These Terms of Service govern the access to and use of the websites and applications of Nemondo OÜ, its affiliates, and subsidiaries (collectively referred to as Nemondo), and constitute an agreement between you and Nemondo.
Nemondo OÜ is a private limited company incorporated under the laws of the Republic of Estonia (registration code 14383513, registered address at Hobujaama 4, 10151 Tallinn, Estonia) (hereinafter “Nemondo”) and the owner of a platform for cryptocurrency wallet and cryptocurrency exchange services (the “Services”).
Nemondo enables you to exchange certain fiat currencies for any supported cryptocurrencies, and to exchange any supported cryptocurrency for other type of supported cryptocurrency. Nemondo is conducting its business under the authorisations issued by the Estonian Financial Intelligence Unit (“FIU”):
Licence No FVR000028 provider of a service of exchanging a cryptocurrency against a fiat currency and vice versa; and
Licence No FRK000021 provider of a cryptocurrency wallet service.
For the purposes of these Terms, any reference to “we” “us” “our” “Nemondo” and/or any similar term are construed as reference to Nemondo, and references to “you” or “your” and/or any similar terms are references to the person with whom Nemondo has entered into contractual relationships under these Terms.
There are various risk factors associated to the Services. Therefore, the Services may not be suitable for all persons.
The Website, your user account and any related software or services are offered on an “as-is” and “where-available” basis. By signing up on the Website you acknowledge and accept that the services of Nemondo are offered online due to which the services may suffer from occasional disruptions and outages, and Nemondo is not to be held liable for any disruption or loss you as a user may suffer as a result. Nemondo cannot guarantee that access to the Website is never interrupted or that there will be no delays, failures, errors, omissions or loss of transmitted information.
Before using the Website, you must assess the suitability of cryptocurrencies with your financial profile and consider the risks associated with buying and selling of digital currencies or consult a professional financial advisor. Please keep in mind that the risk of loss in holding cryptocurrencies can be substantial.
Please keep the device you use to access the Website safe from hacking and theft. Do not disclose your passcode to anyone. If in doubt whether a website is genuine, it is required to ensure the website asking for your username and passcode is EV SSL compliant (Security Certificate Validation is shown in the address bar of a web browser). Do not trust third party websites offering to redirect you to our website or asking for your username and passcode, do not enter the login details of your user account in any such case. Should you have any doubts that any third person not authorised by you has access to your user account on the Website, please change your passcode. You can change your passcode on the Website under account settings.
When using the Services, please keep in mind that you are solely responsible for any decisions you have made and any loss you have bared. Please also note that to access your cryptocurrencies, you must know your private key. In case you lose your private key, you may lose access to your cryptocurrency. Nemondo is not in the position to recover any private keys.
Nemondo only provides a platform for cryptocurrency exchange and cryptocurrency wallet service. Via the platform of Nemondo you can only purchase and sell cryptocurrencies supported by us directly from and to us. It is possible that a currency usually supported by us is temporarily or permanently unavailable to us or has been for any reason removed from the list of Supported Currencies (as defined below). We reserve ourselves a right to make adjustments to the list of supported currencies. The list of currencies supported for exchange may differ from the list of currencies supported for the cryptocurrency wallet.
Under no circumstances does any information contained on the Website or provided to you by any employee or other persons communicating with you on behalf of Nemondo, constitute financial, investment or other professional advice. For the avoidance of any doubt, Nemondo is not providing any service in relation to exchange, trading, investing, managing or depositing of financial instruments.
For legal reasons, we may not be able to offer our Services to residents of all countries and we may at any time prohibit access to the Services for certain persons. The range of services that are made available to you may depend on your current location, your place of residence or other factors as explained below. Should we detect any illegal activities conducted by you or should we find out you have provided us false information about yourself, we are legally obliged to contact the FIU.
You will have access to our services after you have registered as a user of our Website and we have fulfilled our obligations under KYC procedures.
There are fees applicable to the currency exchange transactions. The fees offered to you by Nemondo are shown to you after you have placed your order or agreed upon between you and Nemondo beforehand on a case by case basis.
