Coinify Legal Information

This page provides you with all legal information and resources related to Coinify products and services. Associated documents (Terms of Service, AML/KYC Policy and Privacy Policy) govern the use of the products, services, platforms, websites or any other features, technologies or functionalities provided by 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”). (Last modified in October 2017)

The following Terms of Service (the “Terms”) govern the use of the products, services, platforms, websites or any other features, technologies or functionalities provided by 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”).

We may use the expressions “you” and “yours” which refer to you as a Coinify Service user (being e.g. a buyer, trader, merchant, enterprise or person agreeing to the Terms on the 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 Terms of Service.

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

 

Virtual Currency Risk Warning

Coinify warns you that buying and holding virtual currencies such as Bitcoin carries several significant risks including, but not limited to, the following:

  1. Risk that your virtual currency will lose much or all of its value. Digital currencies are still a developing area, both technologically and financially, and thus their value can move extremely quickly within a very short time. Coinify advises that you only buy and store amounts in digital currency that you can afford to lose.
  2. Risk that your virtual currency wallet can be compromised by persons or organizations that can steal your funds. Depending on your wallet provider of choice, there may be no recourse or possibility of insuring or claim back your digital currency funds.

 

Account

Coinify Currency Exchange Services

Coinify Trade

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

Coinify Trade Services are available in a limited geographical area. If you reside in the SEPA (Single Euro Payment Area), you are eligible for registering an account with Coinify. Please find out more information on which residents can buy and sell virtual currencies with Coinify in this article.

 

Creating a Coinify Trade account

If you want to use Coinify Trade Services, you must first create an account. As every new Coinify customer, you need to provide an email address and your country of residence to create an account.

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 from) does not match the user name of the trade account, Coinify is unable to process the order 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 for a reverse transaction, where the incoming funds owner does not match the outgoing bank account owner name. Coinify reserves the right to charge an administration fee for such reverse transaction.

 

Coinify Trade Levels

Level 1: Once signed up, you will be automatically eligible for trading at Level 1 with your credit card.

Level 2: Enables trading via bank transfer. Coinifys AML/KYC Policy requires an additional verification procedure for upgrading to Level 2. You will need to provide us with identification document(s) so that we can verify your identity and account ownership.

Level 3: Advancing to this level will increase your buy order limit for bank transfers. No changes regarding sell orders or card orders.

Please find the specifications for all three Coinify Trade Levels and associated fees in this article.

 

Eligibility   

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

  1. Are of legal age to agree to these Terms;
  2. Have not previously been suspended or removed from using our services;
  3. 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:

  1. The legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization;
  2. You are duly authorized by such legal entity to act on its behalf.

 

Coinify Payment Processing Solutions

Coinify Merchant

The Coinify Payment Processing Solution, a merchant partnership, will allow your business to offer virtual currencies as a payment method. The Coinify Payment Processing Solution is not a virtual currency wallet or a place to sell or buy virtual currencies.

Coinify provides merchants accepting cryptocurrency payments with an option to receive payouts in fiat currencies or Bitcoin. This is decided by the merchant within their own account settings. Account verification for both payout-options is mandatory.

The Coinify Payment Processing Solution is only for businesses that offer products and/or services for sale or for charitable organisations that accept donations. All businesses using the The Coinify Payment Processing Solution must agree and adhere to the Coinify Ethics Policy.

The refund option is not to be used for any other purpose other than to conduct refunds of specific payments back to the merchant’s customer who made the payment. Any other use of the refund option, will cause a suspension or termination of the account in question.

 

Buy-API

In addition, depending on the merchant’s industry, Coinify’s Buy-API can be enabled upon request. The Buy-API allows for example gambling/betting/FX trading entities to withdraw bitcoin to their clients, by using available funds on their merchant account. The Buy-API is to be used only for this purpose, and any misuse will cause a suspension or termination of the account.

 

Transaction Limits   

Coinify imposes transaction processing limits on single payments and on an annual basis for all merchants. For all merchants the upper limit for a single transactions is €10.000. If a merchant wishes to accept payments via Coinify for more than €10.000, additional KYC documentation on the client shall be forwarded to Coinify, prior to the transaction. The documentation may vary from time to time and depending on the legal entity receiving the payment. Coinify will review the documentation and give written consent for the transaction as soon as possible (aiming at no later than 48 hours, after receiving the documents, weekends not included). It is solely the merchant’s responsibility to make sure no payment above €10.000 is completed, without written consent from Coinify Compliance Team. If such a payment is made without consent from Coinify, funds will not be paid out until Coinify management decides how to proceed. Coinify will also reserve the right to hold part of the funds from such transactions, to cover cost related to a potential refund.

