Products Support Log in Terms AML Privacy GDPR Terms of Service Welcome to Safello! Thank you for using our Services, which are provided to you by Safello AB (reg. no. 556954-4165) (“Safello”). These terms of service (the “Terms”) are effective as of 19 October 2021, and remain effective until revoked. By using our Services, you are agreeing to these Terms. Please read them carefully! 1. General 1.1. These Terms apply to all Customers using our Services through Safello’s website or by other means of access. These Terms govern your access and use of the Services, the website and apply to all transactions and business relationships between you and us, Safello. 1.2. By clicking on the relevant checkbox during the Sign Up Process or when completing a Transaction through Safello you agree to: i. be bound by these Terms and only use our Services in a lawful manner and in good faith in accordance with these Terms, and ii. be bound by Safello’s AML Policy and Privacy Policy through explicit approvals on the website. 1.3. Safello reserves the right to amend these Terms at any time at our sole discretion. If you continue to use the Services after an amendment of these Terms, you are agreeing to the updated Terms. 1.4. Unless explicitly agreed in writing, Safello does not accept any terms and conditions other than these Terms in relation to any Customer or Customer Relationship. 1.5. By accepting these Terms, you consent to receive electronic communication from Safello. Such communication may include information about your Account, Transaction information, notices and other information relevant to our supply of the Services. 1.6. When you sign up to use our Services, we may ask you to provide further information about yourself, and we will request documents from you in line with our AML framework. We appreciate your understanding in the process. Safello operates as a Financial Institution in Sweden and we need to carefully follow applicable laws, most notably the ones regarding anti-money laundering and counter terrorism financing. 1.7. We may apply different requirements for our Natural Person Customers and our Corporate Customers, especially regarding documentation required to enter into a Customer Relationship and carrying out Occasional Transactions. 2. Definitions In addition to the terms defined elsewhere in these Terms, the definitions set out below shall apply for the purposes of these Terms: Account: An account with Safello, created by the Customer to use our Services, which contains information about the Customer and related Transaction data, and through which the Customer may initiate Transactions. Block (of Account): An action that may be performed by Safello, the result of which is that a Customer is no longer able to login to his/her Account and initiate Transactions by using his/her Account, until the action is lifted. An Account may be blocked subject to applicable law, these Terms and our AML framework. Block (of Transaction): An action that may be performed by Safello, the result of which is that a Transaction initiated by a Customer is stopped at the time of initiation, before the cryptocurrencies or SEK (as applicable) are transferred to Safello. A Transaction may be blocked subject to applicable law, these Terms and our AML framework. Buying Transaction: A Transaction initiated by the Customer with the purpose of purchasing cryptocurrencies from Safello against payment in SEK. Cancel (of Account): An action that may be performed by Safello, the result of which is that a Customer is no longer able to login to his/her Account and initiate Transactions by using his/her Account. This action is final and cannot be lifted. An Account may be cancelled subject to applicable law, these Terms and our AML framework. Channel: The channels through which you can use Safello’s Services: the Mobile App, the Web App, the Safello Widget and any other channel set up by Safello for such purpose from time to time. Close Associate of a PEP: Natural persons who are known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations, with a PEP and natural persons who have sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the de facto benefit of a PEP. Corporate Customer: Legal person customers of Safello. Customer: Corporate Customers and Natural Person Customers together. Customer Relationship: An ongoing business relationship between a Customer and Safello, the purpose of which is for the Customer to use Safello’s Services for a certain duration. Deposit Transaction: A Transaction initiated by the Customer, where the Customer is requesting that an amount of cryptocurrencies specified by the Customer is to be deposited into the Safello Customer Wallet from an external cryptocurrency wallet. Exchange Transaction: Selling Transactions and Buying Transactions together. Freeze (of Transaction): An action that may be performed by Safello, the result of which is that a Transaction initiated by a Customer is not carried out, but the cryptocurrencies or SEK (as applicable) remain in the custody of Safello, until the cause for freezing the Transaction ceases and the freezing is lifted. A Transaction may be frozen subject to applicable law, these Terms and our AML framework. Mobile App: A mobile application developed for Android and iOS through which you can reach Safello’s Services and your Account. Natural Person Customer: Natural person customers of Safello. Occasional Transaction: Transactions carried out by Customers that are not in a Customer Relationship with Safello. Partner Agent: Safello’s business partners who facilitate access to Safello’s Services using the Safello Widget on their platforms. Politically Exposed Person (PEP): A natural person who is or who has been entrusted with prominent public functions, which functions are further defined in the Swedish Anti-Money laundering Act (Sw. Lag (2017:630) om åtgärder mot penningtvätt och finansiering av terrorism). Proof of funds: A letter or documentation, typically issued by a commercial bank or custody agent, that proves that a Customer has sufficient funds (money) of legitimate source to complete a Transaction. Relative of a PEP: The spouse, or a person considered to be equivalent to a spouse, of a PEP, the children and their spouses, or persons considered to be equivalent to a spouse, of a PEP, and the parents of a PEP. Representative: A natural person with authority to represent a legal entity, i.e. the Corporate Customer. Safello Business: The collective name of the Services offered to our Corporate Customers. Safello Customer Wallet: The digital infrastructure in relation to Safello Wallet whereby each Customer’s cryptocurrencies are stored in Safello’s warm wallet (the “Safello Vault”) except as necessary or practicable to enable transfers of cryptocurrencies for the Customer whereby the Customer’s cryptocurrencies are temporarily handled in Safello’s hot wallet (the “Safello Hot Wallet”). Safello Widget: A widget piece of software that is used on a page of a website or an application to give the user changing information of a particular type in a small area of the computer screen. Partner Agents of Safello may place the widget created by Safello on their platforms where Customers can reach it. Selling Transaction: A Transaction initiated by the Customer with the purpose of selling cryptocurrencies to Safello against payment in SEK. Service(s): Means Safello Exchange, Safello Wallet, Safello Subscription, Safello Premium and Safello Business jointly, and any other service provided by Safello from time to time. Sign Up Process: The process of Registration and Verification, as described in Section 5 of these Terms. Tier: The rank of a Customer in Safello’s system based on his/her transactions and certain other criteria. The Tier primarily determines the Transaction limits the Customer is subject to when using Safello’s Services. Transaction: Any Selling Transaction, Buying Transaction, Deposit Transaction or Withdrawal Transaction. Web App: A web application developed by Safello through which you can reach Safello’s Services and your Account. Withdrawal Transaction: A Transaction initiated by the Customer to transfer a specified amount of cryptocurrencies from the Safello Customer Wallet to an external cryptocurrency wallet. 