Version 1.00
Last Updated: 7 August 2024
Terms of Service for Individuals (also referred to as this “Agreement”)
These Terms of Service (the “Terms”) constitute an offer made to any eligible customer, as defined herein, by Moneymaple Tech Ltd, a limited company incorporated and existing under the laws of Canada with business number BC1306168, whose registered office is at 810 Quayside Drive, Office 205, New Westminster, V3M6B9, BC, Canada, operating under Mercuryo trade name hereinafter referred to interchangeably as “Moneymaple” and “Mercuryo” .
These Terms set forth the conditions governing the provision of certain services to any eligible customer based in the United Kingdom only.
Mercuryo Companies and the customer who has agreed to, and accepted these Terms shall hereinafter be referred to collectively as the “Parties” and individually as a “Party”.
BACKGROUND
(A) Moneymaple is permitted under an MSB license with registration number: M21565803 issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to conduct certain financial activities, including dealing in virtual currencies and cryptocurrency buy and sell services.
(B) Moneymaple entered into that certain Financial Promotions Agreement of 8 January 2024 with the FinProm Partner as defined below, pursuant to which the FinProm Partner shall conduct its UK Financial Promotions approval service and act as a permitted approver in respect of Financial Promotions that Moneymaple submits to the FinProm Partner for approval for the purposes of section 21 FSMA.
(C) The FinProm Partner is regulated by the FCA as an investment firm to provide certain investment services and registered with the FCA as a crypto asset business under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 for certain crypto asset activity.
(D) The FinProm Partner is currently an authorised person allowing it to approve and monitor on an ongoing basis certain Financial Promotions for the purposes of Section 21 of the FSMA, made by Moneymaple.
1. ELIGIBILITY CRITERIA
1.1 To utilize the Services provided under this Agreement (as defined below), an individual customer must meet the following eligibility criteria:
1.1.1 be of legal age;
1.1.2 meet all Mercuryo KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements;
1.1.3 be verified as being physically present in the United Kingdom (that is, using a UK IP address or a UK-issued bank card); and
1.1.4 not be subject to sanctions or located in any sanctioned country.
1.2 Such a customer shall be hereinafter referred to as the “eligible customer” or simply the “customer” where there is no risk of ambiguity.
2. AGREEMENT AND ACCEPTANCE
2.1 By using any of Mercuryo Services, whether through the Website (as defined below) or otherwise (collectively referred to herein as the "Services"), the customer manifests their assent to the Terms.
2.2 The customer shall be deemed to have read, understood, and accepted all of the terms and conditions contained herein (including the Fee Schedule and the Privacy Notice, each separately provided on the Website and incorporated herein by reference) and to have unconditionally and irrevocably agreed and accepted the terms and conditions set forth herein.
2.3 By completing the onboarding procedure, the eligible customer confirms their acceptance of the Terms with Mercuryo.
2.4 For the purpose of the Terms, wherever the context so requires, ‘you’ and ‘your’ shall relate to any eligible customer who has agreed to, and accepted the Terms as set forth in Clause 2.3.
2.5 If agreed to, and accepted by the eligible customer, these Terms, along with the accompanying Privacy Notice, Fee Schedule, and any Supplement hereto constitutes the entire agreement and understanding between the Parties.
2.6 These Terms do not modify or override the terms or conditions of any other written agreement the customer may have with Mercuryo for other services.
3. DEFINITIONS AND INTERPRETATION
3.1 The definitions set out in this Clause 3.1 apply in these Terms. “Application” means the form available on the Website for registration with the System and Account opening, which must be completed by the customer or their representative. “Business Day” means a day other than a Saturday, Sunday or a public holiday in the United Kingdom when financial institutions in London are open for business, or any other day as designated by Mercuryo and duly notified to the customer.
“Business Hours” refers to the time from 9:00 AM to 5:00 PM WET (Western European Time/UTC) on each Business Day, during which Mercuryo provides Services to its customers, processes Orders, and executes Payment Transactions. “Commission” means the fee charged by Mercuryo for a Payment Transaction and/or related services.
“Consent” means the customer's authorization to perform the Payment Transaction.
“Cryptocurrency” means the Digital Currency which an eligible customer sends to/receives from the Widget that is not Fiat Currency or NFTs.
“Customer’s Identification” means the set of Know Your Customer (KYC) and Due Diligence (DD) measures applied by Mercuryo to verify the identity of the customer, in accordance with the procedures specified in these Terms, the System, and the Mercuryo's AML/CTF policy.
“Customer’s Representative” means a person duly authorized by the customer to represent the customer hereunder before Mercuryo and to execute payment transactions on behalf of and for the benefit of the customer, acting under a power of attorney or other legal authority.
“Customer's Contact Details” means an email address, mobile phone number, or any other communication method through which Mercuryo may interact with the customer for registering the Customer's Personal Area and for sending notifications as stipulated in these Terms.
“Digital Asset(s)” refer to Digital Currencies, their derivatives or other types of digitalized assets with a certain value including Cryptocurrency and NFTs.
“Digital Currency(ies)” refer to encrypted or digital tokens or cryptocurrencies with a certain value that are based on blockchain and cryptography technologies and are issued and managed in a decentralized form.
“EEA country” means any member state of the European Union, as well as Iceland, Liechtenstein, and Norway.
“External Account” means any account or wallet held by the customer with a third-party service provider, from or to which the customer transfers fiat or virtual currency into or from their Mercuryo Account or Mercuryo Wallet.
“FCMA” means the Financial Services and Markets Act 2000 as amended.
“Fees” refers to the charges payable by the customer for the Services provided by Mercuryo. The Fee Schedule is available on the Website.
“Fiat Currency” means the currency which the customer sends to or receives from with the use of the System that is legal tender that is issued by a central bank or equivalent public authority.
“Financial Conduct Authority” (also known as "FCA") refers to the UK’s financial services regulator. Queries can be directed to consumer.queries@fca.org.uk orfirm.queries@fca.org.uk, or by contacting the switchboard at +44 (0)20 7066 1000.
“Financial Promotion” has the meaning given to the term in the FCA Glossary which is integrated herein by reference.
“Funds” refers to virtual currency, fiat currency, E-Money, and/or digital assets, as the context may suggest.
“Mercuryo Account” or “Account” refers to the account opened in the System in the name of the customer after successful verification and registration with the System.
“Mercuryo Account” refers to the account that the Customer has opened with Moneymaple through the Partner Company in accordance with these Terms.
“Mercuryo Services” for the purpose of these Terms, means Virtual currency wallet services, fiat to virtual currency and virtual currency to fiat exchange services and other applicable virtual currency services.
“Mercuryo Wallet” or “Wallet” refers to, as the context may suggest, a virtual currency wallet, such as for Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, and other digital assets, owned or operated by the customer and maintained by Mercuryo.
“Mercuryo” refers to a trade name under which Moneymaple provides its Services to an eligible customer.
“ML Regs” means the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as amended at the time being.
“NFT” means a non-fungible cryptographic token (i.e., a unique, transferrable electronic record on a blockchain network and/or distributed ledger). NFTs are intangible Digital Assets. The term NFT does not include Cryptocurrency.
“OOR” means crypto On- and Off-Ramp application.
“Order” means the instruction given by the customer to Mercuryo via the System for the purpose of carrying out a Payment Transaction. An Order may not be withdrawn by the customer after it is deemed irrevocable as indicated in these Terms.
“FinProm Partner” means Archax Ltd, a private limited company incorporated and existing under the laws of England and Wales with company number 11302455, whose registered office id at 1 Old Jewry, London, England, EC2R 8DN.
“Password (Passwords)” refers to any code created by the customer within the System, or a code provided to the customer by Mercuryo, for accessing the customer’s Personal Area and Account, or for initiating and managing separate Services provided by Mercuryo, including the initiation, authorization, implementation, confirmation, and receipt of Payment Transactions.
“Payer” means an individual who executes a payment for the benefit of the customer who has submitted an Order.
“Payment Transaction” refers to the transfer of funds initiated by the Payer, either in the Payer’s name or by the Recipient.
“Percentage based Fees” refer to an amount equal to a percentage of the payment amount, which is charged on incoming or outgoing payments.
“Personal Data” means any information that relates to an identified or identifiable living individual, including different pieces of information that, when collected together, can lead to the identification of a particular person. The principles for processing Personal Data are defined in the Mercuryo Privacy Policy.
“Pricing” refers to the prices for Mercuryo’s Services and transactions. Pricing information for E-money services is available on the Website.
“Privacy Policy” refers to Mercuryo’s internal privacy procedures regarding the processing of Personal Data, including further transfer and storage, established in accordance with the UK Data Protection Act 2018 (DPA 2018), the General Data Protection Regulation (EU) 2016/679 (GDPR), and best practices in Personal Data protection. The Privacy Policy is available on the Website.
“Profile” means the Customer’s Personal Area in the System where the Customer can manage Account(s), execute Payment Transactions, and access other Services provided by Mercuryo.
