PLEASE READ THESE TERMS AND CONDITIONS BEFORE USING THE SERVICE
These Terms and Conditions are entered into between you and the service operator, Forestcoin Limited (“We” or Us”). The following Terms and Conditions, together with any documents they expressly incorporate by reference, govern your access to and use of the www.forestcoin.earth or www.exchangeforest.com Websites (the “Website”), the Forestcoin or Exchange Forest mobile applications (the “App”), digital wallets or node software, or any other current or future system (hereinafter collectively referred to as the “Service”), as provided to you.
We reserve the right to modify or change the terms and conditions of the agreement at any time and at its sole discretion. Forestcoin will provide notice of these changes by updating the revised Terms and Conditions on the Webpage (https://forestcoin.earth/terms-of-use) and changing the “[Last revised]” date on this page. Any and all modifications or changes to the Terms and Conditions will be effective immediately upon being announced on the Website, App, digital wallets or node software, or any other current or future system, or released to users. As such, your continued use of the Service acts as acceptance of the amended agreement and rules. You are advised to review these Terms and Conditions periodically so that you are aware of any modifications, as they are binding on you.
If We believe that the modifications are material, we will notify you of the changes by posting a notice on the Website, App, digital wallets or node software, or email you at the email address provided to Us by you, and as We may deem appropriate. What constitutes a material change will be determined by Us, at our sole and absolute discretion.
1. Use of the Service
You shall use the Service pursuant to the provisions of these Terms and Conditions.
You may use the Website, App, digital wallets or node software, only for lawful purposes and in accordance with these Terms and Conditions. You agree not to use the Website, App, digital wallets or node software:
- In any way that violates any applicable local or international law or regulation (including, without limitation, any laws regarding the export of data or software);
- For the purposes of exploiting, harming or attempting to exploit or harm minors in any way by exposing them to inappropriate content, asking for personally identifiable information or otherwise;
- To send, knowingly receive, upload, download, use or re-use any material which does not comply with these Terms and Conditions;
- To furnish false, inaccurate or misleading information, enter into fraudulent interactions or transactions with Us or any third party (including by entering into interactions or transactions purportedly on behalf of a third party where you have no authority to bind that third parry or by using a false or fictitious identity);
- To transmit, or procure the sending of, any advertising or promotional material without our prior written consent;
- To engage in or encourage any conduct or make any statement which is or likely to be considered a criminal offence, give rise to civil liability, or otherwise be contrary to the law of or infringe the rights of any third party in any country in the world;
- To affect us adversely or reflect negatively on Us, the Service, our goodwill, our trade mark(s), our name or reputation or cause duress, distress or discomfort to Us or anyone else, or discourage any person from using all or any portion, features or functions of the Service;
- To use the Service to send, post, or otherwise communicate any content which is offensive, indecent, threatening, abusive, insulting, harassing, defamatory, libellous, inflammatory, deceptive, fraudulent, tortious, profane, invasive of another person’s privacy, or otherwise offensive to any individual or group;
- To upload to, or transmit through the Service any data, file, software or link that contains malicious codes or redirects to a virus, Trojan Horse, worm, spyware or other harmful programs;
- To use any scraper, robot, bot, spider, crawler or any other automated device or means to access, acquire, copy or monitor any portion of the Service, or any data found or accessible through the Service;
- To interfere with, or disrupt the integrity or the performance of the Service;
- To use our proprietary information or interfaces or other intellectual property in the design, development, manufacture, licensing or distribution of any application, accessories or devices for use with the Service;
- To engage in any other conduct that restricts or inhibits anyone’s use or enjoyment of the Website, App, digital wallets or node software.
- To initiate, engage in or effect a transaction that may be in breach of all applicable anti-money laundering laws, rules and regulations in New Zealand and similar laws in all other applicable jurisdictions, including but not limited to transferring funds for terrorist financing, money laundering, tax avoidance and other illegal activities.
The information presented on or through the Website, App, digital wallets or node software is made available solely for general information purposes. We do not warrant the accuracy, completeness or usefulness of this information. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to the Website, App, digital wallets or node software, or by anyone who may be informed of any of its contents.
