Last updated: April 22, 2024

These general business terms and conditions and any other terms expressly incorporated herein ("terms") apply to any access to any services provided by CT Solutions s.r.o., located at Vojtěšská 211/6, Nové Město, 110 00 Prague 1, ID No.: 17285429, registered in the Commercial Register maintained by the Municipal Court in Prague, under file no. C 369401 (hereina[er referred to as "we" or "CTS"), via the websites https://kvapay.com/, https://kvakomat.com ("websites") or their use. For the purposes of these terms, the term "websites" also refers to the informa;on system, the device of the vending machine - Kvakomat (Bitcoin ATM) (hereina[er referred to as "Kvakomat").

"AML Law" is Act No. 253/2008 Coll., on certain measures against the legalization of proceeds from criminal activity and the financing of terrorism, as amended

"Cryptocurrency" is a digital currency, especially Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and others (hereina[er referred to as "cryptocurrency"), the sale or purchase of which can be made through the web portal https://kvakomat.com and via Kvakomat. Cryptocurrencies are not legal currencies in the Czech Republic, which means that they are not subject to legal regula;ons governing payment and exchange services, and thus they are not subject to regula;on and supervision by the Czech Na;onal Bank;

"Cryptocurrency Address" means an electronic wallet in the form of a QR code or a multi-digit code that serves to receive or issue cryptocurrencies. A cryptocurrency address can be created directly in two-way cryptocurrency machines;

"Client" means a natural or legal person who uses the services provided by CTS in accordance with the terms through the website or Kvakomat.

Our services are intended exclusively for users who are over 18 years old. If you suspect that you are under 18, we will require you to close your account and will not allow you to con;nue using our services.

You must not use the services if you are located in any state, country, territory, or other jurisdiction where your use of the Services would be illegal or otherwise violate applicable laws, or if you are a citizen or resident of such jurisdiction. You declare and warrant that you are not a citizen or resident of any such jurisdiction and that you will not use any Services while located in such a jurisdiction. Services while located in such a jurisdiction. Services must also not be used if you are located in any other jurisdiction in which we have decided it is prohibited to use the Services, or you are a citizen or resident of such jurisdiction. By accepting these Terms, you confirm that you are not located in any country where transactions with digital assets are expressly prohibited, nor are you a citizen or resident thereof, nor are you a citizen or resident of the United States of America (including all US territories such as Puerto Rico, American Samoa, Guam, Northern Mariana Islands, and US Virgin Islands).

If you open an account on behalf of a company, you declare and warrant that you are an authorized representative of this entity with the appropriate powers and that you agree to the terms on behalf of the company. By accessing the Websites, opening an Account on the Websites, or checking the appropriate box, you agree to these Terms and confirm that you have read, understood, and accepted all provisions of these Terms, as well as the provisions of our Privacy Policy or other legally binding document that is publicly available on the Websites. These Terms constitute a legally binding agreement between you and CTS.

CTS allows you to (1) receive digital assets (cryptocurrency is considered a digital asset) available on the Websites as payment for goods and services and (2) send, receive/request payments, convert (into digital assets and fiat currencies), pay, and securely store digital assets through an online wallet, providing services for buying and selling digital assets, payments in digital assets (""Services"). By using the Services, you authorize us to act as your agent to receive, hold, and disburse funds on your behalf and to undertake any steps we consider necessary to provide the Services and comply with applicable laws.

For the purposes of these terms, "Services" also means the provision of Services through machines (Bitcoin ATM), through which some Services can also be provided for cash fiat currencies, under the special conditions of the Kvakomat service according to these terms.

The company only offers Services related to digital assets that the Websites support. Please check the Websites regularly to know which digital assets are supported. You should not attempt to use your account to store digital assets that the Websites do not support.

By providing the Wallet Service, CTS provides you with a digitally secured wallet for digital assets, aimed at exchanging, storing, and withdrawing digital assets and securely storing your private keys for these purposes.