We cannot, and will not, reverse an executed order.
Nemondo reserves the right to delay or refuse any transaction if, in our sole discretion, we see that there is a risk of fraud or illegal activity, or where we have reasonable grounds on which to suspect an error may have been made. We will not be held liable for any delay in or non-completion of a transaction.
The exchange service allows you to exchange any fiat or cryptocurrency supported by us (Supported Currency) for another Supported Currency. The list of the Supported Currencies is made available within our FAQ page here.
When you place an order to buy or sell Supported Currency, we will provide you with a quoted exchange rate which will apply to your order. Do acknowledge, that the quoted exchange rate may differ from rates seen elsewhere on the Website or released by external sources.
When making any transactions and acquiring cryptocurrencies in exchange of funds in supported fiat currency, any payments in fiat currency need to be made from a bank account opened in your own name the details of which you have provided to us beforehand.
Before confirming any currency exchange transaction, you must ensure that the amount of cryptocurrency ordered by you is correct and that you agree to the quoted exchange rate. The minimum order size for exchange of Supported Currency is equivalent of EUR 100,000. We may apply an upper volume limit to all Supported Currency exchange transactions. Any information on volume limits shall be disclosed on the Website.
You will have the right to deposit cryptocurrencies in your Wallet. Any fiat currencies may be transferred into your Wallet for the sole purpose of purchasing of supported cryptocurrencies or can be gained from the exchange of cryptocurrencies for fiat currencies. You may not use various different bank accounts for transferring funds in fiat currency to your Wallet, unless it is justified. We may ask you about the reasons for KYC purposes.
The Wallet allows you to send, receive and store supported cryptocurrencies. As explained above, the supported cryptocurrencies may change from time to time. You should not attempt to carry out a transaction to your cryptocurrency wallet in relation to a cryptocurrency other than a supported cryptocurrency.
Nemondo will initiate transactions under your written instructions provided via our Website. For transferring fiat currencies to your Wallet for purchasing cryptocurrency, you will be given a reference number which you must use for your Wallet to be properly credited. We must stress that all transactions with cryptocurrencies are carried out and recorded in the public ledger associated with the respective cryptocurrency. Unfortunately, we cannot cancel or reverse any transactions nor identify the other party of the transaction. We do not have any control over the process of the transaction. We can only give you information which has been recorded in the public ledger.
You may receive cryptocurrencies into your Wallet by providing the person who wishes to send you the cryptocurrencies with a receipt address generated in your Wallet. There will be a different receipt address for each cryptocurrency. Your Wallet will only be credited with cryptocurrencies sent to a receipt address generated through your Wallet which is associated with that cryptocurrency. If the cryptocurrencies are sent to a wrong receipt address or if there is an error with crediting of your Wallet, please notify us via our support centre and we will let you know if it is possible to recover these funds. Please do keep in mind that the process could take time and we are not to be held liable for recovering funds which have been sent to you without following the required rules.
Proceeds from the sale of supported cryptocurrencies in fiat currencies will be credited to your Wallet, less any applicable fees. We do not pay interest on the funds (whether in fiat or cryptocurrencies) held in your Wallet.
All funds in your Wallet in fiat currencies are to be transferred to your bank account if they are not used for the currency exchange services. You may not use your Wallet for depositing fiat currencies. Nemondo may charge and obtain from you a fee for storing (please see the rates on our Website), transfer the funds in fiat to your bank account, the details of which you have provided to us beforehand, or take any other measures to end the breach.
User account and verification
We can only provide Services to our registered clients. If you choose to use our Services, you need to fill in the registration form. You will then be granted access to your user account and you will be able to exchange cryptocurrencies with one another.
Nemondo has an obligation to combat money laundering and terrorism financing, which means that all identification and verification procedures are to be fulfilled before we can provide you cryptocurrency wallet service or before we can exchange your cryptocurrencies to fiat currencies (or vice versa). This means that we have to apply “know your client” (“KYC”) measures and verify your identity and assess potential risks of illegal intentions of our business relationship (“Identity Verification”). The identification and verification procedures will be introduced to you during the registration process.
