Privacy Policy
1. GENERAL PROVISIONS
1.1. Definitions
“CASP” means the Crypto Asset Services Provider, a legal entity registered in the Republic of Cyprus and authorized by the Cyprus Securities and Exchange Commission (CySEC) under the Law for the Prevention and Suppression of Money Laundering Activities and in accordance with Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA).
“CASP’s Representative” means any employee or authorized agent of the CASP acting on its behalf in the execution of specific operations related to the provision of crypto-asset services to the Client.
“CASP’s Custody Account” means the wallet or account, held by the CASP or with a third-party custodian, used for safekeeping Clients’ crypto-assets, including wallets holding pooled client funds, in accordance with the safekeeping rules established by the CASP and applicable law.
“Rules” mean the documents forming part of the Agreement and available on the CASP’s Website, including the terms for conflict of interest management, complaints handling, client classification, and other internal procedures required by law or regulation. These Rules apply to all Client relationships that are or were valid during their respective enforcement period.
“Custodian” means any licensed entity (wallet provider, virtual asset custodian, crypto exchange, or financial institution) that holds or processes crypto-assets on behalf of the CASP in accordance with applicable laws and regulations.
“Fee Schedule” means the list of fees and charges applicable to the Services as published on the CASP’s Website, forming an integral part of the Agreement.
“Imperative Standards” mean mandatory legal and regulatory requirements under Cypriot law or EU regulations (including MiCA and AMLD5/6) which cannot be contractually waived or altered to the detriment of the Client.
“Inactivity Fee” means a periodic fee charged to Clients who have not executed any transactions in their account over a consecutive period of 24 months and have a positive balance.
“Crypto-Asset” means a digital representation of value or rights that can be transferred and stored electronically, including cryptocurrencies, stablecoins, utility tokens, and other tokens falling within the scope of Regulation (EU) 2023/1114.
“Ancillary Service” means a service related to crypto-assets (such as custody, portfolio management, or advisory services) provided by the CASP that complements the primary investment service.
“Investment Service” means any crypto-asset service falling within the regulated scope under Regulation (EU) 2023/1114 and provided by the CASP, including trading, exchange, and order execution.
“Complaint” means a written expression of dissatisfaction submitted by the Client in relation to the Services, as handled according to the CASP’s complaint-handling procedures.
“Dashboard” means the secure Client interface accessible via the CASP’s Website, used for account administration, transaction initiation, and access to services and reports.
“Trading Platform” means the CASP’s software or web-based interface enabling Clients to access Services, place orders, execute transactions, and manage their crypto-assets online.
“Client’s Representative” means any person lawfully authorized to represent the Client and whose identity and authority have been verified and accepted by the CASP in line with internal procedures and KYC/AML obligations.
“Client” means any natural or legal person who has entered into a valid Agreement with the CASP for the provision of crypto-asset services.
“Client Data Processing Policy” means the policy explaining how the CASP processes, stores, and protects the personal data of Clients in accordance with GDPR and other applicable data protection laws.
“Client’s Bank Account” means the fiat bank account or payment service account designated by the Client and accepted by the CASP for transferring fiat funds to and from the trading account.
“Client Classification Policy” means the document outlining the classification of Clients (e.g. retail or professional) in accordance with CASP internal policies or applicable regulatory requirements.
“Client Asset Safekeeping Policy” means the document detailing how the CASP secures, segregates, and protects Clients’ crypto-assets and fiat funds in accordance with MiCA and other applicable regulations.
“Client Relationship” means the legal and contractual relationship established between the CASP and the Client by virtue of the Agreement.
“Third Party” means any individual or legal entity that is not a Party to the Agreement.
“Account” means the Client’s trading account with the CASP, used for registering Transactions, Orders, Crypto-Asset holdings, balances, and related operations.
“Account Currency” means the base fiat or crypto currency selected by the Client for account reporting and valuation purposes.
“Corporate Action” means any event initiated by a Crypto-Asset issuer that affects the rights, obligations, or valuation of the asset, such as token burns, airdrops, hard forks, or staking changes.
“Order” means an instruction by the Client to the CASP to execute a specific operation, including crypto-asset purchase, sale, transfer, or conversion.
“Agreement” means the contractual agreement between the CASP and the Client for the provision of crypto-asset services, which includes these General Terms, the Service Terms, the Rules, and the Fee Schedule.
“Best Execution Policy” means the CASP’s internal policy ensuring that Client Orders are executed in the best possible manner with regard to price, costs, speed, and other relevant factors.
“Party” means either the CASP or the Client.
