Revision from 16.01.2023
Terms of service
1. GENERAL PROVISIONS
1.1. This agreement is concluded between you and one or more Mercuryo companies depending on the services provided to you.
|Company name||MONEYMAPLE TECH LTD. a company registered and operating under the laws of Canada under the incorporation number BC1306168, which is registered at 810 Quayside Drive, suite 205, New Westminster, BC V3M 6B9, Canada (hereinafter – “Moneymaple”)||MONETLEY LTD a company registered and operating under the laws of United Kingdom under the number 10978538, which is registered at 2nd Floor, Berkeley Square House, Berkeley Square, London, United Kingdom, W1J 6BD(hereinafter – “Monetley”)||MONEYTEA LTD a company registered and operating under the laws of United Kingdom under the number 12166965, which is registered at 77-80 Gracechurch Street, 4th Floor, London, United Kingdom, EC3V 0AG (hereinafter – “Moneytea”)|
|Сompany information||Moneymaple is a financial institution that gives its clients access to foreign exchange dealing, money transferring and dealing in virtual currencies. MSB registration number: M21565803.||Monetley is an Electronic Money Institution (EMI) authorised by the Financial Conduct Authority (hereinafter also referred to as the “FCA”) to issue electronic money under the Electronic Money Regulations 2011 (EMRs 2011) and provision of other payment services under payment Services Regulations 2017 (PSRs 2017), FCA Reference number: 900921.||Moneytea is an Electronic Money Institution, Monetley has appointed Moneytea as an EMD Agent. An EMD Agent means a person who provides payment services on behalf of an electronic money institution (as defined in the Law on Electronic Money and Electronic Money Institutions and the Law on payment Institutions).|
|Services||Virtual currency wallet services, fiat to virtual currency and virtual currency to fiat exchange services and other applicable virtual currency services.||Electronic money issuing services and payment services. Monetley provides its services both for private individuals and corporate entities.||As EMD Agent of Monetley, Moneytea is authorised to provide associ ated payment services alongside e-money account services.|
|Company name||MoneyAmber UAB, a company registered and operating under the laws of the Republic of Lithuania under the incorporation number 305963633, which is registered at Švitrigailos g. 11K-109, LT-03228 Vilnius (hereinafter – MoneyAmber”)|
|Сompany information||MoneyAmber is a financial institution that gives its clients access to foreign exchange dealing, money transferring and dealing in virtual currencies.|
|Services||Virtual currency wallet services, fiat to virtual currency and virtual currency to fiat exchange services and other applicable virtual currency services.|
Virtual currency wallet services, fiat to virtual currency and virtual currency to fiat exchange services and other applicable virtual currency services are provided to the Client by MoneyAmber if Client`s account turnover does not exceed EUR 699.00 subject to regulation specified in Cl. 2.19 herein.
If the client is the resident or national of a non-EEA country and Client`s account turnover exceeds EUR 699.00, virtual currency wallet services, fiat to virtual currency and virtual currency to fiat exchange services and other applicable virtual currency services are provided to the Client by Moneymaple.
Mercuryo is not entitled to provide and Mercuryo does not provide any electronic money services, e-money account services, fiat currency custodial services, fiat to virtual currency and virtual currency to fiat exchange services and other fiat or virtual currency settlement services to residents of the United States of America.
For that reason, such services are provided to residents of the United States of America by third parties. Mercuryo only provides residents of the United States of America with technical assistance so that residents of the United States of America could use the services of such third parties.
IMPORTANT. Access to Electronic Money Services is not automatic and is only provided where Mercuryo decides in its sole discretion to provide them.
Monetley and Moneytea do not provide cryptocurrency, trading or insurance services, but instead provide access to regulated partner Moneymaple
IMPORTANT NOTE №2.
Following the sanctions imposed by the authorities of USA, EU, UK and other countries, MoneyAmber does not provide services to clients under sanctions.
The Client agrees that We may request additional documents to complete the relevant procedures.
Mercuryo does not make any representation regarding the advisability of transacting in cryptocurrency or buying or selling securities.
IMPORTANT NOTE №3.
If Payment Initiation Services (which stands for payment service where a payer initiates a transaction from their account, recorded by the respective Payment Service Provider) provided by Volt Technologies Holdings Limited (registered in England with company number 12140559) or any other Payment Service Provider is used Client’s cryptocurrency purchase transaction can be executed by Mercuryo only after payment is credited to Moneytea account or to any other account nominated by Mercuryo for this purposes (if other procedure is not specified by Mercuryo). Therefore cryptocurrency exchange rate can be significantly changed at the moment of execution of Client’s order. In some cases change can cause losses to the Client. As a result the final cryptocurrency purchase price may differ from the price specified when placing an order.
By concluding this agreement the Client gives his/her irrevocable consent that his/her cryptocurrency purchase order will be executed after payment is received and that order will be executed for the price available to Mercuryo at the moment of the execution of Client’s order and which can be unprofitable for the Client. In the last case Client is not entitled to withdraw his/her order.
1.2. Object of the Terms: the present Terms determines the main terms and conditions between the Client and Company when the Client registers in the System, opens a Wallet and uses other services provided by the Company. Besides, the present Terms, relationship between the Company and the Client related to the provision of Services are regulated by legal acts, Supplements to the Terms concluded with the Client, rules and principles of prudence and justice applied to the Client.
1.3. In these Terms, the Statement or Chapter marked with * applies only to the services provided by Monetley.
1.4. The present Terms shall be carefully examined by the Client before she/he decides to register in the System, open a Wallet and use other Services provided by the Company.
1.5. Company may modify these Terms by providing notice of such changes, such as by sending to the Client’s e-mail address registered in the System, providing notice through the System, or updating the “Last Updated” date at the top of these Terms. By clicking on an “ Agree with the Terms of Services” button or checkbox presented with the modified Terms, or by continuing to access or use of the Services, you confirm your agreement to the modified Terms. If you do not agree to any modification to these Terms, you must stop using the Services. Company encourages you to frequently review the Terms, at least on a monthly base, to ensure you understand the terms and conditions that apply to your access to, and use of, the Services. If you have any question regarding the use of the Site or Services, please contact our Support Team by filing a support request at firstname.lastname@example.org.
If you have any question regarding use of E-Money Services, please contact our Support Team by filing a support request at email@example.com.
1.6. Proposed means of payment within Services provided by Mercuryo, must be consistently prepaid by you and will not be subject to any advance, credit or discount. It is based on the E-money issued and managed by Mercuryo.*
1.7. The Client by accepting the Terms acknowledges that Monetley Account and E-money held on the Wallet is not covered by the Financial Services Compensation Schemeof the United Kingdom. No other compensation schemes exist to cover losses claimed in connection with the Account. Nevertheless, Mercuryo ensures that once it receives funds from the Client (Payer) they are held in a segregate account and safeguarded in accordance with requirements of EMRs 2011 and PSRs 2017 until they transferred from the Account or reimbursed to the Client. In case of Our insolvency, Clients’ funds will be protected against any claims of any creditors of Monetley as they are held in a safeguarded account.*
1.8. Depending on Services used by the Client, additional terms and conditions may be applied and respective supplements may be entered by the Parties.
1.9. Titles of sections and articles of the Terms are intended solely for convenience of the Parties and cannot be used for interpretations of provision of the present Terms.
1.10. Links to the Site given in the Terms and Supplements regulating provision of separate services are integral parts of this Terms and are applied to the Client from the moment she/he starts using the Service.
1.11. If any provision of the Terms is recognized invalid, the other provisions of this Terms do not cease to apply.
1.12. You shall be considered a Client of Mercuryo since the following conditions are met:
(i) You have accepted the Terms, and
(ii) You have registered with the System, and
(iii) the Account has been opened on Client name.
1.13. Since all provisions mentioned in sub-Cl. of Cl. 1.12 above are fully met, it shall be deemed that the Parties have established mutually binding business relationship (hereinafter also referred to as the “Business Relationship”).
1.14. DEFINITIONS OF KEY TERMS USED IN THE TERMS:
Company or Mercuryo or We or Us or our
“MONEYMAPLE TECH LTD.”, a company registered and operating under the laws of Canada under the incorporation number BC1306168, which is registered at 810 Quayside Drive, suite 205, New Westminster, BC V3M 6B9, Canada; MSB Registration number: M21565803 and/or
“MONETLEY LTD” a company registered and operating under the laws of United Kingdom under the number 10978538, which is registered at 2nd Floor, Berkeley Square House, Berkeley Square, London, United Kingdom, W1J 6BD and/or
“MONEYTEA LTD” a company registered and operating under the laws of United Kingdom under the number 12166965, which is registered at 77-80 Gracechurch Street, 4th Floor, London, United Kingdom, EC3V 0AG 5XW and/or
“Moneyamber UAB”, a company registered and operating under the laws of the Republic of Lithuania under the incorporation number 305963633, which is registered at Švitrigailos g. 11K-109, LT-03228 Vilnius and/or
a natural (private) person indicated beneficiaries of crypto or fiat transfers.
means private individual or legal entity specified in the Order as recipient of funds of the Payment Transaction.
prices for Company services and operations.
Pricing information of E-money services is available at https://monetley.com/pricing/*
The Company’s fee for buying BTC and other virtual currencies in exchange to fiat equals to 3.95%; fee for transfer to the bank card equals to 3.95% (minimum - 4 EUR).
The Company’s fee for buying BTC and other virtual currencies in exchange to fiat and the Company’s fee for transfer to the bank card may differ from the Company’s fees stated above if the Client is using Services through third parties. All fees charged by the Company will be disclosed to the Client before the transaction is made.
The Company may charge the Client minimum fee for buying virtual currencies in exchange to fiat. The Company’s minimum fee for buying virtual currencies in exchange to fiat may differ from the Company’s fees stated above. All fees charged by the Company will be disclosed to the Client before the transaction is made.
refer to an amount equal to that percentage of the payment amount, which is charged on incoming/outgoing payment.
