Terms for Private Clients
Terms of Service Safecurrency.com
The websites and the services offered by Safe Currency are NOT addressed to persons who have their registered office or place of residence in Germany.
This is a contract between you and Safe Currency LLP, a private limited company incorporated in England and Wales with company number OC421760 and whose registered office is 20-22 Wenlock Road, London, England, N1 7GU.
References in these Terms to "Safe Currency", "we", "our" or "us", are to Safe Currency LLP and references to "you" or "your" are to the person with whom Safe Currency enters into these Terms. References to “Merchant” or “Merchants” are made to persons who enter into these Terms, act as commercial entities and provide services or products to its customers.
You should be aware that the risk of loss in trading or holding Virtual Currencies may be substantial. Please note that our Services are only regulated for money laundering purposes. You should therefore carefully consider whether trading or holding Virtual Currencies is suitable for you in light of your financial condition.
1.1. Eligibility. The Services are intended solely for users who are 18 or older and who satisfy the criteria described in these Terms. You represent and warrant that you: (i) are of legal age to form a binding contract (at least 18 years old in the UK); (ii) have not previously been suspended or removed from using our Services; (iii) are not identified as a “Specially Designated National” by the Office of Foreign Assets Control; (iv) are not placed on the U.S. Commerce Department’s Denied Persons List; and (v) have full power and authority to agree to these Terms.
1.2. Restricted Locations. You may not use the Services if you are located in, or a citizen or resident of any state, country, territory or other jurisdiction that is embargoed by the United States or where your use of the Services would be illegal or otherwise violate any applicable law. You represent and warrant that you are not a citizen or resident of any such jurisdiction and that you will not use any Services while located in any such jurisdiction. You also may not use the Services if you are located in, or a citizen or resident of, any other jurisdiction where we have determined, at our own discretion, to prohibit use of the Services. We may implement controls to restrict access to the Services from any jurisdiction prohibited pursuant to this Section. You should comply with this, even if our methods to prevent use of the Services are not effective or can be bypassed. You hereby acknowledge that you will be solely liable for violation of this Section and you hereby irrevocably agree to defend, indemnify and hold Safe Currency harmless and its affiliates and their respective shareholders, members, directors, officers, employees, agents and representatives from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorney’s fees) arising out of or related to your violation of this Section.
Please see the list of prohibited jurisdictions at: https://help.safecurrency.com/en/articles/3707564-which-countries-are-available-for-service. Please note that the list may be amended from time to time and you shall observe the list on a regular basis.
2. Account and Verification
2.1. Registration of Account. In order to use the Services, you will need to register for a Safe Currency account (“Account”) by providing your first name, last name, e-mail address, password, and accepting the terms of these Terms and KYC/AML Policy. We may, in our sole discretion, refuse to open an Account for you. You may open only one Account, you may not and you are strictly and expressly prohibited from opening any Account in the name of third parties.
2.2. Identity Verification. You agree to provide us with the information we request for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud, or any other financial crime and permit us to keep a record of such information. You will need to complete certain verification procedures before you are permitted to use the Services. The information we request may include certain personal information, including, but not limited to, your first name, last name, address, telephone number, e-mail address, date of birth, taxpayer identification number, government identification number, and information regarding your bank account (such as the name of the bank, the account type, routing number, and account number). In providing us with this or any other information that may be required, you confirm that the information is accurate and authentic. You agree to keep us updated if any of the information you provide changes. You authorise us to make the inquiries, whether directly or through third parties, that we consider necessary to verify your identity or protect you and/or us against fraud or other financial crime, and to take action we reasonably deem necessary based on the results of such inquiries.
When we carry out these inquiries, you acknowledge and agree that your personal information may be disclosed to credit reference and fraud prevention or financial crime agencies and that these agencies may respond to our inquiries in full. This is an identity check only and should have no adverse effect on your credit rating. Additionally, we may require you to wait some amount of time after completion of a transaction, before permitting you to use the Services.
