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Due Payments EOOD | Client Terms

General 

Due Payments EOOD (“Due Payments”) is a private limited liability company registered and incorporated under the Laws of Bulgaria with company registration number 207457701 and whose registered office is Bulgaria, Sofia 1784, Mladost 1, bl.51A, fl.4, ap.24. Due Payments EOOD is registered as a Virtual Assets Service Provider (“VASP”) with the Bulgarian National Revenue Agency (NRA).

These Terms and Conditions (“Terms” or “Terms and Conditions”), along with our Privacy Policy, govern the relationship and form a legal agreement between: 

  • You, the Client
  • Us, Due Payments EOOD 

These Terms apply when any of your inbound or outbound payments involve the need to exchange fiat currency to cryptocurrency (and vice versa).

Depending on your location and/or the location of your beneficiary, these services are provided to you by Due Payments and/or our third-party partners. We will always show you the entity providing you with the relevant services and the corresponding terms before you confirm your transaction. 

By entering into this agreement, you agree that we will provide you with cryptocurrency related services (services that allow you to exchange fiat currency into cryptocurrency or the reverse). We may also work with other Due Group subsidiaries (“Due Group company(ies)”), third-party exchanges and payments or banking providers in order to fulfil your order. 

Representations and warranties

To use our cryptocurrency services, you must sign up for an “Account” (or “Due Account”) and successfully onboard our online platform  (the “Due Platform”), which may be in the form of a web application or a mobile application.

You will need to pass our Know-Your-Customer / Know-Your-Business (KYC/KYB) checks in order to use these services, and we or our partners may set daily, monthly or per-transaction limits. We may also ask that you provide additional information in order to comply with legal and regulatory obligations. 

By using these services you represent and warrant that you will only use our services for legitimate reasons and that the use of these services in your jurisdiction is permitted by applicable law. 

Services

Fiat Payout & Fiat Pay-in

If you wish to access and use our Fiat Payout or Fiat Pay-in services, you agree to allow Due Payments to arrange for the exchange between fiat and cryptocurrency, and the payment of the proceeds to an account or wallet you designate.

  • If you want to buy cryptocurrency, you can tell us how much cryptocurrency you wish to buy and we will display how much this will cost in fiat currency (using the exchange rate at the time);
  • If you select to sell cryptocurrency, you can tell us how much cryptocurrency you wish to sell and we will show you how much fiat currency you will receive (using the exchange rate at the time);

If we accept your cryptocurrency purchase order, we will provide you with the deposit instructions stating the account in which you shall send the corresponding fiat amount. Upon receipt of the funds, we, either directly, or indirectly through one of the Due Group companies, will disburse the cryptocurrency into the self-custodial wallet linked to your Due Account. We do not custody the cryptocurrency on your behalf. Your Due Account is a fully self-custodial account.   

Similarly, if we accept your cryptocurrency sale order, you shall provide us with the payout instructions to which you require the fiat proceeds to be sent; after which you shall send your cryptocurrency to us by following our instructions within the Due Platform. Upon receipt of the cryptocurrency from your Account, we will either directly send the fiat proceeds to the external account you designated, or work with another one of the Due Group companies to give effect to your instruction.

When processing your instructions, we will use the base currency of the recipient’s external account. 

Limits

We may limit the amount of cryptocurrency you can buy with, or sell into, fiat currencies. We will inform you of any limits before accepting your order request.

Cancelling your order 

Once your instruction is submitted, it is final. We will fulfil your instruction and you will not be able to cancel this instruction.

Sometimes, for reasons beyond our control, we may not be able to buy or sell cryptocurrency for you. If this happens, we’ll let you know. We will not be responsible for any losses you incur as a result.

Refusing your instructions

We may refuse your instruction to buy or sell cryptocurrency for any reason and at our sole discretion. If we do, we will not be responsible for any losses you incur as a result. 

Supported cryptocurrencies  

We will show you the list of supported cryptocurrencies in the relevant sections of the Due Platform. You may also find more information in the FAQ section of our website. 

We may from time to time add or remove from the list of supported cryptocurrencies without prior notice. Such changes may be made with immediate effect. 

Internal transactions

We call transactions that do not involve settlement through a payment scheme for fiat transactions or on-chain transactions, “Internal Transactions”. Settlement finality provisions will not apply with respect to such Internal Transactions and you agree that the transaction will be deemed to have been settled upon crediting the beneficiary’s account.

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Depending on your selected currency pair, we may process and settle one or multiple Internal Transactions within the Due Group companies in order to give effect to your Payout or Pay-in instruction(s).

Fees

You accept to be bound by and pay any fees in relation to the provision of our services as set out below. 

Fiat Payout fees

When you use our Fiat Payout service, we will charge a small fee which will be shown in the dashboard before you confirm your transaction. The fee depends on the amount, the destination currency and the country to which you are sending the payment. This fee may also include fees that are charged by our third-party partners.

Fiat Pay-in fees

When adding funds to your account using fiat currency, we will charge a small fee which will be indicated in the pay-in flow before you confirm the transaction. This fee depends on your location and the amount you wish to add, and may also include fees charged by our third-party partners.

Exchange rate

Our exchange rate for buying or selling cryptocurrency is set by us. It is a variable exchange rate, which means it is constantly changing. We will always show you how much you will pay before you confirm your order.

We charge you a small fee on any instruction to buy or sell cryptocurrency. We will always show you this fee before you place an exchange order.

