Contractual Terms and Conditions for using the CoinGate system and services
Section I. General provisions
The present Contract stipulates the terms and conditions as well as procedures, under which you or entity you
represent, as merchants, can use the CoinGate System and services (as defined below) for accepting payments in virtual
currencies, carrying out of transactions (purchase, sale) in virtual currencies, as well as have access to other
services offered by the CoinGate System.
Accepting the terms and our status
IMPORTANT! BY CLICKING ON THE "I AGREE" BUTTON OR A SIMILAR AFFIRMATION, OR BY ACKNOWLEDGING ACCEPTANCE OF THE
AGREEMENT BY ANY OTHER METHOD ALLOWED, OR BY USING OR ACCESSING THE COINGATE SISTEM AND SERVICES VIA A COMPUTER
OR A MOBILE APPLICATION, YOU ACKNOWLEDGE AND AGREE THAT: (I) YOU HAVE REVIEWED AND UNDERSTAND THE AGREEMENT; (II)
YOU AGREE TO BE LEGALLY BOUND BY THE TERMS AND CONDITIONS OF THE AGREEMENT; AND (III) YOUR USE OR USE OF THE ENTITY
YOU REPRESENT OF THE COINGATE SYSTEM AND SERVICES WILL BE GOVERNED BY THIS AGREEMENT.
Where the Terms and Conditions of the Contract are unacceptable or incomprehensible, or unclear to you in their
entirety or in part, you shall have no right to use the CoinGate System. In case you are in doubt regarding the
Terms and Conditions of the Contract, you must consult with a lawyer before entering into any transaction
related to the purchase or sale of the virtual currency.
We do not provide and do not intend to provide any financial and / or other regulated services to you in line with
the Position Paper on Virtual Currencies and Initial Coin Offerings of the Bank of Lithuania adopted on
10 October 2017. In relation to payments and / or donations in virtual currencies, any legal relations are
between you / entity you represent as Merchants and your customer making a payment or donator. We are not a
party to relations between you as a Merchant and your customers and / or donators making payments in virtual
currencies. We do not accept any queries, letters, requests and (or) complaints regarding you, your services,
products, activities, and (or) a payment and (or) a donation, or a purchase related to relation between you as
Merchant and your customers (donators).
Definitions Used in the Contract.
The definitions used in the present Contract listed below in this clause shall have the following meanings:
We - the private limited liability company "Virtualios Valiutos" established under the legislation
of the Republic of Lithuania, legal entity code 303423510, the address of office Goštauto g. 8, LT-01108,
Vilnius, Republic of Lithuania, e-mail firstname.lastname@example.org;
CoinGate System - a computer program with relevant user interfaces available on the Website and/or
otherwise accessible, owned, administered, supported and developed by us and our services stipulated in
this Agreement and intended for Merchants to accept bitcoin and other digital currencies as payment from
purchasers of goods or services or donations, as well as conclusion of Virtual Currency Purchase-Sale Agreement;
Merchant - business that offers products and/or services for sale in virtual currencies or bona fide
charitable organizations that accept donations in virtual currencies;
Working day - any day of a year, except for Saturdays, Sundays and the holidays provided for by the
legislation of the Republic of Lithuania. The start and end of the Working day shall be determined in
accordance with the Lithuanian (Vilnius) time;
Website - the website coingate.com including all its sub-domains;
Account - a link generated in your name at your sign up (registration) to the CoinGate System,
which you can use to login to and identify yourself in the CoinGate System;
Abandoned Account - any inactive Account through which no transactions have been processed for a
minimum of six months or for which contact information (address, phone numbers, email address) is no longer valid.
Terms and Conditions - the Terms and Conditions of the present Contract, as well as any annexes
to it, which are referred to in the Terms and Conditions of the Contract;
Conventional Currency - Euros or U.S. Dollars;
Virtual Currency - the virtual currency Bitcoin and / or other virtual currencies (altcoins);
Virtual Currency Purchase-Sale Agreement - a remote non-recurrent agreement entered by and between
you and us on the basis of these Terms and Conditions on either purchase from us or sale to us of the
Virtual Currency. A particular Virtual Currency Purchase-Sale Agreement shall be the basis for corresponding
transactions in the Virtual Currency.
Where required by the context, the concepts used in the singular form in these Terms and Conditions shall be deemed to include their plural form and vice versa.
Preconditions for Use of the CoinGate System.
