Virtual Currency Wallet Agreement

23.06.2020

 

Thank you for choosing FINANSIV. The following Virtual Currency Wallet Agreement (referred to herein as the "Agreement") applies and you agree to it if you use the Virtual Currency​​ Wallet (referred to herein as the "Wallet") service. You should read this Agreement carefully because it’s part of the​​ Terms and Conditions.

 

  • Interpretation and Definition

    • In this Agreement and all documents incorporated herein by reference, all definitions will have the meaning assigned to them under the General Terms and Conditions (the "Terms") which can be found on the Site. Additional definitions may be provided throughout this Agreement.

    • For the ease of the use of the Site and the Services, the​​ Virtual Currency sale and purchase Services may also be referred to as the "Exchange" throughout the Site and this Agreement.

    • This Agreement should be interpreted in accordance with the rules of interpretation set out in the Terms.

    • The matters not regulated by this Agreement, including but not limited to, eligibility, creating an account with FINANSIV, fees, liability and indemnification, are regulated by the Terms.

  • Scope of Agreement and Acceptance

    • This Agreement sets out the terms and conditions for using​​ the Wallet, including its functionalities as described below:

      • The functionality of Fiat Currency (deposit and withdrawal) within the Wallet.

      • The functionality for Merchants;

      • Exchange functionality, allowing to sell and purchase the Virtual Currency on the​​ Site.

    • By taking the first action required to create the Wallet with FINANSIV, you acknowledge that you have read, understood, and completely and unconditionally agree to be bound by and accept this Agreement, its terms and conditions and all the policies​​ and guidelines that are incorporated herein by reference. If you do not agree with the Agreement and/or individual provisions of the Agreement, you cannot use the Wallet and any functionality of it.

  • Use of the Wallet

    • FINANSIV Wallet is an online Virtual Currency storage service which allows you to hold, send and receive the Virtual Currency without needing to download a​​ Virtual Currency client. You may also sell and purchase the Virtual Currency using the Wallet.

    • The Wallet is not a payment instrument, e-money wallet or a similar instrument. The Wallet can only be used to hold, send and receive the Virtual Currency.

    • You are the owner of the Virtual Currency stored in the Wallet. You can access all information related to your Wallet through your account on the Site.

    • Your Wallet's initial balance will be zero. You can add the Virtual Currency to the Wallet using the methods described in the Agreement.

    • Maximum amounts of deposits and withdrawals that you can make to or from your Wallet are published on the Site.

    • FINANSIV may at its own discretion and without your consent impose limits on your Virtual Currency transactions and/or the Wallet. The information about the generally applicable limits can be found on the Site.

    • FINANSIV reserves the right to​​ restrict your usage of the Wallet or block the Wallet altogether, if you violate this Agreement, the Terms or any other applicable documents and laws.

    • FINANSIV reserves the right to change, supplement or discontinue the Services offered in the Wallet, the​​ Wallet's features and the Wallet itself at any time without your consent.

    • The use of auto trade robots (bots) or any other kind of automatic trading (buy, sell) software or devices on the FINANSIV account is strictly forbidden. FINANSIV reserves the​​ right to suspend Customer accounts without notification, if suspected of such activities. FINANSIV reserves the right to reverse all transactions, if the Customer is suspected to be engaged in such activities. FINANSIV reserves the right to charge a penalty fee of 2 times trading turnover, but no less than 25 000 EUR, if Customer is or was engaged in such activities.

    • Your Wallet Virtual Currency balance, transactions, exchange operations, history, hot and cold wallets are always operated, held and processed​​ by​​ FINANSIV EOOD.

  • Fiat Currency functionality

    • Any Wallet functionality pertaining to the Fiat Currency is available for the sole purpose of purchasing, selling and transferring the Virtual Currency, and this functionality may vary depending on your​​ country of residence. You may not use the Wallet as a means to hold or transfer the Fiat Currency for the purposes other than stated above even if the Wallet functionality or combination thereof allows you to use our Services in this way. From the moment Fiat Currency reaches the Wallet (transfer from your bank account, exchange, etc.) it​​ is exchanged for​​ a Virtual Currency, administered in the Wallet​​ at a 1:1 currency exchange rate. Accordingly, a withdrawal is made by​​ exchanging​​ this Virtual​​ Currency from your Wallet​​ for​​ Fiat​​ Currency and transferring​​ all fiat proceeds from that exchange​​ to​​ a bank or EMI account, designated by you.​​ All fees and charges for such bank transfer or transfer of electronic​​ money​​ under the preceding sentence, if any, shall be at your expense. The sale transactions are irreversible and final once you have provided the relevant withdrawal instructions to FINANSIV and you cannot change, or cancel the authorization to FINANSIV to complete any pending or partially completed transactions. FINANSIV shall not be liable for any partially completed transactions or delays in the processing of your instructions. We do not guarantee the availability of any exchange rate and in extreme circumstances, the rate may not be 1:1. However, FINANSIV always devotes significant time and efforts to find and use the best exchange rate for the purpose of the above so that your interests can be fully protected.

