Terms of use

Last updated on March 23, 2022

ATTENTION: PLEASE READ THESE TERMS CAREFULLY BEFORE USING THE WEBSITE. BY ACCESSING, BROWSING, OR REGISTERING TO USE OUR WEBSITE YOU AGREE TO BE BOUND BY THESE TERMS. IF YOU DO NOT AGREE TO BE BOUND BY THESE TERMS, PLEASE DO NOT ACCESS OR USE THE WEBSITE OR ANY RELATED SERVICES.

1. Eligibility

Our Services are intended solely for users who are 18 or older. If you are suspected of being younger than 18 years of age, we will require you to close your Account and will not allow you to continue using our Services.

You are not allowed to use the Services if you are located in, or a citizen or resident of any state, country, territory, or other jurisdiction where your use of the Services would be illegal or otherwise violate any applicable laws. You represent and warrant that you are not a citizen or resident of any such jurisdiction and that you will not use any Services while located in any such jurisdiction. You also may not use the Services if you are located in, or a citizen or resident of, any other jurisdiction where we have determined to prohibit the use of the Services. By accepting these Terms you confirm that you are not in, under the control of, or a national or resident of any country where crypto assets transactions are explicitly prohibited or United States of America (including all USA territories like Puerto Rico, American Samoa, Guam, Northern Mariana Island, and the US Virgin Islands).

If you open an Account on behalf of a company, you represent and warrant that you are an authorized representative of this entity with the authority and that you agree to the Terms on the company’s behalf. By accessing the Website, opening an Account on the Website, or ticking a relevant checkbox, you agree to be bound by these Terms and confirm that you have read, understood, and accepted all the provisions of these Terms, as well as provisions of our Privacy Policy or other legally binding document publicly available on the Website. These Terms constitute a legally binding agreement between you and ALFAcoins.

2. Description of Services

ALFAcoins enables you to (1) accept digital assets available on the Website as payment for goods and services, and (2) send, receive/request payments, convert (to virtual and fiat currencies), pay and store digital assets securely via online wallet (“Services”). By using the Services, you authorize us to act as your agent so we may receive, hold and disburse funds on your behalf and to take any and all actions that we think are necessary to provide the Services and to comply with applicable laws.

The Company only offers Services regarding digital assets the Website supports. Please, check the Website regularly to be aware of what digital assets are supported. You should not attempt to use your account to deposit digital assets the Website does not support.

By providing a wallet Service, ALFAcoins provides you with a digitally secured wallet for digital assets, aimed to exchange, store, and withdraw digital assets and securely stores your private keys for these purposes.

Payment by customers to ALFAcoins will be considered the same as payment made directly to you and will extinguish the customer’s outstanding obligation, to the extent of the payment. ALFAcoins and you are independent contractors and nothing in these Terms shall make us joint venturers, partners, employees, agents, or other representatives of the other party. All information provided through the Website and our services are provided on an “as is” and “as available” basis.

3. Risk disclosure

We warn you about the risks of operations with digital assets. By using the services of ALFAcoins you acknowledge and accept any risks associated with the transactions, agree to be bound by the Terms, and acknowledge and accept the following and any other risks.

Exchange rates have exhibited strong volatility, and extreme swings in price may occur at any time, resulting in a potential loss of purchasing power. Digital assets trading may not be suitable for all investors. If you have any concerns, please obtain advice from a qualified financial advisor.

Any data, prices, news, opinions, researches, analysis, and/or any other information contained on the Website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.

The content on the Website is subject to change at any time without notice and is provided for the sole purpose of assisting you to make independent decisions. We do not guarantee the accuracy or timeliness of the information on the Website and will not accept liability for any loss or damage that may arise directly or indirectly from the content or your inability to access the Website, for any delay in or failure of the transmission or receipt of any instruction or notifications sent through the Website.

We inform you that past performance does not guarantee future success so you need to consider a number of factors to build up a strong investment strategy. Before starting to use our Services, please consider your financial position. Please be rational and do not invest money you cannot afford to lose. You should be aware that no refund or reimbursement is possible, and no private or public insurance company will indemnify you for losses.

Cryptocurrency transactions are irreversible, if you send cryptocurrency to a third party, you cannot reverse it or stop payment. When you send cryptocurrency to a blockchain address, you confirm ownership of this address and hold us harmless from any claims and actions. Please note that only owning a private key can prove your ownership of a bitcoin address, but at the same time you cannot give away your private key since anybody with access to it can spend your funds.

