TERMS & CONDITIONS

BEFORE USING SERVICES PROVIDED BY VENLYNX, YOU SHOULD READ AND ACCEPT THE TERMS & CONDITIONS.

DEFINITIONS

 

Company - Venlynx Sp. z.o.o., Address: ul. ALEJA JERZEGO WASZYNGTONA, nr 146, lok. 210, miejsc. WARSZAWA, kod 04-076, Poland. Reg. No. 0001103000

Venlynx - A general term that includes both the Platform and the Company.

Customer (User) - Customer who is at least 18 years old and has thoroughly reviewed and accepted Venlynx’s Customer Agreement.

Cryptocurrency - Cryptocurrency is a form of digital currency developed and controlled using sophisticated cryptographic methods. It operates independently of any central authority and does not hold the status of official currency.

FIAT currency - Currency that is issued and supported by the government, recognized by external authorities, and accepted as legal tender within the issuing country.

Fee - Commission deducted from the total amount sent to Venlynx Sp. z.o.o. for exchange services.

Deposit - Funds transferred by the Customer (User) to Venlynx Sp. z.o.o. to fulfill an exchange order on the Platform.

KYC or Due Diligence - Verify the Customer's identity and ensure legal compliance, Venlynx requires specific documents. These documents are crucial for confirming the Customer's identity and meeting regulatory requirements.

AML/CFT - Anti-Money Laundering and Counter Terrorist Financing.

 

1. AGREEMENT

Customer confirms that they have thoroughly reviewed and understood all aspects of this Agreement and by signing this document, Company and
the Customer establish a binding, legal agreement.

By using the Services provided by Venlynx Sp. z.o.o., the Customer agrees to and accepts all the terms outlined herein.

 

2. GENERAL TERMS
 

• The Customer may only open one Account, provided it is legally permitted in their country of residence. By opening an Account, the Customer confirms that this action complies with all relevant laws and regulations.
• Customers must ensure that the information provided during registration is accurate and up to date. Any changes must be reported to the Company within two weeks. The Company, in accordance with its AML/CFT obligations, may request verification of the provided information or additional supporting documents.
• Prior to approving any Services, the Company retains the right to investigate potential involvement in money laundering, terrorist financing, fraud, or other unlawful activities. As part of its due diligence procedures, the Company may require
  the Customer to provide additional verification documents.
• The Customer is responsible for all activities conducted through their Account and must immediately report any unauthorized use or security breaches. The Company is not liable for unauthorized Account use, even though it may implement monitoring techniques to detect fraudulent activities. The Customer assumes full responsibility for any unauthorized use resulting from their personal password and Account information.
• The Company does not accept cash transactions. All transactions between the Customer and the Company must be conducted via wire transfer, allowing the Company to verify the identities of both parties if necessary. Additionally, the Company does not process transactions from third parties on behalf of the Customer.
• Use of the Account for illegal activities, including money laundering and fraud, is strictly prohibited. The Company will report any suspicious activity to the relevant authorities, and it is forbidden for the Customer to misuse their Account to evade Company-imposed restrictions.
• If the Customer engages in transactions that violate the terms of this Agreement, the Company reserves the right to take the following actions: reverse the exchange, suspend the Customer's Account or transaction, notify law enforcement authorities, and seek damages from the Customer.

 

3. SERVICE OVERVIEW

 

• We offer an exchange service enabling Customers to place Orders for purchasing Virtual Assets using fiat currency. Through this Platform, Customers can access real-time quotes and transaction details for virtual asset products, submit
  transaction instructions, and complete their transactions.
• To use these Services, Customers must first register and verify an Account, thereby becoming Users. Access to the Services is limited to the individual who registered the Account and is intended for their exclusive use.

4. ACCOUNT REGISTRATION AND VERIFICATION
 

• In order to be able to create an Account, the Customer must first complete the registration process. We open accounts only to clients who are at least 18 years old.
  We reserve the right to deny or suspend Account access, either temporarily or permanently, based on our discretion, risk assessments, or directives from governmental, regulatory, or law enforcement authorities.
• Client will choose a username and password during account registration process, and may be required to set up multi-factor authentication (collectively referred to as "Login Credentials"). For security purposes, we may occasionally request
  updates to the Login Credentials. The Account can only be accessed using these
  Login Credentials, unless otherwise authorized by us.
• Following registration, the Customer must proceed with the Verification Process. This involves providing documentation and information to confirm their identity and comply with Anti-Money Laundering (AML) requirements. The Customer must submit accurate details, including:
• Personal information (such as name, date of birth, and address)
• Contact details (email address, phone number, and other relevant details)
• Identification documents (such as passport or ID card, proof of address, and any other necessary documents)
• Information to verify the source of funds or wealth, including details about fiat money deposits from accounts with other service providers and, if applicable, data from electronic wallets held with third parties.
• To verify the accuracy and relevance of the information submitted by the Customer, the Platform reserves the right to carry out necessary checks. Once these verifications are completed, the Customer will receive a notification at the email address they provided, informing them of their eligibility to establish an Account and become a User.