Please see any additional identity verification requirements that may be applicable to you in our KYC/AML Policy.
2.3. Access. To access the Services, you must have the necessary equipment (such as a computer, smartphone or tablet) and the associated telecommunication service subscriptions to access the Internet. The Services can be accessed directly using the Safe Currency Site.
3.1. Virtual Currency Exchange Services
3.1.1. Subject of Services. Our Services enables you to purchase Virtual Currency using central banks issued currency (“Fiat Currency”) supported by Safe Currency (“Purchase Transaction”) and to sell Virtual Currency by receiving Fiat Currency (“Sell Transaction”). We do not perform transactions of exchange of one Virtual Currency to the other Virtual Currency. We do not store your Virtual Currency or Fiat Currency. We do not provide services of virtual wallets for Virtual Currency.
3.1.2. Exchange Rates. Each purchase or sale of Virtual Currency (“Exchange Transaction”) is subject for Exchange Rate for the given Exchange Transaction. The “Exchange Rate” means the price of a given Virtual Currency in Fiat Currency as quoted on the Safe Currency Site. The Exchange Rate is stated either as a “Buy Price” or as a “Sell Price”, which is the price at which you may buy or sell Virtual Currency, respectively. You acknowledge that the Buy Price Exchange Rate may not be the same as the Sell Price Exchange Rate at any given time. We do not guarantee the availability of any Exchange Rate. We do not guarantee that you will be able to buy and / or sell your Virtual Currency at any particular price or time.
3.1.3. Exchange Rate Changes. You acknowledge that the Exchange Rate may be highly volatile and at the moment of the execution of the Exchange Transaction it may differ from the accepted one. Prior to acceptance of the terms of the Exchange Transaction you should instruct us how to execute the Exchange Transaction in case Exchange Rate changes: i) execute the Exchange Transaction at the available at the moment Exchange Rate, or ii) cancel the Exchange Transaction. You hereby acknowledge and agree that in case you instruct us to execute the Exchange Transaction at the available at the moment Exchange Rate, the amount of Fiat Currency or Virtual Currency to be received may be less than it was calculated initially.
3.1.4. Information for Transaction. In order to execute the Exchange Transaction you should provide us with the following information: for Purchase Transaction – your virtual wallet address for selected Virtual Currency, for Sell Transaction – details of your payment method for selected Fiat Currency. You represent and warrant that both payment method and virtual wallet belong to you, opened and operated by you. You represent and warrant that your payment method is opened in your name. You acknowledge that you must not provide us with payment methods or virtual wallets of any third party, except for as provided under clause 3.2. of these Terms. You should verify all information prior to submitting to us. Transactions with Virtual Currency cannot be reversed once they have been broadcast to the relevant Virtual Currency network.
3.1.5. Purchase Transaction. In order to execute Purchase Transaction you authorise us to debit your payment method, such as a debit or a credit card. Upon automatic receipt of confirmation that the funds from your payment method has been received, we will transfer Virtual Currency to the virtual wallet address you provided.
3.1.6. Sell Transaction. We do not have any access to your virtual wallet, thus upon initiation of the Sell Transaction, you need to transfer the requested amount of Virtual Currency to our virtual wallet. We will notify you on address of our virtual wallet upon you accept terms of the Exchange Transaction. You authorise us to send instructions to credit your payment method in settlement of Sell Transaction. We will execute Exchange Transaction upon transfer of Virtual Currency to our wallet that is confirmed by the Virtual Currency network.
3.1.7. Exchange Transaction Execution. We will execute Exchange Transaction within 48 hours from the moment of acceptance of its terms provided that this acceptance has been made within business hours. In case the terms of the Exchange Transaction have been accepted during non-working hours, it will be executed within 48 hours from the start of the following business day.
3.1.8. Virtual Currency Specifics. Transaction with Virtual Currency will be considered executed upon confirmation of the transaction by the Virtual Currency network. Upon transaction is initiated it cannot be reversed or cancelled. The transaction information and confirmation of transaction (under unique transaction txid) will be linked to the details of Exchange Transaction in your Account.