Client or you
means legal entity or private individual on whose name the Account is opened in Mercuryo System.
Client’s Identification means a set of Know Your Customer (KYC) and Due Diligence (DD) measures applied by Mercuryo for the purposes to prevent money laundering and terrorism financing subject to mandatory binding requirements of applicable Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) legal acts and regulations.
Client’s Representative means a person duly authorised by the Client to represent the Client in Business Relationship with Mercuryo and execute Payment Transactions of the name and for the benefit of the Client, acting under a power of attorney or other legal base.
verification of the identity of the Client under procedures specified in the Terms hereof the System and Company AML/CTF policy.
means that Client have completed Client’s Identification process.
means a set of Know Your Customer (KYC) and Due Diligence (DD) measures applied by Mercuryo for the purposes to prevent money laundering and terrorism financing subject to mandatory binding requirements of applicable Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) legal acts and regulations.
a fee for a Payment Transaction and/or related services charged by the Company.
Mercuryo Account or Account
Account opened in the System of the name of the Client after Client has been successfully verified and has registered with the System.
Mercuryo Wallet or Wallet
Depending on the context, a Virtual currency wallet - bitcoins, Ethereum, Litecoin, Dash, Bitcoin cash and other digital assets address or account owned or operated by the Client that is maintained and operated by Mercuryo, or E-money wallet –a wallet owned or operated by the Client with Monetley where Client’s e-money are held.
means any account or wallet held by the Client with a third person providing respective services, from/to which the Client loads fiat or virtual currency into/from Mercuryo Account/ Mercuryo Wallet.
an agreement between the Company and the Client on provision and usage of separate services provided by the Company. The Supplement can be identified as an agreement, rules, declaration, plan or in any other way. The Supplement is an integral part of the present Terms.
a software solution on Company web pages (mercuryo.io), used for provision of Services.
consent of the Client to perform the Payment Transaction.
any code of the Client created in the System or a code provided to the Client by the Company for the access to the Client Personal Area and Account or initiation and management of separate services provided by the Company and/or initiation, authorization, implementation, confirmation and reception of Payment Transactions.
Company or the Client, both – Parties .
Client's contact details
means: the e-mail address, mobile phone number or other identifier Company may notify Client about registration Client Personal Area, send notification stipulated hereof in these Terms.
means form available on Mercuryo Site for registration in the System and Account opening which should be filled in by the Client or its representative.
Business Day *
means any calendar day, apart from Saturday, Sunday and public holidays in the United Kingdom, on which the payment infrastructures and the banks are open for business in the United Kingdom, or any other day defined by Us and in duly manner noticed to the Client.
mean a time from 9.00 AM to 5.00 PM WET (Western European Time/UTC) on each Business Day, when Mercuryo provides Services to the Clients, handles Orders and executes Payment Transactions.
means virtual and/or fiat currency and/or E-Money and/or digital assets depending on the context.
Electronic Money (E-money) *
means the monetary value available at any given time that represents a debt payable by Us to the Client. Electronic Money is issued by Mercuryo in exchange for Client’s delivery of the corresponding funds and constitutes a mean of payment exclusively accepted by the Recipients and designated for Payment Transactions via the System. Electronic Money is issued in accordance with the EMRs 2011, Electronic Money Directive (Directive (EU) 2009/110/EC as of 16 September 2009) and relevant applicable national legal acts of the United Kingdom and European Union (when applicable).
means the Financial Conduct Authority of the United Kingdom, 12 Endeavour Square, London E20 1JN, firstname.lastname@example.org or email@example.com, switchboard: +44 (0)20 7066 1000.
means charges payable by the Client for the Services provided by Mercuryo. Fee schedule is available on the Site.
GeneralConditions of the Site
mean general conditions of use of the Site, including access to the website and cookies use. The said conditions are available on the Site.
means the instruction given by the Client to Mercuryo via the System for the purpose of carrying out a Payment Transaction. An Order may not be withdrawn by you after the date on which it is deemed irrevocable as indicated in these Terms.
means a private individual or legal entity which executes payment for the benefit of the Client or Mercuryo Client which submits an Order.
Proof of Address
Means the documents confirming the place of residence.
For proof of address the following documents can be submitted: Internet (not mobile Internet) / cable TV / fixed line telephone bills (not mobile Internet), bill from the company supplying gas / electricity / water, bank statement/reference, tax returns, council tax bill, government-issued certifications of residence. The submitted documents should be no more than three months old on the date of application and should show the name and current address of the Client or beneficial owner, as the case may be.
Documents that can be used as proof of address for UK/EU citizens: household utility bill (eg gas, electric, water or Internet (not mobile Internet) / cable TV / fixed line telephone, bank, building society or credit card statement, solicitor’s letter confirming recent house purchase or land registry confirmation (in this case, proof of previous address will also be needed), HM Revenue & Customs (Inland Revenue) tax document e.g. tax assessment, statement of account, tax returns, council tax bill, government-issued certification of residence. The submitted documents should be no more than three months old on the date of application and should show the name and current address of the Client or beneficial owner, as the case may be. The local authority tax bill (e.g. council tax) valid for the current year also can be used as proof of address.
means payment (funds) transfer initiated by the Payer, in the Payer’s name, or by the Recipient.
Client’s Personal Area in the System where the Client may maintain Account(s), execute Payment Transactions and use other Services provided by Mercuryo.
Unauthorized payment transaction
means any transaction that the Client did not make and the Client did not permit anyone else to make.
means issue and redemption of Electronic Money, v irtual currency wallet services, fiat to virtual currency and virtual currency to fiat exchange services, other applicable virtual currency services and other payment services provided by Mercuryo.
Strong Customer Authentication
means verification method based on at least two elements categorized in the Directive (EU) 2015/2366 of the European Parliament and the Council on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (25 November 2015).
means a website operated by the Mercuryo, including https://mercuryo.io and https://monetley.com , as well as all other websites that the Mercuryo operates (but shall not include the Services).
means any of European Union member states, Iceland, Liechtenstein, and Norway.
2. REGISTRATION IN THE SYSTEM AND CREATION OF THE MERCURYO ACCOUNT. OPENING OF ACCOUNT
2.1. The Client who wants to start using Services has to register in the System.
2.2. During registration in the System, a Mercuryo Account is created for the Client. The Mercuryo Account is personal and only its owner, i.e. the Client, has the right to use it (log in).
2.3. Mercuryo Account allows Clients to hold E-money, to send and receive electronic and money payments. The Client may check Account balance and transaction history, including fees and charges applied, via its Personal Area in the System free of charge. The Client is advised to pay careful attention to the list of Transactions executed.*
2.4. The Client can have one Personal Area only. If Company has suspicions that for anonymization purposes the Client has intentionally registered several Personal Areas, then Company may without prior warning close the Client accounts or/and terminate Business Relationship with Client.
2.5. Anonymous accounts are not allowed. The Account shall be opened if the Client is fully identified and identity of the Client is verified and complies with cooperation requirements laid down in Mercuryo AML/CTF procedures. AML/CTF procedures are different depending on the services provided to the Client.
2.6. The Client by accepting the Terms guarantees that:
(a) He/she is not a US resident;
(b) he/she has not previously been charged with money laundering, financing and supporting terrorism, or other crimes;
(c) he/she is not and has never been subject to any local or international financial sanctions; or
(d) he/she is not in a state of bankruptcy, sanitation, debt collection or other claims from third parties and/or government authorities.
2.7. If any fact described in clause 2.6 changes, the Client undertakes to immediately notify the Company.
2.8. If the Client acts and holds the Account for the benefit of third party, he/she must inform Mercuryo without undue delay on this and submit all documents and data which might be necessary to identify the person on whose benefit the Account is opened and Payment Transactions are executed (ultimate beneficial owner - UBO). We reserve the right to terminate Business Relationship and close any and all Accounts if we discover that UBO was not announced to Mercuryo or in cases when subject to applicable AML/CTF regulations it is impossible to identity UBO, it’s source of wealth or funds in due manner.*
2.9. Multiple Accounts may be opened in the currencies determined by Mercuryo.*
2.10. When opening the Account for the Client being a private individual, Mercuryo expects and believes that no business activity will be performed via the Account, otherwise, the Account shall be treated as a business account and terms and conditions for Clients - legal entities shall be applied, as well as, Mercuryo reserves the right to terminate such Account activity.*
2.11. The Account may be subject to limits set by Mercuryo and depending on Client’s AML/CTF Risk type, assessed by Mercuryo subject to mandatory binding AML/CTF legal requirements. The limits may be revised by Mercuryo from time to time. *
2.12. Account is opened for indefinite period of time, except when early terminated in accordance with provisions laid down in these Terms.
2.13. Mercuryo Account allows Clients to deposit, transfer in the Account funds intended for Payment Transactions (local and international funds transfers, receiving funds to the Account, payments for goods and services, and other Payment Transactions).*
2.14. Nominal value of E-money coincided with the nominal value of funds deposited or transferred to the Account.*
2.15. All funds held with Mercuryo are considered E-money. Having received funds, we credit them to the Account at the same time issuing E-money at the nominal value. The E-money is credited and held in the Wallet. *
2.16. To register in the System and use Company Services, Client should be at least 18 (eighteen) years old.
2.17. Company does not provide Services:
(i) in countries, subject to financial sanctions, according to FATF recommendations;
(ii) the Client should not be a resident of any country where we do not provide the Company Service. A list of non-serviced countries may be amended by Company from time to time, without notice;
(iii) have not previously been suspended or removed from using the Services;
(iv) have full power and authority to enter into this Terms and doing so will not violate any other agreement to which Client is a party.
(v) will not use Company Services if any applicable laws in Client’s country prohibit from doing so in accordance with these Terms.
