Web3 VDA Trading Policy

Web3 VDA Trading Policy

UmbrellaX (“us”, “we”, or “our”) operates the https://umbrellax.tech website (the “Service”).

We’re committed to protecting and respecting your privacy. We use your data to provide and improve the Service only. UmbrellaX Web3

This UmbrellaX Services as made available on the UmbrellaX Platform are being provided by Viotx Umbrella Web3 LLP, a limited liability partnership firm incorporated in India Under the Limited Liability Partnership Act, 2008.

Wherein (“We”, “Us”, “LLP”, or “Our”, refers to Viotx Umbrella Web3 LLP, which expression shall include its successors and assigns.

The Platform is managed and operated by VIOTX UMBRELLA WEB3 LLP, a limited liability partnership incorporated under the Limited Liability Partnership Act, 2008 of India (hereinafter referred to as “Us“/”We“/”UmbrellaX Web3“), which is a Reporting Entity under the Prevention of Money Laundering Act, 2002 (“PMLA“).

You accept and understand that this KYC-AML Policy forms a legal and binding agreement between You and UmbrellaX.

UmbrellaX reserves the right, at its sole discretion, to change, modify, add or remove portions of this KYC-AML Policy, at any time without any prior written notice. It is Your responsibility to review the KYC-AML Policy periodically for any updates/changes.

Your continued use of the Platform following the modification of the KYC-AML Policy will imply the acceptance of this Policy or any changes made to it.

THIS POLICY DESCRIBES OUR POLICIES AND PROCEDURES REGARDING THE MANNER IN WHICH YOU CAN USE THE UMBRELLAX SERVICES, LLP VDA CUSTODY WALLET, FIAT CURRENCY AND VDA BEING BOUGHT AND SOLD BY YOU THROUGH UMBRELLAX SERVICES.

THIS POLICY SHALL BE CONSTRUED AS A PART OF THE TERMS OF USE ACCEPTED BY YOU BEFORE AVAILING THE UMBRELLAX SERVICES BEING OFFERED BY US AND CONSTITUTES A LEGAL AGREEMENT BETWEEN YOU, AS THE USER OF THE UMBRELLAX SERVICES, AND US, AS THE PROVIDER OF THE UMBRELLAX SERVICES.

BY REGISTERING YOUR USER’S UMBRELLAX ACCOUNT WITH US AND BY AVAILING THE UMBRELLAX SERVICES, YOU ARE HEREBY PROVIDING US YOUR EXPRESS CONSENT TO ABIDE WITH THIS POLICY.

IF YOU DO NOT AGREE WITH THIS POLICY, PLEASE DO NOT PROCEED FURTHER TO USE/ ACCESS THIS UMBRELLAX SERVICES. ALSO, IN THE ABSENCE OF AN ACCEPTANCE OF THE POLICY BY YOU, WE WILL NOT BE ABLE TO PROVIDE THE SERVICES TO YOU.

YOUR USE OF THE UMBRELLAX SERVICES WILL BE GOVERNED BY THIS POLICY IN ADDITION TO THE TERMS OF USE AND PRIVACY POLICY AS APPLICABLE TO YOU.

We reserve the right to change, add, remove or modify the UmbrellaX Service, this Policy, or any content or part thereof, at any time, with or without notice, in our sole discretion.

You shall regularly and periodically check this Policy, Terms of Use, Privacy Policy and AML Policy including before you make any transaction using the UmbrellaX Service. We shall have no liability or responsibility whatsoever due to any such changes, additions, removals or modifications.

UmbrellaX Web3 is vigilant in the fight against money laundering and under its best judgment implements processes not allowing any person or entity to use the Platform for money laundering and terrorist financing activities.

We may change this Policy from time to time so please check this page occasionally to ensure that you’re happy with any changes. By using our website, you’re agreeing to be bound by this Policy.

1.User’s VDA and Fiat Currency

1.1. At the outset, for the purpose of buying or selling of VDA,

(a) You shall use only Indian Rupees to enter into such buy or sell trades where VDAs are bought or sold with a fiat currency, and for such purpose You undertake to keep only that much Indian Rupees in Your User’s UmbrellaX Account which is required by You to execute immediate trades, and

(b) provided this facility is provided by UmbrellaX Services, You shall keep (for the purpose of selling VDAs) and receive (as a result of purchase of VDAs) VDAs (which You own and control in the territory of India in accordance with the residency status as per the Terms of Use) in the VDA custody services provided by the LLP either through itself or through its technology partners / subcontractors.

The LLP may in its sole discretion shall permit or suspend or disable any inflow and/or outflow of Indian Rupees and/or VDAs as part of UmbrellaX Services from Your LLP’s VDA Custody Wallet and the verified User UmbrellaX Account registered with the LLP, subject to Your compliance with applicable law.

At the time of updating of this Policy, the LLP does not permit any wallet-to-wallet deposit or withdrawal of VDAs by its Users, and as and when the LLP permits the same (including any conditions related to the same), the LLP may notify its Users.

1.3. “Principal Officer” means an officer designated by UmbrellaX Web3 to ensure compliance with the obligations imposed under chapter IV of the PMLA and the PMLR;

1.4. “Web3(s)” are Virtual Digital Assets (“VDA“) and refer to a Web3graphically secured digital representation of value or contractual rights that uses distributed ledger technology and can be transferred, stored or traded electronically using the Platform, including but not limited to bitcoin and ether;

1.5. “Customer“/”User” shall mean any Person using/accessing the Platform or interacting with it in any manner for buying, selling, depositing or withdrawing Web3(s);

1.6. “Customer Due Diligence” (CDD) means identifying the Customer and verifying their identity by using a reliable, independent source of documents, data, or information, and checking if there are any sanctions or adverse media matches against them;

1.7. “Officially Valid Document” (OVD) means the Passport, the Driving License, proof of possession of an Aadhaar Number, or the Voter’s Identity Card issued by the Election Commission of India. For the purpose of this definition, ‘Aadhaar Number’ means an identification number as defined under the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 2016.

1.8. “Person” means an individual who is above eighteen (18) years of age and an Indian citizen.

