TERMS OF SERVICE

Last Updated: May 1, 2019


Zenith Point Holdings d/b/a Kernel ("Kernel"), a limited liability company incorporated in Delaware, allows users to purchase virtual currencies such as Bitcoin using Virtual Currency Transaction Machines ("Machines"). The use of Virtual Currency Transaction Machines, Kernel's website, and all other services described herein collectively constitute the "Kernel Services".

This User Agreement ("Agreement") is a contract between Kernel and any user of the Kernel Services ("you", "your", "yours"). If you are a user of the Kernel Services and do not agree with the terms of the Agreement, you are prohibited from the use of any Kernel Services. You must be at least 18 years old to use any of the Kernel Services, and your use of, or attempts to use the Kernel Services implies your representation of, and warranty that you are at least 18 years old.

By using any of the Kernel Services, you agree to and acknowledge the following:

  1. The purchase and sale of virtual currencies hold inherently risk and subjects you to potential financial loss due to their fluctuating prices. By using Kernel Services, you agree to assume all risks, financial and otherwise, associated with the purchase, sale, and use of virtual currencies through the Kernel Services and to not hold Kernel liable for any incurred financial loss, denominated in either fiat or virtual currencies, through the use of the Kernel Services.
  2. Kernel is not a bank, credit union, trust, or any other variety of financial institution, and any use of the Kernel Services as those of a financial institution holds no corresponding protection or guarantees.
  3. Virtual currencies, as defined by the U.S. Department of the Treasury, hold no legal tender status.
  4. Kernel obtains market prices of virtual currencies from third-party providers. The market prices are determined by third-party providers from factors, of which Kernel has no direct information, and you acknowledge that these market prices may consistently fluctuate.
  5. Kernel does not offer any financial instruments that are considered to be investment vehicles or securities as defined by the U.S. Securities and Exchange Commission.
  6. Transactions made using the Kernel Services are not verified by Kernel but by the corresponding virtual currency's network. Transaction verifications are subject to delays from the network.
  1. Account Creation

    You are not required to create a Kernel account to use basic Kernel Services, but certain Services may require the submission of personal documents including, but not limited to, your legal name, address, e-mail address, date of birth, taxpayer identification number (TIN), and government identification number. Kernel reserves the right to collect your face geometry for the purpose of identity verification. Face geometry data will not be made available without your consent to third-parties unless required by law. A valid phone number is required for all Services regarding the purchase and sale of virtual currencies in order to verify the transaction.

  2. Virtual Currency Transactions

    All purchases and sales made using Kernel's Machines will be done with Kernel, and only with Kernel. Kernel does not facilitate or intermediate the purchase and sale of virtual currencies between two parties. Once a transaction made through Kernel Services is pending or completed, it cannot be reversed, and refunds cannot be provided. This is due to the inherent nature of virtual currency transactions.

    Kernel reserves the right to maintain and impose a limit schedule on the quantity of virtual currencies that you may purchase or sell using Kernel's Machines. The limit schedule may be modified or changed as deemed appropriate or necessary by Kernel. If you desire to make any modifications to your transaction limit, you must enroll in Kernel's Supplemental Due Diligence Program, which may include the submission of further personal documents for the purpose of identity verification.

    Kernel does not maintain custody of private keys on behalf of others. Kernel is not responsible for the validity of public keys entered by you, and is not responsible for any loss incurred from the use of incorrect or invalid public keys. Kernel is not responsible for the legality of any transactions that you make using Kernel Services.

    Transactions made using Kernel's Machines are not refundable as virtual currency transactions are irreversible; Kernel is not responsible for your funds if you are a victim of error, financial loss, or fraud.

    Kernel reserves the right to not fulfill any transactions that is under the suspicion of illegal activities including but not limited to acts of terrorism, money laundering, or illicit transactions.

  3. Taxes

    Kernel does not maintain or report any tax documentation for users' transaction activity. It is your duty to report any relevant information regarding your virtual currency holdings and transactions to the Internal Revenue Service for tax purposes.

In the use of Kernel's Services and its website, you shall not act in the following manner:

  1. Use Kernel's Services and its website in a manner that violates this Agreement.
  2. Use Kernel's Services and its website for any illegal, criminal, and/or fraudulent purposes whether intentional or unintentional.
  3. Copy any content found on Kernel's website, Machines or any issued assets.
  4. Use Kernel's Services or its website as a platform to transmit, upload, email, or post any material that is unlawful, harmful, threatening, abusive, harassing, tortuous, defamatory, vulgar, obscene, pornographic, libelous, invasive of another's privacy, hateful, or racially or ethnically objectionable, encourages criminal behavior, gives rise to civil liability, violates any law, or is otherwise objectionable.
  5. Use Kernel's Services or its website as a platform to transmit, upload, email, or post any material that you do not hold the rights to do so under law or contractual Agreement.
  6. Use Kernel's Services or its website as a platform to transmit, upload, email, or post any material that contains harmful software that may lead to the loss of privacy, information, and/or funds behalf of Kernel and its users.
  7. Represent yourself as an agent of Kernel or infer any contractual relationship between you and Kernel beyond this Agreement.
  8. Register yourself as a user on behalf of individuals or entities.

