Terms of Use/User agreement

Last Update: 02 of February, 2024

This User Agreement constitutes a public electronic agreement between You (hereinafter the "User" or "You") and KUNA (hereinafter "Company", "KUNA", "We" or "Us").

Please read this User Agreement (hereinafter the "Terms" or "Agreement") carefully, along with any other policies or notices on KUNA's website or mobile applications, and our Privacy Policy, before using any services, provided by us, including but not limited to KUNA (https://kuna.io) website (hereinafter the "Website") and mobile application (hereinafter the "App"). Together, these materials (Terms, Privacy Policy, other policies or notices) contain terms, rules, and guidelines related to your use of KUNA.

Please leave the Website and do not use any Services if you do not agree with the terms and conditions laid down below. Otherwise, you take all risks and responsibility for holding and dealing in Virtual assets, though we have warned you.

Please note that when you accept these Terms, you are accepting all of the terms and conditions and not just this section. By creating or importing a wallet, downloading or running our App, or visiting our Website, or using any of our Services you are agreeing to our Terms, so please read carefully.

Definitions

In this User Agreement, the terms below listed will have the following meaning, unless otherwise indicated in the text:

  • "Affiliate" means with respect to any Person, an individual, corporation, partnership, firm, association, unincorporated organization or other entity directly or indirectly controlling, controlled by or under common control with such Person. Affiliate also means any individual, corporation, partnership, firm, association, unincorporated organization or other entity which has agreement and relations with KUNA being its service provider or partner if KUNA directly indicates that party as Affiliate.
  • "AML Policy" means rules of conduct aimed at the prevention of money laundering and terrorism financing, developed by KUNA in accordance with the applicable law, which construes an integral part of the Terms.
  • "Business Day" means any calendar day other than Saturday, Sunday or any other day on which banks and credit institutions are authorized to be closed in Lithuania, Canada and other countries where banking and payment accounts are registered on the name of Affiliates of KUNA.
  • "Chargeback" means a payment amount to be returned to the User account opened with a financial institution, following the demand from such a financial institution as a result of a disputed transaction.
  • "Confidential information" means all information that is not publicly available, which the User determines, orally or in writing, as confidential, or which, based on the circumstances of its disclosure, should be considered confidential.
  • "Deal" means a record of Deposit, Withdrawal and/or Trade transaction into, out from or at User Account, which is technically executed by KUNA in accordance with {`User's`} Deposit/Withdrawal request or Trade Order.
  • "Deposit" means a transaction, which involves the transfer of Funds to your Account on KUNA.
  • "Fee" means a commission or other costs, charged by the KUNA for the use of Services.
  • "Fiat money" means government-issued currency that is designated as a legal tender in its country of issuance on the legislative level.
  • "Funds" means the amount of Fiat money and/or Virtual assets used during the execution of Deals.
  • "KUNA" refers to an ecosystem comprising KUNA websites (whose domain names include but are not limited to https://kuna.io), App, clients, applets and other applications that are developed to offer KUNA Services, and includes independently-operated platforms, websites and clients within the ecosystem (e.g. КUNA.IO,UAB "KUNA PRO", FLEXYPAY INC., KUNA IP and payment gateways). In case of any inconsistency between relevant terms of use of the above platforms and the contents of these Terms, the respective applicable terms of such platforms shall prevail.
  • "КUNA.IO" means group of Affiliates which provide the Service according to their authority and role and is represented currently by the following companies:
    • "UAB "KUNA PRO", a company registered and operating under the laws of Republic of Lithuania, company number 306041195, with the registered address at: Vilnius, Eišiškių Sodų 18-oji g.11, Republic of Lithuania.
    • "FLEXYPAY INC.", a company registered and operating under the laws of Canada, company number BC1341302, with the registered address at: 398-2416 Main st. Vancouver BC V5T 3E2 Canada.
  • "KUNA IP" shall mean all and any copyright and other intellectual property rights in all content and other materials contained on the Site, any products and applications, or provided in connection with the Services, including, without limitation, the KUNA name, trademark, KUNA logo and all designs, text, graphics, pictures, information, data, software, technologies, know-hows, sound and video files, other files and the selection and arrangement thereof.
  • "KUNA Services (or Services)" refers to various services provided to You by KUNA that are based on Internet and/or blockchain technologies and offered via KUNA websites, mobile applications, and other forms (including new ones enabled by future technological development). KUNA Services include but are not limited to Services, laid down in Section 2 of the Terms and novel services to be provided by KUNA.
  • "Law" means all applicable laws, regulations, judgments, decrees, treaties, ordinances, orders and rulings, interpretations and statements of policy of any governmental authority or regulatory or self-regulatory organization, authority, agency or body, in each case which has jurisdiction over KUNA, the User, or their respective operations.
  • "Order" means User's offer to Deposit, Withdrawal and/or Trade transaction into, out from or at User Account, which is technically executed by KUNA.
  • "Parties" means KUNA and the User.
  • "Person" means an individual, partnership, limited partnership, corporation, limited liability company, joint stock company, unincorporated organization or association, trust or joint venture, or a Governmental Authority or political subdivision thereof. Person also means the Person's Representatives, successors or permitted assigns.
  • "Privacy Policy" means rules of personal data collection, storage, and use, developed by the Company in accordance with the applicable law, which construes an integral part of the Terms.
  • "Term" means the term of this Agreement that shall commence upon acceptance by you of this Agreement according to the procedure defined in the recitals of this Agreement and shall continue as long as you are authorized to use KUNA Services, subject to any earlier termination in accordance with this Agreement.
  • "Trade" shall be understood as an exchange of the Virtual asset or equivalent of Fiat money of one type, owned by one User Account, to the Virtual asset or equivalent of Fiat money of another type, owned by another User Account, at the terms and conditions set forth by such exchange parties, and which is executed solely and exclusively within the Site. In no case shall the Trade be deemed or construed to be a marginal trade.
  • "User(s)" (also referred to as "You", "Your") - means a Person that meets the requirements set out in Section 3 and legally uses the Services provided by the Company;
  • "User Account" means a set of protected pages created as a result of User registration, with the help of which User has the ability to perform transactions and keep records of his activity on the Website (App).
  • "Virtual asset (VA or Virtual currency)" means decentralized peer-to-peer digital asset or digital currency, that is not legal tender, is not securities, e-money, or money under the applicable law, and can be transferred, traded and used for payments and exchange purposes.
  • "Website" or"Site" means set of information, texts, graphic and design elements, pictures, photo, video and other fruits of intellectual activity, as well as set of software which ensures the accessibility of this information at https://kuna.io and the sub-domain web-sites belonging to KUNA.
  • "Withdrawal" means any term derived means an operation involving a transfer of Funds from the User's Account.

