Moneybees | Buy and Sell Cryptocurrencies Over-the-Counter

1. General Information

Moneybees is your complete and reliable solution for buying and selling virtual currencies for deposit to a virtual currency wallet or transmittal of virtual currencies to a designated virtual currency wallet based on current market exchange rates. The Website is operated by Moneybees Forex Corporation, a corporation duly organized and existing under and by virtue of the laws of the Republic of the Philippines, with office address at 4th Floor, Unit C and D Commerce and Industry Plaza Building 1030 Campus Avenue, McKinley Hill, Taguig City, Philippines. (hereinafter referred to "Moneybees", "us" or "we").

2. Terms and Conditions

These Terms & Conditions, which includes the Privacy Policy, (these “Terms”) contain the terms and conditions on which we supply content, products or services listed on www.moneybees.ph (the “Website”), through our applications (the “Apps”) or via other delivery methods to you (the Website and such content, products, services, and the Apps are collectively referred to herein as the “Service” or “Services”).

Please read these Terms, carefully before signing this KYC form. The word “you” refers to the client of the Moneybees. When you affix your signature in this form, you agree to be bound by these Terms and all applicable laws, rules and regulations and you warrant to be fully and wholly bound by these Terms in your own free will and deed; and that you fully understand and acknowledge the contents, meaning, implications and effects of these Terms.

We reserve the right to suspend or terminate the Services and any contractual relations with you upon notice. In case you have breached any term or condition herein, we may suspend, terminate or in any way modify our Services and our contractual relations without notice. These actions are without prejudice to our rights and remedies under these Terms, in law or in equity.

3. Changes to Terms

You agree to be bound by these Terms and its subsequent updates, revisions or modifications. Moneybees reserves the right to change or update these Terms or any other of its policies or practices, at any time, and will notify clients by posting such changed or updated Terms on its website. Your continued use of the Services constitutes your agreement to abide by the Terms as changed. Under certain circumstances we may also elect to notify you of changes or updates to our Terms by additional means, such as email, text messages or thru other electronic means of communication.

4. Definition of Terms

Partner refers to BSP-Licensed MSBs that have existing business partnerships with Moneybees.
Partner Branches refers to physical business outlets of a Partner
Teller refers to the employee of the Partner that conducts business within a Partner Branch.
Account refers to an account owned by a business (“Corporate Account”) or an individual (“Individual Account”).
Authorized Person (“Authorized Person”) refers to an individual that is authorized by a Corporate Client to bind the corporation, partnership, or other juridical entity to any and all Transactions that may be done by such Authorized Person.
Cashout Amount (“Cashout Amount”) refers to the amount of FC entered by the Account owner that is intended to be withdrawn.
Credits (“Credits”) refers to the amount of Fiat Currency or Bitcoin which is stored in your Wallet;
Currency (“Currency”) refers to Bitcoins, United States Dollar, Philippine Peso, or any other Fiat Currency or Virtual Currency that may be added to the Service in the future.
Transaction (“Transaction”) refers to any and all business that may be conducted by an Account owner within the Services including, but not limited to registration or opening of an Account, conversion from Fiat Currency to Virtual Currency and vice versa, and sending and receiving of Fiat Currency or Virtual Currency.
Daily Transaction Limit (“Transaction Limit”) refers to the maximum amount a user may buy and sell from any Moneybees partner outlet in a given day.
Fiat Currency (“FC”) refers to the Philippine Peso;
Know-Your-Customer (“KYC”) refers to procedures undertaken by Moneybees to identify and verify the identity of its customers.
Related Parties ("Related Parties") refer to subsidiaries, affiliates, related parties, and their respective directors, shareholders, officers, employees, consultants, agents and assignees.
The Exchange Rate (“Exchange Rate”) is the price of the BTC in terms of FC posted on the Website or the Apps.
Virtual Currency (“VC”) refers to any type of digital unit that is used as a medium of exchange or a form of digitally stored value created by agreement within the community of VC users. VCs are not issued nor guaranteed by any jurisdiction and do not have legal tender status. VCs shall be broadly construed to include digital units of exchange that (1) have a centralized repository or administrator; (2) are decentralized and have no centralized repository or administrator; or (3 may be created or obtained by computing or manufacturing effort. It shall not be construed to include e-money as defined under Sec. x780 of the Manual of Regulations for Banks, digital units used solely within online gaming platforms and are not convertible to fiat currency or real world goods or services, digital units with stored value redeemable exclusively in goods or services and limited to transactions involving a defined merchant such as rewards programs as defined in the Bangko Sentral ng Pilipinas Circular No. 944 series of 2017.
Virtual Currency Wallet (“Wallet”) is a user account within the Website that owners use to convert Bitcoin into Fiat Currency and vice versa, to buy and sell Bitcoin, to pay accredited third-party merchants, to send money to other users, and to order a cash-out using accredited banks and money remittance centers;
You (“you,” “your,” or the “Owner”, or “Client”) an entity that uses the Services.

