As used herein, “Digital Asset”, also called “convertible virtual currency,” “cryptocurrency,” or “digital goods”, such as bitcoin or ether, which is based on the cryptographic protocol of a computer network that may be
As used herein, “Personal Data” means any information relating to an identified or identifiable natural person, such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, economic, cultural or social identity of you as a natural person.
Balance Network collects, processes, and stores
Personal Data collected from you via your use of the
Service or where you have given your consent. This
Personal Data may include contact details, copies of
identification documentation provided by you or
derived from publicly accessible databases, your
government identification number as well as
information relating to your device or internet service
(such as an IP address and a MAC number).
We collect information you provide during the
Balance Network onboarding process, which may be a
completed, incomplete, or abandoned process.
Offering services to residents in the European
Economic Area (“EEA”), we collect, store, and
process your personal information in accordance with
the provisions of the General Data Protection
Regulation (GDPR) and Data Protection Act. To
understand more about how we protect the data
collected from individuals and entities located within
the EEA, please see the details below.
As outlined above, we may collect Personal Data from customers located in the EEA. To facilitate the services we provide to customers located in the EEA, we request explicit consent for the transfer of Personal Data from the EEA to outside of the area. If you are an individual located in the EEA and you decline to consent to such transfer, you will no longer be able to use Balance Network and our services. You will have the ability to withdraw your digital assets; however, all other functionalities will be disabled.
Balance Network uses Personal Data to communicate with you and to administer, deliver, improve, and personalize the Service. BALANCE NETWORK might also generate generic data out of any Personal Data we collect and use it for our own purposes. We may also use such data to communicate with you in relation to other products or services offered by BALANCE NETWORK and/or its partners. We do not share your Personal Data with third parties (other than partners in connection with their services to BALANCE NETWORK) except where you have given your consent and further detailed below. We may share your Personal Data with third parties:
Additionally, we have implemented international standards to prevent money laundering, terrorist financing and circumventing trade and economic sanctions and will implement final Digital Asset rules and regulations when effective, which will likely require us to undertake due diligence on our customers. This may include the use of third-party data and service providers which we will crossreference with your personal information.
The data that we collect from you may be transferred to, and stored at, a destination outside of BVI. It may also be processed by staff operating outside of BVI who work for us or for one of our suppliers. By submitting your personal data, you agree to this transfer, storing or processing, except customers located in the EEA, as detailed above. All information you provide to us is stored on our and/or third-party cloud servers.
You have the right to obtain a copy of your Personal
Data upon request and ascertain whether the
information we hold about you is accurate and up-todate. If any of your Personal Data is inaccurate, you
may request to update your information. You may also
request to delete your Personal Data, with exception
that we may refuse your deletion request in certain
circumstances, such as compliance with law or legal
purposes. For data access, correction, or deletion
requests, please contact [email protected] or
[email protected] with the subject “DATA
In response to data access, correction, or deletion request, we will verify the requesting party’s identity to ensure that he or she is legally entitled to make such request. While we aim to respond to these requests free of charge, we reserve the right to charge you a reasonable fee should your request be repetitive or onerous.
While you access BALANCE NETWORK, we may use the industry practice of placing a small amount of data that will be saved by your browser (Cookies). This information can be placed on your computer or other devices used to visit BALANCE NETWORK. This information helps us recognize you as a customer, collect information about your use of BALANCE NETWORK to better customize our services and better your experience. We may also use the information collected to ensure compliance with our compliance program, and to ensure your account security has not been compromised by detecting irregular or suspicious account activities. Most browsers are setup to accept cookies automatically. Some Cookies expire when you finalize the session and other Cookies remain on your computer or other devices until deleted or expired. You have the option to decline the use of our Cookies, but this may affect the functionality of BALANCE NETWORK services or your user experience.
We endeavor to protect BALANCE NETWORK and you from unauthorized access, alteration, disclosure, or destruction of Personal Data we collect and store. We take various measures to ensure information security, including encryption of the BALANCE NETWORK communications with SSL; required twofactor authentication for all sessions; periodic review of our Personal Data collection, storage, and processing practices; and restricted access to your Personal Data on a need-to-know bases for our employees and vendors who are subject to strict contractual confidentiality obligations.