No one in the Forestcoin community, or any of it is founders, developers or contributors, support using Forestcoin in any illegal activities. The use of Forestcoin is not illegal in most jurisdictions. However, some jurisdictions may impose limitations on the use of cryptocurrencies so users in those jurisdictions should consider this before using Forestcoin. You act at your own risk in reliance on the contents of the Website, App, digital wallets or node software. If in doubt, please contact a local attorney to avoid doing anything that could be considered illegal in your jurisdiction. The content of this Website, or any communication from anyone in the Forestcoin community, its founders, developers or contributors, does not constitute legal or investment advice. You should exercise due diligence and use your own judgement based on research from multiple information sources before using Forestcoin.
2. Description of services
Forestcoin Limited issues Forestcoins to users in return for them:
- planting a tree, subject to other Forestcoin users having inspected and assessing the tree planting as being legitimate,
- Inspecting and approving other user’s tree plantings,
- referring new users who plant trees,
- operating a node
Users may also use
- the peer to peer network to transfer Forestcoin to other registered users,
- the cryptocurrency exchange to buy, sell and trade cryptocurrency
- the merchant facilities to accept Forestcoin as payment and receive immediate conversion to another cryptocurrency
3. Coins are gift
The user acknowledges that coins issued to users by Forestcoin Limited are a gift and do not constitute a payment from Forestcoin Limited to the user for services rendered by the user either as a supplier or an employee. Forestcoins have no intrinsic value and have no promise, obligation or lien associated with them. Any use of the words “earn coins”, “coin reward”, “pay coins” or similar wording in Forestcoin systems will be interpreted meaning a gift from Forestcoin to the user.
4. Registration and Account
In order to access and use certain features on the Website, App, digital wallets or node software, you must create an account with Forestcoin (“Account”). You agree to: (a) provide accurate, current and complete information when creating or updating an Account; (b) maintain and promptly update your Account information; (c) maintain the security and confidentiality of your login credentials and restrict access to your Account and your computer; (d) promptly notify Us if you discover or otherwise suspect any security breaches related to the Website, App, digital wallets or node software; and (e) take responsibility for all activities that occur under your Account and accept all risks of unauthorised access.
Please note that our Service does not address anyone under the age of 18 (“Minors”).
4.a. Registration – Step 1 – account registration
Completing step one in the user registration process will allow you to receive Forestcoins from Forestcoin for
- planting a tree, subject to other Forestcoin users having inspected and approved the tree planting,
- Inspect and approving other user’s tree plantings,
- referring new users who plant trees,
- operating a node
Your wallet will be frozen and you will not be able to send Forestcoins to other users, nor will you be able to receive Forestcoins from other users until the you have successfully gone through User Identity Verification in Step 2. In some limited circumstances we may enable the unlocking of your Forestcoin wallet and Exchange Forest account prior to User Identity Verification, however trading restrictions will apply.
4b. Registration – Step 2 – User Identity Verification
By initiating User Identity Verification, you agree to share personal information requested for the purposes of identity verification. This information is used specifically for the detection of money laundering, terrorist financing, fraud and other financial crimes on the Forestcoin platform. In addition to providing this information, to facilitate compliance with global industry standards for data retention, you agree to permit Us to keep a record of such information for the lifetime of your account plus 10 years beyond account closing. You also authorise Us to make inquiries, either directly or through third parties, that are deemed necessary to verify your identity or to protect you and/or Us against financial crimes such as fraud.
The Identity Verification information We request may include, but is not limited to, your:
- Contact Information,
- Telephone Number,
- Government Issued ID.
In providing this required information, you confirm that it is accurate and authentic. Post-approval, you must guarantee that the information is truthful, complete and updated in a timely manner with any changes. If there is any reasonable doubt that any information provided by you is wrong, untruthful, outdated or incomplete, Forestcoin shall have the right to send you a notice to demand corrections, remove relevant information directly and, as the case may be, terminate all or part of the Service to you. You shall be solely and fully responsible for any loss or expenses incurred during the use of the Service. You hereby acknowledge and agree that you have the obligation to keep all information provided up to date if there are any changes.