An absolute prerequisite for using the CoinGate System is creation of your Account at the CoinGate System.
The right and possibility to use the CoinGate System will be granted to you only upon registering at the
CoinGate System in accordance with the procedure laid down further in these Terms and Conditions by submitting
the required data about yourself. If you are acting on behalf of a legal entity, you must also provide the data about the legal entity represented by you.
Use of Software
To log into the CoinGate System you can use your own software that meets the requirements specified at the
Website or the programs (applications) downloaded from the Website provided by us. The requirements for
software intended for logging in to the CoinGate System as well as the instructions for downloading and
installation of the programs (applications) provided by us shall be made available at the Website.
Legal Effects of Actions Performed at the CoinGate System.
By using the CoinGate System you shall agree and acknowledge that all and any actions (transactions)
performed by using your Account at the CoinGate System related to conclusion and implementation of the
Virtual Currency Purchase-Sale Agreements, the use of other services offered by the CoinGate System
and/or discharge of other provisions of the Terms and Conditions, which have been confirmed in the manner
specified in these Terms and Conditions and the CoinGate System, shall be valid and causing the same legal
effects as the actions (transactions) formalized by a paper document signed by you, and if you are acting on
behalf of a legal entity, then also by a paper document endorsed with a stamp of such entity.
Creation of an Account at the CoinGate System.
To identify you as you log into to the CoinGate System through your Account, your e-mail address and a login
password created by you as well as data provided by you in accordance with the procedure laid down further in
these Terms and Conditions shall be used.
The e-mail address specified by you and intended for your identification shall be valid throughout the entire
period of validity of your Account and cannot be changed. You shall be entitled to change the login password
intended for your identification at any time by taking appropriate actions specified at the Website.
Your Account at the CoinGate System will be created upon specifying your e-mail address and creating
your login password. The creation of the Account will grant you a right to use the Website and familiarize
yourself with the operation of the CoinGate System, however this will not be a sufficient basis for
entering into the transactions in the Virtual Currency.
To enter into the transactions in the Virtual Currency (to conclude the Agreements of Purchase-Sale and to
implement them) you shall have to disclose properly your identity to us. To that end, before entering into
your first transaction, you must register in the CoinGate System by e-mailing us uploading in the CoinGate
System the following documents:
if you are acting on behalf a legal entity, then a scanned colour copy of this legal entity's registration
certificate or electronic certified extract from the Register of Legal Entities;
if you are acting as a natural person, then a scanned colour copy (of the pages or sides with the person's
name, surname, and personal number) of a valid identity document (passport of a citizen, personal identity
card) issued by a competent state authority.
You shall be obliged to inform us on any change of the documents specified in the clause 6.d of these
Terms and Conditions by providing us with the copies of the changed documents under the procedure stated above
not later than within ten (10) days.
We shall reserve the right to request originals of the scanned documents or duly certified paper copies from you.
You must ensure the secrecy of your Account and your login information used to enter into the CoinGate
System. We shall assume no responsibility for any actions at the CoinGate System that are not initiated
by you and any consequences thereof, if such actions have been taken and confirmed after logging into the CoinGate
System with your e-mail address and your password. All the risk regarding the actions indicated in this clause
shall fall exclusively on you.
Actions and procedure for creating your account, registration and logging into the CoinGate System
shall be specified in detail on the Website.
Limitation of Our Liability.
The CoinGate System shall enable you to accept bitcoin and other virtual currencies as payment from purchasers
of goods or services or donation, conclude and perform the Virtual Currency Purchase-Sale Agreements more conveniently,
but it shall neither be intended per se for rewriting, storage or value setting of the Virtual Currency nor perform
such functions. Therefore we under no circumstances shall assume the responsible for change in or loss of the
value of Virtual Currency.
You should consider the fact that for objective reasons the value of the Virtual Currency may change rather
much and this may happen in a rather short time. Therefore, when entering into a Virtual Currency Purchase-Sale
Agreement, you should bear in mind that the value of the Virtual Currency with regard to the Conventional Currencies
(money) may have changed at the moment of fulfilment of the agreement (rewriting of the Virtual Currency to its acquirer)
and be at variance with the value, which was at the moment of its conclusion. The risk resulting from such value
change shall fall on you.