“Proof of Address” means documents that confirm the place of residence. Acceptable documents for proof of address include: internet (not mobile internet), cable TV, or fixed-line telephone bills (not mobile internet); bills from companies supplying gas, electricity, or water; bank statements/references; tax returns; council tax bills; and government-issued certifications of residence. The submitted documents must be no more than three months old at the time of application and must display the name and current address of the customer or beneficial owner, as applicable. For UK/EU citizens, additional acceptable documents include solicitor’s letters confirming recent house purchases or land registry confirmations (with proof of previous address also required), HMRC (Inland Revenue) tax documents (e.g., tax assessments, statements of account, tax returns), and valid local authority tax bills (e.g., council tax) for the current year.
“Recipient” means an individual or legal entity designated as the beneficiary in the crypto or fiat the Payment Transaction.
“Recurring Transactions” refers to regular purchases that are automatically initiated at specified intervals, which may be daily, weekly, bi-weekly, or monthly.
“Services” means all products, services, content, features, technologies or functions offered by Moneymaple including purchase and sale of Digital Assets and all related websites and applications.
“Services” refers to virtual currency wallet services, fiat-to-virtual currency and virtual-to-fiat currency exchange services, other applicable virtual currency services, and other payment services provided by Mercuryo.
“Strong Customer Authentication” refers to a verification method based on at least two elements categorized in Directive (EU) 2015/2366 of the European Parliament and the Council on payment services in the internal market, which amends Directives 2002/65/EC, 2009/110/EC, and 2013/36/EU, and Regulation (EU) No 1093/2010, and repeals Directive 2007/64/EC (25 November 2015).
“Supplement” refers to an agreement between Mercuryo and the customer regarding the provision and use of separate Services offered by Mercuryo. A Supplement may be outlined as an agreement, rules, declaration, plan, or in another format. The Supplement is an integral part of these Terms.
“System” means the software solution available on Mercuryo Website, used for the provision of Services.
“Unauthorized Payment Transaction” means any transaction that the customer did not make and did not authorize anyone else to make.
“Verified” means that the customer has successfully completed the identification process.
“Website Terms of Use” refers to the general terms and conditions governing the use of the Website, including access to the Website and the use of cookies. The Website Terms of Use are available on the Website.
“Website” means any webpage, including but not limited to https://uk.mercuryo.io/, which may be used for providing the Services by Moneymaple to the customer.
“Widget” means the Moneymaple web widget, the data supplied with the software and the associated media that enables an eligible customer to convert cryptocurrencies to fiat currencies and vice versa.
3.2 The rules of interpretation set out in Clauses 3.2 to 3.9 (inclusive) apply in this Agreement.
3.3 The Schedules and form part of (and are incorporated into) this Agreement. Underlined words in this Agreement contain hyperlinks to the documents incorporated into this Agreement by reference.
3.4 The headings to the Clauses, Schedules and Paragraphs are for convenience only and shall not affect the interpretation or construction of this Agreement.
3.5 A reference to a “person” includes a reference to any individual, firm, partnership, unincorporated association or body corporate wherever incorporated or situated; and that person’s legal personal representatives and successors.
3.6 Unless the context otherwise requires:
3.6.1 words denoting the singular shall include the plural and vice versa;
3.6.2 words denoting a gender shall include all genders;
3.6.3 covenants and undertakings given by an individual shall be binding on his personal representatives and executors; and
3.6.4 references to (or to any specified provision of) this agreement or any other document shall be construed as references to this agreement, that provision or that document as in force and as amended from time to time.
3.7 Any reference to a “company” shall include any company, corporation or other body corporate, however incorporated or established and in whichever jurisdiction.
3.8 The terms “including”, “include”, “in particular” or similar expression, shall not limit the sense or application of any words preceding those terms.
3.9 A reference to a “Clause” or “Schedule” is to a clause of or schedule of this Agreement and a reference to a “Paragraph” is to a paragraph of the relevant Schedule or the relevant part of the relevant Schedule.
4. DISCLAIMERS
4.1 MONEYMAPLE IS NOT AUTHORIZED TO PROVIDE, AND DOES NOT PROVIDE, ANY ELECTRONIC MONEY SERVICES, E-MONEY ACCOUNT SERVICES, FIAT CURRENCY CUSTODIAL SERVICES, FIAT-TO-VIRTUAL CURRENCY AND VIRTUAL-TO-FIAT EXCHANGE SERVICES, OR ANY OTHER FIAT OR VIRTUAL CURRENCY SETTLEMENT SERVICES TO RESIDENTS OF THE UNITED STATES OF AMERICA.
4.2 NO ADVICE ON CRYPTOCURRENCY TRANSACTIONS. MERCURYO IS NOT PROVIDING ANY ADVICE OR RECOMMENDATIONS REGARDING WHETHER OR NOT IT'S A GOOD IDEA TO ENGAGE IN TRANSACTIONS INVOLVING CRYPTOCURRENCY. THEY ARE NEUTRAL AND ARE NOT ENDORSING OR DISCOURAGING SUCH ACTIVITIES.
4.3 NO ADVICE ON SECURITIES. SIMILARLY, MERCURYO IS NOT ADVISING ON THE BUYING OR SELLING OF SECURITIES (WHICH COULD INCLUDE STOCKS, BONDS, ETC.). THEY ARE DISTANCING THEMSELVES FROM ANY RESPONSIBILITY OR LIABILITY RELATED TO INVESTMENT DECISIONS MADE BY THEIR USERS.
4.4 MERCURYO DOES NOT PROVIDE FINANCIAL, INVESTMENT, LEGAL, OR ANY OTHER TYPE OF ADVICE REGARDING THE MANAGEMENT AND USE OF THE CUSTOMER’S FUNDS. ADDITIONALLY, MERCURYO DOES NOT OFFER RISK ASSESSMENTS RELATED TO THE USE OF ITS SERVICES.
4.5 DISCRETIONARY ACCESS. ACCESS TO MERCURYO'S ELECTRONIC MONEY SERVICES IS NOT GUARANTEED AND IS ONLY PROVIDED AT THE COMPANY'S DISCRETION. THIS MEANS MERCURYO RESERVES THE RIGHT TO DECIDE WHO CAN AND CANNOT USE THEIR SERVICES.
4.6 SANCTIONS COMPLIANCE. SERVICE RESTRICTIONS DUE TO SANCTIONS: MERCURYO COMPLIES WITH SANCTIONS IMPOSED BY AUTHORITIES IN THE USA, EU, UK, AND OTHER COUNTRIES. AS A RESULT, MERCURYO DOES NOT PROVIDE SERVICES TO INDIVIDUALS WHO ARE SUBJECT TO THESE SANCTIONS.
4.7 REQUEST FOR ADDITIONAL DOCUMENTATION. CUSTOMERS MUST UNDERSTAND AND AGREE THAT MERCURYO MAY ASK FOR ADDITIONAL DOCUMENTS TO VERIFY THEIR IDENTITY AND ENSURE COMPLIANCE WITH THESE SANCTIONS. THIS IS PART OF MERCURYO'S DUE DILIGENCE PROCESS TO AVOID DOING BUSINESS WITH SANCTIONED PARTIES.
5. INFORMATION ABOUT MERCURYO
5.1 All information about Mercuryo and its Services is displayed at the Website.
5.2 Moneymaple may update the Website from time to time and may change the content at any time.
5.3 The customer agrees that they have no expectation that any of the content on the Website will be always up to date at any time, and Moneymaple is under no obligation to update it.
6. SCOPE OF TERMS
6.1 These Terms specify the terms and conditions under which Mercuryo provides its services to the customer through and the licence of the Partner Company platform.
7. RESERVED CLAUSE
8. REGISTRATION IN THE SYSTEM AND CREATION OF THE MERCURYO ACCOUNT.
OPENING OF ACCOUNT
8.1 To begin using the services, the customer must register in the System
8.2 Upon registration, a personal Mercuryo Account is created for the customer. This Account is for the customer's exclusive use, meaning only the Account owner has the right to access and log in.
8.3 The customer is allowed to have only one Personal Area. If Mercuryo suspects that the customer has deliberately registered multiple Personal Areas to maintain anonymity, Mercuryo may, without prior notice, close the customer's accounts and/or terminate the contractual relationship.
8.4 Anonymous accounts are not permitted. An account can only be opened if the customer is fully identified, and their identity is verified in accordance with Mercuryo's AML/CTF (Anti-Money Laundering/Counter-Terrorism Financing) procedures. These procedures may vary depending on the specific services provided to the customer.
8.5 By accepting these Terms, the customer guarantees that:
8.5.1 They are not a resident of the United States;
8.5.2 They have never been charged with money laundering, financing or supporting terrorism, or any other crimes;
8.5.3 They are not currently, and have never been, subject to any local or international financial sanctions; and
8.5.4 They are not in a state of bankruptcy, under sanitation, subject to debt collection, or facing other claims from third parties and/or government authorities.
If any fact described in this clause 8.5 changes, the customer undertakes to immediately notify the Mercuryo.
8.6 The account is opened for an indefinite period, unless it is terminated early in accordance with the provisions outlined in these Terms.