“Service” means any crypto-asset related service provided by the CASP, including trading, exchange, safekeeping, and related technical or ancillary services.
“Service Terms” mean the specific terms governing the provision of particular Services by the CASP, including platform usage terms, order execution, and supported assets.
“Transaction” means any executed operation involving the exchange, transfer, purchase, or sale of a Crypto-Asset through the CASP.
“Transaction Order” means an instruction issued by the Client for the CASP to initiate a Transaction.
“Security Credentials” mean authentication tools used to access the Client’s Account or authorize Orders, including usernames, passwords, 2FA codes, or biometric identifiers.
“Website” means the official website of the CASP where the Client can access the Dashboard, policies, legal documentation, and other service-related information.
“General Terms” mean this document which defines the legal framework for the Client relationship and forms an integral part of the Agreement.
2. APPLICABILITY OF GENERAL TERMS
1.2.1 These General Terms apply to all Client relationships effective from the date of enforcement and shall govern all current and future interactions with the Client unless otherwise agreed.
1.2.2 In addition to these General Terms, the following shall apply:
• 1.2.2.1 The terms of the Agreement between the CASP and the Client, including any Service Terms, internal Rules, and other binding terms issued by the CASP;
• 1.2.2.2 The applicable Payment Terms and Conditions;
• 1.2.2.3 The laws and regulations of the Republic of Cyprus, including any binding directives or circulars issued by the Cyprus Securities and Exchange Commission (CySEC);
• 1.2.2.4 Where transactions involve foreign jurisdictions or foreign-domiciled crypto assets, the applicable laws of those jurisdictions, along with the rules of foreign exchanges, registries, or any other competent authorities, may apply.
1.2.3 – 1.2.5 In the event of any inconsistency:
• Service Terms shall take precedence over General Terms;
• Internal Rules shall override Service and General Terms;
• The Agreement takes precedence over all other terms;
1.2.6 For interpretation purposes, in the event of any conflict between the English and another language version of the Agreement or these General Terms, the English version shall prevail, unless otherwise specified.
1.2.7 If any provision is found invalid or unenforceable, it shall not affect the validity or enforceability of the remaining provisions.
1.3 Changes to the General Terms
1.3.1 The CASP may unilaterally amend these General Terms, Service Terms, Rules, or Payment Terms and Conditions by providing notice on its website or through other appropriate means no less than 15 calendar days prior to the effective date.
1.3.2 If the Client disagrees with any amendment, they may terminate the Agreement before the effective date by submitting written notice and complying with account closure procedures.
1.3.3 In justified cases (e.g., legal errors, immaterial impact, or regulatory changes), amendments may be made without prior notice. These will be published immediately on the CASP's website.
1.3.4 In such cases, the Client may terminate the Agreement within 5 business days of the updated terms being disclosed.
1.3.5 If the Client does not exercise the right of termination, they shall be deemed to have accepted the changes.
1.4 Document Requirements
1.4.1 – 1.4.6 The CASP may require original or certified copies of documents, apostille/legalisation for foreign documents, and translations into English or Greek by sworn translators. The CASP may retain or copy submitted documents and is not obliged to accept non-compliant submissions. All document preparation costs shall be borne by the Client.
1.5 Signing Requirements
1.5.1 – 1.5.3 The CASP accepts handwritten or qualified electronic signatures in accordance with EU eIDAS Regulation. The CASP may require physical presence, notarisation, or similar verification for any signature at its discretion.
2. Rights of the CASP in Prevention of Money Laundering and Terrorist Financing
2.1 The CASP has the right to implement any necessary measures to prevent money laundering and terrorist financing, including:
• 2.1.1 – 2.1.4 Identification and verification of the Client and their representatives, ultimate beneficial ownership (UBO), source of funds, and nature of the transaction;
• 2.1.5 Imposing account restrictions or closing transactions if data is insufficient or suspect;
• 2.1.6 – 2.1.9 Monitoring, withholding transactions, rejecting deposits from third parties, disallowing cash settlements, and requesting any data needed for AML compliance. Payments may only be accepted from EEA or equivalent jurisdictions.
2.2 Any delay or refusal in execution of transactions or provision of services under these rights does not constitute breach of contract by the CASP. The CASP is not obliged to notify or justify such actions unless required by law.
3. IDENTIFICATION, REPRESENTATION AND SECURITY ELEMENTS OF THE CLIENT
3.1. Identification of the Client
3.1.1. In establishing a business relationship and providing crypto-asset services, the CASP is required to conduct Customer Due Diligence (CDD) under the AML Law (188(I)/2007) and MiCA, and the Client or their representative must provide all necessary information and documentation.