3.1.9. Authorisations; Reversals; Cancellations. By accepting terms of the Exchange Transaction at the Safe Currency Site, you are authorising Safe Currency to initiate the Exchange Transaction at the quoted Buy Price or Sell Price and either execute or cancel it in case when Exchange Rate changes. You cannot cancel, reverse, or change any Exchange Transaction marked as complete or pending. If your payment is not successful or if your payment method has insufficient funds or if you do not send Virtual Currency to our wallet within allotted time, you authorise us to cancel the Exchange Transaction. You are responsible for maintaining an adequate balance and/or sufficient credit limits in order to avoid overdraft, insufficient funds, or similar fees charged by your payment provider.
3.1.10. Third-Party Transfer. You hereby acknowledge that you must not conduct third-party transfers and use payment methods or virtual wallets of third parties. This clause is not applicable when transfer is executed pursuant to clause 3.2. of these Terms.
3.1.11. Exchange Transactions are Final. All Exchange Transaction executed within the terms of the Section 3.7 are considered properly executed and are final, and no returns of Virtual Currency or refunds are permitted.
3.1.12. Non-executed Exchange Transactions. If you believe that Exchange Transaction was not properly executed, you must contact us as soon as possible and, in any case, no later than one month after the relevant Exchange Transaction occurred, either by email free of charge at [email protected] or by ticket system at the Safe Currency Site. In case the Exchange Transaction is not properly executed, we will refund you the amount of that Exchange Transaction within 24 hours from the moment of your request provided that you sent your request within business hours to the same payment method or virtual wallet. In case you sent request during non-working hours, it will be executed within 24 hours from the start of the following business day. Please see our Safe Currency Refund policy for more specific information and conditions on the refunds.
3.2. Service of the Payment Widget
3.2.1. Scope of the service. Safe Currency has developed a Payment Widget that may be placed on the Merchant’s webpage allowing the Merchant to request and receive transfers from you as a Safe Currency’s client in exchange for services or products Merchants provides to you.
3.2.2. In order to use the service the Merchant shall become Safe Currency’s client, be fully verified and comply with AML requirements of Safe Currency. The Merchant may select to receive transfers either in Virtual Currency or in fiat currency, e.g. euro. The Merchant would receive your transfers minus fees applicable to such transactions.
3.2.3. When you decide to acquire services or products of the Merchant, the Merchant will provide you with the link to Payment Widget that will indicate the amount of funds to be transferred to Merchant. You will also be asked to consent to terms and conditions applicable to the transfer, including any fees applicable and confirm the transfer of funds to Merchant.
3.2.4. We use Virtual Currency to execute the transfer. However, parts of transfer transactions that involve fiat currencies may fall under the Payment Services Regulations 2017 pursuant to the Financial Conduct Authority’s guidance on cryptoassets. In order to provide the service, we have concluded a cooperation agreement with an Authorised Payment Institution Cauri Ltd (license number 683817, please see Financial Conduct Authority register for more information). Hence, any part of the payment transaction that is subject to payment regulation is facilitated by our partner – Cauri Ltd, which is licensed to provide such payment service. You may thus be requested to open a payment account at Cauri Ltd in order to use service for transfer of fiat currency.
3.2.5. As a Merchant, you agree to use this service only after being fully verified and accepted as the client of ours and you agree to receive transfers minus the transaction fee applied by our partners or us. You also understand and agree that if you chose to settle the incoming transfer in fiat rather than virtual currency, the payment to you is facilitated by our partner Cauri Ltd and the final payment to you may be made only by Cauri Ltd or another authorised payment institution, electronic money institution or a credit institution.
3.2.6. As a Merchant, if you chose to settle in Virtual Currency we would arrange the respective amount minus deductible fees to be transferred to your virtual wallet held with us.