8.7 To register in the System and use Mercuryo Services, the customer must be at least 18 years old.
8.8 Mercuryo does not provide services under the following conditions:
8.8.1 In countries subject to financial sanctions based on FATF recommendations;
8.8.2 If the customer is a resident of a country where Mercuryo services are not available. The list of restricted countries may be updated by Mercuryo from time to time without prior notice;
8.8.3 If the customer has previously been suspended or removed from using the services;
8.8.4 If the customer does not have the full power and authority to enter into these Terms, or doing so would violate any other agreement to which the customer is a party;
8.8.5 If applicable laws in the customer's country prohibit the use of Mercuryo services in accordance with these Terms.Under circumstances and procedures set out in the Terms or in the System, the customer shall perform Customer identification in order to start or continue provision of Services. For Account opening Mercuryo asks to provide email, phone number, passport or ID Card, proof of address. If Customer’s turnover at Mercuryo Account is over than £15,000, Mercuryo may ask to make video identification and/or provide additional documents on request.
8.9 Mercuryo reserves the right to request additional documents from the customer at any time for enhanced KYC (Know Your Customer) procedures.
8.10 The customer confirms that all information provided during registration is accurate and agrees to provide only correct information when updating or adding any data. The customer will be responsible for any losses incurred due to the submission of incorrect information.
8.11 Mercuryo may request specific data and/or documents necessary to verify the customer’s identity. The required information will be outlined in a message sent to the customer regarding the need to complete the identification process.When performing Customer’s identification, Mercuryo has the right to demand the customer 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.
8.12 Mercuryo reserves the right to request additional information and/or documents from the customer, relating to the customer or their transactions. The customer may also be required to complete and periodically update a customer questionnaire, at least once every six months. Mercuryo may request that copies of documents be notarized and translated into English, with all costs borne by the customer. If the customer fails to provide the requested information and/or documents within the reasonable time frame specified by Mercuryo, the company reserves the right to suspend the provision of all or part of its services to the customer.
8.13 The customer will receive a notification confirming the opening of their account via the email address provided at registration. This email address will be considered the registered email for the customer, and all future communications will be conducted through this address. If the customer communicates with Mercuryo using a different email address, Mercuryo reserves the right to disregard such communication until the new email address is properly notified to and registered with the System.
8.14 A payment institution or another electronic money transfer system may apply fees for transferring funds from the Mercuryo Account to an external account, as well as for transferring funds from an external account to the Mercuryo Account. Without prejudice to other provisions set forth herein, Mercuryo reserves the right to immediately suspend or withdraw the customer’s access to the System and account(s), including the execution of payment transactions, if Mercuryo has reasonable grounds to believe that there may be a security breach of the customer’s account(s)/wallet(s), suspect unauthorized or fraudulent use of the customer’s account(s)/wallet(s), or if Mercuryo is required to do so by law. If such action is taken, Mercuryo will notify the customer in advance when possible; otherwise, Mercuryo will inform the customer at the earliest opportunity. Mercuryo may withhold notification if doing so would compromise reasonable security measures or if it is otherwise unlawful. If the reasons for Mercuryo's actions no longer exist, Mercuryo will reinstate the account(s)/wallet(s) or issue new account/wallet details without undue delay..
8.15 If the customer terminates the contractual relationship with Mercuryo, or if Mercuryo discontinues the provision of services to the customer, the funds held in the customer’s account will be transferred to the customer’s external account as specified by the customer. Mercuryo reserves the right to deduct any amounts owed to Mercuryo from the transferred sum. E-money or virtual currency will be transferred to an external third-party wallet designated by the customer. In the event of a dispute between Mercuryo and the customer, Mercuryo has the right to withhold the disputed funds until the issue is resolved. In the absence of a dispute, Mercuryo will process the refund within two months.
9. FEES FOR SERVICES AND SETTLEMENT PROCEDURES
9.1 The list of fees is available in the customer’s Personal Area within the System. In the event of any amendments to the list of fees for Services, Mercuryo will inform the customer according to the procedure set forth in these Terms, and the customer will be requested to electronically accept the amendment through the System.
9.2 If Mercuryo reduces the general fees for services, the new fees will apply without prior notification or confirmation from the customer.
9.3 Fees are deducted:
9.3.1 During the payment transaction; or
9.3.2 If the fee has not been deducted during the payment transaction, Mercuryo reserves the right to deduct it later from the account.
9.4 The customer confirms that they have thoroughly reviewed the fees and terms of payment transactions, as well as the fees for all services applicable to them.
9.5 Fees are paid in the currency of the payment transaction.
9.6 The customer agrees to maintain a sufficient balance in their account to cover any applicable fees.
9.7 All fees reflect the exchange rates specified in the customer’s order.
9.8 Mercuryo incurs and pays network transaction fees, such as miner's fees, for transactions on virtual currency networks (e.g., transfers of virtual currency to third-party wallets). For these transactions, Mercuryo charges the customer a fee based on an estimate of the network transaction fees anticipated for each transaction. The actual fee that Mercuryo pays may differ from this estimate. All fees charged by Mercuryo will be disclosed to the customer in their Personal Area before the transaction is made.
10. OPERATION OF THE ACCOUNT(S)
10.1 Payment Transactions from the Account can be executed:
10.1.1 To another account within the System;
10.1.2 To accounts in European Union Member States, EEA States, or such third countries that impose similar requirements regarding money laundering and the financing of terrorism;
10.1.3 To accounts in other electronic payment systems or financial institutions, including banks.
10.2 When executing a Payment Transaction that requires currency exchange, Mercuryo may apply exchange rates determined by Mercuryo and valid at the time of the transaction. However, if a third-party currency exchange is required, Mercuryo is not responsible for the conversion.
10.3 Purchase of E-money:
10.3.1 You may purchase E-money through payment transfer or other methods acceptable to Mercuryo, in one or more installments.
10.3.2 To purchase E-money, the customer must place an Order via the System. By placing the Order, the customer consent to the execution of the Payment Transaction.
10.3.3 Mercutyo reserves the right to refuse any Order in their sole discretion without being liable for compensation. Our refusal will be objectively reasonable.
10.3.4 At the customer’s request, E-money held in the wallet can be redeemed at its nominal value at any time, except when limitations apply. No specific conditions for E-money redemption that differ from standard Payment Transaction conditions will be applied. The amount of redeemed or transferred E-money is chosen by the customer. You must submit an Order via the System to transfer E-money to another account or wallet, provided the payment institution supports such a transfer. However, Mercuryo reserves the right to impose limitations on E-money redemption.
10.3.5 The registration of E-money in the customer’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 the Fee Schedule.
10.4 Functioning of the Account:
10.4.1 E-money is stored indefinitely in the wallet under the agreed terms.
10.4.2 E-money purchased is credited to the wallet after receipt of funds, with the amount credited equal to the funds received minus any fees and charges as provided in the Fee Schedule.
10.4.3 Upon placing an Order, E-money corresponding to the amount of the Payment Transaction or reimbursement is debited from the wallet, along with any related fees and charges as provided in the Fee Schedule.
10.4.4 Mercutyo is 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.
10.4.5 The amount of E-money available in the wallet is automatically adjusted based on Orders transmitted to Mercuryo (or in the process of being transmitted), the E-money issued, any fees and charges due, and any cancellation of the aforementioned transactions.
10.5 Use of Electronic Money to Carry Out Payment Transactions:
10.5.1 Before transmitting an Order, Mercuryo must ensure that a sufficient amount of E-money is available to cover the Payment Transaction amount and any related fees and charges as agreed in the Fee Schedule.
10.5.2 Where necessary, Mercuryo 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 the corresponding funds are duly received. E- money cannot be issued on the basis of credit granted to the customer.
10.5.3 If the available E-money amount at the time of Order execution is less than the Payment Transaction amount (including fees), the Order will be automatically refused. Information about this refusal will be made available to the customer in the System. This refusal may incur additional fees in accordance with the Fee Schedule.
10.5.4 The terms for transmitting the Order are as follows:
(i) When carrying out a Payment Transaction, the customer must complete the Order in the System and, where necessary, provide supporting documents requested by Mercuryo.
(ii) The Order must include:
(a) The Payment Transaction amount;
(b) The currency, which may only be the currency of the 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) The customer submits the Order by clicking the validation tab in the System. Once clicked, the Order becomes irrevocable.
10.5.5 E-money is debited from the wallet and credited to the recipient's account according to the customer’s instructions.
10.5.6 Where appropriate, the funds corresponding to the E-money transferred to the recipient can be directly reimbursed to an account opened with Mercuryo or to an external account. If the external account is not with Mercuryo, the recipient must provide the IBAN number, SWIFT code, and full payment details of their payment institution. The external account must be with a bank or payment institution based in a European Union Member State or a State party to the agreement on the European Economic Area.
10.5.7 The Order will be executed no later than the next Business Day following the date of receipt. If the date of receipt is not a Business Day, the Order will be deemed received on the next Business Day.
10.5.8 Orders for transactions within the System are executed immediately unless the transaction is suspended due to the provisions outlined herein.