2.18. Under circumstances and procedures set out in the Terms or in the System, the Client shall perform Client identification in order to start or continue provision of Services. For Account opening the Company asks to provide: email, phone number, passport or ID Card, proof of address. If Client’s turnover at Mercuryo Account is over than EUR 15 000.00, the Company may ask to make video identification and/or provide additional documents on request.
2.19. Clients applying for MoneyAmber virtual currency services are released from identification procedures set forth above, if virtual currency exchange operations, transactions in virtual currency or virtual currency deposits to or withdrawing from the virtual currency wallet (account turnover) amounting till EUR 699.00 , whether that is carried out in a single operation or in several operations which appear to be linked. In this case Client is obliged to provide MoneyAmber only his/her name, surname, email, phone number.
If Client’s account turnover at MoneyAmber exceedsEUR 699.00, then Client falls under full identification obligations set forth above in this clause. Company at any time reserves the right to apply to the Client full identification procedure irrespective of Client’s account turnover with Company’s account.
2.20. The Client confirms that she/he has provided correct data about him/herself during registration in the System and that later, when changing or adding data about him/herself, she/he will provide only correct data. The Client shall bear any losses that occur due to submission of invalid data.
2.21. Company has the right to require data and/or documents which would help Company to identify the Client. Specific data and/or documents to be submitted shall be indicated in the message to the Client about the necessity to perform the identification procedure.
2.22. When performing Client’s identification, Company has the right to demand the Client to provide originals of the documents and/or their copies and/or copies of documents approved by a notary or another person authorized by the state.
2.23. Company has the right to request from the Client additional information and/or documents related to the Client or operations performed by him/her, and to request the Client to fill in and periodically (at least once half a year) update the Client questionnaire. Company has the right to demand for the submitted copies of the documents to be approved by a notary and translated into English. All documents and information are prepared and provided at the expense of the Client. If the Client does not provide additional information and/or documents within a reasonable term specified by the Company, Company has the right to suspend provision of all or a part of the Services provided to the Client.
2.24. The Client shall receive a notification about confirmation of the Account via the email address which has been specified during registration in the System. This e-mail address should be considered as registered Client’s e-mail and via this e-mail further communication with the Client shall conduct. In case Client communicates with the Company by means of other e-mail address, the Company reserves the right to recognize such communication as null and void, till new e-mail address in duly manner notified to the Company and registered with the System.
2.25. Electronic Money held on the Wallet does not expire and does not ear any interest.*
2.26. payment institution or another electronic money transfer system may apply fees for transferring funds from the Account to the External Account, as well as for transferring funds from such account, to the Mercuryo Account.*
2.27. Without prejudice to other provisions set forth hereof, Mercuryo reserves the right to immediately suspend or withdraw Client’s access to the System and Account(s), including execution of Payment Transactions, where we have reasonable grounds to believe that there may be a breach in the security of your Account(s)/Wallet, we suspect unauthorized or fraudulent use of your Account(s)/Wallet(s) or we are required to do so by law. If we decide to take such action, Mercuryo will notify the Client in advance, except where this is not possible, in which case we will inform you at the earliest opportunity. We will not inform you if it would compromise its reasonable security measures or is otherwise unlawful. If the reasons for such Mercuryo actions cease to exist, we will reinstate the Account(s)/Wallet(s) or issue you with new Account/Waller details without undue delay.
2.28. If the Client terminates the Terms or if Company terminates provision of Services to the Client, funds held on the Client's Account shall be transferred to the Client's External Account indicated by the Client. Company has the right to deduct from such repaid sum the amounts that belong to the Company. E-money or virtual currency shall be transferred to external third-party wallet indicated by the Client. In the event of a dispute between the Company and the Client, the Company has the right to detain funds under dispute till the dispute is solved. In the absence of a dispute, the Company makes a refund within two months.
3. FEES FOR THE SERVICES AND SETTLEMENT PROCEDURE
3.1. The provisions of this chapter (chapter 3) apply only to the transactions performed using the Moneymaple Services.
3.2. The list of fees for Moneymaple Services is available in the Client Personal Area in the System. In case if list of fees for the Services is amended, the Company shall inform the Client in a duly manner described below herein, and the Client shall electronically via the System accept this amendment.
3.3. If the Company reduces the general fees for Services, new fees shall be applied without Client’s prior notification and confirmation.
3.4. The fees are deducted:
(i) during the Payment Transaction;
(ii) if fee has not been deducted during the Payment Transaction, Company has the right to deduct them later from the Account.
3.5. The Client confirms that she/he has carefully acquainted with the fees and terms of Payment transactions and also with fees of all Services that are applied to and relevant for him/her.
3.6. The Fee is paid in the currency of payment.
3.7. The Client commits to ensure a sufficient amount of funds on his/her Account to pay/deduct the fee.
3.8. All fees reflect exchange rates identified in Client’s Order.
3.9. Company incurs and pays network transaction fees, such as miner's fees, for transactions on virtual currency networks (i.e., transfers of virtual currency off to the third-party virtual wallets). For such transactions Company charges Client a fee based on the estimate of the network transaction fees that Company anticipate paying for each transaction. The fee that Company pays may differ from that estimate. All fees charged by the Company will be disclosed to the Client before the transaction is made in the Client Personal Area.
4. OPERATION OF THE ACCOUNT(S)*
4.1. Payment Transactions from the Account can be executed:
(i) to another Account in the System;
(ii) to European Union Member State or in a State party to the agreement on the European Economic Area or an equivalent third country that imposes the equivalent requirements regarding money laundering and the financing of terrorism;
(iii) to accounts in other electronic payment systems/financial institutions (also banks).
4.2. When execution of Payment Transaction requires currency exchange, Mercuryo may apply exchange rates determined by Mercuryo and valid at the execution moment of Payment Transaction. However, in those cases when a currency exchange using a third party is required to complete a Payment Transaction, then Mercury is not responsible for the conversion.
4.3. Purchase of E-money:
4.3.1. You may purchase E-money by means of payment transfer or other means acceptable by Mercuryo, in one or more instalments.
4.3.2. To execute E-money purchase transaction, you must place respective Order via the System. By placing the Order, Client is giving a consent to the Payment Transaction execution.
4.3.3. We reserve the right to refuse any Order at our sole discretion and without giving rise to any right to compensation. Our refusal shall be objectively reasonable.
4.3.4. At Your request, E-money held in the Wallet shall be redeemed at its nominal value at any time, except for cases when limitations are applied. No specific conditions for redemption of E-money that would differ from the standard conditions for Payment Transactions performed on the Account shall be applied. The amount of redeemed or transferred E-money is chosen by the Client. You should submit Order via the System to transfer E-money from to any other account or wallet specified by you with condition that we may execute such transfer to such payment institution. Nevertheless, Mercuryo reserves the right to apply limitations for redemption of E-money.
4.3.5. The registration of E-Money on Client’s name is subject to the actual receipt of funds by us less any fees and charges due and payable to Mercuryo in accordance with Fee schedule.
4.4. Functioning of the Account:
4.4.1. E-Money are stored for an indefinite duration on the Wallet under the terms agreed hereof or any supplement hereto.
4.4.2. E-money purchased are credited to the Wallet, following the receipt of the funds. The amount to be credited is equal to such funds less fees and charges as provided in the Fee schedule.
4.4.3. Upon the Order, E-money corresponding to the amount of the Payment Transaction or reimbursement of E-money are debited from the Wallet and the related fees and charges as provided in the Fee schedule.
4.4.4. We are entitled, at any time, to reimburse an amount of available E-money equal to the fees and charges due and payable, as provided in the Fee schedule.
4.4.5. The amount of E-money available on the Wallet is automatically adjusted based on the Orders transmitted to Mercuryo (or in the process of being transmitted), the E-money issued, any fees and charges due and payable and any cancellation of one of the aforementioned transactions hereunder.
4.5. The use of Electronic Money to carry out Payment Transaction:
4.5.1. Before transmitting the Order, we must be sure to have a sufficient amount of E-money available to cover the Payment Transaction amount and the related fees and charges as agreed in the Fee schedule.
4.5.2. Where appropriate, we must acquire a sufficient amount of E-money before the Order can be legitimately transmitted for execution. The E-money may be issued and stored by us, provided that the corresponding funds are duly received. The Electronic Money may in no way be issued on the basis of a credit granted to the Client.
4.5.3. As such, if the amount of available E-money, at the date of execution of the Order, is lower than the amount of the Payment Transaction (fees included), the Order is automatically refused. The information about this refusal is made available to the Client on the System. This refusal may give rise to additional fees in accordance with the Fee schedule.
4.5.4. The transmission terms of the Order are as follows:
(i) When carrying out a Payment Transaction, Client needs to complete the Order in the System and, where appropriate, provide supporting documents requested by Mercuryo;
(ii) the Order should include the following components:
(a) the Payment Transaction amount;
(b) the currency, which may only be the currency of E-money;
(c) the details required to identify the Recipient;
(d) the date of execution of the Order; and
(e) any other required information.
(iii) You need to submit Order by clicking the validation tab in the System. When you click on the validation tab the Order becomes irrevocable.
4.5.5. E-money are debited from the Wallet to be credited to the Recipient account, following Client’s instructions.
4.5.6. Where appropriate, the funds corresponding to the E-money transferred to the Recipient can be directly reimbursed to the Account opened with Mercuryo or External Account. If the account is not opened with Mercuryo, then the Recipient must provide the IBAN number and SWIFT code of his/her payment institution and full payment details. External Account must be opened by a bank or other payment institution, based in a European Union Member State or in a State party to the agreement on the European Economic Area.
4.5.7. It is agreed between the Parties that the Order will be executed, at the latest, on the next Business Day following the date of receipt. If the date of receipt is not a Business Day, we will be deemed to have received the Order on the following Business Day.