1.9. “Organization” means any entity registered in India that carries out the function of a business, and has a separate legal existence from the individuals associated with it.

1.10. “Politically Exposed Persons” (PEPs) are individuals who are or have been entrusted with prominent public functions by a foreign country, including the Heads of States/Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials. A User could also qualify as a PEP if the User is a family member or a close relative of such an individual.

1.11. “Virtual Digital Assets” (VDA) means any information or code or number or token (not being Indian or foreign currency), a non-fungible token or any digital asset as defined under Section 2(47A) of Income Tax Act, 1961.

1.12. “Permanent Account Number” (PAN) is issued by the Indian Income Tax Department to help uniquely identify tax payers. e-PAN is an electronically issued PAN which is digitally signed.

2. Types of Data Collected

2.1. Personal Data

2. Customer Acceptance Policy (“CAP”) 2.1. KYC Norms

1.2. Terms of LLP’s VDA Custody Wallet and in general the usage of VDAs by User while availing UmbrellaX Services:

1.2.1. Upon activation of Your User’s UmbrellaX Account and till such time Your User’s UmbrellaX Account is active and valid, We will provide You with a facility to store VDAs purchased by You while availing UmbrellaX Services (“LLP’s VDA Custody Wallet”).

The LLP either itself or through its technology partners / subcontractors may provide such a storage facility. The LLP VDA Custody Wallet will enable you to buy or sell VDA. Through Your User’s UmbrellaX Account, We will provide you with the details of the VDAs purchased or sold by You or standing in Your credit.

1.2.2. As to between the LLP and the User, it is the User who is the possessor and owner of such User’s VDA in the LLP’s VDA Custody Wallet and title of the User’s VDA shall be with the respective User. User is the sole person authorized to transfer the VDA. All transactions of debit (selling VDA) and credit (buying VDA) are executed by You directly and the LLP merely enables the transaction with the help of technology and other value-added services (i.e. custodian service, LLP’s VDA Custody Wallet service, Assured Quantity services, etc) for ease of transaction.

It is clarified for abundant clarity that there is no transfer of title or possession that takes place between the User and the LLP. Any transfer is always between the User and the counter-party on the third-party VDA exchange.

1.2.3. A User can purchase or sell VDA in exchange of fiat currency i.e. INR (Indian Rupee) using the UmbrellaX Services. In the event of a purchase, VDA is credited to the LLP’s VDA Custody Wallet and accounted as credit in Your User’s UmbrellaX Account In the event of a sale, VDA is debited from the LLP’s VDA Custody Wallet and accounted as debit in Your User’s UmbrellaX Account. You are not entitled to the payment of any interest on, or benefit that accrues in relation to, the VDA held in the LLP’s VDA Custody Wallet.

1.2.4. You are not permitted to transfer, store or receive any VDA not supported by UmbrellaX Services. You acknowledge that the LLP and its affiliates shall not be liable for any losses suffered by You in connection with your attempt to transfer, store or receive VDAs in contravention of this Clause, Policy and /or the Terms of Use.

1.2.5. You agree that You shall not use the VDA accounted for You in the LLP’s VDA Custody Wallet to buy/sell/transfer/trade any goods, services or products other than for availing UmbrellaX Services.

1.2.6. In the event the option is made available to You to transfer your VDAs accounted for You in Your LLP’s VDA Custody Wallet to any external VDA Custody Wallet, You hereby agree that You shall not transfer/transmit the VDA accounted for You from LLP’s VDA Custody Wallet to any other VDA wallet belonging to a person resident outside India. In the event the option is made available to You to receive VDAs from any external VDA wallet to the LLP’s VDA Custody Wallet (and get accounted / credited in Your User’s UmbrellaX Account), You hereby agree that such VDAs shall not be received from a person resident outside India.

1.2.7. Source of VDAs exchanged / credited / debited by You using UmbrellaX Services is not known to the LLP and You hereby agree to ensure that it always comes from legitimate sources within India. You are required to notify the LLP immediately of any unauthorized or illegal use of Your User’s UmbrellaX Account.

1.2.8. In the event that any VDAs are erroneously credited in the User’s UmbrellaX Account of the User or, if and when permitted, in the LLP’s VDA Custody Wallet, the User is bound to report the same and to arrange to refund or transfer it. The failure to do so would amount to a material breach and entitle the LLP to additional rights and remedies under applicable laws. .

2.1.2. The Customer/User identification includes identification and verification of the Customer’s identity on the basis of documents and information provided by the Customer. The objectives of KYC are as under:

(a) To ensure appropriate Customer identification and comply with all Applicable Law(s),

(b) Monitor all transactions,

(c) Satisfy that the proposed Customer is not an undischarged insolvent,

(d) Minimize frauds,

(e) Avoid transacting with individuals or entities having fictitious names and addresses, and

(f) Avoid undesirable Customers.

2.2. UmbrellaX Web3 shall verify the provided information and documentation, and maintain an audit trail of any upload/modification/download.

2.3. Safeguard measures taken by UmbrellaX Web3

2.3.1. Before accessing the Platform, We on a reasonable efforts basis ensure that:

(a) Users are not accessing the Platform under an anonymous or fictitious name.

(b) User is not allowed to avail our services in an event if we are unable to apply appropriate CDD measures, i.e. verify the User identity and/or obtain documents required or non-reliability of the documents/information furnished to UmbrellaX Web3, either due to non-cooperation of the User or non-reliability of the documents/information furnished by the Customer.

(c) No access is granted to the Platform or trades are executed without following CDD procedure.

2.3.2. Users are not permitted to act on behalf of anyone else and can only access the Platform on their own, with their own funds/assets, and for their own benefit.

2.3.3. UmbrellaX Web3 at its sole discretion shall review the User’s information and documents provided and transactions for any transaction or in an event if UmbrellaX Web3 receives a request for the same from Authorities and based on UmbrellaX Web3’s judgment or instruction from Authorities such User’s access to the Platform shall be suspended, frozen, blocked, disabled, or terminated.