1. Terms of Use status and acceptance

  • 1.1. These Terms constitute a legally binding agreement between you and the Company.
    • UAB "KUNA PRO" - if you reside in any acceptable jurisdiction except Canada;
    • "FLEXYPAY INC" - if you reside in Canada.
  • 1.2. These Terms apply to any and all Services, information, texts, and other products, offered by the Company.
  • 1.3. By accessing the Website, registering an Account on the Website, or by clicking "Continue" during registration, you agree to be bound by these Terms and confirm that you have read, understood, and accepted all the provisions of these Terms, as well as provisions of our Privacy Policy, AML Policy, and other legally binding document publicly available on the Website.
  • 1.4. You cannot use the Website, Services and create the Account if you have not read, understood, and accepted all the provisions of these Terms.
  • 1.5. The Company may change, remove, or add the context of the Terms and reserves the right to do so in its sole discretion. All new and/or revised provisions of the Terms take effect immediately and apply to your use of the Website, the Account and the Services from that date on. Please, check these Terms regularly to be aware of all current provisions of these Terms.
  • 1.6. The Company may notify you about significant changes in these Terms. This can be done by posting a notification on the Website or sending you an email (if appropriate).
  • 1.7. You can review the most current version of the Terms of Use. If you continue to use the Services after the Company makes changes to the Terms, you expressly confirm your acceptance of the new and/or revised Terms.
  • 1.8. These Terms, including our Privacy Policy and the AML Policy, any and all notices, notifications, policies, warnings and disclaimers constitute the entire agreement between you and the Company.
  • 1.9. Should any conflict arise between the English language version of these Terms and any translation thereof, the English language version will prevail.

2. Services

  • 2.1. KUNA mainly serves as a global online platform for Virtual asset trading, and provides Users with a trading platform, technical services and other Virtual asset-related services. As further detailed in this Section 2 below, Users must register an account with KUNA, and deposit Virtual assets or Fiat money into their Account prior to trading. Users may, subject to the restrictions set forth in these Terms, apply for the Withdrawal of Virtual assets or Fiat money.
  • 2.2. Although KUNA has been committed to maintaining the accuracy of the information provided through KUNA Services, KUNA cannot and does not guarantee its accuracy, applicability, reliability, integrity, performance or appropriateness, nor shall be liable for any loss or damage that may be caused directly or indirectly by your use of these contents. The information about KUNA Services may change without notice, and the main purpose of providing such information is to help Users make independent decisions. KUNA does not provide investment or consulting advice of any kind, and is not responsible for the use or interpretation of information on KUNA or any other communication medium. All Users of KUNA Services must understand the risks involved in Virtual Assets trading, and are recommended to exercise prudence and trade responsibly within their own capabilities.
  • 2.3. Upon completion of the registration and identity verification for your Account, you may use various Services listed below.
  • 2.4. The Company provides the following Services:
    • UAB "KUNA Pro" is a provider of activities of a virtual currency exchange operator and a deposit virtual currency operator; and
    • FlexyPay Inc. is MSB License holder and provides virtual currency exchange and virtual currency transfer services:
      • virtual currency exchange services include exchanging: funds for virtual currency, virtual currency for funds, or virtual currency for another virtual currency;
      • virtual currency transfer services include: transferring virtual currency at the request of a User, or receiving a transfer of virtual currency for remittance to a beneficiary.

  • 2.5. Deposit virtual currency operator service: by providing deposit virtual currency operator service (hereinafter the Wallet Service or Wallet), the Company provides you with a digitally secured custodial wallet for Virtual assets, aimed to store and transfer units of Virtual assets. Wallet Service provides integration between different providers and blockchain, allowing users to perform a wide range of actions with Virtual assets. Wallet Service allows the use of payment methods: replenishment and withdrawal in Fiat money. All payment methods are available on https://kuna.io/fees. Upon the User's request, the Company may add new methods of replenishment and withdrawal as well as new currency of Fiat money and Virtual assets.

    In case of providing a non-custodial Wallet Company doesn't have any access to the User's assets or keys, doesn't participate in transfers, and has no impact on them.

    When You create a non-custodial Wallet, You will be assigned a private key. You will be prompted to download or save a keystore - your private key encrypted with a password. You will be responsible for maintaining the confidentiality of Your private key or keystore, and will be fully responsible for any and all activities that occur under your Account. You agree to immediately notify Us of any unauthorized use of Your password, account, or any other breach of security. We will not be liable for any loss or damage arising from your failure to comply with these requirements. When You create a Wallet, you are strongly advised to take precautions in order to avoid loss of access to and/or control over Your Wallet. Suggested measures include, but are not limited to, the following:

    1. creating a strong password that You do not use for any other website or online service;
    2. using the backup functionality provided by the Wallet or safeguard Your private key and mnemonic (backup) phrase on an external hard drive which, all users are encouraged to do even if they are utilizing the Services' backup functionality;
    3. maintaining the security of Your Wallet by protecting the private key and mnemonic (backup) phrase associated with Your Wallet by, for example, limiting access to your computer and your Wallet; and
    4. promptly notifying Us if You discover or otherwise suspect any security breaches related to your Wallet;
    5. use of 2-Step Verification (also known as two-factor authentication or 2FA). You acknowledge and agree that two-factor authentication is highly recommended for every user to access the Services.

    Deposits and withdrawals are made in accordance with Section 5 of the Terms.

    Virtual asset trades and exchanges are made in accordance with Section 6 of the Terms.

    The Company may at any time and on its own disposal disable the access to the Website, the Account and/or specific Service or all Services altogether and reserves the right to do so in its sole discretion.

