Coinify legal information

This page provides you with all legal information and resources related to Coinify products and services.

Click on the tabs below to view the different legal areas.

Associated documents (Terms of Service, AML/KYC Policy, Privacy Policy, and Virtual Currency Risk Warning) 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”).

For legal inquiries ie. police requests, governmental requests etc. please contact legal@coinify.com

Intersection Observer API Demo

Merchant Terms of Service

The following Merchant Terms of Service (the “Merchant 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 merchant to which we will be providing the Services and the person agreeing to the Merchant Terms on behalf of the merchant. Please read the Merchant Terms carefully; by using the Services, you agree to the Merchant Terms and confirm that you accept them.

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

These Merchant 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 termination, extent and modification of the Merchant 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 Merchant Terms, the Client shall not accept the Merchant Terms. Acceptance of these Merchant Terms serves as a proof that the Client confirms and undertakes to follow and comply with all clauses of these Merchant Terms.

Press Release Disclaimer

Before posting anything related to Coinify on any social media, website or blog, i.e. LinkedIn posts mentioning Coinify, press releases mentioning Coinify and so forth, it is required that you obtain Coinify’s explicit consent in writing.

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 a payment solution allowing merchants to accept cryptocurrency payments from their customers. Coinify will temporarily hold the funds and payout according to the merchant’s account settings (usually on a weekly basis), with an option to receive payouts in fiat currencies or virtual currencies. 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. All businesses using 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.

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 risk assessment of the company attached to the account. The risk assessment is based on a review of the following Company Registration Documents uploaded to the account dashboard:

- Article of incorporation;

- Shareholder registry/Beneficial ownership documentation;

- Government-issued photo ID of shareholders with +15% ownership;

- Business licence

- Proof of address from your place of business (utility bill or equivalent, no older than 3 calendar months);

- Corporate bank statement (no older than 3 calendar months);

- Know Your Business Form

- KYC documentation (document describing the merchant’s internal KYC procedures);

- AML documentation (document describing the merchants’ internal AML procedures).

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

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

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

Please be aware that the website on which the Coinify Payment Processing Solution is going to be implemented must be approved by Coinify.

Deleting & Deactivating Coinify 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 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.

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

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 to your account.

Please be aware that only the account holder is allowed to use the 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 figures, uppercase and lowercase letters and numbers);

- Always log out when you are finished using Coinify.

Coinify Withdrawal & Deposit Solution

Coinify also offers a deposit and withdrawal solution to certain types of customers. Additional compliance documentation is required in order to be approved for this Coinify offering but the solution is intended to work for e-wallets, FX brokers etc.

Depending on the merchant’s industry, Coinify’s Withdrawal & Deposit Solution can be enabled upon request. The Withdrawal Solution allows the merchant (for example gambling/betting/FX trading entities) to withdraw virtual currencies to their clients, by using the available funds on their merchant account. Coinify Deposit Solution allows customers to top up their accounts with some of the most widely used virtual currencies, converting it into traditional currencies for the merchant. The Withdrawal & Deposit Solution is to be used only for this purpose, and any misuse will cause a suspension or termination of the account.

In cases where the incoming funds exceed the requested deposit amount, Coinify will issue a refund of the surplus to the wallet/account which initially sent the funds. If the incoming funds are insufficient to cover the deposit amount, Coinify will issue a refund of the incoming funds. Coinify reserves the right to charge an administration fee for any reverse transaction.

Merchants who would like to onboard Coinify’s Withdrawal & Deposit Solution will need to submit documentation of their AML/KYC policy and sign a written agreement where they agree to cooperate with Coinify’s periodical checks on the merchant’s customers and/or due diligence.

Transaction Limits and Monitoring

Once you complete the merchant account set-up and get approved and verified by Coinify’s Compliance Team, you will be able to start receiving payments in virtual currencies. During the onboarding of your business and as part of our KYB procedure, you are required to submit the expected yearly transaction volume and the expected maximum amount of a single payment using Coinify.com.

Coinify imposes transaction processing limits on single payments and on the annual volumes for all merchants according to the answers provided during the onboarding of your business.