 

Merchant Levels

Level 1: Once you complete the merchant account set-up and get approved and verified by the Coinify Compliance Team, you will be able to transact at the Merchant level 1. Level 1 allows you to make transactions up to €10.000 in single payments and a volume of €30.000 annually.

Level 2: If you expect or wish to be enabled to process a larger transaction volume, Merchant Level 2 will allow you to conduct single transactions of up to €10.000 and a volume of €100.000 annually. Before Coinify can enable Level 2, we will ask for additional documentation stating how your business conducts KYC and AML procedures. This information needs to be reviewed and approved by Coinify. Once approved, you will be enabled for Level 2 which also gives you access to the Buy-API.

Level 3: Should you wish to process larger transaction volumes, Merchant level 3 will enable an annual volume of €+100.000. Level 3 will have no upper limit for single payments, but for payments of more than €10.000, we will require KYC documentation on the client making the payment/sending the bitcoin.

Upon your request and at Coinify’s discretion, our management will make a risk assessment of your business and enable Merchant Level 3, if approved.

At any time, Coinify reserves the right to decline transactions that are under suspicion of not being compliant with these Terms and/or Coinify’s AML/KYC Policy.

 

Creating Coinify Merchant Account

To use our solutions, you need to sign up for a Coinify Merchant account. When signing up for a Merchant account, Coinify will make a discrete risk assessment of the company attached to the account. The risk assessment is based on a review of the following Company Registration Documents uploaded in the account dashboard:

  • Shareholder registry;
  • Government issued photo ID of shareholders with +10% ownership;
  • Company URL;
  • Proof of address (utility bill from the address of merchant, no later than 3 months old);
    Bank letter statement.

 

For entities providing gambling/betting, trade, investment and/or prepaid-value/e-currency products or services, the following documents need to be uploaded as a supplement to the above:

  • KYC documentation (document describing the merchants internal KYC procedures);
  • AML documentation (document describing the merchants internal AML procedures).

 

Note that Merchants incorporated outside the EU will be required to provide certified translations of the aforementioned documents.

If approved, the KYC and AML documentation will give access to the Buy-API, if relevant for and requested by the merchant.

 

Eligibility       

By accepting these Terms, you acknowledge that:

  1. You have/represent a registered business within the business area in accordance with Coinify AML/KYC Policy;
  2. The markets where you operate and want to use Coinify’s solutions are not affected by the US embargo/ blacklisted by the UN.

 

Coinify Enterprise Solutions

Coinify Enterprise

The Coinify Enterprise partnership allows Payment Service Providers (“PSPs”) and other partners, who integrate with Coinfy APIs to:

  1. Offer virtual currencies as a payment method for their own business and/or entities/merchants other than themselves via Coinify Merchant API integration (Coinify Payment Processing Solution);
  2. Offer virtual currency trading on own domain/platform via Coinify Trade API integration (Coinify Currency Exchange Services);
  3. Offer combination of the above Services via Coinify API integration (Coinify Payment Processing Solution and Coinify Currency Exchange Services).

 

On the payment processing side, Coinify provides PSPs and other Enterprise partners with an option to receive payouts in fiat currencies or Bitcoin. This is decided by the PSP within own account settings if they work as a collector. If the PSP works as a proxy and have their merchant’s sign-up directly with Coinify, the individual merchant will be able to control these settings from their account dashboard. For PSP-merchants that are signed up directly with Coinify, verification is completed via normal merchant sign-up procedures.

The terms stated for Coinify Merchants (Payment Processing Solution) apply to PSPs and the merchants they enable with the Coinify Payment Processing Solution, unless stated differently here in this section or separately negotiated differently via a Strategic Partner Agreement.

The Coinify Payment Processing Solution is solely for PSPs or similar businesses that offer payment processing services to their merchants. PSP’s merchants need to have legitimate registered businesses that offer products and/or services for sale, or charitable organizations that accept donations. The Partner must adhere and agree to the Coinify Ethics Policy, and make sure their enabled merchants comply.

A proxy PSP-merchant has the option to request the Buy-API to be enabled, directly through their contact at either Coinify or the PSP.

If a collector PSP has a merchant that is interested in the Buy-API, the PSP can send a request to the Coinify Sales Team.

 

Creating a Coinify Enterprise Account

To use the Coinify Enterprise Solution, you need to register for a Coinify Enterprise account. PSPs enabling virtual currency payments via the Coinify Payment Processing Solution for entities/merchants other than themselves, needs to sign a Strategic Partner Agreement, before any transaction can be processed. The Strategic Partner Agreement is discretely negotiated via the Coinify Sales Team.

