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Last Updated: February 2024
Veli UAB (“Veli” or “us” or “we” or “our“) is a private limited company registered in Lithunia with company number 306141861 and registered office address at Girulių g. 10, 201, Vilnius, Lithuania, 12112; and
“Client” or “you” or “your” means the person who makes use of the Services, i.e. cryptocurrency transaction and storage services provided by Veli.
Before using the Services offered by Veli, you agree that you have read, understood and accepted these General Terms and Conditions relating to the purchase or sale of available Cryptocurrencies, as well as storing of Cryptocurrencies in a cryptocurrency wallet.
These General Terms and Conditions regulate the contractual relationship between Veli and you as a Client, and, together with any other terms and conditions referred to in this document constitute the entire agreement between you and Veli regarding the Services. By registering with Veli, you agree to be bound by these General Terms and Conditions. If you do not agree with any of the provisions of these General Terms and Conditions, you should immediately cease using the Services.
Finally, the following Terms and Conditions, which regulate the relationship between Veli and the company which provides cryptocurrency transaction and storage services to Veli.
1.1 Through its website and mobile app, Veli offers you the “Services” to:
1.1.1 buy or sell available virtual assets (“Cryptocurrency“);
1.1.2 use available strategies for Cryptocurrencies;
1.1.3 trade between Cryptocurrencies; and
1.1.4 store your Cryptocurrencies in a cryptocurrency wallet offered by us.
1.2 We may suspend, modify, remove or add to the Services at any time.
2.1 As part of the Services, Veli may provide information on the price, range, or volatility of the Cryptocurrencies and events that have affected the price of Cryptocurrencies generally. Any such information provided is solely for your personal use and you may not redistribute it to any third party. Any communication between you and Veli cannot be considered as investment or financial advice. Veli will not provide you with any advice in connection with the Services. Any such information provided by Veli should not be relied upon for any investment decision – any decision to buy or sell Cryptocurrency rests solely with you. By using the Services, you confirm and acknowledge that you have sufficient knowledge, market knowledge and experience to make your own evaluation of the merits and risks of any transaction and that you have received professional advice thereon. If you are unsure whether a transaction is suitable for you, you should contact an independent financial adviser.
2.2 You hereby understand and acknowledge that through your use of Veli, you are not being represented by a regulated advisor. Certain aspects of the services available on Veli may provide access to such a professional (e.g. through a referral to advisory services). We advise you to consult the appropriate advisor, such as your attorney, accountant, or other professional.
3.1 You may only access the Services if:
3.1.1 You are over 18 years of age, i.e. over the legal age in your jurisdiction;
3.1.2You are a Veli member;
3.1.3 You have completed our AML and KYC processes outlined in Article 5 of these General Terms and Conditions to our satisfaction, and we may save such data on our systems for future use and verification; and
3.1.4 You are not resident of a Restricted Territory, i.e. you may not use the Services if you are located in or are a resident of certain countries or territories in which access to or use of the Services is prohibited by applicable law, decree, regulation, treaty, or administrative act, including without limitation the following countries: Afghanistan, Algeria, Bahrain, Bangladesh, Democratic Republic of Korea (North Korea), Egypt, Ethiopia, Indonesia, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Malaysia, Mali, Mauritius, Morocco, Nigeria, Occupied Palestinian Territories, Oman, Pakistan, Qatar, Russia, Saudi Arabia, Somalia, Somaliland, South Sudan, Sri Lanka, Sudan, Syria, Trinidad & Tobago, Tunisia, Turkey, United Arab Emirates, Vanuatu and Yemen (“Restricted Territories“). This list may change from time to time for reasons which include but are not limited to licensing requirements and any other legal and regulatory changes.
3.1.5 You are not an employee, independent contractor, agent, or affiliate of any competing provider of crypto asset management or tax compliance services, unless expressly permitted by Veli. By viewing, using, or accessing the Services, you represent and warrant that you are not a competitor of Veli, or acting on behalf of a competitor of Veli in using or accessing the Services.
4.1 Trading of Cryptocurrency by you: following your opening of an account with us, you will be able to purchase cryptocurrency from us, in exchange for EUR. The exchange rate for cryptocurrencies against EUR is shown within the Veli app.
4.2 Sale of Cryptocurrency by you: following your opening of an account with us and after opening a wallet with us, you will be able to sell Cryptocurrency to us, in exchange for EUR or another Cryptocurrency (for example, sell Ethereum and buy Bitcoin). When you wish to withdraw funds, you convert your Cryptocurrency to EUR at the exchange rate shown within the Veli app. Veli will then buy your cryptocurrency and credit your bank account with the EUR amount. The minimum sell amount is displayed on each strategy within the mobile application and a sale made for an amount below the minimum sell amount shall be rejected as invalid. In the event that your balance has dropped below the minimum amount, you will be required to top-up your balance to at least the minimum amount in order to be able to proceed with the sale.