After successful User Identity Verification your wallet will be unlocked and you will be able to send Forestcoins to other users, and receive Forestcoins from other users who have successfully gone through User Identity Verification.
Depending on certain conditions and at our sole discretion, we may refuse to approve your User Identity Verification. Should this happen then any Forestcoin in your wallet and any other cryptocurrency in your Exchange Forest account will be locked and will not be transferred anywhere.
5. Anti-money laundering and other illegal activities
To meet Our regulatory and compliance obligations under all applicable anti-money laundering and counter terrorism financing laws, rules and regulations in New Zealand and similar laws in all other applicable jurisdictions, We may need to lock or freeze your wallet, or delay, block or refuse transactions where We have reasonable grounds to believe that these transactions breach the laws of any other country; and from time to time, require additional information from you to assist Us in meeting Our obligations as required by all applicable anti-money laundering and counter terrorism financing laws, rules and regulations . You agree that you must not initiate, engage in or effect a transaction that may be in breach of all applicable anti-money laundering and counter terrorism financing laws, rules and regulations.
6. Prohibition of use
By accessing and using the Service, you acknowledge and declare that you are not on any trade or economic sanctions lists. Forestcoin maintains the right to select its markets and jurisdictions to operate and may restrict or deny its services to certain countries. Forestcoin maintains its stance that prohibited users are not to use or access Forestcoin and any of its services.
7. Account Usage Requirements
Forestcoin accounts can only be used by the person whose name they are registered under. We reserve the right to suspend, freeze or cancel accounts that are used by persons other than the persons whose names they are registered under. Accordingly, we will not take legal responsibility for these accounts.
We reserve the right to immediately suspend your use of the Service without providing any notice or demand in the event that you are in breach of any of the provision of these Terms and Conditions or if We otherwise determine that it is inappropriate for you to continue to use the Service.
By registering to use a Forestcoin Account, you have affirmed that you are at least 18 years old and are an individual, legal person or other organization with full legal capacity to enter into these Terms and Conditions between you and Us. If you are not, you and your guardian shall undertake all consequences resulting from your actions and Forestcoin shall have the right to cancel or freeze your account in addition to filing claims against you and your guardian for compensation.
You further represent and warrant that you will not use the Website, App, digital wallets or node software if the laws of your country prohibit you from doing so in accordance with these Terms and Conditions.
Forestcoin Limited may terminate an account for a number of reasons including but not limited to:
- A change in the user’s risk profile.
- A potential risk to the business or stakeholders to the business regarding any legal or regulatory liability that may occur serving the user.
- Any other reason at the discretion of the compliance officer.
9.2. Should Forestcoin Limited terminate an account, we are not required to give an in-depth explanation to the user regarding the termination.
9.3. Forestcoin Limited strictly forbids an account being used for illegal purposes.
9.4. Forestcoin Limited reserves the right to terminate accounts if we have reasonable grounds to believe that the account is being used by individual or organisation other than the registered account owner.
9.5. The customer can request to have their account closed by providing a written request via the Website contact page. Forestcoin Limited is required by law to maintain a record of the account for a minimum of five years after the account is closed.
9.6. Forestcoin Limited has the authority to suspend, deny or terminate all or part of your access to the Website or account if:
- You fail to pay for an order or make a fraudulent payment.
- There are concerns regarding unreasonable use.
- Where you have breached any of these terms and conditions.
- The customer attempts to use the website for illegal or prohibited activities.
- The customer purchases cryptocurrency for another individual or organisation without prior authorisation from Forestcoin Limited.
- Forestcoin Limited is requested by law enforcement to do so.
Transaction Fees – Forestcoin does not have any transaction fees for transfers on its peer to peer network, and at this time has no intention to introduce any transaction fees, but reserves the right to introduce them in the future. A future transaction fee may either:
- incentivise nodes for network stability, which would entail a payment to other users, or
- provide revenue to Forestcoin Limited for financing of business operations.
Membership Fees – Forestcoin does not have any membership fee and at this time has no intention to introduce one, but reserves the right to introduce one in the future for financing of business operations should it determine that it is required.
