Effective from: 1 November 2021
a) Our company SR Saphirstein AG (or SR Saphirstein Limited) is a company incorporated under the laws of Switzerland with company registration number CHE-256.014.995 ("Fiat24", "we", "us", or "our", as applicable) and has a license as a fintech company according to Article 1b of the Swiss Banking Act from and is supervised by the Swiss Financial Market Supervisory Authority ("FINMA"), Laupenstrasse 27, 3003 Bern, Switzerland.
a) These are the terms and conditions according to which we provide our Services to you.
- API means the application programming interface provided by Fiat24.
- Balance means the amount of Fiat24 Cash Tokens held in your Fiat24 Account.
- Bank Account Currency means the currency which your bank account will receive.
- Business Day means a day other than a Saturday, Sunday or a public holiday in Zurich, Switzerland when financial institutions in Zurich are open for business.
- Fiat24 Individual Account means a Fiat24 Account opened by individual client with sole beneficiary ownership.
- Fiat24 Business Account means a Fiat24 Account opened by a corporate client.
- Fiat24 Account Token means the Ethereum ERC721 non-fungible token (NFT) representing the business relationship of the client, with Token Symbol Fiat24. This token is required to access any Services.
- Fiat24 Cash Token means a set of Ethereum ERC20 tokens representing the cash deposit of the client, with Token Symbol CHF24, EUR24, and USD24.
- Fiat24 Web-App means the web application (Web-App) where we provide the Services to you.
- Fiat24 Materials means any software (including without limitation the Fiat24 Web-App, the API, developer tools, sample source code, and code libraries), data, materials, content and printed and electronic documentation (including any specifications and integration guides) developed and provided by us or our affiliates to you, or available for download from our Website.
- Intellectual Property Rights mean any of the following rights existing in any part of the world: all patents, utility models, rights to inventions, plant variety rights, copyright and neighbouring and related rights, moral rights, rights in designs, semiconductor topography rights, trade and service marks, trade names, logos, rights in get-up and trade dress, goodwill and the right to sue for passing off or unfair competition, domain name registrations, database rights and rights in confidential information (including Know-How) and all other intellectual property rights, in each case whether registered or unregistered; applications to register any of those rights; rights to apply for and be granted renewals or extensions of, and rights to claim priority from, any of those rights; and any similar or equivalent rights.
- Services means all products, services, content, features, technologies or functions offered by us and all related websites, applications (including the Fiat24 Web-App), and services (including the Website and API).
- Standard Client means a Client with a Fiat24 Account Token in Live, Soft-Blocked or Hard-Blocked status.
- Non-Client-Token-Holder means a person with no effective Fiat24 Account Token in their Ethereum wallet.
- Tourist Account means you have a Fiat24 Account Token in your Ethereum wallet, but your account is not live yet pending completion of registration by you and verification by us.
- Website means any webpage, including but not limited to www.fiat24.com, where we provide the Services to you.
a) If you are an individual, you must be 18 years or older to use our Services and by opening a Fiat24 Individual Account you declare that you are 18 years or older. We may ask you at any time to provide proof of your age if necessary to comply with the applicable law (see also section 9).
b) If you have a Fiat24 Business Account, you must confirm that you have authority to bind any business or entity on whose behalf you use our Services, and that this business or entity accepts these terms (see also section 9).
c) Your use of the Fiat24 Account must not violate any applicable laws. You commit to us that your opening and/or using of a Fiat24 Account does not violate any laws applicable to you. You take responsibility and full liability for any consequences of your breach of this section.
d) We may not make the Services available in all markets and jurisdictions and may restrict or prohibit the use of the Services in certain jurisdictions ("Restricted Locations"). To use our Services, your domicile cannot be in any of the following countries: Afghanistan, Albania, Barbados, Belarus, Bosnia and Herzegovina, Burkina Faso, Burundi, Cambodia, Cameroon, Cayman Islands, Central African Republic, Chad, Congo (Democratic Republic of the), Cote d'Ivoire (Ivory Coast), Cuba, Egypt, Equatorial Guinea, Eritrea, Guinea-Bissau (Republic of), Haiti, Iran (Islamic Republic of), Iraq, Israel, Jamaica, Jordan, Kenya, Korea (Democratic People's Republic of), Lebanon, Liberia, Libya, Mali (Republic of), Malta, Moldova, Montenegro, Morocco, Mozambique, Myanmar (Burma), Nicaragua, Niger, Nigeria, Pakistan, Palestine State, Panama, Philippines, Russian Federation, Saudi Arabia, Senegal, Serbia, Somalia, South Sudan, Sri Lanka, Sudan, Syria (Syrian Arab Republic), Trinidad and Tobago, Tunisia, Turkey, Ukraine, Uganda, United Arab Emirates, United States of America, Vanuatu, Venezuela (Bolivarian Republic of), Yemen, Zimbabwe.
