Terms & Conditions

About Bitwyre

Bitwyre is a Jakarta-based crypto exchange platform that is secure and regulated by the Commodity Futures Trading Regulatory Agency (Bappebti). It is also a member of the cryptocurrency trading ecosystem (CFX, KKI, and ICC). Bitwyre spent three years developing a matching engine technology that operates on bare-metal servers. Founded by Dendi Suhubdy, Bitwyre is supported by over a decade of experience from top PhD talents. Bitwyre aims to bridge crypto and fiat in emerging markets, supporting retail traders and institutions with top-tier services and technology.

Risk Information

Definitions

1. Account: The Customer’s account registered for the use of Bitwyre’s Services.
2. Email Account: The registered email account used for notifications.
3. Crypto Assets: Intangible commodities in the form of digital assets, utilizing cryptography, peer-to-peer networks, and distributed ledgers to regulate the creation of new units, verify transactions, and secure transactions without the intervention of third parties.
4. Supported Crypto Assets: Digital assets available for use with Bitwyre’s Services.
5. Transaction Fees: Fees charged by Bitwyre to Customers for the sale, purchase, and/or transfer of the Customer’s Crypto Assets.
6. Intellectual Property Rights (IPR): Exclusive rights granted by law for inventions, designs, and works of art.
7. Applicable Law: Laws, regulations, and rules in the Republic of Indonesia that apply to Bitwyre’s Services.
8. Instructions: Orders or requests given to Bitwyre.
9. Privacy Policy: The privacy notice on Bitwyre’s website.
10. Manifest Error: An obvious error or quote.
11. Claim: A dispute or controversy related to these Terms or the Product Terms.
12. Bitwyre Services: Services offered through the Platform.
13. Security Breach: A compromise of the Account’s security.
14. Risk Disclaimer: A general risk notification on the Website and/or Platform.
15. Customer or You: A party using Bitwyre’s services to buy or sell Crypto Assets traded on Bitwyre’s Website or Platform.
16. Authorized Customer: A person authorized to act on behalf of the Customer.
17. Platform: Bitwyre’s digital platform for Bitwyre’s Services.
18. Website: Bitwyre’s website and online content.
19. Terms and Conditions: These trading procedures, including referenced documents.
20. Product Terms: Specific terms for certain services.
21. Transaction: The activity of buying, selling, and/or transferring Crypto Assets on the Platform/Website.
22. Wallet: A medium used to store crypto assets, either in the form of coins or tokens.

Account Registration

1. General Requirements

   To register an Account and use Bitwyre's Services, Customers must:

   1. Be at least 18 years old and legally competent;
   2. Possess valid identification documents, such as an Identity Card (KTP);
   3. Own funds or Crypto Assets that are not derived from criminal activity, money laundering, terrorism financing, and/or weapons of mass destruction;
   4. Agree to Bitwyre's Terms and Conditions as well as the Privacy Policy;
   5. Have never been suspended from using Bitwyre’s Services;
   6. Not be classified as a Blacklisted Person;
   7. Not currently have an active Bitwyre account;
   8. Not be located, established, or formed in, and not be a citizen, resident, or conducting business in jurisdictions where accessing or using Bitwyre’s Services would violate Applicable Law or cause Bitwyre or any third party to violate Applicable Law.

2. Changes to General Requirements

   Bitwyre reserves the right to modify the general requirements at its discretion. When possible, Bitwyre will provide prior notice of any changes. However, changes may be made without prior notice under circumstances such as:

   1. Legal or regulatory changes requiring immediate action;
   2. Changes made for your benefit;
   3. Other valid reasons preventing prior notice. In cases where prior notice is not feasible, we will notify you of the changes as soon as possible after implementation.

3. Creating an account

   To access Bitwyre’s Services and Platform, you must create and maintain an Account. All Bitwyre Accounts are provided at Bitwyre's discretion. Bitwyre reserves the right to reject Account applications without explanation or to limit the number of Accounts you may have. When creating an Account, Customers are required to provide information including, but not limited to:

   1. Name;
   2. Address;
   3. Phone Number;
   4. Email;
   5. Place and Date of Birth;
   6. Occupation;
   7. Tax ID (NPWP);
   8. Identity Card (KTP) Number; and
   9. Bank account information (such as bank name, account type, and account number).

4. Account Usage

   By creating a Bitwyre Account, you agree to use the Account solely for yourself, unless you have written permission from Bitwyre to use it on behalf of a third party.

Confidentiality

Each account has a Login and Password that are STRICTLY PERSONAL and CONFIDENTIAL. After the Customer creates an account password during registration, the Customer is prohibited from sharing the username and password with any third party and is fully responsible for any risks that may arise as a result of sharing the username and password with others.