3.1.2. Identification of natural persons must be carried out using a valid government-issued photo ID (e.g. passport, Cypriot identity card, EU driving licence), verified via in-person, video identification or eIDAS-compliant remote identification systems.
3.1.3. Cypriot legal entities must be identified via a recent extract from the Department of Registrar of Companies or other corporate documents as required by CySEC guidelines.
3.1.4. Foreign legal entities must be identified using a certified registry extract from their home country and any legalised or apostilled documents as required by CySEC.
3.1.5. CASPs may identify Clients through secure electronic means accepted by CySEC (e.g. Qualified Electronic Signatures (QES), video KYC, or AML-compliant remote onboarding tools).
3.2. Representation of the Client
3.2.1. A Client’s representative must present duly certified documentation (e.g. power of attorney, board resolution) in line with Cypriot law and CASP internal policies.
3.2.2. CASPs may require notarisation or equivalent certification of representation documents, especially for foreign entities or high-risk clients.
3.2.3. CASPs may consider the representation valid until official notification or evidence is provided of changes (e.g. revocation, expiry, or reassignment of authority).
3.2.4. CASPs may request re-verification at any time. Transactions for individuals may require personal execution, and legal persons must act through verified representatives.
3.2.5. Clients must notify the CASP of any change in representation or legal authority, including revocation of powers of attorney—even if the change is published in official registers or media.3.3. Security Elements
3.3.1. After successful onboarding, CASPs provide Clients with login credentials, 2FA tokens, or private key management protocols to access crypto services.
3.3.2. The Client acknowledges that CASPs cannot always verify if access is made by the Client or a third party using the provided security credentials. The Client must not allow third-party access to their wallets or dashboards, unless explicitly authorised.
3.3.3. The Client agrees to safeguard their security credentials (e.g. passwords, API keys, recovery phrases, private keys), to prevent unauthorised access to the account, platform, or services.
3.3.4. The Client accepts responsibility for all actions and orders made via their security elements, including those by authorised representatives. CASPs will treat such actions as valid Client instructions.
3.3.5. The Client must immediately notify the CASP in case of suspected compromise or unauthorised use of their security credentials or those of their representatives.
4. CLASSIFICATION OF THE CLIENTS
4.1. Classification of the Clients
4.1.1. CASPs will classify Clients in line with MiFID II principles (if applicable) and CySEC guidelines, as either retail, professional or eligible counterparties, where applicable to crypto-asset services. If not otherwise notified, all Clients are treated as retail Clients, with the highest level of protection.
4.1.2. Professional Clients are obliged to inform the CASP of any change that could affect their classification status.4.2. Assessment of Appropriateness
4.2.1. CASPs must assess the Client’s knowledge, experience, and risk tolerance prior to offering crypto-asset services, especially those involving complex products (e.g. derivatives, leveraged tokens, staking products). Appropriateness checks may be bypassed under these conditions:
• The transaction is initiated by the Client (execution-only service), and
• The crypto-asset involved is classified as non-complex under MiCA and/or CySEC criteria.
4.2.1.3. CASPs must clearly warn the Client that no appropriateness assessment will be conducted in execution-only cases, and that this may reduce investor protection.
4.2.2. If, based on available data, the CASP determines the service may not be appropriate, the Client will be warned. If the Client proceeds, they assume full responsibility.
4.2.3. The Client must provide all required data/documents to allow the CASP to assess service appropriateness and meet legal obligations.
4.2.4. If insufficient or inaccurate data is provided, the CASP may be unable to assess suitability or provide services.
5. SAFEKEEPING AND ACCOUNTING OF CLIENT ASSETS
5.1. Account Opening
5.1.1. Following successful Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, the CASP shall open one or more Client Wallets or Accounts upon application. The CASP reserves the right to refuse to open an account or restrict the number or type of accounts at its discretion. Clients must comply with any request to consolidate or reduce their number of accounts.
5.1.2. Digital assets (including cryptocurrencies and tokens) and fiat funds held for Clients shall be recorded on their respective Client Wallets or Accounts. Where assets are held in omnibus or pooled wallets, these shall be maintained in the name of the CASP but clearly segregated on the internal ledger for each Client, in accordance with applicable laws and internal safeguarding procedures.
5.2. Safekeeping of Client Funds
5.2.1. Fiat funds are safeguarded in a separate client bank account held with an EU-authorized credit institution or electronic money institution, as disclosed on the CASP’s website.
5.2.2. Clients must use the CASP’s platform interface to make deposits and receive payment instructions, including designated IBANs or payment reference details.