a) You must own a Fiat24 Account Token, in the format of Ethereum ERC721, in your Ethereum wallet, before you can access the Services as a Standard Client. The Fiat24 Account Token is the proof of your business relationship with Fiat24. Without it, your wallet cannot connect to any Services.
b) Your Fiat24 Account is your cash account and it can hold various fiat currencies in the account as client deposits. According to Swiss banking regulations, the Swiss Deposit Protection Scheme DOES NOT apply to client deposits with Fiat24. Your client deposit is therefore NOT protected under the Swiss Deposit Protection Scheme. Fiat24 does not pay any interest on client deposits.
c) Your Fiat24 Account allows you to send & receive money to and from other Fiat24 clients. The money is booked in the form of Ethereum ERC20 cash tokens on the Ethereum public blockchain.
d) Your Fiat24 Account allows you to top-up your cash account with a bank wire transfer.
- 1.Swiss Franc: 250 CHF
- 2.Euro: 250 EUR
- 3.US Dollar: 250 USD
- 4.British Pound: 250 GBP
g) You can only withdraw your cash Balance from your Fiat24 Account into a bank account under your name. However, in order for us to be able to process the withdrawal bank details, you must first make a (small) deposit into your Fiat24 Account from the bank account you wish to use for the withdrawals. The cash withdrawal can only be remitted to that same bank account that you used to make the deposit, which has to be in your name. You can also update your withdrawal bank by making a deposit from a different bank account, but is still has to be in your name.
a) You must have a standard Ethereum wallet.
b) You must have a Fiat24 Account Token in your Ethereum wallet, which is in the format of ERC721 (also called NFT), before you can use the Services. As a Non-Client-Token-Holder, you can use your Ethereum wallet for some Fiat24 services with a Balance limit on each currency. Please refer to section 7(f) for details on the Balance limits.
c) To start using our Services as a Standard Client, you must open a Fiat24 Account and provide your details as prompted. For Fiat24 Business Accounts, please acquire an NFT starting with a number 8 and contact Fiat24 Customer Support at [email protected] to continue with your registration.
d) All information you provide to us must be complete, accurate and truthful at all times. You must update this information immediately whenever it changes. We cannot be held responsible for any financial loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information and/or provide additional supporting documents.
e) All activities under a Fiat24 Account shall be deemed as activities carried out by the registered client. You shall only use the Services to transact on your own account and not on behalf of any other person or entity.
f) You may only open one Fiat24 Account unless we have agreed in writing to the opening of additional accounts. We may refuse the creation of duplicate accounts for the same user. Where duplicate accounts are detected, we may close or merge these duplicate accounts at our sole discretion.
g) We assign an avatar image to each account. This is NOT a representation that we or you own any rights to that image. We do not receive any financial gains or benefits whatsoever from our use of the images. You may ask us to remove the avatar at any time. We reserve the right to change or remove your avatar at any time without notice to you. As of December 2021, we are using the OpenPeeps illustration library under their CCO license. This is subject to change without notice to you.
We are required by law to carry out all necessary security and customer due diligence checks on you (including any parties involved in your transaction for example, your recipient) in order to provide any Services to you. In particular, we must comply with Swiss anti-money laundering regulations, Swiss regulations for fintech companies according to Article 1b of the Swiss Banking Act, the Swiss sanctions regulations, as well as other sanctions regulations deemed appropriate by us. You agree to comply with any request from us for further information and provide such information in a format acceptable to us. In addition, you agree that we may make, directly or through any third party, any inquiries we consider necessary to validate the information you provided to us, including checking commercial databases or credit reports.
a) To keep your Fiat24 Account safe, you must:
- 1.Keep your Ethereum wallet & its private key safe.
- 2.Contact Fiat24 Customer Support ([email protected]) immediately if you lose control of your Ethereum wallet where your money and Fiat24 Token are stored. In such cases, we need to verify your identity before we are able to restore your account. A processing fee may be charged for this service.
b) You must NOT:
- 1.Disclose any wallet password or private key of your Ethereum wallet where your Fiat24 Account Token and Fiat24 Cash Tokens are stored. Keep them safe.