Please be careful of any kind of (1) technical support or impersonation scams (e.g. never give out your 2FA, never give support staff (or anyone else for that matter) remote access to your devices, etc. (2) giveaway scams (any giveaways that we offer will direct you to our official websites) (3) investment scams (send cryptocurrency to trusted third parties only and be sceptical of websites or services promising unrealistic investment opportunities) (4) extortion scams (run a precautionary malware scan on your computer using a reputable tool) (5) loader scams (do not cooperate with fraudsters who use stolen credit cards on compromised accounts to perpetuate payment frauds) (6) Telegram scams (7) phishing scams (always make sure that our official website domain name is written correctly). Please report any of the abovementioned fraudulent practices by submitting a support ticket or contact local enforcement authorities.

4. Restricted use of Services

We reserve the right to restrict or terminate the provision of Services at any time without any prior warning or to impose special conditions for the use of the services if you are engaged in prohibited activities stated in Annex 1 (“Prohibited activities”). The specific types of prohibited activities listed in Annex 1 are illustrative, but not exhaustive. We reserve the right at all times to monitor, review, retain and/or disclose any information as necessary to satisfy any applicable law, regulation, sanctions programs, legal process, or governmental request. We reserve the right to cancel and/or suspend your Account and/or block transactions or freeze funds immediately and without notice, if we determine, at our sole discretion, that your Account is associated with a Prohibited Activity. Other restrictions on the provision of Services may be additionally specified on the Website.

5. Fees

Fees for the use of Services are charged on each transaction. You are free to either include it in the price of goods (services), or to charge a commission to your client over and above the price of the goods (services). Our current fees are available at https://www.alfacoins.com/fees. We may change the fee structure at any time (including adding new fees for new Services) and reserves the right to do so at its sole discretion. ALFAcoins will notify you about any changes in fee structure. You will have these service fees offset against your merchant ledger balance available for withdrawal in your Account. If you issue a full or partial refund to your customers, these amounts will be deducted from your merchant ledger balance.

6. Taxation

It is your responsibility to determine what taxes apply to the transactions and accounts you utilize as a part of the Services, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. ALFAcoins is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting, or remitting any taxes arising from any transaction. ALFAcoins encourages you to frequently review and rely on guidance issued by competent authorities for taxpayers who engage in transactions involving virtual currency. For tax purposes, exchange of virtual currency may be treated as supply of service, sale of property or exchange of foreign currency. General tax principles applicable to these types of operations may apply to transactions using virtual currency. ALFAcoins is not giving tax advice by allowing you to use our Services. You warrant that you are acting legally in accordance with any applicable international, federal, state, or local tax laws or regulations.

7. Use of the Account

You are obliged to open an Account on our Website. The information you provide at the time of Account opening must be accurate, valid, and complete, and you must inform us of any changes to such information. We may request additional information from you to ensure the details of your legal entity (including personal details of directors, copy of director's identity documents, copy of certificate of incorporation, articles of association, commercial license, or any other documents).

You can only have one Account on the Website. You should not create more than one Account on the Website unless expressly permitted by the Company. You cannot create an Account on the Website if your Account has previously been suspended by the Company.

You represent and warrant that any information provided to us pursuant to these Terms is true, accurate, and not misleading in any respect. If any such information changes, it is your obligation to update such information as soon as possible.

You acknowledge that in order to conduct the abovementioned verification procedures, we may perform inquiries, directly or indirectly through third-party service providers to prevent misidentification, fraud, suspicious activity, money laundering, or any other forbidden activity. You hereby authorize us, or a third-party service provider, to take any measures that we consider necessary to verify and authenticate your identity, confirm the information you submit about your bank (or other financial institution) account, and to take any action we deem necessary based on the results.

By using our Services you agree and acknowledge that all and any actions (transactions) performed by using your Account, shall be valid and causing legal effects as the actions (transactions) formalized by a paper document signed by you, and if you are acting on behalf of a legal entity. You are solely responsible for keeping your Account secure. Do not share your login, password, or any other access details with others. You must notify ALFAcoins immediately upon becoming aware of any breach of security or unauthorized use of your Account.

ALFAcoins reserves the right to refuse to enter into business relations with any existing or prospective merchant at any time, at its own discretion. We also reserve the right to restrict or terminate the provision of Services at any time without any prior warning or to impose special conditions for the use of the services if you are engaged in activities that, in our opinion, may be viewed as illegal or fraudulent. If the provision of Services is restricted or terminated as a result of our suspicion that you are engaged in illegal fraudulent and (or) unfair activities, it is your responsibility to prove the absence of such a circumstance to us.

