Terms of Use

By using Pocketbits Android App(Launching Soon), Pocketbits iPhone App (Launching Soon) or Pocketbits website http://dev.pocketbits.in/ (“Pocketbits”) and further by registering to avail the current or future services, products or any other features, technologies, or functionalities (collectively “Pocketbits App and Website”), you are hereby agreeing to accept and comply with the terms and conditions of use stated below (hereinafter referred to as “Terms of Use”). You should read, agree and accept the entire Terms of Use prior to your use of Pocketbits App and Website. You are hereby expressly barred from accessing Pocketbits App and Website unless you agree and accept to these Terms of Use.

As used herein, “Pocketbits or Company” refers to the holding company of Pocketbits being Defacto Technologies Pvt Ltd (‘Company’), a private limited company incorporated under the laws of India and having its registered office at PLOT NO. 65, SNO 807/1/3/20, DEEPALI NAGAR,, AGRA ROAD, Nashik, Maharashtra, India, 422009 its owners, directors, investors, employees or other related parties.


The Services operated by Company in the name of Pocketbits allows buyers (“Buyers”) and sellers (“Sellers”), to buy and sell Bitcoins (for more information on Bitcoins, please refer to http://www.bitcoin.org).

Pocketbits also allows all registered users of the Services (“Members”) to:

  • Send and receive Bitcoins from other Pocketbits Members or other users of Bitcoin,
  • Purchase and sell Bitcoins, and
  • Use Bitcoins for Purchasing voucher codes, Shop online on third party websites, Pay mobile bills, DTH bills and similar services.

It is possible that the laws in the country where the member resides and/or accesses Pocketbits App and Website do not allow the usage of an online tool with the characteristics of Bitcoin or any of its features. Pocketbits does not encourage the violation of any laws and cannot be held responsible for violation of such laws. It is the duty and responsibility of the member to follow the laws of the country of residence. As long as you agree to and comply with these Terms of Use, Pocketbits grants you a personal, non-exclusive, non-transferable, non-sublicensable, and limited right to enter and use Pocketbits App and Website.


It is your responsibility to determine, collect, report and submit any taxes applicable to the payments you make or receive in connection with the use of Pocketbits App and Website to the appropriate tax authority. Pocketbits is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.

Pocketbits adopts the following Know Your Customer and Anti-Money Laundering Policy (hereinafter referred to as “KYC and AML Policy”) to ensure that Pocketbits App and Website and any future platforms that we might support, are not used to facilitate money laundering or the funding of terrorism or any other criminal activities.

  • Purpose

This policy is applicable on all the present as well as prospective Members who uses or wishes to use Pocketbits App and Website through proper registration. It lays down the procedure that we follow to collect information and maintaining a record of our Members. It is the duty of Member to comply with this KYC and AML Policy in order to ensure that it does not abuse the relationship with Pocketbits for any illegal purposes, including money laundering or other financial crimes. Any action, including those that might not have been foreseen and included in this policy, that has the effect of the abuse as contemplated above shall be restricted under this policy.

Pocketbits reserves the right to decline business proposal, at its discretion, with present as well as prospective Members at all times. It is the discretion of Pocketbits to suspend or terminate any action in favor of the Member until a reasonable and satisfactory explanation with supporting documents is provided, on suspicion of the Member abusing the relationship as contemplated above.

  • Customer Identification

Pocketbits collects the following basic information from its customers for its records:

  • Residential Address
  • Contact Number
  • Email Address
  • Picture of Permanent Account Number (PAN) Card
  • Picture of Proof of Address(Passport, Driver’s License etc)
  • Bank Details
  • Last Name
  • First Name

  • Measures for implementation of KYC and AML policy

Pocketbits appoints a competent and qualified employee as an AML and KYC Policy Compliance Person who reviews and updates the KYC and AML Policy to ensure the compliance with all relevant and applicable legislation, regulations and recommendations and monitor compliance of KYC and AML Policy. Pocketbits employees would be trained to identify and take action on suspicious transactions through Pocketbits App and Website and make regular internal reports on such suspicious transactions. Pocketbits would regularly inspect the transactions done through its Services and would report them to relevant supervisory and/or law enforcement authorities. Pocketbits reserves the right to determine suspicious and unusual transactions that result into abuse of relationship with Pocketbits.