11. ORDER EXECUTION AND RELATED PROCEDURES
11.1 Without prejudice to other provisions in these Terms, Orders for executing Payment Transactions must be generated according to the instructions provided in the System and valid at the time of transfer. If the customer is the recipient, they are obligated to provide detailed and accurate information to the payer to ensure the Order complies with the System's instructions and is valid at the time of transfer.
11.2 If the payer submits an incorrect Order or provides incorrect payment details, and the Order has not yet been processed, the payer may request Mercuryo to correct the Order by submitting a request through the System. A fee may be applied for the correction of the Order.
11.3 If Mercuryo detects obvious discrepancies in the payment details of a submitted Order, Mercuryo reserves the right to refuse to execute such an Order.
11.4 Mercuryo reserves the right to execute Orders based solely on the account number or IBAN provided. Mercuryo may, but is not obligated to, verify that the account number or IBAN corresponds to the recipient’s name. The Order is considered properly executed if it is completed using the indicated account number or IBAN.
11.5 If Mercuryo receives funds but is unable to credit them to the recipient’s account (e.g., the account is closed, or the IBAN number is incorrect), Mercuryo will return the transaction amount to the payer. Fees and charges for returning the Order may be applied.
11.6 If Mercuryo cannot credit funds to the recipient due to errors made by the payer in the Order, the Order may be cancelled, and the funds may be returned to the payer.
11.7 If the funds have already been credited to the recipient, the Order can only be cancelled and the funds returned to the payer under the payer’s written request and with the recipient’s agreement to return the funds (if the recipient can be identified). In such a case, fees for cancelling the Order may be applied.
11.8 If the customer becomes aware that funds have been credited to or deducted from their account by mistake or through unauthorized means, they are obliged to notify Mercuryo as soon as possible. The customer gives irrevocable consent for Mercuryo to correct such errors by deducting the funds from the account without requiring an additional Order. If the account balance is insufficient to cover the deduction, the customer agrees to deposit the necessary amount without undue delay upon Mercuryo’s first request.
11.9 If the customer has notified Mercuryo that an Order has been incorrectly executed, Mercuryo 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 will then be resubmitted correctly.
11.10 If funds transferred from the account under a submitted Order are returned due to reasons beyond Mercuryo’s control, the returned amount will be credited back to the account. Fees paid by the payer for the Order execution will not be refunded, and additional fees related to the return of funds may be deducted from the account.
11.11 Orders submitted must be clear, unambiguous, executable, and accurately reflect the customer’s intent. Mercuryo is not responsible for errors, discrepancies, repetitions, or contradictions in submitted Orders, including any inaccuracies in the Order details provided by the customer. If an Order lacks sufficient data or contains deficiencies, Mercuryo may either refuse to execute it or execute it based on the available information.
11.12 If Mercuryo refuses to execute an Order, it will promptly notify the customer or make the relevant information available, except in cases where such notification is technically impossible or prohibited by applicable legal regulations.
11.13 Mercuryo will not execute an Order under any circumstances if the funds in the account are under arrest or if the customer’s rights to manage the funds are legally limited, suspended, or restricted.
11.14 Once an Order has been submitted through the System and has reached the point at which it is deemed irrevocable, as indicated in clause 5 herein, it cannot be withdrawn by the customer.
11.15 Mercuryo reserves the right to record and store submitted Orders and information about all Payment Transactions performed by the customer or according to the customer’s Orders for a period of at least five years, which may be extended if required by a supervisory authority. These records may be provided to the customer and/or third parties who are legally entitled to receive such data, as evidence confirming the submission of Orders and/or executed Payment Transactions.
11.16 Mercuryo reserves the right to request documents proving the lawful origin of funds related to an Order. If the customer fails to provide such documents, Mercuryo is entitled to refuse the execution of the Order.
11.17 In this regard, the customer warrants to Mercuryo that:
11.17.1 The funds incoming to the account are of legal origin and are not obtained as a result of criminal activity;
11.17.2 The services provided by Mercuryo will not be used for any illegal purposes, including actions and transactions intended to legalize funds derived from criminal or other illegal activities.
11.18 The customer is solely and exclusively responsible for the warranties given herein, and Mercuryo will not be liable for any losses incurred by the customer or any third party involved in the transaction if the customer’s warranties are found to be untrue or false.
12. USAGE OF MERCURYO ACCOUNT
12.1 The customer can manage Mercuryo Account via the Internet by logging in to his/her Account with his/her login name and Password. Customer shall create a strong Password that do not use for any other website or online service.
12.2 If the customer indicates wrong data about the Recipient, it shall be considered that Mercuryo has fulfilled its obligations properly and shall not repay the transferred amount to the customer.
12.3 If virtual and/or fiat currency is credited to Mercuryo Account/Wallet by mistake or in other ways under no legal basis the customer guarantees a refund Funds from the customer's Mercuryo Account from Wallet. The customer unconditionally commits to repay Mercuryo the currency credited by mistake in 3 (three) Business Days from receipt of the request from the Mercuryo. If the customer 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 Mercuryo thereof. The customer has no right to manage funds credited by mistake, which do not belong to him/her.
12.4 The customer represents and warrants that:
12.4.1 Any incoming virtual and/or fiat currency transferred to their Mercuryo Account is not derived from illegal activity;
12.4.2 The customer will not use Mercuryo's services for any illegal purposes, including the commitment not to engage in actions or operations aimed at legalizing funds obtained through criminal or illegal activity.
12.5 Customer'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 customer.
12.6 Management of the Mercuryo Account via the Internet:
12.6.1 To carry out a Payment Transaction online, the customer must complete an Order in the System and submit it for execution by electronically confirming their consent.
12.6.2 Once the Order is submitted in the System, the customer’s agreement to carry out the Payment Transaction is final and cannot be canceled.
12.7 If the customer reaches a certain limit on their Mercuryo Account (as defined at Mercuryo’s discretion), the customer must follow the instructions provided by Mercuryo.
12.8 If the customer has an insufficient amount of funds in their Mercuryo Account to complete an Order via the System, Mercuryo will cancel the entire Order.
12.9 You have access to recurring transactions through the customer’s profile in the System. By confirming recurring transactions in the System, the customer authorize such transactions. These recurring transactions will occur in identical, periodic installments based on the interval the customer have selected (e.g., daily, weekly, bi-weekly, or monthly) until the customer cancel them through the customer’s profile or another available method within the System.
12.10 By selecting a bank account as the customer’s payment method for recurring transactions, the customer agree that if such transactions fall on days when they cannot be processed due to conditions such as weekends or bank issuer failures, the transaction will be processed on the next Business Day.
12.11 To manage recurring transactions, navigate to the "My Recurring Orders" section in the customer’s profile, where the customer can view all active recurring transactions. In this section, the customer also have the ability to modify, pause, or delete recurring transactions.
12.12 Mercuryo shall not be liable for any losses incurred by the customer as a result of recurring transactions, including but not limited to failed transactions. Mercuryo is also not responsible for any delays in processing recurring transactions. You are solely responsible for ensuring sufficient credit limits to avoid overdraft, non-sufficient funds, or similar fees charged by the customer’s bank. Mercuryo reserves the right to terminate recurring transactions at any time by providing the customer with appropriate notification.
13. TRANSACTION DISPUTE
13.1 A Payment Transaction is considered authorized only after the customer gives their consent. This consent can be confirmed through the use of a password, descriptor, or other identity confirmation instruments. Consent confirmed via any of these methods is considered valid and binding, carrying the same legal weight as a paper document (consent) signed by the customer. It may be used as evidence in disputes between Mercuryo and the customer in courts and other institutions. The customer does not have the right to dispute a Payment Transaction performed by Mercuryo if the Order was confirmed with consent submitted by one of the methods described in this clause.
13.2 The customer agrees that, while executing a Payment Transaction, Mercuryo may transfer the customer's personal data to parties directly involved in the execution of the transaction. This includes international payment card organizations and other banking or non-banking payment and financial institutions authorized to provide the necessary payment services.
13.3 For claims concerning Payment Transactions or reimbursements of E-money executed by Mercuryo, the customer is advised to contact the support team via email at support@monetley.com as soon as possible after becoming aware of the issue and within thirteen (13) months of the date the Payment Transaction was registered in the account.
13.4 After validating the legitimacy of a claim as specified in Clause 13.1, Mercuryo will immediately arrange for the refund of the amount of the unauthorized Payment Transaction and restore the account to the balance it would have had if the disputed transaction had not occurred, including any interest and fees.
13.5 You may dispute an authorized Payment Transaction if the exact amount was undefined or if the final amount differs significantly from what the customer could reasonably expect, considering the customer’s profile, previous expenditures, and the conditions outlined herein. This request must be submitted to Mercuryo within eight (8) weeks of the execution of the Order. Mercuryo will reimburse the customer within ten (10) Business Days of receiving the request, provided the request is justified under applicable laws and contains all necessary information for review. Mercuryo reserves the right to refuse reimbursement, which will be explained and notified to you. You may be required to provide additional information to determine the circumstances of the Payment Transaction. Mercuryo reserves the right not to reimburse fees resulting from the disputed Payment Transaction. Fees specified in the Fee Schedule may be charged if the Payment Transaction dispute is found to be unjustified.
