All you need to know about the content of user agreements on digital assets trading platforms | Mehmet Türkarslan, Attorney

Our corporate policy requires us to protect our users’ rights and interests, integrate into the developing technology legislation rapidly and update our user agreements accordingly.

Attorney Mehmet Türkarslan
Paribu Legal Advisor 

It should be remembered that once you sign up for a digital assets trading platform, you start a relationship based on a consumer contract in its simplest form. An agreement or a contract includes mutual and concerted intents of the contractual parties on a subject matter. For this reason, any agreement accepted on a digital medium is binding on both the users and digital assets trading platforms. In this context, please note that such an agreement may be unilaterally terminated at any time without any obligation for compensation and without any prejudice to your assets.

To avoid any damage or loss, users should pay attention to the following points before entering a contractual relationship.

  • First of all, in case you intend to carry out transactions on a digital trading platform on behalf of your company rather than on your own behalf as a natural person, you should pay particular attention to whether the user agreement allows for such transactions. You can carry out  cryptocurrency transactions as a legal entity on Paribu.
  • User accounts containing digital assets must be used individually. Similarly, transactions must be carried out individually by the account holder. However, it is essential to know what would happen to your digital assets if there occur any unforeseen circumstances where it would be impossible for you to use your account individually.
  • In case of any loss of life, the digital assets of the deceased are passed on to the statutory heirs within the framework of the canons of inheritance. To this date, procedures defined in line with the law of succession have been applicable to the digital assets on Paribu and the same practice shall continue to be applicable. More detailed information on this subject is available in my article titled “Digital assets on Paribu are subject to the law of succession”.
  • You should also pay attention to whether the user agreement contains provisions allowing for access to your account by proxy in cases where it is impossible for you to access your account for an extended period of time. As explicitly provided in our user agreement, the principal may authorize another person (i.e. an “agent”) to use his or her account on his/her behalf through a special Power of Attorney which is duly issued by the notary public and which explicitly contains the authorities required to use the relevant account on Paribu on behalf of the principal. Paribu allows for access to your account by proxy provided that the required conditions are duly satisfied.
  • The agreements of digital assets trading platforms that are based abroad but carry on business activities in Turkey are particularly important to users.  The original versions of user agreements of such companies are written in the local language based on the local legislation. Such user agreements may not yield the expected results even if they are translated to Turkish and adapted to Turkish law because it might be decided that the original version of the agreement, which the user has never seen and which was written in a language that the user does not know,  will prevail in case of potential translation mistakes and/or any conflict between two versions.  This would lead to a situation where one of the parties may not have full knowledge of the content of the contractual relationship. Founded by domestic investors, Paribu serves the users with user agreements written in the original language.
  • You should also pay attention to whether the user agreement to be executed in case you intend to carry out transactions on a digital assets trading platform contains provisions to ensure the highest level of personal data security and privacy. As Paribu, we take measures of the highest standards to ensure personal data privacy and security.  Our top priority is to ensure that you carry out your investments in a secure environment.

If you intend to carry out digital asset transactions, we advise you to pay attention to the aforementioned terms and provisions that must be incorporated into the user agreements. Since its foundation, Paribu has prepared the user agreements by considering its users’ rights and interests. We update and enhance our user agreement in line with the developments in the technology legislation, and we will continue to do so.

Bu içerik en son 26 October 2022 tarihinde güncellenmiştir.


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