Customer payments in favor of CTS are considered the same as payments directly to you, and to the extent of this payment, the unpaid obligation of the customer is extinguished. CTS and you are independent suppliers, and no provision of these terms makes us joint entrepreneurs, partners, employees, representatives, or other representatives of the other party. All information provided through the Websites and our services are provided as is and as available.

We inform you of the risks associated with digital asset operations. By using CTS's services, you acknowledge and accept all risks associated with transactions, agree to be bound by the Terms, and acknowledge and accept the following and all other risks.

Exchange rates show strong volatility and can lead to extreme price fluctuations at any time, which may lead to a potential loss of purchasing power. Trading in digital assets may not be suitable for all investors. If you have any concerns, consult a qualified financial advisor.

All data, prices, news, views, research, analyses, and/or any other information contained on these Websites are provided as general market commentary and do not constitute investment advice. We do not accept responsibility for any loss or damage, including but not limited to lost profit, which may arise directly or indirectly from the use of this information or reliance on it.

The content of the Websites may change at any time without prior notice and is provided solely for the purpose of assisting in independent decision-making. We do not guarantee the accuracy or timeliness of information on the Websites and do not accept responsibility for any loss or damage that may arise directly or indirectly as a result of the content or your inability to access the Websites, for any delay or failure to transmit or receive any instructions or notifications sent through the Websites.

We inform you that past performance does not guarantee future success, and therefore it is necessary to take into account a number of factors to create a strong investment strategy. Before you start using our services, please consider your financial situation. Please be rational and do not invest money you cannot afford to lose. You should be aware that refunds or replacements are not possible, and neither private nor public insurance will compensate you for any losses.

Transactions with digital assets are irreversible; once you send a digital asset to a third party, you cannot reverse it or stop the payment. When you send a digital asset to a blockchain address, you confirm ownership of that address and relieve us of any liability for any claims and lawsuits. Please note that only ownership of a private key can prove ownership of a bitcoin address, but at the same time, you cannot reveal your private key because anyone with access to it can spend your funds.

Please be careful of any (1) technical support scams or impersonation (e.g., never disclose your 2FA, never give remote access to your devices to support staff (or anyone else), etc.), (2) gift scams (all gifts we offer will direct you to our official website), (3) investment scams (only send digital assets to trusted third parties and be skeptical of websites or services promising unrealistic investment opportunities), (4) extortion scams (perform preventive malware scanning on your computer using a reputable tool), (5) impostor scams (do not cooperate with fraudsters using stolen credit cards on compromised accounts to carry out payment fraud), (6) social media scams, and (7) phishing scams (always ensure that the domain name of our official website is spelled correctly). Please report the above-mentioned fraudulent practices by submitting a support ticket or contacting local law enforcement agencies.

We reserve the right to restrict or terminate the provision of services without prior notice or to establish special conditions for the use of services if you engage in prohibited activities listed in Appendix 1 ("Prohibited Activities"). Specific types of prohibited activities listed in Appendix 1 are illustrative, but not exhaustive. We reserve the right to monitor, inspect, store, and/or disclose any information as necessary to comply with applicable laws, regulations, sanction programs, legal processes, or governmental requests. We reserve the right to immediately cancel and/or suspend your account and/or block transactions or freeze funds if, in our discretion, we determine that your account is associated with a prohibited activity. Additional restrictions on the provision of Services may be listed on the Websites.

Fees for using the Services are charged for each transaction. You can either include these fees in the price of goods (services) or charge the client a commission on top of the price of goods (services).

Our current fees are available at https://kvapay.com/fees (for the use of the Kvakomat service, our current fees are available on the Kvakomat screen through which you perform the Service - more in the Kvakomat section). We may change the fee structure at any time (including adding new fees for new services) and reserve the right to do so at our discretion. CTS will inform you of any changes in the fee structure. These service fees will be deducted against the balance you have available in your account for withdrawal. If you issue a full or partial refund to your customers, these amounts will be deducted from your account balance.

