Terms of Use

Last updated: December 21st, 2021


1. Enforcement & Amendments

  1. These Terms of Use constitutes a binding agreement between Velo Trust and the user as soon as the user visits the Website and uses Services. By doing so, the user confirms that he has read and accepted these Terms of Use in their entirety before finishing the registration procedure.
  2. The user accepts that Terms of Use may be updated by Velo Trust from time to time. If the user does not read and accept the Terms of Use in its entirety he should not use or continue using the Services.
  3. We reserve the right to alter, amend or modify these Terms from time to time, in our sole discretion. We will provide you with notice of such changes by sending an e-mail, providing notice on the homepage of the Website and/or by posting the amended Terms via our Website and updating the "Last Updated" date at the top of these Terms. The amended Terms will be deemed effective immediately upon posting on Website.

2. Provided Services

  1. Our Services provide you with a possibility to Exchange one type of crypto asset to another one.
  2. For the purposes hereof "Exchange" shall mean an exchange of the crypto asset of one type to the crypto asset of another type at the terms and conditions set forth by exchanging parties, which is executed via the Third-party service in respective block-chain network. When you exchange crypto assets you acknowledge and agree that the Exchange will be processed through the third-party exchange service with additional fees applicable to such Exchange. You acknowledge and agree that the exchange rates information made available via the Services are an estimation only and may differ from prevailing rates available via other sources outside of our Services.
  3. "Crypto Assets" herein shall be deemed as type of assets which can only and exclusively be transmitted by means of block-chain technology, including but not limited to digital coins and digital tokens and any other type of digital mediums of exchange, such as Bitcoin, Ethereum, Ripple, etc, to the full and absolute exempt of the securities of any kind.
  4. To be able to use all possibilities and functionality of our Services you shall go through the registration process and create a Velo Trust Account. "Velo Trust Account" is a user account accessible after the registration process and via the Services where the user may request to make a crypto assets exchange. User should manage and maintain only one Velo Trust Account. Users are prohibited from creating multiple accounts. When you create a Velo Trust Account you oblige to:
    1. provide accurate e-mail, which actually belongs to you and shall be, therefore, verified. The access to the services provided by the Velo Trust without verification of the e-mail is not allowed;
    2. maintain the security of your Velo Trust Account and promptly notify us if you discover any suspicious activity related to your account;
    3. agree to receive emails containing information about credentials, passwords, transactions and marketing promotions;
    4. take responsibility for all activities that occur under your Velo Trust Account.
  5. When making an exchange, your rate gets "locked" for 1 hour from the point we provide you with the payment wallet address, meaning it remains the same irrespective of the changes on the market.
  6. In order to perform the Exchange via our Services, our system will automatically generate the particular address, which contains information about the user; (ii) the crypto asset that user wants to exchange and the crypto asset that user wants to receive (jointly - "crypto pair"); and (iii) the recipient address provided by the user (the address where exchanged crypto assets will be deposited).
    1. The addresses are non-reusable and activated for one transaction only during a specific time period set forth in 2.7.1
  7. The technical issues arising from your misuse of our services, such as creating incorrect transactions (entering a wrong address both when indicating the recipient address and when sending your crypto assets to us), and other types of user mistakes may be resolved by our technical department with limitations. Upon successful resolution of a technical issue, the crypto assets sent incorrectly will be refunded to the user, less all applicable fees.
    1. Velo Trust technical department is able to refund only BTC from the Segwit BTC address. No other crypto assets, including but not limited to, LTC, BSV, BCH sent to a Segwit BTC address could be refunded;
  8. You acknowledge and agree that any refund may cause operating costs for the allocated resources required for resolving user issues arising from misuse of our services. Velo Trust shall be entitled to recover its operating costs for the services while executing any refund. In this case crypto assets will be refunded to the user, subtracting operating costs and network fees, only with a prior user’s consent.
  9. YOU INDEMNIFY AND HOLD Velo Trust HARMLESS AGAINST ANY DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL DAMAGES, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ARISING OUT OF OR IN ANY WAY CONNECTED WITH YOUR USE OF OUR SERVICES, INCLUDING BUT NOT LIMITED TO INCORRECT USE OF REUSABLE ADDRESS, INCORRECTLY CONSTRUCTED TRANSACTIONS ETC.
  10. Velo Trust does not provide custodial services, which means, we do not store your crypto assets on deposits and balances. YOU HEREBY UNDERSTAND AND ACKNOWLEDGE, THAT ANY DELAYS ARE POSSIBLE; YOU INDEMNIFY AND HOLD US HARMLESS AGAINST ANY CLAIMS, DEMANDS AND DAMAGES, WHETHER DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE EXCHANGE DELAY, WHETHER ORIGINATED FROM OUR FAULT OR NOT.