IN NO EVENT WILL WE BE LIABLE TO YOU, LEGAL ENTITY YOU REPRESENT OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT,
SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES OR ANY LOSS, THEFT, DISAPPEARANCE, OR DAMAGES
FOR LOST PROFITS, LOST REVENUES, LOST DATA OR OTHER INTANGIBLE LOSSES THAT RESULT FROM YOUR USE OF, INABILITY
TO USE, OR UNAVAILABILITY OF THE COINGATE SYSTEM, AS WELL AS YOUR RELATIONS FROM YOUR CUSTOMERS AND DONATORS,
REGARDLESS OF THE FORM OF ACTION AND WHETHER OR NOT WE KNEW THAT SUCH DAMAGE MAY HAVE BEEN INCURRED. IN NO
EVENT WILL WE BE LIABLE TO YOU, LEGAL ENTITY YOU REPRESENT OR ANY THIRD PARTY FOR ANY DAMAGE, LOSS OR INJURY
RESULTING FROM HACKING, TAMPERING, VIRUS TRANSMISSION OR OTHER UNAUTHORIZED ACCESS OR USE OF THE SERVICES,
YOUR COINGATE ACCOUNT, OR ANY INFORMATION CONTAINED THEREIN. IN NO EVENT WILL OUR LIABILITY FOR ANY DAMAGES
ARISING IN CONNECTION WITH THE COINGATE SYSTEM EXCEED THE FEES EARNED BY US IN CONNECTION WITH YOUR USE OF THE
SERVICES DURING THE 6 MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM FOR LIABILITY.
THE FOREGOING LIMITATIONS OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION.
YOU AGREE TO INDEMNIFY, RELEASE AND HOLD HARMLESS US, OUR AFFILIATES AND ANY COMPANY UNDER COMMON OWNERSHIP
OR CONTROL WITH US OR OUR AFFILIATES, AS WELL AS THE OFFICERS, DIRECTORS, AGENTS, REPRESENTATIVES AND EMPLOYEES
OF THE FOREGOING, FROM ANY CLAIM, LIABILITY, LOSS, EXPENSE OR DEMAND, INCLUDING LEGAL FEES, RELATED TO A PARTICULAR
TRANSATION, A PURCHASE, PRODUCT, GOOD AND (OR) SERVICE, DONATION, YOUR ACCESS OR USE OF THE COINGATE SISTEM OR
ANY OF THE INFORMATION, MATERIALS, PRODUCTS OR SERVICES AVAILABLE THROUGH THE COINGATE SYSTEM.
THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED
TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL
THE AUTHORS OF THE SOFTWARE, OUR EMPLOYEES AND AFFILIATES, COPYRIGHT HOLDERS, OR WE BE LIABLE FOR ANY CLAIM,
DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN
CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.
Relationship of the Parties.
The parties are independent contractors and nothing in this Agreement shall make them joint venturers,
partners, employees, agents or other representatives of the other party. Neither party shall make any
representation that suggests otherwise.
Development and Modification of Our Software.
We reserve a right to exercise our discretion at any time to develop, improve, and otherwise modify the Website
and (or) the applications comprising the CoinGate System or other programs related to service provision, the
functions and functionality of the Website and (or) of the CoinGate System, including (but not limited to):
quantity of functions (by both increasing and decreasing it), their scope (by both increasing and decreasing it),
procedure for use of the functions, scope of data required for your identification and identification procedures etc.
If needed and possible, at our discretion we will publish information about the changes indicated in this clause
on the Website. We assume no responsibility for any losses and inconveniences to you and any third parties,
which may be sustained as a result of exercising of our right indicated in this clause, or we are released
from such responsibility.
Integration of the CoinGate system, APIs and plug-ins
In case you decide to integrate the CoinGate system, any part thereof, application programming interfaces (APIs)
and / or plug-ins in your website and / or system, you do so at your own full risk and cost. In no event will we be liable
to you or any third party for any direct, indirect, special, incidental, consequential, exemplary or punitive
damages or any loss, theft, disappearance, or damages for lost profits, lost revenues, lost data or other intangible
losses that result from the said integration.
In case you decide to integrate the CoinGate system, any part thereof, application programming interfaces
(APIs) and / or plug-ins in your website and / or system, you are obliged to integrate in your website and /
or system a standard merchant disclaimer
in a non-modified form and make sure that your purchasers and / or donators expressly confirm their acquaintance
with the said disclaimer prior to making any payment and / or donation to you.
Restrictions on and Termination of Provision of Services.
