Trade Terms of Service

The following Trade Terms of Service (the “Trade Terms”) govern the use of the products, services, platforms, websites or any other features, technologies or functionalities provided by Coinify ApS company registration no. 35847995, Grønnegade 10, 1, 1107 Copenhagen K, Denmark (“Coinify”) or as part of the Coinify brand, through Coinify’s website(s) (including mobile services), API, or through any other means (collectively the “Services”).

Coinify ApS is a limited liability company incorporated in Denmark and registered with the Danish Financial Supervisory Authority under the Danish Anti-Money Laundering Act (“Hvidvaskloven”) and the Financial Crimes Enforcement Network (“FinCEN”) in the United States of America.

We may use the expressions “you” and “yours” which refer to you as a Coinify Service user (being e.g. a buyer, trader, user or person agreeing to the Trade Terms on behalf of such). Before creating an account to be able to use Coinify’s Services or using Coinify in any related manner, you must read the following carefully and acknowledge that you accept the Trade Terms of Service.

Coinify reserves the right to modify these Trade Terms of Service at any time. The most current version, and therefore the active Trade Terms, is always available on coinify.com/legal. If we change the Trade Terms substantially, we will notify you via e-mail. However, it is always your responsibility to check the Trade Terms when using our Services and that you agree with its content.

These Trade Terms of Services establish mutual rights, duties and responsibilities between the user and Coinify in relation to the provision of Services, including rights, duties and responsibilities with respect to the termination, extent and modification of the Trade Terms and contractual relations between the Parties. In case the Client does not understand or does not wish to agree to particular clauses of the Trade Terms, the Client shall not accept the Trade Terms. Acceptance of these Trade Terms serves as proof that the Client confirms and undertakes to follow and comply with all clauses of these Trade Terms.

Coinify Trade Account and Currency Exchange Services

“Coinify Trade Services” provides individuals and businesses with currency exchange services that allow users to place trades for buying and selling virtual currencies.

Coinify Trade Services are available globally with restrictions in some areas due to regulatory and banking restrictions, or sanctions. Please find out more information on which residents can buy and sell virtual currencies here: https://help.coinify.com/hc/en-us/articles/360013695179-Supported-countries-states-and-territories-for-Trade-Buy-and-Sell-

UK:

We regret to inform you that, in compliance with the new PS23/6 regulations issued by the UK Financial Conduct Authority (FCA), we are unable to permit residents of the United Kingdom to engage in trading activities on our platform. We are committed to upholding legal and regulatory standards and apologize for any inconvenience this may cause. If you have any questions or concerns regarding these restrictions, please do not hesitate to reach out to our customer support team.

Creating a Coinify Trade account

If you want to use Coinify Trade Services, you must first create an account and provide us with KYC documentation. It must be noted that only one account can be created.

Accounts can be created for both personal and business use. However, it is very important that the Coinify account owner is the same as the bank account owner.

In cases where the owner of the bank account (from where the money originates) does not match the user name of the trade account, Coinify is unable to process the trade and will therefore issue a refund to return the funds to the original account. Coinify reserves the right to charge an administration fee for this refund.

The same applies to a reverse transaction, where the incoming funds owner does not match the outgoing bank account owner's name. Coinify reserves the right to charge an administration fee for such reverse transactions.

The Coinify Trade Account is strictly personal and cannot be used to trade on behalf of another individual or entity. Any use of the account or transfer of funds from an account belonging to any other individual or entity than the account creator is strictly prohibited and will consequently cause the trade to be cancelled and potentially restrict the user’s access to the Coinify Trade Services.

Creating a Coinify Corporate Trade Account

If you wish to trade with your corporate bank account, you need to set up a Coinify Corporate Trade account for your company. In order to have your corporate trade account approved, you agree to provide the following documents to Coinify’s compliance department:

- Company registration;

- Beneficial ownership documentation (shareholder registry);

- The government-issued ID of shareholders owning 25 % or more of the company shares;

- Utility bill no older than 3 months which shows the company’s address;

- Business license (if applicable);

- Bank statement of the company bank account;

- Source of Funds for Companies and KYB Form.

* If a merchant is classified as high risk, Coinify reserves the right to request the identification information of shareholders owning 5+%.