5.2.3. By entering into a service agreement, the Client expressly consents, pursuant to CySEC Circulars and the Law, to the co-mingling of funds in client accounts, provided appropriate segregation is maintained on the books and records of the CASP.
5.2.4. Funds are safeguarded in accordance with Cypriot legal requirements and practices applicable to the credit or payment institutions acting as fund custodians. If such custodians are in foreign jurisdictions, the Client acknowledges that rights may differ from protections under Cypriot law.
5.2.5. Funds may be held in euros or other accepted fiat currencies, as listed on the CASP’s platform.
5.2.6. The CASP may apply relevant restrictions, including currency exchange limitations, due to third-country correspondent bank constraints.
5.2.7. Unless otherwise agreed, fiat obligations must be settled in the same currency as incurred.
5.2.8. Where funds are received in a different currency than the Account’s base currency, the CASP may convert them in accordance with its Payment and Exchange Terms without prior notice to the Client.
5.2.9. Withdrawals to a Client's nominated bank account must be initiated through the platform using prescribed procedures.
5.2.10. No interest will accrue on funds held by the CASP for Clients unless explicitly agreed otherwise.
5.3. Safekeeping and Accounting of Crypto-Assets
5.3.1. Crypto-assets are received and safeguarded in hot or cold storage wallets controlled by the CASP or a third-party custodian. The CASP has full discretion to determine which digital assets are supported and may reject assets for safekeeping or trading.
5.3.2. Client assets are clearly segregated in the CASP’s internal ledger and do not form part of the CASP’s own assets or bankruptcy estate, in compliance with Article 61 of the AML Law and relevant CySEC requirements.
5.3.3. The Client consents to the holding of digital assets in omnibus (nominee) wallets with segregated recordkeeping.
5.3.4. The CASP may use third-party crypto custodians meeting minimum operational and regulatory standards. Such arrangements do not constitute outsourcing under CySEC Directive DI87-01 unless a critical function is delegated.
5.3.5. The CASP is not liable for loss, theft, or custodian failure unless due diligence obligations were breached.
5.3.6. Where assets are held with foreign custodians, local laws may affect the enforceability of Client rights.
5.3.7. In jurisdictions without asset segregation requirements, assets may be held in pooled accounts or wallets if the nature of the crypto-asset requires it, or with the Client’s consent.
5.3.8. The CASP will disclose on its website where segregation is not guaranteed and outline the resulting risks.
5.3.9. The Client authorizes the CASP to pledge or use Client crypto-assets to meet due payment obligations under the Agreement or with third-party custodians, as required.
5.3.10. The CASP may impose restrictions on assets where required by sanctions, AML laws, or other regulatory obligations.
5.3.11. Custodians may impose encumbrances on Client assets under applicable law or agreements with the CASP; CASP liability is limited where legally justified.
5.3.12. The Client agrees the CASP may liquidate crypto-assets to recover unpaid fees or penalties without prior notice, at market rates.
5.3.13. If access to Client assets is restricted by third-country regulations, sanctions, or court orders, the CASP has no liability for non-performance. Assets will be returned only after restrictions are lifted.
5.3.14. A statement of held crypto-assets shall be provided at least annually, in accordance with regulatory reporting obligations.
5.4. Rights and Obligations Related to Digital Assets
5.4.1. The Client must independently monitor and comply with all rights and duties arising from digital assets, including governance or staking rights.
5.4.2. The CASP may notify the Client of relevant events (forks, token upgrades, governance votes) at its discretion but is not liable for missed information.
5.4.3. The CASP may collect and credit staking rewards or other disbursements to the Client Account. Transfer of such proceeds may be delayed if amounts are insufficient to cover transfer fees.
5.4.4. The Client is responsible for liabilities arising from ownership or activity involving digital assets.
5.4.5. Taxes, duties, or fees withheld by the CASP or third parties (e.g., networks or custodians) are deducted from distributions.
5.4.6. If a digital asset allows disbursement in kind or cash, the CASP may select the form of payment.
5.4.7. If funds or tokens are received post-account closure, the CASP will attempt to notify the Client. If no instruction is given within 30 days, the CASP may dispose of the assets in accordance with its asset abandonment policy.
5.4.8. The Client may submit instructions to the CASP to vote or take actions related to on-chain governance, subject to CASP operational capacity and applicable fees.
5.4.9. The CASP may act in the Client’s name when executing rights related to digital assets, where such actions do not require express consent.
