Website Rules User Agreement
Effective Date: November 1, 2021.
Disclaimer:
CocoPay hereby informs users of the Coco-pay.com website that owning digital financial assets and conducting transactions with digital financial assets come with the risk of losing personal financial resources. The value of digital currencies can rise or fall, which may result in the risk of you losing your funds when buying, selling, storing, or investing in digital assets.
Trading virtual assets and digital assets also carries unique risks not typically associated with official currencies. Unlike most currencies, which are backed by governments or other legal entities, or commodities like gold or silver, virtual assets are a unique type of “unsecured” currency, supported by technology and trust. Currently, there is no governmental body that can issue more virtual currency or take corrective measures to protect the value of virtual assets in a crisis.
When dealing with digital financial assets, there may be other risks not covered by this User Agreement and the administration of the Coco-pay.com website.
General Provisions
This User Agreement (hereinafter referred to as the “Agreement” or “User Agreement”) governs the relationship between CocoPay and the users of the Coco-pay.com website.
References in this agreement to Coco-pay.com, as well as mentions of “CocoPay“, “Coco”, “we”, “our”, and “service provider” refer to CocoPay, while “you”, “your”, “user”, and “client” refer to the individual entering into this Agreement with CocoPay.
By using the Coco-pay.com website (the “Site”) and registering an account (the “Account”) to use the CocoPay service, you agree that you have read, understood, and accepted all terms contained in this Agreement, as well as in the Privacy Policy.
In addition to the terms of this User Agreement, the user is obliged to familiarize themselves with the statement confirming the legality of the origin of funds and/or cryptocurrency assets.
If you do not agree with the terms of the User Agreement, the use of the Coco-pay.com website is not permitted.
1. Eligibility Criteria
1.1. By agreeing to this, you confirm that you: have reached the legal age (at least 18 years old) required to accept these terms; your use of the Services has not been previously suspended or prohibited.
1.2. If you are using the Services on behalf of a legal entity, you also represent and warrant that: the legal entity is properly registered and operates in accordance with the laws of its jurisdiction, and that this entity has authorized you to act on its behalf.
2. Terms and Definitions
2.1. CocoPay is a service that offers Users the ability to exchange digital and electronic currency.
2.2. Service refers to the online system for exchanging, selling, and buying digital and/or electronic currencies.
2.3. User refers to any individual using the services of Coco-pay.com.
2.4. Digital Currency includes Bitcoin, Litecoin, Ethereum, and any other currencies based on blockchain technology.
2.5. Electronic Currency refers to funds held in user accounts of electronic payment systems.
2.6. Payment System is a software and hardware product developed by a third party, representing a mechanism for tracking monetary obligations and organizing settlements between its users.
2.7. Service’s Offerings include assisting in peer-to-peer transactions between individuals for the purchase, sale, and exchange of digital currencies, as well as other services, the details of which are displayed on the Service’s platform.
2.8. Payment is the transfer of digital currency or fiat funds from a User to another User or the Service, and vice versa.
2.9. Request is a User’s expression of intent to use one of the services offered by the Service, by filling out an electronic form on the Service’s website, under the terms described in the Agreement and specified in the parameters of this Request.
2.10. Partner refers to an individual or entity providing the Service with user acquisition services, the terms of which are described in this Agreement.
2.11. Card Verification is the process of verifying the ownership of a card (or account) to its holder. The Service sets the terms for this verification, which is carried out once for each new account (or card) of a User.
2.12. Rate refers to the value ratio of two digital currencies when exchanged.
2.13. “Messages” include email communications.
3. Account Usage Rules on Coco-pay.com
3.1. Coco-pay.com is intended solely for personal use. By registering on the site, you consent to provide Coco-pay.com with accurate information about yourself in accordance with the site’s registration procedure. You also agree not to use any account other than your own and not to attempt unauthorized access to other users’ accounts. Furthermore, users can only have one account on Coco-pay.com.
3.2. We may also conduct additional checks on your information and request any necessary documentation and data related to the exchange (passport, card photo, card video verification, proof of funds transfer, and other required data) for any reason related to your use of the services or as evidence to support any information you provide. Details are provided in the AML/CTF and KYC policy.
3.2.1. CocoPay reserves the right to block a user’s transaction to prevent fraudulent or other actions that could result in financial or reputational damage to the Service or the User, for the duration required for a financial investigation and to obtain transaction details from the payment gateway or issuing bank.
