Terms of Service

Welcome to Inqud, a financial technology service (the “Service”) available to you through inqud.com website (the “Website”), API, Inqud crypto widget (the “Crypto Widget”) or other means.

By using the Service, you agree to these Terms, along with our policies including Privacy Notice, Cookie Policy, AML/CFT Policy, that represent the entire agreement between you (or “user”) and IOOI Sp. z O.O., registered at Gęsia 8/205, 31-535 Kraków, Polska (referred to as "Inqud", "we", "us", or "our").

If you disagree with any of these Terms, please refrain from using the Service.

By accessing or using the Service, you confirm that:

• You've read, understood, and fully accept these Terms.
• You are at least 18 years old, or another age of majority at your place of residence.
• You are eligible to enter into this agreement and use the Service.
• You have the authority to bind any business or entity on whose behalf you use the Service, and that business or entity accepts these Terms.
• You comply with these Terms and all applicable laws and regulations.

For questions on these Terms or the Service, please visit our Help center or contact us.

Table of contents 

Account

Services

Crypto Widget services

Prohibited activities

Content and intellectual property rights

Electronic communications 

Third-party websites and services 

Risk disclosure

Warranties and disclaimers 

Limitation of liability 

Indemnification 

Governing law and dispute resolution

Termination 

Other terms

Account

In short

You can register a personal or business Account. You can use specific features of the Service after passing the KYC/KYB/AML check required by law. Ensure that the information provided is up-to-date, accurate, and precise. To maintain your Account security do not share your login credentials, API tokens and enable the 2FA.

To utilise specific features of the Service, you need to register a personal or business account (“Account”). Registration requires a verified email address and a password. After registering the Account we will ask you for additional information for the Account verification.

You are entitled to have only one Account at the Service.

Due diligence

In order to provide some services to you we are required by law to carry out all necessary security and customer due diligence checks on you and any parties involved in your transactions, if applicable. Due diligence checks are conducted by a third-party service provider in accordance with our AML/CFT Policy and Privacy Notice.

You agree to comply with any request from us for further information and provide such information in a format acceptable to us.

We reserve the right to refuse services to users that fail to pass the due diligence checks, as well as to the users residing in certain jurisdictions.

Account security

When maintaining your Account you are responsible for:

• Ensuring the information provided is up-to-date, accurate, and precise.
• Informing us if there is any error, mistake, update, or change in information or documents you have previously submitted.
• Not sharing or transferring your Account login information and API tokens to any third party.
• Safeguarding your login details, API tokens and maintaining Account security.
• Setting-up two-factor authentication.
• Not using your Account for any illegal purposes and activities.

If you believe your Account has been accessed without your permission or if your login details are compromised in any way, contact us immediately.

Account termination

To irreversibly terminate your Account, please review the Termination section and address our support with the respective request. 

Services

In short

Inqud’s services include virtual currency processing services, exchanges between virtual and fiat currencies and operations with virtual currency wallets. The transactions within the Service are subject to fees. Virtual currency transactions are nonrefundable.

Inqud’s services provided to users via the Service involve:

• exchange of the decentralised digital assets (“virtual currency”) to fiat currency; 
• exchange of the virtual currency to other virtual currency; 
• exchange of the fiat currency to the virtual currency;
• operations with virtual currency wallets;
• virtual currency processing services.

To provide the Service you authorise us to receive fiat and virtual currencies, temporary hold, exchange, and disburse them, as well as deduct the applicable fees and other costs on your behalf, and to take all actions that we find necessary or desirable to provide our services to you and to comply with any applicable law and these Terms.

We collect fiat and virtual currencies to your Account exclusively for you and on your behalf. You remain the owner of fiat and virtual currencies you manage through your Account.

Supported currencies

The list of then-currently supported fiat and virtual currencies is available on the Website and in the “Balances” section of your Account.