When signing up for an Enterprise account, Coinify will make a risk assessment of the company attached to the account. The risk assessment is based on a review of the following Company Registration Documents uploaded in the account dashboard:

  • Shareholder registry;
  • Government issued photo ID of shareholders with +10% ownership;
  • Company URL;
  • Proof of address (utility bill from the address of merchant, no later than 3 months old);
  • Bank letter statement;
  • KYC documentation (document describing the Partners internal KYC procedures);
  • AML documentation (document describing the Partners internal AML procedures);
  • Other documentation may be requested on a case by case basis.

Note that Enterprise partners incorporated outside the EU will be required to provide certified translations of the aforementioned documents.

 

Transaction and Merchant limits

Coinify imposes transaction processing limits on single payments and no monthly or annual limits as such for PSP and partners integrated with our API. However, extreme high volumes need to be communicated as early as possible by the PSP/Enterprise partner, and accepted by Coinify.

For PSP-merchants, the upper limit for a single transaction is €10.000. In case of collector PSPs, PSP is responsible for ensuring that no single transaction exceeds €10.000. In case of proxy PSPs, individual merchant is responsible for ensuring that no single transaction exceeds €10.000.

 

Eligibility
By accepting these Terms, you acknowledge that:

  1. You represent a PSP serving merchants or a partner/s integrated with our API within the business areas in accordance with Coinify AML/KYC Policy;
  2. The markets where you operate and want to use Coinify’s solutions are not affected by the US embargo/ blacklisted by the UN.

 

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. 

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

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

  • Enable a 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 figures, uppercase and lowercase letters and numbers);
  • Always log out when you are finished using Coinify.

 

 

Deleting Coinify Account

You as a Coinify customer have 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 period of 5 years, until it can be deleted. This is due to regulatory requirements related to Coinify AML/KYC Policy. Likewise, Coinify accounts inactive for the past 5 years will be automatically disabled and deleted.

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

  1. If we suspect that you have failed to comply with these Terms,
  2. You pose an unacceptable fraud risk to us, or if you provide any false, incomplete, inaccurate or misleading information.

We will not be liable to you for any losses that you incur in connection with closure of our Services or suspension of your account.

 

Operations

While we aim for 100% server up-time, we realise 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 Services at any time it sees 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.

 

Liability

Coinify is committed to the 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 error such as forgotten passwords, incorrectly constructed transactions, or mistyped Bitcoin addresses 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 occur with the use of your password and/or in 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 Terms, you should report this to Coinify (feedback@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.

 

Contact and Newsletters

You agree that Coinify may contact you via the address, e-mail and/ or phone number you provide on your account for marketing, surveys, changes, news and/or similar initiatives.

 

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 website, mobile applications, newsroom, knowledgebase, 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 is 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 Provisions

Waiver: No delay or failure to take action or decisions pursuant to these Terms shall be a waiver of any provision or right under these Terms.

Separate provisions: If any provision of these Terms is invalid or unenforceable under applicable law, such provision, and the rest of these Terms enforced to the fullest extent permitted by applicable law and the remaining provisions of these Terms continue in full force.

Transferability: These Terms and the rights which you obtain below are personal to you and may not be transferred, assigned or delegated to others. Any attempt to assign, transfer or assign these Terms or any rights hereunder shall be deemed invalid.

 

Last modified in October 2017

 

  1. Government-issued photo ID;
  2. Proof of residential or business address;
  3. Corporate documentation;
  4. Business registration information;
  5. Tax Identification Document;
  6. Employer Identification Number;
  7. Any other applicable documentation.

 

Furthermore, we reserve the right to conduct enhanced due diligence on all clients given worldwide approved risk-based policies. Please note that Coinify reserves the right to refuse a transaction or deny operation on a client or account at any time should suspicion arise that it may be connected to money laundering, criminal activity or any other predicate offense to money laundering. Coinify will not enter into any business arrangement with anyone or group suspected of or directly involved in money laundering, or where funds have been sources or ends of an illegal activity.

In the event that Coinify receives, during its request for documentation, deceptive documentation, contact details, business description or other false information, Coinify will terminate the offending account. Coinify is legally bound to report such misdemeanors to the relevant authorities, and as such the subject, business and its owners may be the subject to a criminal investigation.

Providing false, doctored, or deceptive documents is considered as fraud and will be treated as such. Tax Evasion and Fraud is a predicate offense to money laundering, and therefore, all assets derived from fraudulent transactions or suspicious activity may be seized and forfeited.

 

As part of the information that is collected during our verification and AML procedures, Coinify conducts verification through worldwide databases. At the forefront, they will include global sanctions reports and government watch lists and rigorous screening processes. At any time, due to a requirement to satisfy any of the above verification methods, a client, business entity or any of the business entity owners or affiliates may be asked a specific document or piece of information to confirm their identity or provide additional information regarding any transaction, operations or even business dealings with certain individuals, institutions and dealings in geographical locations.