    • For the Fiat Currency transfers to/from your Wallet, you must use only your own account, and transfers to/from any external third-party accounts are strictly forbidden. In the context of this provision, transfers are treated to be from/to the third-party accounts if:

      • A transfer made via FINANSIV, in someone else's name, even when permission is given​​ by the third-party.

      • A transfer made via bank transfer, in someone else's name, even when permission is given by the third-party.

      • A transfer made via an alternative transfer method such as Skrill, Neteller, Payeer, Perfect Money, Epay, AdvCash in someone else's name, even when permission is given by the third-party.

      • A transfer made on your behalf by a family member, friend or spouse.

      • A transfer made via debit/credit card, in someone else's name, even when permission is given by the third-party.

    • Funds can be​​ added or withdrawn through available methods, such as your bank, payment institution or electronic money institution account. We may at any time change the available payment methods or available service providers, which we choose at our sole discretion. FINANSIV will have no liability or obligation for taking such action. You cannot add or withdraw funds to or from your Wallet from or to another person's account. In some cases, there may be no possibility to add or withdraw funds to or from your Wallet at​​ all.

    • Funds are added to your Wallet as Virtual Currency upon receipt of payment to the FINANSIV bank account or through an intermediary. Local bank transfer takes up to 7 working days, international transfers may take up to 10 working days, transfers through an intermediary may take up to 7 working days.

    • Incorrect payments or payments from third parties' accounts are returned to the payer after deducting fees of a bank, an intermediary and FINANSIV return​​ fee. In general, FINANSIV takes no responsibility regarding such payments and their fate.

    • Funds are withdrawn from your Wallet after the conversion from the Virtual Currency within 7 working days, but the actual transfer of money may be longer. A local bank transfer may take up to 7 working days, international transfers may take up to 10 working days, transfers through an intermediary may take up to 7 working days. However, transfers may take more time, in which case FINANSIV will not take any legal responsibility for losses in relation to such cases.

    • FINANSIV reserves the right to prolong the term for any transaction (add or withdraw funds) and postpone their implementation, if there is a need to implement additional due diligence, verification, examination, investigation or any other of this sort activity due to internal risk management, official authorities request of recommendation or implementation of the legal requirements. FINANSIV will not take any legal responsibility for losses in relation to such actions.

  • Sending and Receiving Virtual Currency

    • You may use the Wallet to send or receive the Virtual Currency to or from FINANSIV or other persons. Your use of the Wallet may be limited subject to the account verification requirements.

    • You may add or withdraw the Virtual Currency to or from your Wallet by using the following methods:

      • using the Virtual Currency system (i.e., the Bitcoin system);

      • sending or receiving the Virtual Currency to or from another FINANSIV Customer;

      • buying or selling the Virtual Currency from or to FINANSIV.

    • If you choose to add​​ the Virtual Currency to your Wallet through the Virtual Currency system, FINANSIV will generate a unique reception address (or addresses) for you in the Virtual Currency system. Once you transfer the Virtual Currency to the reception address generated by FINANSIV, your Virtual Currency will appear in your Wallet.

    • In order to use the Virtual Currency system for withdrawing/sending the Virtual Currency you must provide FINANSIV with your address in the Virtual Currency system. Then in the Virtual Currency system FINANSIV will generate a private key/account/Wallet for you, which you will be able to use in order to access your Virtual Currency. Be aware that you are solely responsible for the security and use of your private key/account/Wallet and must keep it safe and undisclosed, because once it is lost you may no longer be able to access your Virtual Currency. FINANSIV takes no responsibility and will not be liable for the security and/or usage of your private key/account/Wallet.

    • The Virtual Currency will appear in your Wallet instantly if you receive it through the FINANSIV system. If you use the Virtual Currency system to add the Virtual Currency to your Wallet, the Virtual Currency deposit may take as long as getting six confirmations in the Virtual Currency​​ system.