3. Fees

  1. Velo Trust keeps its fee policy transparent. The current fee structure is two-layered and is comprised of exchange and network fees.
    1. The exchange fee is the amount charged by Velo Trust for executing transactions initiated by the users. During transactions, Velo Trust finds the best rate available on the market and fixes it for the conversion in question; the respective rate is displayed to the user, thus guaranteeing the protection of users’ funds from market fluctuations during the exchange.
    2. The network fee is paid to cryptocurrency miners for processing transactions in the network, and it serves to ensure withdrawals of the funds from exchanges. Velo Trust collects and transfers these payments to respective exchanges, which themselves set the amount of the fee at any particular time. The moment a transaction is created, this fee is displayed to the user, with the amount being based on our estimates. With that, you acknowledge and agree that the final amount of the network fee charged can sometimes differ from our estimate. This occurs entirely due to the volatile nature of network fees prevalent on exchanges and does not depend on our platform in any respect.

4. Eligibility

  1. Prior to your use of the Services and on an ongoing basis you represent, warrant, covenant and agree that:
    1. you use our Services at your sole option, discretion and risk;
    2. you are solely responsible for any applicable taxes which may be payable while using our Services;
    3. you are NOT in, under the control of, or a national or resident of any country where crypto assets transactions are explicitly prohibited. Velo Trust does not operate in Restricted Locations. Velo Trust maintains the right to select the markets and jurisdictions to operate in and may restrict or deny its services to certain countries at any time;
    4. you are at least 16 years old or of other legal age, according to your relevant jurisdiction;
    5. you agree to pay the fees for Exchanges completed via Services as defined by Velo Trust, which We may change from time to time;
    6. there are risks, associated with Internet-based system, such as the failure of hardware, software, and Internet connections and with the Blockchain Protocol, such as any malfunction, unintended function, unexpected functioning of or attack on the Blockchain protocol;
    7. you guarantee that your crypto assets belong to you and they are not sold, encumbered, not in contention, or under seizure, and that neither exist any rights of third parties to your crypto assets;
    8. you shall provide correct information for constructing Exchange (e.g. pay-in and payout wallet address).
  2. You further represent, agree and warrant, that you will not violate any law, contract, third-party right or commit a tort by accessing or using the Services, and that you are solely responsible for your actions and/or inactions while using our Services. Without prejudice to the foregoing, you represent, agree and warrant, that YOU WILL NOT:
    1. use our Services or will immediately cease using those if any applicable law in your country prohibits or will prohibit you at any time from doing so;
    2. use our Services to participate in fraudulent, scam or any type of illegal activity;
    3. provide false, inaccurate, or misleading information;
    4. attempt to modify, decompile, reverse-engineer or disassemble our software in any way;
    5. use any robot, spider, crawler, scraper or other automated means or interface not provided by us to access the Services or to extract data;
    6. attempt to circumvent any content filtering techniques we employ, or attempt to access any service or area of our Services that you are not authorized to access;
    7. develop any third-party applications that interact with our Services without our prior written consent; AND
    8. Encourage or induce any third party to engage in any of the activities prohibited under this Section.
  3. YOU INDEMNIFY AND HOLD US HARMLESS AGAINST ANY CLAIMS, DEMANDS AND DAMAGES, WHETHER DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA OR LOSS OF ASSETS, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ORIGINATED FROM OR IN ANY WAY CONNECTED WITH INVALIDITY OR BREACH OF ANY OF THE PROVISIONS OF THIS SECTION AND THE ENTIRE TERMS.

6. Information Privacy

  1. Never share the details of your transaction, including, but not limited to, your Velo Trust ID, the transaction hash, recipient address and/or e-mail related to a Velo Trust account, with anyone except Velo Trust representatives. Velo Trust will not request specific information about user accounts, transactions or other personally identifiable data from you unless: (i) the information is requested to help complete a transaction initiated by you; (ii)the information is requested to efficiently process your enquiry.
  2. You should ascertain that your transactions and/or account details are not disclosed by ensuring that you do not knowingly or accidentally share, provide or facilitate unauthorized use of it.
  3. WITHOUT LIMITING THE FOREGOING, Velo Trust SHALL NOT BE LIABLE FOR ANY LOSSES OR DAMAGES INCURRED AS A RESULT OF ANY INFORMATION SUBMITTED TO IT THROUGH THIS WEBSITE OR ANY CONTACT E-MAIL THEREOF OR FOR ITS TRANSMISSION OF INFORMATION TO ANY PERSON(S) OR ENTITY(IES) AS A RESULT OF A REQUEST FOR SUCH TRANSMISSION REASONABLY BELIEVED BY Velo Trust TO HAVE BEEN MADE BY SUCH PERSON OR ENTITY.

