Digital Cash Exchange Terms
The following Digital Cash Exchange Terms (the “Exchange Terms”) govern the use of the products, services, platforms, websites or any other features, technologies or functionalities provided by Centi Ltd company registration CHE-448.669.528, Im Schilf 4, 8044 Zürich, Switzerland related to digital cash exchange services, including mobile services or services through API or through any other means (collectively the “Services”).
Centi Ltd a limited liability company incorporated in Switzerland. Centi Ltd is a financial service provider and as such a member of FINMA mandated Self Regulators Organisation VQF (Verein zur Qualitätssicherung von Finanzdienstleistungen, Member ID 100809).
We may use the expressions “you” and “yours” which refer to you as a Centi Ltd Service user (being e.g. a buyer, or person agreeing to the Exchange Terms). Before using any digital cash exchange related services by Centi Ltd, you must read the following carefully and acknowledge that you accept the Exchange Terms.
Centi Ltd reserves the right to modify these Exchange Terms at any time. The most current version, and therefore the active Exchange Terms, is always available on centi.ch/exchange-terms. It is always your responsibility to check the Exchange Terms when using our Services and that you agree with its content before each exchange activity.
These Exchange Terms establish mutual rights, duties and responsibilities between the user and Centi Ltd in relation to the provision of Services, including rights, duties and responsibilities with respect to the termination, extent and modification of the Exchange Terms and contractual relations between the Parties. In case the Client does not understand or does not wish to agree to particular clauses of the Exchange Terms, the Client shall not accept the Exchange Terms. Acceptance of these Exchange Terms serves as proof that the Client confirms and undertakes to follow and comply with all clauses of these Exchange Terms.
1. Centi Ltd Digital Cash Exchange Service (Top-Up, Digital Cash Purchases)
Centi Ltd Exchange Services provides individuals with digital cash exchange services that allow users to buy digital cash.
Centi Ltd Exchange Services are available globally with restrictions in some areas due to regulatory and banking restrictions, or sanctions or Centi Ltd’s own risk management policies.
Exchange Services do not constitute an ongoing business relationship or ongoing agreement. Each exchange activity is a separate instance and subject to the most recent Exchange Terms.
Centi Ltd reserves the right to unilaterally block, suspend and/or terminate your use of Services, either temporarily or permanently, in whole or in part, in the following events:
- If we suspect that you have failed to comply with these Exchange Terms
- You pose an unacceptable fraud & compliance risk to us, or if you provide any false, incomplete, inaccurate or misleading information
- At any time and for any reason in accordance with our corporate policy or risk appetite.
1.1 Access through Centi Wallet Interface Services (Centi App)
If you want to use Centi Ltd Digital Cash Exchange Services, you must first download and install the Centi App and agree to its separate Terms and Privacy Notice.
Centi App is strictly personal and cannot be used to use exchange services on behalf of another individual or entity. Any use of the Services to exchange digital cash to any other individual or entity than the account creator is strictly prohibited and will consequently cause the exchange to be cancelled and potentially restrict the user’s access to the Centi Ltd Exchange Services.
Centi App uses a secure method to communicate your digital cash address to us when you use Centi Top-Sup Service. Non the less you are responsible to confirming the correct address again before executing the exchange with us.
1.2. Exchange Limits
Centi Ltd supports individual transactions up to CHF 1000 (or equivalent in other currencies). Centi supports linked transactions up to CHF 1000 per month. Any clients who wish to exceed this limit are to contact Centi Ltd in order for onboarding in a client category allowing higher limits.
Throughout your exchange process, we will always be transparent and keep you informed of the exchange limits available to you.
Please note that Centi Ltd monitors the exchange activities of all users.
Additionally, Centi Ltd reserves the right to request further documentation if deemed necessary and/or the right to terminate Exchange Services for any user.
1.3. Instant Payment (Credit Card, Debit Schemes, PayPal, Twint, …)
When you pay by instant payment methods, you accept that the digital cash will be exchanged at the current available exchange rate. The offer to exchange with us will only be valid for a certain time and if this time is exceeded you will have to re-start the process.
Orders are non-refundable and we have a strict no-return policy.