    • The risk of accidental loss, theft, disappearance or damage to the Virtual Currency will pass to the Customer upon adding or receiving the Virtual Currency in the Wallet.

    • You may send the Virtual Currency to:

      • another Customer of the Virtual Currency system;

      • another FINANSIV Customer by providing a recipient's email address.

    • If you choose to send the Virtual Currency to another FINANSIV Customer, your transaction will be processed instantly and in real time. In other cases,​​ the Virtual Currency transmission time depends on various factors; therefore, FINANSIV cannot and does not guarantee instant transmission and takes no responsibility due to the length of the transaction.

    • FINANSIV reserves the right to prolong the term for instant or any other transaction and postpone their implementation, if there is a need to implement additional due diligence, verification, examination, investigation or any other of this sort activity due to internal risk management, official authorities request of recommendation​​ or implementation of the legal requirements. FINANSIV will not take any legal responsibility for losses in relation to such actions.

  • Accepting Virtual Currency for Merchants

    • FINANSIV Wallet allows you to use the Wallet to accept the Virtual Currency from your payers. This functionality can be used by businesses, freelancers and other persons who wish to receive the payments in Virtual Currency from their clients (the "Merchants").

    • You may only use this Wallet functionality if all of the following conditions​​ are met:

      • you have successfully completed the account verification process and there are no pending inquiries from FINANSIV team that you have not yet responded to;

      • you are the owner or the operator of a legitimate business or you are engaged in the​​ legitimate business as a freelancer, self-employee or act in a similar capacity; herein the "business" will have the meaning of any commercial or social activity of a continuous nature which requires frequent payments for the goods or the services provided​​ (including charities, crowdfunding and similar);

      • the business referred to in sub-clause above is a legitimate business, not subject to any sanctions or legal restrictions in either the jurisdiction of FINANSIV, or the jurisdiction where you or your clients operate or reside;

      • you apply reasonable and risk-appropriate measures to identify your clients and evaluate their potentially illicit purposes for making payments in the Virtual Currency; if you are unsure whether the measures that you currently​​ apply meet these requirements, please contact FINANSIV before using the Merchant Services.

    • In addition to the requirements set out in the Terms regarding verification of your identity and account, in order to use the Merchant services, you will be asked to​​ provide additional information and documents, such as your business incorporation documents, your client verification requirements, explanation of the nature of your business, etc. The scope of such additional information and documents and the time of their submission will be determined at the sole discretion of FINANSIV. Your failure to comply with these requirements will result in you being prohibited from using our Merchant services.

    • FINANSIV will provide a technical infrastructure for accepting the Virtual Currency. However, in line with the Terms, FINANSIV takes no responsibility for improper functionality, technical faults and downtime of the technical infrastructure.

    • In order to begin using our Merchant services, you have to create a Merchant project​​ at your account. You can create unlimited Merchant projects.

    • The Merchant services are intended to be used by the persons operating or engaged in businesses as a means of payment collection rather than being used as an alternative to standard account-to-account (Wallet-to-Wallet) transactions. If we detect that the Merchant services or some of your Merchant projects are not used for business purposes, we may at our own discretion and without a prior notice terminate either a specific Merchant project or the whole Merchant services package. You will be solely responsible and liable for any and all consequences which may arise out of such termination of the Merchant services (project).

    • You may choose any of the available options to accept payments in Virtual​​ Currency. Up-to-date information about currently available options and their implementation can be found on the Site. eCommerce Plugins, API and manual order creation options are available to choose from. We may at our sole discretion at any time and without any prior notice add new or disable existing options.

    • Once your client makes a payment in Virtual Currency, FINANSIV will add the amount of Virtual Currency to your Wallet. You may opt to automatically convert the payment amount to a supported Fiat Currency. In such case FINANSIV will convert the funds based on the Virtual Currency and Fiat Currency exchange rate published on the Site at the moment of order creation. The converted amount in the chosen Fiat Currency will be added to your Fiat Currency Wallet. Please familiarize yourself with the applicable Exchange Rates, published on the Site. For the exchange services terms from the Annex 2 apply additionally.

    • You and not FINANSIV are the owner/seller of your products/services for which you accept the Virtual Currency as a form of payment. You undertake to clearly inform your customers that they buy products/services directly from you. You may not advertise, claim or imply in any way that FINANSIV is involved in selling the goods/services. This, however, does not preclude you from advising your clients that their payments in Virtual Currency will be made through FINANSIV.