 

5. CONFIDENTIALITY

 

Company’s Privacy Policy regulates data protection and its privacy. Said policy can be reviewed on the Platform.

 

6. ACCOUNT MANAGEMENT AND SECURITY

 

• The Customer is responsible for maintaining secure access to their Account
  and should follow these practices: select a unique password, update
  it regularly, and keep Login Credentials separate from other authentication methods.
• All login credentials must be kept strictly confidential, and the Customer should
  log out of the Account when not in use. If unauthorized activity is
  suspected, it must be reported in writing immediately.
• Failure to promptly report such access may result in forfeiting the right to request an investigation and resolution.

7. VENLYNX SP. Z.O.O. AUTHORITY AND OBLIGATIONS
 

• The Company holds several key rights concerning its operations:
• It can refuse, revoke, or alter any transaction initiated by the Customer and may place the Customer's Account on temporary hold if necessary.
• The Company has the authority to modify transactions to ensure compliance with this Agreement and to restrict, suspend, or terminate access to the Platform for specific funds, transactions, or Customers.
• It may deny Platform access or transactions if there are violations of security protocols or system malfunctions that affect functionality.
• In cases of internal investigations, the Company may temporarily suspend
  Accounts and restrict actions, such as withdrawals, to support anti-money
  laundering (AML) and counter-terrorism financing (CTF) efforts.
  
  Such actions will not impact the Company’s rights if there is a reasonable suspicion of fraudulent behavior, legal violations, or non-compliance with the Agreement.

 

• The Company has complete control over the Platform's content and functionality, including the ability to make changes at its discretion. It also determines the availability of the Platform for specific financial instruments or transactions.
• The Company may seek external advice or expertise as needed and does not guarantee the execution of all transactions. The Customer acknowledges that the Company is not liable for any errors occurring during the execution process.

 

8. ORDER PLACEMENT

 

• Orders for Exchange Services are placed through the User's Account on the Platform. The Customer acknowledges that each Order will be executed based on their representation that they intend to exchange virtual assets for other financial instruments.
• To process an Order, the Customer must provide detailed information, including the exact volume of virtual assets or fiat currency they wish to exchange (referred to as "Consideration"), the total amount of Consideration, the specific volume of virtual assets or fiat currency they wish to receive in exchange, and any additional information required to complete the Order.

9. VIRTUAL IBAN INFRASTRUCTURE FOR CLIENT TRANSACTIONS

To simplify the processing of fiat payments linked to virtual asset transactions, Venlynx Sp. z. o.o. relies on a system of Virtual IBANs (vIBANs). These identifiers, generated via our banking partner, are tied to specific clients or orders to facilitate accurate referencing and seamless flow of funds. However, despite resembling standard bank account numbers, vIBANs do not provide any banking functionality.Operational Role of vIBANsEach vIBAN assigned under this arrangement functions as a one-way routing mechanism. When a client transfers fiat funds to the designated vIBAN, those funds are not held or managed in an account under the client's name. Instead, the payment is automatically redirected to Venlynx Sp. z.o.o., where it is promptly applied toward executing the client’s virtual asset purchase request. The use of vIBANs does not imply the provision of any financial services and is strictly confined to supporting virtual asset conversions at the client's instruction.Limitations and Regulatory PositionIt is essential to understand that:

• vIBANs do not grant account access, nor can they be used to store balances, initiate outgoing transfers, or receive payments from unrelated third parties;
• Funds sent to a vIBAN are not deposited into a client-specific account, but are instead processed directly by Venlynx in fulfillment of a predefined exchange order;
• This mechanism serves a purely technical and administrative function, limited to transaction allocation and reconciliation.