4.5.8. Orders for transactions within the System are executed immediately, unless the transaction is suspended due to provisions set forth hereof.
5.1. Without prejudice to other provisions laid down in the Terms, the Order for the execution of Payment Transaction shall be generated in accordance with the instructions given in the System and valid at the moment of the transfer. In case the Client is the Recipient, Client is obligated to provide detailed and precise information to the Payer, so that the Order in all cases complies with the instructions in the System and is valid at the moment of transfer.
5.2. In case the Payer submits an incorrect Order or indicates incorrect payment details, but the Order has not been proceeded yet, the Payer may send Mercuryo a request to correct the Order. The request shall be sent via the System. In this case, a fee for the correction of the Order may be applied.
5.3. In case Mercuryo by itself establishes obvious discrepancies in payment details contained in the submitted Order, Mercuryo retains the right to refuse to execute such Order.
5.4. Mercuryo retains the right to execute Order on the base of account number or IBAN account number only. We may, but are not obliged, to check whether the account number or IBAN corresponds to the name of the Recipient. The Order is deemed executed appropriately if it has been executed by the indicated account number or IBAN.
5.5. In case when we receive funds, but we are unable to credit them to the Recipient’s account (e.g. account is closed, indicated IBAN number does not exist, or else), we shall return the transaction amount to the Payer (sender). Fees and charges for returning Order may be applied.
5.6. In case when we cannot credit funds to the Recipient due to errors the Payer made in the Order, then the Order may be cancelled and funds may be returned to the Payer.
5.7. In case when the funds are already credited to the Recipient, then the Order may be cancelled and funds may be returned to the Payer only under a written request of the Payer and if the Recipient agrees to return the funds to the Payer (if the Recipient can be identified). In such a case, the fees for the cancellation of the Order may be applied.
5.8. In case when the Client has noticed that funds have been credited to or deducted from the Account by mistake or in other ways that have no legal basis, then Client is obliged to notify us as soon as possible. In such cases it is considered that the Client gives an irrevocable consent for such deduction and we are entitled to deduct funds from the Account without the Order. If the amount of funds to be deducted from the Account is insufficient, the Client unconditionally commits to upload the Account for insufficient amount without undue delay upon Mercuryo first request.
5.9. If you notify us that we have incorrectly executed the Order, we will refund the amount of the incorrectly executed Payment Transaction and the Account will be restored to its former state before the receipt of the Order without undue delay. The Order is then resubmitted correctly.
5.10. If funds transferred from the Account under the submitted Order are returned due to reasons beyond our control, then returned amount shall be credited to the Account. Fees paid by the Payer for Order execution are not returned, and other fees related to the returning of funds can be deducted from the Account.
5.11. Orders submitted shall be formulated clearly and unambiguously, shall be executable, and contain the clearly stated will of the Client. We do not bear responsibility for errors, discrepancies, repetitions and/or contradictions in orders submitted, including but not limited to, correctness of the details of the Order submitted by the Client. If the Order submitted does not contain enough data or contains deficiencies, we can refuse to execute such Order, or can execute it in accordance with the data provided in the Order.
5.12. When Mercuryo refuses to execute the Order, then we shall immediately notify the Client thereof, or create the necessary conditions for the Client to get acquainted with such a notification, except when such notification is technically impossible or forbidden by applicable legal acts.
5.13. In no events we shall execute Order if funds on the Account are under arrest or Client’s rights to dispose the funds are otherwise legally limited, suspended or restricted.
5.14. Order may not be withdrawn by the Client once it has been submitted via the System and after the date on which it is deemed irrevocable as indicated in this clause 5 hereof.
5.15. We reserve the right to record and store Orders submitted and to record and store information about all Payment Transactions performed by the Clients or according to Orders of the Clients for the period not less than 5 (five) years, which may be extended under direct requirement of the direct supervisory authority. Records mentioned in the present clause may be submitted to the Client and/or third persons who have the right to receive such data under the basis set forth in the applicable legal acts, as evidence confirming the submission of Orders and/or executed Payment Transactions.
5.16. We reserve the right to require documents proving the lawfulness of the origin of funds related to the Order. In case the Client fails to submit such documents, we are entitled to refuse to execute the Order.
5.17. In this regard the Client shall warrant Mercuryo that:
(i) funds incoming to the Account are of legal nature and are not obtained as a result of criminal activity;
(ii) Services provided by us will not be used for any illegal purposes, including actions and transactions in order to legalise funds derived from criminal or other illegal activities.
5.18. It is the sole and exclusive responsibility of the Client for warranties given hereunder and Mercuryo shall not be liable for any losses which my arise to the Client or any third party involved in transaction in case Client’s warranties found to be untrue and false.
6. USAGE OF MERCURYO ACCOUNT
6.1. The Client can manage the Mercuryo Account via the Internet by logging in to his/her Account with his/her login name and Password. Client shall create a strong Password that do not use for any other website or online service.
6.2. If the Client indicates wrong data about the Recipient, it shall be considered that Company has fulfilled its obligations properly and shall not repay the transferred amount to the Client.
6.3. If virtual and/or fiat currency is credited to the Mercuryo Account/Wallet by mistake or in other ways under no legal basis the client guarantees a refund Funds from the Client's Mercuryo Account from Wallet. The Client unconditionally commits to repay Company the currency credited by mistake in 3 (three) Business Days from receipt of the request from the Company. If the Client notices that virtual and/or fiat currency that do not belong to him/her has been transferred to his/her Mercuryo Account, she/he shall immediately inform Company thereof. The Client has no right to manage funds credited by mistake, which do not belong to him/her.
6.4. The Client confirms that:
- incoming virtual and/or fiat currency transferred to his/her Mercuryo Account is not received from illegal activity;
- the Client will not use Services provided by the Company for any illegal purposes, including the Client's commitment not to perform any actions and operations in order to legalize Funds received for a criminal or illegal activity.
6.5. Client's confirmations, orders, requests, notifications and other actions performed on websites of third persons or other places by logging in to his/her Mercuryo Account and identifying him/herself in this way are treated as conclusion of a deal confirmed by the Client.
6.6. Management of the Mercuryo Account via the Internet:
(i) in order to carry out a Payment Transaction via the Internet the Client shall fill in an Order in the System and submit it for execution by confirming his/her consent to carry out the order in the System electronically;
(ii) submission of the Order in the System is Client's agreement to carry out the Payment Transaction and cannot be canceled.
6.7. If the Client has reached a certain limit on Mercuryo Account (Company may define the limit at its own discretion), the Client must follow the steps that Company will notify the Client of.
6.8. If Client has an insufficient amount of funds in Mercuryo Account to complete an Order via the System, Company cancels the entire Order.
7. TRANSACTION DISPUTE
7.1. The Payment Transaction is considered authorized only after the Client gives his/her Consent. The Consent can be confirmed by the Password or descriptor, and/or other identity confirmation instruments. The Consent confirmed via any of the methods described in the present clause is considered appropriately confirmed by the Client, bears the same legal power as a paper document (Consent) signed by the Client and can be used as evidence when settling disputes between Company and the Client in courts and other institutions.
The Client does not have the right to challenge the Payment Transaction performed by the Company if the Order has been confirmed by a Consent submitted by a method defined in the present clause.
7.2. The Client agrees that Company, while executing the Payment Transaction, shall transfer Personal data of the Client possessed by the Company to persons directly related to execution of such Payment Transaction – international payment card organizations and other banking/non-banking payment and financial institutions, entitled to provide respective payment services, and involved in the execution of the Service.
7.3. For claim concerning Payment Transactions or reimbursements of E-money executed hereunder by Us, the Client is advised to consult support team vie e-mail firstname.lastname@example.org as soon as possible after becoming aware of the anomaly and within 13 (thirteen) months of the date of the Account registering the Payment Transaction.*
7.4. After validation of the legitimacy of the request specified in Cl. 7.1 above, Mercuryo shall immediately arrange for the refund of the amount of the unauthorized Payment Transaction and restore the Account to the amount it would contain if the disputed transaction had never been executed, including any interest and fee.*
7.5. You may dispute an authorized Payment Transaction which exact amount is undefined or those which final amount is not that the Client could have reasonably expected taking into account you profile, previous expenditures and conditions laid down herein. This request must be submitted to Mercuryo within 8 (eight) weeks of the execution of the Order. We shall reimburse the Client within a period of 10 (ten) Business Days after receipt of the request, if the latter proves justified, taking into account applicable laws, and whether the request consists of all the components necessary for examination by us. We reserve the right to refuse such a reimbursement, which will be explained and notified to you. The latter will provide the necessary information in order to determine the circumstances of the Payment Transaction. We reserve the right not to reimburse the fees resulting from the Payment Transactions concerned. The fees indicated in the Fee schedule may be collected in the case of a non-justified Payment Transaction dispute.*
8. CLIENT’S OBLIGATIONS
8.1. When using Mercuryo Services, the Client undertakes to:
(i) comply with the Terms and any supplements hereto, applicable legal requirements, including but not limited to, AML/CTF requirements;
(ii) not to provide false, misleading or incorrect information to us or not to refuse to provide information or undertake other actions that are reasonably requested by us;
(iii) to pass through all legal procedures carried out by Mercuryo for the purposes of Client’s identification and verification and KYC purposes and submit all data and information required by us necessary to establish Business Relationship with the Client and for KYC purposes;
(iv) respond to Mercuryo requests within 3 (three) Business Days, if other term is not specified on our request or in these terms;
(v) in timely manner inform us on any changes to the information and data previously submitted. In case the Client fails to do so, we shall be free from any liability regarding correct and accurate execution of Payment Transactions and the Client shall bear any losses, also in relation to any third party, that may occur due to submission of invalid data. Mercuryo retains the right to suspend provision of Services till the Client updates data and information;
(vi) not to use for Services provided by us illegally acquired funds, if the Client is aware or should be aware of it;
(vii) not to use the Services in a way which causes losses, responsibility, or other negative legal or financial consequences or damage to the business reputation of Mercuryo or third persons;
(viii) not to log into the System as an anonymous user (e.g. via proxy servers) or having more than one Profile; registering a Profile by fictitious or someone else's name without having the power of attorney; registering a using the services of anonymous phone numbers or e-mail addresses provided by other individuals or websites;
(ix) not using Mercuryo Account to provide services or goods that are prohibited by the law or contradict public order and moral principles;
(x) knowingly not to provide to third parties false, misleading, or incorrect information about us and cooperation with us;
(xi) to observe and respect Company’s and third party trademarks, copyrights, commercial secrets and other intellectual property rights. This clause shall not apply to the Client in so far, as the Client being in good faith, didn‘t know and couldn’t know on existence of trademarks and copyrights, or that information being at his/her disposal constitutes a commercial secret;
(xii) not to spread computer viruses and not to undertake other actions that could cause System malfunctions, information damage or destruction and other damage to the System, equipment, or information of Mercuryo;
(xiii) not to disclose login or Password and other personalized safety features to third persons and allowing other persons to use Services under the name of the Client;
(xiv) to reimburse in full and keep us harmless against any direct costs and losses which may arise to Us if the Client fails (in full or partially, including but not limited to omission or misleading) to perform his/her obligations under the Terms or such costs or losses have arisen due to the Client’s unlawful activities.
