KoalaPay Terms of Use

Last Updated: 18 July 2023

QBSG Limited (“QBSG”) offers a number of different services through the KoalaPay websites and/or software applications. Please read these Terms carefully as they govern your use of KoalaPay. BY MAKING USE OF KOALAPAY, YOU ACKNOWLEDGE AND AGREE THAT:

1. (1) YOU ARE AWARE OF THE RISKS ASSOCIATED WITH TRANSACTIONS IN DIGITAL CURRENCIES;
2. (2) YOU SHALL ASSUME ALL RISKS RELATED TO YOUR USE OF THE SERVICES AND TRANSACTIONS IN DIGITAL CURRENCIES;
3. (3) YOU UNDERSTAND THIS IS NOT A WALLET; AND (4) QBSG SHALL NOT BE LIABLE FOR ANY SUCH RISKS OR ADVERSE OUTCOMES.

1. This is a contract.

• 1.1 These Terms of Use (“Terms”), along with the Privacy Policy, form a legally-binding contract between you and QBSG Limited, a Maltese company with registration number C 97348 whose registered address is Dragonara Business Centre, 5th Floor, Dragonara Road, St. Julians, STJ 3141, MALTA. By using the Services (as defined below), you are agreeing to be legally bound by these Terms. If you don’t agree with these Terms, you must discontinue using the Services.

2. Definitions.

• 2.1. “KoalaPay” means a system embedded in certain websites, mobile applications, clients, applets and other applications that are developed to offer our services, and includes platforms, websites and clients within the ecosystem owned and/or operated by third parties (“Third Party Platforms”). In case of any inconsistency between relevant terms of use of such Third Party Platforms and these Terms, the respective applicable terms of such Third Party Platforms shall prevail with respect to your use of such platforms.
• 2.2. “Services” means various services provided to you by us that are based on Internet and/or blockchain technologies and offered via KoalaPay, mobile applications, clients and other forms (including new ones as may be enabled by future technological developments).
• 2.3. “Digital Currencies” means encrypted or digital tokens or cryptocurrencies with a certain value that are based on blockchain and cryptography technologies and are issued and managed in a decentralized form.
• 2.4. “Fiat Currencies” means a currency that is government issued currency that is not necessarily backed by a physical commodity, i.e., USD, EUR, GBP, etc.
• 2.5. “KoalaPay Account” or “Account” means the foundational virtual account, including main accounts and subaccounts, which are opened by us for you to record your usage of the Services, Transactions, asset changes and basic information. KoalaPay Accounts serve as the basis for you to use the Services of KoalaPay.
• 2.6. “Transaction” means conversions between virtual assets and fiat currencies.

3. We expect you to be a responsible user.

• 3.1. You agree that you will not use the Services for any purpose that is unlawful or prohibited by these Terms. You agree to follow all applicable local, state, national, and international laws and regulations. You are solely responsible for all acts or omissions that occur while using any Services, including the content of any transmissions you send through the Services and any content you upload or publish using the Services.
• 3.2. We expect you to respect the rights of others. By using the Services, you agree that you will not upload, transfer, or otherwise make available files, images, code, materials, or other information or content (“Content”) that violates the rights of any third party, including their intellectual property rights, however defined.
• 3.3. We reserve the right to change or modify these Terms in our discretion at any time. We will notify you of such changes by updating the terms on www.KoalaPay.eu website and modifying the “last updated” date displayed on this page.
• 3.4. YOU REPRESENT AND WARRANT THAT YOU HAVE NOT BEEN INCLUDED IN ANY TRADE EMBARGOES OR ECONOMIC SANCTIONS LIST proscribed in the Maltese Sanction list, EU Financial Sanctions list & United Nations Sanctions Committees lists or any other sanction list in particular OFAC and UK Sanction List OFSI . KOALAPAY RESERVES THE RIGHT TO CHOOSE MARKETS AND JURISDICTIONS TO CONDUCT BUSINESS, AND MAY RESTRICT OR REFUSE, IN ITS DISCRETION, THE PROVISION OF KOALAPAY SERVICES IN CERTAIN COUNTRIES OR REGIONS.