1.4. Payment by Bank Transfer
When you pay by bank transfer, you accept that the digital cash will be exchanged at the current available exchange rate at the time Centi Ltd processes your transaction, which might differ from the rate displayed when you confirm your exchange inside the Centi App.
Please note that the rate displayed at the time you confirm your exchange is an indicative rate. Please also note that Centi Ltd works with several domestic and international banks and that transfer fees will vary depending on which country and bank you send your funds from.
It is your responsibility that the full amount invoiced by us is received on our indicated account in the indicated currency (banking fees to be fully paid by you). Further, it is your responsibility to ensure that the message which we indicate that you must place in the comment field of the transaction is placed exactly as indicated by us. Not following these two points may lead to delays in the process and we reserve the right to return the transaction to you or settle for a lesser amount in case a lesser than the full amount is received by us.
Orders are non-refundable and we have a strict no-return policy.
1.5. Payment by Other Digital Currencies
When you pay by digital currencies, you accept that the digital cash will be exchanged at the current available exchange rate. The offer to exchange with us will only be valid for a certain time and if this time is exceeded you will have to restart the process.
Orders are non-refundable and we have a strict no-return policy.
The digital cash is delivered to your wallet by using the information provided and confirmed by you. You are responsible for ensuring the details of your digital cash wallet before executing the exchange with us. If you pay by credit/debit card, the digital cash will be delivered as soon as possible depending on the network. If you pay by bank transfer, the virtual currencies will be delivered within 1-2 business days once Centi Ltd has processed your exchange unless unforeseen circumstances lead to any delays.
2. Abuse of Centi Ltd Services
In the event of misuse or suspected misuse of our Exchange Services, you must immediately notify Centi Ltd. Centi Ltd can, on suspicion of abuse, block access to our services.
3. Service and Execution of Instructions
Centi Ltd reserves the right to temporarily amend the Exchange Terms and/or suspend Exchange Services for the user – in its sole discretion – if Centi Ltd has (i) reasonably grounds to do so, e.g. suspicion of fraud, illegal activities, safety issues and similar, or (ii) considers markets to be subject to unusual hyper volatility, or (iii) considers the price movements in the digital cash that Centi Ltd exchanges suspicious.
Centi Ltd reserves the right to restrict or cease the provision of the Exchange Service to comply with applicable law or regulation, contractual provisions, business or trade practices, internal rules and policies and to ensure the performance according to the standards of due care.
4. No Cancellation Right
When you complete an exchange, you accept that you have no cancellation right in relation to the exchange, nor any right to return the digital cash. Charge back attempts are categorically denied and rebutted after delivery of the digital cash.
5. Sale of Goods Act
The Swiss Code of Obligations Art. 184 to Art. 215 applies to the products you have exchanged with Centi Ltd.
Exchanges are processed by Centi Ltd in a reasonable time, however, delays can occur for various reasons.
Additionally, while we aim for 100% server uptime, we realize this is not always possible. We are constantly working on improvements and performing upgrades, which may occasionally result in server outages.
Centi Ltd reserves the right to perform maintenance or changes to the Centi Ltd Exchange Services at any time we see fit. This may result in periods during which the services may be temporarily unavailable. Centi Ltd will, to the extent that it is possible, announce such interruptions in advance. However, it is not required to do so and is not responsible for any damages or losses resulting from server outages, communication networks or blockchain systems.
You acknowledge and accept the risks inherent with using Centi Ltd Exchange Services. Holding digital cash contains various risks which may result in a total loss. Please read our Digital Cash Risk Notice carefully before using our services.
When sending digital currencies to blockchain addresses of Centi Ltd, you shall only use those blockchain addresses that Centi Ltd has communicated to you for this purpose. If you transfer digital currency to an address not communicated by Centi Ltd there is a risk that the digital currencies cannot be traced back to you. In this case, the risk of loss of the digital currency is borne by you and there is no claim allocation of the digital currency.
8. Privacy and Personal Data
Centi Ltd may be obliged to disclose user data to third parties or group companies. This includes all information provided including but not limited to, name, address, blockchain addresses and identifiers and account or service numbers of the banks or payment communications systems involved. By using the Centi Ltd Exchange Services the user authorizes Centi Ltd to disclose the necessary data as well as any associated data to third parties and group companies.
