General Terms and Conditions

XALLET App

(last updated: August 2021)

1. General

(1)  These General Terms and Conditions (“Terms and Conditions”) govern the use of the XALLET App, an App developed and operated by XALLET AG (CHE-352.584.969), Switzerland (hereinafter “XALLET”) by persons who have downloaded the XALLET App and for whom an account has been opened (hereinafter “User”). By downloading and/or using any part of XALLET App, the User  accepts and agrees with these Terms and Conditions.

(2)  To use XALLET App, the User must be capable of acting according to the applicable law of the jurisdiction in which the User has permanent residence.

(3)  Using XALLET App requires that the User provides the information required for the usage of XALLET App. Details of the collection, processing and use of personal data are described in the Privacy Policy for XALLET App.

(4)  XALLET App is available for the User’s mobile devices. To use XALLET App, the User must download the application from the Apple Store, Google Play Store or the respective application store.

(5)  To use XALLET App the User must open an account following the instructions given in XALLET App. During the account opening process, the User must complete the onboarding/KyC process of XALLET. XALLET has sole discretionary power whether a User account is activated for using the services.

2. Limited Software License

(1)  XALLET grants the User the rights to use XALLET App under the conditions set forth in this Agreement.

(2)   In particular, XALLET grants the User a personal, worldwide, royalty-free, non-transferable, non-exclusive, revocable, non-sublicensable license to: (a) download, install and use XALLET App on one or more mobile device(s), which natively executes an operating system supported by XALLET App; and (b) access and use XALLET App for non-commercial use.

(3)   XALLET retains worldwide all rights, titles and interests to XALLET App, including, but not limited to, all copyrights, trademarks, trade secrets, trade names, proprietary rights, patents, titles, software codes, audiovisual effects, themes, characters, character names, stories, dialog, settings, artwork, sounds effects, musical works, and moral rights.

(4)   XALLET App may not be copied, reproduced, or distributed in any manner or medium, in whole or in part, without prior written consent from XALLET. All rights not expressly granted to the User herein are reserved by XALLET.

(5)   The User acknowledges and agrees that any software that XALLET provides may automatically download and install upgrades, updates or other new features and regularly send log information to XALLET. The User may be able to adjust these automatic downloads through the mobile device settings. These updates and upgrades are designed to improve and enhance XALLET App and can include bug fixes, enhancements and new modules. XALLET may update and upgrade the XALLET APP at any time, without prior notice.

(6)   From time to time, XALLET may offer new “beta” features or tools with which Users may experiment. Such features or tools are offered solely for experimental purposes, without any warranty of any kind, and may be modified or discontinued at XALLET’s sole discretion.

(7)   The User may not sell, rent, lease, assign, distribute, copy, modify or host any part of XALLET App. As well, the User may not adapt, merge, make derivative works of, disassemble, decompile, reverse compile, attempt to discover the source code or reverse engineer any part of XALLET App, except to the extent these restrictions are expressly prohibited by applicable law.

(8)   The User may not use the XALLET App to perform illegal activity of any sort.

3. Third Parties

1.     XALLET App may contain advertisements and promotions offered by third-parties and links to other web sites or resources. XALLET is not responsible for the availability (or lack of availability) or the content of such external websites or resources. If a User chooses to interact with third parties made available through the XALLET App, such party’s terms will govern the relationship. XALLET is not responsible or liable for such third-parties’ terms or actions. The User acknowledges and agrees that XALLET App may contains advertisements.

4. Non-Custodial Storage of Cryptocurrencies

2.     XALLET has developed and provides a wallet solution in which Users may store cryptocurrencies in self-custody (“XALLET-Wallet”). The corresponding cryptographic keys (private keys) are created and stored locally on the User device. XALLET has no access to private keys at any time and therefore the User is responsible for securing the private key. The User understands and acknowledges that without the private key it has no power of disposal over its cryptocurrencies and may suffer a temporary or permanent loss of access to the cryptocurrencies held in its wallet.