4.3 By use of the Services, you may be provided access or referred to ancillary services, such as advisory services, for the use of which Veli charges entry fees¹. Any such advisors are independent and not employees of Veli. You acknowledge that in the event that you use the services of, or engage any such advisor, if you authorize such advisor to use the Services on your behalf, such advisor shall be exclusively responsible and liable towards you for any use of the Services or any losses caused thereof. To that effect, you acknowledge that Veli shall not liable for any trades, sales made or any other Services used by you and or your authorized advisor.
4.4 You acknowledge and agree that Veli operates on a no refund policy, i.e. purchased or sold Cryptocurrency cannot be returned upon finalisation of the transaction.
4.5 You acknowledge and agree that it is at our sole discretion whether and when to provide the Services to you; and/or reverse any of your orders and/or transactions. In the event of insufficient liquidity of a certain Cryptocurrency, Veli may decline or reverse your order for purchasing such Cryptocurrency.
4.6 We reserve the right to refuse to process, or to cancel or reverse, any purchase of Cryptocurrency from us or sale of Cryptocurrency to us, as the case may be, at our sole discretion.
4.7 Veli has no obligation to check whether you are using the Services in accordance with these General Terms and Conditions, as updated from time to time. It is solely your responsibility to ensure that you are aware of the current form of these General Terms and Conditions and of any amendments or updates made to them.
4.8 You may not use the Services or the Website in a manner prohibited by any laws or regulations which apply to you.
4.9 Veli may block or freeze any funds on your payment and/or Cryptocurrency accounts and/or suspend your right to access or use those at any time without notification if we suspect that you are using the accounts in violation of these General Terms and Conditions for money laundering, terrorist financing, fraudulent or other illegal purposes, or if such course of action is required of Veli by the applicable law.
4.10 Without prior notification, we may suspend or block your access to the Services, including without limitation in the following cases: technical failures or Service errors; if we suspect that your account is not being used by you, but by a third party; or in the case of additional verification procedures, as well as analysis of your activity, to ensure continued AML compliance.
1- The entry fee is agreed between you and your advisor, and should be in the range of 0 – 5%.
5.1 The identification of a Client and verification of a Client’s identity is done by the use of information technology.
5.2 We may, on registration of your account with us and at any time thereafter request that you provide us with your personal information, including but not limited to your name, address, telephone number, e-mail address and date of birth, as well as your source of funds, source of wealth, financial standing and occupation. We may also verify your details, at any time, by requesting certain documents from you. These documents may include a government-issued identity card, proof of address such as a utility bill, and proof of your payment method.
5.3 We may require further information with respect to our anti-money laundering (“AML“) and know your client (“KYC“) obligations. In addition, we may require that copies of such documents are notarized at your own expense, meaning that the documents are stamped and attested by a notary public.
5.4 We may require that you attend a video call to verify your identity.;
5.5 Veli reserves the right to ask you for proof of age and your account with Veli may be suspended until satisfactory proof of age is provided.
5.6 We may perform further verification checks on you and require any relevant documentation from you or from any third party for any reason, and for that purpose you hereby authorize us to, directly or indirectly, make any inquiries we consider necessary to check the relevance and accuracy of the documents and information provided for verification purposes.
5.7 Veli may decide, at its sole discretion, to terminate your account and these General Terms and Conditions, on the basis that such documents or verification provides a negative or uncertain conclusion, or we suspect that you are under 18 years of age.
5.8 You agree and warrant that:
5.8.1 you will participate in and carry out all identification processes personally;
5.8.2the data submitted by you will be true, accurate and complete, and that you are aware of the consequences associated with the submission of incorrect, misleading or incomplete information upon the establishment of the contractual relationship between you and Veli;
5.8.3 you meet Veli’s conditions herein for the establishment of the contractual relationship and use of the Services;
5.8.4 you shall not use the Services prohibited by law or regulation;
5.8.5 upon request, you will show to the third-party provider designated by Veli the personal data page of your valid identification document, in front of the camera;
5.8.6 the identification verification of your identity does not oblige Veli to establish a contractual relationship with you or guarantee accessibility or availability of its Services;
5.8.7 your identification and its verification with the use of information technology is considered unsuccessful if the identity verification provider rejects the uploaded identification document;
5.8.8 you cannot use the Services, i.e. make deposits or withdraw funds without prior successful completion of the identity verification process or if you do not provide the documents requested in this Article 6.
6.1 Veli makes no guarantees or representations that the Services shall be available to you at all times.
6.2 The Services are provided without warranty of any kind, either express or implied. Veli will use reasonable endeavours to provide you with the Services as soon as possible but Veli does not guarantee that access will not be interrupted, or that there will be no delays, failures, errors, omissions or loss of transmitted information.
6.3 Veli will use reasonable endeavours to ensure that the Services can be accessed by you in accordance with these General Terms and Conditions.
6.4 Veli makes no guarantee in respect of the value of any Cryptocurrency at the point you submit your order instruction. Veli will use reasonable efforts to fulfil your order instruction at the price offered but, if not possible, Veli will notify you and ask you to submit a new order instruction (which may be at a different price).
6.5 Veli may suspend use of the Services for maintenance purposes. Veli will make reasonable efforts to give you notice of any such suspensions. In the event this is not possible, Veli will provide you with notice as soon as possible after the fact.