Account Data Updates

1. Account Name Change

   To change the Account name, you must submit both the old and new account holder names, username, email, phone number, attached bank account details, and identification document numbers. To prevent fraud, we will perform a data verification process and confirm the changes first. Once the process is complete, your Account name will be updated as requested. Acceptable reasons for changing the Account name include errors in spelling.

2. Supporting Data Updates

   Customers are required to update supporting data, such as phone numbers, emails, and other relevant information to the most current data. This is in line with Bitwyre’s Know Your Customer (KYC) principles. Updates should be made via email with the subject line 'Data Update,' indicating the data to be changed along with a reason for the update. The request must be accompanied by a soft copy of the identity document, username, full name, address, email, selfie photo, old data to be changed, and the updated information.

3. Password Change

   Changing the password is possible for security reasons, and the mechanism is available on both the Bitwyre Website and Platform. For security purposes, after changing the password, Customers will not be able to withdraw funds or Crypto Assets for 24 (twenty-four) hours.

Account Termination, Suspension, and Restriction

Representations and Warranties

1. Customer Representations

   1. The Customer represents and warrants that all documents and information provided to Bitwyre are true, accurate, complete, and up-to-date. The Customer agrees to be subject to civil and criminal actions if Bitwyre discovers or receives information from any party that the data, information, and documents provided by the Customer are false, incomplete, or fraudulent. The Customer agrees to update their data/information at any time if requested by Bitwyre, and all documents submitted will become the property of Bitwyre.
   2. The Customer has the authority to access and use the Bitwyre Platform/Website and Services, as well as to fulfil their obligations in accordance with these Terms and Conditions and any related agreements.
   3. The Customer represents and warrants that they will use Bitwyre's Services responsibly and will not engage in activities that violate Applicable Law.
   4. Your use of the Platform and Bitwyre Services, as well as compliance with these Terms and Conditions, will not violate any organisational documents, agreements, or applicable laws.
   5. The Customer is responsible for determining whether an investment, investment strategy, or related transaction is suitable for them based on their personal investment objectives, financial situation, and risk tolerance.
   6. The Customer is liable for any losses or liabilities that may arise. Bitwyre does not recommend that you buy, obtain, sell, or hold any Crypto Assets. Before making any decisions regarding Crypto Assets, you should conduct your own research and consult with your financial advisor. Bitwyre is not liable for your decision to buy, obtain, sell, or hold Crypto Assets based on information provided by Bitwyre, including any losses that may occur.
   7. The Customer represents and warrants that they have read, understood, and agreed to Bitwyre’s Privacy Policy. Furthermore, you acknowledge that Bitwyre's business activities and Privacy Policy may change from time to time, and you will review the latest version provided by Bitwyre. The Customer represents and warrants that they will not violate these Terms and Conditions or any related agreements.

2. Bitwyre Representations

   1. Bitwyre represents that it has provided sufficient information and explanations about the Bitwyre Services to be used by the Customer in accordance with these Terms and Conditions, and the Customer has understood and accepted the risks, benefits, and associated costs of using the Services.
   2. Bitwyre's Services and related information are provided 'as is' without any express or implied warranties, including warranties of title, merchantability, fitness for a particular purpose, or non-infringement. Bitwyre does not guarantee continuous, uninterrupted, timely, or error-free access to the Website, Platform, Bitwyre Account, or Services.
   3. Bitwyre does not guarantee access to your Bitwyre Account or Services for maintenance purposes. While Bitwyre endeavours to process transactions in a timely manner, it does not guarantee specific processing times, as they depend on factors beyond Bitwyre’s control.
   4. Bitwyre does not guarantee compatibility with specific hardware or devices and acknowledges potential malfunctions and delays in internet and electronic communications. You are responsible for obtaining network access and compatible hardware or devices to use Bitwyre’s Services.