    The Company only offers Services regarding Virtual assets KUNA supports. Please, check the Website regularly to be aware of what Virtual assets are supported. You should not attempt to use your Account to deposit Virtual assets KUNA does not support.

    The provision of Services might be delayed due to circumstances including but not limited to technical difficulties, reasonable doubts about the nature or source of funds, deposited to KUNA, carrying out AML/KYC checks as set forth in the AML Policy, etc.

3. User's eligibility criteria and user’s conduct

  • 3.1. To access the Services, you must register an Account on the Website by undergoing a registration on the Website, and pass through the compliance procedure by the provision of all required information.
  • 3.2. The Services and the use of the Website are available to individuals, who represent and warrant that:
    • you are at least 18 years old or are of legal age to form a binding contract under applicable laws;
    • you have the capacity to enter into a legally binding contract and use the Website, and are not prohibited to do so and use the Services by the applicable law or any other laws that may apply;
    • you have not been previously suspended or removed from using Services;
    • you do not currently have an Account;
    • 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;
    • you are residing in countries and territories we support and are not a citizen and/or resident of any country where we do not provide the Services (for further details please refer to the Section 7 of AML Policy);
    • you don't run any activity as listed in Annex #1 to these Terms;
    • you will not send or receive Virtual assets to or from any individual, entity or country upon which the Government of Canada or the United States of America, or European Union has imposed sanctions, including but not limited to those listed under the legislation and related regulations referenced online at https://www.international.gc.ca/world-monde/international_relations-relations_internationales/sanctions/current-actuelles.aspx?lang=eng;
    • you will not impersonate any person or entity or use false identities, documents or information on the Website or in your interactions with us;
    • you will use your own Funds when using KUNA services;
    • you will not communicate with our staff or contractors in a way that is defamatory, libelous, harmful, hateful, harassing, bullying, threatening, racially or ethnically offensive or abusive;
    • you will not translate, reverse engineer, decompile, disassemble, modify or create derivative works based on the Website (App), in whole or in part;
    • you will not circumvent, disable, violate or otherwise interfere with any security-related feature of the Website (App); and
    • you will not use your Account for your own commercial purposes by sublicensing any rights granted by the Terms or, in any way, sharing the benefit of your Account with others.
  • 3.3. If You are using Our Services on behalf of a legal entity, you further represent and warrant that:
    • the legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization;
    • you are duly authorized by such legal entity to act on its behalf;
    • you will fully disclose the names and addresses of all beneficial owners of the business, organization and account who have beneficial ownership or control interest (or other similar beneficial interest) of 20% or more;
    • none of the beneficial owners of the organization are an individual, entity, organization, government or country upon which the Government of Canada or the United States of America, or European Union has imposed sanctions, including but not limited to those listed under the legislation and related regulations referenced online at https://www.international.gc.ca/world-monde/international_relations-relations_internationales/sanctions/current-actuelles.aspx?lang=eng.

    You can only use our Services if permitted under the laws of your jurisdiction. Please make sure that these Terms are in compliance with all laws, rules, and regulations that apply to You. By using Services, You represent and warrant that You meet all eligibility requirements that we outline in these Terms.

  • 3.4. Users also agree that they are responsible for their own conduct while accessing or using the Website and Services and for any consequences thereof. Users agree to use the Website and Services only for purposes that are legal, proper and in accordance with these Terms and any applicable laws or regulations. By way of example, and not as a limitation, Users may not and may not allow any third party to:
    • send, upload, distribute or disseminate or offer to do the same with respect to any unlawful, defamatory, harassing, abusive, fraudulent, obscene, or otherwise objectionable content;
    • distribute viruses, worms, defects, Trojan horses, corrupted files or any other items of a destructive or deceptive nature;
    • upload, post, transmit or otherwise make available through the Website (App) any content that infringes any patent, trademark, copyright, trade secret or other proprietary rights of any party unless you are the owner of such rights or have the permission of the owner to post such content;
    • use the Website and Services to violate the legal rights (such as rights of privacy and publicity) of others, or send through the Website (App) any content, which is unauthorized or unsolicited advertising, junk or bulk e-mail;
    • carry on any unlawful businesses and activities listed in the Annex #1 to these Terms;
    • modify, adapt or reverse engineer any portion of the Website (App) or any software used for providing the Company's Services;
    • remove any copyright, trademark or other proprietary rights notices contained in or on the Website (App) or any content posted thereon;
    • display any content through the Website (App) that contains any hate-related or violent information or contains any other material, products or services that violate or encourage conduct that would violate any criminal laws, any other applicable laws, or any third party rights;
    • use any robot, spider or other devices to collect information about Users for any unauthorized purposes;
    • use the Website (App) or Services in ways not specified in these Terms.
  • 3.5. You can only have one Account. You should not create more than one Account unless expressly permitted by the Company.
  • 3.6. You cannot create an Account if your Account has previously been suspended by the Company.
  • 3.7. Services aren't available for Users, who carry out activities listed in Annex #1.
  • 3.8. We may still refuse to let certain people access or use Services, however, and we reserve the right to change this eligibility criteria at any time.