Exchange rate

We may utilise the spot exchange rate of the given trading pair that may vary and does not coincide with the rate on other exchanges, conversion services and market data providers. The exchange rate fluctuates in accordance with the market, therefore it is only valid for a limited time. The exchange rate for a specific transaction is fixed at the moment you submit the order for exchange.

Wallets

While offering the Service, we allocate you with the digitally secured wallets for virtual currencies allowing you to withdraw, deposit, store and exchange such virtual currencies.

Inqud securely stores all keys, related to your virtual currencies held at the wallets created via the Account.

For withdrawals you must provide a valid wallet address and keep such information current. We will not be liable for any delays or errors caused by third parties, nor any errors in the wallet address and chain information that you have provided to us.

Fees

The transactions conducted between users via Inqud User ID within the Service are not subject to Inqud’s fees. This is only valid when users apply the “transactions within Inqud” feature.

For the transactions with any third parties having no Inqud User ID the fees rate is established for each type of transaction. The fee rate is displayed to you before executing any transaction. 

You can opt for paying the transaction fee in addition to the transaction amount, or by deducting the fee from the transaction amount. All fees are automatically calculated and charged at the completion of any transaction, unless you choose the first option, in which case the fees are payable at the moment of transaction. The fees are nonrefundable.

Payment details

You are responsible for ensuring the accuracy of payment details (for example, the credit card, debit card, external wallet address) you provide for transactions within the Service. Inqud shall not be liable for the errors and mistakes made by you in the payment details.

Transaction limits

We can impose daily, monthly, and annual transaction volume limits per Account. If you wish to make a transaction over the limit you may be required to provide additional information and documentation. To make changes to your individual limits, please contact our support team.

Refund policy

Virtual currency transactions made via the Service are final and nonrefundable.

Changes

We may change the list of services, fees and supported virtual currencies from time to time without prior notice. Please visit our Website to stay updated.

Taxes

The users are solely responsible for determining, collecting, withholding and reporting any taxes incurred, or required to be collected, paid, or withheld for any reason in connection with the use of the Service.

Crypto Widget services

In short

Inqud offers Merchants crypto payment solutions, enabling them to receive virtual currency payments from End users for goods and services. There are various integration options like Embedded Crypto Widget, Hosted payment page, and API acquiring. By integrating the Crypto Widget, Merchants authorise Inqud to act on their behalf. End users can pay in virtual currency through a unique blockchain address provided in the request during the checkout, with the invoice amount set in virtual currency or in fiat and converted to virtual currency; Merchant's dashboard displays the status of each payment. Inqud is not responsible for Merchants' refund policies or trade in goods and services.

Inqud offers to businesses (“Merchants”) crypto payment solutions enabling Merchants to receive payments in virtual currencies from their users (“End users”) in exchange for Merchant’s goods and services.

The Crypto Widget services for Merchants encompass the following options available upon registering the business Account:

• Embedded Crypto Widget

Enables Merchant to integrate the Crypto Widget as a part of its website’s checkout page.

• Hosted payment page

Merchants can use the redirect version of the Crypto Widget, which will not affect the user interface. End users are directed to a secure page provided by Inqud to complete their transactions.

• API acquiring

Provides Merchants with a tailored integration for personalised checkout.

• Recurring payments

A feature of the Crypto Widget that facilitates the charging of recurring payments, such as subscriptions to Merchants’ services.

Integration

Owners of the verified business Account can integrate Crypto Widget into their websites by following its technical documentation.

By providing the domain names or integrating Crypto Widget to your website otherwise, you represent and warrant that you are duly authorised to use the websites for the purpose of integrating Crypto Widget and accepting End users’ payments.

Authorisation

By integrating the Crypto Widget, Merchant authorises Inqud to act on its behalf and to take any and all actions that we think are necessary or desirable to provide the Crypto Widget Service and to comply with applicable laws and regulations. 

Invoices and requests

An invoice user interface is displayed to the End user on the checkout screen. An invoice can specify a purchase amount in fiat currency with the End user creating a request for payment in a selected virtual currency. A request can be created with a specified amount, or without for balance top-ups. 