14. CUSTOMER’S OBLIGATIONS
14.1 When using Mercuryo Services, the customer agrees to:
14.1.1 Comply with these Terms, any supplements, and applicable legal requirements, including but not limited to AML/CTF requirements;
14.1.2 Not provide false, misleading, or incorrect information to Mercuryo, and not refuse to provide information or take other actions that are reasonably requested;
14.1.3 Complete all legal procedures required by Mercuryo for customer identification, verification, and KYC purposes, and submit all necessary data and information;
14.1.4 Respond to Mercuryo’s requests within three (3) Business Days, unless a different timeframe is specified in the request or these Terms;
14.1.5 Promptly inform Mercuryo of any changes to the information and data previously submitted. If the customer fails to do so, Mercuryo shall not be liable for the correct and accurate execution of Payment Transactions, and the customer shall bear any resulting losses, including those involving third parties. Mercuryo reserves the right to suspend services until the customer updates their data and information;
14.1.6 Not use funds acquired illegally for services provided by Mercuryo if the customer is aware or should be aware of such circumstances;
14.1.7 Not use the services in a way that causes losses, liability, or other negative legal or financial consequences, or damages Mercuryo’s or third parties’ business reputation;
14.1.8 Not log into the System as an anonymous user (e.g., via proxy servers) or have more than one profile, and not register a profile using a fictitious or someone else’s name without authorization, or use services with anonymous phone numbers or email addresses provided by others;
14.1.9 Not use the Mercuryo Account to provide services or goods that are prohibited by law or contradict public order and moral principles;
14.1.10 Not knowingly provide false, misleading, or incorrect information about Mercuryo to third parties;
14.1.11 Respect and observe Mercuryo’s and third parties’ trademarks, copyrights, trade secrets, and other intellectual property rights. This obligation does not apply if the customer, acting in good faith, did not know and could not have known about the existence of such rights or that the information in their possession constitutes a trade secret;
14.1.12 Not spread computer viruses or undertake any actions that could cause system malfunctions, damage or destroy information, or cause other harm to Mercuryo’s systems, equipment, or information;
14.1.13 Not disclose login credentials or passwords and other personalized security features to third parties, and not allow others to use Mercuryo services under the customer’s name;
14.1.14 Fully reimburse and hold Mercuryo harmless against any direct costs and losses that may arise if the customer fails to fulfill their obligations under these Terms or if such costs or losses result from the customer’s unlawful activities.
14.2 The customer is solely responsible for and agrees to reimburse any losses incurred by Mercuryo, other Mercuryo customers, or third parties due to the customer’s use of services in violation of these Terms or any supplements.
14.3 The customer shall reimburse all damages, fines, and other monetary sanctions imposed on Mercuryo due to the customer’s non-compliance or violation of these Terms.
14.4 In the event described in clause 14.1.12, the customer is obligated to inform Mercuryo immediately if their login credentials and password are in the possession of a third party, or if there is any loss, theft, misuse, or unauthorized use of data. The customer must request that their login be blocked by contacting Mercuryo directly via email or through the contact form available on the site.
14.5 Upon receipt of the notification mentioned in clause 14.4, Mercuryo will immediately block the account(s). The event will be recorded and time-stamped, and a confirmation number will be provided to the customer. A written confirmation of the account being blocked will be sent to the customer by email. Mercuryo is responsible for managing this record at an administrative level and retains the data for twelve (12) months. Upon written request by the customer and before the expiration of this period, Mercuryo will provide a copy of the record.
14.6 Mercuryo shall not be held liable for the consequences of any request to block the customer’s account(s) made by someone other than the customer or the customer’s authorized representative.
14.7 An objection request is deemed made on the date and time it is actually received by Mercuryo. In cases of theft or fraudulent use of the login, Mercuryo is entitled to request a receipt or copy of the complaint, along with information about the circumstances leading to the alleged theft or fraudulent use. The customer undertakes to respond as soon as possible.
15. MANAGING FUNDS AND ORDERS
15.1 To complete an Order, the customer must first load funds into their Mercuryo Account using an approved External Account identified through the services. The customer may be required to verify their control of the External Account used to load funds. The customer is solely responsible for the use of any External Account and agrees to comply with all applicable terms and conditions.
15.2 The timing of a load transaction will partially depend on the performance of third parties responsible for maintaining the applicable External Account. Mercuryo makes no guarantees about the time it may take to load funds into the Mercuryo Account.
15.3 Mercuryo reserves the right to record and store any Orders submitted through agreed methods, as well as information about all transactions performed by the customer or according to the customer’s Orders. These records may be provided to the customer and/or third parties who are legally entitled to receive such data, as evidence of submitted orders and/or executed transactions.
15.4 Mercuryo reserves the right to refuse to execute a submitted Order if there are doubts about its authenticity or if the submitted documents are suspected to be falsified. If Mercuryo has reasonable doubts about the legitimacy or content of the Order, it may require the customer to provide additional confirmation and/or submit supporting documents at the customer’s expense. In such cases, Mercuryo acts to protect the legal interests of the customer, Mercuryo, and/or other parties and is not responsible for any losses that may arise from refusing to execute the submitted Order.
15.5 Mercuryo reserves the right to refuse to accept virtual currencies credited to the Account or Wallet and to refuse to execute a submitted Order if, based on risk analysis or preset risk scoring provided by Mercuryo’s partners:
15.5.1 The virtual currencies are credited from an address that has a high-risk rating; or
15.5.2 The address specified in the Order for the transfer of virtual currencies has a high- risk rating.
15.6 Mercuryo may manually return blocked virtual currency after the customer provides documents and information that lower the risk rating of the address associated with the virtual currencies. Mercuryo will then unblock the virtual currencies and transfer them either to an account specified by the customer or to the account from which the blocked currencies originated, within a time period specified at Mercuryo’s discretion. In exceptional cases, if Mercuryo lacks the technical ability to manually withdraw the blocked virtual currencies, the refund may be refused.
15.7 Fees paid by the customer for crediting virtual currencies to the Account, transferring virtual currencies, reviewing documents and information to unblock virtual currencies, and transferring unblocked virtual currencies are non-refundable.
15.8 Before executing an Order submitted by the customer, Mercuryo reserves the right to request documents proving the legal source of the funds related to the Order. If the customer fails to provide such documents, Mercuryo reserves the right to refuse the execution of the Order.
15.9 Mercuryo reserves the right to suspend and/or cancel the execution of an Order submitted by the customer if required by applicable laws or for other reasons beyond Mercuryo’s control.
15.10 If Mercuryo refuses to execute an Order submitted by the customer, it will promptly inform the customer and send a notification, unless such notification is technically impossible or prohibited by law.
15.11 Mercuryo will not accept or execute Orders to perform operations on the customer’s Account if the funds are under arrest, the customer’s right to manage the funds is legally restricted, or operations are suspended by applicable laws.
15.12 If funds transferred by an Order are returned due to reasons beyond Mercuryo’s control (e.g., inaccurate payment data, closed recipient account), the returned amount will be credited back to the customer’s Account. Fees paid by the customer for executing the Order will not be refunded, and other fees and costs related to the return of funds may be deducted from the customer’s Account.
15.13 Customer transactions are monitored. The customer must provide Mercuryo with all necessary information concerning completed Payment Transactions, including explanations, certificates, and other documents, within three (3) Business Days of receiving the request. If the requested information is not provided or is incomplete or false, Mercuryo is entitled to suspend all or part of the services provided to the customer or terminate the Terms.
15.14 Mercuryo may review the customer’s withdrawal transactions to mitigate risks, prevent money laundering, and determine if the transaction is connected to any prohibited activity (as outlined in Clause 16). If a risk is identified, Mercuryo reserves the right to refuse the Order.
15.15 Please note that fiat funds held in the Mercuryo Account are exclusively for the purchase of digital assets or withdrawal to an approved External Account. Proceeds from the sale of digital assets will be credited to the customer’s Account, less any transactional or other fees. Mercuryo does not pay interest on fiat balances held in the customer’s Account.
15.16 Only valid payment methods specified by Mercuryo may be used for services.
15.17 All exchanges of fiat and virtual currency via Mercuryo services are final. Mercuryo does not accept returns or provide refunds except as provided in these Terms.
15.18 Mercuryo does not have the ability to convert cryptocurrencies other than BTC, ETH, BAT, USDT, ALGO, TRX, OKB, BCH, DAI, TON, BNB, 1INCH, and BUSD. If a customer transfers a virtual currency not supported by the services to a Mercuryo Wallet, the virtual currency will be blocked. Mercuryo may return the blocked virtual currency manually, and the refund process can take up to sixty (60) calendar days. In exceptional cases, if Mercuryo lacks the technical ability to withdraw the blocked virtual currency manually, the refund may be refused.