    • FINANSIV will not investigate whether you as a seller must comply with any legal requirements pertaining to your business activity and/or whether you actually comply with them. It is entirely your responsibility to ensure that you know such requirements and comply with them.

    • FINANSIV is not responsible for the quality and​​ delivery of your products/services, support, refunds and returns. Neither are we responsible for any reversals, chargebacks, fees, fines, penalties and other liability and/or losses arising out of any transaction between you and your customers.

    • FINANSIV is not involved in the transaction between you and your customers and is not the agent of either of you for any purpose. Therefore, FINANSIV will not be involved in resolving any disputes between you and your customers related to or arising out of any transaction. In case FINANSIV is involved into any dispute by any third party, you will indemnify and hold FINANSIV harmless against any and all liability, claims, suits, losses, costs and legal fees caused by, arising out of, or resulting from any such dispute.

    • FINANSIV may at any time at its sole discretion, without indicating a reason, suspend or terminate the functionality of the technical infrastructure used for acceptance of the Virtual Currency.

  • Selling and Purchasing Virtual Currency

    • If you have an account with FINANSIV and your Wallets are active, you can sell and purchase Virtual Currency. This Service can be accessed through your account.

    • You can sell and purchase any of the Virtual Currencies supported by FINANSIV. We may at any time change the available Virtual Currencies, which we choose at our sole discretion. FINANSIV will have no liability or obligation for taking such action.

    • FINANSIV does not connect you with other Customers selling or purchasing Virtual Currency. Your sale or purchase transaction is done between you and FINANSIV. If you want to send or receive Virtual Currency to or from other FINANSIV Customers directly, you have to use other Wallet functionality for that purpose.

    • If you want to sell or purchase Virtual Currency, you must make​​ an offer on the offer page located within your account. In the offer form, you will have to indicate the amount of the Virtual Currency that you want to sell or purchase. You must enter the full details of your offer as required when filling the offer​​ form. If your offer details are incorrect and/or insufficient, FINANSIV may reject the offer and take no responsibility for such action.

    • FINANSIV does not finance the Virtual Currency sale and purchase transactions. If you want to sell or purchase Virtual Currency, you have to load your FINANSIV Wallet in advance. The amount that you indicate in the offer form may not exceed the amount of the Virtual Currency that you have in your Wallet.

    • FINANSIV may at its own discretion and without providing you any​​ explanation reject your offer. In this case, your Wallet balance will remain unchanged and no sale or purchase transaction will take place. We will not be liable to you for rejecting your offer, irrespective of underlying reasons, moment of rejection or any other circumstances.

    • If FINANSIV accepts your offer, the transaction (sale or purchase) will be processed automatically without any further input from you.

    • FINANSIV will only pay for the Virtual Currency that FINANSIV purchased from you after the Virtual​​ Currency is received at FINANSIV Virtual Currency address. FINANSIV does not pay for the Virtual Currency it purchases from you in advance

    • After accepting your offer, FINANSIV will charge your Wallet for the amount that you have to pay to FINANSIV – the sale or purchase price (the "Exchange Rate"), which is applicable at the time of transaction.

    • The transaction is considered complete after the amount of Virtual Currency that you purchased is available at your Wallet and the payment amount will be permanently deducted from your Wallet.

    • The risks of accidental perish, theft, disappearance or damage to your purchased Virtual Currency will pass to you after the transaction is processed.

    • By selling your Virtual Currency you warrant to FINANSIV that you have the​​ legal title to the Virtual Currency.

    • Do not forget that there are no refunds or returns regarding purchased or sold Virtual Currency:

      • We do not accept returns of Virtual Currency and provide refunds. However, you can always resell your purchased Virtual Currency on our Site or other marketplaces.

      • Please note that we are not obliged to purchase (repurchase) your purchased Virtual Currency and we can reject your offer to do so without indicating any reasons.

    • FINANSIV keeps a right at any time at its own​​ decision to reverse any approved transaction. FINANSIV will not take any legal responsibility for losses in relation to such actions.

  • Your Acknowledgements regarding Exchange Rates

    • You must check what Exchange Rates apply before making the offer. You acknowledge that due to the nature of blockchain technology and frequent value fluctuations of Virtual Currencies, the Exchange Rates fluctuate and may change between the moment when you make the offer and the moment the transaction is complete.