5. Acceptable Use Policy

You agree to use and transact with Moneybees in accordance with all applicable and current laws, regulations and other guidelines issued by government agencies.
You understand and agree that Moneybees may require you to divulge the nature of the transaction being facilitated by you with Moneybees and any of its partners if we determine, thru our discretion, that it is necessary to comply with any applicable law.
You agree not to use or transact us for any illegal or prohibited purposes, but not limited to the following:
1. To violate any law, regulation, or issuance by any competent legal authority;
2. To directly or indirectly cause loss or damage to Moneybees or any entity;
3. To facilitate transactions involving illegal drugs, drug paraphernalia and other controlled substances in accordance with applicable law;
4. To facilitate transactions involving the sale of products which endanger the safety, health, and well-being of individuals;
5. To facilitate transactions involving stolen, smuggled, or otherwise illegally acquired goods and/or services;
6. To facilitate cybercrimes as defined in R.A. 10175 and other applicable laws;
7. To facilitate money-laundering as defined in R.A. 9160, as amended;
8. To facilitate “get rich quick” schemes such as pyramid schemes, or Ponzi schemes;
9. To facilitate bribery or corruption of public officers.

If you have any doubts as to the nature or compliance of any transaction you wish to conduct using any of our Services, you may contact us at [email protected]. We strongly advise you to report any and all violations, even perceived violations, of this Acceptable Use Policy to Moneybees at the soonest possible time. To report a violation, please contact us at [email protected].

6. General Provisions

You are required to accomplish the KYC form if you want to use or transact any of the Services.
By completing the KYC form, you warrant that you have the capacity to enter into valid contracts under Philippine law.
If you are a corporate client, you warrant that any person you authorize to access and transact using your Account is fully clothed with authority to bind your corporation, partnership or other juridical entity, as the case may be, under applicable law to whatever Transaction.
The authority to access and transact a Business Account is deemed given at the moment you share your Credentials to another entity or individual.
You are bound by these Terms at the moment you affix your signature in the KYC form as a client of Moneybees.
Moneybees may amend, change, or delete any part of this Terms at its sole discretion and without prior notice. Changes, amendments, or deletions shall take effect at the moment they are posted. If you continue to transact or use the Services even after the posting of said changes and amendments, you are deemed as having accepted these changes, amendments, or deletions.
Moneybees reserves the right to accept and/or use additional types of virtual currencies at its sole discretion.

7. Cancellation of Account

Moneybees reserves the right to cancel, suspend, limit or modify in any respect your Account, which in its sole discretion, is found to be in violation of the Terms, Privacy Policy, or any law, regulation, or issuance from a competent legal authority without need of any prior notice.
Moneybees reserves the right to ban certain individuals, businesses, or entities, which in its sole discretion, is found to be in violation of the Terms, Privacy Policy or any law, regulation, or issuance from a competent legal authority without need of any prior notice.
You may voluntarily cancel your Account or discontinue your use of the Services at any time. However, you grant Moneybees the right to retain any or all of your information and transactional records, without prejudice to the Privacy Policy and your rights under the Data Privacy Act of 2012. For any issues regarding the closing of an Account, please email us at [email protected].
In all cases of cancellation, suspension, limitation and modification of your Account, you undertake to continue to be fully liable for any and all outstanding obligations to Moneybees including all obligations accessory thereto such as interests, fees and damages.