8.2. The Client is solely and exclusively responsible and undertakes to reimburse any losses incurred by Us, other Mercuryo Clients, and third parties due to using Services and violating the present Terms or any supplement hereto.
8.3. The Client shall reimburse all damages, fines, and other monetary sanctions applied to us due to non-observance or violation of the Terms due to fault of the Client.
8.4. In case stipulated in sub-Cl. xii of Cl. 8.1 above, the Client is obliged to inform Mercuryo that login and Password are at possession of third person, including loss or theft, or misuse or unauthorized use of data, as soon as the Client becomes aware of this fact in order to request that the login be blocked. Such a declaration should be made directly by email through the contact form available on the Site.
8.5. On receipt of the notification mentioned in Cl. 8.4 above, Mercuryo will immediately block the Account(s). The event will be recorded and time stamped. A time stamped objection number will be communicated to the Client. A written confirmation that the Account has been blocked will be sent to you by e-mail. Mercuryo is responsible for the file at an administrative level and retains all the data for 12 (twelve) months. Upon written request by the Client and before expiration of such a deadline, Mercuryo will communicate a copy of this objection.
8.6. Mercuryo shall not be held liable for the consequences of any request to block your Account(s) that is made by a person who is not the Client or Client’s Representative.
8.7. An objection request is deemed to be made at the date and hour of its actual receipt by Mercuryo. In case of theft or fraudulent use of the login, Mercuryo is entitled to request a receipt or a copy of the complaint, information about the circumstances leading to the alleged theft or fraudulent use from the Client who undertakes to respond as soon as possible.
9. MERCURYO ACCOUNT FUNDS
9.1. In order to complete an Order, Client must first load Funds to Mercuryo Account using one of the approved External Accounts identified via the Services. Client may be required to verify that she/he controls the External Account that Client use to load Funds to Mercuryo Account. Client is solely responsible for use of any External Account, and agrees to comply with all terms and conditions applicable to any External Account.
9.2. The timing associated with a load transaction will depend in part upon the performance of third parties responsible for maintaining the applicable External Account, and Mercuryo makes no guarantee regarding the amount of time it may take to load Funds into Mercuryo Account.
9.3. Company has the right to record and store any Orders submitted via any of the methods agreed on with Company, and to record and store information about all transactions performed by the Client or according to Orders of the Client. Records mentioned in the present clause can be submitted by Company to the Client and/or third persons, who have the right to receive such data under the basis set forth in the legislation, as evidence confirming submitted orders and/or executed transactions.
9.4. Company has the right to refuse to execute a submitted Order if there are doubts that the Order has been submitted not by the Client or the submitted documents are falsified. If Company has reasonable doubts that the Order has been submitted not by the Client or that the documents submitted to Company are falsified or doubts about the legitimacy or content of the submitted Order, the Company has the right to demand from the Client to additionally confirm the submitted Order and/or submit to Company documents confirming the right of persons to manage the Funds held on the Account or other documents indicated by the Company via a method acceptable to Company at his/her own expense. In cases mentioned in the present clause, the Company acts with the aim to protect legal interests of the Client, Company and/or other persons; thus, Company does not undertake the responsibility for losses which may arise due to refusal to execute the submitted Order.
9.5. The Company has the right to refuse to accept virtual currencies credited to the Account or to the Wallet and to refuse to execute a submitted Order if according to results of risk analysis based on the preset risk scoring provided by Company`s partners:
9.5.1. virtual currencies are credited to the Account or Wallet from the address that receives high risk rating or
9.5.2. the address specified in Order for transfer of the virtual currencies receives high risk rating.
9.6. The Company returns the blocked virtual currency manually after the Client provides the Company with documents and information on address of virtual currencies that decrease level of risk rating to low. The Company unblocks virtual currencies and transfer them to an account declared by the Client or to an account from which blocked currencies originates within time period specified by the Company at Company's discretion. In exceptional cases, if the Company does not have the technical ability to withdraw the blocked virtual currencies in manual mode, the refund may be refused.
9.7. Fees paid by the Client for credit of virtual currencies to the Account, for transfer of virtual currencies, fees paid by the Client for review of documents and information provided by the Client to unblock virtual currencies and fees for transfer of unblocked virtual currencies shall not be returned.
9.8. Before executing the Order submitted by the Client, the Company has the right to demand from the Client to submit documents which prove the legal source of Funds related to execution of the Order. If the Client does not submit such documents, Company has the right to refuse to execute the Order of the Client.
9.9. Company has the right to suspend and/or cancel execution of the Order submitted by the Client if it is required by applicable legal acts or due to other reasons beyond the control of the Company.
9.10. If Company refuses to execute the Order submitted by the Client, it immediately informs the Client thereof and sends a notification to the Client, except when such notification is technically impossible or forbidden by legal acts.
9.11. Company does not accept and does not execute Orders of the Client to perform operations on the Account of the Client if Funds on the Account are arrested, the right of the Client to manage the Funds is otherwise legally limited, or if operations performed by the Company are suspended in cases described by applicable legal acts.
9.12. If Funds transferred by the Order is returned due to reasons beyond the control of the Company (inaccurate data of the payment Order, the account of the Recipient is closed, etc.), the returned amount is credited to the Account of the Client. Fees paid by the Client for execution of the Order are not returned, and other fees and costs related to the returning of money and applied against the Company can be debited from the Account of the Client.
9.13. Client transactions are monitored. Client should provide Company within 3 (three) Business Days from the moment of receiving the respective request with all the necessary information concerning completed Payment Transaction, including but not limited to explanations, certificates, other documents and information on issues related to Payment Transaction. In case the requested information is not provided by the Client or is incomplete or false, Company is entitled to suspend provision of all or part of Services to the Client or/and terminate the Terms.
9.14. Company may review Client's withdrawal transaction to mitigate any risks and/or prevent money laundering and to ascertain whether the transaction is connected to any Prohibited Activity (set in section 10 ). If risk is identified by the Company, we reserve the right to refuse the Order.
9.15. Be advised that fiat funds held in Mercuryo Account are exclusively for the purchase of digital assets or withdrawal to Client approved External Account. Proceeds from the sale of digital assets will be credited to your Account, less any transactional or other fees. Furthermore, be advised that Mercuryo does not pay interest on free fiat balances held in your Account.
9.16. Only valid payment methods specified by Mercuryo may be used for Services.
9.17. All exchanges of fiat and virtual currency via Mercuryo Service are final. Company does not accept any returns or provide refunds for Client, except as otherwise provided in these Terms.
9.18. The Company does not have the ability to convert any other cryptocurrencies other than BTC, ETH, BAT, USDT, ALGO, TRX, OKB, BCH, DAI, TON, BNB, 1INCH, BUSD. If a Client transfers a virtual currency that is not supported by the Services to a Mercuryo Wallet, the virtual currency will be blocked. The Company returns the blocked virtual currency manually, the refund procedure can take up to 60 (sixty) calendar days. In exceptional cases, if the Company does not have the technical ability to withdraw the blocked virtual currency in manual mode, the refund may be refused.
9.19. Mercuryo`s payment service provider for fiat settlements (pay-in and pay-out) with the Client is Moneytea.
10. PROHIBITED ACTIVITIES
10.1 The Client, when using Services, has no right to:
(i) fail to observe the Terms, any of its supplements, valid legislation and other legal acts, including but not limited to, legal acts related to anti-money laundering and combating terrorist financing;
(ii) provide false, misleading or incorrect information to the Company;
(iii) refuse to provide information reasonably requested by the Copmany;
(iv) transfer and/or receive Funds acquired in illegal manner;
(v) refuse to cooperate with the Company in investigation of violations and identification of the Client;
(vi) use the Account and other Services in a way which causes losses, responsibility or other negative legal consequences to the Company or other third persons;
(vii) undertake any other deliberate actions which could disturb provision of Services to the Client or third parties or disturb proper functioning of the System;
(viii) provide Services which are prohibited by the law or conflict with public order and good morals;
(ix) disclose Passwords and other personalized safety features of payment instruments to third persons and allow other persons to use Services under the name of the Client;
(x) breach any law, statute, contract, regulation (including anti-money laundering);
(xi) Access the Services from a country, where Services are not provided by the Company.
(xii) Use an anonymous account.
10.2. The Client shall reimburse all direct damages, fines and other monetary sanctions applied to the Company due to failure to observe or violation due to the fault of the Client, including but not limited to, clause 10.1 of the present Terms.