Obligations and Responsibilities

1. Customer Obligations

   By using Bitwyre’s Services, the Customer agrees to:

   1. Not violate these Terms and Conditions or any related agreements.
   2. Not use Bitwyre’s Services in a manner that violates public interest, morality, or disrupts the use of Bitwyre’s Services by others.
   3. Not use Bitwyre’s Services for resale or commercial purposes without Bitwyre’s written consent.
   4. Not engage in market manipulation or activities designed to control or influence the price of Crypto Assets.
   5. Not engage in fraudulent activities or activities that may raise suspicion of fraud.
   6. Not use Bitwyre’s Services for lotteries, auctions, sports betting, internet games, contests, sweepstakes, or any other form of gambling.
   7. Not accept funds from Bitwyre and other Customers for the same transaction during a claim, or conduct business in a manner that causes complaints, disputes, or liabilities.
   8. Not provide false or misleading information regarding Bitwyre’s Services.
   9. Not use unauthorised methods to access, copy, or monitor any part of the Platform or bypass security measures.
   10. Not modify or combine the Platform with other programs or applications.
   11. Not disassemble, decompile, reverse engineer, or attempt to obtain the source code of the Platform.
   12. Not imitate, duplicate, copy, transmit, distribute, transfer, disassemble, broadcast, publish, or alter any part of Bitwyre’s Intellectual Property without permission.
   13. Not facilitate viruses or other malicious programming routines.
   14. Not use anonymous proxies or temporary email addresses, bypass robot exclusion headers, or interfere with Bitwyre’s Services or suppliers.
   15. Not create a guarantee on your Fiat Currency or Digital Assets without Bitwyre’s written consent.
   16. Not violate applicable laws or the intellectual property rights of third parties.
   17. Not access Bitwyre’s Services from high-risk jurisdictions or by high-risk individuals/entities.

2. Bitwyre’s Responsibilities

   Except as otherwise stated by law or regulation, Bitwyre (including but not limited to its affiliates, shareholders, directors, commissioners, employees, and/or agents) will not be responsible for any loss, direct, indirect, or consequential, including but not limited to loss of profit, income, reputation, and/or data suffered by the Customer due to the Customer’s negligence in connection with the use of Bitwyre’s Services.

3. Limitation of Liability

   Bitwyre will not be liable for any direct or indirect losses (including loss of profits, business, or opportunities), damages, or costs arising from or related to these Terms and Conditions, including but not limited to:

   1. The operation of protocols underlying Crypto Assets, their functionality, security, or availability.
   2. Whether Supported Crypto Assets retain their value against any asset, or whether the issuer of Supported Crypto Assets has sufficient reserves.
   3. Any actions or omissions that comply with these Terms and Conditions.
   4. Any inaccuracies, defects, or omissions in the pricing data of Crypto Assets, errors or delays in transmitting such data, and interruptions in such data.
   5. Any scheduled or unscheduled maintenance by Bitwyre, including any resulting service disruptions or changes.
   6. Theft of devices capable of accessing and using Bitwyre’s Services.
   7. Actions, omissions, or violations of these Terms and Conditions by other customers, and any damage caused by actions of third parties.
   8. Any damage or disruption caused by computer viruses, spyware, or other malware that may affect your computer or other equipment, or phishing, spoofing, or other attacks.
   9. Losses caused by fraud or third-party fraud involving Bitwyre as a receiver of your Fiat Currency or Crypto Assets, and/or the conversion of fiat currency into Crypto Assets, and/or the transfer of Crypto Assets from the Platform/Website at your request.
   10. Loss of business, profits, anticipated savings or opportunities, or special, punitive, aggravated, incidental, indirect, or consequential damages, arising from or related to the Website, Platform, your Bitwyre Account, Bitwyre’s Services, these Terms and Conditions, Product Terms, Privacy Policy, or any agreement made in connection with or in relation to these Terms and Conditions.

Trading Rules

Transaction Procedures

1. Deposit/Fund Submission

   1. Log in to Customer Account

      The Customer accesses their account through the Platform/Website using their registered username and password.

   2. Select the Deposit Option

      After successfully logging in, the Customer will be directed to the dashboard. Here, the Customer selects the 'Deposit Funds' or 'Deposit' menu.

   3. Choose Payment Method

      On the deposit page, the Customer selects an available payment method, such as a bank transfer.

   4. Enter Deposit Details

      The Customer fills in the deposit details, including the amount to be deposited and any additional information that may be required based on the chosen payment method.

   5. Confirm Deposit

      After entering the details, the Customer will be asked to review the information entered and confirm the deposit. At this stage, the Customer will be shown an estimated processing time for the deposit.

   6. Make the Payment

      The Customer then makes the payment following the instructions provided by the Platform/Website, such as transferring funds to the designated bank account or through online payment methods.

   7. Payment Verification

      After the payment is made, the system will verify the deposit. This may take a few minutes to several hours depending on the chosen payment method.

   8. Notification and Balance Update

      Once verification is completed, the Customer will receive a notification that the deposit has been successful, and the account balance will be automatically updated.

2. Receiving Crypto Assets

   1. Log into Account

      Customers log into their account through the Platform/Site using their registered username and password.

   2. Select Receive Crypto Option

      After logging in successfully, customers will be directed to the dashboard. Here, they select the “Receive Crypto” menu.