  • Changes to KYC and AML Policy

Pocketbits reserves the right to change, amend, alter or delete some or all parts of this KYC and AML Policy, include new procedure and exclude existing procedures in this KYC and AML Policy. It is the duty of the Member to keep updated and comply at all times with the KYC and AML Policy as and when updated on the Website.

Associated Risks / Risk of using Pocketbits Services / Investment Risk

The use of Pocketbits App and Website may entail the following risks:

  • Bitcoin transactions are irreversible. The Bitcoins you buy will be sent to your Pocketbits wallet or to the Bitcoin address provided by you. If you lose or delete your own bitcoin wallet, you will lose your Bitcoins in it and the same cannot be restored.
  • Bitcoin value is volatile and keeps on increasing or decreasing. Bitcoins are subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading in Bitcoins.
  • Bitcoin is an as-yet autonomous and largely unregulated worldwide system of value transfer between individuals. It is not backed by any government or central bank backed currencies.
  • There is also the risk of loss of confidence in Bitcoin trading, which could collapse demand relative to supply. For example, confidence might collapse in Bitcoin because of unexpected changes imposed by the software developers, the creation of superior competing alternatives, a deflationary or inflationary spiral, or due to governmental actions. Confidence might also collapse because of technical problems, for instance, if the anonymity of the system is compromised, or if any entity is able to prevent any transactions from settling.
  • There may be additional risks that might not have been foreseen or identified in these Terms of Use.

You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading Bitcoins.

We use our banking service providers only for the receipt of client money and making payments. Our banking service providers do not transfer Bitcoins, exchange Bitcoins, or provide any services in connection with Bitcoins.

Prohibited usage / Limited Right of Use / Limited Licence

Unless otherwise specified, all materials on Pocketbits App and Website are the property of Pocketbits and are protected under copyright, trademark and other applicable laws. You may view, print, and/or download a copy of such Materials on any single computer solely for your personal, informational, non-commercial use, provided you keep intact all copyright and other proprietary notices.

The trademarks, service marks and logos of Pocketbits and others used in Pocketbits and Services (“Trademarks”) are the property of Pocketbits and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video, and audio used on this Website belong to Company. The trademarks and materials should not be copied, reproduced, modified, republished, uploaded, transmitted, collected or distributed in any form or by any means, whether manual or automated. Any unauthorized use of such property may violate copyright, trademark, and other applicable laws and could result in criminal or civil legal actions and penalties.

Maintenance of Account:

We are vigilant in maintaining the security of Pocketbits App and Website and it is for your personal and non-commercial use only. By registering with us, you agree to provide Pocketbits with current, accurate, and complete information about yourself as prompted by the registration process, and to keep such information updated. You further agree to use only your Pocketbits account and not use the account of any other person or assist others in obtaining unauthorized access to any Pocketbits account. You further agree that you shall not use Pocketbits App and Website in connection with any activity violating any law, statute, ordinance or regulation.

It is your responsibility for maintaining the confidentiality of your account information, including your password / PIN, safeguarding your own Bitcoins and for all activity including transactions that are posted to your Account. If there is suspicious activity related to your Account, we may, but are not obligated, to request additional information from you, including authenticating documents, and to freeze any transactions pending our review. You are obligated to comply with these security requests, otherwise, Pocketbits, at its sole discretion, may choose to terminate your Account. You are required to notify Pocketbits immediately of any unauthorized use of your Account or password, or any other breach of security by an email addressed to [email protected] The membership of a Member who violates these rules may be terminated, and further be also held liable for losses incurred by Company or any user of Pocketbits App and Website.