5. Deposit of Funds

(1)   To purchase cryptocurrencies a User must transfer money from its bank to the bank transfer account held by XALLET. Any deposit of funds must be registered in advance in the user section of the XALLET App. Following registration the User will receive a transaction reference number, which must be entered as a comment in the respective bank transfer.

(2)   Alternatively, to Para (1) hereinbefore, a User may transfer cryptocurrencies from an external wallet to its XALLET-Wallet.

(3)   The holding period in the bank transfer account for User funds is limited, by operation of mandatory law, to 60 days.after expiry of this period, by default, either the funds are transferred back to the User’s bank account or a purchase of cryptocurrencies is made, which are transferred to the User’s XALLET-Wallet. The decision whether to refund money or purchase cryptocurrencies is in the sole discretion of XALLET.

(4)   XALLET reserves the right to change the deposit addresses for the purpose of maintenance. You shall be notified about address changes as they occur, and you shall check their deposit addresses and messages sent by XALLET with regard to relevant changes on regular basis to make sure you are aware of correct addresses on which you may deposit funds.

(5)   Minimum deposit amount is determined based on the particular currency and its recurring network fee. If the amount is less than specified, the funds will not be credited to the User’s Account; the same applies to withdrawals below specified limits. XALLET does not support Ethereum (ETH) deposit and/or withdrawal via smart contracts.

6. Application for Credit and Debit Cards

3.   The XALLET-App might provide the possibility for Users to apply for a credit and/or debit cards (“XALLET-Cards”). To distribute the card, XALLET will cooperate with a holder of a principal partner license from a card provider. The issuance of such cards shall be governed by a separate Agreement between the User and the principal partner license holder.

7.  Transactions and Fees

(1)   XALLET App allows the User to perform exchanges, send, and receive cryptocurrencies and/or Fiat. The User recognizes that an order to exchange, buy or sell should only be submitted after careful consideration understanding and acceptance of the consequences of its execution. The User acknowledges and agrees to the following:

  • as soon as the order is executed, such transaction is irreversible and may not be cancelled. Transactions will be executed as quickly as possible upon placement and will be considered to have taken place at the execution date and time;
  • in the event the recipient address is not specified, is incorrectly indicated or the reference number is incorrectly specified (for Fiat transactions), the User may lose the deposit or at least the processing speed of such requests will be made with low priority;
  • deposit and withdrawal transactions in Fiat currency may be delayed due to some bank verifications and checks.
  • due to the inherent nature of the cryptocurrency networks, depositing and withdrawing cryptocurrencies into/from may take some time;
  • to immediately notify XALLET and follow the instructions received by XALLET when transaction activity, including but not limited to unknown deposits and withdrawals, is discovered that was not initiated by the User;
  • to fully cooperate in the event XALLET is forced to cancel or recall already executed withdrawal transactions at a request of financial institutions, including but not limited to banks, which are involved in settlement of such transactions;
  • in the case XALLET revokes a User’s access right, the User is not allowed to withdraw any funds (fiat and cryptocurrencies); and
  • to pay XALLET a transaction fee for each completed transaction. The transaction fees are published on the ■[insert link to Exchange or Send page]. XALLET reserves the right to change the Transaction fee rates from time to time. Before any transaction, the exchange rate and transaction fee are shown to the User and must be confirmed to execute the respective transaction.

(2)  The maximum transaction amount varies for each user and can be seen on the ■[link to Enhanced KYC Page].

8.  No Advice

(1)  XALLET may provide information on the price, range, volatility etc. of cryptocurrencies and events that have affected the price of cryptocurrencies, but such information is provided for general information purposes only and constitutes neither an advertisement nor recommendation or solicitation to buy or sell cryptocurrencies, to execute any transaction or to enter into any legal relations.

(2)   XALLET does not provide investment-, legal-, accounting- or tax advice. XALLET does not represent that any investment or strategy is suitable or appropriate for individual circumstances, or otherwise constitutes a personal recommendation for any specific User.

(3)   XALLET recommends that Users independently assess, with a professional advisor prior to making any investment decisions, the specific financial risks as well as legal-, regulatory-, credit-, tax- and accounting consequences.

