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TERMS AND CONDITIONS – Futswap LLC

TERMS AND CONDITIONS – Futswap LLC

Last Updated Aug 30, 2024

Version 1.0

MONEY TRANSMISSION AGREEMENT

 

THESE TERMS & CONDITIONS (MTA Terms) OF THE MONEY TRANSMISSION AGREEMENT (“MTA” OR “Agreement”) ARE INCORPORATED AS A VITAL COMPONENT OF THE MTA. BY SIGNING THE MTA, CLIENT CONFIRMS THEY HAVE ACCESSED AND REVIEWED THESE MTA TERMS AND SHALL BE BOUND BY THEM. ACRONYMS, INITIALISMS, AND TERMINOLOGY ARE EITHER DEFINED HEREIN OR WITHIN THE BODY OF THE MTA.

A. TERM

The MTA shall begin on its stated Effective Date and shall continue until formally terminated by a signed writing of an officer or legal representative of either Party sent to the other Party at their stated addresses. Termination of the MTA shall not cancel or impact either Party’s rights as they are outlined in the MTA. Termination of the MTA shall not affect any fees owed by Client to Futswap then due and outstanding.

B. MONEY TRANSMISSION FEE

Futswap shall, in accordance with federal law, deduct service fees from the amount of money transmitted on Client’s behalf (money transmission fees). Futswap agrees to notify the Client of such money transmission fees prior to initiating money transmissions. Futswap reserves the right to change or alter our money transmission fees with notice to the Client at or prior to any money transmission. 

C. MONEY SWAP FEE

If Client sends money to Futswap in a fiat currency other than USD, Futswap shall deduct service fees to convert such non-USD fiat currency to USD (money swap fees). Futswap agrees to notify the Client of such money swap fees prior to acceptance and conversion. Futswap reserves the right to change or alter our money swap fees with notice to the Client at or prior to the acceptance of such non-USD fiat currency and conversion to USD. Futswap does not support all non-USD fiat currencies, and may be forced to reject or return an electronic transfer of fiat currency (ETF) received in non-supported fiat currencies (also known as “monies”). Please contact Futswap prior to sending in any non-USD fiat currency to ascertain whether Futswap is capable of accepting such non-USD fiat currency, or if using Futswap’s platform for such money transmission service (MTS) request, all supported monies will be displayed in the platform.

D. DEALER IN FOREIGN EXCHANGE FEE

Futswap shall deduct service fees for the conversion of USD to / from digital assets (foreign exchange fee). Futswap agrees to notify the Client of such foreign exchange fee prior to initiating such conversion of USD to / from digital assets. Futswap reserves the right to change or alter foreign exchange fees with notice to the Client at or prior to the conversion of USD to / from digital assets.Please note: your Futswap account only supports digital asset amounts out to two decimal places, so all digital asset amounts will be rounded down to two decimal places.

E. CREDITING CLIENT’S ACCOUNT — NET OF ALL SERVICE FEES

Client’s account with Futswap will be credited with a net amount, either USD or digital assets depending on the nature of the MTS request, equal to the gross amount initially allocated or provided by Client minus all applicable fee deductions described above in B. — D. You should, therefore, ensure that all applicable service fees have been accounted for when calculating the gross amount to (1) send to Futswap, or (2) request Futswap to process, for an MTS request.

F. MONEY TRANSMISSION INSTRUCTIONS

  1. all USD to USD ETFs must be initiated no later than 11:00 am Eastern Time Zone of the United States of America (ET) in order to be sent the same day. USD to USD ETFs initiated after that time will be sent as soon as practicable; ideally before the end of the following business day.

  2. all MTS requests, other than as enumerated above in F.1., must be initiated no later than 11:00 am ET in order to be processed within two (2) business days. All other such MTS requests initiated after that time will be processed as soon as practicable; ideally before the end of the third (3rd) business day.

  3. the Client is responsible for providing, at a minimum (a) supporting documentation, such as an invoice, contract, and/or agreement, and (b) accurate information when initiating an MTS request.