Centi Ltd is committed to a high standard of data security and precision. However, Centi Ltd shall not be liable for any loss that you may incur as a result of malfunctions, errors, security breaches or any other reason.
Centi Ltd will not be responsible or liable to you for any loss and take no responsibility for and will not be liable to you for any use of our Services and/or solutions, including but not limited to any losses, damages or claims arising from:
- User errors such as forgotten passwords, incorrectly constructed transactions, mistyped digital currency addresses or wrong digital currency address type or similar;
- Server failure or data loss;
- Corrupted Wallet files;
- Unauthorized access to applications;
- Any unauthorized third party activities, including without limitation the use of viruses, phishing or other means of attack against the Centi Ltd website or Centi Ltd services or solutions.
When you enter into an exchange with us, you are responsible for the activities performed. Please notify us immediately if you suspect any security breach, caused by you or other parties. Centi Ltd cannot be held responsible or liable for losses or damages relating to security breaches caused by you.
Centi Ltd shall not be liable for your, or other users’, content. If you come across content that is not correct, offensive or against the Exchange Terms, you should report this to Centi Ltd immediately. Centi Ltd reserves the right to delete content at any time it deems necessary.
In no event shall Centi Ltd be liable for indirect losses and/or an amount larger than the amount you have paid to Centi Ltd.
Centi Ltd is the owner of all intellectual rights and branded elements (including logos, portraits and other visual identity elements) and content (including blog posts, articles, images, videos, tips and advice) available through Centi Ltd (including website, mobile applications, social media and other registered domains) unless otherwise stated.
You accept and acknowledge that the material and content contained within the Centi Ltd website and other domains are made available for your personal, lawful, non-commercial use only. You further acknowledge that any other use of content from the Centi Ltd website and related domains is strictly prohibited, and you agree not to infringe or enable others to infringe our intellectual property rights.
You are responsible for determining any and all taxes assessed, incurred, or required to be collected, paid, or withheld for any reason in connection with your use of Centi Ltd’s software and services (“Taxes”). You are also solely responsible for collecting, withholding, reporting, and remitting correct Taxes to the appropriate tax authority. We are not obligated to, nor will we, determine whether Taxes apply, or calculate, collect, report, or remit any Taxes to any tax authority arising from any transaction.
12. Entire Agreement
These Exchange Terms constitute the entire understanding and agreement between you and Centi Ltd hereto and their affiliates with respect to its subject matter and supersedes all prior or contemporaneous agreements, representations, warranties and understandings of the Parties (whether oral or written). These Exchange Terms shall be construed according to their fair meaning and not strictly for or against either you or Centi Ltd.
If any provision, or any part thereof, of these Exchange Terms is determined invalid or unenforceable under applicable law, said provision will be ineffective to the extent of such invalidity only, without in any way affecting the remaining parts of said provision or the remaining provisions of these Exchange Terms.
You undertake not to assign, delegate, transfer or sell any of the rights, duties or obligations which are incumbent thereon pursuant to these Exchange Terms. Centi Ltd may assign these Exchange Terms, or any rights or obligations hereunder, in whole or in part, without the prior written consent from you.
15. No Waiver
The failure, delay or omission of Centi Ltd to give notice of default or to enforce strict performance of any provision of these Exchange Terms will not be construed as a waiver, or future waiver, of its right to assert or rely upon such provision or any other provision of these Exchange Terms. No waiver or breach of any provision will be deemed a waiver of any other provision, and no waiver will be valid unless it is in writing and executed by Centi Ltd. No extension of time for performance of any obligation or act will be deemed an extension of time for any other obligation or act.
16. Governing Law and Venue
The relationship between the User and Centi shall be governed by Swiss substantive law, to the exclusion of the Vienna Convention on the International Sale of Goods.
The exclusive place of jurisdiction shall be the city of Zurich, Switzerland.
By accepting these Exchange Terms, you acknowledge that you, as a physical entity:
- Are of legal age to agree to these Exchange Terms;
- Have not previously been suspended or removed from using our services;
- Do not intend to use our services with any criminal or fraudulent intent.