8. Assumption of Risk

You accept the risks associated with the use of the website or software Wallet in using your BTC and FC such as, but not limited to:
1. Failure of software;
2. Hacking of servers;
3. Failure or interruption of internet connection;
4. The introduction of malicious software;
5. Failure of security of your Wallet address and Private Keys;
6. Exchange Rate fluctuations;
7. Failure of communication; and
8. Service disruptions.
To mitigate these risks, Moneybees will exert reasonable efforts to secure its system and to verify the accuracy of the information on its Services.

9. The Individual Account

You must accomplish the KYC forms before you proceed in transacting or using the Services.
You are required to register using your actual legal name, surname, address, phone number, mobile number, email address, date of birth and all other information required by the KYC form. Moneybees reserves the right to require more information from you as it deems necessary.
You cannot transact or use the Services on behalf of another person except when you are specifically authorized by an entity or any other individual acting as a principal to the transaction. You are liable for any and all obligations arising from your Account and those that are related to your Account.
By completing the KYC form, you warrant that the information you provide are true, correct, up to date, and that you have not provided any information for the purpose of evasion or concealing or committing a crime or any fraudulent scheme.
If you have entered any incorrect information in the KYC form, you undertake to correct the errors immediately after its discovery.
You agree that Moneybees shall not be liable for any injury or damage caused by incorrect information that you provided. You understand and agree that Moneybees shall not be, for any cause nor circumstance, liable to you or any third party for any faults, damages, liabilities or errors committed by or caused unto yourself by the teller in the course of the processing of your transactions. You understand that Moneybees shall not be liable nor accountable for any and all acts of the teller, the latter not being an employee nor officer of Moneybees.
The security of your Account is equally your concern and responsibility as it is ours. You are hereby bound to protect and keep confidential your Credentials.
You understand that any contract you enter into with accredited third-party merchants and accredited banks and remittance centers is between you and them alone.
You agree that Moneybees will not be liable for any injury or damage caused by any unauthorized disclosure of your Credentials.

10. The Corporate Account

You agree to the covenants and provisions for Individual Accounts.
You must register in order to be given a Corporate Account.
You are required to accomplish the KYC form using your corporation, partnership, or other juridical entity’s actual legal name, address, phone number, mobile number, email address, date of incorporation as registered in the appropriate government agency and all other information required by the KYC form. Moneybees reserves the right to require more information from you as it deems necessary.
You may be required to submit any or all of the following documents:
1. Articles of Incorporation;
2. Certificate of Incorporation;
3. By-Laws;
4. General Information Sheet;
5. Audited Financial Statement;
6. Relevant Secretary’s Certificates such as authorization to open an account with Moneybees;
7. Relevant Minutes of Meetings such as authorization to open an account with Moneybees; and
8. Other documents as may be deemed necessary by Moneybees.
You may only have one Account.
By completing the KYC form, you warrant that the information you provide are true, correct, and up to date, and that you have not provided any information for the purpose of evasion or concealing or committing a crime or any fraudulent scheme.
If you have entered any incorrect information in the Form, you undertake to correct the errors immediately after its discovery.
You agree that Moneybees will not be liable for any injury or damage caused by incorrect information that you provided.
The security of your account is equally your concern and responsibility as it is ours. You are hereby bound to protect and keep it confidential.
You understand that any contract you enter into with accredited third-party merchants and accredited banks and remittance centers is between you and them alone.