  4. Futswap provides different modalities for a Client to initiate an MTS request, please contact us to discuss further.

  5. Futswap may, at our discretion, take steps to verify the authenticity of an MTS request prior to initiating such MTS request.

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G. SECURITY & AUTHENTICATION

The Client agrees to comply with all security protocols and authentication requests made by Futswap. These protocols and requests may include, among others, the following:

  1. unique username and password logins for MTS requests; or

  2. security questions, authenticated API keys, two factor authentication (2FA), and/or other unique identifiable information for MTS requests.

If the Client is unable to provide acceptable money, digital assets, or information in response to security or authentication requests, Futswap reserves the right to refuse an MTS request.

H. AUTHORIZATION TO TRANSFER

As a reminder, by signing the MSA Client fully and unconditionally authorizes Futswap as your agent (attorney-in-fact) to act on your behalf in opening accounts and transacting with digital asset providers as may be required to provide you with our services and you acknowledged that this authorization for Futswap to act as your agent (attorney-in-fact) is coupled with an interest and is irrevocable so long as you have platform access or the Parties maintain our business relationship; by signing the Agreement our services shall henceforth include the MTS described herein. This authorization allows Futswap to open, access, and close financial and digital asset accounts (Client accounts), and move USD, foreign money, and digital assets to and from the Client’s accounts, including Futswap accounts, to third party accounts as requested by Client through MTS requests.

I. MONEY TRANSFER CANCELLATION

MTS requests may not be canceled once submitted by the Client. Futswap may, at our discretion, attempt to cancel a submitted MTS at the Client’s request, but we cannot guarantee success in such efforts once an MTS has been duly submitted. Futswap may charge Client an administrative fee for attempting cancellation of an MTS request, the parameters of such administrative fee shall be discussed and agreed upon between the Parties before Futswap shall commence attempting to cancel an MTS request.

J. INDEMNIFICATION

The Client assumes total responsibility for the commercial legitimacy and accuracy of all MTS requests. Futswap shall in no case be held liable for loss or damage if an MTS has been executed in good faith in accordance with the Client’s request. Futswap is not responsible for any processing delays that may result in connection with completing MTS requests. Client agrees to indemnify and hold Futswap harmless, without limitation, against any and all claims or loss or damage resulting from Futswap’s good faith actions on the Client’s behalf.

K. COMMUNICATIONS

Futswap shall communicate with Client via the contact details provided and outlined in the MSA.

L. CLIENT’S REPRESENTATION’S AND WARRANTIES

By attempting or submitting an MTS request, Client represents and warrants that:

  1. you have received a copy of the Agreement and agree to be bound by and to comply with it, inclusive of these MTA Terms, and understand it is subject to change in accordance with applicable law;

  2. you are duly organized, validly existing, and in good standing under the laws of your respective domicile of formation and shall consistently remain in good standing throughout the life of the MTA;

  3. you are duly qualified and in good standing to do business in all jurisdictions where you conduct business and shall consistently remain in good standing throughout the life of the Agreement;

  4. you have all necessary organizational power and authority to have signed the MSA and the Agreement with Futswap and to perform all of the obligations required by you under the MSA and the Agreement; 

  5. the personal and business information that you provide to us in connection with the MSA, your Futswap account, and the Agreement are true, correct, and complete and shall be promptly updated to remain so throughout the life of your relationship with Futswap;

  6. no person (the term “person” includes both natural persons and legal persons) that controls, is controlled by, or under common control with Client is blocked or sanctioned by the United States (U.S.) or Canada or any other relevant jurisdiction, including those identified on U.S. Office of Foreign Asset Controls (OFAC) various sanctions lists (Specially Designated Nationals List, Consolidated Sanctions List, and Additional OFAC Sanctions Lists), the United Nations (UN) Security Council (UNSC) Consolidated List, and Canadian Sanctions;

  7. no ultimate beneficial owner (UBO) of Client is blocked or sanctioned by the U.S., Canada, the UN, or any other relevant jurisdiction, including those identified on OFAC’s various sanctions lists, the UNSC’s Consolidated List, and Canadian Sanctions;