3. Safello’s Services 3.1. General 3.1.1. You can reach our Services directly from our website, https://safello.com/ via our Web App, your smartphone via our Mobile App, or by using the Safello Widget on our home page or on one of our Partner Agent’s websites or applications. Whichever way you choose, the Services will be provided by Safello and subject to these Terms. Our Partner Agents are only providing the interface to connect you to Safello, meaning that they do not provide the Services themselves. Consequently, by using the Safello Widget you create an Account with Safello and enter into an agreement with us. However, at present, the Safello Wallet service is not available through the Safello Widget. 3.1.2. Each time you carry out an Exchange Transaction with Safello, we are on the other side of the Transaction, which means that we carry out your order and you get your SEK-payment or cryptocurrencies from Safello. Exchange Transactions may not be used as a means of payment for goods or services or transfer of funds to third parties. 3.1.3. You will find the cryptocurrencies we support from time to time in relation to our Services on this link (“Supported Cryptocurrencies”). We choose which cryptocurrencies shall qualify as Supported Cryptocurrencies very carefully, based on various criteria such as technical compatibility and market cap. We may, in our sole discretion, decide to support additional cryptocurrencies or cease supporting previously supported ones. Customers should be aware that we may support different cryptocurrencies in relation to different Services as well as in relation to different functions of the Services. 3.1.4. If we terminate support for a cryptocurrency we will give you notice regarding this through our website and a notification on your Account where you are urged to through Withdrawal Transactions or Selling Transactions empty your Safello Customer Wallet of the cryptocurrencies we have announced that we will cease support. In such notice, we will specify the date when we cease supporting the relevant cryptocurrency, and such date may not fall earlier than ten (10) bank days from the date of the notice (unless a shorter period is required to comply with applicable law or order by a competent authority). In the event that Customers fail to comply with such notice, Safello reserves the right to, in Safello’s sole discretion, either exchange the Customer’s cryptocurrencies which are no longer supported against Supported Cryptocurrencies or exchange them against SEK with payment to the Customer’s bank account. In both cases, Safello will use reasonable efforts to apply the best available exchange rate that is available for Safello in the ordinary course of business. 3.1.5. The only fiat currency (i.e. traditional currency issued by an institution, normally a state) supported by Safello at present is Swedish Kronor (“SEK”). Additional fiat currencies may be supported in the future in which case what is stated herein regarding SEK shall apply correspondingly to any new supported fiat currency. 3.1.6. Below is a description of the Services currently provided by Safello. The further terms for the Services are described later in these Terms. 3.2. Safello Exchange 3.2.1. Safello provides an online brokerage platform where you as a Customer can buy and sell cryptocurrencies, in the course of which you either, through a Buying Transaction purchase cryptocurrencies from Safello against payment in SEK or, through a Selling Transaction sell cryptocurrencies to Safello against payment in SEK (“Safello Exchange”). You can use different payment options, such as Swish, Bankgirot, SEPA, and Klarna Bankgiro. 3.2.2. Cryptocurrencies bought from Safello can only be sent to your own cryptocurrency wallet which will, by default, be your Safello Customer Wallet, unless you do so through a Channel which does not support Safello Wallet. At present, you may choose to receive your cryptocurrencies to an external cryptocurrency wallet instead. 3.3. Safello Wallet 3.3.1. Safello’s wallet service offers you a cryptocurrency wallet hosted by Safello, where Safello acts as custodian wallet provider (“Safello Wallet”), which enables you to securely store, send and receive cryptocurrencies which are Supported Cryptocurrencies. Through Withdrawal Transactions, you can transfer cryptocurrencies from your Safello Customer Wallet to an external cryptocurrency wallet, and through Deposit Transactions you can send cryptocurrencies from an external cryptocurrency wallet to your Safello Customer Wallet, by giving instructions on the Web App or the Mobile App. 3.3.2. The cryptocurrencies held in your Safello Customer Wallet are assets held by Safello for your benefit on a custodial basis. This implies that the ownership of the cryptocurrencies in your Safello Customer Wallet at all times shall remain with you. 3.4. Safello Subscription 3.4.1. Safello Subscription is a special Safello Service offered to Customers who are in a Customer Relationship with Safello through which you can set up a savings plan through recurring Buying Transactions (“Safello Subscription”). 3.4.2. The Recurring Payments will be carried out in accordance with your specifications as to the amount, the destination (i.e your Safello Customer Wallet or your external cryptocurrency wallet), the frequency and the dates when the recurring Buying Transactions shall be carried out. 3.5. Safello Premium Safello Premium is Safello’s exclusive offer with tailored perks such as lower fees and extensive personal support to our Customers eligible and subscribing for Safello Premium. We have a trained and experienced support team dedicated to helping our Safello Premium Customers. 4. Eligibility 4.1. By signing up and using Safello’s Services, you represent and warrant that you: i. are at least 18 years old; ii. are an individual, or a Representative of a legal person with the legal capacity and authority to enter into these Terms (representatives in respect of Natural Person Customers are not accepted); iii. have not previously been suspended or banned from using Safello’s Services; iv. are not a Politically Exposed Person (PEP), a Relative of a PEP or a Close Associate of a PEP; v. are not subject to any sanctions list; and vi. do not have an existing Account. 