It is your responsibility to determine what taxes apply to transactions and accounts you use within the services, and it is your responsibility to collect, report, and remit the correct tax to the appropriate tax authority. CTS is not responsible for determining whether taxes apply to your transaction, nor for collecting, reporting, or remitting any taxes arising from any transaction. CTS encourages you to frequently check the instructions issued by the relevant authorities for tax payers who conduct transactions involving virtual currency and rely on them. For tax purposes, the exchange of a digital asset may be considered the provision of a service, the sale of property, or the exchange of foreign currency. Transactions involving digital assets may be subject to general tax principles applicable to these types of transactions. By allowing you to use our services, CTS does not provide tax advice. You warrant that you are acting legally in accordance with applicable international, federal, state, or local tax laws or regulations.

On our websites, you are required to create an account. The information you provide when opening an Account must be accurate, valid, and complete, and you must inform us of any changes to this information. We may request additional information from you to verify your identity (for legal entities including personal data of statutory representatives, copies of identity documents of directors, copies of founding certificates, statutes, business permits or other documents, and others) (for natural persons including first name, surname, date of birth, national identification number, passport number, national identity card number, and others), at our discretion and as needed by our company.

If you create an account on one of our websites, you can automatically use your account on all our websites, and no further registration is necessary. You can log into all our websites with one account from our company.

You may have only one account on the Websites. You should not create more than one Account on the Websites unless expressly permitted by CTS. You cannot create an Account on the Websites if your Account has previously been suspended by CTS.

You declare and warrant that all information you provide to us under these Terms is true, accurate, and not misleading in any way. If such information changes, it is your responsibility to update this information as soon as possible.

You acknowledge that for the purpose of performing the above verification procedures, we may make inquiries, directly or indirectly through third-party service providers, to prevent incorrect identification, fraud, suspicious activities, money laundering, or other prohibited activities. By this, you authorize us or third-party service providers to take any measures we consider necessary to verify and verify your identity, confirm the information you provided about your bank account (or other financial institution account), and to take any measures we consider necessary based on the results.

By using our services, you agree and acknowledge that all and any actions (transactions) carried out through your account are valid and have legal effects as if formalized by a written document signed by you, and if acting on behalf of a legal entity. You are solely responsible for securing your account. Do not disclose your username, password, or any other access credentials to any other persons. Upon becoming aware of any security breach or unauthorized use of your account, you must promptly notify CTS Company.

CTS Company reserves the right to refuse to establish business relations with any existing or potential trader at any time, at its own discretion. We also reserve the right to limit or terminate the provision of services at any time without prior notice or to establish special conditions for the use of services if you engage in activities that we deem to be unlawful or fraudulent. If the provision of services is restricted or terminated due to our suspicion that you are engaging in illegal fraudulent and/or unfair activities, it is your obligation to prove to us the absence of such circumstances.

CTS Company reserves the right to set limits on the processing of transactions on your account, which you must adhere to. These limits may take the form of the total value of transactions over a certain period or an upper limit for each transaction. We may set any conditions to determine transaction processing limits.

If you do not have access to your account for a period of 2 (two) years and we are unable to contact you at your authorized contact address as recorded in our records, your account may be canceled at our discretion. As of the account termination date, your digital assets will be subject to applicable laws regarding so-called lonely property.

CTS adopts all appropriate measures and applies best standards to comply with all applicable laws and regulations concerning anti-money laundering ("AML"). We will make reasonable efforts to identify persons involved in any criminal activity in any jurisdiction and prevent them from using our services.

Furthermore, we are required to obtain and record information and documentation that helps confirm your identity or provides additional information about your use of the Services. If we cannot verify this information, we may require additional documents to verify your identity. We may request this information at any time before, during, or after your use of the Services.

CTS may at any time request additional documents and information and/or updated documents and/or information and documents previously submitted and reserves the right to do so at its discretion. Failure to comply with these requirements may result in the temporary or permanent suspension of the provision of Services and/or account suspension.

We may also request information that is the result of our name screening processes for purposes of investigating you or another user or as a randomly selected test of the correctness of our processes. In the latter case, we may request documentation from you without your fault and ask you to provide it with or without stating a reason.