Furthermore you are deemed to have read, understood and accepted the Exchange Terms and our Digital Cash Risk Notice when using Centi Ltd Exchange Services.
18. Contact details
Im Schilf 4
Last Updated April 2023 / Version 1.2
Digital Cash Risk Notice
1. Digital Cash Risk
The intention of this Digital Cash Risk Notice is to inform you on the significant risk of loss involved with transactions of trading or holding digital cash, as well as the limitations Centi Ltd (“we”) holds on the liability and indemnity of your actions with our services.
- Be aware that trading or holding digital cash carries significant risk. All currencies, digital and otherwise may be subject to large swings in value or price, and may even lose their value completely. Digital cash systems are still developing, both technologically and financially, and therefore prices can be volatile and fluctuate very dramatically within a short span of time. Many digital cash products are susceptible to pricing bubbles or loss of confidence which could lead to a sharp decline in demand, thus leading to a loss in value or price. This means you stand to either gain or lose your assets at any given moment. Therefore, you understand and accept that losses can and do occur.
- You should not deal with digital cash unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to the risks. You should also consider with caution if the transactions you perform are suitable for you, your personal circumstances and financial position. Digital cash transactions, like physical cash transactions are technically final the moment the transaction is published by either party.
- Digital cash systems also involve their own unique risks compared to other established currencies on the market. For one, digital cash systems are distributed. Depending on the jurisdiction all or certain use cases do not have clear regulatory guidance, nor do many have any sort of redeemable claim other than the use to pay transaction fees in order to make transactions on the blockchain. Digital cash systems are built on technology with distributed peer-to-peer network and relies on its game theoretical setup for security. This means that by trading and holding digital cash, you may not be able to enforce any guarantees or safeguards. Similarly, depending on jurisdiction there may not be direct legal protection from losses incurred from failure or disruption of our services, failure or disruption of our integrated partner platforms, cyber-attacks, embezzlement of funds, business failure, asset forfeiture, scams, such as phishing websites, phony support or fake social media pages; nor are will you be granted any guarantees or safeguards for regaining access to your virtual currency wallet or holdings within these circumstances.
- Centi Ltd does not and will not provide any advice regarding your investments or purchases in relation to your transactions. You are responsible for your decisions made on our platform and we will not make any personal recommendations for your trading activity, or advise on the buying, selling, or overall trading in particular digital cash or performance of certain transactions related to our services; nor will we discuss any tax-related consequences, reveal the composition of accounts, or any other obligations relating to such transactions of trading and holding digital cash. You must use your own careful judgement when deciding to transact with our service, and be completely aware that by doing so, you may incur losses that we are not responsible for.
- By entering into a transaction, you understand and accept the risks associated in dealing with an internet-based digital cash service which includes but are not limited to: operational interferences; failure or disruption of hardware, software or internet connection; threat or attack of malicious software; or unauthorized access of information stored on your user account or wallet service. As with everything on the internet, there is a risk that your account or digital cash wallet can be compromised by persons or organizations for malicious reasons. Depending on your wallet interface service provider of choice, we cannot guarantee the option or possibility of insuring or claiming back any digital cash funds lost in this manner.
- By exchanging digital cash, you understand and accept that you are at risk for not being able to trade or exchange it for national currency for potentially long periods of time due to various reasons–both foreseen and unforeseen, therefore placing you at risk for incurring losses in the meantime.
- By utilizing our services, you understand and accept the risks associated with involvement of a digital cash system, which includes but is not limited to multiple known and unknown vulnerabilities within the network, including regular or irregular changes to the network protocol. Centi Ltd has no control over any virtual currency network and therefore takes no responsibility for any harm caused by the risks these networks hold.
- Centi Ltd does not take responsibility for loss, claims, or damages related to our services which include but may not be limited to: user error (lost passwords, provision of incorrect information, sending digital cash to the wrong address), server failure, or data loss, corrupted pages on the Centi Ltd webservices, corrupted files from your wallet interface service provider, unauthorized access to our applications, unauthorized third party access and activities (including but not limited to malware, viruses, phishing, and other website attacks).
2. Contact details
Im Schilf 4
Last updated: December 2021