We reserve a right to restrict or terminate provision of services discussed in these Terms and Conditions of the
Agreement to you, to suspend fulfilment of concluded Virtual Currency Purchase-Sale Agreement and (or) to
repudiate it at any time without any prior warning as well as to block or delete your Account if you fail to
fulfil or improperly fulfil your obligations specified in these Terms and Conditions of the Contract and (or)
arising from the Contract or otherwise violate the provisions of the Contract or when provision of respective
service to you might threaten the security of the CoinGate System or the Website or upon instruction or suggestion
from competent public authorities or if such restrictions become necessary according to legislation or if we
suspect that you use the services for illegal, fraudulent and (or) unfair activities or if we think that your use
of the services may damage our reputation. If the provision of the services is restricted or terminated as a result
of our suspicion that you are engaged in illegal fraudulent and (or) unfair activities, it is your responsibility
to prove the absence of such a circumstance to us.
We reserve a right to restrict or terminate provision of services at any time without any prior warning or to
impose special conditions for the use of the services if you are engaged in activities that, in our opinion,
involve greater risk (organisation of gambling, trade in restricted items etc.).
Other restrictions on provision of services or cases and conditions of application thereof may also be specified on the Website.
We undertake to store essential information related to entering into and fulfilment of Virtual Currency
Purchase-Sale Agreements for our own needs for at least ten (10) years in durable media of our choice.
On the other hand, in order to have proof of actions taken by you or by us in fulfilment of these Terms and
Conditions, you should save corresponding information and store it in durable media of your choice.
We undertake to make appropriate efforts in accordance with usual practice in safekeeping information related
to provision of the services (including your data); however we cannot guarantee total security of the information
and data. We are liable for any negative consequences you suffer as a result of loss of information and data
on the Website (in the CoinGate System) only if we are found guilty for that.
Our fees and rates we will charge you for using the CoinGate System concluding Virtual Currency Purchase-Sale
Agreements as well as for other services provided under these Contractual terms and Conditions, including the
special (additional) provisions thereof, are indicated on the Website. You will have to pay us for specific
transactions with Virtual Currency at the rates indicated on the Website and applicable at the moment those
transactions are carried out. Unless agreed to the contrary in writing under separate agreement between us and
you, we charge a flat 1% transaction fee per each processed transaction, which is charged immediately upon
acceptance of payment from a purchaser or donator. You hereby authorize us to deduct the said commission fee on your behalf.
We hereby reserve the right to apply discounts, at our own discretion, on the fees we charge. The level of
discounts and the terms of their application are set forth in Section IV hereof and/or the Website.
General Rights and Obligations.
to act in good faith and adhere to these Terms and Conditions as well as other provisions, use the CoinGate
System according to the regulations governing its use, and timely discharge your financial obligations to us;
to promptly (but not later than on the same working day as you become aware of that) notify us by our email
address given on the Website of improperly provided services, of loss, theft, unauthorized use or illegal
acquisition of the CoinGate login data, and also of loss of your smart device used for logging into the
at our request or at the corresponding requirement shown in the CoinGate System to correct your
personal data so that they are current. We reserve the right to immediately, with no additional notification
discontinue and (or) suspend any transactions in the Virtual Currency with you if you do not honour or
improperly honour your obligations specified in this clause;
to register at the CoinGate System only once, except when your account becomes accessible to other
persons. In such a case you can create a new account after you advise us by email and we block the old
account and enable you to create a new account;
not to use the CoinGate System and services for illegal actions (making illegal transactions, fraud etc.)
as well as for activity that may hurt our reputation, or for the purposes of money laundering and terrorist financing.
Should you have any doubts regarding compliance of your activity with requirements set out in this clause you
must report the nature of your activity to us and not carry out any transactions in Virtual Currency until
we instruct otherwise;
to take all the reasonable measures necessary to prevent illegal disclosure, appropriation, or use of your
data related to transactions in Virtual Currency;
at all times to comply with all applicable laws and regulations, including but not limited to anti-money
laundering and terrorist financing regulation, personal data protection laws, unfair commercial practices
regulations, consumer rights laws, advertising laws.
Our obligations to you:
- to act in good faith and with discretion so as to best meet your interests;
to strive to enable the intended use of the Website and the CoinGate System, timely take measures
to correct the operation faults with the Service provision and (or) the CoinGate System;
- to properly discharge our financial obligations to you.