11. TERMINATION OF THE AGREEMENT. SUSPENSION OF THE PAYMENT TRANSACTION
11.1 Mercuryo is entitled to unilaterally terminate Business Relationship with the Client and close the Account and Personal area by giving the Client 1 (one) months prior notice and instructions regarding Funds withholding from the Account, saving other provisions concerning Business Relationship termination stipulated hereof.
11.2. The Client is entitled to terminate Business Relationship with Mercuryo and close the Account by giving Mercuryo 1 (one) month prior notice. In all events Client’s Account may be closed at the required date only if obligations towards Mercuryo under this Terms or any supplement hereto are fully executed and there are no outstanding obligations of any nature on Account closure date and Account/wallet balance is Zero.
11.3. Provided that the Client terminates Business Relationship and applies with the request to close the Account(s) and delete Personal Area from the System, or, if we terminate the provision of the Services to the Client and delete the Personal Area of the Client from the System in cases provided in these Terms, the Funds held in the Account(s)/ Funds on the Wallet shall be transferred to the Client's External Account or third party wallet indicated by the Client. We reserve the right to deduct from the repaid Funds fees for Services provided and expenses which have not been paid by the Client, including, but not limited to, fines and damages incurred by Us due to a breach of these Terms committed by the Client, other payment/financial institutions and/or state institutions. In the event of a dispute between Parties, we reserve the right to detain funds under dispute until the dispute is resolved.
11.4 Mercuryo at any time immediately is entitled to suspend the Account(s) (fully or partially suspend Payment Transactions on the Account), suspend or refuse provision of Services (fully or partially), to detain the Client's Funds that are a matter of dispute, if we reasonably believe that:
(i) Client violates any provisions and warranties set forth hereof or any legal requirements applicable to the Client, and such violation is not remediable or was not remedied within timeframe determined by Mercuryo and announced to the Client;
(ii) if the Client fails to complete the necessary identification procedures or submit information required by Us, or the Client provides information that does not conform to the requirements stipulated by applicable legal acts, or doubts concerning the veracity and authenticity of submitted documents arise to Mercuryo;
(iii) it becomes known from the reliable source or Mercuryo has reason to believe that the Client is in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity;
(iv) Mercuryo reasonably suspects that Account have been used or is being used without the Client’s authorization or fraudulently;
(v) it becomes known about the Client's liquidation or bankruptcy case;
(vi) Mercuryo ought to suspend Account activity due to mandatory binding requirements of applicable laws;
(vii) activities of the Client have or may have the potential to harm to Mercuryo reputation or may harm justified interests of third parties.
11.5. In case of Account(s) suspension subject to the provisions of Cl. 11.4 hereof, Mercuryo will inform the Client as soon as reasonable practicable by sending respective notice via the System and giving instructions regarding Funds held on the Account(s)/Wallets withdrawal, except when provision of such information would weaken safety measures or is forbidden by the applicable law.
11.6. In the event of a reasonable suspicion that money laundering, terrorist financing, or other criminal activity is being executed through the Client or the Account(s)/Wallet of the Client, Mercuryo has the right to partially or completely suspend provision of the Services to the Client, to block Funds held on the Account(s) for a period of 30 (thirty) calendar days with the right to extend it an unlimited number of times until the charges are fully withdrawn or confirmed and send Suspicious Activity Report (SAR) to the respective focal point of supervising authority.
11.7. If the Client did not perform transactions (both debit and credit transactions) for more than 6 (six) consecutive months, we shall deem the Account(s) as inactive. In this regard we have the right to terminate Business Relationship, close the Account(s), delete Profile, informing the Client about this 1 (one) month prior to termination, provided that Account(s)/Wallet balance is Zero.
11.8. In those cases when the Account/Wallet holds a balance at the time of its closure, we will ask the Client to withdraw the Funds within 3 (three) months, during which the Account/Wallet will be accessible for withdrawing the remaining balance only. After the expiry of this period, Funds not timely withheld shall be blocked by us and the Client will be able to withdraw any remaining Funds only by contacting Mercuryo support service. We are intitled to deduct fees and charges for not timely withheld funds.
11.9. After terminating Business Relationship with the Client, the Client shall choose the means for the redemption of his/her Electronic Money and virtual currency. The Client agrees to perform the actions necessary to redeem the Electronic Money and understands that by such means Mercuryo aims to reduce the risk of fraud and seeks to comply with anti-money laundering and other legal requirements.
11.10. In case, after terminating Business Relationship with the Client, the Client does not choose the means for Electronic Money redemption and/or does not complete an additional identification procedure for increasing the limits, Mercuryo may (but is not obligated to) redeem the Electronic Money of the Client by means of Electronic Money redemption, which is available at the moment of redemption.
11.11. Mercuryo shall not bear any responsibility for losses incurred by the Client due to suspension of Service provision, blockage of the Account(s), or other actions, if those actions have been performed in accordance with the procedures stated in these Terms or its supplements and under circumstances on the basis specified in the mentioned documents.
11.12. Mercuryo is not responsible or liable for any delays or interruptions regarding execution of Payment Transaction which occurs due to fault (also omission, technical errors and interruptions) of such third parties. Mercuryo, within its capabilities, shall take all reasonable steps to execute Payment Transaction in due manner.
12. FEES AND CHARGES*
12.1. Fees and any other charges applicable by Mercuryo for Services provided are laid down in the Fee schedule available on the Site.
12.2. Mercuryo reserves the rights to amend Fee schedule at its sole discretion providing prior Clients’ information on it. Updated Fee schedule will be available on the Site. It is also a duty of the Client on regularly base, at least once a month, to check the Site for any changes and news.
12.3. Fees and charges rates depend on kind of Services used by the Client. All fees and charges deducted are shown in the Account statement available free of charge in the Profile.
12.4. Fees applicable by Mercuryo will be deducted from Account(s) balance and the Client hereby authorises us to do the same, except cases when the Terms or any supplement hereto provided other Fees deduction conditions, in this case special conditions shall prevail. Payment Transaction fees will be charged when the transaction is executed.
12.5. If Account(s) balance is insufficient to cover the Fees, We may refuse to execute the Payment Transaction till Account(s) balance is sufficient to deduct respective Fee. If Client holds several Accounts with Mercuryo, we reserve the rights to deduct Fee from any Client’s Account having sufficient balance.
12.6. Any and all payments due to Mercuryo shall be paid in the currency indicated in Fee schedule, except as Parties agreed otherwise. Mercuryo, when appropriate, at its sole discretion, is entitled to execute currency exchange in the order stipulated hereof. Currency exchange Fee may be applied.
12.7. Client is aware that payment/financial institutions and other payment electronic systems, i.e. third parties, may apply additional fees in addition to the Fees applicable by Mercuryo. In this regard we shall no bear responsibility for third parties fees applicable.
12.8. When we make any amendments to the Fee schedule We shall inform you in the following way:
(i) Clients – private individuals: amendments increasing effective fees or new fee establishment – notification 60 (sixty) calendar days in advance, having effect since 60 (sixty) calendar days have elapsed;
(ii) Clients – legal entities: amendments increasing effective fees or new fee establishment – notification 30 (thirty) calendar days in advance, having effect since 30 (thirty) calendar days have elapsed;
(iii) amendments decreasing effective fee or canceling any fee – no prior notification, coming into force immediately after approval by Mercuryo.
12.9. In case stipulate in sb.-Cl. (i) of Cl. 12.8 the Client is entitled prior fees or charges amendments have come into force unilaterally by notifying Mercuryo to terminate Business Relationship, close Account(s) and Profile. Without prejudice to the Client’s rights stipulated hereof, Business Relationship may be terminated only if there are no outstanding obligations of the Client towards Mercuryo.
12.10. In case of any questions regarding fees and charges application order and conditions please do not hesitate to contact our support team vie e-mail email@example.com.
13.1. Mercuryo undertakes to provide Services in accordance with the applicable laws and regulations and high professional standards of payment services industry. In particular, we will make every effort to ensure the security and confidentiality of the Clients’ data, in compliance with current regulations in force.
13.2. We reserve the right to temporarily suspend access to the Account(s) for technical, security or maintenance reasons, without these operations being eligible for any compensation. We will limit this type of interruption to a necessary minimum.
13.3. We cannot, however, be held liable to you for possible errors, omissions, interruptions or delays produced by the Site resulting in an unauthorized access to the latter. Nor can we be held liable for thefts, destruction or unauthorized communications of data arising from unauthorized access to the Site. In addition, we will not be involved in the existing legal relationship between you and the Recipient of the Payment Transaction to the maximums extend permitted by applicable law. We cannot be held liable for faults, willful default or negligence of the Client or Recipient towards each other.
13.4. We shall be solely responsible for the security and confidentiality of the data exchanged within the framework of the use of the Site, in accordance with the General Conditions of the Site.
13.5. We shall be responsible for the security and confidentiality of the data that it exchanges with the Client within the context of these Terms in respect of the creation and management of the Account, as well as the Payment Transactions associated with the Account.
14. SENDING NOTIFICATIONS OF THE PARTIES, COMMUNICATION AND CONSULTATION OF CLIENTS
14.1. The Client confirms that she/he agrees with provision of notifications by Company to the Client by publishing them on the Site and sending them via registered e-mail address during registration in the System.
14.2. Company shall have the right to adjust its commission and fees in accordance with any changes in fees charged to Company by a third party. Company will use commercially reasonable efforts to inform Client of any such fee changes at least thirty (30) calendar days prior to the fee changes taking effect, unless Company has been notified by the third party of said changes within a shorter timeframe or is required to pay such charges in a shorter timeframe.
14.3. Parties hereby agree that for communication purposes with the Client, we primary shall use the System (Client’s Personal Area), Client’s e-mail address registered in the System. The Client is under obligation to review regularly all notices sent to the Client via the System. For the purposes of this clause, regularly shall mean at least once a Business Day.