- 2.Let anyone access your Fiat24 Account or watch you access it.
c) Contact us if you suspect your Fiat24 Account has been compromised. If you suspect that your Fiat24 Account or other security credentials are stolen, lost, used without your authorization or otherwise compromised, you must contact Customer Support ([email protected]) immediately. Any undue delays in notifying us may affect the security of your Fiat24 Account and also result in you being responsible for financial losses.
a) Fiat24 offers its Tourist or Live account-holders the possibility of topping up their account using cryptocurrencies converted into fiat currency.
b) To top up your Fiat24 Account with cryptocurrencies, your cryptocurrencies must be held in the same Ethereum wallet address which contains the Fiat24 NFT. You need to connect your Ethereum Public Key to the Fiat24 client application and follow the “top-up” steps in the application.
c) Your Account Status must be Tourist or Live, otherwise the top-up cannot start.
d) We do not charge for the top-up up to a certain monthly limit, beyond which we charge a percentage fee. Please refer to the "Pricing" tab by clicking on our Metaverse Headquarters at the centre of our Homepage for more details on free-of-charge limits and top-up fees.
e) However, for legal and security reasons, we also impose an overall monthly transactional limit on how much you can top up your Fiat24 Account at all. These overall limits are shown inside the Fiat24 client application.
f) We will convert your cryptocurrencies into fiat currencies by crediting your Fiat24 Cash Account once we have received sufficient confirmations from the blockchain. The congestion in the Ethereum blockchain may increase the time for processing your cryptocurrency top-up order. We cannot be held responsible for any delays resulting from this.
a) In order to be able to withdraw cash from your Fiat24 Account, you must first deposit a small amount of money in the same currency into your Fiat24 Account, so that we can confirm your bank details. You will only be able to withdraw cash to that same bank account in the same currency you used for the deposit.
b) For legal and regulatory purposes, we may limit the banks or countries from which you can make a deposit (and, consequently, to which you can make the withdrawal).
c) We will use reasonable efforts to ensure funds will be credited to your bank account. However, we do not have any control over the time it may take on the recipient bank side. The estimated completion time of your payment order is within 48 business hours.
d) If your bank refuses to accept our payment, we will rollback your withdrawal request. If possible, the reasons for the refusal and an explanation of how to correct any factual errors will be sent to you by email. However, we are not required to notify you if such notification were unlawful.
e) You must make sure that the bank relationship information you provide when setting up a Fiat24 Account is accurate. We process your orders in accordance with the information you have provided to us about your other bank relationships, even if you have made a mistake. We assume no responsibility for any loss or damage resulting from your mistakes.
We use independent liquidity providers for the currency exchange. These liquidity providers maintain liquidity pools as wells as exchange rates that they manage independently from Saphirstein or Fiat24. We do not provide or manage any exchange rates. Fiat24 only initiates the exchange transaction, but does not take responsibility for any loss or damage resulting from the use of or connected to the liquidity provider.
Fiat24 is not responsible for any exchange rates shown for any tokens, and we have no influence over their characteristics and exchange price. We merely provide you with publicly available information about the existing exchange rates in the market that are external to our company and our control. We accept no liability for the results of your actions based on this information. You must confirm that you have taken note of the above stipulations as well as the exchange rate shown to you by signing/confirming the transaction before proceeding with any exchange or transaction.
a) You must check your Fiat24 Account regularly and carefully and contact us ([email protected]) immediately if you recognize any missing transaction, incorrect payment or other mistake. You must tell us about any unauthorized or incorrectly executed transactions immediately, but no later than 2 months from the date of the transaction; otherwise, you may not be entitled to have any errors corrected.
b) You accept the risks of dealing with Crypto and other cryptocurrencies. You agree and accept all the risks associated with Crypto and other cryptocurrencies including any risks associated with fluctuations in the relevant exchange rates over time.
c) You agree that you will not use our Services for speculative trading.
d) You understand and accept that your FIAT24 Account Balance and transactions are stored on Ethereum, a public blockchain accessible to anyone, and therefore you waive the Swiss bank secrecy to this extent. Further, you agree and accept all the risks associated with your payment records stored in Ethereum network including any risks associated with privacy in the relevant payments over time.
e) Taxes. You are responsible for any taxes, which may be applicable to payments you make or receive, and it is your responsibility to collect, report and pay the correct tax to the appropriate tax authority.