Trading Fees – fees for buying, selling and trading Forestcoin and other cryptocurrencies is are displayed on the fees page on www.exchangeforest.com
Withdraw Fees – there is no fee for withdrawing Forestcoin from www.exchangeforest.com to your Forestcoin blockchain wallet. Fees for withdrawing other cryptocurrencies from www.exchangeforest.com are displayed on the fees page on www.exchangeforest.com
Merchant Fees – Business may use the Merchant Facilities to accept Forestcoin as payment from customers and may receive instant exchange at point of sale to other cryptocurrency. The fee for this is displayed on the for business page of the Forestcoin website and in the Forestcoin mobile application. This fee may change on 30 days notice.
User Identity Verification Fee – We charge you a USD$4 holding deposit fee when you go through User Identity Verification. We deduct this fee automatically from your exchangeforest.com account at the time of your first deposit and hold it as advance on future trading fees that you will pay to us. We credit the USD$4 back to you as soon as you have paid us USD$4 in normal trading fees from buying and selling on exchangeforest.com. The USD$4 holding deposit fee is waived for users who plant a tree. If your account with us is a business account we will charge you once for the business, and once for each person associated with the business. The fee is non-refundable if you do not pay us USD$4 in normal trading fees. We use the fee to cover the cost of your User Identity Verification.
Abandoned Account Fee – if you abandon your wallet and www.exchangeforest.com for a period of 12 months by having no activity we may charge you a monthly account fee which may be a percentage of the wallet value or a fixed amount. We will email you 7 days prior to applying this fee for the first time, and 24 hours prior to deducting the fee.
11. Issuing Forestcoin
The maximum number of Forestcoins that will ever be issued is restricted to a number equalling the human population of planet Earth. Forestcoin is created and issued when trees are planted and approved by other Forestcoin users. The number of coins created per tree planted will not deviate from the stated Coin Release Program as displayed on www.forestcoin.earth, however Forestcoin reserves the right to modify the breakdown of where coins are paid to in order to refine the user motivation for each part of the coin creation process.
12. Business Merchant Facilities
Users may use the Merchant Facilities supplied by Forestcoin Limited to accept Forestcoin as payment. The Merchant Facility System is reliant on third party applications to arrive at payout values. Forestcoin Limited cannot warrant that the information supplied by third party applications is accurate and up to date, and will not be held responsible if information used for calculations is inaccurate.
13. Intellectual Property
“Forestcoin” is a registered trade mark which Forestcoin Limited has a license to use:
- USA – Trademark Number: 87732448
- European Union Trade Mark (EUTM) application number: 017947586 – pending
- Singapore application number: 40201823455P
Any and all intellectual property rights and other rights in and to the Service shall belong to Us.
We hereby grant you a non-exclusive, non-transferrable license to use, copy, distribute, publicly display, print, publish, republish, excerpt (in whole or in part), reformat, translate, modify, revise and incorporate into other works, any works created by the Website, App, digital wallets or node software, including but not limited to business cards, flyers and posters, for the sole purpose of promoting and advertising Forestcoin Pte Ltd and its services, and for no other purpose. Any other use shall be made by you only upon the receipt of our prior written approval.
“Forestcoin”, logos and any other product or service name or slogan contained in the Website, App, digital wallets or node software, are our trademarks and may not be copied, imitated, or used, in whole or in part, except as expressly permitted in these Terms and Conditions or with our prior written permission. In addition, the look and feel of the Website, App, digital wallets or node software, including all page headers, custom graphics, button icons and scripts may not be copied, imitated or used, in whole or in part, without our prior written permission except as expressly permitted herein or on the Website, App, digital wallets or node software. All other trademarks, registered trademarks, product names and company names or logos mentioned in the Website, App, digital wallets or node software are property of their respective owners and may not be copied, imitated or used, in whole or in part, without the prior written permission of the applicable trade mark holder. Reference to any products, services, processes or other information, by trade name, trade mark, manufacturer, supplier or otherwise does not constitute or imply endorsement, sponsorship or recommendation thereof by Us.