Having registered on the CoinGate System you automatically agree to receive by email (to the address
provided at the time of registration) from us information related to transactions in Virtual Currency,
including various offers to obtain additional services, products etc. You may cancel your agreement indicated
in this clause at any time by submitting a corresponding notification to us in the manner specified at the Website.
Your Assurances and Guarantees.
By using the Website and the CoinGate System, you thereby shall guarantee that the information and
data provided by you:
- is accurate, correct, up to date and not misleading;
is free of viruses or other computer programs or files that could interfere with normal functioning of the
CoinGate System and/or related applications.
Amendments to these Terms and Conditions.
We hereby reserve the right to exercise our discretion at any time to amend these Terms and Conditions by
publishing an updated text of the Terms and Conditions on the Website. If after the publishing of the updated
text of the Terms and Conditions on the Website you will continue entering into the transactions with the Virtual
Currency, it shall be deemed that you agree with the amended Terms and Conditions and undertake to be bound by them.
Intellectual Property Rights.
Any agreements or other transactions entered into on the basis of the Terms and Conditions shall not be the royalty
agreements. We and you shall not transfer or grant any copyright or the rights related hereto to each other,
except for the right to use our relevant applications discussed in these Terms and Conditions or other computer
programs that are provided to you so as to enable you to log into the CoinGate System and enter into appropriate
transactions related to the Virtual Currency in accordance with the licence agreements (package licenses)
accompanying respective application or other computer program.
Both we and you shall commit not to disclose any confidential information that comes to our/your knowledge in
relation to this Agreement. This commitment shall be given for an indefinite period. The provision of
confidentiality shall not apply when the information is provided by any of the Parties to its lawyers,
auditors or other persons invoked by that Party for performance of the agreements provided for in the
Terms and Conditions of the Contract and obliged by law or written documents to honour the provision of
confidentiality, as well as to supervisory bodies and other authorities that have a right to access this
information in accordance with the conditions set out by the law.
We shall automatically consider confidential the information on the content of transactions with the
Virtual Currency, security requirements related to the transactions with the Virtual Currency, technical data,
know-how, trade secrets related to activities of any of the Parties, and any other non-public information of
the other Party that has been specified as confidential by such Party, and you shall be required to consider
it confidential as well.
Legal Protection of Personal Data.
By accepting this Agreement you or an entity you represent, as a data controller, authorize us, as a data
processor to process personal data controlled you and provided to us (information about your representatives
and purchasers / donators) on your behalf and pursuant to your instructions for the sole purpose of providing
you with the CoinGate System and services.
We process personal data of you and your representatives (name, surname, address, ID copy, country of residence,
entity being represented, information on risks), for the purposes of management of the risks associated with
money laundering and terrorist financing. To this end, particular individuals under Law of the Republic of
Lithuania on Legal Protection of Personal Data have the right to request from us access to and rectification
or erasure of personal data or restriction of processing and to object to processing. By accepting this Agreement
you confirm that you have informed your employees and representatives of the present paragraph.
Processing of personal data provided to us by the natural persons shall be executed in accordance with
Law of the Republic of Lithuania on Legal Protection of Personal Data. We implement appropriate technical
and organizational measures to protect personal data against accidental or unlawful destruction or accidental
loss, alteration, unauthorized disclosure or access, in particular where the processing involves the transmission
of data over a network, and against all other unlawful forms of processing.
Validity of the Terms and Conditions.
Should any provision of the Terms and Conditions appear to be in conflict with mandatory law and therefore
null and void, this shall not make all the Terms and Conditions or the agreements concluded on the basis
thereof null and void. In such a case we shall undertake to replace the null and void provision of the
Terms and Conditions with economically and legally nearest its equivalent.
Governing Law. Jurisdiction.
These Terms and Conditions of the Contract have been prepared with reference to the law of the Republic of Lithuania.
The agreements concluded on the basis of the Terms and Conditions and the legal relations resulting from or in
relation to them shall be governed by the law of the Republic of Lithuania.
Any legal disputes arising from or in relation to the agreements concluded based on these Terms and Conditions
shall be handled at a court of the Republic of Lithuania according to the seat of the Service Provider
(Vilnius, the Republic of Lithuania).
Submission of Complaints and Claims.
You may submit your complaints and claims regarding failure to perform or undue performance of the provisions
of these Terms and Conditions to us by e-mail to the address email@example.com
Section II. Use of the CoinGate System
Subject Matter of Section III of the Contractual Terms and Conditions.