16. PROHIBITED ACTIVITIES
16.1 When using Mercuryo Services, the customer is prohibited from:
16.1.1 Failing to comply with these Terms, any supplements, applicable legislation, and other legal acts, including but not limited to those related to anti-money laundering and combating terrorist financing;
16.1.2 Providing false, misleading, or incorrect information to Mercuryo;
16.1.3 Refusing to provide information reasonably requested by the company;
16.1.4 Transferring and/or receiving funds acquired illegally;
16.1.5 Refusing to cooperate with Mercuryo in investigating violations and verifying the customer's identity;
16.1.6 Using the Account and other Services in a manner that causes losses, liability, or other negative legal consequences for Mercuryo or third parties;
16.1.7 Undertaking any deliberate actions that could disrupt the provision of Services to the customer or third parties or interfere with the proper functioning of the System;
16.1.8 Providing Services that are prohibited by law or conflict with public order and good morals;
16.1.9 Disclosing passwords or other personalized safety features of payment instruments to third parties or allowing others to use Services under the customer’s name;
16.1.10 Breaching any law, statute, contract, or regulation (including anti-money laundering regulations);
16.1.11 Accessing the Services from a country where Mercuryo does not provide Services;
16.1.12 Using an anonymous account.
16.2 The customer shall reimburse all direct damages, fines, and other monetary sanctions applied to Mercuryo due to the customer's failure to comply with or violation of these Terms, including but not limited to clause 16.1.
17. TERMINATION OF THE AGREEMENT AND SUSPENSION OF PAYMENT TRANSACTIONS
17.1 Mercuryo is entitled to unilaterally terminate the contractual relationship with the customer and close the Account and Personal Area by giving the customer one (1) month's prior notice and instructions regarding the withdrawal of funds from the Account, subject to other provisions concerning the termination of the contractual relationship outlined herein.
17.2 The customer is entitled to terminate the contractual relationship with Mercuryo and close the Account by giving Mercuryo one (1) month's prior notice. The Account may only be closed on the required date if all obligations towards Mercuryo under these Terms or any supplements are fully fulfilled, there are no outstanding obligations of any nature, and the Account/Wallet balance is zero.
17.3 If the customer terminates the contractual relationship and requests to close the Account(s) and delete the Personal Area from the System, or if Mercuryo terminates the provision of Services to the customer and deletes the Personal Area in accordance with these Terms, the funds held in the Account(s)/Wallet shall be transferred to the customer's External Account or third-party wallet as indicated by the customer. Mercuryo reserves the right to deduct from the repaid funds any fees for Services provided and unpaid expenses, including fines and damages incurred due to a breach of these Terms by the customer, other payment/financial institutions, and/or state institutions. In the event of a dispute between the Parties, Mercuryo reserves the right to withhold funds under dispute until the dispute is resolved.
17.4 Mercuryo has the right to immediately suspend the Account(s) (fully or partially suspend Payment Transactions on the Account), suspend or refuse the provision of Services (fully or partially), or withhold the customer's funds under dispute if Mercuryo reasonably believes that:
17.4.1 The customer violates any provisions and warranties set forth herein or any legal requirements applicable to the customer, and such violation is not remediable or was not remedied within the timeframe determined by Mercuryo and communicated to the customer;
17.4.2 The customer fails to complete the necessary identification procedures or submit required information, or the information provided does not conform to applicable legal requirements, or Mercuryo has doubts about the veracity and authenticity of the submitted documents;
17.4.3 Mercuryo becomes aware or has reason to believe that the customer is involved in any fraudulent activity, money laundering, terrorism financing, or other criminal activity;
17.4.4 Mercuryo reasonably suspects that the Account has been used or is being used without the customer's authorization or fraudulently;
17.4.5 The customer is undergoing liquidation or bankruptcy;
17.4.6 Mercuryo is required to suspend Account activity due to mandatory binding requirements of applicable laws;
17.4.7 The customer's activities have or may have the potential to harm Mercuryo’s reputation or the justified interests of third parties.
17.5 In the event of an Account suspension as mentioned in Clause 17.4, Mercuryo will inform the customer as soon as reasonably practicable by sending a notice via the System and providing instructions for the withdrawal of funds held in the Account(s)/Wallet, except when providing such information would compromise safety measures or is prohibited by applicable law.
17.6 In the event of reasonable suspicion that money laundering, terrorist financing, or other criminal activity is being executed through the customer or the customer's Account(s)/Wallet, Mercuryo has the right to partially or completely suspend the provision of Services to the customer, block funds held in the Account(s) for a period of thirty (30) calendar days with the option to extend the period an unlimited number of times until the charges are fully withdrawn or confirmed, and send a Suspicious Activity Report (SAR) to the respective supervisory authority.
17.7 If the customer has not performed transactions (both debit and credit) for more than six (6) consecutive months, Mercuryo may deem the Account(s) as inactive. In this case, Mercuryo has the right to terminate the contractual relationship, close the Account(s), and delete the Profile, informing the customer one (1) month prior to termination, provided that the Account(s)/Wallet balance is zero.
17.8 If the Account/Wallet holds a balance at the time of closure, Mercuryo will ask the customer to withdraw the funds within three (3) months, during which time the Account/Wallet will be accessible only for withdrawing the remaining balance. After this period, any unwithdrawn funds will be blocked by Mercuryo, and the customer will need to contact Mercuryo support to withdraw the remaining funds. Mercuryo is entitled to deduct fees and charges for funds not withdrawn in a timely manner.
17.9 After terminating the contractual relationship, the customer must choose a method for redeeming their Electronic Money and virtual currency. The customer agrees to take the necessary actions to redeem the Electronic Money and understands that Mercuryo aims to reduce the risk of fraud and comply with anti-money laundering and other legal requirements.
17.10 If the customer does not choose a method for Electronic Money redemption and/or does not complete an additional identification procedure to increase limits after terminating the contractual relationship, Mercuryo may (but is not obligated to) redeem the customer’s Electronic Money using the redemption method available at the time.
17.11 Mercuryo shall not be liable for losses incurred by the customer due to the suspension of Services, blockage of the Account(s), or other actions, provided these actions were performed in accordance with the procedures stated in these Terms or its supplements and under circumstances specified in these documents.
17.12 Mercuryo is not responsible or liable for any delays or interruptions in the execution of Payment Transactions due to faults (including omissions, technical errors, and interruptions) of third parties. Mercuryo will take all reasonable steps within its capabilities to execute Payment Transactions properly.
18. FEES AND CHARGES
18.1 Fees and any other charges applicable for Mercuryo's services are detailed in the Fee Schedule available on the website.
18.2 Mercuryo reserves the right to amend the Fee Schedule at its sole discretion, with prior notice provided to customers. The updated Fee Schedule will be available on the site. It is the customer's responsibility to regularly check the site, at least once a month, for any changes or updates.
18.3 Fees and charges depend on the type of services used by the customer. All deducted fees and charges are shown in the account statement, which is available free of charge in the profile.
18.4 Mercuryo will deduct applicable fees from the account balance, and the customer hereby authorizes this deduction, except in cases where these Terms or any supplement specify different fee deduction conditions. In such cases, the special conditions will prevail. Payment transaction fees will be charged when the transaction is executed.
18.5 If the account balance is insufficient to cover the fees, Mercuryo may refuse to execute the payment transaction until the account balance is sufficient to deduct the respective fee. If the customer holds multiple accounts with Mercuryo, Mercuryo reserves the right to deduct the fee from any of the customer’s accounts with a sufficient balance.
18.6 All payments due to Mercuryo shall be made in the currency indicated in the Fee Schedule, unless otherwise agreed by the Parties. Mercuryo is entitled, at its sole discretion, to execute currency exchange as necessary, and a currency exchange fee may be applied.
18.7 The customer is aware that payment/financial institutions and other electronic payment systems, i.e., third parties, may apply additional fees in addition to the fees charged by Mercuryo. Mercuryo shall not be responsible for any fees applied by third parties.
18.8 When Mercuryo makes any amendments to the Fee Schedule, it will inform customers as follows:
18.8.1 For private individuals: amendments that increase existing fees or establish new fees will be notified 60 (sixty) calendar days in advance and will take effect after 60 (sixty) calendar days have elapsed.
18.8.2 For legal entities: amendments that increase existing fees or establish new fees will be notified 30 (thirty) calendar days in advance and will take effect after 30 (thirty) calendar days have elapsed.
18.8.3 Amendments that decrease existing fees or cancel any fees will take effect immediately after approval by Mercuryo, without prior notification.
18.9 In the event specified in Clause 18.8.1, where Mercuryo unilaterally amends the fees or charges, the customer is entitled to terminate the contractual relationship, close their account(s), and delete their profile by notifying Mercuryo before the amendments come into effect. However, the contractual relationship may only be terminated if the customer has no outstanding obligations towards Mercuryo.
19. SECURITY AND LIABILITY
19.1 Mercuryo undertakes to provide services in accordance with applicable laws, regulations, and high professional standards in the payment services industry. We will make every effort to ensure the security and confidentiality of customer data, in compliance with current regulations.