Although CTS may delegate day-to-day operational duties to third-party service providers (i.e., for the purpose of effective risk management in selected jurisdictions), the responsibility for maintaining effective oversight and management of outsourcing agreements, risk management of outsourcing, and establishing an appropriate outsourcing risk management framework still rests with the company and its senior management.

Further information regarding AML limitations and rules can be found in the Kvakomat section of these terms, which sets specific AML procedures for using Kvakomat services, https://kvakomat.com.

If you wish to qualify for any refunds related to payment processing using the KvaPay gateway, you must meet the following requirements. You must maintain a clear refund policy and inform your customers about it, ensuring that your policies and procedures are consistent with all applicable laws and regulations and the provisions of these terms. You may determine your refund policies and procedures provided that they are in compliance with all applicable laws and regulations and the provisions of our refund policies. This paragraph applies only to the KvaPay service.

For any refund not due to an error on our part, we may charge additional fees. CTS may at its discretion waive these fees. You may pass these fees on to the customer based on your own refund policies. Any required conversions during the refund process will be calculated at the exchange rate set by CTS.

We believe that it is our goal to secure information related to your use of our websites and account. As a result, we make reasonable efforts to maintain an information security management system; to control our information using strong control mechanisms; to continuously offer training to our employees on information security; to prevent unauthorized access, leakage, modification, theft/loss, denial of service attacks, or other security threats; to identify and limit the occurrence of information security breaches; to actively address laws and regulations in each jurisdiction in which we operate concerning standards and requirements for information security.

CTS reserves the right for any reason and at any time to close your account, access to the websites or access to services and return any financial resources that clearly and unequivocally belong to you, to the last contact details you provided. You will indemnify us for losses incurred based on the closure or return of this type.

To the extent permitted by applicable law, you agree to defend, indemnify, and hold the company harmless from all claims, damages, liabilities, losses, obligations, costs, or debts, and expenses arising from: (a) your use of and access to the websites and services; (b) your violation of any term of these Terms; or (c) your violation of any applicable laws, including any law, rule, or regulation, or the rights of any third party.

To the maximum extent permitted by applicable law, CTS in no event shall be liable for any indirect, punitive, incidental, special, consequential, or exemplary damages, including but not limited to damages for loss of profits, goodwill, use, data, or other intangible losses, arising out of or in connection with:

(a) the use of or inability to use the Websites or our Services; (b) any information provided by us or available from the Websites; (c) any conduct or content of any other user of our Services or any third party; or (d) the acceptance of any transmission of any data, content, or digital assets from you. Additionally, notwithstanding the generality of the foregoing, CTS under no circumstances bears any responsibility for any liability, claims, proceedings, damages, losses, expenses, or injuries arising from a hacking attack, unauthorized intervention, or other unauthorized access or use of our Services or your Account or the information, digital assets contained therein.

Websites may contain links to third-party websites or services that are not owned or controlled by CTS.

We have no control over, and assume no responsibility for, the content, privacy policies, or practices of any third-party websites or services. CTS is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services available on or through any such websites or services.

Information on how we collect, use, and share your personal data can be found in our Privacy Policies.

We grant you a limited, non-exclusive, non-transferable license, subject to these Terms, to access and use the Websites and Services, solely for approved purposes permitted by CTS. You agree not to copy, transmit, distribute, sell, license, decompile, modify, publish, participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the materials from CTS.

You agree that these terms and all matters arising from this document are governed by Czech law, excluding conflict of law provisions. Parties expressly agree to the jurisdiction of the courts located in the Czech Republic.

You warrant that you are not subject to any sanctions administered by the US, EU, and the Czech Republic, and that you are not involved in any lawsuit, process, or proceedings before any court or governmental agency, office or body, or arbitrator concerning the US, EU, or Czech Republic.

You confirm that you are not a national or resident of any prohibited jurisdictions listed through the websites. CTS reserves the right to limit or refuse its services in these jurisdictions.

CTS hereby reserves the right to change these Terms at any time at its own discretion by posting an updated text on the Websites. If you continue to use our Services after the updated version of the Terms has been published on the Websites, it is considered that you agree with the modified Terms and are bound by them.