A unique blockchain address is allocated to the End user for each request that shall be valid for a limited period specified at the checkout screen. The exact amount of the virtual currency to be paid is determined when the request with such an address is created and shall be valid for the same period of time.

Checkout statuses

Merchant’s Account dashboard will display the current status of each payment.

• Completed checkout

An invoice is considered by Inqud completed if it has been fully paid by the End user, the corresponding transaction has reached our required number of block confirmations, and the payment has been credited to Merchant’s wallet in the Account. The completed checkout will have a “Success” status.

• Failed checkout

Where the discrepancies in the payment amount, debits to the expired wallet address or failures in compliance checks arise, the status of the transaction in the Merchant’s account will be marked as “Failed” or “Conflict”. The Merchant can contact our support team to investigate the situation. The Merchant shall be responsible for settling underpayments, overpayments and orphan payments with End users.

Auto-conversion

Merchants can set up an auto-conversion feature to receive the amount paid by an End user in the equivalent of the chosen supported currency in accordance with the applicable exchange rate.

Recurring payments

When the feature is released, Merchants will be able to enjoy the recurring payments functionality to charge the End users for their fixed or floating subscription plans.

For the purpose of providing the recurring payments service, Merchants authorise us to automatically charge on their behalf the End users’ wallets with the Merchants’ service fees.

End users may connect their web3 non-custodian wallets and thereby authorise Inqud with one of the following powers:

• Unrestricted management of funds stored on the wallet;
• Management of a specific sum of funds stored on the wallet;
• Charging the wallet with a sum upon its approval by the End user.

Merchants shall be responsible for setting the sums for charging, changing or cancelling subscriptions, as well as managing the refunds for the End users.

Processing fees

The integration of the Crypto Widget is free of cost.

In respect of the transactions conducted between Merchants and End users, the processing fees rate is established for each business Account individually based on the trading volumes.

Merchant can determine in its sole discretion, whether the processing fees will be payable by Merchant or End users in the settings of its Account.

We charge a processing fee for each transaction processed through your Account. The processing fee is listed for each invoice in the dashboard of Merchant’s Account.

The processing fees are deducted from the Merchant’s Account balances, if the latter is a payer of the fees in accordance with the settings. In cases where the End users are set to be payers of the fee, the amount of the applicable fee is added to the respective transaction amount and displayed at the checkout screen.

We reserve the right to change our processing fee. We will provide not less than 30 days’ advance notice of such a change, and Merchant’s continued use of the Crypto Widget services following the period of advance notice of the fee change constitutes the acceptance of such change.

Refunds

Inqud is not responsible for Merchant’s refund policies, or for verifying that such policies conform to applicable law. The End users shall refer to Merchant to request a refund for the goods or services purchased.

Complaints

Inqud shall not be responsible for the trade in any goods and services, as well as for the End users’ personal data processing by Merchant that shall be subject to the latter’s Terms and Conditions and Privacy Notices.

If we receive a complaint from an End user and it relates to Merchant or the purchased goods/services, we will send it to Merchant for resolution. We reserve the right to terminate Merchants’ Accounts that receive excessive complaints.

Balance and settlements

The debits and credits to Merchant’s Account are displayed in the “Balance” section. Balance is a list of funds temporarily held by Inqud on behalf of Merchant until settlement to the external wallet address Merchant provides.

Prohibited activities

In short

We can refuse or restrict our services to you, if you engage in any of the listed prohibited activities.