The subject matter of this Section III of the Contractual Terms and Conditions shall be opening and
administration of the Virtual Currency Account in the CoinGate System as well as the associated services.
This Section II supplements the Section I.
Provisions established in this Section shall govern the use of the CoinGate System for accepting the
Virtual Currency as payment of your clients for the goods and/or services you supply and / or donations
as well as for keeping such Virtual Currency and selling it to us (exchanging for the Conventional Currency).
Provisions established in this Section do not entitle any natural persons to exercise the operations
indicated herein with the Virtual Currency in the CoinGate System for the consumer purposes, i.e. the purposes
not related to their business, trade, craft trade or profession.
Terms and Definitions used in this Section.
The following terms and definitions are used in this Section III:
Place of Settlement - the place you administer or use otherwise for your clients (as defined further)
to discharge their monetary obligations (payment for the goods or services you sold, etc.);
Place of Settlement in the meaning of these Contractual Terms and Conditions may also be your e-shop.
Client - a natural or legal person having a monetary obligation towards you under a transaction
concluded and intending discharge of such obligation by paying in Virtual Currency Bitcoin.
Where the context requires so, all references to the singular shall also mean the plural and vice versa.
Other terms used in this Section shall be interpreted as defined in Section I above.
Provisions of this Section shall not apply to the users, i.e. natural persons, who use the CoinGate System for the
purposes not related to their business, trade, craft trade or profession. Use of the CoinGate System for the
purposes and according to the procedure indicated in this Section shall mean usage of the system for the purposes
related to your business, trade, craft trade or profession.
Registration of Places of Settlement.
To use the CoinGate System for the purposes set forth in this Section you should register at least one
Place of Settlement in the CoinGate System. Places of Settlement are linked to a specific Account in the
CoinGate System, thus registration of the Places of Settlement would be possible only when such
Account has been created. Your list of the Places of Settlement may be any time adjusted (supplemented,
changed, eliminated) upon logging in the CoinGate System and adequate identification of your data.
We hereby reserve the right to limit the number of the Places of Settlement linked to one Account
registered in the CoinGate System.
The procedure for registration of the Places of Settlement in the CoinGate System, and the actions of
the list adjustment are described in detailed on the Website.
Opening and Administration of the Virtual Currency Account in the CoinGate System.
Upon registration of the Place of Settlement you will become entitled to open in the CoinGate System
a Virtual Currency Account on your own behalf (on behalf of the legal person you represent).
The procedure for opening of the Virtual Currency Account in the CoinGate System is described in detailed on the Website.
The Virtual Currency Account opened on your own behalf (on behalf of the legal person you represent) may be
used for receipt of the Virtual Currency, as well as sales to us in accordance with the procedure set forth in Section II above.
Collecting Virtual Currencies on your behalf.
You authorize us to receive Virtual Currencies, hold, exchange and disburse them, as well as deduct our
commission on your behalf, and to take any and all actions that we find necessary or desirable to provide the
CoinGate System or to comply with all applicable law and this Agreement. Payments by your customer or
donator to us will be considered the same as payment made directly to you. We are not authorised to take any
action on your behalf, except as stated in this Agreement.
In relation to payments and / or donations in virtual currencies made to you, any legal relations are
between you as a merchant and your customer making a payment or donator. We are not a party to relations
between you as a merchant and your customers and / or donators making payments in virtual currencies. We do
not accept any queries, letter, requests and (or) complaints regarding you, your services, products, activities
and (or) a payment and (or) a donation), or a purchase related to relation between you as a Merchant and your
We collect Virtual Currencies to the Virtual Currencies Account exclusively for and on behalf of you. We do
not engage into any other activities on behalf of you, are not your representative, agent or employee. We
shall not control, monitor, assess, authorise (and) or supervise your activities and (or) particular
purchases / donations. The foregoing does not preclude us from exercising our right to restrict or terminate
provision of services discussed in these Terms and Conditions of the Agreement to you at any time pursuant to
Paragraph 10 of this Agreement.
Refunds and Abandoned Accounts
You will maintain a clear refund policy and disclose it to your customers / donators ensuring that your
policies and procedures comply with all applicable laws and regulations, and with the provisions of this Agreement.