4.2. In addition, by accepting these Terms as a Representative on behalf of a legal person, you represent and warrant that: i. such legal person is duly organized and validly existing under the laws of Sweden; and ii. you are duly authorized to establish a Customer Relationship and carry out Transactions in the name of the legal person you are representing. 4.3. To become a Safello Premium Customer we apply certain additional criteria, you can see if you are eligible to become a Safello Premium Customer by following this link. 5. Registration and verification 5.1. In order to be able to use our Services, you must sign up, create an Account and be identified and verified as further described below. 5.2. In order to meet the legal requirements regarding anti-money laundering and counter terrorism financing, we must obtain certain knowledge of our Customers. For this reason, we have a legal obligation to check and verify the identity of our Customers. In case of Corporate Customers, we are obligated to assess and check their ownership structure as well. In certain instances, we must also receive knowledge of the origin of funds and other assets. Therefore, Safello may ask for information in relation to your identity and proof thereof, and if needed, we may ask for Proof of Funds. In respect of Corporate Customers we are also required to ask you to provide the legal person’s registration details and information on the individuals who are in control of the legal person. 5.3. At Safello, we ensure making the registration and verification process as simple and convenient for you as we possibly can. In order to sign up to use our Services, you need a Swedish BankID. With the BankID, you can login, identify and verify yourself all at once. Following the verification of your identity, if you are a Natural Person Customer, you will be able to carry out Occasional Transactions and access your Safello Customer Wallet, unless Safello determines that we need more information from you, in which case you will be notified. 5.4. As a Natural Person Customer you will be invited to enter into a Customer Relationship with Safello which occurs either after carrying out your fifth Exchange Transaction or Deposit Transaction, or before carrying out your first Withdrawal Transaction. When you enter into a Customer Relationship, you will be required to fill out a questionnaire where Safello can learn more about your preferences and gather more information about you, in order for us to comply with our anti-money laundering and counter terrorism financing obligations and to keep providing our Services to you smoothly. We appreciate your cooperation in the process. 5.5. Corporate Customers must always enter into a Customer Relationship before they initiate the first Transaction or before setting up a Safello Customer Wallet. This allows Safello to gather necessary knowledge of the potential Corporate Customer, which is required by anti-money laundering and counter terrorism financing regulations. If you are a Representative of a Corporate Customer, we will ask you to provide certain documents and information, such as the certificate of registration of the legal person you represent, proof that you are authorized to represent such legal person and other relevant documentation. 5.6. For safety, security and anti-money laundering and counter terrorism financing purposes, we will ask you to identify yourself using BankID before each Transaction, whether you are a Natural Person Customer or a Representative of a Corporate Customer and regardless of having a Customer Relationship with us. 5.7. According to applicable legislation on anti-money laundering and counter terrorism financing, Safello is required to disclose any suspicions of money laundering or terrorism financing to the relevant police authorities. Safello is not permitted to inform any Customer subject to such suspicions. 5.8. By accepting these Terms, you represent that any and all information you provide us with is complete, true and accurate, and you agree to promptly update any information you provide to Safello so that such information is complete and accurate at all times. 5.9. If there is reasonable doubt that any information provided by you is wrong, untruthful, outdated or incomplete, or even false or fraudulent, we will send you a notice to demand corrections, remove the relevant information or, in certain cases, terminate our Services to you, including Cancel your Account at our sole discretion, pursuant to Section 11 of these Terms. 5.10. Safello may, based on our AML framework, refuse to open an Account for you, or refuse to enter into a Customer Relationship, whether you are a Natural Person Customer or a Corporate Customer. 6. Account usage and Account security 6.1. At Safello, we strive to provide you with a safe service for buying, selling and storing cryptocurrencies with us. In order to achieve this, we have implemented industry standard protective measures as well as established certain rules on how you may use your Account and how you can contribute to the security of your own Account, in order to mitigate risks that are linked to Customer behaviour. 6.2. An Account may only be used by the Customer whose name it is registered under. Safello reserves the right to Block or Cancel Accounts that are used by persons other than the Customer whose name the Account is registered under, or Accounts that are used by more than one person. 6.3. You shall immediately notify us at fraud@safello.com if you suspect or become aware of any unauthorized use of your Account. In case you suspect or become aware of any security breach caused by you or anyone else, you should immediately notify us at support@safello.com. 6.4. By accepting these Terms as a Representative of a Corporate Customer, you agree that your BankID will be connected with the Account of the Corporate Customer for identification and verification when logging in to the Safello Business service. However, a Representative of a Corporate Customer may also use his/hers BankID for identification and verification in respect of any private Account set up by him/her. 6.5. As a Customer, you agree to treat your access credentials, i.e. your BankID, as confidential information and not disclose such information to any third party in order to avoid unauthorized use of your Account. You also agree that you alone are responsible for taking necessary safety precautions to protect your Account and personal information. You are responsible for all activities under your Account and Safello will not be responsible for any loss or consequences of authorized or unauthorized use of your Account. 7. Use of the Services 7.1. Transaction limits 7.1.1. Due to regulations regarding anti-money laundering and counter terrorist financing and our AML framework, there are limits as to the number of Transactions as well as to Transaction amounts when using the Services. Customers agree to comply with the limits as set out by Safello from time to time in relation to the relevant Service. You can access the applicable maximum Transaction limits here by following this link. Safello reserves the right to apply different Transaction limits for different types of Transactions and Services. Safello reserves the right to not process Transactions if they are too small or too large. 