ALFAcoins reserves the right to impose transaction processing limits on your Account, to which you will comply. These limits may take the form of the total value of transactions within a period of time, or an upper limit for an individual transaction. We may impose any conditions to determine transaction processing limits.

If you do not access your Account for a period of 2 (two) years and we have been unable to contact you at your authorized contact address we have for you in our records, your Account may be terminated at our sole discretion. On the date of termination of your Account, your digital assets will be subject to applicable laws regarding unclaimed property.

8. Anti-money laundering requirements

ALFAcoins take all appropriate measures and implement the best standards to comply with all applicable laws and regulations regarding Anti-Money Laundering (“AML”). We will make reasonable efforts to detect and prevent people engaged in any criminal activity in any jurisdiction from using our Services.

We are further required to obtain and record information and documentation that helps to confirm your identity or provides additional information regarding your use of the Services. If we cannot confirm this information, we may require additional documents to verify your identity. We may ask for this information at any time before, during or after your use of the Services.

ALFAcoins may at any time request you to provide additional documents and information and/or updated documents and/or information and documents submitted before and reserves the right to do so at its sole discretion. Failure to abide by these requirements may result in temporary or permanent cessation of Services provision and/or Account suspension.

We also may request information from you as a result of our name screening processes, for investigative purposes related to you or to another user, or as a randomly sampled test of the accuracy of our processes. In the latter case, we may require documentation from you at no fault, and ask you to furnish it with or without a reason provided.

While ALFAcoins may delegate day-to-day operational duties to the third-party service provider (i.e. for effective risk management in selected jurisdictions), the responsibilities for maintaining effective oversight and governance of outsourcing arrangements, managing outsourcing risks, and implementing an adequate outsourcing risk management framework, continue to rest with the Company and its senior management.

9. Refunds

If you would like to be entitled to any refunds related to the processing of payments with the use of ALFAcoins payment gateway, you shall fulfill the following requirements. You shall maintain a clear refund policy and disclose it to your customers ensuring that your policies and procedures comply with all applicable laws and regulations, and with the provisions of these Terms. You may determine your refund policy and procedures, provided that they comply with all applicable laws and regulations, and with the provisions of our refund principles. We may charge additional fees for any refunds not resulting from error on our side. ALFAcoins may waive these charges at its discretion. You may pass these charges on to the customer based on your own refund policy. Any required conversions during the refund process will be calculated at the exchange rate determined by ALFAcoins.

10. Security

We believe that it is our goal to secure information relating to your use of our Website and Account. As a result, we make reasonable efforts to maintain an information security management system; to control its information with strong controls; to continuously offer training to our personnel on information security; to prevent unauthorized access, leakage, modification, theft/loss, denial of service attacks, or any other security threat; to identify and limit the incidence of information security breaches; to proactively address laws and regulations in each jurisdiction in which we operate relating to information security standards and requirements.

11. Liability

ALFAcoins reserves the right to close your Account, access to the Website, or access to the Services for any reason and at any time, returning to you any funds clearly and unambiguously owed to the most recent contact information you have provided. You indemnify us against losses taken pursuant to closure or returns of this type.

To the extent permitted by applicable law, you agree to defend, indemnify, and hold harmless the Company from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses arising from: (a) your use of and access to the Website and Services; (b) your violation of any term of these Terms; or, (c) your violation of the applicable law, including any law, rule, or regulation, or the rights of any third party.

To the maximum extent permitted by applicable law, in no event shall ALFAcoins be liable for any indirect, punitive, incidental, special, consequential, or exemplary damages, including, without limitation, damages for loss of business revenues, loss of profits, goodwill, use, data or other intangible losses, arising out of or relating to: (a) the use of, or inability to use, the Website or our Services; (b) any information provided by us or available from the Website; (c) any conduct or content of any other user of our Services or third-party; or (d) the failure to receive in any way the transmission of any data, content or digital assets from you. Furthermore and without limiting the generality of the foregoing, under no circumstances will ALFAcoins be responsible for any liability, claim, proceeding, damage, loss, expense, or injury resulting from hacking, tampering, or other unauthorized access or use of our Services or your Account or the information, digital assets contained therein.

The Website may contain links to third-party websites or services that are not owned or controlled by ALFAcoins. We have no control over and assume no responsibility for, the content, privacy policies, or practices of any third-party websites or services. ALFAcoins shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods, or services available on or through any such websites or services.