2.3.4. UmbrellaX Web3 shall, in its sole discretion, refuse to provide access to the Platform to new Users, suspend or terminate access to the Platform to existing Users after giving due notice, or refuse to process any transactions on the Platform if it is unable to ensure compliance with any of the aforementioned conditions, either due to non-cooperation by the User or due to the details provided by the User being found enlisted on any Sanctions Lists or unreliable or unverifiable to UmbrellaX Web3’s satisfaction.

2.3.5. Requirements/obligations under international agreements & Communication from international agencies: UmbrellaX Web3 shall reasonably ensure that it does not have any association with individuals appearing in the lists of individuals and entities, suspected of having terrorist links, which are approved by and periodically circulated by the United Nations Security Council, other watchlists and sanctions lists.

• Email address

• First name and last name

• Address, State, Province, ZIP/Postal code, City

• Cookies and Usage Data

• Usage Data

We may also collect information how the Service is accessed and used (“Usage Data”). This Usage Data may include information such as your computer’s Internet Protocol address (e.g. IP address), browser type, browser version, the pages of our Service that you visit, the time and date of your visit, the time spent on those pages, unique device identifiers and other diagnostic data.

2.2. Tracking & Cookies Data

Customer Identification Procedure (“CIP”)

1.3. Terms of Fiat Currency Use

1.3.1. In order to purchase VDA on the Platform, You will be required to keep fiat currency in Indian Rupees in Your User’s LLP Account by transferring it from Your own bank account. The LLP via the Platform will reflect fiat currency transferred from Your own bank account in your User’s LLP Account, subject to any delays in the relevant banking channels, payment gateways and/or other legal impediments.

You shall be the owner of the Indian Rupee balances held by you in your User’s LLP Account. It is ideal to keep only that much Indian Rupees in Your User’s LLP Account, that You need for immediately buying the VDAs.

You agree that in the event You keep more Indian Rupees balance than is required by You to execute immediate trades,

You hereby authorize us to keep the Indian Rupees kept in Your User’s LLP Account in various deposits of scheduled commercial banks in India or any of the government backed securities or schemes in India, until such time You wish to withdraw such Indian Rupees from your tradable balance on your User’s LLP Account reflecting on the Platform.

You further unequivocally agree that any earnings/income from such deposits belong to Us. We will use commercially reasonable efforts and industry standard controls and measures to ensure the safety of your tradable Indian Rupees balance until withdrawn by You.

You may withdraw the fiat currency funds reflecting under your tradable balance on your User’s LLP Account on the Platform, by making a formal request to transfer such funds into your own bank account, to the LLP through the Platform at any time (“Withdrawal Request”).

The LLP will endeavor to process each Withdrawal Request, subject to any delays in the relevant banking channels, payment gateways, and/or other legal impediments.

1.3.2. For the aforesaid limited purpose, You hereby appoint the LLP as your duly authorized payment collection agent to whom the payment is due, and You agree and understand that the LLP does not operate a payment system.

1.3.3. When You make a fiat currency top-up or transfer the fiat currency from Your banking account to Your User’s UmbrellaX Account and if the top-up / transfer is later invalidated for any reason, the LLP is not liable to you to any extent and you have no recourse against the LLP.

This means that, in addition to any other liability, You will be responsible for the amount of the top-up, plus applicable fees if You lose a claim or a chargeback, or if there is a reversal of the top-up. If You or the owner of the funding source of a top-up later disputes the top-up or files a claim for a chargeback, the debit or credit card issuer or the originating bank, or the LLP, will determine whether the dispute is valid and to whom payment is due.

You agree to allow the LLP to recover any amounts due to Us by debiting your fiat currency balance. If there are insufficient funds in your bank account to cover your liability, you agree to reimburse the LLP through other means. If the LLP is unable to recover the funds from your primary funding source,

We may attempt to contact you and/or recover the funds from your alternate funding sources, or may take other legal actions to collect the amount due, to the extent allowed by applicable law. In addition, We may suspend or terminate your access to UmbrellaX Services.

Any fiat currency funds paid by you through UmbrellaX Services are an advance for services and must be utilized within 360 days, failing which the funds will be returned to Your original banking source. In case we are unable to return the funds with reasonable efforts, we have no option but to forfeit the amount with intimation to you.

1.4. Other Terms

1.4.1. Transfers or withdrawals of fiat currency or VDAs (to the extent permitted by LLP from time to time) may be subject to such restrictions and limits as may be notified by the LLP from time to time.

1.4.2. We reserve the right to block any person from making bank transfers if there are reasonable grounds to believe that the same is not in accordance with applicable law and/or it is suspicious that the User is misusing or fraudulently transacting. We may report such suspicious activities to the concerned statutory/law enforcement agencies.

1.4.3. Any fiat currency withdrawal found to be suspicious will be held back and reversed. The fiat currency facility will also be suspended for operations and no transactions will be possible pending an investigation. A notification might be given to you if you are the subject of an investigation.

If you are able to provide a justification for the withdrawal to the satisfaction of the LLP, Your User UmbrellaX Account may be removed from suspension and you would be free to transact. In the case of no information being provided by you for a suspended User’s UmbrellaX Account – the User UmbrellaX Account will continue to be suspended till its validity.

1.4.4. We, in our sole and absolute discretion, may delist one or more VDA assets listed on the UmbrellaX Services for You to buy and/or sell.

1.4.5. We shall make reasonable efforts to communicate such an event of delisting to You in advance.

1.4.6. To the extent feasible, You will have the opportunity to either sell such VDA using the UmbrellaX Services and/or transfer it to Your own blockchain wallet (as may be reasonably approved as per the KYC, AML and/or any other policies of the LLP). We do not guarantee that we will permit You to transfer the delisted VDA to Your own blockchain wallet, and under such circumstances, You may be left with the sole option of selling the delisted VDA.

1.4.7. If You do not sell the delisted VDA within the timelines specified by Us, You hereby irrevocably authorise Us to sell the delisted VDA in Your User UmbrellaX Account at the prevalent market rate, post which equivalent INR (post deduction of applicable taxes) will be credited to Your User UmbrellaX Account.

1.4.8. We shall not be responsible or liable for any losses (including loss of opportunity or loss of profits), damages, taxes, or other consequences arising out of our decision to delist one or more VDA assets, and for us selling your delisted VDA as provided herein, and You hereby unconditionally, irrevocably, and fully waive all such rights and remedies against us.