7.1.2. Safello may set different Transaction limits for Customers based on objective criteria set out by Safello’s policies. Safello uses a three-tier system to categorize Customers, and Customers can move between the Tiers if the criteria for the upgrade are fulfilled. You can find the applicable Tiers and Transaction limits by following this link, and you will receive information on your Tier and Transaction limits by logging into your Account. 7.1.3. In order to become upgraded to a Tier 3 Customer and increase your Transaction limits you will need to submit an additional questionnaire to provide information about you and your planned Transactions as well as Proof of Funds. You can do this in multiple ways, such as consenting to having your bank account history analysed by Safello through automated financial analysis. Safello reserves the right to determine the methods and documentation accepted in order to increase Transaction limits, and may request further information at any time. The process is voluntary, if you do not wish to consent, you will be able to continue using our Services with your previous Transaction limits. 7.2. Fees The applicable fees charged for Transactions or refunds from time to time are displayed on the fee page on the Safello website. Please follow this link to access the fee page. For the applicable fees in relation to Safello Premium, follow this link. 7.3. Refunds and cancellations 7.3.1. Withdrawal Transactions and Deposit Transactions can not be cancelled, i.e. they are irrevocable once the order has been placed with Safello. Exchange Transactions may be subject to cancellation and refund up until the point when an order has been placed with a third party by Safello in relation to the Exchange Transaction. If an Exchange Transaction may be subject to refund in accordance with the stated, the refund can only be transferred to the Customer’s own cryptocurrency wallet or bank account (as applicable). Safello may request to be provided with supporting documentation in relation thereto. 7.3.2. If your initiated Transaction is not successful due to insufficient balances on your bank account or Safello Customer Wallet, the Transaction will be cancelled. You are responsible for maintaining an adequate balance and/or sufficient credit limits in order to avoid overdraft, insufficient balance or fees that may be charged by your payment provider, as well as for maintaining a sufficient balance on your Safello Customer Wallet. 7.4. Safello Exchange 7.4.1. When carrying out Buying Transactions, you are only permitted to receive the cryptocurrencies to your own cryptocurrency wallet address. In case you use a Safello Customer Wallet, Safello will ensure that your cryptocurrencies are protected and that you can access them and carry out Transactions under these Terms. In case you opt to use an external cryptocurrency wallet, you have to ensure that you have full control over your wallet. Safello does not assume any responsibility for such external cryptocurrency wallet and will not be able to provide you support in relation to your external cryptocurrency wallet. In the event of misuse or suspected misuse of your cryptocurrency wallet, you must immediately notify Safello via email to fraud@safello.com. 7.4.2. When carrying out a Buying Transaction, you can use different payment options, such as Swish, Bankgirot, SEPA, and Klarna Bankgiro. We may choose to change the available payment options at any time. The available payment options will always be presented to you when initiating a Transaction. You are required to use the BankID associated with your Account in order to ensure the safety of our Services and to make sure that there is no misuse of your Account. 7.4.3. When carrying out a Selling Transaction, you must specify a bank account when initiating the Transaction, to which we will transfer your SEK upon Safello’s receipt of the cryptocurrencies. We will only transfer your SEK to your own bank account, that you alone can access and are in control over. It is not possible to make transfers to a tax account (Sw. skattekonto). You may also use a joint bank account for receiving the transfer from Safello, in which case it is your responsibility that only you and those who are the joint owners of the account can access and control the bank account, and Safello is not responsible for any dispute between the joint account holders. 7.4.4. The applicable exchange rate, i.e. the exchange rate which an Exchange Transaction is actually carried out at is determined when Safello has processed and executed your Exchange Transaction with Safello’s liquidity provider (the “Applicable Exchange Rate”). 7.4.5. The exchange rate indicated in the relevant Channel when the Customer initiates a Transaction reflects the best real time exchange rate available for Safello at that time and therefore only serves as an estimated exchange rate for Transactions initiated at that time (the “Estimated Exchange Rate”). Hence, the Applicable Exchange Rate and the Estimated Exchange Rate may differ upward or downward (i.e. the difference may have a positive or negative impact on the Applicable Exchange Rate). 7.4.6. The Applicable Exchange Rate for an individual Transaction is set out on the receipt provided to the Customer as evidence of completion of the Transaction. 7.4.7. Safello strives to ensure that your Exchange Transactions are being processed and executed as soon as possible. However due to the complexity of our Services there are technical risks as well as mandatory compliance procedures which could possibly cause delays to the processing and execution of the Exchange Transaction which in turn may result in a more significant exchange rate difference between the Estimated Exchange Rate and the Applicable Exchange Rate. 7.4.8. In accordance with Section 7.3.1 above, Exchange Transactions which have been placed with Safello’s liquidity providers cannot be cancelled and refunded. However, if the processing has been delayed and the order has not yet been placed with Safello’s liquidity providers, Safello’s customer support team will reach out to you, and you may choose to carry out the Exchange Transaction or opt to receive a refund to your Safello Customer Wallet (or external cryptocurrency wallet, as applicable) or bank account, depending on whether the cancelled Transaction was a Selling Transaction or Buying Transaction. Such refunds are carried out free of charge for the Customer. 7.4.9. Safello assumes no responsibility or liability for any fluctuation of the exchange rate between the initiation and an execution of an Exchange Transaction, or any direct or indirect loss, cost or damage incurred by a Customer or a third party due to delayed processing or execution of a Transaction. 7.4.10. Trading with cryptocurrencies involves significant risks and is, among other things, subject to a high degree of pricing volatility, see Section 9 (Risks and warnings). Safello has no responsibility and shall not be liable for any direct or indirect loss, cost or damages incurred by a Customer or a third party due to changes of the price of cryptocurrencies. 7.5. Safello Wallet 7.5.1. If you initiate a Buying Transaction and have a Safello Customer Wallet, you will, by default, receive your cryptocurrencies to your Safello Customer Wallet, unless you do so through a Channel which does not support Safello Wallet. Prior to initiating a Transaction, you can choose to receive your cryptocurrencies to an external cryptocurrency wallet instead. However, Safello reserves the right to stop offering the option to opt out of the use of the Safello Customer Wallet in case of using a Channel that supports Safello Wallet. 