4. Registration requirements. User account.

  • 4.1. All Users must apply for an Account before using Services except those Services which are provided without creating an Account. The Company may refuse, at its own discretion, to create an Account for you. You agree to provide complete and accurate information when registering an Account, and agree to timely update any information you provide to the Company to maintain the integrity and accuracy of the information. Only one User can be registered at a time, but each individual User (including any User that is a business or legal entity) may maintain only one main account at any given time. Some Users (including Users that are businesses and other legal entities) can open one or more Accounts with the consent of the Company. For certain Services, you may be required to set up a special account independent from your Account, based on the provisions of these Terms. In order to register an Account for a legal entity, the User needs to contact our Customer Support Team by email at [email protected]. The Customer Support Team shall contact the User within 5 business days after receiving the request. Please note that relations between legal entities and the Company are regulated by separate agreement and these Terms. Provisions that are not spelled out in a separate agreement, but are set out in these Terms and do not contradict such agreement, are governed by these Terms.
  • 4.2. In order to receive access to the Services provided on the Website, you will have to provide certain information (your real name, email address and password), documents, accept these Terms, the Privacy Policy, and other policies or notices and undergo a verification procedure. For more information, please, read the AML Policy.
  • 4.3. When registering an Account on the Website, you warrant that any and all information, submitted by you is accurate, valid, up-to-date, and complete. The Company may at any time request you to provide additional documents and information and/or updated documents and/or information and documents submitted before and reserves the right to do so at its sole discretion. Failure to abide by these requirements may result in temporary or permanent cessation of Services provision and/or Account suspension.
  • 4.4. You must not create an Account on behalf of another individual or entity unless you are legally authorized to do so.
  • 4.5. Your registration of an account with the Company will be deemed your agreement to provide required personal information for identity verification (for further details please refer to our AML Policy). 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 within five (5) years after your account is closed, in compliance with global industry standards on data storage.
  • 4.6. 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.
  • 4.7. After registration, you must ensure that the information is true, complete, and timely updated when changed. Should there be any error, mistake, update, or change in information or documents you have submitted prior, you are obliged to notify the Company immediately. If there are any grounds for believing that any of the information you provided is incorrect, false, outdated or incomplete, Company reserves the right to send you a notice to demand correction, directly delete the relevant information, and, as the case may be, terminate all or part of Company 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 the Company during your use of Company Services. You hereby acknowledge and agree that you have the obligation to update all the information if there is any change.
  • 4.8. You are solely responsible for keeping your Account secure. Do not share your login, password, keys or any other access details with others.
  • 4.9. You must notify the Company immediately upon becoming aware of any breach of security or unauthorized use of your Account. Please contact us at [email protected] immediately in this case. You authorize us to act upon instructions given from within your Account including but not limited to the buying, selling, trading, withdrawing and transferring of Virtual assets. You agree that we are, in respect of any instructions received from a person using your Account (or accessing your Account in connection with our API), entitled to assume that the person is you; the person or {`entity's`} whose name and personal information is associated with the Account.
  • 4.10. The Company reserves its right to suspend your Account without providing notice or reason in case of any violation of these Terms.
  • 4.11. The Company may disable the User for the lack of user verification by the incoming fraud and/or refusal to pay the chargeback amount. It is also possible to disable due to misuse of gateways.

5. Deposits/withdrawals and compliance

  • 5.1. Deposits and withdrawals are conducted on the basis of Orders that are placed by Users according to below mentioned rules.
  • 5.2. Before using the Services, you have to deposit units of Virtual assets to your Account by following Deposit instructions on your Account page. Please carefully read the Deposit instructions.
  • 5.3. You can withdraw units of Virtual assets at any time at your sole discretion subject to Account transaction limits and temporary or permanent restrictions imposed in the course of an internal investigation or by law (e.g. court orders).
  • 5.4. You can withdraw your units of Virtual assets in any amount, provided there are enough Virtual assets units to cover the applicable Fees.
  • 5.5. Each Withdrawal of Virtual assets is subject to a mining fee charged by the respective blockchain network. When sending your transaction to the blockchain, we will try to keep the balance between reasonable fees and speed of processing, however, we reserve the right to determine the exact amount of mining fee to be set at our sole discretion.
  • 5.6. The Company shall not be liable for the transfer of your units of Virtual assets to other wallets. You are solely liable for the accuracy of the information, required for carrying out a Withdrawal (i.e. addresses, tags and any other required credentials). The Company strongly advises you to always double-check the accuracy of information provided for Withdrawal purposes.
  • 5.7. You shall always keep in mind that blockchain transactions are irreversible, and therefore, once transaction details have been submitted via the Services, we cannot assist you to cancel or otherwise modify Your transaction.
  • 5.8. We care about our reputation and User's safety. Due to the Company's policies, we do our best to protect the Company and Users against ML/TF and any other illegal risks. To stay safe we need to check and examine each User's incoming (deposit) Virtual asset. For this purpose, we engage our reliable partner as an advanced blockchain explorer, analytics and risk assessment tool/expert, which provides risk-based analysis of each incoming transfer. While examination Virtual assets stay blocked at the technical account until receipt of competent compliance approval. After receiving a positive evaluation Virtual asset is to be credited to the Account. In case due to compliance reasons (for example high risk of incoming Virtual asset, any links with mixers or tumblers and/or forbidden platforms, etc.), Virtual assets won't be credited to the User's account.
  • 5.9. Company has no control over any blockchain and doesn't have the ability to facilitate any cancellation or modification requests. You must ensur that you have an adequate balance in your Wallet to complete transactions before initiating a transaction. You acknowledge and agree that We will not be liable for any failed transactions due to insufficient funds associated with Your Wallet account.

6. Chargeback

  • 6.1. Users will be liable for anChargebacks. Each Chargeback will be a debt immediately due and payable by You to Us. You will remain liable to Us for any Chargeback and any associated Losses even after these Terms have terminated.
  • 6.2. When a Chargeback occurs, whether during or after termination of these Terms, We shall be entitled to recover the full amount of the Chargeback and any other Losses We have incurred in connection with that Chargeback immediately by:
    • making a deduction from any settlement (deposit) at the Account;
    • debiting from the Account balance;
    • debiting any additional funds provided to Us for any purpose;
    • invoicing You for the relevant amount; and/or
    • any other reasonable means.
  • 6.3. In case of dispute, We are not required to dispute the validity of any Chargeback. Our decision shall be final and binding in respect of any Chargeback. If We do dispute the validity of any Chargeback, You will be liable for Losses that may arise in relation to that Chargeback.
  • 6.3.1. User acknowledges and agrees that any and all Company losses, damages including but not limited: fines, penalties, material losses beared by because of the User’s failure to comply with this Terms and/or any other Company Policies as well as any and all applicable Fees and commissions (charged by Kuna or by third-party provider, including but not limited to commissions of payment provides and banks, commissions of blockchain network, etc.) for the processing of such chargeback will be immediately deducted as stated in clause 6.2. above and shall not be refundable.
  • 6.4. In case if User's Account Balance is not enough to cover all prescribed losses, damages and/or fines, the Company is entitled to automatically withdraw the amounts from any User’s future transaction (incasso payment).
  • 6.5. KUNA is entitled to deduct the respective amount in any currency and/or Virtual asset at KUNA’s sole discretion.