1.4.9. You further agree that all existing limit orders if not executed or canceled by You before the delisting date will be canceled by Us on the delisting date.

Customer Identification Procedure is carried out at different stages while the Platform is accessed by the User and is not limited to instances when:

(a) Applying to access the Platform,

(b) Periodic review of a User’s information and documents,

(c) Any transaction is being executed by the User on the Platform, and/or

(d) UmbrellaX Web3 has a doubt about the authenticity/veracity or the adequacy of the earlier obtained User Identification data. 3.1. User identification

Identification of a User is an important prerequisite for accessing the Platform. No access is allowed on the Platform unless verification and due diligence of said User is successfully completed by UmbrellaX Web3.

3.1.1. What is Identity?

Identity generally means a set of attributes that together uniquely identify a ‘natural’ or a ‘legal’ Person. The attributes which help in the unique identity of a ‘natural’ or ‘legal’ Person are called identifiers. Identifiers are of two types:

(a.) Primary and

(b.) Secondary.

(a) Primary Identifiers : On a non-exhaustive basis means and includes the name (in full), date of birth, PAN number, and passport number/voter identity card / other govt.-issued identification document as they help in uniquely establishing the identity of the Person.

(b) Secondary Identifiers: On a non-exhaustive basis means and includes address, location, nationality, and other such identification, as they help further refine the identity. User identification does not start and end at the point of application but it is always an ongoing exercise.

3.1.2. What is Identification?

Identification is the act of establishing who a Person is:

(a)In the context of KYC, identification means establishing who a Person purports to be.

(b) This is done by recording the information provided by the User covering the elements of their identity (i.e. name, date of birth and the address at which they can be located).

(c) For undertaking CDD, the OVDs shall be obtained from a User while establishing a relationship. 3.1.3. What is Verification?

Verification of identity is the process of proving whether a Person actually is who they claim to be. In the context of KYC, verification is the process of seeking satisfactory evidence of the identity of those with whom UmbrellaX Web3 does business. This is done by carrying out checks on the correctness of the information provided by the Customer.

3.1.4. Process of validation of documents through video-KYC (Currently Not Yet Implemented )

In scenarios where the document provided by a User has some issues and cannot be validated using the automated solutions UmbrellaX Web3 has in place, a video-KYC might be required from the User to validate the identity and authenticity of the document/information submitted by them. KYC of individuals associated with the Organization that are required to furnish OVDs or any other documents might be done with video-KYC. We would also use the video-KYC process while performing Enhanced Due Diligence (EDD) wherever required.

3.1.5 Customer Due Diligence (“CDD“)

CDD would be performed in accordance with the risk category of the Customer, as follows:

(a) Basic Due Diligence means the collection and verification of identity proof and address proof to establish the identity of the User. This is done on the basis of the documents and information submitted by the User. This due diligence would be performed on all Users.

(b) Enhanced Due Diligence (“EDD“) means additional diligence measures undertaken over and above the Basic Due Diligence, in cases of High-risk Users. Steps under EDD shall include but will not be limited to requesting for additional information and documentation to support any information provided earlier (e.g. bank statements or other financial records for verifying the source of funds information), additional background checks and research to validate the true identity of a User, monitoring the activity of such Users, requesting for additional information and documentation, conducting in-person visits etc.

UmbrellaX Web3 shall conduct Basic Due Diligence, EDD, or any other due diligence activity or measures which under its sole discretion and/ or under Applicable Laws is required for a User registering or using the Platform. UmbrellaX Web3 reserves the right to request for additional information and documentation, as required.

Cookies are files with small amount of data which may include an anonymous unique identifier. Cookies are sent to your browser from a website and stored on your device. Tracking technologies also used are beacons, tags, and scripts to collect and track information and to improve and analyze our Service.

You can instruct your browser to refuse all cookies or to indicate when a cookie is being sent. However, if you do not accept cookies, you may not be able to use some portions of our Service.

Examples of Cookies we use:

• Anti-Money Laundering Standards

In terms of the provisions of PMLA and PMLR, as amended from time to time, and the AML Guidelines, Reporting Entities (“REs“) are required to follow certain customer identification procedures while registration with the Platform and undertaking a transaction either by establishing an account-based relationship or otherwise and monitor their Transactions.

UmbrellaX Web3 is also registered with the FIU-IND as a Reporting Entity (“RE“), and accordingly has taken steps to adopt the KYC/AML/CFT processes under the aforementioned AML Guidelines.

4.1. Steps taken to prevent Money-Laundering activities and Terrorist Financing

UmbrellaX Web3 has implemented steps with an objective to prevent any money laundering activity and/or terrorist financing on the Platform. Such processes being implemented are exhaustive in nature and are subject to change as required under any Applicable Law and/or as per UmbrellaX Web3’s sole discretion.

• Preference Cookies. We use Preference Cookies to remember your preferences and various settings.

• Security Cookies. We use Security Cookies for security purposes.

3. Use of Data

www.umbrellax.tech uses the collected data for various purposes:

• To provide and maintain the Service

• To notify you about changes to our Service

• To allow you to participate in interactive features of our Service when you choose to do so

• To provide customer care and support

• To provide analysis or valuable information so that we can improve the Service

• To monitor the usage of the Service

• To detect, prevent and address technical issues

4. Transfer of Data

Your information, including Personal Data, may be transferred to — and maintained on — computers located outside of your state, province, country or other governmental jurisdiction where the data protection laws may differ than those from your jurisdiction.

If you are located outside Germany and choose to provide information to us, please note that we transfer the data, including Personal Data, to Germany and process it there.

Your consent to this Privacy Policy followed by your submission of such information represents your agreement to that transfer.

Blockchain-stake.com will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this Privacy Policy and no transfer of your Personal Data will take place to an organization or a country unless there are adequate controls in place including the security of your data and other personal information.