3.3. The Coco-pay.com administration can, at any time and at its sole discretion, deny you the ability to open an account, restrict your account, or suspend any transaction until the review of any information you’ve provided is complete.
3.4. Account Confidentiality. You acknowledge that you are responsible for maintaining the strict confidentiality of your account information, including your password, protecting your own Digital Currency, and for all actions and transactions made on your account. Any compromise of your registration information may expose your account to unauthorized third-party access, potentially leading to the loss or theft of Digital Currency or funds from your account, including associated accounts such as linked bank accounts and credit cards.
3.5. Security Alerts. To receive security notifications from the Company, you must inform the Company of changes to your email address and phone number. Under no circumstances will the Company be liable for any direct losses or damages you may incur due to compromised login credentials, unless it’s the Company’s fault and/or inability to act upon any notifications or warnings we might send you. Despite the aforementioned, the Company does not guarantee to provide you with said warnings or take any other actions in this regard and is not liable for it.
3.6. You must immediately notify us of any unauthorized use of your account or password, suspected breach of your registration information, or any other security breach at info@coco-pay.com.
3.7. Liability for Third-Party Actions. Your account is intended for personal use only, not for use or access by any third party. In any case, you are fully responsible for all actions or inactions of any third party accessing and/or using your account.
3.8. You agree not to use the Services for any criminal activity, including but not limited to purchasing prohibited substances, money laundering, illegal gambling, or financing terrorism. You guarantee strict adherence to the service’s AML policy. Additionally, you guarantee not to use methods to conceal the location from which you access the Site and will provide the Company with your exact and true location upon request. If the Company, based on transaction analysis or through technical means, determines that activity on your account is suspicious or related to any prohibited or illegal operation, the Company may suspend your account, block any pending transactions, and decline any subsequent transactions.
4. Services provided on the Coco-pay.comwebsite
4.1. The Service allows the User to register an account free of charge. However, the Service charges a fee for the services it provides. The specific fee amount can be viewed by the User when creating a Request. The fee amount is determined solely by the Website Administration and is subject to change. The User orders CocoPay services by submitting the relevant Request through the website with the domain name Coco-pay.com.
4.2. By using the Service, the User confirms that they legally own and control the fiat funds and electronic and/or digital currency involved in the respective Payment.
4.3. CocoPay Service offers the following services:
Service allowing the User to sell electronic and/or digital or fiat currency to another User in real-time.
Service allowing the User to buy electronic and/or digital or fiat currency from another User in real-time.
4.4. By placing a Request, the User authorizes the Service to act on their behalf and at their expense to sell and transfer digital and/or electronic or fiat currency to another User.
4.5. The Service’s compensation for the aforementioned actions is reflected in the Request and confirmed by the User on one of the user interface pages.
4.6. Within the time frame stipulated by the regulations (depending on the exchange direction) from the moment the Service receives funds from the User, as specified in the relevant Request, the Service is obligated to transfer the received electronic or fiat currency to the details and in the amount specified by the User in the Request, unless prevented by force majeure circumstances.
4.7. The Service reserves the right to cancel the User’s request to purchase digital and/or electronic or fiat currency if payment for such a request has not been received in the Service’s account within 30 minutes of creating such a request.
4.8. The Service’s obligation to transfer the received digital and/or electronic or fiat currency to the User is considered fulfilled at the moment of debiting the digital and/or electronic or fiat currency from the Service’s account in the respective Payment system, as recorded in the transaction history of the respective Payment system.
4.9. By placing a Request, the User authorizes the Service to act on their behalf and at their expense to purchase electronic and/or digital or fiat currency from another User, and to transfer the monetary equivalent to the User in the amount specified in the Request.
4.10. Within the time frame stipulated by the regulations (depending on the exchange direction) from the moment the Service receives electronic and/or digital or fiat currency from the User, as specified in the relevant Request, the Service is obligated to transfer the monetary equivalent of the transferred digital and/or electronic or fiat currency to the User by the method chosen by the User when creating the Request.
4.11. The Service’s compensation for the aforementioned actions is reflected in the Request and confirmed by the User on one of the user interface pages.
4.12. The Service’s obligation to transfer the monetary equivalent of the transferred digital and/or electronic or fiat currency is considered fulfilled at the moment the respective amount is debited from the Service’s account.
4.13. All CocoPay services are provided without any express or implied warranties, including, but not limited to, implied warranties of merchantability and fitness for a particular purpose. The Company does not guarantee that CocoPay services or the CocoPay website will be available 100% of the time to meet your needs. The Company will strive to provide its services as soon as possible, but there are no guarantees that access will not be interrupted or that there won’t be any delays, failures, errors, omissions, or loss of transmitted information.