7. Trades and exchanges

  • 7.1. Trades and exchanges are conducted on the basis of Orders only that are placed by Users according to below mentioned rules.
  • 7.2. Order placement is an offer made by the User to any other User to conclude an exchange on the terms specified in the corresponding Order. Substantial conditions of the Trade specified in the Order are the following: the name of the Funds that are offered for exchange; direction of the Order; a limited volume of the Funds that are offered for exchange; exchange rates.
    • the name of the Funds that are offered for exchange;
    • direction of the Order;
    • a limited volume of the Funds that are offered for exchange;
    • exchange rates.
  • 7.3. In order to ensure the fulfillment of obligations under placed Orders, the User must have Funds on his/her User Account not less than the full amount of all Orders that he/she has placed. The Order is registered only after verifying the availability of the required volume of Funds to fully secure the User's obligations under the relevant Orders. For purposes of effectuating an exchange, the User authorizes KUNA to take temporary control of the Funds that the User is disposing of in the Trade.
  • 7.4. By placing an Order, the User gives his consent to the fact that, in the case of execution of the Order, the automatic writing off of the Funds from the User's Account, as well as the automatic charging of the Funds on the User's Account will be deemed to be those that are performed by the Service upon the User's request.
  • 7.5. Orders can be executed fully and partially. In case of partial execution, the Order is automatically placed for the amount that is the difference between the amount of the initial Order and the amount of the executed Order.
  • 7.6. A Trade is complete when another User places an opposing Order with the exchange rate at which a Deal may be performed in accordance with this User Agreement. In case of execution of the Order, KUNA performs automatic offsetting of the Funds between the User Accounts in accordance with executed Orders.
  • 7.7. The User may only cancel an Order initiated via Site if such cancellation occurs before his Order has been matched with an Order from another User. Once your Order has been matched with an Order from another User, the User may not change, withdraw, or cancel his authorization for KUNA to complete such Order.
  • 7.8. All actions related to the placement of the Order, its execution or withdrawal are displayed in the User Account.
  • 7.9. Trade rates. Each placed Order creates different market exchange rates. The User acknowledges and agrees that the rates information made available via the Website (App) may differ from prevailing rates made available via other sources outside of the Website (App).
  • 7.10. Market volatility. Particularly during periods of high volume, illiquidity, fast movement or volatility in the marketplace for any virtual asset, the actual market rate at which a market Order transaction is executed may be different from the prevailing rate indicated via the KUNA at the time of Trade transaction. The User understands that KUNA is not liable for any such rates fluctuations.
  • 7.11. The information about exchange rates made available via the Website (App) shall not be considered as an investment or financial advice or referred to as such and cannot be used as a basis of investment strategy, the legal position in the court and nothing in the rates information can be ensured to contain no errors, mistakes, misrepresentations or failures, etc.
  • 7.12. In the event of Transaction execution/an attempt to execute a Transaction without placing a corresponding Order and/or outside the Website (App), the Company has the right to terminate the User's Account immediately, block the funds of such Account, and also terminate the User's access to the Services.

8. Other services

  • 8.1. In addition to the above-mentioned the Company may provide some services, which don't require Users to pass through the registration (unregistered users).
  • 8.2. In particular, registration isn't needed for:
    • visiting the Company Website;
    • Virtual assets exchange rates observance at the Company Website;
    • learning Company documents (User agreement, Privacy Policy, AML/KYC Policy and other policies, notices and/or agreements);
    • following Company through Telegram, Twitter, Facebook, YouTube, etc.;
    • communication with Company;
    • some other services.
  • 8.3. Company may stop service provision for unregistered users at any time at Company's sole discretion.
  • 8.4. Notwithstanding the provisions of this Section any and all Company policies, terms, and rules should apply to unregistered users.

9. Termination and limitation of relationship

  • 9.1. You may stop using Our Website and Services and, accordingly, terminate this User Agreement and cancel Your Account (the “Termination of Relationships”) at any time. Please contact Us at [email protected] to learn more about this. At the same time, in certain cases, which, in particular, may be related to the need to provide information, fulfill requests of third parties (for example, regulatory authorities, law enforcement agencies, courts, etc.) - your request to Terminate Relationships may be refused, or the term of such performance may be postponed.
  • 9.2. We reserve the right, at our sole discretion, to suspend, limit certain and/or all operations and/or transactions, block Your Account (Limitation of Relationships), as well as Terminate the Relationships (terminate the User Agreement and cancel Your Account) at any what time, with or without reason, with or without notice.
  • 9.3. In particular, but not limited to, We may Limit the Relationships and/or Terminate the Relationships in the following cases:
    • You do not use our services (there are no transactions with Funds on your Account) for 12 (twelve) consecutive months;
    • You have not passed the verification and/or clarification/updating of data and information about you;
    • You have not provided information and/or documents at our request;
    • You have violated any terms of the User Agreement;
    • Further cooperation with you may cause financial and/or reputational damage to KUNA;
    • In the cases defined by the legislation regarding financial monitoring;
    • In cases where you provide inaccurate information;
    • If KUNA suspects or detects signs of illegal activity/operation, etc.;
    • KUNA's lack of technical ability to service the Account;
    • Other cases provided by the User Agreement, the law, or defined by KUNA.
  • KUNA independently determines the criteria and evaluates the occurrence and/or probability of occurrence of certain circumstances and cases for Limitation and/or Termination of Relationships. KUNA is not obliged to inform you about the circumstances and facts of the adopted decision on Limitation and/or Termination of Relationships.
  • 9.4. KUNA may notify you of Limitation and/or Termination of Relationship. In this case, the message will contain the necessary information that will relate to your further actions, including those that will be necessary to withdraw Funds from your Account (if any).
  • In any case, your Funds will be accounted for by KUNA until you ask. At the same time, for the administration of Your Account under the conditions of Limitation and/or Termination of Relationships, KUNA will charge a monthly fee from Your Funds in an amount not exceeding 10 USDT or the equivalent of this amount in other Funds as of the withdrawal date (at the exchange rate determined by KUNA), but not more than the balance of the Funds on the balance of your Account.
  • In some cases, the return of your funds may be conditioned by the need to take actions on your part (providing documents, information, passing verification, etc.).
  • 9.5. Any action taken by KUNA pursuant to this Section shall continue for as long as KUNA in its reasonable and sole discretion deems it necessary or desirable to do so.
  • 9.6. In the event of Termination, the User's Account and personal data required to comply with data retention standards will be securely stored in accordance with the Privacy Policy and the AML Policy.
  • 9.7. In case of Limitation and/or Termination of Relationships (including but not limited to the use of the Services by persons from Prohibited Jurisdictions (for more details, see Section 7 of the AML Policy), or as part of an investigation into fraudulent operations and combating money laundering, as well as on suspicion of illegal activity, KUNA has the right to impose a fine on the amount of the entire balance of the Funds on the balance of the User's Account.
  • 9.8. The Company shall not be liable for any damages that You may suffer as a result of the Limitation and/or Termination of Relationships.
  • 9.9. Limitation and/or Termination of Relationships does not terminate this Agreement. Without limiting the generality of the foregoing, any provision of these Terms regarding the limitation of our liability, your obligations to indemnify and resolve disputes (including jurisdiction and choice of law) shall be binding.