14. License to use Names and User Content
If you contribute User Content to Forestcoin by documenting a tree planting with photos and location information or by commenting or using any Forestcoin service you automatically grant to Us an irrevocable and perpetual, non-exclusive, transferable, fully-paid, royalty-free, worldwide license, by ourselves or with others, to use, copy, distribute, publicly perform, publicly display, print, publish, republish, excerpt (in whole or in part), reformat, translate, modify, revise and incorporate into other works, that User Content and any works derived from that User Content, and the associated location information, and your name, in any form of media or expression, in any manner that We choose. Our rights under this license remain in place even after termination of your account.
15. Account Security
You shall be solely responsible for the safekeeping of your Forestcoin account and password on your own, and you shall be responsible for all activities under your log-in email, Forestcoin account and password (including but not limited to information disclosure, information posting, consent to or submission of various rules and agreements by clicking on the Website, online renewal of agreement, etc.).
You hereby agree that:
- you will notify Forestcoin Limited immediately if you are aware of any unauthorized use of your Forestcoin account and password by any person or any other violations to the security rules;
- you will strictly observe the security, authentication, and procedures of the Website/Service; and
- you will log out from the Website by taking proper steps at the end of every visit.
Forestcoin will not be responsible for any loss or consequences caused by your failure to comply with the above Account Security provision.
16. Disclaimer of Warranties
We provide no guarantee as to the performance or the uninterrupted availability of the Website, App, digital wallets or node software. The Service is provided on an “as is”, “as available” basis without warranty of any kind, either express or implied, with regard to the service’s reliability, stability, accuracy and completeness of the technology involved.
We provide no guarantee and have no liability for the information given by third parties.
We do not represent or warrant that the materials or the Website, App, digital wallets or node software are accurate, complete, reliable, current or error free. While We attempt to make your access and use of the Website, App, digital wallets or node software safe, we cannot and do not represent or warrant that the site or its server(s) are free of viruses or other harmful components. Therefore, you should use industry-recognised software to detect and disinfect viruses from any download.
We reserve the right to change any and all content in the Website, App, digital wallets or node software at any time without notice. Reference to any products, services, processes or other information, by trade name, trade mark, manufacturer, supplier or otherwise does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by Us.
17. Inherent Risks
Planting trees can be dangerous and may take you to difficult to access or potentially treacherous locations. Shovels are sharp, ground is unstable, bugs and animals bite, dangerous things (e.g. electricity and snakes) are under the ground, and lightning strikes can and do happen. When planting trees or taking part in other Forestcoin related activities, you risk property damage, bodily injury or death. There are many variables that must be considered prior to engaging in tree planting activities, including: weather, fitness level, terrain features and outdoor experience. Be prepared and be sure to check the current conditions before heading outdoors. Always exercise common sense and caution. You assume all risks associated with planting trees other activities associated with our services and agree to release and hold harmless Forestcoin, landowners on whose property you are planting trees, and community members who serve as reviewers, from any liability for injury or loss suffered by you through the use of our services to the fullest extent permitted by applicable law.
You agree that you will only plant trees on land on which you are legally allowed to do so. You must take all reasonable measures to prevent any trespass on any property on to land on which you are not legally permitted to access. You take sole responsibility for any legal consequences from trespassing on or damaging property.
19. Limitation of Liability
You acknowledge and agree that unless otherwise required by law, in no event shall Forestcoin, its directors, employees or agents be liable for any direct, special, indirect or consequential losses, or any other losses of any kind such those caused by any of the following events, including but not limited to:
- Losses of funds, goodwill, usage or data or any other intangible losses, whether in an action in contract, tort (including but not limited to negligence) or otherwise, arising out of or in any way connected with the use of or inability to use the Website, App, digital wallets or node software, including without limitation any damages caused by or resulting from reliance by user on any information obtained from Forestcoin, or that result from mistakes, omissions, interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission or any failure of performance, whether or not resulting from acts of God, communications failure, theft, destruction or unauthorised access to Forestcoin’s records.
- Use of, or failure to use the Service.
- Unauthorized use of your account by third parties.