6. FORWARDING OF NOTICES, ACCOUNT & TRANSACTION INFORMATION
6.1. Forwarding of Notices
The CASP shall communicate with the Client through the communication channels agreed during onboarding, including electronic mail, the Client Dashboard, or other secure electronic means.
All communications shall be provided in a durable medium and in a manner ensuring:
confidentiality,
data integrity, and
compliance with applicable data protection laws.
The CASP may use strong customer authentication (e.g. 2FA) where communications involve sensitive or transactional information.
The Client agrees that electronic communication constitutes valid and binding communication.
6.2 Account & Transaction Information
The CASP shall provide the Client with timely and accurate information regarding transactions, balances, and account activity via the Dashboard or other agreed channels.
The CASP shall:
• make account statements available on a regular basis,
• maintain records for at least five (5) years, in accordance with applicable AML and regulatory requirements.
The Client must review all information and notify the CASP of any discrepancies without undue delay.
7. SUBMISSION & EXECUTION OF ORDERS
7.1. Submission of Orders
The Client may submit Orders through the CASP’s platform or other approved channels.
The CASP may require:
• sufficient funds or crypto-assets prior to execution,
• compliance with technical and operational requirements.
An Order shall be considered valid only once accepted by the CASP.
7.2. Rejection of Orders
The CASP reserves the right to reject any Order, including where:
• the Order is incomplete or incorrect,
• there are insufficient funds,
• there are suspicions of fraud, market abuse, or AML/CFT concerns,
• execution would violate applicable laws or internal policies.
The CASP shall not be liable for any loss resulting from rejection of an Order.
7.3 Execution of Orders
The CASP shall execute Orders in accordance with its Best Execution Policy, aiming to achieve the best possible result for the Client.
The CASP may:
• execute Orders against its own book or through third parties,
• aggregate Orders with those of other Clients.
Where the Client provides specific instructions, the CASP may be unable to achieve best execution.
7.4 Transaction Confirmations
The CASP shall provide confirmation of executed Transactions via the platform or other agreed means.
Confirmations may be based on:on-chain records, or internal (off-chain) records.
The Client must notify the CASP of any discrepancies within 24 hours, without prejudice to statutory rights.
7.5 Failures in Processing Orders
The CASP shall not be liable for failure or delay in execution due to:
• technical failures,
• system outages,
• third-party service disruptions.
The CASP shall act in good faith and may provide alternative execution methods where possible.
8. RESTRICTIONS OF DISPOSAL OF ACCOUNT AND ACCOUNT CLOSING
8.1 Blocking and Suspension of AccountsThe CASP reserves the right to block, suspend, or restrict access to a Client’s Account, in whole or in part, where:a) such action is required by applicable law, regulation, or order of a competent authority;
b) there are reasonable grounds to suspect fraud, money laundering, terrorist financing, or other unlawful activity;
c) the Client breaches any provision of the Agreement;
d) the CASP is unable to verify the Client’s identity or required information;
e) such action is necessary to protect the security or integrity of the CASP’s systems or the Client’s assets.Where legally permitted, the CASP shall inform the Client of such restriction without undue delay.
8.2 Restrictions on Disposal of AssetsThe CASP may restrict or refuse any instruction to dispose of assets held in the Client’s Account where:a) the assets are subject to legal, regulatory, or contractual restrictions;
b) the assets are subject to third-party rights, liens, or encumbrances;
c) the instruction is inconsistent with applicable laws, sanctions, or internal policies;
d) the CASP reasonably believes that execution of the instruction may result in financial loss, legal exposure, or regulatory breach.The CASP shall not be liable for any loss resulting from such restrictions, provided that it has acted in accordance with applicable laws and in good faith.
8.3 Account SuccessionIn the event of the Client’s death (for natural persons) or dissolution/liquidation (for legal entities), the CASP shall act in accordance with applicable laws and valid legal documentation, including:certificates of inheritance, court orders, or authorized instructions from legally appointed representatives.The CASP reserves the right to request additional documentation before releasing any assets.
8.4 System Maintenance and AvailabilityThe CASP may carry out scheduled or unscheduled maintenance of its systems, platforms, or infrastructure.Where reasonably possible, the CASP shall provide prior notice of any scheduled maintenance that may affect access to services.The CASP shall not be liable for any loss resulting from temporary unavailability of services due to maintenance, technical issues, or circumstances beyond its control, provided that it acts in good faith and takes reasonable steps to restore services.