You authorize us to process refund requests and issue refunds on your behalf only in case of an underpayment,
overpayment or overdue virtual currency payment. We are not able and will not issue refund on your behalf in
any other cases, including but not limited to your failure to deliver service, product, project or otherwise
perform your obligations towards customers, donators and other individuals. You can request a refund on behalf
of a customer. Refunds on fulfilled invoices must be requested within 6 months following the original transaction.
We will charge fees for processing refunds on your behalf as indicated in our website. We reserve the right to
determine minimum amount that can be refunded on your behalf. Further terms of our refund policy can be
indicated in our website. This paragrah does not have any effect on Paragraph 27 of this Agreement.
If your Account becomes an Abandoned Account with a balance due to you, you shall be assessed a monthly
Abandoned Account fee as indicated in our website. You authorize and instruct us to deduct the Abandoned
Account fee from your Account on your behalf. In addition, all costs incurred by us in managing your
Abandoned Account, will be deducted from your Account on your behalf.
Scope of Services. Additional liability provisions.
Services provided under this Section allow you having and administering the Virtual Currency Account in the
CoinGate System as well as obtaining the Virtual Currency information (price of the Virtual Currency
(value in comparison to the Conventional Currency) at a given moment); however, neither the services nor
the CoinGate System are intended per se for rewriting, storage or value determination.
Therefore, under no circumstances we shall assume the responsibility for any change in or loss of the value of
your Virtual Currency.
You have to take into account that, for objective reasons, the value of the Virtual Currency may change
rather significantly in a rather short time. Therefore, when selling goods to your Clients and accepting the
Virtual Currency as payment, you should bear in mind that the value of the Virtual Currency paid may have
changed at the moment of return of the goods. The risk resulting from such value change shall fall on you.
Section III. Virtual currency purchase-sale operations
Subject Matter of Section II of the Contractual Terms and Conditions.
The subject matter of this Section II of the Contractual Terms and Conditions shall be the conclusion and
performance of Virtual Currency Purchase-Sale Agreements in the CoinGate System.
Purchasing Virtual Currency from Us.
We reserve the right to determine minimum and (or) maximum amounts of the Virtual Currency to be purchased
in a single operation indicating such restrictions on the Website.
To conclude an agreement on purchasing Virtual Currency from us you have to enter the amount of Conventional
Currency of your choice, for which you want to buy Virtual Currency, or the quantity of Virtual Currency you
want to buy into corresponding fields of the CoinGate System. The CoinGate System will automatically calculate
and offer on our behalf either preliminary quantity of Virtual Currency (if you specified the amount of
Conventional Currency you want to spend on purchasing Virtual Currency) or preliminary price of Virtual Currency
(if you specified the quantity of Virtual Currency you want to buy).
Please note that in cases indicated in the clause 31.b of these Terms and Conditions the calculated
amounts (of quantity or price of Virtual Currency) are only preliminary. The final quantity of Virtual
Currency you have purchased will be calculated and confirmed at the moment the Virtual Currency is rewritten to you.
You can confirm your will to purchase Virtual Currency from us for the price offered in accordance with the
clause 31.b of these Terms and Conditions (that is, to accept our offer) by transferring the
specified amount of Conventional Currency to our bank account specified in the CoinGate System. Once our
bank account is credited with the specified amount of Conventional Currency it will be considered that you
have concluded a specific Virtual Currency Purchase-Sale Agreement with us.
Once our bank account is credited with the amount of Conventional Currency you have transferred the CoinGate
System generates and provides you with a notification of possibility to redeem (to rewrite in your name)
the quantity of Virtual Currency you have purchased. You can redeem (rewrite in your name) the quantity of
Virtual Currency indicated in the notification by clicking the REDEEM link in the CoinGate System. At the
moment the REDEEM link is clicked final calculation and pegging of price of the Virtual
Currency you have purchased occurs, the quantity of Virtual Currency you have purchased is
rewritten in your name, and that Virtual Currency Purchase-Sale Agreement is considered discharged.
CoinGate system enables you to select automatic redemption of the Virtual Currency you have purchased
after the money in Conventional Currency is paid to us (Autoredeem function). This option being selected
redemption of the corresponding amount of the Virtual Currency will be performed no later than on the next
working day following the crediting of our bank account with the amount of the Conventional Currency you
have paid to us, without requesting any additional confirmation from you.