  8. with regard to UBOs, Client (a) has carried out thorough due diligence to establish the identities of those UBOs, (b) holds the evidence of those identities and status and shall maintain that evidence for at least ten (10) years, and (c) will make that evidence, and any additional evidence that we may require, promptly available to us upon request in accordance with applicable laws, rules, & regulations (collectively “Laws”);

  9. you have performed a thorough background investigation into all of your customers in compliance with all applicable Laws, including but not limited to verifying their identity, collecting and retaining data about each person, and having high confidence that you know and understand each person including the officers, directors, at least one Legal Representative, and the UBOs of legal persons (often known by acronyms such as AML/CTF or PLD/FT, CIP, CDD, EDD, KYC, KYB, ODD) and shall make that evidence, and any additional evidence that we may require, promptly available to us upon request in accordance with applicable Laws.

  10. you acknowledge and agree to immediately inform us if any of the representations made herein cease to be true or if you no longer reasonably believe you have satisfactory evidence as to their truth;

  11. the Legal Representative accepting and agreeing to the MTA for Client has/have the requisite corporate authority to open financial accounts and/or credit accounts and accepts and agrees to the MTA on Client’s behalf and is at least the age of majority (meaning the person has the capability to legally enter into binding contracts);

  12. funds that you send or receive under the MSA and/or from our MTS are not derived from or related to any unlawful activities including but not limited to financial crimes or corruption such as bribery, confidence tricks or scams, counterfeiting and forgery that includes the production of counterfeit legal tender or goods or services, economic sanction evasion, embezzlement, fraud, forgery, identity theft, money laundering, proliferation financing, tax evasion, terrorist financing, or theft, nor shall “tumblers” or “mixers” be used or involved to mask ultimate origins or destinations (collectively “financial crimes”). 

  13. all payments will be made only to / from financial accounts (which includes digital accounts) not located in a country or territory that has been designated as “High-Risk Jurisdictions subject to a Call for Action” by the Financial Action Task Force (FATF) or that is blocked or sanctioned by OFAC, the UNSC, Canada, or any other relevant jurisdiction.

  14. our MTS will only be used for legitimate commercial business purposes and not be: used for personal, family or household purposes; provided to, or used for the benefit of, a person, organization, region, or country that is blocked or sanctioned by the U.S., Canada, the UN, or any other relevant jurisdiction, including those identified on OFAC’s various sanctions lists, the UNSC Consolidated List, and Canadian Sanctions; used by unaffiliated third-parties; used for any other activities not for the commercial benefit of the Client or Client’s customers; or used for any purpose that is unlawful or prohibited by the MTA, the MSA, or any other agreement with Futswap.

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M. GOVERNING LAW

The Agreement shall be governed by Article 4A of the Uniform Commercial Code, which has been adopted in the Montana Code Annotated 2021, Title 30. Trade and Commerce, Chapter 4A. Uniform Commercial Code Funds Transfers and, as set forth in the MSA, the laws of the State of Montana in the U.S. (Montana) exclusive of its conflict or choice of law rules except to the extent that U.S. federal laws control. All MTS requests shall be held in compliance with the applicable Laws as set forth herein.

 

© Futswap LLC. 2024 is registered with FInCEN as an MSB in the state of Montana.

 

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The purpose of this website is solely to display information regarding the products and services available on the Futswap web/mobile Apps. It is not intended to offer access to any of such products and services. You may obtain access to such products and services on the Futswap web/mobile App.

Please note that the availability of the products and services on the Futswap web/mobile App is subject to jurisdictional limitations. Futswap may not offer certain products, features and/or services on the Futswap web/mobile App in certain jurisdictions due to potential or actual regulatory restrictions.

No legal, tax, investment, or other advice is provided by any Futswap entity. Please consult your legal/tax/investment professional for questions about your specific circumstances.
The Futswap NeoExchange (Earn) Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia and the USA.

Regional restrictions: Corea del Norte, Irán, Myanmar, Nicaragua, Pakistán, Albania, Barbados, Botswana, Burkina Faso, Camboya, Etiopía, Ghana, Islandia, Jamaica, Jordania, Kenia, Líbano, Mauritania, Mozambique, Nepal, Palestina, Papua Nueva Guinea, Serbia, Seychelles, Sudán del Sur, Siria, Tanzania, Trinidad y Tobago, Túnez, Uganda, Vanuatu, Yemen, Zimbabwe.