Inqud reserves the right to refuse its services, or to impose permanent or temporary restrictions on the use of the Service (suspend/terminate the Account, freeze assets, set limits on the services and transactions without any liability to you or any third parties), if you, or a person connected with you:

• fail to present the documents and data, requested by Inqud, which are necessary for complying with the diligence measures, or present false or contradictory data; 
• have been subject to a liquidity proceeding or deleted from the register;  
• are suspected to perform transactions that might be related to money laundering, terrorist financing, fraud or other crimes and unlawful activities;  
• are found in a sanction list, lives or is located or established in a country or territory which is subject to a sanction, or otherwise did not pass our due diligence checks;
• violate intellectual property rights of Inqud or any third party;
• defame, harass, abuse, threaten or defraud others, or collect, or attempt to collect, personal information about others without their consent;
• are in, under the control of, or a national or resident of any country where crypto assets transactions are explicitly prohibited, any unsupported country (e.g. the United States of America, including all US territories) in accordance with our AML/CFT Policy,
• conduct an activity that must be licensed without a proper authorization;
• engage in any of the following types of business activities: unregulated gambling and lottery, trade in weapons, drugs, toxic/radioactive materials, pyramid and investment schemes, credit and collection services.

This list is non-exhaustive. It is within Inqud’s sole discretion to determine whether an activity falls into one of these categories.

Content and intellectual property rights

In short

The Service, and all its parts, including software, trademarks, graphics etc., is owned by Inqud. We grant you a right to use the Service as contemplated by it, and in accordance with its Terms and applicable laws.

The Service is owned and controlled by Inqud. 

All materials of the Service, including text, graphics, information, images, drawings, trademarks, logos, video, sounds, music, software, API documentation, and other materials (collectively, the “Content”), as well as copyright and other intellectual property rights to such Content belong to Inqud or is included in the Service with the consent of the owner.

Licence to you

Subject to your compliance with these Terms, Inqud grants you a limited, non-exclusive, non-sublicensable, revocable, non-transferable, worldwide licence to:

• integrate and use the Crypto Widget software in accordance with the API documentation and these Terms for business purposes;
• access and use the Content made available in or through the Service for the purposes laid down in these Terms.

Inqud may provide upgrades, modifications, updates, or additions to the Content during the term of this licence. The terms of this licence shall be applied to any such modification unless it is accompanied by a separate licence.

Prohibited use

Under this licence you may not:

• sell, lease, rent, licence, sublicense, reproduce, publish, or otherwise distribute Service’s software; 
• copy, decompile, disassemble, translate or reverse engineer Service’s software, in whole or in part; 
• write or develop any derivative software, make attempt to derive the source code of, modify, or create derivative works of the Service’s software, any its updates;
• avoid, bypass, remove, deactivate, impair, descramble or otherwise circumvent any technological measure implemented by Inqud or any of Inqud's providers or any other third party (including another user) to protect the Service;
• use any robot, spider, another automatic device, or manual process to monitor, copy, or "scrape" web pages or the Content contained in the Service or for any other unauthorised purpose.

Electronic communications

In short

We will communicate with you through email and push-notifications.  Expect updates about the Service, these Terms, and details about your transactions. If you want to stop receiving promotional emails, follow the instructions in those messages.

By using the Service and providing us with your contact details, you agree to receive the electronic communications via email, messengers or push-notifications regarding, without limitation: 

• email verification;
• Account login and security;
• your use of the Service;
• transactions conducted via the Service and their statuses;
• updates of the Service and these Terms.

Some notifications can be adjusted in your Account settings.

Note, however, that some emails might promote our services or offers. If you're not interested, you can opt-out by following the instructions in those emails. For details on how we handle personal data, see our Privacy Notice.

Third-party websites and services

In short

Some functions of the Service depend on third-party services which we do not control, therefore we cannot guarantee the uninterrupted operation of all features.

Some features of the Service are available in compatibility with third-party websites, services, tools, or content. We strive for seamless operation, but since we do not control these external services, we cannot guarantee uninterrupted functionality for all features.

We do not endorse, warrant, guarantee or assume responsibility for any product or service offered or advertised by Merchants, and we will not be a party to nor monitor any interactions between you and third-party providers of products or services.

Remember, when you access and use these third-party websites, services, tools, or content, their terms and privacy policies apply, and Inqud is not responsible for any losses, damages or other liabilities arising from your interactions with them.