4.14. CocoPay will make reasonable efforts to ensure access to the services and the Coco-pay.com website in accordance with this Agreement. However, CocoPay may suspend the use of the website for technical maintenance and will make reasonable efforts to notify you in advance. Therefore, you agree to accept the risks associated with the fact that you may not always be able to use the services and the Coco-pay.com website or conduct urgent transactions using your account.
Addendum to the Service Provision Procedure:
4.15. The exchange rate is locked in when the order is created, provided the User pays within 30 minutes of creation. If payment isn’t received within 30 minutes, the order is automatically deleted. To restore the order, the User must contact the website’s technical support. In this case, the payout amount for the order will be recalculated based on the rate at the time of payment.
4.16. If the User has paid for the order but wishes to cancel the exchange due to certain circumstances, a refund will be issued minus 3% of the payment amount, any internal payment system fees, and any exchange rate difference (if the rate has changed by more than 3%).
4.17. If the User’s card is on the Security Service’s blacklist of the payment system and an attempt to transfer to it results in an account block, CocoPay reserves the right not to refund the User.
4.18. Orders should be paid exclusively through the payment form on our website (merchant), accessible after clicking the “proceed to payment” button. Direct payments using the provided details are not allowed. Otherwise, the order may be annulled.
4.19. Services to the User are provided in accordance with the legal requirements of the jurisdiction where such services are rendered.
4.20. The processing time for funds to be credited to Visa, MasterCard ranges from a few seconds to 5 business days. In practice, 99% of transfers are credited instantly. Withdrawals may also occur in multiple transactions.
5. Service Fees
5.1. Rates are determined by the Service’s management and are published on the Service’s website. The Service’s management reserves the right to change the rates without additional notice.
6. Taxation
6.1. The Service does not act as a tax agent for the User and will not notify the User about their tax liabilities. The User agrees to independently pay all taxes required by the tax laws of their jurisdiction.
6.2. If authorities require the Service to pay the User’s taxes or cover debts arising from the User’s refusal to pay taxes, the User agrees to reimburse the Service for all such payments.
7. Guarantees and Liability of the Parties
7.1. The CocoPay Service bears financial responsibility to the User in the amount of the electronic asset or electronic funds that were transferred to CocoPay Service for the execution of the Order.
7.2. CocoPay Service provides services for the exchange, purchase, and sale of electronic assets or electronic funds. CocoPay Service does not offer services for fund collection, nor does it facilitate payment for goods or services from other providers.
7.3. CocoPay Service is not liable to the User for financial losses caused by unlawful actions of third parties that are unpredictable or unpreventable.
7.4. CocoPay Service is not responsible for any delayed or unfulfilled Orders caused by an error of another Payment System or bank specified by the user in the processed Order. The User agrees that in such cases, all claims will be directed to the payment system or bank. CocoPay Service will provide the necessary assistance in filing a complaint or claim to the other partner or bank.
7.5. In the event of detecting falsification of communication streams or any negative impact on the normal operation of the Service’s software code directly or indirectly related to the User’s Order, the execution of the Order by the Service is suspended. For funds already received, the Order parameters are recalculated according to the current terms, or, if the User disagrees with the recalculation, a refund of the electronic asset or funds is made to the payer’s details.
7.6. CocoPay Service is not liable for partial or complete non-compliance with these Terms of Use if such non-compliance is a result of force majeure circumstances that cannot be prevented by reasonable measures.
7.7. In other cases, the non-fulfillment of obligations arising from these Terms or the violation of specific terms will be considered in accordance with the legislation of the country in which the User is jurisdictionally located.
User Responsibilities:
7.8. The User is responsible for the accuracy and completeness of the information and data they provided during registration. If the User enters incorrect personal data or provides incorrect data for the execution of an Order, CocoPay Service is not liable for any losses incurred by the User as a result of such an error.
7.9. By agreeing to these Terms, the User honestly declares and confirms that:
7.10. They have provided accurate and truthful information about themselves, as well as genuine identification data; 7.11. They are not involved in money laundering operations or transactions; 7.12. Their income is not derived from criminal and/or terrorist activities; 7.13. Their income is not derived from trading in countries where trade is prohibited by international organizations; 7.14. Their income is not associated with any other illegal activities.