8.5 Account ClosingThe Client may request closure of the Account at any time, subject to:full settlement of all outstanding obligations, andcompletion of any required verification procedures.The CASP may terminate the Client relationship:a) upon reasonable notice; or
b) with immediate effect where required by law or in case of material breach by the Client.Upon termination, the CASP shall, subject to applicable law:liquidate or transfer the Client’s assets as instructed, andreturn any remaining balance to the Client’s nominated account within a reasonable timeframe.
8.6 Extraordinary TerminationThe CASP reserves the right to terminate the Agreement with immediate effect where:a) the Client has materially breached the Agreement;
b) the CASP is required to do so under applicable law or regulatory obligation;
c) continued provision of services would expose the CASP to legal, regulatory, or reputational risk.In such cases, the CASP may:restrict access to the Account,liquidate assets where necessary to settle outstanding obligations, andtransfer remaining funds in accordance with applicable legal requirements.
9. INACCURATE ENTRIES
• 9.1. This would require clients of CySEC-regulated CASPs to promptly notify the provider if funds or crypto-assets are transferred erroneously, and to return such assets within three business days, aligning with standard legal practices for financial institutions.
• 9.2. If the error is caused by the client (e.g., due to inaccurate instructions), the client would be liable for covering the cost of the correction, including any fees incurred by the service provider. This is relevant in crypto transactions where blockchain errors or misdirected transfers can occur.
• 9.3. The CASP (MONTES AURI LIMITED in this case) could reserve the right to reverse or debit mistaken transfers, as is typical in financial regulations. This might also apply to cryptocurrency assets, provided the CASP has control over the platform's wallets or custodial assets.
• 9.4. This clause could reflect the CASP's ability to cancel or reverse trades that were made based on incorrect transfers of funds or crypto-assets, preventing misuse or errors that might affect the client or the service provider.
• 9.5. If the client fails to return the erroneously transferred funds or assets within the specified period, the CASP may seek compensation for damages. This could be particularly important in crypto transactions, where asset recovery can be difficult.
• 9.6. If the CASP mistakenly debits the client's account, it would be obligated to return the funds or assets, ensuring fairness and transparency in operations, which is consistent with regulatory requirements.
10. SERVICE FEES AND DEBTS
• 10.1. This clause would apply to CASPs who charge service fees for managing crypto-asset transactions, custodial services, and other offerings. These fees should be clearly outlined in the client agreement and the CASP’s terms.
• 10.2. Similar to traditional financial institutions, the CASP must disclose any fees associated with their services in the Payment Terms and Conditions, which is important for transparency and regulatory compliance under CySEC.
• 10.3. The CASP can charge for accepting orders, such as trading or withdrawal requests, and the client must cover any costs incurred during the provision of the service.
• 10.4. If there are insufficient funds or assets in the client’s account to cover these fees, the CASP may debit the fees from the client’s account, which is common in both traditional and crypto services.
• 10.5. The timing of the fees being debited (on the transaction date) ensures alignment with the completion of any related financial actions.
• 10.6. This section is important because it details that additional costs may arise from providing services that are not explicitly covered in the agreement, such as legal or notarial fees. This could also extend to costs associated with crypto-asset management, including regulatory compliance, auditing, and more.
• 10.7. For operations that were not specified in the agreement but incurred additional costs, the CASP has the right to charge clients based on actual expenses, and clients can request invoices for such expenses.
• 10.8. If the client violates their obligations (such as failing to maintain sufficient funds or assets), they may incur fines or penalties, a common provision in financial agreements.
• 10.9. If there are multiple accounts or assets involved, the CASP can debit any account associated with the client to cover fees or debts. This could include crypto wallets or any other assets held under the client’s name.
• 10.10. Fees and other debts will typically be deducted in the same currency or asset type (e.g., fiat or cryptocurrency), and this ensures consistent and transparent operations.
• 10.11. If the currency or asset used for a transaction is different from the account's base currency, the CASP will convert the necessary amount using the official exchange rate, ensuring fairness for both parties.
• 10.12. This clause provides flexibility for the CASP in case there is a shift in the currency or legal tender, such as a switch between different cryptocurrencies or the introduction of a new national currency, which can impact how client accounts are handled.
• 10.13. The inactivity fee clause could apply to client accounts that are dormant for extended periods. This is important for CASPs, particularly in the crypto space, where inactive accounts might still accumulate fees due to market fluctuations or ongoing costs related to account maintenance.
• 10.14. Clients will be informed of all fee deductions, which aligns with the regulatory requirement of transparency in client financial dealings, including for crypto assets.
• 10.15. This clause provides a legal basis for offsetting any outstanding balances, ensuring that the CASP has recourse in case of debt.