5. Disclosure Of Data

5.1. Legal Requirements

Monitoring of Transactions – On-going Due Diligence 5.1. Monitoring Customer activity and transactions throughout the relationship helps us to know their Customers, assess risk, and provide assurance that UmbrellaX Web3 is not being used for the purposes of financial crime. 5.2. As part of the ongoing due diligence process, UmbrellaX Web3 shall monitor User’s activities on the Platform to reasonably ensure that they are consistent with their knowledge of the User, its risk profile, and where necessary, the source of funds. UmbrellaX Web3 shall also monitor activities undertaken by a User through the Platform to reasonably ensure they are consistent with their knowledge of the User and its associated activities. 5.3. When there are suspicions of money laundering or financing of activities relating to terrorism or where there are doubts about the adequacy or veracity of previously obtained User identification data, UmbrellaX Web3 shall review the due diligence measures including reverifying the User’s identity, and shall request additional information. On the basis of monitoring activities conducted by UmbrellaX Web3 as described under this Policy, User’s access to the Platform shall be frozen or suspended / blocked or terminated as decided by UmbrellaX Web3 under its sole discretion.

• To comply with a legal obligation

• To protect and defend the rights or property of umbrellax.tech

• To prevent or investigate possible wrongdoing in connection with the Service

• To protect the personal safety of users of the Service or the public

4.1.5. To Protect Against Legal liability

6. Security Of Data

6. Declarations and Obligations

6.1. Declarations and Disclosure of Information by UmbrellaX Web3

6.1.1. UmbrellaX Web3 will identify and verify User’s identity at the time the User opts to trade using the Platform or apply to be a Customer. To this effect, UmbrellaX Web3 shall collect such documents and data, as may be reasonably requested by UmbrellaX Web3 from time to time, to establish and verify the identity of the User / for KYC purposes / to establish and verify the nature of any transaction undertaken on the Platform. UmbrellaX Web3 shall also use/deploy various software and/or technology, either directly or through its service providers/vendors to establish and verify User’s identity and/or the documents/information provided by the User.

6.1.2. The documents and data for KYC and Customer identification purposes shall be requested from the User and shall be accessed and used by UmbrellaX Web3 as per this Policy, the Applicable Laws, and the Privacy Policy.

6.1.3. UmbrellaX Web3 shall endeavor to verify, either itself or through third-party vendors/service providers, the identity and address of the Users along with the other details and documents submitted by the User as may be legally/operationally tenable, including but not limited to using the following methods:

(a) PAN/e-PAN verification through government sources; or

(b) Masked/Offline Aadhar/Proof of Possession of Aadhar under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016; or

(c) Passport issued under the Passports Act, 1967; or

(d) Verification of Voter ID card issued by the Election Commission of India; or

(e) Any other / additional document may be required by UmbrellaX Web3 from time to time.

6.1.4. In case the User fails to provide the requisite KYC documents or any identification documents or information as requested by UmbrellaX Web3, UmbrellaX Web3 shall hinder or completely restrict User’s use of the Platform and the related services. This includes but is not limited to not crediting the deposited Web3 and not completing the withdrawal processing of Web3 if the required information to comply with the Travel Rule (see 6.1.7 below) is not available, or if the regulatory checks for Travel Rule are not satisfied.

6.1.5. The list of documentation (as mentioned under clause 6.1.3), verification, and information may be amended by UmbrellaX Web3 by way of a notification/intimation, in its sole discretion from time to time, without a prior notice.

6.1.6. UmbrellaX Web3 reserves the right to examine or request additional information and documents to establish User’s identity, and financial position, including sources of User’s funds and/or details of the Web3 wallet or similar accounts from which User transfers / to where User receives any Web3, and User shall provide all assistance and cooperation in this regard. UmbrellaX Web3 also reserves the right to verify that any Web3 wallet used to transfer Web3 is operated/based in India. UmbrellaX Web3 will obtain User’s complete Web3 wallet address as and when required, and if the User fails/refuses to comply with the requirements herein, UmbrellaX Web3 shall not allow the User to access the Platform or carry out transactions through the Platform.

6.1.7. To comply with the Travel Rule requirements, wherein the originator information needs to be shared with the counterparty exchange in case of withdrawal of VDA by the User, UmbrellaX Web3 can reach out to the User to obtain additional information, in line with the AML Guidelines.

UmbrellaX Web3 can also reach out to obtain the required information to verify beneficiary information in case of deposit of VDA by the User, if the corresponding Travel Rule information is missing/incomplete as received from the originating exchange. The successful completion of such withdrawals and deposits of VDA is subject to the internal Travel Rule and compliance controls implemented by UmbrellaX Web3.

Travel Rule is applicable for all VDA transfers (deposits and withdrawals), irrespective of the amount or the type of VDA transferred.

6.1.8. Additional documents may be requested from Users by UmbrellaX Web3 to ensure compliance with any Applicable Laws or UmbrellaX Web3’s policies or a request from any any banking partner/ payment system provider or participant/ statutory/ regulatory/ supervisory/ law enforcement authority/enforcement authority (“Authorities“) immediately.

6.1.10. UmbrellaX Web3 reserves the right, at its sole discretion, to change, modify, add or remove portions of this KYC-AML Policy, at any time without any prior written notice.

6.2. Your Obligations

You as the User, hereby agree to provide the required documents and information for KYC checks in a timely manner, to create and to continue using the User’s Platform Account through which the You may give instructions on the Platform.

6.2.1. You agree to use the Platform only for lawful and legal purposes as per this KYC-AML Policy, as amended from time to time, and the Applicable Laws.

6.2.2. You shall not use the Platform for any illegal or unlawful or criminal or anti-national purposes or for financing any such activity under any circumstance whatsoever.

6.2.3. You shall not impersonate another person or misrepresent Yourself on the Platform Under any circumstance whatsoever.

6.2.4. You undertake and warrant not to indulge in any transaction or any activity that is in violation of any Applicable Laws, this Policy or any other policy or instruction as issued by UmbrellaX Web3 from time to time.

The security of your data is important to us, but remember that no method of transmission over the Internet, or method of electronic storage is 100% secure. While we strive to use commercially acceptable means to protect your Personal Data, we cannot guarantee its absolute security.

7. Service Providers

We may employ third party companies and individuals to facilitate our Service (“Service Providers”), to provide the Service on our behalf, to perform Service-related services or to assist us in analyzing how our Service is used.