 

10. FEES AND COMMISSIONS
 

• The client is required to pay any applicable fees for services used, including the exchange of cryptocurrencies for fiat currencies and vice versa, as detailed in the Terms of Service. Access to the Platform and its services is granted after the client
  successfully completes the registration and verification process.
• For fiat currency deposits, Venlynx Sp. z.o.o. charges a fixed fee of 50 EUR per transaction plus a spread, as listed on the Platform.
  For cryptocurrency deposits, the cost is determined solely by the spread.
• The spread will be set based on market conditions at the time of the transaction.
  Venlynx Sp. z.o.o. reserves the right to incorporate service costs
  into the exchange rate offered to the client.
• The Company may change its costs, rates, and fees without prior notice. If an order is placed for less than 50 EUR, no service will be provided, and no refund will be issued. Before placing a buy or sell order, the client can review the commission rates for the desired service and may choose to decline the service if the fees are not acceptable.

 

11. CLIENT’S ASSURANCES, AUTHORIZATIONS AND RESPONSIBILITIES
 

• The Customer guarantees that they are of legal age, mentally competent, and the sole user of their account. They confirm their ability to enter into this Agreement and that all information provided during account registration is accurate and complete. The Customer agrees to promptly update the Company with any changes to this information.
• By agreeing to these terms, the Customer relinquishes any claim to confidentiality concerning disputes, court cases, or public statements, including their outcomes or rulings. Additionally, the Customer permits the Company to disclose such information as allowed by the General Data Protection Regulation (GDPR), based on the Company's discretion.
• Prompt reporting of any inaccuracies on the Platform, Account, or Services that might affect their interests is a commitment the Customer makes. They also agree
  not to take advantage of any system flaws for personal gain.
• Notification to the Company regarding any unauthorized or incorrect transactions must be made by the Customer within one day. If the Customer does not secure their Account Credentials, resulting in unauthorized transactions, or if they fail to report the issue within one day of the transaction date, they will be held responsible for any associated losses.
• By providing financial information to the Company, the Customer affirms
  that it accurately reflects their current financial status.
• Any separate agreements with Company employees or agents about account services, such as profit guarantees or loss limits, are not recognized unless disclosed. The Customer must inform the Company’s Compliance Officer in writing if such agreements exist and promptly report any conflicting information. Authorization is required for all transactions unless covered by a Limited Transaction/Exchange Authorization. Disputes must be reported to the Compliance Officer according to the Agreement’s notification procedures. The Customer agrees to indemnify the Company for any damages or liabilities arising from not notifying the Compliance Officer as required.
• Any damages, costs, and expenses, including legal fees, incurred by the Company in enforcing this Agreement will be reimbursed by the Customer. To address breaches of this Agreement, the Company reserves the right to deduct these
  amounts from any funds held in the Customer’s Account.
• Staying informed about regulatory changes in their country of residence and understanding the rules for using the Platform is the Customer's responsibility.
• The responsibility for calculating and reporting their activities to the relevant tax authorities, if necessary, rests entirely with the Customer.

 

12. ACCOUNT AND SERVICE TERMINATION

 

• To close their Account, the Customer must provide written notice in advance and ensure that all pending activities, including open positions, are settled. The notice should be sent via email and explicitly state the Customer's intention to terminate the Account.
• Access to the Platform, Services, or the Account may be immediately suspended, halted, or terminated if the Customer either fails or refuses to complete the Verification Process, does not comply with the Terms by providing required information, or engages in illegal or fraudulent activities, such as submitting forged documents or false information.
• In such situations, we may promptly suspend Services, terminate the Account, and take any additional actions deemed necessary.

 

13. LIABILITY LIMITATIONS AND CUSTOMER INDEMNITY

 

• The Company, including its licensors, agents, suppliers, resellers, service providers, and affiliates, shall not be liable to the Customer or any third party for any direct, special, indirect, incidental, consequential, exemplary, or punitive damages.
  
  This includes, but is not limited to, loss of profits, business opportunities, reputation, information, revenue, or goodwill, which may arise from the use of the Company’s Services and Platform, materials available on the Platform, or any misunderstanding of cryptocurrencies, their derivatives, or the related market.

 

• Any disruptions or impairments to the Platform or Services, including those arising from intermediary services, will not be the Company's responsibility if they are caused by abnormal or unforeseeable circumstances beyond the control of the Company or the intermediary.
• Claims, losses, damages, costs, or expenses, including legal fees, resulting from events such as civil unrest, war, government actions, natural disasters, market conditions, communication failures, or computer system malfunctions will not be covered by the Company.
• Any taxes, duties, or charges resulting from transactions between the Customer and another Customer are not the responsibility of the Company.
• To the fullest extent permitted by law, the Customer agrees to indemnify and hold the Company harmless, including covering defense costs against any claims or criminal actions arising from the Customer's unlawful conduct.
• If any part of this section is deemed unenforceable by a regulatory body, liability will be limited to the maximum extent allowed by applicable law.