a) You must pay the fees in connection with the use of our Services. We will not process your transaction until we have received the fees from you.
c) We can make deductions from your Fiat24 Account. You agree that we are authorized to deduct our fees, any applicable reversal amounts, and/or any amounts you owe us from your Fiat24 Account. If you do not have enough money in your Fiat24 Account to cover these amounts, we may refuse to execute the relevant transaction or provide any Services to you.
d) You understand that depending on the blockchain technology, there are fees deducted by the blockchain network itself, which we have no influence over, such as transaction fees, gas fees, etc.
b) You must not close your Fiat24 Account to avoid an investigation. If you attempt to close your Fiat24 Account during an investigation, we may hold your money until the investigation is fully completed in order to protect our or a third party’s interest.
c) You are responsible for your Fiat24 Account after closure. You agree that you will continue to be responsible for all obligations related to your Fiat24 Account even after it is closed.
d) After you close your Fiat24 Account, Your Fiat24 Account Number will not be distributed to someone else.
a) All Intellectual Property Rights related to the Services and Fiat24 Materials are reserved. By using our Services and Fiat24 Materials, you are not granted any ownership rights, including Intellectual Property Rights, in or to the Services and Fiat24 Materials. You are only granted the rights to use our Services and Fiat24 Materials.
c) While you are using our Services, you may use the Fiat24 Materials only for your personal use and solely as necessary in relation to those Services.
d) You may not, and may not attempt to, directly or indirectly:
- 1.transfer, sublicense, loan, sell, assign, lease, rent, distribute or grant rights in the Service or the Fiat24 Materials to any person or entity,
- 2.remove, obscure, or alter any notice of any of our trademarks, or other "intellectual property" appearing on or contained within the Services or on any Fiat24 Materials,
- 3.modify, copy, tamper with or otherwise create derivative works of any software included in the Fiat24 Materials,
- 4.reverse engineer, disassemble, or decompile the Fiat24 Materials or the Services or apply any other process or procedure to derive the source code of any software included in the Fiat24 Materials or as part of the Services.
a) We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors, for fraud or fraudulent misrepresentation.
b) With the exception of the mandatory liability cases listed above, any liability, in particular also the liability for auxiliary persons (art. 101 Swiss Code of Obligations), shall be excluded in its entirety.
c) We are not liable for technological attacks. We are not liable for any loss or damage caused by a virus, or other technological attacks or harmful material that may infect your computer equipment, computer programs, data or other proprietary material related to your use of our Services.
d) We have no control over websites linked to and from our Website and the information, goods or services offered, presented or stated there, and have not checked these websites or their contents. We assume no responsibility or liability for their content or any loss or damage that may arise from your use of them.
e) Our liability to you for unauthorized payments or our mistake. In case of an unauthorized payment or mistake due to our error, we shall at your request immediately refund the payment amount including all fees deducted by us. This shall not apply:
- 1.if you have acted fraudulently, in which case we will not refund you in any circumstances,
- 2.if you do not quickly notify us of security issues on your Fiat24 Account (e.g., loss of your Ethereum wallet password or private key), you remain liable for losses incurred up to your notification to us,
- 4.if you do not let us know about the unauthorized or incorrectly completed transaction within 2 months from the date of the payment transaction.
a) You are responsible for checking your Fiat24 Account regularly. We rely on you to regularly check the transactions history of your Fiat24 Account and to contact Customer Support ([email protected]) immediately in case you have any questions or concerns.
d) You must indemnify us, our affiliates and employees from any liability and any costs, including possible and actual costs of legal proceedings, if a claim is made on us by third parties, including your employees, as a result of alleged acts or omissions by you. The indemnification shall exist particularly in connection with third party claims relating to:
- 3.the data processing carried out by you with the Fiat24 Web-App, including the alleged infringement of third party rights by such data processing.