These third parties have access to your Personal Data only to perform these tasks on our behalf and are obligated not to disclose or use it for any other purpose.

8. Internal Controls

9.1. Preservation of Record / Record Management

9.1.1. UmbrellaX Web3 will ensure that all information received for the purpose of identification or due diligence is used by it in accordance with UmbrellaX Web3’s terms and conditions applicable. UmbrellaX Web3 shall also take necessary reasonable steps for maintenance, preservation, and reporting of User information per the internal policies and standard operating procedures of UmbrellaX Web3.

9.1.2. In addition, the confidentiality, security, and protection against access, use, and disclosure (including publication or display) of all information of a User, collected or created by UmbrellaX Web3 shall be kept in accordance with Applicable Law.

9.1.3. UmbrellaX Web3 shall collect and maintain records, in the form of books or stored in a computer, of User’s identity proof along with all documents and information provided by the User and of all the transactions undertaken by the User on the Platform, as required under the Applicable Laws/good industry practices.

9.1.4. UmbrellaX Web3 shall maintain and if required, report to Authorities the records of:

(a) the KYC details, documents, and data of all Users who access the Platform;

(b) the KYC details, documents, and data of all Users who undertake a transaction on the Platform; or

(c) User’s transactions on the Platform.

9.1.5. UmbrellaX Web3 shall retain such records for a minimum time period of nine (9) years after a UmbrellaX account is closed, as required under the Applicable Laws/good industry practices.

9.1.6. Not withstanding anything to the contrary contained in the Terms of Use or agreement executed between the Customer and UmbrellaX Web3 or Privacy Policy, any information obtained while undertaking the due diligence measures under this Policy or during registration/creation/ongoing due diligence of User’s activities shall be maintained for the duration of the relationship, and for a period of 9 (nine) years from the date the relationship ceases to exist or such longer period as may be specified under any Applicable Law/Authority.

We have taken reasonable effort to ensure that this Policy adheres to the applicable laws. The invalidity or unenforceability of any part of this Policy shall not prejudice or affect the validity or enforceability of the remainder of this Policy. This Policy does not apply to any information other than the information collected by UmbrellaX Web3 through the Platform

The information collected by log files include internet protocol (IP) addresses, browser type, Internet Service Provider (ISP), date and time stamp, referring/exit pages, and possibly the number of clicks. These are not linked to any information that is personally identifiable. The purpose of the information is for analyzing trends, administering the site, tracking users’ movement on the website, and gathering demographic information.

We may use third-party Service Providers to monitor and analyze the use of our Service.

8 Grievance Redressal

7.1. In case of any complaint or queries, Users are directed to the Support team at support@umbrellax.tech.

Google Analytics is a web analytics service offered by Google that tracks and reports website traffic. Google uses the data collected to track and monitor the use of our Service. This data is shared with other Google services. Google may use the collected data to contextualize and personalize the ads of its own advertising network.

You can opt-out of having made your activity on the Service available to Google Analytics by installing the Google Analytics opt-out browser add-on. The add-on prevents the Google Analytics JavaScript (ga.js, analytics.js, and dc.js) from sharing information with Google Analytics about visits activity.

For more information on the privacy practices of Google, please visit the Google Privacy & Terms web page: https://policies.google.com/privacy?hl=en

9. Periodic updation of KYC

Periodic updation of KYC of Users is performed at such intervals of time and using such processes/documents as decided by UmbrellaX Web3 at its sole discretion. A risk-based approach for periodic updation of KYC is adopted, wherein the periodic updation of KYC for all Users is done at least annually or more frequently as per UmbrellaX Web3’s discretion, to ensure the information and documentation for users is up-to-date.

In case of any change in the information provided at the time of onboarding or periodic updates, the User should reach out to UmbrellaX Web3 to get the details updated, along with valid proof of change. are a Data Controller of your information. If you’d like to learn more about GDPR and your rights under GDPR, please read the GDPR guide.

www.umbrellax.tech legal basis for collecting and using the personal information described in this Privacy Policy depends on the Personal Information we collect and the specific context in which we collect the information:

• www.umbrellax.tech needs to perform a contract with you;

• You have given Blockchain-stake.com permission to do so;

• Processing your personal information is in Blockchain-stake.com legitimate interests;

• com needs to comply with the law.

www.umbrellax.tech will retain your personal information only for as long as is necessary for the purposes set out in this Privacy Policy. We will retain and use your information to the extent necessary to comply with our legal obligations, resolve disputes, and enforce our policies.

If you are a resident of the European Economic Area (EEA), you have certain data protection rights. If you wish to be informed what Personal Information we hold about you and if you want it to be removed from our systems, please contact us.

In certain circumstances, you have the following data protection rights:

• The right to access, update or to delete the information we have on you.

• The right of rectification.

• The right to object.

• The right of restriction.

• The right to data portability

• The right to withdraw consent

10. AML Policy

www.umbrellax.tech follows a standard procedure of using log files. These files log visitors when they visit websites. All hosting companies do this and a part of hosting services’ analytics.

The information collected by log files include internet protocol (IP) addresses, browser type, Internet Service Provider (ISP), date and time stamp, referring/exit pages, and possibly the number of clicks. These are not linked to any information that is personally identifiable. The purpose of the information is for analyzing trends, administering the site, tracking users’ movement on the website, and gathering demographic information.

11. Terms for buying or selling of VDAs

1.

Terms for buying or selling of VDAs:

2.1. Instant Orders and Limit Orders

2.1.1. You have the option to place buy / sell orders using either limit orders or instant orders. In a limit order, you specify the exact price at which the order is to get executed (whether or not that is the market price at the time you place the order) (“Limit Order”), whereas in an instant order, you choose to immediately buy or sell based on the price displayed on the UmbrellaX Services at the time you place the order (“Instant Order”).

2.1.2. You authorize the LLP to execute the Instant Orders and Limit Orders in the most efficient manner that it deems fit in accordance with the terms of third party VDA exchanges on which the LLP places Your Orders on your behalf, on Your specific instructions as mentioned in Clause 2.2 and 2.3 below.