14.4. Without prejudice to other provisions of notification sending set forth hereof, Mercuryo is entitled to send the Client written notices via post services. In this case we shall use post address specified by the Client in the System or appropriate questionnaire and it shall be deemed that the Client received the notice within 3 (three) Business Days after it was sent, unless the Client actually receives the notification later and this fact may be evidenced by the Client.*
14.5. The Client undertakes to check his/her email inbox and other instruments used for reception of notifications indicated on the Account at least once a business day, in order to notice notifications about changes in the Terms in time.
14.6. The Client must renew the contact data (telephone number, email address and post address) on his/her Account within 1 (one) Business Day. If the Client fails to renew the contact data on his/her Account, all consequences due to failure of the Company to submit notifications to the Client shall fall on the Client.
14.7. Client shall immediately inform Company about theft or other loss of his/her personal identity document.
14.8. The Parties shall immediately inform each other about any circumstances significant for execution of the Terms. The Client shall submit documents substantiating such circumstances (e.g. changes in the name, surname, signature, address, phone number, other contact data, personal document, initiation of bankruptcy proceedings against the Client etc.), whether this information is already transferred to public registers or not in 10 (ten) working days from the date of change.
4.9. If the Client provides Company documents which do not comply with requirements set by the legal acts and/or Company or reasonable doubts arise to Company about the authenticity or correctness of submitted documents, Company has the right to refuse to execute payment orders submitted by the Client, suspend provision of other Services and/or demand from the Client to submit additional documents.
4.10. The Client has the right to learn valid amendments of the Terms, its Supplements and Pricing on Company Site at any time.
4.11. It shall be deemed that messages (claims, requests, or complaints) from the Clients are received on the day of their submission to us, if this day is a Business Day. Messages submitted outside the Business Day shall be deemed received on the next Business Day.*
4.12. All communication (written and oral, via any communication means) between the Parties shall commence on English, unless Parties have agreed otherwise.*
4.13. The Client shall use such information instruments to contact the Company and to provide the Company with notifications as specified in this clause except cases when special means of communication for particular notification are set forth in the present Terms:
14.13.1. Message sent via the System.
14.13.2. If it is not possible to send message via the System the Client can send notification by email using the Client's email address registered with the System to the Company email address specified for the particular purpose of the notification as set forth herein; in all other cases the Client can sent his/her notifications to the Company e-mail address: firstname.lastname@example.org;
14.14. Email address which has been specified during registration in the System should be considered as Client's email address registered with the System and via this e-mail further communication with the Client shall conduct. In case Client communicates with the Company by means of other e-mail address, the Company reserves the right to recognize such communication as null and void, till new e-mail address in duly manner notified to the Company and registered with the System.
15. AMENDMENTS TO THE TERMS
15.1. Company has the right to unilaterally amend and/or supplement conditions of the Terms by following the notification procedure set forth in the present Terms.
15.2. The Client has no right to change and/or amend conditions of the Terms unilaterally.
15.3. If the Client does not agree to amendments or supplements of the Terms, she/he has the right to refuse from provision of Company services and terminate the Terms notifying Company thereof 30 (thirty) days in advance.
15.4. The Client has no right to unilaterally change and/or amend the conditions of the Terms or Fee schedule.
15.5. The Client acknowledges that notifications sent by us (i) via the System or (ii) to the e-mail address registered with the System, as the case may be, shall be deemed as properly provided.
15.6. The Parties are entitled to amendment separate provisions of the Terms by entering into supplements which shall be deemed mutual agreements, under which Parties agree on individual provisions of their cooperation and specific conditions of the Services used. Provisions of the supplements shall prevail standard terms of the Terms if in the Terms is not specified otherwise. All supplements after have been signed by both Parties shall form an integral part of the Terms. *
15.7. The Parties agree that the Client is entitled to ask Mercuryo to provide draft of any proposed amendment to the Terms, Fee schedule or supplement prior its effective date and ask to provide respective consultation on new or amended terms and conditions.*
16. CONFIDENTIALITY AND DATA PROTECTION
16.1. The Parties undertake to protect each other’s technical and commercial information, which has become known to them while executing the present Terms. Client undertakes not to transfer technical and commercial information of Company to third parties without a written consent from Company.
16.2. The Сompany is responsible for the safety of cardholder data, as well as for the process of storing and processing cardholder data when the Client makes a transaction in accordance with the Terms of this agreement.
16.3. If the Client loses his/her Account Password or other Passwords, the Client undertakes to change the Passwords immediately or, if s/he does not have a possibility to do it, notify Company thereof immediately (not later than within one calendar day) with the help of information instruments indicated in section 14. Company shall not be liable for consequences that have originated due to the notification failure.
16.4. After Company receives the notification from the Client indicated in Clause 16.3., it shall immediately suspend access to the Client's Account and provision of Company services until a new password is provided / created for the Client.
16.5. Company draws Client's attention to the fact that the email and other instruments linked to the Mercuryo Account are used as instruments for communication with the Client and/or Client identification instruments. Thus, these instruments and logins to them shall be protected by the Client. The Client is fully responsible for security of his/her email passwords and all the other instruments used by him/her and their login passwords. Passwords are secret information, and the Client is responsible for their disclosure and for all operations performed after the Password used by the Client for a relevant Account or another payment instrument is entered.
16.6. The Parties expressly agree that messages transferred via mail and email can be considered evidence when settling disputes between Company and the Clients.
16.7. The Parties undertake to protect each others technical and commercial information, which has become known to them while executing the present Terms. Client undertakes not to transfer technical and commercial information of Company to third parties without a written consent from the Company.
16.10. The Client agrees that Mercuryo proceeds Personal Data with the aim to establish Business Relationship and open the Account, provide Services, execute other obligations under the present Terms, inter alia, to face AML/CTF requirements mandatory applicable to Mercuryo. We guarantee the security of Personal Data received. Personal Data is used only to the extent necessary to perform contractual obligations of the Parties laid down hereof and any supplements herein.
16.12. The Client grants us the right to cooperate with third persons, including but not limited to, submitting requests, checking various data bases, in order to verify the identity of the Client and accuracy of other data submitted by the Client for the KYC purposes and with the aim to protect our legal interests in relationships with the Client.
16.13. The Parties undertake to protect each other’s technological and commercial information which has become known to them while being in Business Relationship.
16.14. The Client undertakes not to disclose and keep harmless our technological and commercial information from unauthorized disclosure to third parties without allowed purpose. In each case when the Client is intending or is obliged to disclosure any confidential information regarding Mercuryo, Client shall inform us in advance. In case prior notification is not possible, than, the Client shall inform us as soon as possible.
16.15. Mercuryo will store the Personal Data for a maximum legal or regulatory period applicable depending on the purpose of each type of data processing.
17. LIABILITY OF THE PARTIES
17.1. Each Party is responsible for all fines, forfeits, losses which the other Party incurs due to violation of the Terms made by the guilty Party. The guilty Party undertakes to reimburse direct damage incurred due to such liability to the affected Party. In all cases, liability of Company under the Terms is limited by the following provisions:
17.2. Company shall only be liable for direct damages caused by a direct and essential breach of the Terms made by Company, and only for such damages which could have been reasonably anticipated by Company during the breach of the Terms.
17.3. Company does not guarantee uninterrupted System operation, because System operation can be influenced (disordered) by many factors which are beyond control of Company. Company shall put all efforts to secure as fluent System operation, as possible; however, Company shall not be liable for consequences originating due to System operation disorders.
17.4. Company is not liable for:
(i) Funds transfer from the Mercuryo Account and for other Payment Transactions with Funds on the Client's Account if the Client has not protected his/her Passwords and identification instruments, and they have become known to other persons, and also for illegal actions and operations of third persons performed using counterfeited and/or illegal documents or illegally received data;
(ii) errors made by banks, payment systems and other third persons;
(iii) consequences which arise after Company legally terminates the Terms, cancels Client’s Account or limits access to it, also after reasonable limitation/termination of provision of a part of the Services;
17.5. The Client is fully responsible for the correctness of data and orders provided for Company and when filling in documents in the System:
(i) the Client bears all the losses that have arisen due to unauthorized Payment Transactions these loses have been incurred due to: usage of a lost or stolen payment instrument;
(ii) illegal acquisition of a payment instrument if the Client has not protected personalized security features (including identity confirmation instruments).
17.6. The Party is relieved from the liability for failure to perform the Terms if it proves that the Terms has not been executed due to circumstances of Force Majeure which are proven in accordance with the procedure established by the law. The Client shall notify Company about Force Majeure circumstances which prevent execution of the Terms in written within 10 (ten) calendar days after the day of occurrence of such circumstances. Company shall notify the Client about Force Majeure circumstances via email or on the System websites.
17.7. Company strongly recommens that Client monitor Account closely on regular basis:
(i) the Client should immediately notify Company if: there has been an unauthorised transaction sent from Client Account;
(ii) there has been unauthorised access to Client’s Account.
17.8. Mercuryo gives no financial, investment, legal or other kinds of advices regarding management and use of Client’s funds and shall not provide the Client with possible risks assessment while using the Services. Mercuryo may only consult the Client on conditions of the Terms and provisions of Services ordered or already used by the Client, System use and technical options, as well as concerning Client’s Personal Data processing and protection, consumers’ rights compliance and protection, mandatory binding regulations and legal proceedings.
17.9. The Client prior entering the Terms and use of Services shall asses possible risks and his/her satisfaction with Services intended to be used.
17.10. Mercuryo will not intervene in any way in the legal and commercial relationship and any litigation arising between the Recipient and the Client. Mercuryo has no control over the compliance, security, legality, characteristics and appropriateness of the products subject to a Payment Transaction. In this respect, it is up to the Client to obtain all useful information before proceeding to the purchase of a product or service, the collection of funds or any other transaction, in full knowledge of all the considerations involved.