    • FINANSIV determines the applicable Exchange Rates at its sole discretion and based on the information from the sources which we pick at our sole discretion. We may at any time change the Exchange Rates, which we choose at our sole discretion. FINANSIV will have no liability or obligation for taking such action. We do not have any obligation to you to explain, prove or justify our Exchange Rates. If you choose to proceed with your transaction, we will consider that you agree with the Exchange Rates. If you do not agree with the Exchange Rates, you cannot proceed with your transaction. Please familiarize yourself with the Exchange Rates published on the Site

    • When your transaction is processed, your Wallet in payment currency will be charged and the Wallet in receiving currency will be loaded with the respective amounts based on the Exchange Rate that was applicable at the moment when the transaction was processed. You acknowledge that in some instances these​​ amounts may differ from the amount you initially input in the transaction order form.

  • Fees

    • In addition to the Fees provisions set out in the Terms, the following provisions will apply to your use of the Wallet:

      • FINANSIV Service fees (including fees for adding/withdrawing funds to/from the Wallet) are variable.

      • Our fees are charged in the Virtual Currency to your Wallet immediately and automatically once your transaction or other use of our Service is completed.

      • FINANSIV will either add on top or​​ deduct from the transaction amount any fees payable in relation to such transaction, including the fees payable to any third party such as bank, e-Wallet, intermediary or other. FINANSIV does not compensate you for any such fees, therefore the amount of funds you add/withdraw to/from your Wallet may actually be smaller.

      • If, for any reason, we are unable to charge the fees to your Wallet automatically, your Wallet will be blocked and your unpaid fees will be set-off against any sums payable to you by FINANSIV or deducted from any sums payable to you through FINANSIV Services. If none of these options are feasible, we will demand a refund from you.

      • Payments received in other currency than the currency supported in the Customer account (if it is allowed under your account) are accepted by​​ converting the currency​​ by a​​ bank or other institution selected by FINANSIV and adding a conversion margin of 5%. It is your responsibility to choose the payment currency supported in your account if you do not want to incur​​ additional costs. Once the payment in the currency other than supported in your account is received at the FINANSIV account, you will be charged the fees indicated in this clause above and this charge will be irreversible

  • Liability

    • In addition to the liability and indemnification provisions set out in the Terms, the following provisions will apply to your use of the Wallet:

      • FINANSIV has no obligation to redeem or sell your Virtual Currency held in your Wallet for real currency and/or nominal value;

      • FINANSIV​​ will not provide any refunds of your Virtual Currency for any reason, including, but not limited to, loss of your Currency due to technical reasons, errors, malfunction of the Wallet, transaction failures, etc. and will not compensate any loss due to such​​ reasons;

      • FINANSIV does not have control of and is not liable for the products or services that are paid for with your Virtual Currency or the risks that are associated with your business/transaction partners;

      • If FINANSIV uses an intermediary to process operations, payments and/or collect fees (for example, banks, e-wallets, PayPal, etc.), FINANSIV does not assume responsibility for such intermediaries and their business stability;

      • FINANSIV is not responsible for incorrect payments made by you (for example,​​ when you indicate a wrong purpose of payment, transfer funds to a wrong account or specify incorrect details of a recipient). The verification of incorrect payments may take significantly longer or, as the case may be, such payments may not be verified at​​ all;

      • FINANSIV takes no responsibility for and will not be liable for any loss arising from the use of your Wallet, including, but not limited to, loss due to technical faults, which result in a loss of ability to access your Virtual Currency; system hacks; server failure or data loss; technical faults of the virtual currency system; forgotten passwords; security of your private keys; unauthorized access to your Wallet/Account; corrupted Wallet files or data; incorrectly constructed transactions or mistyped​​ virtual currency/Wallet addresses;

      • You are responsible for the security and integrity of your Wallet and computers or interfaces. FINANSIV accepts no responsibility for any loss or damages if you provide FINANSIV with any wrong or false information, including, but not limited to, incorrect wallet ID. FINANSIV is not​​ responsible for payments made to an incorrect wallet address or an incorrect bank or any other account indicated by you.

  • Termination

    • In addition to the provisions set out in the Terms, the following provisions will apply to your use of the Wallet.

    • This Agreement will apply as long as you have the Wallet with FINANSIV. You may only terminate the use of Wallet by closing your account altogether.

    • If you choose to close the account, before submitting this request you must move your funds to another personal wallet address in the Virtual Currency System. If you keep funds in our wallet address, we will not close your account which will mean that the Terms and this Agreement will continue to apply to you, including your obligations pertaining to payment of the fees.

 

Menu