The price we show you for buying a particular cryptocurrency is higher than the price for selling that cryptocurrency. This difference is known as the “spread”, and is a variable cost that is built into the price we show you for buying or selling a cryptocurrency.

Suspending or terminating your account

If your Due Account is suspended or terminated for any reason, we will also suspend your ability to access the services provided by Due Payments. 

Any cryptocurrency you have previously purchased and deposited into your non-custodial cryptoasset wallet will remain yours but you will not be able to buy or sell any additional cryptocurrency in exchange for fiat through our platform.

Risks

Cryptocurrencies are not like normal money. When you buy cryptocurrencies you are dealing with a decentralised digital asset that is not backed by a central bank or government authority. Please also remember that cryptocurrencies are highly volatile and their value may fluctuate or even drop to zero. 

The regulatory framework around cryptocurrencies is still developing and it can change at any time. Any changes are likely to affect the value of cryptocurrencies,

Due Payments is not an issuer of cryptocurrencies and we are not able to guarantee their value including in the case of stablecoins which are cryptocurrencies designed to track the value of a fiat currency (such as for example the US dollar). 

Legal

Changes to the Terms and Conditions

Occasionally we may make changes to these Terms and Conditions. We will publish details of any changes we make in the revised Terms and we will publish them on our website. The revised Terms and conditions will apply immediately from the time they are published unless otherwise stated and you will be able to see the “effective from” date.

We may also email you to tell you about changes to our Terms and conditions and it is your responsibility to ensure that any contact details we hold for you are correct and up to date. 

If you are happy with our revised Terms and Conditions, you do not need to take any action. If you do not agree with our revised Terms you must stop using our services immediately and you will need to inform us in writing so that we can close your Account. 

Limitation of liability 

We exercise reasonable care to ensure that our services are not interrupted and are accessible on a continuous basis. We provide our cryptocurrency services on an “as is” basis. You use these services at your own risk and we cannot guarantee (except as may be required by applicable law) that our services will operate without any interruption, fault or technical error. In order to provide you with our services, we also rely on our third-party partner providers and we do not have any control over their services. 

Due Payments will not be responsible to you for any loss, whether direct or indirect, that arises in connection to your use of our cryptocurrency services. 

We also assume no liability for any actions or omissions of any of our third-party partners. We will not be responsible for losses you incur or costs you have to pay arising as a result of legal or regulatory requirements, or events outside of our control. 

Nothing in these Terms and Conditions removes or limits:

  • our liability for death or personal injury resulting from our negligence, or from fraud or fraudulent claims or statements; or
  • any other liability which, by law, cannot be removed or limited.

Indemnification

You agree to indemnify Due Payments EOOD, its affiliates, and agents for any costs, claims, fines or damages of any kind (including loss of profits and/or reasonable legal costs) arising out of or relating to any actual or alleged breach of your representations, warranties, or obligations set out in these Terms and Conditions.

Indemnification

Voluntary Access

Due Payments is a Bulgarian VASP, regulated and supervised by the National Revenue Agency of Bulgaria. As such, the products and services provided by Due Payments on the Due Platform are authorised in Bulgaria and parts of the European Union. Depending on your jurisdiction, Due Payments may not be authorised to promote our products and services without a licence. 

If you reside in such a jurisdiction and still wish to use our products and services, by agreeing to these Terms, you are also confirming that you have read and understood the above and you are accessing the Due Platform on your own initiative without active promotion or solicitation from Due Payments, our affiliates, or any representatives within the European Union or any other jurisdiction where we are not authorised to promote our products and services.

You represent and warrant:

  • You have initiated contact with us of your own volition and without any prior solicitation, advertisement or direct marketing from Due Payments;
  • Your decision to use our products and services on the Due Platform is based solely on independent interest and research; and
  • You understand that our products and services are not intended for clients within jurisdictions where we are not authorised to operate.

We shall not be held liable for any regulatory or legal obligations arising from the use of our services within a restricted jurisdiction.

Processing of personal data

We process your personal data to provide you with our cryptocurrency services. For more information about how we process your personal data, please see our Privacy Notice.  We may share your personal data with companies in the Due Group for financial crime prevention purposes.

Miscellaneous 

Only you and we have any rights under the agreement. You may not transfer or assign any of your rights or obligations under these Terms and Conditions. 

Transfer and assignment 

We can transfer or assign all of our rights and obligations under these Terms and Conditions to any third party without your permission and without providing prior notice.

Taxes

You may have to pay taxes or costs when you buy cryptocurrency. We are not responsible for collecting these from you, for making any payments on your behalf, or for providing any reports relating to tax.

Enforcing the agreement

If we fail or delay in exercising any right under these Terms, this will not prevent us from enforcing our rights at a later date.  

Severability 

The invalidity or unenforceability of any of the provisions of these Terms shall not affect the validity or enforceability of any other provision of these Terms. The invalid provision shall be severed from these Terms and all other portions of the Terms shall remain in full force and effect.

Applicable law

The Laws of Bulgaria apply to the agreement. The English version of these Terms applies and any translation we may offer is an office translation only. 

Taking legal action

Any legal action between you and us will be subject to the jurisdiction of the courts of Bulgaria. 

Contact, feedback and complaints

If you need to contact us in relation to these Terms and conditions or any other document mentioned in them, please email us at legal@due.network

We value hearing from our users, and are always interested in learning about ways we can improve. By providing your feedback you agree that you are giving up any rights you have in your feedback so that we may use and allow others to use it without any restriction and without any payment to you.

If you choose to contact us, we will treat any personal data you provide to us in accordance with our Privacy Policy.

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