10. Fees/License fees

  • 10.1. The Website (App) is operated on an automatically Fee-charging basis for the Services and the Company does not issue any invoices. However, We reserve the right to do so in the future and, in such case, any applicable fees will be displayed prior to You using any Service to which a fee applies. The applicable Fees for any transaction will be displayed to you before executing a given transaction.
  • 10.2. The Company may change the Fee structure at any time (including adding new fees for new Services) and reserves the right to do so at its sole discretion. The Company will notify you about any changes in the Fee structure. This can be done by posting a notification on the Website or sending you an email (if appropriate).
  • 10.3. Fees are paid in a Virtual asset that corresponds to the respective Service.
  • 10.4. Fees shall be paid at the time of the completion of each transaction.

11. Content

  • 11.1. The Company may produce and display content (the "Content") on the Website, which includes but is not limited to information, texts, images, video, and audio files. The Content is provided for general information purposes only and is made available on an "as is and as available" basis. The Website and its Content may be changed, updated, modified, or deleted at any time, and from time to time, and without notice, at the sole and unfettered discretion of KUNA. We assume no liability for any information provided by our employees, directors, or Affiliates, or any other information source, regardless of its accuracy. Any action taken by the User is their decision, and Users absolve KUNA, and its officers, directors, employees, Affiliates (and its respective officers, directors, and employees) and assign any liability for any outcome that may occur.
  • 11.2. The Content does not constitute any form of investment advice, financial advice, trading advice, or any other sort of advice unless specifically mentioned otherwise and should not be construed as such. The Company shall not hold liability for any actions that arise from its Content.
  • 11.3. The User agrees that the Website and its Content will not be used in any claims, proceedings, suits, actions, regulatory complaints or any adversarial process against KUNA and its directors, officers and employees.

12. Intellectual property rights

  • 12.1. All components, Content of the Website, and the Website as a whole belong to the Company and are protected by legislation in the field of intellectual property. All rights reserved. The Company does not claim ownership of intellectual property rights that belong to third parties.
  • 12.2. The User acknowledges and agrees that all content and materials that are available on the Website (App) are protected, including but not limited to the copyright, trademarks, patents, trade secrets, and know-how. Reproduction, copying or redistribution for commercial purposes of any materials or elements of the Website (App) without written permission is strictly prohibited.
  • 12.3. Except in cases specifically provided by KUNA, the User agrees not to perform actions that violate intellectual property rights of KUNA, including but not limited to: selling, importing, exporting, licensing, renting, modifying, distributing, copying, reproducing, transferring, public demonstration, public performance, publication, adaptation, editing or creation of derivative works from materials, design elements or the content of the Website (App). Use of content, materials and other objects of intellectual property rights of the Website (App) for any purposes not expressly indicated in this User Agreement is strictly prohibited.

13. Links to third-party websites

  • 13.1. The Website (App) may contain links to third-party websites or services that are not owned or controlled by the Company.
  • 13.2. In no event shall a description or reference to a third party's product or service (including, but not limited to, providing a description or reference via hyperlink) be construed as an endorsement or promotion of such third party products or services by us. We retain the exclusive right to add to, modify, or cancel the availability of any Third Party Service.
  • 13.3. The Company has no control over and assumes no responsibility for, the content, privacy policies, or practices of any third-party websites or services. The Company shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods or services available on or through any such websites or services. Users are fully responsible for all acts or omissions of any third party with access to the Users Wallet account.
  • 13.4. For more information, please read these companies' public policies.

14. Confidentiality and Privacy policy/Personal data

  • 14.1. Company will not disclose Confidential information received in connection with the Services provided without the prior written consent of the other User except as provided in clause 13.4 below.
  • 14.2. The information shall not be treated as confidential and the Company shall have no obligation regarding such information if it meets at least one of the following conditions:
    • was known before Services provision;
    • legally obtained by third parties outside the context of Services;
    • publicly disclosed by User;
    • allowed to be distributed with the written consent of the User.
  • 14.3. Personal information that you provide to the Company, including information provided in accordance with our KYC, AML Policy and any information about your use of the Website that the Company obtains is collected, stored, distributed and protected accordingly will be subject to our Privacy Policy. Please refer to this document.
  • 14.4. The Company may be obliged to disclose Your personal information to law enforcement authorities, data protection authorities, financial regulators, financial service providers, governmental authorities and officials, and other authorized persons, as set forth in the Privacy Policy.

15. Limitation of liability. Disclaimer of Warranties

  • 15.1. For non-performance or improper performance of their obligations under these Terms, the Company and you shall be liable in accordance with these Terms and the applicable law unless otherwise provided hereby.
  • 15.2. The Website, Content, and Services are provided without any guarantees, conditions, or warranties as to their accuracy, quality, and fit for a particular purpose or need. The Company does not guarantee that the Website and Services are error-free, reliable, or will operate without interruption. The Website, Content, and Services are provided to you on the "AS-IS" basis.
  • 15.4. The User understands and agrees that we have no control over, and no duty to take any action regarding:
    • failures, disruptions, errors, or delays in processing Virtual assets that you may experience while using the Services;
    • the risk of failure of hardware, software, and Internet connections;
    • the risk of malicious software being introduced or found in the software underlying Company;
    • the risk that third parties may obtain unauthorized access to information stored within your Wallet, including, but not limited to your Wallet address, private key, and mnemonic (backup) phrase;
    • and the risk of unknown vulnerabilities in or unanticipated changes to the Networks.