General Provisions

By submitting, posting or displaying any content produced by you (User Content) on or through any Kernel Services, you grant Kernel (and our agents) a non-exclusive, royalty-free license (with the right to sublicense) to use, copy, modify, transmit, display and distribute such User Content. Kernel will not be responsible or liable for any use of User Content in accordance with these Terms. You represent and warrant that you have all the rights, power and authority necessary to grant the rights granted herein to any User Content that you submit.

Except for User Content, this website, and the information, materials, and content that it contains, are the property of Kernel and its licensors, and are protected from unauthorized copying and dissemination by copyright law, trademark law, and other intellectual property laws. Subject to the terms of this Agreement, Kernel grants you a non-transferable, non-exclusive, license to (a) use the Website for your personal use. This Agreement does not give you a right to use the Kernel names, trademarks, logos, domain names, trade dress, and other distinctive brand features without Kernel's prior written consent. Any future release, update, or other addition to functionality of Kernel Services shall be subject to the terms of this Agreement.

If you provide Kernel with any suggestions, comments or other feedback relating to any aspect of the Website and/or Service ("Feedback"), Kernel may use such Feedback in its website or in any other Kernel Service. Accordingly, you agree that: (a) Kernel is not subject to any confidentiality obligations in respect to any Feedback that you provide, (b) the Feedback is not confidential or proprietary information of you or any third party and you have all of the necessary rights to disclose the Feedback to Kernel, (c) Kernel (including all of its successors and assigns and any successors and assigns of any of the Kernel Services) may freely use, reproduce, publicize, license, distribute, and otherwise commercialize Feedback in any Kernel Services, and (d) you are not entitled to receive any compensation or reimbursement of any kind from Kernel or any of the other users of the Website in respect of the Feedback that you provide.

Kernel Services may contain links to other websites or services that are not owned or controlled by Kernel. In no event shall any reference to any third party, third party product or service be construed as an approval or endorsement by Kernel. Any third-party websites or services accessed via Kernel Services are subject to their respective terms and conditions. You hereby release Kernel from all liability and/damages that may arise from your use of such websites and services.

This Agreement will be governed by the laws of Delaware.

Information and data transmitted using the Internet is generally unsecured and may be subject to the terms and conditions of any involved third-parties. Kernel does not make any representation or warranty regarding the security of the communications made to and from Kernel's website or Machines. Kernel will not be responsible or liable for the security and safety of passwords that you create for the use of Kernel Services. You will be held solely responsible and liable for the safekeeping of your passwords.

Kernel's failure to enforce delinquency of responsibilities set forth herein or exercise any rights contained herein does not denote, imply, or construe the waiver of said delinquencies or rights, and the validity of the right to enforce delinquencies of responsibilities, and any other rights defined herein will be maintained following any instances of failure to do so.

In accordance with any privacy policy that may be published on Kernel's website, this document contains the complete set of terms and conditions of this Agreement, and represents the complete understanding between you and Kernel.

If any provision of this Agreement is determined to be invalid by a court of the according jurisdiction, the remaining valid provisions of this Agreement will remain in effect, and such provisions will be interpreted to accomplish the objectives of the provision to the greatest extent possible under any applicable law and the validity or enforceability of any other provision of this Agreement shall not be affected.

KERNEL SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED, OR STATUTORY. KERNEL EXPLICITLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT REGARDING ITS SERVICES. YOU UNDERSTAND AND AGREE THAT THE VALUE OF BITCOIN CAN BE VOLATILE, AND KERNEL IS NOT IN ANY WAY RESPONSIBLE OR LIABLE FOR ANY LOSSES THAT YOU MAY INCUR BY HOLDING OR TRADING BITCOIN, EVEN IF THE KERNEL SERVICES ARE DELAYED, SUSPENDED, OR INTERRUPTED FOR ANY REASON. KERNEL DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO ANY PART OF THE KERNEL SERVICES, OR ANY OF THE MATERIALS CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, ERROR-FREE OR SECURE. OPERATION OF THE KERNEL WEBSITE MAY BE INTERFERED WITH BY NUMEROUS FACTORS BEYOND KERNEL'S CONTROL. FURTHER, KERNEL MAKES NO REPRESENTATIONS OR WARRANTIES AS TO THE QUALITY, SUITABILITY, TRUTH, USEFULNESS, ACCURACY, OR COMPLETENESS OF THE KERNEL SERVICES OR ANY MATERIALS CONTAINED THEREIN. KERNEL WILL MAKE REASONABLE EFFORTS TO ENSURE THAT REQUESTS FOR TRANSACTIONS ARE PROCESSED IN A TIMELY MANNER BUT KERNEL MAKES NO REPRESENTATIONS OR WARRANTIES REGARDING THE AMOUNT OF TIME NEEDED TO COMPLETE PROCESSING.

YOU SHALL INDEMNIFY AND HOLD KERNEL AND ITS SUBSIDIARIES, AFFILIATES, OFFICERS, AGENTS, AND EMPLOYEES, HARMLESS FROM ALL CLAIMS, ACTIONS, PROCEEDINGS, DEMANDS, DAMAGES, LOSSES, COSTS, AND EXPENSES (INCLUDING REASONABLE ATTORNEYS' FEES), INCURRED IN CONNECTION WITH ANY MATERIALS SUBMITTED, POSTED, TRANSMITTED OR MADE AVAILABLE BY YOU THROUGH ANY KERNEL SERVICES AND/OR ANY VIOLATION BY YOU OF THIS AGREEMENT.