- Injury or death to you or anyone planting a tree or using the Service.
In no event will the aggregate liability of Forestcoin, whether in contract, warranty, tort (including negligence, whether active, passive or imputed), product liability or strict liability, arising out of or relating to the use of or inability to use the Website, App, digital wallets or node software exceed any compensation you pay, if any, to Forestcoin for access to or use of the Website, App, digital wallets or node software.
You agree to fully and effectively indemnify and hold harmless Forestcoin, its affiliates, contractors, licensors, and their respective directors, officers, employees and agents from and against any action, liability, cost, claims, loss, expense and damages (including, but not limited to, attorneys’ fees, fines or penalties imposed by any regulatory authority) suffered or incurred by Forestcoin arising out of or which is directly or indirectly related to: (a) your use of the Website, App, digital wallets or node software; (b) your violation of these Terms and Conditions; (c) your violation of any rights of another; or (d) your conduct in connection with the Website, App, digital wallets or node software. This shall also apply to your violation of any applicable law, regulation, or rights of any third party during your use of the Service.
If your alleged violation causes any losses to a third party, you shall solely undertake all the legal liabilities in your own name and hold Forestcoin harmless from any loss, fine or extra expenses. If, due to any alleged violation Forestcoin incurs any losses, is claimed by any third party for compensation or suffers any punishment imposed by any administrative authorities, you shall indemnify Forestcoin against any losses and expense caused thereby, including reasonable attorney’s fee.
21. Guidelines for usage of services on Forestcoin
You hereby agree to observe the following covenants during your use of the Service:
- All the activities that you carry out during the use of the Service will be in compliance with the requirements of applicable laws, regulations, as well as the various guidelines of Forestcoin:
- will not be in violation of public interests, public ethics or other’s legitimate interests, and
- will not constitute evasion of payable taxes or fees and will not violate this agreement or relevant rules.
- Any tree you plant must be a legitimate planting and not be deceitful in any way.
- Any vote you cast on the legitimacy of other user’s tree plantings must be done in a honest and good faith manner.
If you violate the foregoing promises and thereby cause any legal consequence, you shall independently undertake all of the legal liabilities in your own name and indemnify Forestcoin from all actions, claims, or costs arising from such violation.
- freezing part or all of your account;
- reporting the incident to authorities;
- publishing the alleged violations and actions that have been taken; and
- deleting any information, you published that is in violation.
Please be aware that all official announcements and news will be published on the Webpage https://forestcoin.earth/announcements, where We urge all users to refer to regularly. Forestcoin will not be held liable or responsible in any manner of compensation should users incur personal losses arising from ignorance or negligence of the announcements.
23. Compliance with local laws
It is the responsibility of the user to abide by local laws in relation to the legal usage of Forestcoin in their local jurisdiction. Users must also factor, to the extent of their local law all aspects of taxation, the withholding, collection, reporting and remittance to their appropriate tax authorities. All users of Forestcoin and any of its services acknowledge and declare that the source of their funds come from a legitimate manner and are not derived from illegal activities. Forestcoin maintains a stance of cooperation with law enforcement authorities globally and will not hesitate to seize, freeze, terminate the account and funds of users which are flagged out or investigated by legal mandate.
If you have any praise, complaints, feedback or questions, please contact Us at https://forestcoin.earth/contact.
25. Governing Law and Jurisdiction
These Terms and Conditions shall be governed and construed in accordance with the laws of New Zealand. Any dispute arising out of or relating to these Terms and Conditions will be subject to the exclusive jurisdiction of the New Zealand courts, Parties irrevocably and unconditionally submits to the exclusive jurisdiction of the courts of New Zealand.
26. Dispute Resolution
Forestcoin and you unconditionally and irrevocably agree that any dispute or disagreement arising out of or in connection with these Terms and Conditions and the provision of the Services will be settled by arbitration by a sole arbitrator in accordance with the New Zealand Arbitration Act 1996 and its amendments and the AMINZ Arbitration Rules current at the time arbitration is commenced. The place of arbitration will be Auckland and the law applicable to the arbitral proceedings and the matters in dispute will be New Zealand law.