Please note that the bank account used to complete bank trades, created on the Corporate Trade account, has to be in the name of the company approved by our Compliance department.

If a trade has been placed but the company is unable to provide the documents requested by Coinify, Coinify is unable to process the trade and will therefore issue a refund to return the funds to the original account. Coinify reserves the right to charge an administration fee for this refund.

The Coinify Corporate Trade Account is strictly personal and cannot be used to trade on behalf of another individual or entity. Any use of the account or transfer of funds from an account belonging to any other individual or entity than the account creator is strictly prohibited and will consequently cause the trade to be cancelled and potentially restrict the user’s access to the Coinify Trade Services.

Coinify Trade Limits

Coinify supports individual transactions up to €500,000 (or equivalent in other currencies) depending on the payment method and individual risk assessment of the trader. Typically, trading limits start at €1,000 per purchase with card and €50,000 daily via bank transfer, with the possibility to increase trade limits based on trading activity and/or provision of Proof of Source of Funds as per Coinify’s AML requirements.

Throughout your trading process, we will always be transparent and keep you informed of the trade limits available to you, as well as the options to increase your trade levels if required.

myCoinify Premium is available for users with large trading volumes. myCoinify Premium is by invitation only and these users may trade up to €500,000 per transaction and enjoy many other benefits, but must also provide Enhanced Due Diligence. Please contact us to discuss creating a myCoinify Premium.

Please note that Coinify monitors the trading activities of all users. This includes requesting Proof of Source of Funds (PoSoF) and Enhanced Proof of Source of Funds (EPoSoF) from the users who reach a certain limit of total aggregated volume.

Additionally, Coinify reserves the right to request further documentation if deemed necessary.

Payment by Bank Transfer

When you pay by bank transfer, you accept that the virtual currencies will be traded at the current available exchange rate at the time Coinify processes your trade, which might differ from the rate displayed when you confirm your trade on Coinify.com.

Please note that the rate displayed at the time you confirm your trade is an indicative rate. Please also note that Coinify works with several domestic and international banks and that transfer fees will vary depending on which country and bank you send your funds from.

Delivery

The virtual currencies are delivered to your virtual currency wallet by using the information provided by you. You are responsible for providing us with the correct information about your virtual currency wallet. If you pay by credit/debit card, the virtual currencies will be delivered as soon as possible depending on the network. If you pay by bank transfer, the virtual currencies will be delivered within 1-2 business days once Coinify has processed your trade unless unforeseen circumstances lead to any delays.

Deleting & Deactivation of Coinify Trader Account

You as a Coinify user have the right to choose to terminate your account upon request. Please note that Coinify cannot delete your account upon request instantly, but rather to disable it for a period of 5 years, until it can be deleted.

This is for accounting purposes and in accordance with the Danish Accounting Act (“Bogføringsloven”) § 10. Likewise, Coinify accounts that are inactive for the past 5 years will be automatically disabled and deleted. Furthermore, Coinify is required to keep any information related to KYC documentation and completed transactions in accordance with the Danish Anti-Money Laundering Act (“Hvidvaskloven”) § 30 for a period of 5 years.

Coinify reserves the right to unilaterally block, suspend and/or terminate your use of Services, either temporarily or permanently, in whole or in part, in the following events:

If we suspect that you have failed to comply with these Trade Terms

You pose an unacceptable fraud & compliance risk to us, or if you provide any false, incomplete, inaccurate or misleading information

At any time and for any reason in accordance with our corporate policy or risk appetite.

Selling Your Cryptocurrency

When sending your cryptocurrency to a Coinify address, for the purpose of selling it for your preferred FIAT currency, please ensure you send the exact requested amount. Sending more or less than the requested amount may result in a refund. Coinify reserves the right to complete the trade using the promised rate if the received amount differs from the requested amount within a 15% deviation.

Abuse of Coinify Account

You are responsible for maintaining the secrecy of your account information, including username and password. In the event of misuse or suspected misuse of your account, you must immediately notify Coinify. Coinify can, on suspicion of abuse, block your account.

Please be aware that only the account holder is allowed to use the account and it is not allowed to let anybody else trade for you on your account.

You assume all liabilities arising from unauthorized access of your account.