   3. Choose Crypto Asset Type

      Customers choose the type of crypto asset they want to receive, such as Bitcoin (BTC), Ethereum (ETH), or other supported crypto assets on the Platform/Site.

   4. Get Wallet Address

      The Platform/Site will display a unique wallet address associated with the customer's account for the selected crypto asset. This address can be a string of characters or a QR code.

   5. Send Wallet Address to Sender

      Customers provide the wallet address to the party sending the crypto asset. This can be done by copying the address or sharing the QR code.

   6. Sender Sends Crypto Asset

      The sender sends the crypto asset to the provided wallet address. This process depends on the blockchain network and can take several minutes to hours, depending on the type of asset and network conditions.

   7. Verify Transaction on Blockchain

      After the sending is done, the transaction will be verified by the blockchain network. Customers can monitor the transaction status using the transaction hash (transaction ID), which can be viewed through a blockchain explorer.

   8. Update Crypto Asset Balance

      Once the transaction is verified and confirmed on the blockchain, the crypto asset balance in the customer’s account will be updated automatically. Customers will receive a notification that the crypto asset has been successfully received.

3. Buying and Selling Crypto Assets Process

   1. Log into Account

      Log into your account on the Bitwyre platform (application or site Bitwyre.id) using your registered username and password.

   2. Select Crypto Asset Market

      After successfully logging in, customers will be directed to the dashboard. Here, they choose the crypto asset market they wish to trade, for example, BTC/USDT, ETH/BTC, etc.

   3. Market Analysis

      Customers can view price charts, order books, and transaction history to conduct market analysis before trading.

   4. Create Order

      Buy Order: Customers choose to buy the crypto asset by filling in the desired amount and price. Several types of orders can be used, such as market order (immediate purchase at market price) or limit order (purchase at a specific price).

      Sell Order: Customers choose to sell the crypto asset by filling in the desired amount and price. Similar to the buy order, there are market orders and limit orders for selling.

   5. Execute Order

      Market Order: The order will be executed instantly at the current market price.

      Limit Order: The limit order will be executed when the market price reaches the price set by the customer.

   6. Transaction Confirmation

      After the order is executed, customers will receive a transaction confirmation that includes details such as the amount of assets bought or sold, price, and transaction fees.

   7. Update Balance

      The balance in the customer’s account will be automatically updated based on the transaction results.

   8. Update Balance

      Customers can check their transaction history on the history page to view details of all trades that have been made.

4. Crypto Asset Storing Process

   1. Log into Account

      Customers log into their accounts through the Platform/Site using their registered username and password.

   2. Select Crypto Asset Wallet

      After successfully logging in, customers will be directed to the dashboard. Here, customers select the 'Wallet' menu to view their balance and types of crypto assets owned.

   3. Balance Updates and Notifications

      Whenever there is a change in the crypto asset balance (deposit, withdrawal, or transaction), customers will receive notifications via email or the app to monitor their account activity.

   4. Customers can view transaction details and their crypto asset balances in real-time through their account dashboard.

5. Fund Withdrawal Process

   1. Log into Account

      Customers log into their accounts through the Platform/Site using their registered username and password.

   2. Select Fund Withdrawal Option

      After successfully logging in, customers will be directed to the dashboard. Here, customers select the 'Withdraw' menu.

   3. Choose Withdrawal Method

      On the withdrawal page, customers select the available withdrawal method, which is bank transfer.

   4. Fill in Withdrawal Details

      Customers fill in the withdrawal details, including the amount of funds to withdraw and bank account information. Customers must also ensure that the information entered is correct and matches their verified account.

   5. Security Verification

      Two-Factor Authentication (2FA): Before proceeding, customers will be asked to enter a 2FA code as an additional security step.

      Email/SMS Confirmation: Customers may also be required to confirm the withdrawal through a link sent to their email or a code sent via SMS.

   6. Withdrawal Process

      After the security verification is complete, the withdrawal request will be processed by the system. Processing times may vary depending on the chosen withdrawal method and the withdrawal amount.

      Manual Review (for large amounts): Withdrawals of large amounts may require manual review by the finance team to ensure security and compliance.

   7. Withdrawal Confirmation

      Once the withdrawal is processed, customers will receive a notification that the funds have been sent to the designated bank account or payment method. Customers can check the withdrawal status and transaction history through their account dashboard.

   8. Receipt of Funds

      The funds will be credited to the designated bank account or payment method according to the applicable processing times. This may take several hours to a few business days, depending on the bank or payment service provider.