9. Local Access Restrictions

4.   XALLET App may contain information and opinions about financial products which may be subject to registration requirements in certain jurisdictions. It is not intended for persons for whom the use or the access to XALLET App (based upon the nationality or the domicile/registered office of the person or for any other reason) would violate applicable laws or regulations. Such persons are not permitted to download and/or use XALLET App. This applies in particular to US citizens and/or persons having their domicile/registered office in the United States of America.

10. Privacy

Please notice our Privacy Policy .

11.  Modification of XALLET App and Termination

(1)   XALLET may add or remove functionalities and/or features to XALLET App at any time without giving notice to the User.

(2)   XALLET can terminate these Terms and Conditions or deactivate the User any bot or any group the User has created or participated in at any time if XALLET reasonably believes that the User has violated these Terms and Conditions or for any other reason.

(3)   XALLET will not be liable to the User for terminating this Agreement, including for deletion of any of the User’s content.

(4)   The User may terminate this Agreement at any time without observing any period of notice by communication to XALLET. XALLET will not be liable for any loss of data, information or content of the User.

12.  Additional Terms for Specific Functionalities/Features

If XALLET describes additional terms for certain specific functionalities/features, those additional terms shall be considered as an integral part of these Terms and Conditions and shall prevail in any case of conflict.

13.  Limited Liability

(1)   To the extent permitted by applicable law, XALLET accepts no liability to any User for any loss or damage, whether foreseeable or otherwise, in contract, tort (including negligence), for breach of statutory duty, or otherwise, arising out of or in connection with the use of (or inability to use) XALLET App or the use of or reliance upon any content included therein.

(2)   To the extent permitted by law, XALLET excludes all representations, warranties, and guarantees (whether express or implied) that may apply to the XALLET App or any content included therein.

(3)   XALLET exercises all reasonable skills and care to ensure that XALLET App is free from viruses and other malware. XALLET accepts no liability for any loss or damage resulting from a virus or other malware, a distributed denial of service attack, or other harmful material or event that may adversely affect your hardware, software, data or other material that occurs as a result of your use of the XALLET App (including the downloading of any content from it) or any other site referred to in the XALLET App.

(4)   XALLET neither assumes nor accepts responsibility or liability arising out of any disruption or non-availability of the XALLET App resulting from external causes including, but not limited to, equipment failure, communications network failure, natural events, acts of war, or legal restrictions and censorship.

14. Indemnity

The User agrees to defend, indemnify, and hold harmless XALLET, its directors, officers, employees, affiliates, agents, and suppliers from and against any claims, suits, losses, damages, liabilities, costs, and expenses (including attorneys’ fees) brought by third parties resulting from or relating to: (i) the use of XALLET App; (ii) the User’s content; or (iii) the User’s violation of these Terms and Conditions. XALLET reserves the right, at the User’s expense, to assume the exclusive defense and control of any matter that the User is required to indemnify, and the User agrees to cooperate with XALLET’s defense of these claims. The User agrees not to settle any matter without XALLET’s prior written consent.

15.  Amendments

5.   XALLET may alter these Terms and Conditions at any time. Older versions are available upon request. If changes are made that will substantially alter the User’s rights, we will notify our Users. The User agrees to accept any changes or revisions to these Terms by continuing to use XALLET App.

16. Applicable Law, Dispute Resolution and Jurisdiction

(1)   These Terms and Conditions and all legal relationships between XALLET and the User in connection with XALLET App (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation, shall be governed by Swiss law.

If a dispute between XALLET and a User arises the following procedure shall apply:

  • The User shall notify XALLET in writing, setting out its nature and full particulars, together with relevant supporting documents. The notification shall be sent to the following address:

info@xallet.swiss

and

Xallet AG
Baarerstrasse 79
6300 Zug
Switzerland

  • On receipt of such notice, the involved parties shall attempt in good faith to resolve the dispute.

(2)   If the involved parties are for any reason unable to resolve the dispute within 30 days of such notice, then (but not before such time) either party may initiate proceedings in relation to such dispute.

(3)   Each Party irrevocably agrees that the Courts of the Canton of Zug, shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this Agreement or its subject matter or formation.