The invalidity or unenforceability of any provision of the Terms does not affect the validity or enforceability of any other provision of the Terms, which remain valid and effective.

If we do not exercise any right resulting from a breach of the Terms on your part, it does not mean that we have waived the right. We reserve the right at any time to use any remedy to protect our interests and intellectual rights to protected elements of the websites.

The supervisory authority is the Czech Trade Inspection Authority.

CTS handles consumer complaints through the email address help@kvapay.com. CTS will send information about the resolution of a client's complaint to the client's email address. The deadline for resolving a complaint is 30 calendar days from the date of its delivery.

For the out-of-court settlement of consumer disputes arising from these terms, the Czech Trade Inspection Authority is competent, located at Štěpánská 567/15, 120 00 Prague 2, ID: 000 20 869, internet address: https://adr.coi.cz/cs.

The European Consumer Centre Czech Republic, located at Štěpánská 567/15, 120 00 Prague 2, internet address: http://www.evropskyspotrebitel.cz is the contact point according to the Regulation of the European Parliament and the Council (EU) No. 524/2013 of 21 May 2013 on online dispute resolution for consumer disputes and amending Regulation (EC) No. 2006/2004 and Directive 2009/22/EC (Regulation on online dispute resolution for consumer disputes).

In cases where applicable legal regulations allow more favorable conditions for consumers or impose obligations on CTS, these legal regulations supersede these terms.

A prerequisite for using services through the kvakomat.com portal and Kvakomat is understanding the mechanism of buying and selling and understanding the principles of how cryptocurrencies operate as such. Cryptocurrencies are highly volatile, hence transactions with them carry a high degree of risk. Cryptocurrency rates against legal currencies can fluctuate sharply even within a single day. As a result of these fluctuations, a client may at any time experience a sharp gain or severe loss in their cryptocurrency portfolio due to buying or selling by the client.

If a client is unsure about their knowledge in this area, they may contact us or supplement information from publicly available sources.

The prerequisite (condition) for buying and selling cryptocurrencies through the kvakomat.com portal and Kvakomat is reaching the age of 18.

In accordance with AML law, CTS enables transactions without the need for identity verification for cash transactions up to a maximum of 1,000 EUR.

By transacting through kvakomat.com and/or Kvakomat, the client agrees to these terms.

If the client disagrees with any part of these terms, they must not order the services.

CTS reserves the right to update and change the terms in connection with changes in legislation regarding the regulation and trading of cryptocurrencies, changes in market and economic conditions in the field of cryptocurrency trading, or for the proper functioning of the CTS websites and any other services provided by CTS.

Changes to the terms will be announced by publication on the relevant web page of the Service and will take effect after their publication.

Characteristics of the provided service - buying and selling cryptocurrencies through Kvakomat

The buying and selling rates of cryptocurrencies displayed on the homepage of kvakomat.com are indicative. The exchange rate is fixed for 30 minutes until the funds are received. The buying and selling rates of cryptocurrencies displayed on the Kvakomats are current, reduced by the appropriate fees. The exchange rate changes nearly every minute.

The client undertakes to pay the purchase price in accordance with the delivery of payment instructions in one of the following ways:

Bank transfer from a bank account held in his name in the case of purchasing cryptocurrencies, depositing cash at a bank counter in the case of purchasing cryptocurrencies in his own name, sending the appropriate amount of cryptocurrencies from the client's own cryptocurrency address to the CTS cryptocurrency address in the case of selling cryptocurrencies.

Payment of the purchase price of cryptocurrencies by bank transfer from a third-party bank account or deposit of cryptocurrencies held by a third party and/or from a third-party electronic wallet is not permissible.

In the event that the purchase price is paid by the client after the deadline specified in the payment instructions or the purchase price is not transferred in the correct amount, CTS will promptly refund the paid purchase price to the client if the client does not insist on carrying out the transaction, however, the client must explicitly notify CTS in writing by sending an email to the CTS email address help@kvapay.com, and CTS is entitled to contact the client to arrange further terms and may deduct the costs of sending financial funds/cryptocurrency.