11. CLIENT CONFIRMATIONS AND OBLIGATIONS
11.1. By submitting the client application and placing any Order, the Client confirms that:
11.1.1. It has read, understood, and agrees to be bound by the Agreement, General Terms, Risk Disclosure, AML Policy, and any other legal or regulatory documents published on the Website, and undertakes to comply with them;
11.1.2. It has carefully reviewed the risks associated with crypto-asset transactions, including volatility, liquidity risks, technology and cybersecurity risks, and acknowledges the speculative and high-risk nature of such investments;
11.1.3. It agrees that communication, order placement, and service provision shall be conducted electronically through the CASP's platform or website and this method is appropriate for their relationship with the CASP;
11.1.4. It has provided accurate, complete, and up-to-date information regarding its identity, financial status, knowledge and experience in crypto-asset trading, and investment objectives, and undertakes to update such information promptly when changes occur;
11.1.5. It understands that if required information is not provided, the CASP may be unable to assess the appropriateness or suitability of services or products and may refuse to provide certain services;
11.1.6. It acknowledges that if the CASP warns the Client that a crypto-asset or service may not be appropriate, yet the Client proceeds, the Client does so at their own risk;
11.1.7. It understands that for certain non-complex crypto-assets or services (as defined under applicable law), the CASP is not required to perform a suitability or appropriateness assessment;
11.1.8. It agrees not to use the platform or Services for any unlawful purposes, including money laundering, terrorist financing, market abuse, or fraud, and shall not misuse the Services in bad faith;
11.1.9. It acknowledges that insider dealing, market manipulation, or other prohibited activities under Regulation (EU) 596/2014 or MiCA are criminal offenses and subject to penalties under applicable law;
11.1.10. It has full legal capacity and authority to enter into the Agreement and place orders on its own behalf and has not been subject to any insolvency or disqualification;
11.1.11. It is acting for its own account and not on behalf of any third party unless otherwise explicitly stated and documented;
11.1.12. It understands that placing an Order constitutes an offer which may be accepted by the CASP or a third party and may result in a binding transaction;
11.1.13. It accepts that the CASP may act as the counterparty in a transaction or may route the order to third parties and is not obligated to disclose such details unless required by law;
11.1.14. It agrees to indemnify and hold harmless the CASP from liabilities towards third parties that arise due to the Client's use of Services or breach of Agreement;
11.1.15. It acknowledges having reviewed the CASP’s Order Execution Policy and understands that specific instructions from the Client may prevent the CASP from following its execution policy;
11.1.16. It agrees that Orders may be aggregated with those of other clients, which may in some cases be disadvantageous, though not intentionally detrimental;
11.1.17. It accepts all risks associated with trading in crypto-assets, including reliance on third-party market information or insights provided via the CASP’s platform;
11.1.18. It understands that its crypto-assets and fiat funds may be held in omnibus accounts, hot or cold wallets, or nominee structures, and acknowledges the associated legal and operational risks, including insolvency of custodians;
11.1.19. It agrees that crypto-assets may be held with third-party custodians or wallet providers, including in jurisdictions outside the EEA, and that foreign laws may affect the enforceability of rights;
11.1.20. It acknowledges that in some cases, assets may be commingled and not segregated on-chain, potentially making it difficult to identify individual ownership in insolvency scenarios;
11.1.21. It agrees that the CASP may, in accordance with applicable law and the Client’s instructions or consent, lend, pledge, or otherwise use Client crypto-assets in limited cases for liquidity provision or collateralization;
11.1.22. It authorizes the CASP to debit the Client's account to settle orders, fees, or charges in accordance with the Payment Terms and applicable law;
11.1.23. It acknowledges that the CASP has the right to impose restrictions on access to Services, accounts, or transactions, including suspensions and closures in case of suspicious or non-compliant activity;
11.1.24. It agrees to the processing and retention of its personal and transactional data in accordance with the CASP’s Data Privacy Policy and relevant EU data protection legislation;
11.2. The Client is obliged to notify the CASP immediately of any relevant changes, including:
• Name, contact details, or identification information;
• Loss or theft of ID documents, devices, or credentials;
• Changes in legal status (e.g. bankruptcy, liquidation);
• Changes in authorized representatives;
• Any other circumstance that may impact the business relationship.
11.3. The obligation to notify applies even if such information is available in public registries or through media.
11.4. The CASP may rely on the accuracy of the Client's data until notified of changes. The CASP shall not be liable for losses arising from reliance on outdated or incorrect Client data.
11.5. The Client is recommended to review and update their data annually. Contact details for the CASP's support are provided on the Website.
