Privacy Policy

THIS PRIVACY POLICY (THE “Policy”) DESCRIBES HOW YOUR (“User”, “You”, “Your”) PERSONAL INFORMATION IS COLLECTED, USED, AND SHARED AND OTHERWISE PROCESSED WHEN YOU USE MOBILE APPLICATION (THE “APP”) PUBLISHED BY LATOKEN LTD (“We”, “Us”, “Our”)

This Policy provides details of what information we collect from You, what We do with it, who We share it with and Your rights in relation to it.

Version of: June 2019

1. GENERAL BACKGROUND

The APP offers an interface for access to a platform (the Platform) operated by Nextchange Limited (Nextchange). In relation to Users’ personal information processed by Us, Nextchange is the formal data controller. We process Users’ personal information in the capacity of data processor pursuant to a data processing agreement between Us and Nextchange.

Data controller is a person which determines the purposes and means of the processing of personal information.

Data processor is a person which processes personal information on behalf of the controller. Therefore, We process Your information by using such means and for such purposes as determined by Nextchange.

2. INFORMATION ABOUT YOU THAT IS COLLECTED

The information about You which We and Nextchange collect may include:

•
identity information (e.g. passport, personal ID, date of birth, citizenship, proof or residence, photo and video footage with You)
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contact information (e.g. email address and telephone numbers)
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financial information (e.g. level of your sophistication in various financial instruments)
•
device and online identifiers (e.g. your mobile device identifier, type and version of your browser, geolocation, time zone, IP address, analytical cookies)

This information may come from:

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You, when you use the APP or website on which the Platform is operated (e.g. when You install the APP and start the registration process in the APP or when You register using website)
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Nextchange (when You use the APP as a registered user)
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the way You use Your account on the Platform
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Your digital devices (including your mobile phone, tablet, personal computer, laptop etc.
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Your interactions with Us or Nextchange, including information you may voluntarily share with us (e.g. when You reach out to customer support)
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third-party service providers engaged to comply with “know your customer”, anti-money laundering and combating terrorism financing (KYC/AML/CTF) requirements
•
marketing lists We or Nextchange obtain from third parties, which contain the consent of listed individuals (including You) to receive marketing materials from Us or Nextchange

3. USING YOUR INFORMATION

We and Nextchange rely on one of the following legal bases to process Your personal information:

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Your consent to processing of Your personal information
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Your information is needed in order to perform obligations under an agreement with You
•
Your information is needed in order to comply with a legal requirement
•
We or Nextchange (or a third party) have a legitimate interest in using Your information (save where your interests outweigh such legitimate interest or such legitimate interest interferes with Your fundamental rights and freedoms)

We have set out below how We use Your information and the relevant legal basis for using it:

A.
To comply with a legal obligation, such as “know your customer” / anti-money laundering / combating terrorism financing requirements:
•
Your consent to processing of Your personal information
•
Your information is needed in order to perform obligations under an agreement with You
•
Your information is needed in order to comply with a legal requirement
•
We or Nextchange (or a third party) have a legitimate interest in using Your information (save where your interests outweigh such legitimate interest or such legitimate interest interferes with Your fundamental rights and freedoms)
B.
To satisfy obligations under agreement with You, e.g., allowing You to trade on the Platform, responding to your queries:
•
to identify details of Your bank (or other financial institution) account details
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to identify details of Your external wallet
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to manage Your account with the Platform
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to allow You to enjoy Platform’s features
•
to provide You customer support
C.
Based on Your consent:
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to ensure quality control, including staff training to maintain exceptional level of Platform’s services
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to ensure network and information security, including staff training and monitoring purposes
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to enhance Your user experience – to make sure that the Platform’s services are of exceptional quality
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to manage Your account with the Platform (including, with respect to configurable preferences)
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to prepare (including with the assistance of third parties) anonymized statistical reports from information about you and other customers to help us manage Our business better, for example improving Our risk models.
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to analyze and assess (including with the assistance of third parties) usage of Platform’s services and to improve them
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to improve the relevance of messages sent to You by the Platform
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to establish, exercise or defend legal claims

Notably some of the above use cases may well base on Our (or Nextchange’s) legitimate interest, but We appreciate Your consent for these. Using Your personal information will help Us and Nextchange to:

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further develop the Platform, including with a view of making existing features more robust and offering some novel features
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protecting Us and Nextchange (and therefore the Users) from fraudulent activities, money laundering and other criminal activities
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protecting Users against current and future risks