3.2.7. In executing this service, we will apply our usual AML practice to detect any unusual or suspicious activities in such transfers between clients and Merchants. Both clients and Merchants do expressly agree to provide any documents, information or explanations as may be requested by Safe Currency or Cauri Ltd throughout provision of this service.
3.2.8. Safe Currency does not provide payment services to its clients, and may only provide services described in this section only in cooperation with an authorised payment institution Cauri Ltd that is deemed to facilitate payments between clients and Merchants in fiat currencies. Safe Currency only acts in its capacity of the Virtual Currency exchange venue.
4. Risks Disclosure. Assumptions of Risks.
4.1. Risks Disclosure. Holding and purchasing Virtual Currency and use of the Services, involves significant risks and potential for financial losses, including without limitation the following:
4.1.1. The features, functions, characteristics, operation, use and other properties of any Virtual Currency (“Virtual Currency Properties”) and the software, networks, protocols, systems, and other technology (including, if applicable, any blockchain) (“Underlying Technology”) used to administer, create, issue, transfer, cancel, use or transact in Virtual Currency may be complex, technical or difficult to understand or evaluate.
4.1.2. Any Virtual Currency and its Underlying Technology may be vulnerable to attacks on the security, integrity or operation of the Virtual Currency or its Underlying Technology (“Attacks”), including Attacks using computing power sufficient to overwhelm the normal operation of a blockchain or other Underlying Technology.
4.1.3. Any Virtual Currency, Virtual Currency Properties or Underlying Technology may change or otherwise cease to operate as expected due to a change made to the Underlying Technology, a change made using features or functions built into the Underlying Technology or a change resulting from an Attack. These changes may include, without limitation, a “fork” or “rollback” of a Virtual Currency or blockchain.
4.1.4. Any Virtual Currency may be cancelled, lost or double spent, or otherwise lose all or most of their value, due to forks, rollbacks, Attacks, changes to Virtual Currency Properties or failure of the Virtual Currency to operate as intended.
4.1.5. Any Virtual Currency may decrease in value or lose all of its value due to various factors including discovery of wrongful conduct, market manipulation, changes to Virtual Currency Properties or perceived value of Virtual Currency Properties, Attacks, suspension or cessation of support for a Virtual Currency by exchanges or service providers, and other factors outside our control.
4.1.6. Any Virtual Currency may decrease in value or lose all of its value due to legislative or regulatory activity, or other government action. Government regulation of Virtual Currency is unsettled and rapidly evolving.
4.1.7. Any Virtual Currency may be lost if sent to the wrong address (for example but without limitation, if the address is improperly formatted, contains errors, or is intended to be used for a different type of Virtual Currency.
4.1.8. We may suspend or reject your transaction requests, suspend or cease support for Virtual Currency, or suspend or terminate your access to the Services to comply with applicable laws or regulations or an order from law enforcement or other governmental authority, for other reasons as specified in these Terms or otherwise at our discretion.
4.2. The risks described in this Section 4 may result in loss of Virtual Currency, decrease in or loss of all value for Virtual Currency, inability to access or transfer Virtual Currency, inability to exchange Virtual Currency, inability to receive financial benefits available to other Virtual Currency holders, and other financial losses to you. You hereby assume and agree that we will have no responsibility or liability for, such risks. You hereby irrevocably waive, release and discharge any and all claims, whether known or unknown to you, against Safe Currency, its Affiliates and their respective shareholders, members, directors, officers, employees, agents and representatives related to any of the risks set forth herein.
4.3. You represent and warrant that you have: (a) the necessary technical expertise and ability to review and evaluate the security, integrity and operation of any Virtual Currencies that you decide to acquire; and (b) the knowledge, experience, understanding, professional advice and information to make your own evaluation of the merits and risks of any Virtual Currency. You accept the risk of purchasing Virtual Currency by using the Services and are responsible for conducting your own independent analysis of the risks specific to the Virtual Currencies and the Services. You should not acquire or trade any Virtual Currencies unless you have sufficient financial resources and can afford to lose all value of the Virtual Currencies.