When you are opening a user account, it is required to provide certain personal details and documents. The scope and nature of submission of documents and information, as well as other operations relate to a user account, will depend on your location or residency.
We will have to conduct client verification either by ourselves or by using online identity verification service providers and collect information about you as do the banks when you wish to open a user account or later on from time to time. If you refuse to provide us required documents and information for KYC, we reserve the right to immediately terminate the provision of Services to you.
Nemondo has the obligation to conduct further KYC procedures during our contractual relationship, i.e. monitor our contractual relationship and from time to time require you to update your personal data shared with us. We may have the obligation to ask you further information about your transactions (such as purpose of the transaction, information about the receiver/transferor or documents related to the transaction).
Nemondo has an obligation to retain certain information and documentation obtained as part of the Identity Verification and KYC procedures. We need to keep such information and documentation for five years from the termination of our contractual relationship (from the closure of your user account). The information and documents are only to be processed for the fulfilment of our legal obligations.
If there is any doubt that you have submitted false information or refuse to provide the necessary information to carry out the Identity Verification process or any further necessary KYC procedures, we may suspend your user account. There is a possibility that while undertaking any Identity Verification or further KYC procedures, access to your account may be wholly or partially restricted and there may be delays in making transactions. In certain cases, we may be legally obliged to inform the FIU about the fact that you have, without sufficient explanations, not cooperated with us during the Identity Verification or further KYC procedures.
Rights and responsibilities of a user
To use our Services, you need to be at least 18 years of and have the capacity to accept the Terms and enter into any transaction via the Website. Nemondo specialises in large trade sizes and only handles orders in an amount equivalent to EUR 100,000. By registering as a user of the Services, you confirm that you are aware of all risks connected to trading with cryptocurrencies and you acknowledge that you yourself are responsible for determining whether the Services are appropriate for you, considering your personal goals, financial status and risk willingness.
As the user of the services, you have the right to use the Website and the Services, as long as you agree to comply and actually comply with these Terms.
By using the Services, you undertake to:
read the entire Terms and you undertake to follow the laws in your country of residence and/or the country from which you access the Website;
comply with any and all applicable laws and regulations regulating the use of the Services and to monitor any changes in your Account;
immediately inform us about any unusual, suspicious, unclear or abnormal changes on your user account;
avoid gaining unauthorised access to the Website or any user account, including but not limited to, transmit or upload any material to the Website that contains viruses, Trojan horses, worms etc, transmit your user account access or rights to your user account to a third party without legitimate reason or Nemondo’s prior consent;
avoid transactions involving items that may help facilitate or enable illegal activities;
avoid intellectual property infringement;
operate only one user account and use your user account only to carry out transactions on your own behalf, not on behalf of any third party;
not to give access to your user account to third parties;
not to assign or transfer any of your rights or obligations under these Terms without our prior written approval.
You must ensure that you do not use the Services for transactions relating to any illegal activities, including but not limited to:
money laundering, terrorist financing;
any goods or services, promotion, offer or marketing of which would violate copyrights, industrial property rights or other rights of any person;
drugs, narcotics or hallucinogens;
acquiring or selling weapons of any kind;
illegal gambling services.
You represent and warrant that both fiat currency and cryptocurrencies, deposited to the Account for the purposes of using the Service, belong to you and are derived from legal sources.
You are responsible for maintaining the confidentiality of your user account’s credentials, including, but not limited to, your passcode, username, e-mail address, wallet address, balance, and activities via your user account.
Rights and responsibilities of Nemondo
We undertake to provide you the Services with the utmost effort, due care and in accordance with these Terms. We hold all funds acquired by you in your user account and on their behalf. We do not use your funds for any other purposes.
We have the right to suspend your user account and block all funds contained therein in case of non-fulfilment or unduly fulfilment of the Terms by the user or for the fulfilment of our legal obligations.
Our responsibilities will be limited to using reasonable technical efforts to ensure the receipt of the funds transferred to your Wallet. When initiating cryptocurrency transactions to a user who is not the user, our responsibility shall be further limited to ensuring the transfer of the necessary technical data to the relevant cryptocurrency network.