Based on Your consent:

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Nextchange prepares periodic newsletters with very interesting materials which We would love You to read
•
being a significant market player Nextchange receives numerous great proposals from its partners. We do not want you to miss out

4. SHARING YOUR INFORMATION

Since the APP will allow You to interact with a considerable amount of information, some of which will be Your information (such as information regarding Your user account with the Platform, balances on Your wallet etc.), or information derived from the processing of Your information (such as Your last visit time and device details etc.), Nextchange will share Your information with Us, to the extent We need such information in order to allow You to enjoy the APP’s features. In addition, We and Nextchange will share Your information with third-party service providers for mandatory “know your customer”, anti-money laundering and combating terrorism financing requirements. Currently such services are provided by ONFIDO LTD (3 Finsbury Avenue, 5th Floor, London, England, EC2M 2PA, United Kingdom). Furthermore, Nextchange or We may share Your information with the following third parties so that Your information can be processed for the purposes described above:

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anyone to whom We may transfer all or part of Our assets
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fraud prevention agencies
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a third party to whom You expressly consent that We may forward Your information
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various regulators or government authorities (since We have customers from variety of jurisdictions and bearing in mind that products and services offered via the Platform may fall under the scope of different authorities, We are not able to provide a comprehensive list of such regulators and authorities), just as a matter of example, these may be police, Central Bank or other local financial markets authority etc.
•
Our suppliers, sub-contractors, legal counsel and third-party data processors on a need-to basis

We will not disclose Your information to other users unless it is necessary to enforce a trade between You and such other users.

5. KYC/AML/CTF CHECKS

If You give us false or inaccurate information or if We suspect or identify fraud, We may record this and pass on such information to external legal counsel, fraud prevention agencies and other organisations engaged in crime and fraud prevention including law enforcement agencies. We, Nextchange and other organisations may access and use this information to prevent fraud, money laundering or other criminal activity. If You are considered to be a source of money laundering or terrorism financing risk, or source for another crime Your information may be held for a continuous period of time (which may vary from country to country). It may also result in Us, Nextchange and others refusing to provide You services and entering into any other type of legal arrangements with You.

6. OVERSEAS TRANSFERS

You should appreciate that Nextchange acts as a data controller (see Section 1 above for explanation as to what “data controller” is) in relation to Your personal information. Nextchange is located in the Cayman Islands, a country which is outside of European Union (EU). Information protection laws in non-EU countries may be less strict than those that apply in EU countries (which are generally referred to as GDPR). Although Cayman Islands revised its data protection laws to make them similar to those that apply in EU countries, as of now no decision has been made that would signify that Cayman Islands’ data protection laws provide adequate protection to personal information of users.

7. RETAINING YOUR INFORMATION

We will strive to keep Your information as short as possible after the termination of Your User account with the Platform. For Your information, various regulatory requirements will require Us and/or Nextchange to store Your information for a term of five (5) or even more years. Circumstances may require that We or Nextchange retain Your information after expiry of the term in the preceding paragraph. Examples of such circumstances are an ongoing regulatory investigation against You or a legal claim.

8. CONSEQUENCES OF PROCESSING

If We, Nextchange or a third party to whom Your information has been provided pursuant to this Policy or otherwise in accordance with applicable law, determine that You are the source of money laundering or terrorism financing risk or otherwise pose risk of a criminal activity, We and Nextchange may refuse to provide You with the services or make any other legal arrangements with You. A record of any of above risks may be retained Us, Nextchange or other third parties to whom Your information has been provided pursuant to this Policy or otherwise in accordance with applicable law

9. YOUR RIGHTS

As noted above, Nextchange is a data controller (see Section 1 above for explanation as to what “data controller” is) and is therefore in charge for determining the purposes and means of the processing of personal information. Hence, despite this Policy provides contact details for both Nextchange and Us, it is always useful to get in touch with Nextchange first, because it is Nextchange’s legal obligation to direct Our use of Your personal information and to make sure that We process Your personal information in accordance with applicable legislation.

A.
Right to access your information

We and Nextchange are required to provide You with a copy of Your information unless providing some or all of such information would adversely affect the rights and freedoms of others or the law allows Us or Nextchange not to comply with Your request. You can access Your personal information by emailing Nextchange, at [email protected]. We and Nextchange will strive to provide You with Your information within thirty (30) days of Your request.