2.2. Assured Quantity Services for Instant orders:

2.2.1. “LLP” is providing the User with the value-added service of Assured Quantity Service. Under this service, LLP assures You of the quantity and price provided through the UmbrellaX Services for Instant Orders irrespective of the market deviation, in exchange for a service fee.

2.2.2. Parties specifically agree that the LLP is not a representative agent of the User but rather executes specific VDA transactions on the instructions of the User for the price confirmed by the User.

2.2.3. The LLP aggregates and provides the last traded price of VDA on various third-party VDA exchange/’s and thereby, enables buying / selling of VDAs for and on the specific instructions of its Users. The User is provided with the estimation of VDAs to be bought/sold in exchange/’s for their Indian Rupee (INR) balance.

2.2.4. The User gives specific instructions to the LLP for the quantity of VDAs to be bought / sold through the UmbrellaX Services. The LLP undertakes trades on the third-party VDA exchange/’s on the instructions of the User to close trades of a specific quantity of VDA.

The LLP provides the price for a specific quantity of VDA based on various factors like high volatile nature and fluctuations in the VDA market, exchange fees, fraction of a VDA available for transaction on different VDA exchange/’s etc. The User is aware that the specific price shown by the LLP is based on algorithms which may change on the execution of trade on third-party VDA-exchange/’s. The details of the actual execution of the transaction will be provided in the Contract Note issued by the LLP to the User.

2.2.5. The User hereby authorises LLP to execute multiple interrelated trades and transaction legs on third party VDA exchanges, whether in India or otherwise, as well as rounding off the quantity to be transacted as per the third party VDA exchanges’ guidelines, to achieve the assured quantity.

The User further authorises LLP to provide the assured quantity and retaining/reimbursing any excess quantity of VDA or INR as service fee for the Assured Quantity Service. Conversely, LLP shall be liable to make good to the User any shortfall quantity of VDA or INR on account of any market deviation or for any factor as discussed in Clause 2.2.4.

2.2.6. You understand that LLP uses an algorithm to determine the price of VDA and provides Assured Quantity Service. You consent to LLP absorbing any negative deviation and retaining/reimbursing any positive deviation of price variation under this Assured Quantity Service.

2.2.7. The User hereby understands that the Assured Quantity Services may not be provided as part of the UmbrellaX Services being provided on the UmbrellaX Paltform under the brand name of UmbrellaX Pro, wherein any order placed by the User through UmbrellaX Services under UmbrellaX Pro, i.e. Instant Order and/ or Limit Order is executed through such third party VDA exchange as decided by the User.

2.2.8. The Contract Note issued by the LLP to You will provide the details of the transactions executed under Your instruction. You understand that the Contract Note, Your Indian Rupees and VDA balances in Your User’s UmbrellaX Account provides details of the User’s UmbrellaX Account or record and ledger available with the LLP regarding the transaction history and express authorization for the Assured Quantity Services and retention/reimbursement of excess quantity as service fees, if applicable.

2.3. Execution of Orders On the UmbrellaX Services

2.3.1 The User understands that the LLP undertakes trades on the third-party VDA exchanges on the instructions of the User to close trades of the specific quantity of VDA decided by the User.

2.3.2 Parties specifically agree that the LLP is not a representative agent of the User but rather executes specific VDA transactions on the instructions of the User for the price confirmed by the User.

2.3.3 You consent to LLP absorbing any negative deviation and/ or retaining or refunding (at the sole discretion of LLP) to the User, any positive deviation of price variation in executing the Orders.

The Contract Note issued by LLP to You will provide the details of the transactions executed under Your instructions. You understand that the Contract Note, Your Indian Rupees and VDA balances in Your User’s UmbrellaX Account provides details of record and ledger available with the LLP regarding the transaction history and retention of excess quantity as service fees / refund of the excess quantity price to the User, if applicable.

2.4 You must ensure the availability of sufficient balance of VDAs in the credit in Your User’s UmbrellaX Account before executing any transaction from the LLP’s VDA Custody Wallet.

2.5 In case of any dispute relating to the time of reporting and/ or transaction/s made on the LLP’s VDA Custody Wallet or any other matter in relation to the said LLP’s VDA Custody Wallet, We reserve the right to ascertain the time and/ or the authenticity of the disputed transaction.

2.6 In seeking to fulfill the completion of a single trade by a User (i.e. a buy or a sell order), at times LLP may have to execute multiple inter related trades (either ‘fiat currency to VDA’ or ‘VDA to VDA’) on different third party VDA exchanges. The User further authorises LLP to purchase and convert one VDA into another VDA on third party VDA exchanges to execute a transaction placed by the User on the UmbrellaX Services.

All purchases of VDA used for exchange/conversion for purchase of determined quantity VDA as instructed by the User shall be deemed to be carried out by LLP on behalf of the User.

2.7 We may decline to process any transaction of VDAs / monies / Your User’s UmbrellaX Account / LLP’s VDA Custody Wallet or any other service offered by us or any part thereof without any notice and may limit or suspend your use of one or more UmbrellaX Services at any time, in our sole discretion.

The LLP may delay transactions if we believe the transaction is suspicious, may involve fraud or misconduct, violates applicable laws, or violates the terms of this Policy and/ or the Terms of Use or is otherwise required, in our sole and absolute discretion. You understand that the LLP shall have no liability or responsibility for such termination / suspension or any losses arising therefrom.

2.7 Sale and/ or purchase transactions initiated by You through the UmbrellaX Services are final, irreversible, non-refundable and non-cancellable.

Once a sale/ purchase and/ or any other transaction, act or omission is initiated by You through UmbrellaX Services, the said transaction, act or omission is absolute and unconditional.

You cannot seek or claim or demand refund or reversal for any reason whatsoever nor can it be canceled, modified or reversed by Us/ anyone else upon Your/ third-party request.

2.9 By agreeing to this Policy and the Terms of Use, Users authorise the LLP to incur reasonable expenditures on behalf of Users in connection with fulfilling their trades. While making payments to third party VDA exchanges in relation to execution of the trades, the LLP is acting purely on the instructions of Users.