We shall immediately notify you about the claim and, insofar as this is legally possible, give you the opportunity to defend yourself against the claims. At the same time, you shall immediately provide us with all information available to you concerning the facts which are the subject of the claim.
e) What happens if you owe us money? In the event you are liable for any amounts owed to us, we may immediately remove such amounts from your Fiat24 Account (if available). If there are insufficient funds in your Fiat24 Account to cover your liability, we reserve the right to collect your debt to us by using any payments received in your Fiat24 Account and otherwise you agree to reimburse us through other means. We may also recover amounts you owe us through legal means, including, without limitation, through the use of a debt collection agency.
a) We expressly disclaim, to the maximum extent permitted by the applicable law, any and all warranties, whether express or implied, including but not limited to, any implied warranties of merchantability, title, fitness for a particular purpose, of accuracy, and non-infringement of our Services and Fiat24 Materials.
b) We will try to make sure our Services are available to you when you need them. However, we do not warrant that our Services can be used uninterruptedly and without error in all combinations desired by you. We may suspend, withdraw, discontinue or change all or any part of our Service without notice.
d) You are responsible for making all arrangements necessary for you to have access to our Services. If you have granted permission to a third party to access your account, we may refuse access to that third party if we are concerned about unauthorized or fraudulent access by that third party. We will give you notice if we do this, either before or immediately after we refuse access, unless notifying you would be unlawful or compromise our reasonable security measures.
a) You are responsible for your own Fiat24 Account Token and Fiat24 Cash Tokens, which are not safe kept in our Fiat24 Web-App or Website. Please refer the security guide of your own Ethereum wallet where to store your Fiat24 Account Token and Fiat24 Cash Tokens. If you have security concerns, you should contact security experts from your own Ethereum wallet provider. We are not liable to you if for any reason you lose your own Fiat24 Cash Tokens.
b) You are responsible for configuring your information technology, computer programs and platform in order to access our Services. You should use your own security measures on your mobile devices or any virus protection software.
c) You must not misuse our Services. You warrant not to misuse our Services by introducing viruses, trojans, worms, logic bombs or other materials which are malicious or technologically harmful. You must not attempt to gain unauthorized access to our Fiat24 Web-App or Website, our servers, computers or databases. You must not attack our Fiat24 Web-App or Website with any type of denial-of-service attack. In the event of such a breach, your right to use our Fiat24 Web-App and Website and/or our Services will cease immediately.
a) You may link to our Website provided you follow certain rules. You may link to our Website, provided:
- 1.you do so in a way that is fair and legal and does not damage our reputation or take advantage of it,
- 2.you do not suggest any form of association, approval or endorsement on our part where none exists,
- 3.you do not frame (i.e. embedding in another website) our Website on any other site; and
b) We reserve the right to withdraw linking permission without notice.
- 1.we are requested or directed to do so by any competent court of law, government authority, public agency, or law enforcement agency,
- 2.we have reason to believe you are in breach of any applicable law or regulation; or
- 3.we have reason to believe you are involved in any fraudulent activity, money laundering, terrorism financing or other criminal or illegal activity.
c) We may suspend your Fiat24 Account or restrict its functionality if we have reasonable concerns about the security of your Fiat24 Account or suspected unauthorized or fraudulent use of your Fiat24 Account.
d) We will give you notice of suspension only in your Account Status. From the Fiat24 Web-App you will notice any suspension or restriction of your account. If you use standard Ethereum Wallets, some of them support the visualization of your Fiat24 Account Token (ERC721) and the Account Status is shown as an image. We will lift the suspension and/or the restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist. We will not inform you by any email or telephone about the suspension or restriction of the Service.
e) Provisions, which explicitly or implicitly continue to apply after the termination of the agreement, shall not be affected by the termination or suspension.
b) Changes to exchange rates shall come into effect immediately without notice and you shall not have the right to object to such a change.
a) If you are a Non-Client-Token-Holder (without any Fiat24 Account Token), we do not have any of your contact information and as result we will not contact you in any circumstances.
b) If you are a Standard Client, we usually contact you via email or telephone. For this purpose, you must at all times maintain at least one valid email address and mobile phone number in your Fiat24 Account profile. You should check for incoming messages regularly and frequently; these emails may contain links to further communications on our Website. If you do not maintain or check your email and other methods of communication, you may miss emails about your transactions and our Services. We cannot be liable for any consequence or loss in this case. If we have reasonable concerns either about the security of your Fiat24 Account or any suspected or actual fraudulent use of your Fiat24 Account, we will contact you via telephone, email, or both (unless contacting you would be unlawful or compromise our reasonable security measures).
c) In addition to communicating via email or telephone, we may contact you via letter where appropriate.
d) Where legislation requires us to provide information to you on a durable medium, we will either send you an email (with or without attachment) or send you a notification pointing you to information on our Website in a way that enables you to retain the information in print format or other format that can be retained by you permanently for future reference. Make sure you keep copies of all communications we send or make available to you.