When a merchant accepts a single payment via Coinify for €15,000 or above, additional information on the client and the transaction shall be forwarded to Coinify upon request from Coinify’s Compliance Department.

Coinify reserves the right to conduct random checks and request information on any transaction below €15,000 when we deem it necessary and in accordance with our AML policies and procedures.

This compliance check may include but is not limited to, information on the background and purpose of the specific transaction, KYC documentation on the client making the payment/sending the virtual currencies such as a copy of the client’s official ID and, if deemed necessary, source of funds documentation for the payment received (including bank statements /salary slip / saving details/source of BTC).

The merchant agrees to cooperate with Coinify’s Compliance Department and provide the requested information and documentation on transactions of €15,000 or above.

If Coinify is notified of a material change in the transaction pattern of the merchant or when a merchant exceeds the expected yearly transaction volume, we will ask for additional information and/or documentation.

This compliance check may include, but is not limited to:

- Information on how your line of business has changed

- Documentation on how your business conducts KYC and AML procedures

This information needs to be reviewed and approved by Coinify’s Compliance Department. Once approved, you will be able to process larger transaction volumes.

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

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, communication networks or blockchain systems.

Fees

If a merchant is inactive*, Coinify reserves the right to charge a fee to maintain the account.

*‘Inactivity’ means that no payment has been made to the merchant for a given period of time.

Coinify reserves the right to amend any fees at any time including but not limited to, inactivity fees, compliance fees, settlement fees etc.

Indemnification

You agree to indemnify Coinify, its affiliated and related entities, and any of its officers, directors, employees and agents from and against any claims, costs, losses, liabilities, damages, expenses and judgments of any and every kind (including, without limitation, costs, expenses, and reasonable attorneys’ fees) arising out of, relating to, or incurred in connection with any claim, complaint, action, audit, investigation, inquiry, or other proceeding instituted by a person or entity that arises or relates to (a) any actual or alleged breach of your representations, warranties, or obligations set forth in these Merchant Terms; (b) your wrongful or improper use of the Services; (c) the products or services sold by you through the Services, including but not limited to any claims for false advertising, product defects, personal injury, death or property damage; or (d) any other party’s access or use of the Services with your account information.

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 and will not be liable to you for any use of our Services and/or solutions, including but not limited to any direct or indirect losses, damages or claims arising from:

- User errors such as forgotten passwords, incorrectly constructed transactions, or mistyped virtual currency 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.

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 Merchant 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.

Intellectual Property Rights

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 our software and services (“Taxes”). You also are 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 Merchant Terms constitute the entire understanding and agreement between you and Coinify hereto and their affiliates with respect to its subject matter and supersede all prior or contemporaneous agreements, representations, warranties and understandings of the Parties (whether oral or written). These Merchant 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 Merchant 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 Merchant Terms.

Assignment

The merchant undertakes not to assign, delegate, transfer or sell any of the rights, duties or obligations which are incumbent thereon pursuant to these Merchant Terms. Coinify may assign these Merchant Terms, or any rights or obligations hereunder, in whole or in part, without the prior written consent of the merchant.

No Waiver

The failure, delay or omission of Coinify to give notice of default or to enforce strict performance of any provision of these Merchant 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 Merchant 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.

Governing law and venue

These Merchant Terms and any dispute or claim arising out of or in relation to these Merchant Terms shall be governed by and construed in accordance with Danish law without regard to its principles on choice of law.

Any dispute arising out of or relating to this Agreement, including any dispute concerning the existence or validity of these Merchant Terms, shall seek settlement of the dispute by mediation arranged by The Danish Mediation Institute, in accordance with the “Rules of Procedure of Mediationsinstituttet”. If the dispute is not settled after completion of mediation, either of the parties is entitled to seek settlement of the dispute by arbitration administered by The Danish Institute of Arbitration in accordance with the rules of arbitration procedure adopted by The Danish Institute of Arbitration and in force at the time when such proceedings are commenced. The language to be used in the arbitral proceedings shall be English.

Eligibility

By accepting these Merchant Terms, you acknowledge that:

You have/represent a registered business within the business area in accordance with Coinify AML/KYC Policy;

The markets where you operate and want to use Coinify’s solutions are not affected by the FATF/OFAC-sanctioned countries.