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PRIVACY AND DATA PROTECTION POLICY

    1. GENERAL INFORMATIONINFORMATIONFUTSWAP MARKETS KOMMANDITBOLAG is a Swedish trust company - Global Trustee-, a limited liability company organized and existing under the laws of the Kingdom of Sweden, which for the purposes of these terms shall be referred to as FUTSWAP.INTERPRETATIONThe following definitions and rules of interpretation shall apply to customers or users who have a contractual relationship with FUTSWAP: Data Protection Legislation: means the data protection regulations enacted in English law (GDPR) as revised and replaced from time to time, Directive 2002/58/EC as updated by Directive 2009/136/EC and any other laws and regulations relating to the processing of personal data and privacy that apply to a party and, if applicable, guidance and codes of practice issued by the relevant supervisory or data protection authority. Personal Data Breach: Means a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorized disclosure or access to the Shared Personal Data. Shared Personal Data: Means the Personal Data to be shared between the parties by virtue of this contractual relationship. Access Request: Means the right by a Customer or User to access or request a copy of the Data provided pursuant to Article 15 of the GDPR. Supervisory Authority: means the relevant supervisory authority in the territories where the parties to this Agreement are established. PURPOSE The present privacy and data protection policies, constitute the regulatory framework for the provision of Personal Data made by the Customer or the User. Likewise, these policies define the principles and procedures to which users must adhere and the responsibilities to be assumed during the commercial relationship. FUTSWAP requires the personal data of clients and users for the fulfillment of its obligations and diligences pertinent to the registration and knowledge of the client and to comply with the legal obligations of prevention of Money Laundering, Financing of Terrorism and Transfer of Funds (Information on the Payer) Regulation 2017 and other related legislation. FUTSWAP undertakes to process the customer's and user's personal data only for the following purposes:
    • (a) FUTSWAP's performance of its obligations under this business relationship; (b) Complying with all of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and any other applicable legislation. FUTSWAP will not process Users' personal data without the User's prior permission for purposes other than those previously stated.FUTSWAP will ensure users' compliance with applicable national data protection laws at all times during the term of the business relationship. It is noted and should be noted that in the event of a conflict between the data protection law of the United Kingdom and the data protection law of the customer's country of domicile, the law of the country that provides greater protection for the privacy and personal data of users will be preferred.SHARED PERSONAL DATAThe following types of Personal Data will be shared by users during the Term of the business relationship: name, address, date of birth, identification document numbers (such as driver's license or passport), photograph of the Customers (if natural persons) and of the directors and beneficial owners of the customer (if legal entities). Personal Data shared by customers and users will not be used for purposes other than those already agreed.DATA PROCESSINGFUTSWAP will ensure that it processes the personal data of shared customers and users in a fair and lawful manner.lawful manner. To the same extent it will ensure that it has the respective powers in accordance with the Data Protection legislation for the processing of the Shared Personal Data. Data protection legislation, for the processing of Shared Personal Data. The user is obliged to provide clear, truthful, real and sufficient information to FUTSWAP for the fulfillment of the purposes already the purposes already established, in the same way, expressly authorizes FUTSWAP to process his or her personal data directly or by means of directly or through a third party, for which the user also authorizes FUTSWAP to process his or her personal data directly or through a third party, for which the user also authorizes FUTSWAP to process his or her personal data directly or through a third party. FUTSWAP to share or transfer the personal data provided to a third party. If the Personal transferred outside of the EEA, FUTSWAP will fully inform the user of such transfer, the purpose of such transfer about such transfer, the purpose of such transfer and the security measures implemented by FUTSWAP to enable the transfer to take place. FUTSWAP to enable the customer to be fully aware of and understand the purpose and risks of such transfer. FUTSWAP undertakes to inform its users, in accordance with the Data Protection Legislation, of the purposes for