Coinify recommends that you maintain a high standard of safety by adhering to at least the following:

- Enable two-factor authentication where applicable;

- Change your password regularly, at least once a month;

- Never share your username and password with anyone;

- Make sure that your password is too complex to guess (contains at least 8 characters, random uppercase and lowercase letters and numbers);

- Always log out when you are finished using Coinify.

Service and execution of instructions

Coinify reserves the right to temporarily amend the Trade Terms and/or suspend and/or seize trading for the user from using its services – in its sole discretion – if Coinify has (i) reasonable grounds to do so, e.g. suspicion of fraud, illegal activities, safety issues and similar, or (ii) considers markets to be subject to unusual hyper volatility, or (iii) considers the price movements in the currencies that Coinify trades suspicious.

Coinify reserves the right to restrict or cease the provision of the Coinify Trade Service to comply with applicable law or regulation, contractual provisions, business or trade practices, internal rules and policies and to ensure the performance according to the standards of due care.

No Cancellation Right

When you complete a purchase, you accept that you have no cancellation right in relation to the purchase.

Sale of Goods Act

The Danish Sale of Goods Act (“Købeloven”) applies to the products you have purchased from Coinify.

Operations

Trades are processed by Coinify in a reasonable time, however, delays can occur for various reasons.

Additionally, while we aim for 100% server up-time, we realize this is not always possible. We are constantly working on improvements and performing upgrades, which may occasionally result in server outages.

Coinify reserves the right to perform maintenance or changes to the Coinify Trade Services at any time we see fit. This may result in periods during which the services may be temporarily unavailable. Coinify will, to the extent that it is possible, announce such interruptions in advance. However, it is not required to do so and is not responsible for any damages or losses resulting from server outages, communication networks or blockchain systems.

Risk

You acknowledge and accept the risks inherent in using Coinify Trade Services. Investing in virtual currencies contains various risks and you are aware that the investment may result in a total loss. Please read our Virtual Currency Risk Warning carefully before using our services.

When sending virtual currencies to blockchain addresses of Coinify, you shall only use those blockchain addresses that Coinify has communicated to you for this purpose. If you transfer virtual currency to an address not communicated by Coinify there is a risk that the virtual currencies cannot be traced back to you. In this case, the risk of loss of the virtual currency is borne by you and there is no claim allocation of the virtual currency.

Privacy and personal data

Coinify is the data controller when handling virtual currency transactions and we make certain that we take the appropriate measures to ensure compliance with applicable data protection laws and regulations. The policy applied to processing data is set out in the Privacy Policy.

Coinify may be obliged to disclose user data to third parties or group companies. This includes all information provided in the Source of Funds, Proof of Source of Funds and Enhanced Proof of Source of Funds, including but not limited to, name, address and account number or IBAN to the banks involved, the operators of payment and communications systems. By using the Coinify Trade Services the user authorizes Coinify to disclose the necessary data as well as any associated data to third parties and group companies.

Liability

Coinify is committed to a high standard of data security and precision. However, Coinify shall not be liable for any loss that you may incur as a result of malfunctions, errors, security breaches or any other reason.

Coinify will not be responsible or liable to you for any loss and take no responsibility for and will not be liable to you for any use of our Services and/or solutions, including but not limited to any losses, damages or claims arising from:

- User errors such as forgotten passwords, incorrectly constructed transactions, mistyped virtual currency addresses or wrong virtual currency address type or similar;

- Server failure or data loss;

- Corrupted Wallet files;

- Unauthorized access to applications;

Any unauthorized third-party activities, including without limitation the use of viruses, phishing or other means of attack against the Coinify website or Coinify services or solutions.

Once you create your Coinify account, you are responsible for the activities performed. Likewise, it is solely your responsibility to guard your password and track any activity that occurs with the use of your password and/or on your account. Please notify us immediately if you suspect any security breach, caused by you or other parties. Coinify cannot be held responsible or liable for losses or damages relating to account settings, or security breaches caused by you.

Coinify shall not be liable for your, or other users’, content. If you come across content that is not correct, offensive or against the Trade Terms, you should report this to Coinify (legal@coinify.com) immediately. Coinify reserves the right to delete content at any time it deems necessary.

In no event shall Coinify be liable for indirect losses and/or an amount larger than the amount you have paid to Coinify.

