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Balance Reduction

Balance Reduction Notification

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1. General Provisions

1.1. This notification (hereinafter - "Notification") describes the procedure and conditions for balance reduction of users on the JETUP platform (hereinafter - "Platform").

1.2. This Notification is an integral part of the Platform's User Agreement and is binding for all users.

1.3. By using the Platform's functionality for balance reduction, the user confirms that they are fully familiar with this Notification and agree to its terms.

2. Terms and Definitions

2.1. Platform - the JETUP information technology system functioning based on blockchain technologies.

2.2. User - a natural or legal person registered on the Platform.

2.3. Balance - the number of digital accounting units displayed in the User's personal account on the Platform.

2.4. Digital Accounting Units (DAU) - conditional accounting units used on the Platform to display User assets.

2.5. Asset Account - an information service of the Platform displaying the number of DAUs available for use by the User.

2.6. Liability Account - an information service of the Platform displaying the number of DAUs reserved for User obligations.

3. Balance Reduction Procedure

3.1. Balance reduction on the Platform is carried out by the User independently without the participation of the Platform administration.

3.2. To reduce the balance, the User uses the corresponding functionality in their personal account on the Platform.

3.3. Balance reduction may occur in the following cases:

  • Transfer of DAUs to another Platform User

  • Exchange of DAUs for tokenized assets

  • Withdrawal of funds from the Platform

3.4. When transferring DAUs to another User:

  • The User independently specifies the recipient and the number of DAUs to be transferred.

  • After confirmation of the operation, the specified number of DAUs is debited from the sender's Asset Account and credited to the recipient's Asset Account.

3.5. When exchanging DAUs for assets:

  • The User independently selects the asset and specifies the number of DAUs for exchange.

  • After confirmation of the operation, the specified number of DAUs is debited from the User's Asset Account, and the asset is credited to their balance.

3.6. When withdrawing funds from the Platform:

  • The User independently specifies the withdrawal amount and the requisites for transferring funds.

  • After confirmation of the operation, the specified number of DAUs is debited from the User's Asset Account.

  • Withdrawal of funds is carried out in accordance with the rules and restrictions established on the Platform.

4. Features of Balance Reduction

4.1. All operations for balance reduction are irreversible and cannot be canceled after their confirmation by the User.

4.2. The Platform is not responsible for errors made by the User when specifying the recipient's requisites or the transfer amount.

4.3. When reducing the balance, the User independently bears responsibility for compliance with applicable legislation, including tax legislation.

4.4. The Platform reserves the right to temporarily suspend or restrict the balance reduction functionality in order to ensure security or comply with legal requirements.

5. Commissions and Restrictions

5.1. A commission may be charged for balance reduction operations in accordance with the Platform's current tariffs.

5.2. The commission amount and the procedure for its collection are indicated in the User's personal account before the operation is confirmed.

5.3. The Platform may establish limits on the minimum and maximum amount of balance reduction operations.

6. Security

6.1. The User undertakes to ensure the safety of their account credentials and not transfer them to third parties.

6.2. In case of suspicion of unauthorized access to the personal account, the User must immediately notify the Platform administration.

6.3. The Platform has the right to request additional confirmation of the User's identity when conducting balance reduction operations.

7. Final Provisions

7.1. The Platform reserves the right to make changes to this Notification unilaterally. The changes come into force from the moment of their publication on the Platform.

7.2. The User undertakes to regularly check the current version of this Notification.

7.3. Use of the balance reduction functionality after changes are made to the Notification means the User's agreement with the new version of the Notification.

7.4. In case of disputes or disagreements related to balance reduction, the User and the Platform undertake to resolve them through negotiations. If it is impossible to reach an agreement, disputes are subject to resolution in accordance with the legislation of Georgia.

Last updated: 01.05.2025

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