7.5.2. If you initiate a Selling Transaction and have a Safello Customer Wallet, the cryptocurrencies will be, by default, deducted from the balance in your Safello Customer Wallet, unless you do so through a Channel that does not support Safello Wallet. 7.5.3. When carrying out a Withdrawal Transaction where you send cryptocurrency for the first time to an external cryptocurrency wallet, you may be prompted to identify such wallet by answering some questions (for example, by marking it as an external third-party provided self-hosted wallet or another option that describes the wallet). 7.5.4. We will process Transactions in accordance with the instructions we receive from you. It is your responsibility to verify that all transaction information is accurate and complete when initiating a Transaction. We do not guarantee the identity of any user, receiver or other third party and Safello will have no responsibility or liability for any errors due to inaccurate or incomplete instructions from you regarding Transactions. 7.5.5. Once submitted, a Transaction will be unconfirmed for a period of time pending sufficient confirmation by the blockchain and such Transaction is not complete while it is in a pending state. Cryptocurrencies subject to Transactions in a pending state will not be included in the balance on your Safello Customer Wallet and will not be available for further Transactions until confirmed by the blockchain. When a Transaction is successfully completed, you will see the updated balance on your Account. Safello securely stores the Customer’s private keys to the Safello Customer Wallet. Due to our security protocols, the initiation or the crediting of a Transaction may be delayed. 7.5.6. Customers shall always pay attention to which cryptocurrencies are currently Supported Cryptocurrencies in relation to specific Transactions. You may not attempt to use your Safello Customer Wallet to store, send or receive cryptocurrencies other than the Supported Cryptocurrencies. We assume no responsibility or liability in relation to any attempt to use your Safello Customer Wallet for digital currencies that we do not support or in the event of any unsupported asset being sent to your Safello Customer Wallet. 7.5.7. In the event of airdrops to the Safello Hot Wallet or the Safello Vault (i.e. that cryptocurrencies are sent to these cryptocurrency wallet addresses by an external party, on such external party’s initiative and without consideration) Safello shall have no responsibility to allocate any such cryptocurrencies received among Safello Customer Wallet users. The foregoing shall apply correspondingly in relation to cryptocurrencies received in the Safello Hot Wallet or the Safello Vault as a result of chain splits (i.e. in case of a hard fork of the blockchain resulting in the creation of additional cryptocurrencies). 7.5.8. The ownership of the cryptocurrencies in the Safello Customer Wallet shall at all times remain with the relevant Customer. Safello shall treat all Customers’ cryptocurrencies as escrow funds (Sw. redovisningsmedel) held on behalf of each respective Customer, and except as necessary or practicable to enable transfers of cryptocurrencies for Customers, shall at all times hold such cryptocurrencies in the Safello Vault and thereby separate from Safello’s own cryptocurrency. The transactions and balances in relation to each Customer’s cryptocurrencies shall be recorded by Safello in a ledger. Except as required by a valid court order or order from a competent authority, Safello will not dispose of cryptocurrencies in a Customer’s Safello Customer Wallet unless instructed by the Customer. 7.6. Safello Subscription 7.6.1. When initiating a Transaction, Customers in a Customer Relationship can choose between one-time Buying Transactions and Safello Subscription. To use Safello Subscription, you need to set up recurring payments from your bank account to Safello, in order to carry out automatic recurring Buying Transactions with the frequency scheduled by you (“Recurring Payments”). The Recurring Payments are carried out in accordance with your instructions regarding amount, the destination (i.e your Safello Customer Wallet or your external cryptocurrency wallet), the frequency and the dates when the recurring Buying Transactions shall be carried out. If a chosen Transaction date is a Swedish bank holiday, the Transaction will be carried out on the next bank day. Safello reserves the right to stop offering Safello Subscription with Recurring Payments to an external cryptocurrency wallet. 7.6.2. Your Recurring Payments will continue based on your settings until either you or Safello terminate your Safello Subscription. Safello may in this respect, at any time, terminate your Safello Subscription by giving notice to you. You may also terminate Safello Subscription via your bank by cancelling the Recurring Payments to Safello at any time. Such termination will be effective immediately and cancel the first following Transaction unless payment in respect of the Transaction has already been drawn from the Customer’s bank account, if that is the case, the termination will be effective and cancel all Transactions from (but excluding) the first following Transaction. 8. Service restrictions and restricted use 8.1. Safello’s website and Services do not address people who are prohibited under the applicable law of their citizenship, domicile or residence from having access to or using such websites and services. Persons who are prohibited from having access to the information on this website, or those who are in doubt whether or not they are permitted to access or use Safello’s Services are kindly requested to leave Safello’s website. 8.2. We do not offer our Services to individuals who are subject to any sanctions lists or to those who qualify as a PEP, a Relative of a PEP or a Close Associate of a PEP, in accordance with applicable law and our AML framework. Safello does not serve users with hidden or protected identities. 8.3. Customers who have changed their name or gender will be requested to provide documentation confirming such changes. Customers who wish to pay via Safello’s Widget are obliged to use the Swish account which is connected to their BankID. The use of a different Swish account associated with a different BankID is prohibited. 8.4. You, as a Customer, agree to comply with the requirements of applicable law, these Terms and all guidelines and policies communicated by Safello from time to time in respect of the Services. 