7. Risk Disclosure

  1. Velo Trust does not and will not provide any investment advice or legal advice regarding your exchange. You acknowledge that only you are responsible for your decisions and actions performed on our platform and we will not make any personal recommendations for or advise you on the exchange of particular crypto assets. Before performing any exchange of crypto assets, you should carefully consider whether such an exchange is suitable for you with your current circumstances and financial resources.
  2. Be aware that crypto assets are generally assumed to be subject to high volatility due to them still being in the early stages of developing, technologically and financially. Crypto assets do not necessarily have a specific form of protection or regulation by any governmental body, which means that by exchanging crypto assets, you will not be able to enforce any guarantees or safeguards expected with regulated financial services.
  3. THE RISK OF LOSS IN THE EXCHANGE OF CRYPTO ASSETS CAN BE SUBSTANTIAL, AND THEREFORE YOU SHOULD UNDERSTAND THE POSSIBILITY OF LOSSES ASSOCIATED WITH THE EXCHANGE OF CRYPTO ASSETS AND MUST ASSUME RESPONSIBILITY FOR ALL THE RISKS ASSOCIATED WITH SUCH EXCHANGES AND FOR THEIR RESULTS.

8. Intellectual Property

  1. All our intellectual property assets ("IP") including but not limited to all copyrights, trademarks, patents, service marks, trade names, software code, icons, logos, characters, layouts, trade secrets, buttons, color scheme and graphics are protected by local and international intellectual property laws and treaties.
  2. We hereby grant you a limited, nonexclusive and non-sublicensable license to access and use our IP for your personal use only.
  3. In any case you may not alter, modify, reproduce, distribute or commercially exploit any materials, including text, graphics, video, audio, software code, user interface design or logos.
  4. The license granted under this Section will automatically terminate if We suspend or terminate your access to the Services.
  5. In case you upload or share any feedback, suggestion, idea or other information or material ("Content") with us you automatically grant us a worldwide license to use your content. It becomes part of the public domain as long as it remains on our Website and Services. It can be used for marketing or any other purposes at our sole discretion.

10. Communications

  1. You agree and consent to receive electronically all Communications, that Velo Trust may be willing to communicate to you in connection with your Velo Trust Account and/or use of our Services. For the purposes hereof “Communications” shall mean all and any communication, agreement, document, receipt, notice and disclosure, which may be from time to time addressed to user by Velo Trust. You may withdraw your consent to receive electronic Communications by sending a withdrawal notice to support. If this is a case you waive your right to plead ignorance. If you decline or withdraw consent to receive electronic Communications, Velo Trust may suspend or terminate your use of the Services.

11. Limitation of Liabilities

  1. Except as expressly provided to the contrary in a writing by Us, our Services are provided on an "As is" and "As available" basis. WE EXPRESSLY DISCLAIM, AND YOU WAIVE, ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT AS TO OUR SERVICES, INCLUDING THE INFORMATION, CONTENT AND MATERIALS CONTAINED THEREIN.
  2. Except as otherwise required by law, IN NO EVENT SHALL Velo Trust, OUR DIRECTORS, OFFICERS, MEMBERS, EMPLOYEES OR AGENTS BE LIABLE FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL DAMAGES, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OF OR INABILITY TO USE OUR SERVICES, INCLUDING WITHOUT LIMITATION ANY DAMAGES CAUSED BY OR RESULTING FROM RELIANCE BY ANY USER ON ANY INFORMATION OBTAINED FROM Velo Trust, OR THAT RESULT FROM MISTAKES, OMISSIONS, INTERRUPTIONS, DELETION OF FILES OR EMAIL, ERRORS, DEFECTS, VIRUSES, DELAYS IN OPERATION OR TRANSMISSION OR ANY FAILURE OF PERFORMANCE, WHETHER OR NOT RESULTING FROM A FORCE MAJEURE EVENT, COMMUNICATIONS FAILURE, THEFT, DESTRUCTION OR UNAUTHORIZED ACCESS TO Velo Trust’S RECORDS, PROGRAMS OR SERVICES.
  3. Exchanges via our Services cannot be canceled by Velo Trust. Therefore, check the details of your exchange details before making such exchange. Velo Trust is not responsible for your crypto assets once they have been sent outside of the Services. Moreover, Velo Trust doesn’t guarantee the uptime of the exchange.