 

14. RESTRICTED JURISDICTIONS AND GEOBLOCKER

 

• The Company does not offer its Services to individuals from high-risk or non-cooperative jurisdictions. The comprehensive list of restricted countries is
  detailed in the Company's Anti-Money Laundering policy.
  
  Additionally, the Company prohibits transfers to or from accounts at payment institutions or banks located in the USA, its territories or possessions, or in any countries classified as high-risk or non-cooperative jurisdictions.

 

• At Venlynx Sp. z o.o., we are dedicated to maintaining the security and compliance of our cryptocurrency exchange platform. To support these objectives, we have implemented a Geoblocker Policy that enhances the protection of our systems and services.
  
  This policy specifies the countries and territories from which access to our platform is restricted, serving as a proactive measure to safeguard our operations, ensure the integrity of our services, and adhere to global regulatory standards.

 

• The Geoblocker Policy offers a comprehensive overview of the geographical restrictions in place, providing transparency about regions with limited access.
   
• Regularly reviewed and updated by our IT department, this policy reflects our commitment to staying current with global developments and adjusting our security measures as necessary. For more information, please refer to the full Geoblocker Policy and the list of prohibited IP jurisdictions.

 

 

15. INTELLECTUAL PROPERTY

 

• Unless specified otherwise, the Company retains exclusive ownership of all copyrights and intellectual property rights related to the content and
  materials on its website or provided through its Services.
• The Company grants the Customer a limited, non-exclusive, and non-transferable license to access and use this data solely for personal or internal business purposes. This license does not authorize the Customer to distribute, use,
  modify, or publicly display any data without permission.
• Should the Company suspend or terminate the Customer's access to the Services, the license will automatically end.

 

16. DISPUTE RESOLUTION AND SUPPORT
 

If the Customer believes that the Company has breached any part of this Agreement through its actions or omissions, resulting in a dispute, the Customer may file a complaint with the Company within one day of the incident.

Complaints and other inquiries regarding this service agreement should be submitted via email to – [email protected].

 

17. AMENDMENTS

 

• The Company retains the right to modify or amend this Agreement as it sees fit. The Customer will be notified of any changes or updates through the Platform,
  where the date of the most recent revision will also be provided.
• Compliance with any amendments or changes is required from the Customer within one business day of their posting on the Platform or upon the
  completion of any transaction, whichever happens first.

 

18. GOVERNING LAW AND JURISDICTION

 

• The laws of Poland, which is the Company's jurisdiction, will govern and enforce this Agreement, including the rights and obligations of both parties. The Customer agrees that any civil action, arbitration, or legal proceeding related to this Agreement or the Customer's Account involving the Company, its employees, or agents must be exclusively held in a court located within the Company's jurisdiction.
• By agreeing to this, the Customer forfeits the right to a jury trial and agrees not to seek a change of venue. Furthermore, any claims arising from this Agreement or its transactions must be filed by the Customer within one year from the date the cause of action occurred.
• Resolving any claim through an independent third-party organization, such as an arbitration court in the Company’s jurisdiction, may be proposed by the Company. The Customer can decide whether to accept or decline this resolution method.

 

19. FORCE MAJEURE

 

In the event that circumstances beyond its control cause delays or failures in meeting its obligations under the Agreement, the Company will not be liable for any resulting damages.

This includes, but is not limited to, events commonly recognized as force majeure, such as floods, fires, strikes, power outages, acts of hostile entities, or lawful actions by public authorities.

20. COMPLAINT HANDLING

Venlynx Sp. z.o.o. is committed to providing a secure, fair, and transparent platform for all users. In the event of any dissatisfaction with our services, we aim to address complaints promptly and fairly. Below there are outlined processes by which users can submit complaints and how they will be handled. We accept complaints related to, but not limited to, the following issues:

• Account-related issues (e.g., login problems, account verification delays);
• Technical issues (e.g., website/app errors, delays in processing transactions);
• Delayed or failed transactions;
• Customer service (e.g., unresponsive support, unsatisfactory service);
• Security issues (e.g., unauthorised access to accounts).

 Any complaint shall be submitted by emailing us directly at [email protected]. Please provide the following information to help us process your complaint efficiently:

• Full name and account reference number;
• Description of the issue, including relevant dates and times;
• Any supporting evidence (e.g., screenshots, transaction IDs, correspondence).