You hereby agree that you shall not use the Website or our Service, in connection with any activity violating any law, statute, ordinance, or regulation. Further, you shall not deposit Bitcoins into your Pocketbits wallet that is obtained through illegal activities and you will also not use the Service to perform an illegal activity of any sort, including but not limited to, money laundering, illegal gambling operations, terrorist financing, or malicious hacking. The Source of Bitcoins paid to your Pocketbits wallet is not known to Pocketbits and you hereby agree to ensure that it always comes from legitimate sources. Pocketbits only acts as information intermediary as far as your Pocketbits wallet is concerned.


We value your privacy and are committed to protecting your personal information. In order to understand how we collect, store, protect, use, share and disclose your personal information, kindly refer and carefully read our Privacy Policy.


For any complaint against Pocketbits App and Website, you may set out the cause of your complaint, the manner in which you would like Pocketbits to resolve the same and any other relevant information for understanding and resolving your complaints expeditiously.

Suspension, Termination and Cancellation

You may terminate this agreement with Pocketbits, and close your Account at any time, following the settlement of any pending transactions.

You agree that Company may, by giving notice, in its sole discretion, terminate your access to the Website and to your Account; including without limitation, suspending or terminating the Service and Members’ Accounts, prohibiting access to the Website and its content, services and tools, delaying or removing hosted content, and taking technical and legal actions to keep Members off the Website if we reasonably perceive that such Members are creating any problems, including without limitation, possible legal liabilities, infringement of the intellectual property rights, or acting inconsistently with the letter or spirit of these Terms of Use.

Notwithstanding the above, we may, in appropriate circumstances and at our sole discretion, suspend or terminate Accounts of Members for any reason, including without limitation (1) attempts to gain unauthorized access to Pocketbits App and Website or another Member’s account or providing assistance to others’ attempting to do so, (2) overcoming software security features limiting use of or protecting any content, (3) usage of Pocketbits App and Website to perform illegal activities such as money laundering, illegal gambling operations, financing terrorism, or other criminal activities, (4) violations of these Terms of Use, (5) failure to pay or fraudulent payment for Transactions, (6) unexpected operational difficulties, or (7) upon the request of law enforcement or other government agencies, if deemed to be legitimate and compelling by Pocketbits, acting in its sole discretion.

We also reserve the right to cancel unverified Accounts or Accounts that have been inactive for a period of 6 months or more, and/or to modify or discontinue Pocketbits App and Website. Members agree that Pocketbits will not be liable to them or to any third party for termination of their Account or access to the Website.

You hereby agree that the suspension of an Account shall not affect the payment of the commissions due for past Transactions. Upon termination, Members will receive any monies owed to them via their registered bank account with Pocketbits.


Pocketbits App and Website are provided without warranty of any kind, either express or implied. Pocketbits strives to ensure uninterrupted services to its customers. However, it does not give any guarantee for uninterrupted access or against any delay, failure, errors, omissions or loss of transmitted information.

Pocketbits may suspend use of Pocketbits App and Website for maintenance and will make every effort to give you reasonable notice. You acknowledge that such notice, however, may not be possible in case of an emergency.

Accuracy / Reliability of / Liability for Information published on website

We do not provide any investment advice in connection with Pocketbits App and Website contemplated by these Terms of Use. While we may provide information on the value, range, volatility of Bitcoins, and events that may affect/have affected the value of Bitcoins, this is not considered investment advice and should not be construed as such. Pocketbits will not be liable for any loss suffered by you in connection with any transaction involving Bitcoins.