4.4. Our decision to support transfer or exchange of any particular Virtual Currency through the Services does not indicate our approval or disapproval of the Virtual Currency or the integrity, security or operation of the Virtual Currency or its Underlying Technology. The risks associated with Virtual Currencies apply notwithstanding our decision to support a particular Virtual Currency. Safe Currency does not provide any advice, does not have any fiduciary duty to you or any other user and does not make any warranty about the suitability of any Virtual Currency for ownership by you.
5.1. You acknowledge that we should not be liable for any delays or failures in the execution of Exchange Transactions arising as a consequence of i) any problems in the telecommunications, computer and other systems, ii) force majeure action of payment systems (block or closure of the accounts, freezing or holding of funds, denial of service), iii) change of political regimes, civil strife; actions of third parties, which are beyond our control.
5.2. You acknowledge that we should not be liable for any damage caused to you in case of delay in receipt or non-receipt of funds to or from your virtual wallet.
6.Suspension, Termination, and Cancellation
6.1. Cancellation of Exchange Transactions. We may refuse to complete or block, cancel or reverse an Exchange Transaction you have authorized with immediate effect for any reason. If we refuse to complete an Exchange Transaction, we will (unless it would be unlawful for us to do so) provide you with a notice of our actions and the reasons for refusal. We may also refuse to complete the Exchange Transaction you have authorised where there is insufficient Fiat Currency on your payment method to cover the transaction at the time that you initiated Exchange Transaction.
6.2. Suspension and Termination of Services. We may suspend, restrict, or terminate your access to the Services and/or deactivate or cancel your Account, without reason by giving you notice of our actions. You acknowledge that our decision to take certain actions, including limiting access to, suspending, or closing your Account, may be based on confidential criteria that are essential to our risk management and security protocols. You agree that we are under no obligation to disclose the details of its risk management and security procedures to you.
7.1. Personal Data. You acknowledge that we may process personal data in relation to you (if you are an individual), and personal data that you have provided or in the future provide to us in relation to your employees and other associated or other individuals, in connection with these Terms, or the Services. Accordingly, you represent and warrant that:
7.1.1. your disclosure to us of any personal data relating to individuals other than yourself was or will be made in accordance with all applicable data protection and data privacy laws, and those data are accurate, up to date and relevant when disclosed;
8.1. Unacceptable Use or Conduct. You will not violate i) any law, regulation, contract, intellectual property or other third-party right, or commit a tort while using the Services, ii) use the Services to anyhow engage in any illegal gambling activities, fraud, money-laundering, or terrorist activities, or other illegal activities, iii) introduce to the Safe Currency Site any malware, virus, trojan worms, logic bombs, or other harmful material, iv) develop any third-party applications that interact with Safe Currency Site without our prior written consent, or unless otherwise agreed, v) use the Services in any manner that could interfere with, disrupt, negatively affect, or inhibit other users from fully enjoying the Services, or that could damage, disable, overburden, or impair the functioning of the Safe Currency Site in any manner, vi) encourage or induce any third party to engage in any of the activities prohibited under this Section.
8.2. Safety and Security of Your Computer and Devices. We are not liable for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect your computer or other equipment, or any phishing, spoofing or other attack. We advise the regular use of a reputable and readily available virus screening and prevention software. You should also be aware that SMS and email services are vulnerable to spoofing and phishing attacks and should use care in reviewing messages purporting to originate from us.
8.3. Third-Party Links. The Safe Currency Site may contain links to third-party websites, advertisers, services, special offers, or other events or activities that are not owned or controlled by Safe Currency. Safe Currency does not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services. If you access a third party website from the Safe Currency Site, you do so at your own risk, and you understand that these Terms do not apply to your use of such sites. You expressly relieve Safe Currency from any and all liability arising from your use of any third-party website, service, or content. Additionally, your dealings with or participation in promotions of advertisers found on the Safe Currency Site, including payment and delivery of goods, and any other terms (such as warranties) are solely between you and such advertisers. You agree that Safe Currency shall not be responsible for any loss or damage of any sort relating to your dealings with such advertisers.