The payments made by the LLP to such third party VDA exchanges are on the instruction of Users and are in connection with the fulfilment of the Users’ trades on through UmbrellaX Services.

Details of payment made by the LLP to third parties on behalf of Users may be made available to Users in the Contract Note issued by the LLP with respect to each trade.

2.10 For the sake of abundant clarity, it is reiterated that the LLP undertakes buying and selling of VDAs on third party VDA exchanges on the instructions of Users only. No User trades are fulfilled from the LLP’s existing inventory of VDAs.

2.11 By agreeing to this Policy and Terms of Use, Users hereby authorize the LLP to enter into agreements or arrangements with third party service providers for VDA custodial services and ledger services.

2.12 It is reiterated for abundant clarity that the LLP cannot transfer or undertake any transaction for the User without express authorization by the User.

2.13 We may monitor transactions made by You to monitor suspicious or illegal transactions or transactions violating this Policy and/ or the Terms of Use. If we, in our sole discretion, classify a transaction as suspicious, illegal, or in contravention of this Policy and/ or the Terms of Use, we may take such actions as deem fit, in our sole discretion, including but not limited to placing a hold on the transaction, directing You to provide more information on You and Your funding source, suspending your User’s UmbrellaX Account and freezing any balances therein, or terminating this agreement and your right to access the UmbrellaX Services.

2.14 In case of transactions suspected to be of fraudulent nature or upon receipt of any complaints from concerned banks / payment gateways / regulatory authorities, We may block the User’s’ UmbrellaX Account and the LLP’s VDA Custody Wallet / fiat currency balances to the account of such User and any amounts contained therein till such time as the enquiry is completed and take appropriate steps thereafter.

2.15 You authorize the LLP to hold VDA in the LLP’s VDA Custody Wallet on behalf of You in order to undertake transactions quickly and seamlessly. You shall have the authority to instruct the LLP for undertaking transactions with the VDA held in the LLP’s VDA Custody Wallet.

2.16 We reserve the right to refuse to execute any order and/or transaction initiated by You, if they are in contravention of this Policy and/ or the Terms of Use, or fail to comply with directions of appropriate regulatory or enforcement authorities, or appear suspicious or malicious, or as per the instructions of any regulatory, law enforcement or judicial authority whether in India or in any jurisdiction, or without any rationale or basis or otherwise deemed necessary by Us in our reasonable discretion.

2.17 The LLP is acting on the specific instructions of the User by executing for specific VDA transactions for the price specified by the User and is not a general or representative agent of the User. The LLP facilitates the transaction with the support of technology and value-added services (only for LLP).

No transfer of title is occasioned by the LLP. Thus, it shall not be liable for the acts of the User under any laws including the tax laws such as GST laws and Income Tax law. No express or implied agency is created between the parties except to receive the payment of users and to hold in trust. .

11. Severability and Exclusion

1.

Severability and Exclusion

We have taken every effort to ensure that this Policy adheres with the applicable laws. The invalidity or unenforceability of any part of this Policy shall not prejudice or affect the validity or enforceability of the remainder of this Policy.

1. Taxes

All purchases of VDA shall be subject to withholding of tax deducted at source (TDS) as per the Income Tax Act 1961 (Act) and circular and guidelines or any other applicable taxes as issued by the authorities thereunder. The TDS will be deduced by the LLP in accordance with the updated prescribed TDS rate as communicated from time to time by the LLP. This tax shall be deducted before the proceeds of sale of VDA is credited to the User’s UmbrellaX Account. The Users will be provided TDS certificates in respect of such tax deductions based on the Permanent Account Number (“PAN”) details provided by the User. The User shall be responsible for payment of any other applicable tax, including but not limited to, income tax, gift tax, value added tax, goods and services tax etc. in respect of the realization of consideration from sale of VDA.

In case of transactions in Clause 2.2.5, Clause 2.2.7 and Clause 2.3.2, TDS shall be deducted on each transaction undertaken to fulfill the Limit Orders and Instant Orders. The User hereby agrees to the deduction of TDS as communicated by the LLP.

We reserve the right to deduct withholding tax under the applicable provision of the Indian Income-tax Act, 1961 on any amounts that become due, payable or paid to you. In case we believe that any such withholding tax is applicable, you agree that we can deduct and deposit the tax and/ or any interest/ penalty with the Government treasury and debit the amount from earnings from VDA. You also agree to remit to us on demand any additional funds if required to discharge any such liability in relation to rewards in kind.

Any direct or indirect tax including GST, TDS, TCS, as applicable under the laws of the applicable jurisdiction shall be collected by the LLP.

“Specified Disclaimer: VDA products are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.” .

10. AML Policy

www.umbrellax.tech follows a standard procedure of using log files. These files log visitors when they visit websites. All hosting companies do this and a part of hosting services’ analytics.

The information collected by log files include internet protocol (IP) addresses, browser type, Internet Service Provider (ISP), date and time stamp, referring/exit pages, and possibly the number of clicks. These are not linked to any information that is personally identifiable. The purpose of the information is for analyzing trends, administering the site, tracking users’ movement on the website, and gathering demographic information.

11. Log Files

Last updated on 12-11-2023 17:53:50

VIOTX UMBRELLA WEB3 LLP believes in helping its Customers as far as possible, and has therefore a liberal Cancellation Policy. Under this policy:

KNOW YOUR CUSTOMER AND ANTI-MONEY LAUNDERING POLICY (KYC-AML POLICY)

Our Service may contain links to other sites that are not operated by us. If you click on a third party link, you will be directed to that third party’s site. We strongly advise you to review the Privacy Policy of every site you visit.

We have no control over and assume no responsibility for the content, privacy policies or practices of any third party sites or services.

11. Changes To This Privacy Policy

We may update our Privacy Policy from time to time. We will notify you of any changes by posting the new Privacy Policy on this page.

We will let you know via email and/or a prominent notice on our Service, prior to the change becoming effective and update the “effective date” at the top of this Privacy Policy.

You are advised to review this Privacy Policy periodically for any changes. Changes to this Privacy Policy are effective when they are posted on this page.

14. Contact Us

If you have any questions about this Privacy Policy, please contact us:

By email: support@umbrellax.tech