which it will process their personal data, the legal basis for such purposes and any other information that may be required. purposes for which it will process their personal data, the legal basis for such purposes and any other information required by Article 14 of the GDPR, including required by Article 14 of the GDPR, which includes: (a) whether the Personal Data shared will be transferred to a third party, that fact and sufficient third party, that fact and sufficient information about such transfer and the purpose of such transfer to enable the data subject to understand. the purpose of such transfer. (b) If the Personal Data will be transferred outside the EEA, that fact and sufficient information about such transfer and the purpose of such transfer to enable the data subject to understand the purpose and risks of such transfer. the purpose and risks of such transfer. (b) If the Shared Personal Data will be transferred outside of the EEA, this fact and sufficient information about such transfer, the purpose of such transfer, and the security measures implemented by FUTSWAP to enable the user to understand the purpose and risks of such transfer. said transfer. RIGHTS OF THE DATA HOLDER FUTSWAP undertakes to provide the necessary assistance and to allow users who own the data exercise their protection rights under the legal regulations, this within the time limits imposed by the Data Protection Legislation.   FUTSWAP will be responsible for keeping a record of individual requests for information, decisions taken and any information that has been exchanged with users. The records will include copies of the request for information, details of the data accessed and shared and, where appropriate, notes of any meeting, correspondence or phone calls related to the application. DATA RETENTION AND DELETION FUTSWAP will not retain or process Personal Data shared before or after user's business relationship, however, FUTSWAP will continue to retain Personal Data shared in accordance with applicable regulatory, professional and/or industry retention periods. FUTSWAP will ensure that all shared Personal Data is returned to the user or destroyed once the processing of the Personal Data is no longer necessary for the fulfillment of the purposes for those that were initially shared. Following deletion of Shared Personal Data in accordance with FUTSWAP will notify the user that the Shared Personal Data in question has been deleted. DATA TRANSFERS The transfer of personal data means any exchange of personal data by FUTSWAP with a third party, and will include, among others, the following items: (a) Subcontract the processing of Personal Data shared; (b) Grant a third party controller access to Shared Personal Data. FUTSWAP will designate to a third party processor to process the Shared Personal Data, for which you will comply with Article 28 and Article 30 of the GDPR. FUTSWAP may not transfer the Customer's Shared Personal Data to a third party located outside the EEA, with exception of the following requirements: (a) The third party complies with the provisions of articles 26 of the RGPD (in case the third party is a joint controller); Y. (b) ensures that: (i) The transfer is to an approved country by the European Commission as a provider of adequate protection in accordance with article 45 of the RGPD; (iii) there are appropriate safeguards in accordance with article 46 of the GDPR; or (iii) one of the exceptions for specific situations in the article 49 of the GDPR applies to the transfer. SECURITY AND DATA PROTECTION User will only provide Shared Personal Data to FUTSWAP using secure methods. For its part, FUTSWAP undertakes to take all appropriate technical and organizational security measures
    1. My personal data may/will be disclosed by Futswap Markets KB to its third party service providers or agents (including its lawyers/law firms), for one or more of the Purposes, as such third party service providers or agents, if engaged by Futswap Markets KB, would be processing my personal data for Futswap Markets KB for one or more of the Purposes.
    1. By clicking ACCEPT, I represent and warrant that I am the user and/or subscriber of the phone and email address as set out in my application form, account opening documents and/or otherwise provided by me or possessed by Futswap Markets KB, and that I have read and understood all of the above provisions, including the Personal Data Protection Terms and Conditions.
    1. Regional restrictions: Albania, Barbados, Birmania/Myanmar, Burkina Faso, Corea del Norte, Emiratos Arabes Unidos, Filipinas, Gibraltar, Haití, Irán, Islas Caiman, Jamaica, Jordania, Malí, Mozambique, Nigeria, Panama, Republica Democrática del Congo, Senegal, Siria, Sudáfrica, Sudán del Sur, Tanzania, Turquía, Uganda, Yemen, American Samoa, Anguilla, Dominica, Fiji, Guam, Palau, Samoa, Seychelles, Trinidad and Tobago, US Virgin Islands, Vanuatu.
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