19.2 Mercuryo reserves the right to temporarily suspend access to the account(s) for technical, security, or maintenance reasons, without such interruptions being eligible for compensation. Mercuryo will limit these interruptions to the necessary minimum.
19.3 Mercuryo shall not be liable for any errors, omissions, interruptions, or delays on the Website that result in unauthorized access. Under no circumstances shall Mercuryo be liable for theft, destruction, or unauthorized communication of data resulting from unauthorized access to the Website. Mercuryo shall also not be liable for any faults, willful misconduct, or negligence arising between the customer and the Recipient.Mercuryo is solely responsible for the security and confidentiality of the data exchanged within the framework of using the site, in accordance with the Website Terms of Use.
19.4 Mercuryo is responsible for the security and confidentiality of the data exchanged with the customer in the context of these Terms, particularly regarding the creation and management of the account, as well as the payment transactions associated with the account.
20. NOTICES AND COMMUNICATION
20.1 The customer agrees to receive notifications from Mercuryo via the website and the registered email address provided during registration in the System.
20.2 Mercuryo reserves the right to adjust its commissions and fees in response to changes in fees charged by third parties. Mercuryo will make commercially reasonable efforts to inform the customer of such fee changes at least thirty (30) calendar days before they take effect, unless Mercuryo is notified by the third party within a shorter timeframe or is required to pay such charges sooner.
20.3 The Parties agree that for communication purposes, Mercuryo will primarily use the System (Customer’s Personal Area) and the customer’s registered email address. The customer is obligated to regularly review all notices sent via the System, with 'regularly' defined as at least once per Business Day.
20.4 In addition to other methods of notification, Mercuryo may send written notices to the customer via postal services. These notices will be sent to the postal address specified by the customer in the System or the appropriate questionnaire. It will be deemed that the customer received the notice within three (3) Business Days after it was sent, unless the customer can provide evidence that the notification was received later.
20.5 The customer undertakes to check their email inbox and other communication tools specified on the account at least once per Business Day to ensure timely awareness of notifications about changes to the Terms.
20.6 The customer must update their contact information (telephone number, email address, and postal address) on their account within one (1) Business Day. If the customer fails to update this information, they will bear all consequences resulting from Mercuryo’s inability to send notifications.
20.7 The customer must immediately inform Mercuryo of any theft or loss of their personal identity document.
20.8 The Parties shall immediately inform each other of any circumstances significant to the execution of these Terms. The customer shall provide documents substantiating such circumstances (e.g., changes in name, address, phone number, initiation of bankruptcy proceedings, etc.) within ten (10) working days from the date of the change, whether or not the information has already been transferred to public registers.
20.9 If the customer provides documents that do not comply with legal requirements or Mercuryo’s standards, or if Mercuryo has reasonable doubts about the authenticity or correctness of the documents, Mercuryo reserves the right to refuse to execute payment orders, suspend the provision of other services, and/or request additional documents from the customer.
20.10 The customer has the right to review valid amendments to the Terms, its supplements, and pricing on the Mercuryo website at any time.
20.11 Messages (claims, requests, or complaints) from customers will be deemed received on the day they are submitted to Mercuryo, provided it is a Business Day. Messages submitted outside of business hours will be deemed received on the next Business Day.
20.12 All communication (written and oral, via any means) between the Parties will be conducted in English unless otherwise agreed.
20.13 The customer shall use the following methods to contact Mercuryo and provide notifications, except where specific communication methods are outlined in these Terms:
20.13.1 Messages sent via the System.
20.13.2 If it is not possible to send a message via the System, the customer may send a notification via email using the registered email address to Mercuryo’s specified email address. In all other cases, the customer can send notifications to support@mercuryo.io.
20.14 The email address specified during registration in the System shall be considered the customer’s registered email address for all further communication. If the customer communicates with Mercuryo using a different email address, Mercuryo reserves the right to consider such communication null and void until the new email address is properly notified to and registered with the System.
21. AMENDMENTS
21.1 Mercuryo reserves the right to unilaterally amend and/or supplement the conditions of the Terms, following the notification procedure outlined in these Terms.
21.2 The customer does not have the right to unilaterally change and/or amend the conditions of the Terms.
21.3 If the customer does not agree with any amendments or supplements to the Terms, they have the right to refuse Mercuryo’s services and terminate the agreement by providing 30 (thirty) days’ notice to Mercuryo.
21.4 The customer does not have the right to unilaterally change and/or amend the conditions of the Terms or the Fee Schedule.
21.5 The customer acknowledges that notifications sent by Mercuryo (i) via the System or (ii) to the email address registered with the System shall be deemed as properly provided.
21.6 The Parties may amend specific provisions of the Terms by entering into supplements, which shall be deemed mutual agreements where both parties agree on individual provisions and specific conditions of the services used. The provisions of the supplements shall prevail over the standard terms of the Terms unless otherwise specified. All supplements, once signed by both parties, shall form an integral part of the Terms.
21.7 The Parties agree that the customer is entitled to request a draft of any proposed amendments to the Terms, Fee Schedule, Privacy Notice and Supplements prior to their effective date and may request a consultation on the new or amended terms and conditions.
22 CONFIDENTIALITY. DATA PROTECTION
22.1 The Parties agree to protect each other’s technical and commercial information that becomes known to them while executing these Terms. The customer agrees not to transfer Mercuryo’s technical and commercial information to third parties without written consent from Mercuryo.
22.2 These Terms incorporate Mercuryo’s Privacy Notice, which outlines the terms and conditions applicable to the processing of any personal data collected by Mercuryo from an eligible customer, or the personal data provided by such a customer. By using Mercuryo’s services, the eligible customer consents to this processing and warrants that all data provided is accurate.
22.3 Mercuryo is responsible for the safety of cardholder data, as well as for the process of storing and processing cardholder data when the customer makes a transaction in accordance with these Terms.
22.4 If the customer has lost their account password or other passwords, they are required to change the passwords immediately. If they are unable to do so, they must notify Mercuryo immediately (no later than within one calendar day) using the communication methods specified in Clause 20. Mercuryo shall not be liable for any consequences arising from the failure to notify.
22.5 Upon receiving the notification from the customer as indicated in Clause 22.4, Mercuryo will immediately suspend access to the customer's account and the provision of Mercuryo services until a new password is provided or created for the customer.
22.6 Mercuryo advises the customer that the email and other tools linked to the Mercuryo account are used for communication and customer identification. Therefore, these tools and their login credentials must be protected by the customer. The customer is fully responsible for the security of their email passwords and all other instruments and their login passwords. Passwords are considered confidential information, and the customer is responsible for any disclosure and for all operations performed after the passworTd is entered for the relevant account or payment instrument.
22.7 The Parties expressly agree that messages transferred via mail and email can be considered evidence when resolving disputes between Mercuryo and the customers.
22.8 The Parties undertake to protect each other's technical and commercial information, which has become known to them while executing these Terms. The customer undertakes not to transfer Mercuryo's technical and commercial information to third parties without Mercuryo’s written consent.
22.9 Personal Data issues are addressed by Mercuryo’s Privacy Policy, established in compliance with the DPA, GDPR, and other applicable laws and regulations, as well as the European Commission’s Standard Contractual Clauses (SCCs) and best practices. The current version of the Privacy Policy is available on the Site. Our supervisory authority regarding Personal Data processing and protection matters is the Information Commissioner’s Office (ICO). Please visit https://ico.org.uk for more information about the customer’s personal data processing and protection in the UK.
22.10 By registering with the System, the customer confirms that they have read and understood Mercuryo's Privacy Policy and agree to the principles used by Mercuryo for Personal Data processing and protection.
22.11 The customer agrees that Mercuryo processes Personal Data for the purposes of establishing the contractual relationship, opening the Account, providing Services, and fulfilling other obligations under these Terms, including compliance with AML/CTF requirements applicable to Mercuryo. Mercuryo guarantees the security of any Personal Data received. Personal Data will only be used to the extent necessary to fulfil the contractual obligations of the Parties as outlined herein and in any supplementary agreements.
22.12 The conditions for disclosing Personal Data are stipulated in the Privacy Policy. Personal Data will not be disclosed without a reasonable and legitimate basis.
22.13 The customer grants us the right to cooperate with third parties, including but not limited to submitting requests and checking various databases, to verify the identity of the customer and the accuracy of other data submitted by the customer for KYC purposes and to protect Mercuryo’s legal interests in their relationship with the customer.
22.14 The Parties undertake to protect each other’s technological and commercial information that becomes known to them while in the contractual relationship under these Terms.
22.15 The customer undertakes not to disclose Mercuryo’s technological and commercial information to third parties without an authorized purpose and will keep it secure from unauthorized disclosure. In each instance where the customer intends or is obligated to disclose any confidential information regarding Mercuryo, the customer shall inform us in advance. If prior notification is not possible, the customer shall inform us as soon as possible.
22.16 Mercuryo will store Personal Data for the maximum legal or regulatory period applicable, depending on the purpose of each type of data processing.
22.17 The conditions for the collection, possession, and access to Personal Data obtained by us under the terms of accessing the Site are governed by the Website Terms of Use as well as the Privacy Policy, which is available on the Site.