External Websites and Services

Pocketbits App and Website may provide links or other forms of reference to other websites (“External Websites”) or resources over which Pocketbits may not have control. Pocketbits offers to you such links or references to External Websites with the sole purpose of enhancing your experience of using Pocketbits App and Website and Pocketbits makes no representations whatsoever about any External Websites which you may access through Pocketbits. Pocketbits cannot be held responsible for the availability of, and content provided on any External Websites. Pocketbits cannot be held responsible for any third party content accessible through the Website, including opinions, advice, statements, prices, activities, and advertisements, and you shall bear all risks associated with the use of such content.


Under these Terms of Use, you agree to receive electronic or any other form of communication and notifications from Pocketbits. Email messages sent over the Internet are not always secure and Pocketbits is not responsible for any damages incurred by the result of sending email messages over the Internet.


These Terms of Use shall be governed and construed in accordance with the laws of India. The parties agree to irrevocably submit to the exclusive jurisdiction of the courts in Nashik for the resolution of any disputes arising from these Terms of Use. Pocketbits may also consider arbitration as the appropriate mechanism for dispute resolution.

Limitation of Liability

Users of Pocketbits are responsible for their actions in connection with the use of Pocketbits App and Website and their Accounts. Users are also responsible for protecting access information to Pocketbits including, but not limited to, usernames, passwords / PIN, and bank account details. Pocketbits is not responsible for the outcome, whether positive or negative, of any action performed by any of its users within or related to Pocketbits App and Website. Some deposits and withdrawal methods require Pocketbits to use personal details of the user including, but not limited to, name, address, email, phone number, and bank account number, IFSC code, etc. and you agree that Pocketbits can use this information to facilitate deposits and withdrawals.

The parties agree that in no event shall Pocketbits or its affiliates, officers, directors, agents, employees, and suppliers be liable for lost profits or any special, incidental or consequential damages arising out of or in connection with the use of Pocketbits App and Website or these Terms of Use. In case the applicable laws do not permit the limitation or exclusion of damages as described above, our aggregate liability (including the liability of our affiliates, officers, directors, agents, employees, and suppliers) in respect of claims based on events arising out of or in connection with any single member’s use of Pocketbits, whether in contract or tort or otherwise, shall in no circumstances exceed the amount of the transaction(s) that are the subject of the claim less any amount of commission that may be due and payable in respect of such transaction(s).


To the full extent permitted by applicable law, you hereby agree to indemnify Pocketbits, and its affiliates, officers, directors, agents, employees, and suppliers against any action, liability, cost, claim, loss, damage, proceeding or expense suffered or incurred if directly or not directly arising from your use of Pocketbits App and Website, or from your violation of these Terms of Use.


Pocketbits App and Website is provided on an “as-is”and “as available” and your use of the Services is at your own risk. It is hereby expressly declared that Pocketbits offers no warranty of any kind regarding Pocketbits App and Website.


In case any provision/s of these Terms of Use is / are rendered invalid or unenforceable or void by operation of any law, rule or regulation, then such an event would not affect the validity or enforceability of any other provision of these Terms of Use.

Force majeure

It is hereby expressly declared that neither Pocketbits nor you will be liable for any delay or failure caused by conditions or events beyond the reasonable control of the respective party, including but not limited to any delay or failure due to any act of God, fire, act of terrorists, act of civil or military authorities, civil disturbance, war, strike or other labor dispute, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond reasonable control of the respective party and the validity and enforceability of any remaining provisions shall not be affected by any such condition.

Modification of Terms

Pocketbits reserves the right to change, add or remove portions of these Terms of Use, at any time, in an exercise of its sole discretion which shall be effective from the date of its posting on Pocketbits website and / or Pocketbits App. Your continued use of the Website and Service following the posting of a notice of changes to the Terms of Use signifies that you have accepted and agreed to such changes and that all subsequent transactions by you will be subject to the amended Terms of Use.


If you have any questions relating to these Terms of Use, your rights and obligations arising from these Terms of Use and/or your use of Pocketbits and Pocketbits App and Website, your Account, or any other matter, please contact us at [email protected]