11. The Transaction Limit

Moneybees limits the client to transact or use of the Services per day:
1. LEVEL 1: PHP 100,000.00
2. LEVEL 2: PHP 500,000.00

Moneybees will notify the client if the Account has already reached its Transaction Limit for the day. On the next day, the transaction count will reset so the account can start transacting again.

12. Identity Verification and Know-Your-Customer (KYC) Requirements

Moneybees requires the following information to verify the identity of its customers depending on the Transaction Limit:
1. LEVEL 1: PHP 100,000.00 or its equivalent in VC
  1. For Individual Client
    1. One (1) Primary Identification Document
      1. PhilSys (National ID)
      2. Passport
      3. Driver’s License
      4. PRC ID
      5. NBI Clearance
      6. GSIS e-Card
      7. Unified ID (UMID)
      8. SSS ID
      9. IBP ID
      10. OFW ID Card
      11. Alien Certificate of Registration
    2. Two (2) Secondary Identification Document
      1. Police Clearance
      2. Postal ID
      3. Voter’s ID
      4. TIN
      5. Senior Citizen Card
      6. OWWA ID
      7. Seaman’s Book/Certificate
      8. DSWD Certification
      9. Gov’t Office / GOCC ID (e.g. DOLE Employment Permit, AFP , Firearms License, Pag-ibig, HDMF)
      10. Company ID
      11. Student’s ID
      12. Philhealth ID
      13. Certification from National Council for the Welfare of Disabled Persons (NCWDP)
  2. For Corporate Client
    1. Proof of Corporate Identity (DTI, Business Permit, AOI, GIS)
    2. Authorization letter on behalf of the corporation; and
    3. One (1) Primary Identification or Two (2) Secondary Identification of the Agent (individual) transacting on behalf of Principal or Beneficial Owner.
2. LEVEL 2: More than PHP 100,000.00 or its equivalent in VC but less than PHP 500,000.00
  1. Additional documents
  2. For Individual Client
    1. Proof of Billing Address (e.g. Latest Utility bills within 6 months); and
    2. Proof of Funds (e.g. Latest Bank Statement within 3 months)
  3. For Corporate Client
    1. Proof of Funds (e.g. Latest Bank Statement or Bank Certificate within 3 months)
Moneybees has the discretion to require you additional documents as needed in using and transacting the Services.
Failure to provide authentic documents listed above may result in delays or outright denial of your Transaction. Moneybees reserves the right to exercise its own discretion in determining the authenticity of your documents required under this section. Moneybees further reserves its right to delay or deny any desired Transaction if it determines that the identity or authority of the person processing any Transaction has not been duly verified.
These limits are applicable to any and all Transactions.

13. Over-The-Counter (OTC) Transaction

SENDING/RECEIVING VC
1. All transactions which you may enter with Moneybees are all Over-the-Counter transactions.
2. The Client must provide the Wallet where the transacted VC will be deposited. The corresponding amount thereto must be paid to Moneybees.
3. The Client must provide the Wallet/QR code where the VC will be sent by the Client. The corresponding amount must be paid by Moneybees to the Client.
4. You are responsible to ensure that the Wallet where you shall transmit the VC which you have sold truly and actually belongs to Moneybees or that in the event that you buy VC from Moneybees, the Wallet which you submit to the teller is your intended Wallet where the VC shall be credited.
5. Moneybees has no obligation to refund you with the corresponding amount if the VC is deposited to the wrong Wallet which you provided for a specific transaction.
6. For Sell Transactions, you understand that Moneybees shall only consider as subject of the transaction, the actual amount of VC that was received by Moneybees in its Wallet. In the event that the VC received by Moneybees in its Wallet is not equal to the intended amount of the subject transaction, Moneybees shall only compute the total amount of the subject transaction on the basis of the amount of VC actually received by Moneybees in its wallet.

