Introduction
Welcome to Lendbit Loans ("we," "us," or "our"), a crypto exchange, lending, and savings platform. By using our platform, you agree to these Terms of Service ("Terms").
Eligibility
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Age: You must be at least 18 years old to use our platform.
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Location: Our platform is not available in certain countries or regions.
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Capacity: You must have the legal capacity to enter into a binding agreement.
Account Creation and Management
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Registration: You must provide accurate and complete information during registration.
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Username and Password: You are responsible for maintaining the security of your account credentials.
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Account Suspension or Termination: We may suspend or terminate your account for violating these Terms.
Trading and Transactions
We do not share personal information with third parties except:
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Trading Risks: Trading cryptocurrencies carries risks, including market volatility and liquidity risks.
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Transaction Fees: We charge fees for transactions, including trading, lending, and savings.
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Payment Methods: We accept various payment methods, including cryptocurrencies and fiat currencies.
Lending and Savings
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Lending Terms: We offer lending services with varying interest rates and terms.
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Savings Terms: We offer savings services with varying interest rates and terms.
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Risk Disclosure: Lending and savings services carry risks, including default risk and market risk.
LTV Management and Liquidation
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Initial LTV:
The Loan To Value (LTV) ratio at the start of your loan must not exceed 60% when Bitcoin (BTC) is used as collateral.
The Loanable Amount is determined based on the real-time value of your collateral asset.
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Margin Call LTV:
If the LTV reaches or exceeds 70%, you will receive a Margin Call notification from Lendbit.
You are required to either add more collateral or repay part of your loan to bring the LTV below the specified threshold.
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Liquidation LTV:
If the LTV reaches or exceeds 85%, auto-liquidation of your collateral will be triggered.
Upon liquidation, your collateral will be sold to repay the loan amount and any accrued interest.
Any remaining balance after the liquidation process will be credited to your account.
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Loss of Collateral:
Lendbit is not liable for any losses incurred due to auto-liquidation. Borrowers are advised to manage their collateral proactively to prevent
forced liquidation.
Market Volatility
Cryptocurrency values are highly volatile. Sudden price changes can impact your LTV.
Borrowers should understand and accept the risks associated with market fluctuations before taking a loan.
Security and Data Protection
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Security Measures: We implement robust security measures to protect our platform and users' data.
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Data Protection: We comply with applicable data protection laws and regulations.
Disclaimers and Limitations of Liability
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Disclaimer of Warranties: Our platform is provided "as is" and "as available".
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Limitation of Liability: We are not liable for damages arising from our platform or services.
Governing Law and Jurisdiction
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Governing Law: These Terms are governed by Federal Republic of Nigeria.
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Jurisdiction: Any disputes arising from these Terms will be resolved through the best approach of the company.
Changes to Terms
We may update these Terms from time to time. We will notify you of changes by posting the updated Terms on our platform.
Contact Us
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If you have questions or concerns, please contact us at support@lendbit.loans