8.4. Indemnity. You agree to defend, indemnify and hold Safe Currency harmless and its affiliates and their respective shareholders, members, directors, officers, employees, agents and representatives from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorney’s fees) arising out of or related to: (i) your use of the Services and access to the Safe Currency Site, including any data or content transmitted or received by you; (ii) your violation of any term of these Terms, including without limitation your breach of any of the representations and warranties above; (iii) your violation of any third-party right; (iv) your violation of any applicable law, rule or regulation; (v) negligent or willful misconduct; or (vi) any other party’s access and use of other appropriate security code.
8.5. No Warranty. Our Services and the Safe Currency Site are provided on an “as is” and on “as available” basis without any representation or warranty, whether express or implied, to the maximum extent permitted by applicable law: specifically we disclaim any implied warranties of title, merchantability, fitness for a particular purpose and/or non-infringement. We do not make any representations or warranties that access to the Safe Currency Site, any of the Services, or any of the materials contained therein, will be continuous, uninterrupted, timely, or error-free.
We will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, credit cards are processed in a timely manner but we make no representations or warranties regarding the amount of time needed to complete processing which is dependent upon many factors outside of our control.
8.6. No Liability for Breach. We are not liable for any breach of these Terms where the breach is due to abnormal and unforeseeable circumstances beyond our control, the consequences of which would have been unavoidable despite all effects to the contrary, nor are we liable where the breach is due to the application of mandatory legal rules.
8.7. Taxes. It is your responsibility to determine whether, and to what extent, any taxes apply to any transactions you conduct through the Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities. Your transaction history is available through your Account.
8.8. Entire Agreement. These Terms (including documents incorporated by reference herein) comprise the entire agreement between you and Safe Currency.
8.9. Modification of Terms. We may modify these Terms by providing notice of such changes, such as by sending you an email, providing notice through the Services, or updating the “Last Updated” date at the bottom of these Terms. By continuing to access or use of the Services, you confirm your agreement to the modified Terms. If you do not agree to any modification to these Terms, you must stop using the Services. We encourage you to frequently review the Terms to ensure you understand the terms and conditions that apply to your access to, and use of, the Services.
8.10. Interpretation. Section headings in these Terms are for convenience only, and shall not govern the meaning or interpretation of any provision of these Terms.
8.11. Transfer. These Terms are personal to you and you cannot transfer or assign your rights, licenses, interests and/or obligations to anyone else. We may transfer or assign our rights licenses, interests and / or our obligations at any time, including as part of a merger, acquisition or other corporate reorganisation involving Safe Currency.
8.12. Invalidity. If any provision of these Terms is determined to be invalid or unenforceable under any applicable law, this will not affect the validity of any other provision.
8.13. Enforcement of Our Rights. We may not always strictly enforce our rights under these Terms. If we do this, it will be just a temporary measure and we may enforce our rights strictly again at any time.
8.14. Language. These Terms and any information or notifications that you or we are to provide should be in English. Any translation of these Terms or other documents is provided for your convenience only. In the event of any inconsistency, the English language version of these Terms or other documents shall prevail. You expressly acknowledge that you have sufficient knowledge of the English language to read, understand and accept these Terms.
8.15. Survival. All provisions of these Terms which by their nature extend beyond the expiration or termination of these Terms, including, without limitation, the sections relating to suspension or termination, Account cancellation, general use of the Safe Currency Site, and general provisions, will continue to be binding and operate after the termination or expiration of these Terms.
8.16. Governing Law and Jurisdiction. These Terms will be governed by English law and the exclusive jurisdiction of the English courts.
8.17. Contact information. Safe Currency LLP, 20-22 Wenlock Road, London, England, N1 7GU email: [email protected]