B.
Right to be provided with certain information

We and Nextchange must provide you with certain information at the time We and Nextchange collect Your personal information, including how We and Nextchange use it and the legal basis for doing so, who We and Nextchange share it with, how long such information is intended to be retained, where We and Nextchange obtained the information from and Your rights in relation to it.
This information is provided to You in this Policy (subject to any updates We and Nextchange may share with You from time to time).

C.
Right to correction

You have the right to request that We and/or Nextchange correct any information which You believe to be inaccurate. We and Nextchange will update Your information as soon as possible, but We or Nextchange may request that You provide supporting evidence before Your information is updated (e.g., a new proof or residence).

D.
‘Right to be forgotten’

You have the right to request that information about You is deleted if:

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You think that using Your personal information violates the law, including where You think that the law requires Us or Nextchange to delete Your information
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You think that We or Nextchange do not need to hold Your information anymore
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You think that We or Nextchange have no legitimate grounds for processing Your information
E.
Right to restrict processing

You have the right to request that information about You is deleted if:

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You think that the law does not allow Us or Nextchange to use it
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You claimed that We or Nextchange do not have a legal ground to use it and We or Nextchange are considering Your respective request
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You think that such information is inaccurate
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(in relation to the information that We or Nextchange have to destroy) You do not want Us or Nextchange to destroy it because there are some reasons why You need it
F.
Notification obligation

You can ask Us or Nextchange to notify everyone to whom We and Nextchange given Your personal information whenever We or Nextchange amend, delete or agree to restrict using it.

G.
Right to portability of Your information

When We or Nextchange use Your information on the basis of Your consent or because it is needed to perform contractual obligations to You, You can ask Us or Nextchange to give You Your personal information in a structured, commonly used and machine-readable format or have it transmitted to another data controller.

H.
Right to object

We or Nextchange may use Your personal information to further our legitimate interests; e.g., Your information may help Us or Nextchange to improve our marketing communications and We and Nextchange have a legitimate interest in doing so. At the same time, it does not prejudice any of Your rights. However, We and Nextchange will always give you a right to object whenever Your personal information is being used for Our or Nextchange’s legitimate interests.

I.
Right to opt-out from receiving marketing messages

If You decide to stop receiving Nextchange’s or Our marketing messages, You can send Nextchange and/or Us an email at: [email protected]

10. MAKING A COMPLAINT

If you have any further queries about handling of Your personal information by Us and Nextchange, or if You are unsatisfied with how We or Nextchange handles it, You can contact us: [email protected]

Nextchange’s supervisory authority in terms of information protection is the Cayman Islands Information Commissioner's Office. You may contact the authority using following details (please check the below website for any updates):

Mailing Address:

PO Box 1375, Grand Cayman KY1-1108 CAYMAN ISLANDS

Telephone:

(345) 747-5402

Fax:

(345) 949-2026

Email:

[email protected]

Website:

www.infocomm.ky

Our supervisory authority in terms of information protection is the UK Information Commissioner’s Office (ICO) www.ico.org.uk. You may contact the authority at https://ico.org.uk/concerns if You wish to discuss with them any instance where You feel we may not be adhering to the terms within this Policy or to raise a complaint.

11. CONSEQUENCES OF NOT PROVIDING US WITH YOUR PERSONAL INFORMATION

You do not have to provide Us or Nextchange with Your personal information. However, the law requires Us and Nextchange to obtain Your information in order to be in position to provide You with Platform’s services (the reference is made to anti-money laundering / combating terrorism financing laws here).

12. KEEPING YOUR INFORMATION SAFE

We pay utmost attention to make sure that personal information of Platform’s users is secure. Nevertheless, You should be aware that the use of the Internet is not entirely secure and there are multitude of threats in cyberspace, some of which are totally out of our control e.g., neither We are nor Nextchange is in position to mitigate security threats that emerge on Your devices (and that is why You always advised to use proper security software, such as anti-viruses, anti-malware software, Internet security suits etc.).

13. ABOUT US AND NEXTCHANGE

LATOKEN Limited is a company incorporated in England & Wales under company registration number 11850443, having its registered office at Company was 71-75, Shelton Street, Covent Garden, London, WC2H 9JQ, ENGLAND. Nextchange Limited a Cayman Islands entity with Cayman Islands Monetary Authority reference number 1512615.

14. CHANGES TO THIS POLICY

We will regularly review this Policy. If we make any changes to it, we will post the updated Policy in the relevant section of the APP.