6. Crypto Asset Withdrawal Process

   1. Log into Account

      Customers log into their accounts through the Platform/Site using their registered username and password.

   2. Select Crypto Asset Withdrawal Option

      After successfully logging in, customers are directed to the dashboard. Here, customers select the 'Withdraw Crypto' menu.

   3. Choose Crypto Asset Type

      On the withdrawal page, customers choose the type of crypto asset they wish to withdraw, such as Bitcoin (BTC), Ethereum (ETH), or other Supported Crypto Assets on the Platform/Site.

   4. Fill in Withdrawal Details

      Customers input the withdrawal details, including the amount of crypto asset to withdraw and the destination Wallet address. Customers must ensure that the wallet address entered is correct and valid.

   5. Security Verification

      Two-Factor Authentication (2FA): Before proceeding, customers will be required to enter a 2FA code as an additional security measure.

      Email/SMS Confirmation: Customers may also be asked to confirm the withdrawal via a link sent to their email or a code sent via SMS.

   6. Withdrawal Processing

      After security verification is complete, the withdrawal request will be processed by the system. Processing times may vary depending on blockchain network conditions and Platform/Site policies.

      Manual Review (for large amounts): Withdrawals of large amounts may require manual review by the finance team to ensure security and compliance.

   7. Withdrawal Confirmation

      Once the withdrawal is processed, customers will receive a notification that the crypto asset has been sent to the designated Wallet address. Customers can check the status of the withdrawal and transaction history via their account dashboard.

   8. Blockchain Verification

      Customers can verify the status of their withdrawal on the blockchain using the transaction hash (transaction ID), which can be viewed through relevant blockchain explorers.

Transaction Fee

Withdrawal Limits

1. Users agree to comply with Bitwyre's withdrawal limit policies for both crypto assets and fiat currency funds applied to their accounts. Bitwyre enforces an Anti-Money Laundering and Counter-Terrorism Financing (AML-CTF) Program, as well as regulations against the proliferation of weapons of mass destruction. Bitwyre is authorised and reserves the right not to process transactions that exceed the daily withdrawal limit, which is set by Bitwyre.
2. The withdrawal limit resets to zero (0) every day at 00:00 Western Indonesian Time (WIB).
3. The approval or rejection of a request to increase the daily withdrawal limit is solely at Bitwyre’s discretion, based on input from the legal and compliance teams. This decision is influenced by factors such as the user's request, transaction history, source of funds, and intended use of the transaction. It cannot be appealed. Users whose limit increase requests are rejected can reapply for a withdrawal limit increase.

Transaction Limits

• Minimum Crypto Asset Transaction: 0.001 USDT or equivalent
• Maximum Crypto Asset Transaction: For all users, there are no limits on the maximum crypto asset transaction.

Travel Rule

• Information Collection

  When conducting crypto asset transactions that meet certain thresholds, Bitwyre will collect information about the sender and receiver, including name, wallet address, home address, and identification number.

• Information Transmission

  The collected information must be sent along with the transaction to the receiving VASP (Virtual Asset Service Provider) or relevant parties. This ensures that authorities can track the information when necessary.

• Record Keeping

  Bitwyre is required to store records of sender and receiver information for a specified period in accordance with regulatory requirements.

• International Cooperation

  Bitwyre collaborates with other VASPs and international regulatory authorities to ensure compliance with the Travel Rule across different jurisdictions.

Transaction Security

Complaint Handling/Dispute Resolution

Force Majeure

1. As long as Bitwyre has fulfilled its obligations in accordance with applicable laws regarding the occurrence of a Force Majeure event, we are not responsible for providing compensation and/or liability of any kind to the Customer or any other party for any risks, responsibilities, or claims that may arise in connection with delays, failures, or the inability to perform obligations due to Force Majeure.
2. Force Majeure refers to events beyond Bitwyre's control that affect the execution of transactions. These events include, but are not limited to:
   1. Natural disasters (such as floods, storms, earthquakes, or other natural disasters),
   2. Health emergencies (pandemics, disease outbreaks, or other health emergencies),
   3. War or the threat of war, sabotage, rebellion, civil unrest, terrorism, restrictions, actions, or prohibitions issued by any government, parliament, or regional authority,
   4. Labour strikes or other industrial actions,
   5. Infrastructure disruptions/damages, such as widespread power outages, satellite, broadcasting, and telecommunications failures.
3. For clarity, Bitwyre is not responsible for any losses or damages arising from delays or non-performance of obligations under these Terms and Conditions in the event of Force Majeure.

Implementation of Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) Programs and Prevention of the Proliferation of Weapons of Mass Destruction (PPSPM)