12.Client Data Processing
12.1 General Principles
The CASP shall process personal data of the Client in accordance with applicable data protection laws, including Regulation (EU) 2016/679 (General Data Protection Regulation – GDPR) and any applicable national legislation.Personal data shall be processed lawfully, fairly, and transparently, and only for specified, explicit, and legitimate purposes.
12.2 Purposes of Processing
The CASP shall process personal data for the following purposes:a) performance of the Agreement and provision of Services;
b) compliance with legal and regulatory obligations, including AML/CFT requirements;
c) prevention, detection, and investigation of fraud, market abuse, and other unlawful activities;
d) risk management, internal reporting, and audit;
e) improvement of services and operational efficiency.
12.3 Legal Basis for Processing
The CASP processes personal data based on one or more of the following legal grounds:a) performance of a contract to which the Client is a party;
b) compliance with a legal obligation to which the CASP is subject;
c) legitimate interests pursued by the CASP, provided such interests are not overridden by the Client’s rights and freedoms;
d) where applicable, the Client’s consent.
12.4 Data Sharing and Transfers
The CASP may share personal data with:a) regulatory authorities, supervisory bodies, and law enforcement agencies;
b) third-party service providers, including custodians, payment providers, IT providers, and professional advisors;
c) entities within the CASP’s group, where applicable.Personal data may be transferred outside the European Economic Area (EEA), provided that appropriate safeguards are in place, including:- adequacy decisions of the European Commission; or
- standard contractual clauses or other lawful transfer mechanisms.
12.5 Data Retention
The CASP shall retain personal data only for as long as necessary to fulfill the purposes for which it was collected, including:- compliance with legal and regulatory obligations (including AML laws requiring retention for at least five (5) years); and
- resolution of disputes and enforcement of agreements.
12.6 Data Subject Rights
The Client has the right, subject to applicable law, to:- access their personal data;
- request rectification of inaccurate or incomplete data;
- request erasure of personal data;
- request restriction of processing;
- object to processing based on legitimate interests;
- request data portability;
- withdraw consent at any time, where processing is based on consent.The Client also has the right to lodge a complaint with a competent data protection supervisory authority.
12.7 Security of Data
The CASP shall implement appropriate technical and organizational measures to ensure a level of security appropriate to the risk, including protection against:- unauthorized or unlawful processing;
- accidental loss, destruction, or damage.
12.8 Privacy Policy
Further details on the processing of personal data are available in the CASP’s Privacy Policy,.
13. CONFLICT OF INTERESTS
MONTES AURI LIMITED maintains and operates effective organizational and administrative arrangements, including a conflict of interest policy, to identify, prevent, and manage conflicts of interest. This policy ensures that the interests of the Clients are not adversely affected. A detailed summary of AM’s conflict of interest policy is available on its website and is provided to Clients upon request.
14. OUTSOURCING OF MONTES AURI LIMITED’S OBLIGATIONS
MONTES AURI LIMITED ensures that any outsourcing of critical or important operational functions is conducted in accordance with CySEC’s outsourcing guidelines. MONTES AURI LIMITED remains fully responsible for the outsourced activities and undertakes due diligence and ongoing monitoring of the third-party service providers to ensure compliance with applicable laws and regulations.
15. LIABILITY OF THE PARTIES
15.1 The CASP shall be liable for losses resulting from:
• willful misconduct,
• gross negligence,
• breach of applicable laws or regulatory obligations.
15.2 The CASP shall not be liable for:
• indirect or consequential losses,
• losses arising from market fluctuations,
• losses caused by third-party service providers, unless due diligence obligations were breached.
15.3 Nothing in this Agreement shall exclude liability where such exclusion is prohibited by law.
16. CANCELLATION OF THE AGREEMENT
Upon termination, MONTES AURI LIMITED shall return any remaining assets or funds held on behalf of the Client, unless otherwise required by law or regulatory authority. MONTES AURI LIMITED retains Client data for at least five (5) years post-termination in compliance with applicable AML/CFT obligations.
17. SETTLEMENT OF DISPUTES AND JURISDICTION
Clients may refer disputes to an Alternative Dispute Resolution body registered with the Ministry of Commerce of Cyprus or the Financial Ombudsman of Cyprus, as applicable. MONTES AURI LIMITED cooperates with relevant authorities in the event of cross-border disputes.
18. APPLICABLE LAW
This Agreement shall be governed by and construed in accordance with the laws of the Republic of Cyprus.
Any disputes arising out of or in connection with this Agreement shall be subject to the jurisdiction of the courts of Cyprus, unless otherwise required by applicable law or regulatory framework.