    You release us from all liability related to any losses, damages, or claims arising from:

    • user error such as forgotten passwords, incorrectly constructed transactions, or mistyped Virtual asset addresses;
    • server failure or data loss;
    • unauthorized access to the Company application;
    • bugs or other errors in the Company software; and
    • any unauthorized third-party activities, including, but not limited to, the use of viruses, phishing, brute-forcing, or other means of attack against the Company.
    We make no representations concerning any Third Party Content contained in or accessed through our Services. Any other terms, conditions, warranties, or representations associated with such content, are solely between you and such organizations and/or individuals.
  • 15.5. The Company shall not be liable for the use or inability to use the Website (App) and Services.
  • itemText14-6
    • the accuracy, completeness, or content of the Website;
    • the accuracy, completeness, or content of any websites linked (through hyperlinks, banner advertising or otherwise) to the Website;
    • the Services found at the Website or any websites linked (through hyperlinks, banner advertising or otherwise) to this Website;
    • personal injury or property damage of any nature whatsoever;
    • third-party conduct of any nature whatsoever;
    • any unauthorized access to or use of Company's servers and/or any and all content, personal information, blockchain information or othe information and data stored therein;
    • any interruption or cessation of Services to or from the Website or any websites linked (through hyperlinks, banner advertising or otherwise) to this site;
    • any viruses, worms, bugs, trojan horses, or the like, which may be transmitted to or from this site or any websites linked (through hyperlinks, banner advertising or otherwise) to this Website;
    • any loss or damage of any kind incurred as a result of your use of the Website or the Services found at the Website, whether based on warranty, contract, tort, or any other legal or equitable theory, and whether or not the company is advised of the possibility of such damages;
    • losing access and/or unauthorized access to your Account;
    • any errors or malfunctions caused by or otherwise related to any wallets used to deposit and withdraw Virtual assets;
    • malfunctions, breakdowns and abandonment of blockchain protocols;
    • changes in regulatory approaches or legal actions taken regarding the blockchain technology and Virtual asset;
    • taxation and/or changes in the tax system regarding Virtual assets;
    • advancements in cryptography, any technological advancements that may present risks to blockchain protocols;
    • unfavorable fluctuations of Virtual assets;
    • errors in the provision of Services;
    • other risks associated with purchasing, holding, and Virtual assets, and using the Website and Services.
  • 15.7. The Company shall not be liable for any events that may include but are not limited to civil, criminal, and administrative actions that may arise from you using blockchain and Virtual assets if such use is forbidden or otherwise limited in your country.
  • 15.8. The Company, its officers, directors, employees, and agents do not provide investment advice, financial advice, trading advice, legal advice or any other sort of advice.
  • 15.9. It is the User's responsibility to determine partners (B2B) as legal and reliable. Before using any Service each User is obliged to perform KYC procedure with his partners.

16. Indemnification

    16.1. To the extent permitted by applicable law, you agree to defend, indemnify, and hold harmless Company Parties, affiliates, contractors, licensors, and their respective directors, officers, employees and agents from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including, but not limited to, attorney's fees, fines or penalties imposed by any regulatory authority) arising from:

    • your use of and access to the Services;
    • any feedback or submissions you provide to us concerning Company;
    • your violation of any term of these Terms; or
    • your violation of any law, rule, or regulation, or the rights of any third party.

17. Assignment

17.1. Users agree that we may assign any of our rights and/or transfer, sub-contract, or delegate any of our obligations under these Terms. Your agreement to these Terms is personal to you and you may not transfer or assign it to any third party.

18. Force majeure

18.1. The Company shall not be held liable for any delays, failure in performance, or interruptions of service which result directly or indirectly from any cause or condition beyond the Company's reasonable control, including but not limited to: any delay or failure due to any act of God, an act of civil or military authorities, an act of terrorism, civil disturbance, war, martial law, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophes, or any other occurrence which is beyond our reasonable control and shall not affect the validity and enforceability of any remaining provisions.

19. Announcements

19.1. The Company may from time to time post official announcements, news, notices, demands, requests etc. (the “Announcements”) on the Website and/or provide these to your email address. Users undertake to refer to these materials regularly and promptly. The Company will not be held liable or responsible in any manner of compensation should users incur personal losses arising from ignorance or negligence of the announcements. In case of sending the Announcement to the email address of User, the Announcement is deemed to have been duly delivered to User at the time of its sending by KUNA to the email address of User, which was used when registering User’s Account

20. Applicable law and dispute resolution

  • 20.1. This User Agreement shall be governed by and construed and enforced in accordance with the Laws of Lithuania, and shall be construed in all respects as a contract entered into under the laws of Lithuania.
  • 20.2. Should there be any disputes regarding matters stipulated herein, the Parties shall take all measures possible to resolve them by negotiations.
  • 20.3. Should the Parties fail to reach an agreement by means of negotiations within 30 (thirty) calendar days, any dispute arising from the User Agreement or related hereto, shall be referred to and finally resolved in accordance with the Laws of Lithuania, exclusive of choice-of-law principles.
  • 20.4. This decision shall be final and binding for both Parties, and may be used or produced for enforcement at any court having respective jurisdiction; an application concerning enforcement order may be filed to such competent court if required.
  • 20.5. This paragraph 20. is not applicable for Canadian residents.

20(a). APPLICABLE LAW AND DISPUTE RESOLUTION FOR CANADIAN RESIDENTS

  • 20(а).1. This User Agreement in relation to residents of Canada shall be governed by and construed and enforced in accordance with the Laws of the Province of British Columbia and applicable Canadian law, without giving effect to any conflict of laws principles that may provide for the application of the law of another jurisdiction.
  • 20(а).2. Should there be any disputes regarding matters stipulated herein, the Parties shall take all measures possible to resolve them by negotiations.
  • 20(а).3. Should the Parties fail to reach an agreement by means of negotiations within 30 (thirty) calendar days, any dispute arising from this User Agreement or related hereto, shall be settled by arbitration. The appointing authority shall be ICDR Canada in accordance with its Arbitrator Appointing Authority Rules.
  • 20(а).4. This paragraph 20(a). is applicable for Canadian residents only.