8.5. Any use of the Services for illegal or unlawful purposes is prohibited, including but not limited to, directly or indirectly facilitate: i. money laundering, terrorist financing, financing of weapons of any kind; ii. human trafficking; iii. distribution, offering or promotion of any goods or services that may violate intellectual property rights or other third-party rights; iv. access to drugs; v. illegal gambling services or laundering of money originating therefrom; vi. content in media in violation of applicable laws in respect of the protection of minors or which is otherwise harmful to minors; vii. trade with protected animals or protected plants; viii. any illegal purchasing or sale of goods, technology, services or other transactions with third parties, including the transfer of funds; ix. sending funds to blockchain mixers, tumblers and any other services obfuscating the origin or destination of the funds; x. sending funds to privacy wallets or high-risk services including but not limited to services listed here; xi. sending funds to exchanges registered in any high-risk jurisdiction (constituting Non-Cooperative Countries or Territories), such as Iran and North Korea; and xii. any other use in breach of applicable law. 8.6. Your use of our Services shall not violate public interests, public ethics or others’ legitimate interests including but not limited to taking any action that would interfere with, disrupt, negatively affect or prohibit other Customers from using the Services. 8.7. The use of any “deep link,” “page scrape,” “robot,” “spider,” or other automatic device, program, script, algorithm, methodology or process to access, acquire, copy, or monitor any part of Safello’s properties or in any way reproduce or circumvent the functioning of the Services to obtain or attempt to obtain any materials, documents, or information through any means not purposely made available through the Services is prohibited. 8.8. Probing, scanning, or testing the vulnerability of Safello’s Services or any network connected to it, or any breach of the security or authentication measures on the Services or any network connected to the Services is prohibited as well as unauthorized connection to Safello Widget. 8.9. Taking any action that imposes an unreasonable or disproportionately large load on the infrastructure of the Services or Safello’s systems or networks or any systems or networks connected to the Services, or using any device, software, or routine to interfere with the proper functioning of the Services or with any other person’s use of the Services is prohibited. 8.10. You may not impersonate another person, manipulate identifiers or use the Services via means of social engineering in order to disguise the identity or the origin of any message or transmittal sent to the Services. 8.11. In case of prohibited use of the Services Safello will take action by Cancelling or Blocking of Account or Transaction and, if the breach of these Terms is material, take legal action. Further information regarding the consequences of any use of the Services contrary to these Terms is set forth in Section 11. 8.12. Safello may publish anonymized information regarding alleged violations of these Terms and any actions that have been taken on our website or other platforms to the extent such publication is compliant with applicable law. 9. Risks and warnings 9.1. Safello aims to provide a highly trustworthy and safe service in the crypto-exchange industry, and in order to further strengthen the safety of our Customers, we strive to inform our Customers of the risks associated with cryptocurrencies. 9.2. Customers shall understand and build knowledge about the inherent risks of cryptocurrencies and how to manage cryptocurrencies. The main risks related to cryptocurrencies and the Services are listed below. i. Cryptocurrencies and the pricing of such are by their nature not guaranteed by any organization or state and cryptocurrencies may therefore not be considered as a monetary asset. Cryptographic units of value are not legally currencies and are accepted only in a few jurisdictions and only by some market participants as a means of payment. Consequently, cryptocurrencies have a very limited usage as a means of payment, and the high price volatility increases the risk that a Customer may lose all or part of its investment in cryptocurrencies. ii. Since the Services are internet-based, there is a risk of hacking, internet vulnerability, theft and other cyber related crime towards property. Safello encourages its Customers to take necessary precautions to mitigate such risks on their end by ensuring due care when using the Services, following Safello’s instructions carefully and building knowledge regarding these risks. To mitigate the risk of unauthorized use of your Account, you are not allowed to use the Services by using third party service providers or by accepting support from any third party. Third parties could impersonate Safello’s support personnel, and Customers shall therefore only use Safello’s customer service which you can reach here. You may only use the Services through Safello’s Channels, acting only by your own will and for your own benefit. By not adhering to these Terms, you increase the risk of becoming a victim of third-party fraud. To prevent Customers from becoming victims of fraud methods known to Safello, Safello has compiled a list of such in this FAQ collection. iii. Buying and selling cryptocurrency is highly speculative and as mentioned above subject to a high price volatility. The price volatility in combination with the time it takes to process and execute a Transaction result in an exchange rate risk, implying that a Transaction may be subject to an exchange rate which significantly deviates from the estimated exchange rate indicated in the Channel when initiating the Transaction. iv. Customers shall inform themselves on the relevant tax consequences related to buying, selling, owning and transacting in cryptocurrency in their jurisdiction. In Sweden, you might review for example the section on cryptocurrencies from the Swedish Tax Agency (Sw. Skatteverket) by following this link. v. There are regulatory risks since the internet and cryptocurrencies have worldwide coverage but cryptocurrencies are not allowed in all jurisdictions. Therefore, Customers shall keep themselves informed about regulatory and legal changes which may impact their ownership and ability to dispose of their cryptocurrency. vi. Customers shall be aware of the transmission risks of the internet. The internet-based trading system implies risks related to for example the failure of hardware, software, and Internet connections which may lead to communication failures, disruptions, errors, distortions or delays during the use of Services. vii. Transactions of cryptocurrencies which have been registered on the blockchain are irreversible and can only be refunded by the receiving party, consequently Transactions which have been registered in such a way cannot be reversed or cancelled. 10. Term and termination by the Customer 10.1. This agreement between you and Safello shall remain in effect until the legal relationship between you and Safello has ended, that is, in simple words, you are no longer a user of the Services and there are no outstanding claims. 10.2. You may terminate your use of the Services at any time, even though we would be sad to see you go. You can terminate the Services with immediate effect by written termination to support@safello.com. We would appreciate it if you provide us with information on the reasons for this termination so that we have the opportunity to improve. In respect of Safello Subscription, you may at any time terminate this Service via your bank by cancelling the Recurring Payments to Safello, which is further described in Section 7.6.2. 10.3. You agree to pay all fees and any expenses incurred for Services performed prior to terminating the Services. 10.4. You understand that your Account will be Cancelled upon effective termination of the Services, and you will not be able to access it further on except as described in Section 12. 