Risk disclosure

In short

Investing in virtual assets is considered to be associated with certain risks. Please do your own research before making any decisions in respect of operations with virtual currency.

Due to the potential for losses, the investment in virtual currency is generally assumed to be high-risk. The key risks are:

• You could lose all the money you invest due to high volatility of virtual assets.
• The virtual currency market is largely unregulated, therefore you can lose money due to cyber-attacks or financial crime.
• You may not be able to sell your investment when you want due to technology outages, cyber-attacks, and commingling of funds and other issues causing a delay.
• Virtual currencies 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.

You should do your own research before investing. Inqud 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 within the Service.

Warranties and disclaimers

In short

The Service is provided to you “as is”.  We promise that it will function as provided for in these Terms during the period of your licence and disclaim all other warranties.  However, the Service’s software may malfunction, in which case we will take every effort to resume its correct operation. You guarantee not to use the Service for any unlawful activities.

The Service is provided to you “as is”.

While Inqud warrants that the Service will substantially align with its official documentation, all other warranties, explicit or implied, are disclaimed. This includes guarantees of merchantability, fitness for a particular purpose and non-infringement of intellectual property rights of third parties or other rights.

We do not guarantee uninterrupted, secure access to the Service or its error-free operation. Although we strive to correct defects and prevent harmful elements like viruses, we cannot ensure the Service's absolute immunity from such issues.

Inqud doesn't promise the accuracy, reliability, or utility of the Service's features and Content. 

We may interrupt the provision of the Service for maintenance or upgrades, or where necessary for security reasons.  

We will notify you of any planned interruption of the Service, the reasons for such interruption, and the expected time for restoration of the Service in advance. We shall inform you of any unscheduled interruptions as soon as possible.

Your warranties

Without prejudice to other warranties under these Terms, by using the Service you represent and warrant that:

• You will not use the Service in connection with any unlawful activity or for criminal purposes, including money laundering, tax fraud, terrorist financing, or other malicious activities.
• You are responsible for the legality of all transactions and activities.
• The execution of the Terms does not and will not violate any other agreement to which you are bound.
• You have enough knowledge relating to virtual currency to use our Service, and understand that you are solely responsible for determining the nature, suitability, risks, and appropriateness of our Service.
• The funds that you transfer via the Service originate from legal sources.
• You will not impersonate or misrepresent your affiliation with any person or entity, nor make other fraudulent, false, deceptive, or misleading representations.

Limitation of liability

In short

Inqud’s liability is limited in accordance with this section, so please read it carefully to understand what to expect.

Exclusions from our liability

Inqud, along with its subsidiaries, directors, partners, employees, contractors or agents will not be held liable for any indirect, incidental, special, punitive or consequential damages, resulting from your use or inability to use the Service. This encompasses damages due to reliance on the Content, loss of profits, goodwill, or any disruptions caused by errors, defects, technological attacks, viruses, or hacking, even if Inqud has been advised of potential damages.

Inqud is not responsible for any inaccuracies or omissions in any Content.

The foregoing limitations may not apply if prohibited by law.

Liability cap

Should any part of the warranty disclaimers or limitations of liability be found invalid or unenforceable and if Inqud is determined to be liable to you in any manner, our total liability is capped at the total fees earned by Inqud in connection with your use of the Service within one year preceding the claim.

Indemnification

In short

In case you violate these Terms, misuse the Service, violate any law or third party’s rights, you agree to indemnify and defend Inqud.

You agree to defend, indemnify and hold harmless Inqud, our subsidiaries, directors, partners, employees, contractors and agents from and against any and all claims, responsibility, damages, losses, and expenses, including reasonable legal and accounting expenses, arising from: 

• any breach by you of any of these Terms, 
• your use/misuse of the Service,
• a violation by you of applicable law, third party’s intellectual property, privacy, publicity, or other rights, any agreement or terms with a third party to which you are subject,
• your fraud, negligence and willful misconduct,
• your participation in any of the Prohibited activities.