22.18 For further information regarding Data Protection, the customer should refer to Mercuryo’s Privacy Notice.
23. LIABILITY OF THE PARTIES
23.1 Each Party is responsible for any fines, forfeits, or losses that the other Party incurs due to a violation of these Terms by the guilty Party. The guilty Party undertakes to reimburse the affected Party for any direct damages incurred as a result of such liability. In all cases, Mercuryo's liability under these Terms is subject to the limitations set forth in this Clause 23 below.
23.2 Mercuryo shall only be liable for direct damages caused by a direct and material breach of these Terms by Mercuryo, and only for such damages that could have been reasonably anticipated by Mercuryo at the time of the breach.
23.3 Mercuryo does not guarantee uninterrupted operation of the System, as the System's functionality can be affected by many factors beyond Mercuryo's control. Mercuryo will make all reasonable efforts to ensure smooth operation of the System. However, Mercuryo shall not be liable for any consequences arising from System operation disruptions.
23.4 Mercuryo is not liable for:
23.4.1 Funds transfers from the Mercuryo Account or other Payment Transactions involving the customer's Funds if the customer has not adequately protected their Passwords and identification tools, leading to their disclosure to unauthorized persons, or for illegal actions and transactions conducted by third parties using counterfeit and/or unlawfully obtained documents or data;
23.4.2 Errors made by banks, payment systems, and other third parties;
23.4.3 Negative implications for the customer resulted from Mercuryo’s lawful termination of these Terms, cancellation of the customer’s Account, or restriction of access to it, including the reasonable limitation or termination of certain Services.
23.5 The customer is fully responsible for the accuracy of the data and orders provided to Mercuryo and when filling out documents in the System:
23.5.1 The customer bears all losses resulting from unauthorized Payment Transactions if such losses are due to the use of a lost or stolen payment instrument;
23.5.2 The illegal acquisition of a payment instrument if the customer has not protected personalized security features (including identity confirmation tools).
23.6 A Party is relieved from liability for failure to perform these Terms if it can demonstrate that the failure was due to Force Majeure circumstances, as defined and proven in accordance with the procedure established by law. The customer must notify Mercuryo in writing of any Force Majeure circumstances that prevent the execution of these Terms within 10 (ten) calendar days of the occurrence of such circumstances. Mercuryo will notify the customer of any Force Majeure circumstances via email or on the System's websites.
23.7 Mercuryo strongly recommends that the customer regularly monitor their Account closely:
23.7.1 The customer should immediately notify Mercuryo if they detect any unauthorized transaction from their Account.
23.7.2 The customer should also notify Mercuryo immediately if there has been any unauthorized access to their Account.
23.8 Mercuryo may only consult the customer on the conditions of these Terms, the provisions of Services ordered or already used by the customer, System use and technical options, as well as concerning the processing and protection of the customer’s Personal Data, compliance with consumer rights, mandatory binding regulations, and legal proceedings.
23.9 The customer is responsible for assessing potential risks and ensuring their satisfaction with the Services before agreeing to these Terms and using the Services.
23.10 Mercuryo will not intervene in any legal or commercial relationship or litigation arising between the Recipient and the customer. The customer is responsible for obtaining all necessary information before purchasing a product or service, collecting funds, or conducting any other transaction, with full awareness of all the considerations involved. Any transaction carried out by the customer establishes a direct contract between them and the Recipient(s), with whom Mercuryo has no involvement. Under no circumstances can Mercuryo be held liable for the non- performance or poor execution of obligations, or for any potential damages caused to the customer in this context.
23.11 The customer acknowledges and agrees that Mercuryo will not be responsible for any loss or damage the customer suffers in connection with the use of the Service where such loss or damage is caused by the customer's actions or omissions or those of a third party, including, but not limited to:
23.11.1 The customer's failure to provide accurate, complete, and up-to-date information;
23.11.2 The customer has lost, or has allowed third parties to gain access to, their login credentials and password.
23.11.3 Mercuryo will take reasonable care to ensure the security of any data it holds in relation to the customer and their Account(s). However, the customer acknowledges and agrees that the Services are provided via the Internet and, therefore, cannot be completely secure. Mercuryo will only be liable for loss or damage to the customer’s data to the extent that such loss or damage is caused by Mercuryo's failure to exercise reasonable care.
23.12 Mercuryo shall not be liable to the customer for any loss of profit, loss of reputation, loss of business, business interruption, or loss of business opportunity. Additionally, Mercuryo shall not be responsible for any indirect, incidental, punitive, or consequential damages arising out of or in connection with these Terms.
23.13 Each party shall be responsible for its own taxes arising in connection with these Terms.
24. EVENTS BEYOND A PARTY'S CONTROL
24.1 Neither Party shall be liable or responsible for any failure to perform, or delay in the performance of, any of their obligations under these Terms caused by an Event Beyond a Party’s Control.
24.2 An Event Beyond a Party’s Control means any act or event beyond a Party’s reasonable control, including but not limited to 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.
24.3 If an Event Beyond a Party’s Control continues for more than 30 (thirty) calendar days, the Parties may mutually agree to terminate the contractual relationship hereunder.
25. MISCELLANEOUS
25.1 These Terms together with the Fee Schedule, Privacy Notice and any Supplement hereto constitutes the entire agreement and understanding between the Parties.
25.2 In case any provision in these Terms shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
25.3 If one or more provisions of these Terms is deemed void or is declared invalid under any applicable law, regulation, or as a result of a final decision by a court of competent jurisdiction, the remaining provisions shall continue to have full force and effect. The invalid or void provisions shall be replaced with provisions that are closest in scope and meaning to those originally agreed upon.
25.4 No provision of these Terms is intended to confer any benefit on, or be enforceable by, any person who is not a party to them.
25.5 The customer is not permitted to transfer, whether in whole or in part, any rights or obligations under these Terms to a third party, whether for payment or free of charge. Any such transfer is strictly prohibited. In the event of a breach of this prohibition, in addition to the immediate termination of the Terms, the customer may be held liable by Mercuryo.
25.6 Mercuryo aims to resolve all disputes with the customer amicably, promptly, and on terms acceptable to both Parties. Therefore, in the event of a dispute, customers are encouraged to first address the issue directly with Mercuryo. Disputes will be resolved through negotiation.
25.7 Mercuryo may assign its rights and obligations under these Terms to a third party at any time, by providing the customer with 60 (sixty) calendar days' prior written notice. If such an assignment occurs, the customer’s rights under these Terms will remain unaffected.
25.8 If the customer wishes to make a complaint about the Services, they can email Mercuryo at support@mercuryo.io, providing a brief description of the complaint and the email address associated with their Account.
25.9 The complaint must specify the circumstances and include the documents upon which it is based. If the customer relies on documents that are not already in Mercuryo's possession, the customer must submit those documents or their copies when filing the complaint.
25.10 Timeframe for Examination of Customer Claims or Complaints:
25.10.1 Mercuryo shall examine the customer's claim or complaint and notify the customer of its decision no later than 30 (thirty) calendar days from the date of receipt, unless legal requirements or other binding regulations related to the provision of Services (e.g., rules of international payment card organizations) establish a different time limit.
25.10.2 If Mercuryo is unable to respond to the customer’s complaint within the specified time period, Mercuryo shall inform the customer of the reasons for the delay and provide an estimated timeframe for when the customer can expect a response.
25.11 If the customer is not satisfied with Mercuryo's decision, they have the right to pursue all other legal remedies available to protect their rights.
25.12 The customer may submit any claim or complaint regarding the Services provided by Mercuryo by sending a notification via email. The complaint must specify the circumstances and include any documents upon which it is based. If the customer relies on documents that Mercuryo does not already possess, the customer must also submit those documents or their copies when filing the complaint.
25.13 If a complaint is not resolved within 30 (thirty) calendar days of receipt, Mercuryo will initiate a formal-complaints handling procedure. Mercuryo will acknowledge the customer’s complaint via the System (Customer’s Profile) or by email within 5 (five) calendar days. This acknowledgment will include details of the complaints procedure and inform the customer of their 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 customer is dissatisfied with Mercuryo's assessment and ruling.Mercuryo will provide the customer with a final response within 15 (fifteen) calendar days for complaints related to rights and obligations arising under Parts 6 and 7 of the PSRs 2017, or within 8 (eight) weeks for complaints not related to rights and obligations arising under Parts 6 and 7 of the PSRs 2017, after receiving the complaint.
25.14 If Mercuryo is unable to resolve a complaint regarding any regulated aspect of the Service within 15 (fifteen) calendar days (for complaints related to rights and obligations arising under Parts 6 and 7 of the PSRs 2017) or 8 (eight) weeks (for complaints not related to rights and obligations arising under Parts 6 and 7 of the PSRs 2017) from the date the complaint was made, the 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.
26. GOVERNING LAW. DISPUTE RESOLUTION
26.1 These Terms and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by, and construed in accordance with the law of England.
26.2 Each Party irrevocably agrees that the courts of England shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with these Terms or its subject matter or formation.