21. Amendments of the agreement

21.1. KUNA has the right to unilaterally change this User Agreement. The changes take effect immediately after the moment the new version of User Agreement is published on the Site. If the User does not accept a new edition of the User Agreement, he/she should stop using the Site.

22. Final provisions

  • 22.1. These Terms shall remain in force until terminated either by you or the Company. The Company may terminate these Terms at any time at its own discretion without explaining the reasons for this decision.
  • 22.2. If any questions have not been regulated by these Terms, they shall be regulated under the Applicable Law.
  • 22.3. These Terms are a legally binding agreement and together with its other integral parts constitute an entire agreement between you and the Company.
  • 22.4. In the event the Website is available in multiple languages, the English version of the Terms shall prevail.
  • 22.5. All provisions of these Terms applicable to the Website shall apply to others means of providing Services, including the App, unless specifically stated otherwise.
  • 22.6. Should you have any comments, questions, or complaints, please contact us at [email protected].

Annex #1

To the KUNA's User Agreement

Any User may be denied to provide the Services at our discretion in case of any suspicion that the activities carried out by the User are aimed at money laundering, terrorist financing and any illegal activity, and/or are in any way undesirable and unsuitable for us.

In case suspicious transactions are detected from the User's Account, access to the User Account may be restricted and the User Funds may be locked for conducting a review for a period of between 24 hours and 180 business days. The maximum period is dictated by possible restrictions and prohibitions that may be applicable to us by third parties, including banks, payment systems that can freeze or lock Users' Funds for up to 180 days or any other relevant term, and KUNA will not be able to influence the decision of these third parties. The period provided for by this clause may be extended at the discretion of the Company, if required by the interests of the Company, investigations, at the request of law enforcement agencies, any third parties, for any other reason.

The Company reserves the right at all times to monitor, review, retain and/or disclose any information as necessary to satisfy any applicable law, regulation, sanctions programs, legal process, or governmental request. The Company reserves the right to cancel and/or suspend the Account and/or block transactions or freeze funds immediately and without notice, if the Company determines, in its sole discretion, that the Account is associated with a Prohibited Activity (Unlawful Businesses, Abusive Activity, Intellectual Property Infringement).

1. Unlawful Businesses

Services aren't available for Users, who carry out activities related to the sale and purchase, exchange, other transactions involving the transfer of ownership, possession, use, disposal of the following groups of goods or services:

  • alcoholic beverages;
  • cigarettes and tobacco products;
  • narcotic substances and precursors;
  • pornographic materials or items, child pornography, escort services or prostitution services;
  • drugs, pharmacological products, medicines;
  • stolen, illegally obtained goods;
  • items posing a danger to life and health;
  • non-existent goods;
  • human organs and remains, and organs and remains of animals;
  • special technical means of secretly obtaining information;
  • any electronic, mechanical and computer equipment prohibited or restricted in circulation or use;
  • state awards; personal documents, as well as forms of these documents;
  • objects of history and art that constitute the cultural values of the country in which the consumer is located;
  • firearms, edged weapons, traumatic weapons, stun guns, as well as ammunition and accessories for them;
  • special means of active defense used by law enforcement agencies;
  • precious metals and precious stones not in the product;
  • counterfeit currency and currency values;
  • rare and prohibited for sale animals, incl. animals listed in the CITES (the Convention on International Trade in Endangered Species of Wild Fauna and Flora);
  • any other goods and services prohibited by applicable law.
Users are also prohibited from selling goods or services without a corresponding permit or license, which requires an appropriate permit and/or a license for at least one of the parties to the transaction.

2. Abusive Activity

Services aren't available for Users, who:

  • transmit or upload any material to the Website (App) that contains viruses or any other harmful or deleterious programs or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or other personal information;
  • actions which impose an unreasonable or disproportionately large load on the Company's infrastructure, or detrimentally interfere with, intercepts, or expropriates any system, data, or information; attempt to gain unauthorized access to other users accounts, computer systems or networks connected to the Website (App), through password mining or any other means;
  • use account information of another party to access or use the Website (App) and Services;
  • transfer the Account access or rights to the Account to a third party, unless by operation of law or with the Company's express permission;
  • modifying, disassembling, decompiling or reverse-engineering the Services;
  • provide any false, inaccurate, or misleading information to the Company;
  • transmitting spam, chain letters, or other unsolicited emails;
  • attempting to interfere with, compromise the system integrity or security or decipher any transmissions to or from the servers running the Website (App) and Services;
  • impersonating another person or otherwise misrepresenting the User's affiliation with a person or entity, conducting fraud, hiding or attempting to hide the User's identity;
  • use any device, software or routine to bypass Company's robot exclusion headers, or to interfere or attempt to interfere with any activities conducted on the Website (App);
  • accessing any content on the Website (App) through any technology or means other than those provided or authorized by the Company;
  • bypassing the measures the Company may use to prevent or restrict access to the Services, including without limitation removing, circumventing, disabling or otherwise interfering with security-related features or features that prevent or restrict use or copying of any content or enforce limitations on use of the Services or the content therein; or
  • deleting Company's copyright or other proprietary rights notices.

3. Intellectual Property Infringement

Services aren't available for Users, who:

  • engage in transactions that violate, infringe or misappropriate any intellectual or industrial property right of any person (such as copyright, trademarks, patents, or trade secrets, or other proprietary rights of any party), right of publicity or privacy or commit a tort;
  • use of the Company's intellectual property, name, or logo, including use of the {`Company's`} trade or service marks, without express consent from the Company or in a manner that otherwise harms the Company or its brand;
  • create a false identity for the purpose of misleading others or fraudulently or otherwise misrepresent yourself to be another person or a representative of another entity, or fraudulently or otherwise misrepresent that the User has an affiliation with a person, entity or group.