1. General Provisions

  • 1.1 Tesseract Group Oy (WhaleLend) offers a user (the User) to use its cryptocurrency lending service available at https://www.whalelend.com/ (the Service).
  • 1.2 By starting and/or proceeding to use the Service/its individual functions, the User shall be deemed to have accepted these Terms of Service, including Privacy Policy (the Terms) in full and without any reservations and exceptions. If the User does not agree to all terms and conditions of these Terms, the User may not use the Service.
  • 1.3 These Terms may be amended by WhaleLend without any special notice; a revised version of the Terms shall become effective upon being posted on the website at the address specified in this paragraph, unless otherwise provided in the revised version of the Terms. The current version of the Terms is always available at https://whalelend.com/terms/
  • 1.4 If the User does not accept any amendments made by WhaleLend to these Terms in a manner set forth in Section 1.3 of these Terms, the User shall stop using the Service.

2. User Registration

  • 2.1 To use the Service, the User shall register on the Service website specified above. For the purpose of registration, the User shall be free to choose a username and password. WhaleLend may prohibit certain logins and may set requirements to login-username and password (length, acceptable characters, etc.).
  • 2.2 The User shall be solely responsible for the strength (resistance to guessing) of the chosen password and shall ensure its confidential treatment. The User shall be solely responsible for any actions (and their consequences) performed within or through the Service under the User’s login and password, and all the actions performed within or through the Service under the User’s login and password shall be deemed performed by the User.

3. User Confidential Information

WhaleLend collects basic information about the User and uses it in accordance with its privacy policy.

4. Use of the Service

  • 4.1 The Service shall be used by the User through the Service’s web interface, which is a programming interface between the User and the Service available to the User upon logging in successfully to the Service using the User’s login and password.
  • 4.2 When using the Service, the User shall review the description of functions available within the Service and shall not use such functions, tools and features until full understanding of their functionality. Use of any functions and features of the Service shall mean that the User understands the meaning of the performed actions and their consequences and assumes full responsibility for the said actions/consequences.
  • 4.3 WhaleLend shall reserve the right to restrict in its discretion the User’s access to the Service (or to specified functions of the Service, if technically possible) via the User’s account or block the User’s account in case of multiple violations of these Terms, or to take any other measures against the User to comply with the legislative requirements or third party rights and legitimate interests.
  • 4.4 If you want to stop using WhaleLend, you can simply request a withdrawal. If you have not deposited money but inserted your own API keys, you can either delete your API keys or stop the service from the settings-page.
  • 4.5 If there will be more specific KYC-regulations for cryptocurrency industry, users will be asked to fill in information to fulfill these requirements. Those that will not, will have to be removed from the service. In such case, all users will be able to withdraw their cryptocurrencies, and safely remove access to their API keys.

5 Terms of Use

  • 5.1 The User shall be solely responsible to third parties for his/her actions related to the use of the Service, in particular, if such actions may result in the infringement of third party rights and legitimate interests, and for using the Service in compliance with the laws.
  • 5.2 The User shall use the Service at his/her own risk. The Service shall be provided “as is”. WhaleLend shall assume no responsibility; in particular, WhaleLend shall not be responsible to ensure that the Service fits for the User’s purposes and meets the User’s expectations.
  • 5.3 WhaleLend does not guarantee that the Service is/will be compliant with the User’s requirements and will be provided in an uninterrupted, prompt, reliable and error-free manner; that the results obtained through the use of the Service will be accurate and reliable and could be used for any purposes or in any capacity (for example, to establish and/or confirm any facts); that the quality of any product, service, information etc. obtained through the Service will meet the User’s expectations.
  • 5.4 WhaleLend shall bear no liability for any damages arising out of the use of the Service or any individual components/functions of the Service by the User. The User agrees to hold the Service indemnified under this clause.
  • 5.5 WhaleLend shall not participate in and shall have no access to calculations between the User and the User’s stakeholder applications ( for example Exchanges, wallets but not limited to above stated). Under no circumstances shall WhaleLend bear any liability for financial and any other transaction made by the said persons. WhaleLend shall bear no liability for the safety and confidential treatment of the data provided by the said persons for payment purposes.
  • 5.6 WhaleLend shall take no legal responsibility of any loss of customer funds due to a third-party incident, such as an exchange becoming insolvent.
  • 5.7 In accepting these Terms you represent and warrant that: (a) you are not located in, and you are not a national or resident of, any country to which the United States, United Kingdom, European Union, Australia or Canada has embargoed goods and/or services of the same type as the Services, including without limitation, Cuba, Iran, North Korea, Syria or the Crimea region of Ukraine; and (b) you are not a person or entity, or owned by, under the control of, or affiliated with, a person or entity (i) that appears on the U.S. Office of Foreign Assets Control’s Specially Designated Nationals List, Foreign Sanctions Evaders List or Palestinian Legislative Council List; the U.S. Department of State’s Terrorist Exclusion List; the Bureau of Industry and Security’s Denied Persons, Entity or Unverified List; the Consolidated List of Targets published by the U.K. HM Treasury; the Consolidated List published by the A.U. Department of Foreign Affairs and Trade; (ii) that is subject to sanctions in any other country; or (iii) that is engaged in the design, development or production of nuclear, biological or chemical weapons, missiles or unmanned aerial vehicles.

6. Miscellaneous

  • 6.1 These Terms shall be governed by and interpreted in accordance with the laws of Finland, except for its provisions on choice of law. Any matters not regulated by these Terms shall be settled in accordance with the laws of Finland. Any and all disputes that may arise out of the relations governed by these Terms shall be resolved in accordance with the effective laws of Finland. This section does not limit your statutory rights as a User residing in another country than Finland. Throughout the text of these Terms, unless otherwise expressly specified, the “laws” shall mean both the laws of Finland and the laws of the User’s country of residence.
  • 6.2 Nothing in these Terms shall be construed to constitute an agency, partnership, joint venture, employment or any other relationship between the User and WhaleLend not expressly provided for in these Terms.
  • 6.3 If any provision of these Terms is declared by any judicial or other competent authority to be void, illegal or otherwise unenforceable, the remaining provisions of these Terms shall remain in full force and effect.
  • 6.4 WhaleLend’s failure to act in case of violation of the Terms by the User or any other users shall not deprive WhaleLend of its right to take appropriate actions later to protect its interests and shall not mean a waiver of its rights in case of any further violations of such or similar nature.
  • 6.5 These Terms are made in English and may be made available to the User for review in a different language. In case of discrepancies between the English version of the Terms and the version in a different language, the provisions of the English version of the Terms shall prevail.

7. Risks of using the Service

The User acknowledges and accepts that the use of the Services that may contain certain risks and that WhaleLend will not be liable for any risk factors associated with providing funding to margin traders, including but not limited to: (a) a cryptocurrency exchange becoming insolvent (e.g. if an exchange is hacked and everyone takes a loss) or (b) failure in cryptocurrency exchange risk-limiting trading engine. This scenario is seen to be extremely unlikely and has not occurred in major cryptocurrency exchanges.