12. No Offer of Securities

  1. Velo Trust takes all possible measures to integrate and exchange those digital coins and digital tokens and other types of digital mediums of exchange only that cannot be classified as “security“ by SEC or other competent national authorities.
  2. The responsibility for the fact that the crypto asset cannot be treated as “security“ lies with the owner of digital token and/or digital coin. Velo Trust reserves the right at its sole discretion to prohibit and discontinue any exchanges (as well as any other type of transaction) with the token or the coin if there is any risk or speculations that such token and/or coin can be treated as “security“.
  3. We follow the best practices to decide whether crypto assets are security or not. However, for the avoidance of any doubt the provisions of this clause shall not constitute or deemed to be construed to constitute any warranty and/or investment, financial, legal or any other professional advice, that any crypto asset that any crypto asset available through our Services is not a security.

13. Termination of the Terms

  1. We reserve the right to terminate these Terms and delete your Velo Trust Account and registration (including your username and password) in the following cases:
    1. If for any reason We decide to discontinue to provide the Service, by providing at least a 3 (three) calendar days’ notice (which shall be provided by e-mail);
    2. If We believe that you have breached any of the terms of these Terms, immediately without notice;
    3. If We decide to terminate our Services, immediately without notice.
  2. Velo Trust may suspend or terminate your account or use of the Services, or the processing of any crypto asset transaction, at any time if it determines in its sole discretion that you are accessing the Services from a Restricted Location or are a resident of one (see cl.4.1.3. of our Terms of Use).

14. Applicable Law; Arbitration

  1. You and Velo Trust agree to arbitrate any dispute arising from these Terms or your use of the Services, except for disputes in which either party seeks equitable and other relief for the alleged unlawful use of copyrights, trademarks, trade names, logos, trade secrets or patents.
  2. You and Velo Trust agree to notify each other in writing of any dispute within thirty (30) days of when it arises. Notice to Velo Trust shall be sent to legal@velotrust.com.
  3. Any dispute, controversy, difference or claim arising out of or relating to the Terms, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (HKIAC) under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted.
  4. The law of this arbitration clause shall be Hong Kong law.
  5. The seat of arbitration shall be in Hong Kong.
  6. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English language.
  7. Other than class procedures and remedies discussed below, the arbitrator has the authority to grant any remedy that would otherwise be available in court. Any dispute between the parties will be governed by these Terms and the laws of Hong Kong, without giving effect to any conflict of laws principles that may provide for the application of the law of another jurisdiction.
  8. Whether the dispute is heard in arbitration or in court, you will not commence against Velo Trust a class action, class arbitration or representative action or proceeding.

15. Miscellaneous

  1. These Terms contain the entire agreement, and supersede all prior and contemporaneous understandings between the parties regarding the Services.
  2. In the event of any conflict between these Terms and any other agreement you may have with Velo Trust, the terms of that other agreement will prevail only if these Terms are specifically identified and declared to be overridden by such other agreement.
  3. Our failure or delay in exercising any right, power or privilege under these Terms shall not operate as a waiver thereof.
  4. The invalidity or unenforceability of any of these Terms shall not affect the validity or enforceability of any other of these Terms, all of which shall remain in full force and effect.
  5. You may not assign or transfer any of your rights or obligations under these Terms without prior written consent from Velo Trust, including by operation of law or in connection with any change of control. Velo Trust may assign or transfer any or all of its rights under these Terms, in whole or in part, without obtaining your consent or approval.


Note:
Velo Trust may establish this Agreement for current or future affiliated companies and for interested successors. Velo Trust may also delegate certain Velo Trust rights and responsibilities under this Agreement to independent contractors or other third parties.

If you are a registered Site User, every time you request any of the company's Services, it constitutes your agreement to these Terms of Use, as amended from time to time at Velo Trust's sole discretion, and evidence that you have read, understood and accepted the applicable Terms of Use at that time.

Revised December 21st, 2021.

Contact Us

If you have any questions about these Terms, please contact us.