We are not responsible for:
any delay in the processing of payments deriving from an error of any third parties, operators of such transactions;
any malfunction, breakdown, delay or interruption of the Website should it be caused by the malfunctioning of any other system or force majeure;
to the extent permitted by applicable law, for any damages, loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, indirect or consequential loss.
For using our Services, we may charge a fee. For more information about our fee rates, please contact us.
You reserve the right to close your user account at any time, provided that there are no monetary claims against you in connection with the use of the Website.
We reserve the right to restrict, suspend or terminate your user account, when you abuse your user account or breach any of your obligations under these Terms. Your account may be frozen at any time at the request of any competent authority (e.g. FIU) should there be any reason for investigating a fraud or any other illegal activity in which case you will not have any access to your user account until the relevant authorities have instructed us to release the funds.
We reserve the right to cancel unconfirmed user accounts or accounts that have been inactive for a period of twelve months or more and/or if we decide not to continue provision of Services via our Website in which case you will be notified about the status of your user account using the contact details you have provided us.
We will make all reasonable efforts to provide you with a notice of any decisions taken in relation with the termination and closure of your user account, unless we are prohibited from doing so due to our legal obligations.
Once your user account is closed you will have no further access to it. When the user status is terminated, Nemondo transfers all funds reflected on the user account to that user's bank account which the user has previously used. Nevertheless, we will be under no obligation to notify you of any cryptocurrencies sent to any receive address which had been associated with your user account after that.
If you have added your bank account details to your user account, you may (and, regarding funds in fiat currency, you must) withdraw funds from your Wallet to your bank account. Nemondo will process withdrawals in accordance with your instructions. You are solely responsible for ensuring that any withdrawal instructions provided to Nemondo, including the relevant bank account number, are complete and correct and you accept and agree that under no circumstances will Nemondo be under any obligation to reverse or amend any withdrawal.
Nemondo will make all reasonable efforts to process withdrawals each business day, but you accept and agree that Nemondo provides no guarantee in relation to the withdrawal processing period.
Withdrawals to the bank account of any third party are expressly prohibited. You agree not to make, or attempt to make, any Withdrawal of funds from your Wallet to the bank account of a third party and accept that any such withdrawal may be refused and/or result in the restriction, suspension or termination of your user account.
It is your responsibility to determine whether, and to what extent, any taxes apply to any transactions you carry out via your user account, and for withholding, collecting, reporting and remitting the correct amounts of tax to the appropriate tax authorities.
We are not responsible for any violation made by a user due to their obligation to calculate and pay taxes and duties.
Amendment of terms
Nemondo reserves the right amend the Terms from time to time. The up to date Terms will always be available at https://www.nemondo.com/terms. You should visit that page regularly to check whether the Terms have been updated (as the date of the last update is displayed at the top of this page) and to review the current Terms. The changes will become effective and shall be deemed accepted by the user, the first time the user uses the Services after the publishing of the revised Terms and shall apply on a going-forward basis with respect to any activity initiated after publishing.
We will do our best to notify you of any amendments to the Terms. Any such notice will be sent by email to the address associated with your user account unless you have prohibited such communication.
If you do not accept the Terms, or any amendment to them, you must immediately stop using the Website and your user account.
Jurisdiction and applicable law
These terms and conditions are governed and construed in accordance with Estonian law. If any claims and disputes arise between you and Nemondo, they are to be settled by informal negotiation between you and Nemondo. If we are not able to come to an agreement, further claims arising out of or in connection with these Terms will be resolved in Harju county court in Estonia.
If we are unable to perform the Services outlined in the Terms due to the factors beyond our control, including but not limited to an event of force majeure, change of law or change in sanctions policy, we will not have any responsibility to the user with respect to the Services provided hereunder and for a time period coincident with the event.
Headings in these Terms have been inserted only for the convenience of the parties and are not to be considered when interpreting these Terms.
Notwithstanding any other provision of these Terms, translations of these Terms is provided solely for your convenience. In case of discrepancy between the texts, the English text shall be deemed as correct.