12. Personal data

Please refer to our Privacy Policy for information about how we collect, use, and share your personal information.

13. Intellectual property

We grant you a limited, nonexclusive, non-transferable license, subject to these Terms, to access and use the Website and Services, solely for approved purposes as permitted by ALFAcoins. You agree you will not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the ALFAcoins materials.

14. Governing law and dispute resolution

You agree that Seychelles laws, excluding conflict of laws provisions, will govern these Terms and all matters arising out of this document. The parties expressly agree to venue in courts located in the Republic of Seychelles.

15. Sanctions

You guarantee that you are not subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”); no action, suit or proceeding by or before any court or governmental agency, authority, or body or any arbitrator involving you with respect to U.S. sanctions administered by OFAC is pending or, to your knowledge, threatened; and you have not directly or indirectly lent, contributed or otherwise made available funds to any party, joint venture partner or other person or entity, for the purpose of financing the activities of any person that would, if undertaken by a U.S. person as defined in the U.S. sanctions administered by OFAC, be prohibited by any U.S. sanctions administered by OFAC.

16. Prohibited jurisdictions

You confirm that you are not a national or resident of the following prohibited jurisdictions: Afghanistan, Algeria, Bahrain, Bangladesh, Bolivia, Cambodia, Central African Republic, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Mali, Mauritania, Nepal, North Korea, Oman, Pakistan, Palestinian Territory, Somalia, Sri Lanka, Sudan, Syria, Thailand, Yemen.

ALFAcoins maintains the right to restrict or refuse its services in these jurisdictions.

17. Changes to the Terms

ALFAcoins hereby reserves the right to exercise our discretion at any time to amend these Terms by publishing an updated text on the Website. If after the publishing of the updated text of the Terms on the Website you will continue using our Services, it shall be deemed that you agree with the amended Terms and undertake to be bound by them.

18. Final provisions

The invalidity or unenforceability of any provisions of the Terms shall not affect the validity or enforceability of any other provision of the Terms, which shall remain in full force and effect.

Our failure to exercise any right arising out of a violation of the Terms committed by you shall not operate as a waiver. We reserve the right to resort to any remedy at any time to protect its interests and intellectual rights to the protected elements of the Website.

ANNEX 1

Prohibited activities

• Weapons, ammunition and defense products, replicas of firearms or cold steel weapons
• Drugs, drug-like substances, and plants, as well as their ingredients, or any substances for their production, as well as descriptions of methods for producing such substances
• Medical drugs and medications dispensed on prescription only, as well as raw materials or instructions for their production
• State awards or distinguishing badges
• Identification documents and government-issued documents (including falsified documents), and everything connected with creating or obtaining false identification documents or counterfeit government-issued documents
• Government agencies’ uniforms
• Specialty items related to the police and law enforcement agencies
• Electronic equipment prohibited for use in this country or region
• Devices used for hacking and tampering with locks
• Information containing personal data or data suitable for undertaking illegal activities (spam emails, etc.).
• Information containing state, banking, or trade secrets.
• Information that violates a person’s privacy, infringing upon the honor, dignity and business reputation of individuals and legal entities.
• Information transmitted exclusively virtually and not recorded on any material carrier (ideas, methods, principles, etc.).
• Archeological heritage items.
• Items or services that violate rules of public morality (including, but not limited to, child pornography, Nazi memorabilia items, escort services, and prostitution).
• Any equipment used to organize and conduct gambling.
• Any items available initially but removed serial numbers.
• Malicious software.
• Goods or services directly or indirectly compelling illegal actions (promoting social, racial, religious, or ethnic strife; discrimination, violence, hatred, revenge, harassment; containing propaganda of terror or physical harm).
• Perishable goods.
• Fake or counterfeit goods.
• Items and equipment intended for use (including illegal transfer) of copyright protected items without the permission of the authors (including, but not limited to, components designed to remove copyright protection or regional restrictions, or software elements of electronic devices).
• Dangerous goods (including, but not limited to, those that contain explosive, toxic, poisonous, and/or radioactive materials).
• Information about the production of explosive, pyrotechnic, incendiary, and other similar substances and devices.
• Human organs and human remains.
• Goods or services that have no value in use.
• Financial or payment instruments whose accounting systems do not ensure proper identification of the owner for the purpose of combating illegal trade, financial fraud, and money laundering of funds obtained by illegal means.
• Items of artistic and historical value that constitute a country’s cultural values.