We reserve the right to handle our legal defence however we see fit, including instances when you are indemnifying us. Therefore, you agree to cooperate with us so we execute our strategy.

Governing law and dispute resolution

In short

These Terms are governed by the laws of the Republic of Poland.  We hope to resolve all the issues by peaceful means, but in case a serious dispute arises between us, it must be settled by the court. The disputes with Merchants will be resolved by arbitration.

Governing law

These Terms are governed by the laws of the Republic of Poland excluding its conflict of law rules. 

If the Service or its use conflicts with local laws where you access it, please refrain from using it. It is your responsibility to stay compliant with local regulations.

Dispute resolution through negotiation

Without limitation to any statutory rights of consumers, you agree that any dispute, conflict, claim or controversy directly or indirectly arising out of in connection with or relating to the Service or these Terms, including, without limitation, those relating to its validity, its construction or its enforceability shall first be addressed through amicable negotiations with Inqud in accordance with the principles of good faith and cooperation.

Venue

If no agreement is reached through the negotiations, the dispute between Inqud and individual user shall be settled by the competent court in Krakow, Poland.

Merchants agree to resolve the disputes with Inqud exclusively by final and binding arbitration administered by the International Chamber of Commerce (ICC) in accordance with its Rules of Arbitration. Proceedings shall occur virtually or, if in person, in Krakow, Poland, or such other location as may be agreed upon by the parties.The arbitration will be conducted before a single arbitrator in the English language. 

Alternatives

You can also submit your complaint via the online dispute resolution (ODR) platform.

Time limit for claims

All claims must be filed within one year of their occurrence, unless specific laws dictate a longer period.

Termination

In short

To terminate this agreement, you have to withdraw all your assets, delete the Account and no longer use or access the Service.  We can terminate your access to the Service, if you violate these Terms, law, or if we are requested to do so by the competent authorities or for security reasons.

Termination by Inqud

Inqud reserves the right to suspend or terminate your Account in the following cases:

• your actual or suspected violations of these Terms,
• you have provided us with any false, incomplete, misleading or inaccurate information,
• you engage in any of the Prohibited activities,
• we reasonably suspect you of fraudulent use of the Service, violation of laws, or infringement of rights,
• if your actions or behaviour pose regulatory risks to us,
• we reasonably believe your Account has been compromised, is used by an unauthorised person, or for other security reasons,
• we are requested or directed to do so by any competent court of law, government authority, public agency, or law enforcement agency,
• the Account is inactive, in particular no transactions have been conducted, for a period of 2 years.

Termination by you

You may terminate this agreement at any time by closing your Account and no longer accessing or using the Service. Before closing the Account all your assets have to be withdrawn to external accounts. Please contact our support team to terminate your Account.

Effects of termination

If your Account is closed and this agreement terminates for any reason, you agree: 

• to immediately stop using the Service,
• to settle any outstanding fees,
• that all permissions and licences provided under these Terms shall end,
• to remove from your website and marketing materials and discontinue using any Content,
• that we will retain certain information and Account data as required under applicable laws and regulations, and 
• that we shall not be liable to you or any third party for termination of the Account and services, or retention of information or Account data.

Other terms

We reserve the right, at any time at our sole discretion, with prior notice to: modify, suspend or discontinue the Service, Content, features or services offered through the Service. You agree that we shall not be liable to you or to any third party should any of the foregoing occur with respect to the Service.

We may transfer our rights and obligations under these Terms to a third party without affecting your rights or our commitments.

We reserve the right, at any time at our sole discretion, to modify these Terms. In case of material changes affecting your use of the Service, we will notify you prior to the changes’ effective date. By continuing to use the Service, you agree to the updated version of these Terms.

If any provision of these Terms is determined to be unlawful, void or unenforceable, the remaining provisions of these Terms will continue to be fully valid and enforceable.

A printed version of these Terms shall be admissible in judicial or administrative proceedings based on or relating to the use of the Service to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form.