CTS is not responsible for interruptions or other deterioration of services provided through the kvakomat.com portal and/or Kvakomat due to unexpected events that occur, especially wars, strikes, fires, floods, earthquakes, and other natural disasters and acts of God; terrorist attacks; outage of telecommunication traffic, which may affect the functioning of the kavkomat.com portal and Kvakomat machines.

CTS is not responsible for the misuse of the password to the cryptocurrency address or the misuse of the client's email address.

CTS is not responsible for damages and losses caused as a result of court decisions, police and other state authorities, nor for damages and losses incurred by the customer as a result of changes in legal regulations.

CTS is not responsible for risks associated with cryptocurrencies that it cannot influence in any way.

CTS undertakes to carry out identification and verification according to due diligence with respect to the Client according to the AML law and reserves the right to request from the Client the information specified in the article "Customer Identification and Data Protection," if the transaction value exceeds the amount of 1,000 EUR (25,000 CZK).

CTS undertakes to process and collect personal data for the purpose specified in accordance with the Regulation of the European Parliament and the Council (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (hereinafter referred to as "GDPR").

CTS does not guarantee the market price of cryptocurrencies in the future, as the price of cryptocurrencies is very volatile.

CTS undertakes to send the appropriate amount of cryptocurrency to the cryptocurrency address immediately after receiving the financial amount in the CTS bank account and to send the financial amount to the Client's bank account within 72 hours, except in cases where, according to these terms or applicable law, the sending of the amount is authorized or required to be held.

CTS is not responsible for lost transactions after they are sent to the client.

CTS reserves the right to cancel the Client's order without reason, up to the moment of carrying out the transaction - transaction (purchase or sale of cryptocurrency), of which CTS will inform the Client without undue delay by sending a cancellation of the order to the Client's email address stated in the order. If the purchase price has already been transferred by the Client to the bank account or cryptocurrency address of CTS, CTS will send the purchase price reduced by transaction fees back to the bank account or cryptocurrency address of the Client from which it was sent by the Client without undue delay.

CTS reserves the right to cancel the Client's order if there is suspicion of a violation of the AML law.

The client has the right to cancel the confirmed order without reason up to the moment of carrying out the transaction, by sending a cancellation of the order to the CTS email address help@kvapay.com. In the event that the purchase price has already been transferred by the Client to the bank account or cryptocurrency address of CTS before the cancellation of the order by the Client, CTS will send the purchase price reduced by transaction fees back to the bank account or cryptocurrency address of the Client from which it was sent.

The client cannot withdraw from the contract concluded with CTS under these terms or from the transaction carried out, as the price of the cryptocurrency, which is the subject of their contractual relationship, depends on fluctuations in the financial market independently of the will of CTS.

If the Client decides to use the services of the internet portal kvakomat.com or Kvakomat, he is obliged to carefully familiarize himself with the principles of processing personal data and cookies published on the websites kvakomat.com and also Kvakomat.

CTS is a subject under the AML law and reserves the right to identify the Client - a person interested in buying or selling cryptocurrencies. For this purpose, CTS reserves the right to request from clients (persons interested in buying or selling cryptocurrencies) especially the following information:

CTS further reserves the right to request from the Client (person interested in buying or selling cryptocurrency) the submission of proof of identity, driver's license or passport, document proving the existence of a legal entity, and document proving the identification of the person authorized to act on behalf of the legal entity, and other documents required by the AML law.

Identification of the client is carried out in accordance with the AML law and the internal guideline of CTS on AML, according to the instructions of CTS, mutual communication of CTS with the person after submitting the order.

Identification of the Client is carried out if the transaction through the internet portal kvakomat.com and/or through Kvakomat exceeds the amount of 1,000 EUR (25,000 CZK), (transactions carried out in a chain are assessed together).

CTS will refuse to carry out a transaction with a client if:

Clients undertake to use their real names and surnames, or company name/headquarters, and to provide truthful information when buying and/or selling cryptocurrencies through the internet portal kvakomat.com and/or through Kvakomat. In connection with the use of services and identification of potential customers, clients undertake not to provide any false information during the transaction.