10.5. You understand that termination of our Services does not imply erasure of all your personal data by Safello, as we are legally obligated to retain such data in most cases. Please see our Privacy Policy for more details on how we handle your data. 11. Breach of Terms and termination by Safello 11.1. We may choose to terminate our Services to you immediately if you violate these Terms, our AML framework or any additional agreement that may have been concluded between you and Safello. In such cases, we reserve the right to Cancel your Account and terminate your access to and use of the Services and the Safello website without notice and at our discretion. 11.2. Upon material breach of a Customer, we reserve the right to further investigate the violation and to take relevant action, including but not limited to Freezing or Blocking a Transaction or Blocking your Account, reporting suspected unlawful activity to law enforcement authorities in Sweden or to any other relevant authorities or regulatory institutions, disclosing any information necessary or appropriate for such entities relating to the Customer’s profile, email address and other addresses and traffic information. 11.3. If Safello determines that a Customer’s use of the Services is not in accordance with applicable law, our AML framework and/or these Terms, or if the use could be a violation of applicable law in another jurisdiction, or considered to be too great a risk from an anti-money laundering and counter terrorism financing or other relevant risk perspective, Safello will refuse, or cease providing, the Services to such Customer. Safello further has the right to: i. Freeze and Block Transactions; ii. Block of Account; and iii. report the suspicious activity to authorities. 11.4. The Account of a Customer may further be Blocked on the request of a competent authority. 11.5. The decision whether to Block or Cancel an Account, Freeze or Block a Transaction or terminate the Services pursuant to these Terms is made by Safello in its sole discretion, based on applicable law, these Terms and our AML framework, proportionate to the severity of the Customer’s breach and the potential risks associated with such breach. 11.6. The Blocking of an Account of any Customer can be lifted if the reasons for such action are no longer present. If the action is lifted, you will regain full control of your Account and may initiate Transactions again, but Safello has the right to Block your Account again, subject to these Terms. 11.7. In the event of Cancellation or Blocking of Account due to fraud investigations or breach of applicable law or these Terms, Safello maintains full custody of data and cryptocurrencies held in a Safello Customer Wallet of a Customer subject to such action. Such data and cryptocurrencies may be turned over to the competent authorities on their request, and it is up to the relevant authorities to determine how Safello should dispose of such assets. 12. Consequences of termination Upon termination of these Services, provided that it is not in breach of applicable law or any court order or governmental order, you have access to your Safello Account for ten (10) calendar days following the termination, for the purposes of emptying your Safello Customer Wallet of cryptocurrencies through Withdrawal Transactions and Selling Transactions. You will not be permitted to use the Services or your Account for any other purpose during this time, and we may, in our sole discretion, limit the functionality or your access to the Services accordingly. 13. Intellectual Property Rights 13.1. Safello retains all intellectual property rights (including but not limited to copyright, trademarks, trade names etc.) of the software, the website and of all content on it, including in relation to updates as a result of feedback from Customers. Publication, reproduction, transfer or storage of the contents of the website as such or part of it is prohibited without Safello’s prior written consent. 13.2. The software, the website and the published contents shall only be used for the purpose of using the Services and only for your own use. For this purpose, Safello grants the Customer a revocable, limited, royalty-free, non-exclusive, non-transferable and non-sublicensable licence to access and use the software, website and the contents on it. 13.3. The trademarks or logos included on the website shall not be reproduced, published or distributed or used in any manner without the prior written consent of Safello. What is set forth in these Terms regarding Safello’s intellectual property rights shall apply correspondingly to any intellectual property rights of third parties used by Safello. 13.4. Intellectual property rights relating to the Services may not be modified, reproduced, decrypted, duplicated, copied, downloaded, stored, further transmitted, disseminated, transferred, disassembled, broadcasted, published, removed or altered without Safello’s prior written consent. 13.5. By accepting these Terms, you agree to respect the intellectual property rights of Safello and third parties and agree to use the aforementioned contents in accordance with applicable law. 14. Disclaimer of warranty 14.1. We provide no warranty as to the availability or functionality of the Services. Neither do we provide any warranty as to the availability or accuracy of Safello’s website or its content. 14.2. We keep improving and upgrading our website and our Services, which may result in occasional server outages. We may perform maintenance or updates to the Services at any time we see fit, however, we aim to schedule maintenance when our servers are less busy. This still could result in periods during which the Services are temporarily unavailable. We may further temporarily restrict or disable access to our Services in whole or in part in respect of certain cryptocurrencies in the event of significant upgrades or disturbances to the protocols of such cryptocurrencies, such as hard forks, outages or settlement problems, in which case such measure will be lifted once the reason therefore no longer exist. Should our Services be disabled, we strive to, as soon as it is possible, notify the Customers through available means of communication about steps taken and, if possible, any available time estimate when the Services are expected to be reinstated. However, we are not required to provide such notification. 15. Limitation of liability 15.1. Safello’s Services and Safello’s website are provided “as is” and your use of the Services and the website is solely your responsibility. You are solely and fully responsible for the consequences of your access and use of our Services and any loss or expenses incurred during the use of our Service. Safello and Safello´s third-party providers do not have any responsibility for information and content that is presented on Safello’s website, including text links to any third party websites. Safello shall not be liable for any direct or indirect loss, cost or damage, incurred by a Customer or a third party due to inconsistent, incorrect or non-existent information presented on the website due to how such information is interpreted or used. 15.2. Further, Safello shall have no responsibility for any third party vendors or their information or products displayed by Safello. Safello shall not be liable for any direct or indirect loss, cost or damages incurred by a Customer or a third party caused by such third party vendors, their products or how their information is interpreted or used. 15.3. Safello reminds you that handling of cryptocurrencies is combined with significant risks, see Section 9 (Risks and warnings). Customers are using the Services at their own risk. Safello shall not be liable for any direct or indirect loss, cost or damage incurred by a Customer or a third party due to the Customer’s use of the Services, or commerce that the Customer might conduct with the products purchased from Safello. 