Please note that, as specified above, during the time from presentation of the preliminary price of the
Virtual Currency (calculated by the CoinGate System after you enter the required information) to you to
rewriting of the Virtual Currency in your name, the value of the quantity of the Virtual Currency you have
purchased can change (increase or decrease). As a result the quantity of the Virtual Currency rewritten in
your name can be different (greater or smaller) from the preliminary indication.
The CoinGate System will automatically generate and send you a notification of successful conclusion
and discharge of the Virtual Currency Purchase-Sale Agreement.
Except for the case specified in the clause 31.f of these Terms and Conditions, if during 14 (fourteen) days
following the provision of the notification specified in the clause 31.e of these Terms and Conditions you do
not redeem (do not rewrite in your name by clicking REDEEM) the purchased quantity of the Virtual Currency,
you will be considered having denounced the Virtual Currency Purchase-Sale Agreement. In such a case you will
be refunded the Conventional Currency amount you have transferred to us, after deduction of the bank fees we
are charged for money transfer and the amount of our commission.
Once you redeem the purchased Virtual Currency (whether by clicking the REDEEM link or automatically pursuant
to clause 31.f of these Terms and Conditions) you cannot denounce the Virtual Currency Purchase-Sale Agreement.
Selling Virtual Currency to Us.
We reserve the right to determine minimum and (or) maximum amounts of the Virtual Currency to be sold to us
in a single operation indicating such restrictions on the Website.
To conclude an agreement on selling Virtual Currency to us, you must enter the amount of the Virtual Currency
you want to sell into corresponding fields of the CoinGate System. The CoinGate System will automatically
calculate and offer on our behalf a price in Conventional Currency of your choice, for which we are ready to
purchase the quantity of the Virtual Currency you offer. Such an offer generated by the CoinGate System is
valid and binding for us for 20 (twenty) minutes.
You can confirm (accept) the offer generated by the CoinGate System on our behalf to purchase Virtual Currency from
you within 20 (twenty) minutes after it is made, by taking appropriate action: rewriting the quantity of
Virtual Currency specified in the offer to us on the Website, in the CoinGate System, in the predefined manner.
Once this quantity of Virtual Currency is redeemed by us the Virtual Currency Purchase-Sale Agreement is considered
concluded and discharged.
Once the quantity of Virtual Currency you have sold us is rewritten in our name we will transfer you the
corresponding amount of conventional currency of your choice to the bank account specified in your Account,
after deduction of the amount of our commission.
The CoinGate System will automatically generate and send you a notification of successful conclusion
and discharge of the Virtual Currency Purchase-Sale Agreement.
Once the Virtual Currency sold to us is redeemed by us you cannot denounce the Virtual Currency Purchase-Sale Agreement.
Section IV. System of discounts
Subject Matter of Section IV of the Contractual Terms and Conditions.
The subject matter of this Section IV of the Contractual Terms and Conditions shall be the basis and procedure
for application of discounts on the fees we apply.
Pursuant to the provisions of this Section IV the discounts shall exclusively apply to the fees charge for
conclusion of the Virtual Currency Purchase-Sale Agreements in the CoinGate System. No discounts shall apply on
the fees charges for other services in the CoinGate System, (Virtual Currency acceptance, storage, etc.).
Conditions for Application of Discounts referred to in Section IV.
To be eligible to the application of discounts described in this Section IV you shall comply with both preconditions:
(1) be registered in the CoinGate System, and (2) have a referral link in the CoinGate System which was created
in the Website in your own name.
Procedure for Application of Discounts referred to in Section IV.
If you are eligible to the discounts described in this Section, the discount on the fee applicable for each
Virtual Currency purchase-sale transaction concluded by the Client who has registered in the CoinGate System via
your referral link, shall be up to 1 (one) percent from the amount of the Virtual Currency purchased-sold under
the transaction. The precise discount applicable at a given moment is published in the Website.
The amount of discount referred to in clause 35.a above may be designated, at your own discretion,
exclusively for you (in such case your Client pays the entire fee, while the relevant amount of discount
from such fee will be transferred to you), or exclusively for your client (in such case the fee payable by
your Client will be reduced by a relevant amount of the discount), or divided, in the proportion selected
at your own discretion, among yourself and the Client (in such case the fee payable by your Client will be
accordingly reduced, while you will receive a certain amount of the discount without exceeding the total amount
of the discount). Your selection may be exercised in accordance with the procedure set forth in the Website.
Discounts referred to in this Section IV shall be paid in the Virtual Currency only.