4. What about your account?

• 4.1. Registration. All users must register with KoalaPay at www.KoalaPay.eu before using the Services. When you register a KoalaPay Account, you must provide your real name, email address and password, and accept these Terms, and the Privacy Policy. We may refuse to open a KoalaPay Account for you at our sole discretion. You agree to provide complete and accurate information when opening a KoalaPay Account and provide in a timely manner any requested documents, and agree to timely update any information you provide to us to maintain the integrity and accuracy of the information.
• 4.2. You must be eligible to have an account. By registering to use a KoalaPay Account, you represent and warrant that (i) as an individual, you are at least 18 or are of legal age to form a binding contract under applicable laws; (ii) as an individual, you have full legal capacity and sufficient authorizations to enter into these Terms; (iii) you have not been previously suspended or removed from using Services; (iv) you do not currently have a KoalaPay Account; (v) your use of Services will not violate any and all laws and regulations applicable to you, including but not limited to regulations on anti-money laundering, anti-corruption, and counter-terrorist financing.
• 4.3. We need to verify who you are and identify and in some cases verify the source of your wealth and funds. Your registration of an account with us will be deemed your agreement to provide required personal information for identity verification purposes and documents. Such information will be used to verify your identity, source of wealth and funds, identify traces of money laundering, terrorist financing, fraud and other financial crimes through us, or for other lawful purposes stated by us. We reserve the right to question further and hence, your cooperation is of utmost importance. Failure to comply will lead to your account being terminated, blocked or suspended. We will collect, use and share such information in accordance with our Privacy Policy. In addition to providing such information, you agree to allow us to keep a record of that information during the period for which your account is active and for a period of up to five (5) years after your account is closed, in compliance with global industry standards and applicable law. You also authorize us to conduct necessary investigations directly or through a third party to verify your identity or protect you and/or us from financial crimes, such as fraud. The information we require to verify your identity may include, but is not limited to, your name, email address, contact information, phone number, username, government-issued ID, date of birth, and other information collected during account registration. When providing the required information, you confirm it is true and accurate. AFTER REGISTRATION, YOU MUST ENSURE THAT THE INFORMATION IS TRUE, COMPLETE, AND TIMELY UPDATED WHEN CHANGED. IF THERE ARE ANY GROUNDS FOR BELIEVING THAT ANY OF THE INFORMATION YOU PROVIDED IS INCORRECT, FALSE, OUTDATED OR INCOMPLETE, WE RESERVE THE RIGHT TO SEND YOU A NOTICE TO DEMAND CORRECTION, DIRECTLY DELETE THE RELEVANT INFORMATION, AND, AS THE CASE MAY BE, TERMINATE OR SUSPEND ALL OR PART OF SERVICES WE PROVIDE FOR YOU. IF WE ARE UNABLE TO REACH YOU WITH THE CONTACT INFORMATION YOU PROVIDED, YOU SHALL BE FULLY LIABLE FOR ANY LOSS OR EXPENSE CAUSED TO US DURING YOUR USE OF SERVICES. YOU HEREBY ACKNOWLEDGE AND AGREE THAT YOU HAVE THE OBLIGATION TO UPDATE ALL THE INFORMATION IF THERE IS ANY CHANGE. BY REGISTERING AN ACCOUNT, YOU HEREBY AUTHORIZE US TO CONDUCT INVESTIGATIONS THAT WE CONSIDER NECESSARY, EITHER DIRECTLY OR THROUGH A THIRD PARTY, TO VERIFY YOUR IDENTITY OR PROTECT YOU, OTHER USERS AND/OR US FROM FRAUD OR OTHER FINANCIAL CRIMES, AND TO TAKE NECESSARY ACTIONS BASED ON THE RESULTS OF SUCH INVESTIGATIONS. YOU ALSO ACKNOWLEDGE AND AGREE THAT YOUR PERSONAL INFORMATION MAY BE DISCLOSED TO REGULATOR AND AGENCIES FOR FRAUD PREVENTION OR FINANCIAL CRIME PREVENTION, WHICH MAY RESPOND TO OUR INVESTIGATIONS IN FULL.
• 4.4. You must keep your KoalaPay Account secure. You are responsible for maintaining the confidentiality of your password and KoalaPay Account. Furthermore, you are entirely responsible for any and all activities that occur through the use of your KoalaPay Account or password. You agree to immediately notify us of any unauthorized use of your KoalaPay Account or any other breach of security.
• 4.5. In order to facilitate a Transaction you must:
• -accept this Terms;
  -login into KoalaPay;
  -provide the detail required by KoalaPay;
  -choose one of available payment method;
  -provide your wallet address or detail required by KoalaPay to receive fiats from us;
  -confirm your purchase or sale of Digital Currencies.
  
• Once QBSG receives the purchase price from you, the Digital Currencies will be sent to the wallet address provided by you. The time of settlement may differ depending on the method of payment you use or the payment service provider that you use. Blockchain transactions are irreversible and QBSG will not be able to reverse any transactions already executed in case you made a mistake in the provided data or instruction.
• 4.6. Transaction Limits. KoalaPay has implemented various Transaction limits to detect potential suspicious activities. Accordingly, any order which would exceed a given limit may trigger one or more enquiries including, the nature and purpose of your platform use, your expected size and frequency of Transactions going forward, and or the source of wealth and funds being used. It is critical that your response to Transaction queries are timely and include all the information level of detail requested as inadequate answers will result in suspension and or termination of Transaction permissions and or your KoalaPay Account access.