15.4. Safello shall not be liable for any direct or indirect loss, cost or damage that Customers may incur as a result of inability to use or access the Services (including where this is a result of an action taken by Safello in accordance with these Terms), unauthorized use of Account, mistyped cryptocurrency wallet addresses or other incorrect instructions in respect of Transactions provided by the Customer, malfunctions, errors, corrupted wallet files, including but not limited to, incurred as a result of viruses, worms, macros, security breaches or hacking activities, outages, delays or corrupted data that Safello or its third-party service providers may be subject to. Further, Safello shall not be liable for any direct or indirect loss, cost or damage that Customers may incur as a result of lost passwords, cryptocurrencies or private keys, provided that this is not a result of Safello’s gross negligence. 15.5. If an above limitation of liability is deemed not to be valid under applicable law, Safello’s total liability for any individual claim or series of connected claims for any loss, cost or damage shall be limited to: i. in respect of a claim relating to a specific Transaction: the Transaction amount, determined as the actual value of the Transaction at the time of incurring the relevant loss, cost or damage, which shall be the equivalent to, a) in respect of Selling Transactions, the amount of SEK the cryptocurrencies were exchanged to, or in case an exchange was not carried out, the amount of cryptocurrencies paid in by the Customer for exchange, or b) in respect of Buying Transactions, the amount of cryptocurrencies the SEK were exchanged to, or in case an exchange was not carried out, the amount of SEK paid in by the Customer for exchange, or c) in respect of Withdrawal or Deposit Transactions, the amount of cryptocurrencies subject to the Transaction; or ii. in respect of a claim which is not related to a specific Transaction: the aggregate amount of cryptocurrencies held in the Customer’s Safello Customer Wallet at the time of incurring the relevant loss, cost or damage. 16. Indemnity You agree to indemnify and hold harmless Safello, our directors, employees, partners, agents and third party service providers from and against any claim, cost, loss, liability or damage (including, without limitation, reasonable attorneys’ fees) incurred directly or indirectly as a result of your use of and access to Safello’s website or our Services in violation of: i. applicable law or material breach of these Terms; ii. any third-party right, including without limitation to, intellectual property rights. 17. Cookies Safello’s website is using so-called cookies (cookies are small text files that are placed on the customer’s computer by websites that the customer is visiting e.g. in order to track your visit and collect certain information). For the best user experience cookies should be accepted by the Customers but Customers can change the cookie settings of the browser and block cookies. However, disabling cookies can have a negative effect on the website’s functions and the Services may not work as intended. You can find more information about the use and functions of cookies in Safello’s Privacy Policy. 18. Data Protection Safello treats all Customer data in relation to the Services in accordance with Safello’s Privacy Policy which is published on Safello’s website and which can be reached here. You can learn more on this link about Safello’s compliance with GDPR and how you can exercise your rights. 19. No advice Nothing in these Terms or Safello’s supply of the Services or communication in relation thereto shall constitute any legal, tax or investment advice. Customers should consult such legal, tax and investment advisors as they deem appropriate in connection with use of the Services. 20. Governing law and dispute resolution 20.1. Swedish law shall apply in relation to these Terms and the Services without taking into account its conflicts of law principles. 20.2. Any dispute, claim or controversy arising in relation to these Terms or the Services shall be settled by the courts of Sweden, the Stockholm District Court shall be the court of first instance. 20.3. However, we believe that disagreements shall primarily be settled through dialogue in a peaceful way. Our Customers are therefore advised to contact Safello at compliance@safello.com before initiating legal proceedings and we will do our best to solve the matter. 20.4. If you are a Natural Person Customer, using our Services in your capacity as a consumer, you may contact the National Board for Consumer Disputes (Sw. Allmänna Reklamationsnämnden). You can read more about Swedish consumer protection at https://hallakonsument.se. 21. Miscellaneous Severability. If a competent court deems any provision of these Terms invalid or unenforceable, it shall not affect the validity and enforceability of the remaining parts of the Terms which shall continue effective and unchanged. Entire Agreement. These Terms constitute the entire agreement between you and Safello. Other regular practice or methods of dealing between the parties will not be used to modify, interpret, supplement or alter these Terms. Waiver. Safello’s failure or delay in exercising any right, power or privilege under these Terms shall not be interpreted as a waiver thereof. Language. These Terms as well as information about the Services are provided in English and in Swedish. In the event of any inconsistencies or discrepancies between the English and Swedish versions, the English version shall prevail. Any other communication between Safello and the Customers shall be in English or in Swedish. Force Majeure. Safello is not accountable for any kind of damage you may incur from events beyond Safello’s control. These events include but are not limited to explosion, fire, flooding or other accidents, epidemic, pandemic, sabotage, event of warfare, strike or other work-related conflict, change of applicable law, or other decisions made by regulatory bodies. The conditions about strike or other work-related conflict also apply in cases where Safello takes action or is a target for such a conflict. In addition to what is normally understood as events outside of Safello’s control, an event which renders the supply of the Services more costly or onerous for Safello compared to what is the case under normal circumstances shall also be included. Assignment. Customers may not assign or transfer any rights or obligations under these Terms. Headings. Headings of Sections are for convenience only and shall not be used to limit or construe such Sections. 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