from the Platform. 

19.2. We may, from time to time, suspend access to your Account and/or the Services, for both scheduled and emergency maintenance. We will make reasonable efforts to ensure that Trades on the Platform or any Eligible are processed in a timely manner, but we make no representations or warranties regarding the amount of time needed to complete processing, which is dependent upon many factors outside of our control.

19.3. You are responsible for obtaining the data network access necessary to use the Services. You are responsible for acquiring and updating compatible hardware or devices necessary to access and use the Services and any updates thereto. DRB Panama does not guarantee that the Services, or any portion thereof, will function on any particular hardware or devices.  The Services may be subject to malfunctions and delays inherent in the use of the internet and electronic communications.

20. Governing Law

20.1. Governing law: These Terms and all of the agreements to which these Terms apply are governed by the laws of the Republic of Panama. 

20.2. Disputes, conflict, controversies or claims of any kind in connection with these Terms and/or your use of our Services, whether arising out your use of the Platform, the Products, or otherwise, shall be subject to the sole and exclusive jurisdiction of the Courts of Panama, without regard to Panamanian choice of law principles.  No other Court or Dispute Resolution Forum shall have jurisdiction over disputes between us or claims by you against us. 

20.3. We reserve the right to follow up on court orders and to provide information to law enforcement agencies globally if we receive a request from such a law enforcement agency. We require that the request of a law enforcement agency is accompanied by an appropriate legal process. For example, production orders, search warrants, freezing orders, seizure orders and subpoenas, but also requests for voluntary disclosure of data may all amount to legal process. 

The latest changes to these Terms were made on 19 September 2024.