5. We do collect your Personal Data. Your personal data will be properly protected and kept confidential, but we have the right to collect, process, use or disclose your personal data in accordance with the Terms (including the Privacy Policy) or applicable laws. As more fully explained in the Privacy Policy, depending on the products or services concerned, your personal data may be disclosed to the following third parties:

• 5.1. your Transaction counterparty;
• 5.2. KoalaPay shareholders, partners, investors, directors, supervisors, senior managers and employees of such entities;
• 5.3. our joint ventures, alliance partners and business partners;
• 5.4. our agents, contractors, suppliers, third-party service providers and professional advisers, including the parties who have been contracted to provide us with administrative, financial, research, operations, IT and other services, in such areas as telecommunications, information technology, payroll, information processing, training, market research, storage and archival;
• 5.5. third-party business partners who provide goods and services or sponsor contests or other promotional activities, whether or not in cooperation with us;
• 5.6. business partners, investors, trustees or assignees (actual or expected) that promote business asset transactions (which can be broadened to include any merger, acquisition or asset sale);
• 5.7. professional consultants such as auditors and lawyers;
• 5.8. relevant government regulatory agencies or law enforcement agencies to comply with laws or regulations formulated by government authorities;
• 5.9. assignees of our rights and obligations;
• 5.10. banks, credit card companies and their respective service providers;
• 5.11. persons with your consent as determined by you or the applicable contract.

6. License.

• 6.1. Subject to these Terms, we grant you a limited, non-transferable, personal right and license to use the KoalaPay service and software applications. You may not copy, decompile, reverse engineer, disassemble, attempt to derive the source code of, modify, or create derivative works of the KoalaPay software (except as, and only to the extent that, any of the foregoing restrictions are prohibited by applicable law or to the limited extent permitted by the licensing terms governing use of any open sourced components included within the KoalaPay software).

7. The Services are provided without any warranties or guarantees. We are not responsible for any damages you may incur as a result of your use of the Services.

• 7.1. You agree that we shall not be responsible for unauthorized access to or alteration of your transmissions or data, any material or data sent or received or not sent or received, or any transactions entered into through the Services.
• 7.2. QBSG does not facilitate or provide trading or investment or brokerage accounts or facilities, nor does QBSG provide investment or any other financial advice. As with any asset, the value of Digital Currencies can go up or down and there can be a substantial risk that you lose money buying, selling, holding, or investing in Digital Currencies. You are solely responsible for determining whether the purchase of Digital Currencies is appropriate for you in light of your financial condition and degree of financial sophistication.
• 7.3. In no event shall we be liable for any direct, indirect, punitive, incidental, special, consequential damages, or any damages whatsoever including, without limitation, damages for loss of use, data, or profits, arising out of or in any way connected with the use or performance of the Services, with the delay or inability to use the Services, the provision of or failure to provide any Services, or for any information, software, products, services, and related graphics obtained through the Services, or otherwise arising out of the use of the Services, whether based on contract, tort, negligence, strict liability, or otherwise, even if we have been advised of the possibility of damages. Because some states/jurisdictions do not allow the exclusion or limitation of liability for consequential or incidental damages, the above limitation may not apply in every instance. If you are dissatisfied with any portion of the Services, or with any of these terms, your sole and exclusive remedy is to discontinue using the Services and related websites.
• 7.4. You agree to indemnify and hold QBSG Limited, its parents, subsidiaries, affiliates, officers, and employees, harmless from any claim, demand, or damage, including reasonable attorneys’ fees, asserted by any third party due to or arising out of your use of or conduct on the Services.re).

8. We need you to respect our trademarks. Without prior written permission, you agree not to display or use the KoalaPay name, logo, or other brand assets in any manner.

9. You Must Comply with the Law. You can only use our Service if permitted under the laws of your jurisdiction. Please make sure that your use of the Service is in compliance with all laws, rules, and regulations that apply to you. It is your responsibility to determine what, if any, taxes apply to your Transactions, and it is your responsibility to report and remit the correct tax to the appropriate tax authority where applicable. We are not responsible for determining whether taxes apply to your Transactions or for collecting, reporting, withholding, or remitting any taxes arising from any of your Transactions.

10. These Terms shall be governed by and construed in accordance with the laws of Malta without giving effect to any conflicts of law principles that may require the application of the laws of a different country. All actions or proceedings arising under or related to these Terms must be brought to the attention of the Arbiter of Financial Services https://www.financialarbiter.org.mt/contact-us and each party hereby agree to irrevocably submit to the jurisdiction and venue of any such Arbiter in all such actions or proceedings. If any provision of these Terms is determined by a court of competent jurisdiction to be invalid, illegal, or unenforceable, the remaining provisions of these Terms shall not be affected or impaired thereby.

11. Contacting KoalaPay support. You may address support requests, or any other incident or complaint to our customer service team by contacting the customer service or support team at the email address or contact number listed on the KoalaPay website from time to time.