Any transaction carried out by the Client gives rise to a contract directly formed between him/her and the Recipient(s) with whom Mercuryo has no contact. Mercuryo cannot, under any circumstances, be held liable for the non-performance or poor execution of obligations that may result, or possible damages caused to the Client in this respect.
17.11. If Mercuryo fails to comply with the Terms and any supplement hereto, Mercuryo is responsible for any loss or damage you suffer that is a foreseeable result of Mercuryo breaching its contractual obligation or failing to use reasonable care and skill when providing Services under the Terms and any supplement hereto, but Mercuryo is not responsible for any loss or damage that is not foreseeable or which is not caused by its failures.*
17.12. You acknowledge and agree that Mercuryo will not be responsible to you for any loss or damage you suffer in connection with the use of the Service where such loss or damage is caused by your acts or omissions or by those of a third party including, but not limited to:
17.12.1. your failure to provide us with accurate, complete and up to date information; or
17.12.2. you losing or allowing third parties to gain access to your login and password.
17.13. Mercuryo will take reasonable care to ensure that any data it holds in relation to you and Account(s) is secure. However, you acknowledge and agree that Services are provided via the Internet and cannot be completely secure and Mercuryo will only be responsible to you for loss or damage to your data to the extent that it is caused by Our failure to take such reasonable care.
17.4. Mercuryo to the maximum extent permitted by applicable law will not be responsible to you for any loss of profit, loss of reputation, loss of business, business interruption or loss of business opportunity, as well as, will not be liable for any indirect, incidental, punitive, or consequential damages arising out of or in connection with Business Relationship.
17.5. The Parties are independently liable to the state and other subjects for fulfilment of all tax obligations. Mercuryo shall not be liable for execution of tax obligations of the Client, calculation, or transferring of taxes applied to the Client.
18. EVENTS OUTSIDE THE CONTROL OF A PARTY
18.1. Neither Party will be liable or responsible for any failure to perform, or delay in performance of, any of their obligations under the Terms that is caused by an Event Outside The Control of a Party.
18.2. An Event Outside The Control means any act or event beyond a Party’s reasonable control, including without limitation strikes, lock-outs or other industrial action by third parties, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, or failure of public or private telecommunications networks.
18.3. If Event Outside The Control longs more than 30 (thirty) calendar days, Parties may decide on termination of Business Relationship.
19.1. The Terms and any supplement hereto constitutes entire mutual Terms between the Parties. If any of the provisions of the Terms is held invalid or unenforceable, it shall be deemed deleted and will not invalidate the other provisions.
19.2. If one or more of the provisions of the Terms lapses or is declared as such under any law or regulation or following a final decision of a court of competent jurisdiction, the other provisions will retain their binding force and scope. The provisions considered null and invalid would then be replaced by provisions closest in scope and meaning to those initially agreed.
19.3. No term of the Terms is intended to confer a benefit on, or to be enforceable by, any person who is not a party to them.
19.5. The Terms cannot be subject to a complete or partial transfer by the Client, whether against payment or free of charge. It is therefore forbidden to transfer to a third party any rights or obligations that the Client owns hereunder. In the event of breach of this prohibition, in addition to the immediate termination hereof, the Client may be held liable by Mercuryo.
19.6. Mercuryo aims to settle all disputes with the Client amicably, promptly and on terms acceptable to Parties; thus, in case of a dispute, Clients are encouraged to, first of all, address Company directly. Disputes are solved by negotiation.
19.7. Mercuryo may assign its rights and obligations under the Terms to another person at any time, by giving 60 (sixty) calendar days prior written notice to the Client. If Mercuryo does this, the Client’s rights under the Terms will not be affected.
19.8. If the Client wishes to make a complaint about the Services, the Client can email Mercuryo at email@example.com, with brief details of the complaint and the email address associated with the Account.*
19.9. The complaint shall specify circumstances and documents on the bases of which the complaint has been submitted. If the Client bases his/her complaint on documents which Company does not possess, the Client shall also submit such documents or their copies when filing the complaint.
19.10. Terms of examination of claims or complaints of Clients:
19.11. Company shall examine Client's claim or complaint and notify the Client about the decision not later than within 30 (thirty) calendar days, except when legal acts or other Company binding acts related to provision of Services (e.g. rules of international payment card organizations) establish a different time limit.
19.12. If Company cannot provide the answer to the complaint of the Client within the time period specified in the clause 19.11, Company shall inform the Client about the reasons and indicate when the Client will receive the answer.
19.13. If the Client is not satisfied with the decision of Company, the Client has the right to use all other legal remedies to protect his/her rights.
19.14. The Client may submit any claim or complaint regarding Services provided by the Company by sending a notification via email.
19.15. The complaint shall specify circumstances and documents on the bases of which the complaint has been submitted. If the Client bases his/her complaint on documents which Company does not possess, the Client shall also submit such documents or their copies when filing the complaint.
19.16. If the complaint is not resolved by the end of 30 (thirty) calendar days after the complaint is received, Mercuryo will initiate a formal complaints handling procedure. Mercuryo will acknowledge the Client’s complaint via the System (Client’s Profile) or by email within 5 (five) calendar days.
The respective notice will contain details of the complaints procedure and the Client’s right to refer the complaint to the Financial Ombudsman Service at The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR, United Kingdom (further details can be found at www.financial-ombudsman.org.uk), if the Client is dissatisfied with Mercuryo assessment and ruling.*
19.17. Within 15 (fifteen) calendar days (complaints about rights and obligations arising under Parts 6 and 7 of the PSRs 2017) or 8 (eight) weeks (complaints not related to rights and obligations arising under Parts 6 and 7 of the PSRs 2017) after a complaint, Mercuryo will send the Client a final response.*
19.18. A complaint about any regulated aspect of the Service that Mercuryo cannot settle within 15 (fifteen) calendar days (complaints about rights and obligations arising under Parts 6 and 7 of the PSRs 2017) or 8 (eight) weeks (complaints not related to rights and obligations arising under Parts 6 and 7 of the PSRs 2017) after the date of complaint may be referred to the Financial Ombudsman Service at The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR, United Kingdom (further details can be found at www.financial-ombudsman.org.uk).*
19.19. The Terms are governed by the laws of England and Wales. You and the Client agree to submit to the non-exclusive jurisdiction of the English courts.*
20. MONETLEY LTD DISCLAIMER
Monetley LTD is a non-banking payment provider authorized to issue electronic money and provide unrelated payment services to its customers. We are an Electronic Money Institution (EMD) authorized by the Financial Conduct Authority (FCA) of the United Kingdom.
English laws are applicable to our business activity, our relations with the customers and our responsibility to the customers and the FCA. One of our legal obligation is to protect your money and keep it safe.
In common case, when you held money with the bank, your money is under the Financial Services Compensation Scheme (FSCS) of the United Kingdom protection and are refundable in accordance to the FSCS rules (https://www.fscs.org.uk/). It is important to understand, that Monetley LTD is not a bank and your money held with us is not protected by the Financial Services Compensation Scheme of the United Kingdom. In particular case, your money is protected by Monetley LTD itself. In case Monetley LTD fails, to get you money back you will have to contact the receiver, i.e. liquidator or administrator appointed to manage the closure of failed company and responsible for money refunds to the customers. Please remember, that refunds may take longer than if it were a bank, and some fair costs for money return may be taken by the receiver of the failed company. These costs are not set by Monetley LTD, and the amount of such costs is set solely at failed company receiver’s discretion.
We always take adequate measures to ensure that in case Monetley LTD fails, your money will be paid out in a timely and orderly manner. Your claim to pay money back will be paid from the safeguarding account. Such safeguarding account is protected by English law from other creditors’ claims and in any case customers’ money from safeguarding account shall be paid out first.
We deposit your money in a safeguarding account we held with an authorized credit institution – currently the Bank of Lithuania (European Union), which is a member of the European System of Central Banks (https://www.lb.lt/en/). We keep sufficient portion of money to satisfy all customers claim for the money owed. We guarantee that all customers’ money is strictly segregated from Monetley LTD own funds and proceeds.
We safeguard your money regardless of its amount or country, or origin/destination by the means of segregating, hereby keeping it separate from other asset and all other sources of funds of Monetley LTD.
Our safeguarding obligations shall start immediately when Monetley LTD receives money from you and shall remain in full force and effect until money is held with us and shall end when the money is paid out to the payer or payee, including funds transfer to another electronic money institution or payment service provider. Monetley LTD defines protection of your money as a cornerstone task and we properly and adequately manage your money on a day-to-day basis.
We provide overall control over the implementation of safeguarding requirements that apply to us, our employees, agents and distributors. We apply sufficient organizational measures to effectively manage the risks that may arise from negligence or poor administration, as well as, fraud and misuse. For these purposes Monetley LTD provides regular safeguarding risk monitoring, as well as regularly revises safeguarding issues and providing its update on an ongoing basis.
With the aim to effectively manage safeguarding measures and protect customers’ money, we have established the Safeguarding Policy in strict compliance with Electronic Money Regulations 2011 (EMRs) and payment Services Regulations 2017 (PSRs), as well as, best practice recognized common standards. If you are not satisfied with the services we provide, you can contact the Financial Ombudsmen Service of the United Kingdom (https://www.financial- ombudsman.org.uk/, firstname.lastname@example.org, 0800 023 4567).
In case of any questions or any lack of understanding regarding funds held with compensation mechanisms, please do not hesitate to contact us by sending your questions to our support team – email@example.com. Monetley LTD highly professional compliance and legal team will provide you explicit and comprehensive explanations regarding customers’ funds compensation issues. You may also get acquainted with the FCA regulatory requirements regarding FCA authorized firms safeguarding obligations: https://www.fca.org.uk/firms/emi-payment- institutions-safeguarding-requirements.