Copyright

Coinify is the owner of all intellectual rights and branded elements (including logos, portraits and other visual identity elements) and content (including blog posts, articles, images, videos, tips and advice) available on the Coinify platforms (including the website, mobile applications, Newsroom, Help Centre, social media and other registered domains) unless otherwise stated.

You accept and acknowledge that the material and content contained within the Coinify website and other domains are made available for your personal, lawful, non-commercial use only. You further acknowledge that any other use of content from the Coinify website and related domains is strictly prohibited and you agree not to infringe or enable others to infringe our intellectual property rights.

Miscellaneous Taxes

You are responsible for determining any and all taxes assessed, incurred, or required to be collected, paid, or withheld for any reason in connection with your use of Coinify’s software and services (“Taxes”). You are also solely responsible for collecting, withholding, reporting, and remitting correct Taxes to the appropriate tax authority. We are not obligated to, nor will we, determine whether Taxes apply, or calculate, collect, report, or remit any Taxes to any tax authority arising from any transaction.

Entire Agreement

These Trade Terms constitute the entire understanding and agreement between you and Coinify hereto and their affiliates with respect to its subject matter and supersedes all prior or contemporaneous agreements, representations, warranties and understandings of the Parties (whether oral or written). These Trade Terms shall be construed according to their fair meaning and not strictly for or against either you or Coinify.

Severability

If any provision, or any part thereof, of these Trade Terms, is determined invalid or unenforceable under applicable law, said provision will be ineffective to the extent of such invalidity only, without in any way affecting the remaining parts of said provision or the remaining provisions of these Trade Terms.

Assignment

You undertake not to assign, delegate, transfer or sell any of the rights, duties or obligations which are incumbent thereon pursuant to these Trade Terms. Coinify may assign these Trade Terms, or any rights or obligations hereunder, in whole or in part, without prior written consent from you.

No Waiver

The failure, delay or omission of Coinify to give notice of default or to enforce strict performance of any provision of these Trade Terms will not be construed as a waiver, or future waiver, of its right to assert or rely upon such provision or any other provision of these Trade Terms. No waiver or breach of any provision will be deemed a waiver of any other provision, and no waiver will be valid unless it is in writing and executed by Coinify. No extension of time for the performance of any obligation or act will be deemed an extension of time for any other obligation or act.

You are responsible for determining any and all taxes assessed, incurred, or required to be collected, paid, or withheld for any reason in connection with your use of Coinify’s software and services (“Taxes”). You are also solely responsible for collecting, withholding, reporting, and remitting correct Taxes to the appropriate tax authority. We are not obligated to, nor will we, determine whether Taxes apply, or calculate, collect, report, or remit any Taxes to any tax authority arising from any transaction.

Governing law and venue

These Trade Terms and any dispute or claim, arising out of or in relation to this Agreement, shall be governed by and construed in accordance with Danish law without regard to its principles on choice of law. The Parties agree that the Court of Copenhagen shall have exclusive jurisdiction to settle any dispute arising out of or in connection with these Trade Terms.

Complaints:

If you have any complaints, you may contact legal@coinify.com.

A complaint concerning a product purchased from Coinify can also be submitted to the European Consumer Centre Denmark (“Center for Klageløsning”), Carl Jacobsens Vej 35, 2500 Valby, via https://www.forbrug.dk/.

Complaints can also be sent via the European Commission’s Online Dispute Resolution: http://ec.europa.eu/odr.

These Trade Terms and any dispute or claim, arising out of or in relation to this Agreement, shall be governed by and construed in accordance with Danish law without regard to its principles on choice of law. The Parties agree that the Court of Copenhagen shall have exclusive jurisdiction to settle any dispute arising out of or in connection with these Trade Terms.

Eligibility

By accepting these Trade Terms, you acknowledge that you, as a physical entity:

- Are of legal age to agree to these Trade Terms;

- Have not previously been suspended or removed from using our services;

- Do not intend to use our services with any criminal or fraudulent intent.

If approved by the Compliance department, it is possible to use Coinify Trade services on behalf of a legal entity, provided that:

The legal entity is duly organized and validly exists under the applicable laws of the jurisdiction of its organization;

You are duly authorized by such legal entity to act on its behalf.

Furthermore, you are deemed to have read, understood and accepted the Trade Terms and our Virtual Currency Risk Warning when using Coinify Trade Services.