7.15. The User agrees not to disrupt the operation of the CocoPay Service by interfering with its software or hardware components, or by distorting parameters transmitted to the Service.
7.16. The User acknowledges and agrees that CocoPay Service does not act as a financial advisor, does not provide investment consulting services, and any relationship between the User and CocoPay Service cannot be considered as advice.
7.17. The User is not responsible for partial or full non-compliance with these Provisions and Terms if it is caused by force majeure, unforeseen events, or is prevented by appropriate measures.
7.18. In other cases, the non-fulfillment of obligations arising from these Terms and Provisions or the violation of individual Provisions and Terms will be considered in accordance with the legislation of the country in which the User is jurisdictionally located.
7.19. If a client notices discrepancies with the exchange rates on monitoring platforms, they must notify the service’s technical support. Examples of malfunctions include:
The rate being 3% above the market rate on bestchange.com
The exchange rate not changing for an extended period. For this, they might be rewarded with an upgrade in the loyalty program level.
7.20. The client agrees not to exploit technical glitches on the side of the exchange point or incorrect exchange rate broadcasts on monitoring platforms for personal gain. If a client takes advantage of a technical glitch on CocoPay‘s exchange point, causing financial or reputational losses, such actions will be deemed fraudulent. The client will be subject to blocking, and all pending orders may be withheld to compensate for the service’s losses.
8. Applicable Law and Jurisdiction
8.1. This agreement, as well as all disputes arising from or related to it, shall be governed by the laws of the United Kingdom. 8.2. All disputes, disagreements, and claims arising out of or in connection with this agreement shall be settled and resolved in the London International Arbitration Court.
9. Miscellaneous Provisions
9.1. Using the CocoPay Service for fraudulent and illegal operations is prohibited. 9.2. CocoPay Service operators are legally obligated to provide information about payments, Users, and Transactions to any governmental bodies that have the lawful right to request such information. 9.3. The protection of User information and other confidential citizen data is ensured in accordance with the prevailing personal data storage legislation, in line with the User’s jurisdiction. 9.4. The method of processing and protecting personal information is detailed in the Privacy Policy published on the CocoPay Service website, which is required for establishing contractual relations between the User and CocoPay Service. 9.5. In the event of suspicious actions during a User’s application process, to prevent damage from hacking attacks, the CocoPay Service reserves the right to suspend such operations until the reasons for these actions are clarified. 9.6. CocoPay Service may refuse to execute exchange, purchase, or sale operations of electronic currencies if the transfer of the electronic asset to the Service’s account was made without placing an Order using the user interfaces on the Service’s website. Electronic currency transferred to the relevant Service accounts by the User without placing an Order using the user interfaces on the Service’s website may be returned to the User upon request, minus the payment system’s commission. 9.7. The CocoPay Service administration reserves the full right to deny services to any User without explaining the reasons. 9.8. User information and their transactions are stored on the server and cannot be deleted. Upon the User’s request, access to the account can be restricted or deleted. 9.9. The response time of the CocoPay Service to User inquiries may be up to five working days from the receipt of the relevant User request.
10. Force Majeure
10.1. Should either you or CocoPay be delayed in fulfilling or be unable to fulfill any of the terms herein due to circumstances of force majeure, such delay or non-compliance will not be considered a breach of these Terms. Neither you nor CocoPay Service can claim any damages or losses arising from such circumstances.
11. Final Provisions
11.1. The terms and conditions are agreed upon with the User in electronic form during registration. Agreement to the Terms published electronically is valid and equivalent to a written consent.
11.2. CocoPay Service reserves the right to unilaterally amend the Agreement by publishing the changes on the Service’s website. Changes take effect from the moment of publication unless a different effective date is specified at the time of their publication. Users have the right to terminate their contractual relationship with CocoPay Service due to disagreement with such changes. Users should notify CocoPay Service of their disagreement with the changes and termination of the contractual relationship by sending an appropriate email to info@coco-pay.com. 11.3. CocoPay Service may send the User information about the status of the exchange process, as well as other information, including promotional content, to the email provided by the User. Users can unsubscribe from promotional emails by clicking the relevant button in the received email.
11.3. Information posted on the website, including all graphic images, text, program codes, etc., is the property of CocoPay and is protected by copyright laws.
11.4. The User confirms that they have read all the provisions of these Terms and fully accept them.
12. Contact Information
12.1. You can chat with CocoPay staff during business hours using the online chat on the Coco-pay.comwebsite. You can also send an email to info@coco-pay.com.
