A statement of terms and conditions cover the expectations and agreements between you and your users. They may govern fees and charges, codes of conduct, content and intellectual property licensing, any limitations of the services you provide, any limitations of liability, and other matters within the scope of how you and another party engage each other.
A privacy policy, on the other hand, is more concerned with how the personal information of your users is collected, stored and used. Privacy policy statements may be subject to certain regulations (such as GDPR), depending on where your business is located and where your customers live.