14. Terms of the Exchange Rate

All Transactions in the Services are based on the current Exchange Rate posted on the Service.
Moneybees reserves the right to change the Exchange Rate at any time without prior notice.
Changes to the Exchange Rate are effective upon posting on the Services.
The Exchange Rate so posted shall be be locked in favor of the Client for a period of at least fifteen (15) minutes from the start of the transaction. In the event that there is a need to reset the transaction, Moneybees has the right to reject the ongoing transaction to create a new transaction.

15. Arbitration Notice and Class Action Waiver

These Terms contain an Arbitration Clause. Except for certain types of disputes mentioned in the Arbitration Clause, you and Moneybees agree that disputes relating to these Terms or your use of the Services, Products and Services will be resolved by a mandatory and binding arbitration. And you and Moneybees waive any right to participate in a class-action lawsuit or class-wide arbitration.

16. Intellectual Property Rights

You acknowledge and agree that the materials of the Services, including without limitation, the text, software, scripts, graphics, photos, and the like ("Materials") and the trademarks, service marks and logos contained therein ("Marks"), are owned by or licensed to Moneybees, and are subject to copyright and other intellectual property rights under Philippine laws, foreign laws and international treaties and/or conventions.
The Service may display certain trademarks belonging to third parties. Use of these trademarks may be subject to licenses granted to us by third parties. You shall not reverse engineer, decompile, or disassemble such trademarks and nothing herein shall be construed to grant you any right in relation to such trademarks. Materials on the Service are provided to you “as is” for your information and personal viewing only and may not be used, copied, reproduced, distributed, transmitted broadcast, displayed, sold, licensed, or otherwise exploited for any other purposes whatsoever without the prior written consent of the respective owners.
We reserve all rights not expressly granted herein to the Service and the Materials. You agree to not engage in the use, copying, or distribution of any of the Materials other than as expressly permitted herein, including any use, copying, or distribution of Materials of third parties obtained through the Service for any commercial purposes. If you download or print a copy of the Materials for personal use, you must retain all copyright and other proprietary notices contained therein.
You agree not to circumvent, disable or otherwise interfere with security related features of the Service or features that prevent or restrict use or copying of any Materials or enforce limitations on use of the Service or the Materials therein. The Service is protected to the maximum extent permitted by copyright laws, other laws, and international treaties and/or conventions. Content displayed on or through the Service is protected by copyright as a collective work and/or compilation pursuant to copyright laws, other laws, and international conventions. Any reproduction, modification, creation of derivative works from or redistribution of the Service, the Materials, or the collective work or compilation is expressly prohibited. Copying or reproducing the Service, the Materials, or any portion thereof to any other server or location for further reproduction or redistribution is expressly prohibited.
You further agree not to reproduce, duplicate or copy content or Materials from the Service and agree to abide by any and all copyright notices and other notices displayed in the Service. You may not decompile or disassemble, reverse engineer or otherwise attempt to discover any source code contained in the Service. Without limiting the foregoing, you agree not to reproduce, duplicate, copy, sell, resell or exploit for any commercial purposes, any aspect of the Service.
Our intellectual property rights to our resources in any of its forms (Desktop site, Mobile Site or Mobile Applications), including the Moneybees logo, belong to us and may not be used without our express written consent.

17. Warranties and Limitations

We warrant to you that any Service directly and exclusively obtained from us will reasonably conform with its description and be of reasonable quality.
We warrant that we will use reasonable skill and care in making the Services available to you during your subscription.
The Services and their content are otherwise provided on an “as is” basis and we make no representations nor warranties of any kind with respect to them, including as to the accuracy or completeness of the Services or their content. We assume no liability or responsibility for any errors or omissions in the content of the Services, or any failures, delays, or interruptions in the provision of the Services. We disclaim and exclude any express or implied warranties or representations, including any warranties as to merchantability or fitness for a particular purpose of the Services to the broadest extent permitted by law. We make no warranties or representations, express or implied, as to the timeliness, accuracy, quality, completeness or existence of the content and information posted on the Services. We make no warranties or representations, express or implied, for technical accessibility, fitness or flawlessness of the Services. We make no warranties or representations that your use of content and information posted on the Services will not infringe the rights of third parties.
You hereby fully and unconditionally waive any and all conditions, warranties and other terms which might otherwise be imposed or implied by law, contract or equity.

18. Your Warranties

By using our Services, you wilfully warrant that:
1. You unconditionally undertake to defend in all kinds of proceedings, hold free and harmless, and fully indemnify Moneybees and its Related Parties from any and all claims, suits, actions, liabilities, losses, damages, fees, taxes, penalties, charges and expenses related to or arising from your relationship or engagement with Moneybees, including the use or access of the Services as well as these Terms and future revisions thereof.
2. You firmly warrant that you have no current or future claim of whatever nature, expected, real or apparent, against the Released Parties. You unconditionally and irrevocably release, discharge and waive any and all claims and actions of whatever nature, expected, real or apparent, which you may now or in the future have directly or indirectly arising from or related to all legal relations, contracts and arrangements with the Released Parties, including the use or access of our products and these Terms and future revisions thereof.
3. You warrant to not withhold, suspend, discontinue, alter or modify any of your payments, amounts and obligations due to Moneybees for any reason including the existence of any dispute, claim or allegation against Moneybees or its Related Parties.
4. You authorize and instruct Moneybees to use, offset, apply and/or compensate any and all amounts in your various Wallets to pay any and all of your balances and obligations to Moneybees arising from or related to the Services and these Terms, including your unpaid dues, interests, fees, losses and damages as reasonably determined by Moneybees.

19. No Waiver

If we delay exercising or fail to exercise or enforce any right or interest available to us under these Terms, such delay or failure shall not constitute a waiver of that right or any other rights under these Terms.

20. Force Majeure

We will not be liable to you for any lack of performance, or the unavailability or failure, or the Services, or for any failure or delay by us to comply with these Terms, where such lack, unavailability or failure arises from any cause beyond our reasonable control.

21. Interpretation

In these Terms, unless the context requires otherwise: (i) any phrase introduced by the words “including”, “include”, “in particular”, “for example” or any similar expression shall be construed as illustrative only and shall not be construed as limiting the generality of any preceding words; and (ii) references to the singular include the plural and to the masculine include the feminine, and in each case vice-versa.

22. Electronic Communications

Applicable laws require that some of the information or communications we send to you should be in writing. When using the Services, you agree to transact with us electronically, and that communication with us will be primarily and mainly electronic. We may contact you by email or provide you with information by posting notices on the Services. You agree to this electronic means of communication and you acknowledge that all contracts, notices, information and other communications that we provide to you electronically comply with any legal requirement that such communications be in writing.
We reserve the right, in our sole discretion, to discontinue the provision of your electronic communications, or to terminate or change the terms and conditions on which we provide electronic communications.

23. Notices

Unless otherwise specifically indicated, all notices given by you to us must be sent to [email protected]. We may give notice to you at the email address you provide to us when you register. Notice will be deemed received and properly served immediately when posted on the Services or when an email or other electronic communication is sent including SMS to the phone number you registered in the Form. In proving the service of any notice via email, it will be sufficient to prove that such email was sent to the specified email address of the addressee.

24. Exclusive Venue and Chouce of Law

In all actionable claims and need for recourse, you and Moneybees warrant to abide by the Section on ARBITRATION NOTICE AND CLASS ACTION WAIVER. In the remote event that this Section is totally inapplicable, you and Moneybees agree that all claims and disputes arising out of or relating to the Terms or the use of the Services will be exclusively brought before the courts of Taguig City, Philippines.
These Terms shall be exclusively governed and interpreted under the laws of the Republic of the Philippines without regard to its conflict of laws provisions.

25. Severability

If any of these Terms is declared or found to be unenforceable, illegal, void, or otherwise ineffectual, then that provision shall be deemed removed from these Terms without affecting the validity, efficacy, and enforceability of all other provisions.

Customer Terms & Conditions