7.1 Veli shall not be responsible for any damage or loss incurred by you as a result of the use of the Services. By accepting these General Terms and Conditions, you acknowledge and confirm that you understand and agree that the risks associated with the Services are acceptable by you, taking into account your objectives, your experience and financial capabilities.
7.2 You acknowledge that purchasing or selling Cryptocurrency carries significant risk. Prices will fluctuate daily, often by large percentages. Because of such fluctuations, Cryptocurrency will gain or lose value at any time. Veli shall not be liable for any price fluctuations in Cryptocurrency.
8.1 The fees which Veli charges for the Services (“Fees“) can be found under the “Fees” section of Veli’s website. For clarity, the “Fees” section forms part of these General Terms and Conditions. The Fees are subject to change.
8.2 Under these General Terms and Conditions, as of the moment you open your account, Veli is authorised to deduct a percentage of the value of every currency deposit into and of every transaction that you perform within the Veli platform (the User Service Charge). The User Service Charge is payable on transaction basis.
8.3 Fees payable by you in relation to transactions will be incorporated within the Buy Price or Sell Price (as applicable) and will be deducted from your Veli account balance or, in the case of a Cryptocurrency transaction, your Cryptocurrency account, and you hereby authorise us to do the same.
8.4 The Fees will be charged when the transaction is executed. If your Veli account balance or your Cryptocurrency account is insufficient to cover the Fees, we may refuse to execute the transaction.
9.1 You may terminate your access to the Services at any time through sending a written request to Veli via the e-mail designated at our Support page.
9.2 Veli may terminate your access to the Services at any time by giving you notice. Such termination shall have immediate effect, unless a later date is specified in the notice.
9.3 Veli may at any time suspend or terminate your use of the Services without notice if:
9.3.1 Veli is required to take such action by an applicable authority;
9.3.2 you breach any condition of these General Terms and Conditions;
9.3.3 you violate or Veli has reason to believe that you are in violation of any law or regulation that is applicable to your use of the Services;
9.3.4 Veli has reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity; or
9.3.5 it is reasonably necessary for Veli to do so to prevent you or Veli contravening any applicable law or regulatory requirements.
9.4 You agree that Veli may terminate your account and collect any outstanding account balance in the event that: (1) you have less than 50 EUR on your account AND (2) you have not Verified your Veli account during a period of 6 months as of the date of receipt of a notification issued by Veli. For the avoidance of doubt, an e-mail notification shall be sufficient for the purpose of this para 9.4.
10.1 Veli may suspend your use of the Services at any time:
10.1.1 for security reasons; or
10.1.2 if we reasonably suspect the Services have been or are being used without your authorisation or fraudulently.
10.2 We shall notify you either prior to the suspension or, if prior notification is not possible under the circumstances, promptly after the suspension unless we are prohibited by law to notify you.
10.3 Whilst your use of the Services is suspended, we may (using our reasonable discretion) sell off all or some of your interests by providing notice to you in certain circumstances, for example;
10.3.1 if you fail to provide any information we have requested or any warranty/representation you have given us is or becomes, in our opinion, materially inaccurate, incorrect or misleading;
10.3.2 if you take some action (or refrain from doing something) which places us in breach of our legal or regulatory obligations; or
10.3.3 if you breach these General Terms and Conditions.
10.4 If we sell off your interests in Cryptocurrencies, we will buy back the interest(s) at prevailing market rates. If the value of the Cryptocurrency has weakened, this means that you may incur a loss relative to the amount you initially paid. We will credit the sale proceeds (in your preferred currency) to your Veli account.
10.5 For the avoidance of doubt, if your Veli Account is terminated or suspended your access to the Services will also be terminated or suspended (as applicable).
11.1 In no event shall Veli, its officers, directors, employees, agents, or third-party service providers be liable to you or any other person or entity for any direct, indirect, incidental, special, punitive or consequential damages whatsoever, including any that may result from:
11.1.1 the accuracy, completeness or content of the Services, personal injury or property damage of any nature whatsoever;
11.1.2 any disruption or impairment of the Services or for disruptions or impairments of intermediary services on which we rely for the performance of our obligations hereunder;
11.1.3 third-party conduct of any nature whatsoever;
11.1.4 any unauthorized access to or use of our servers and/or any and all content, personal information, financial information or other information and data stored therein;
11.1.5 any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputation;
11.1.6 any losses arising from our compliance with legal and regulatory requirements;
11.1.7 any losses arising from incorrect instructions received by us from you;
11.1.8 the assessment or payment of any taxes, duties or other charges that arise from your use of the Cryptocurrency Services;
11.1.9 any viruses, worms, bugs, trojan horses or the like, which may be transmitted to or from Veli’s site or any sites linked (through hyperlinks, banner advertising or otherwise) to Veli’s site;
11.1.10 any Client content or content that is defamatory, harassing, abusive, harmful to minors or any protected class, pornographic, “X-Rated”, obscene or otherwise objectionable; and/or
11.1.11 any loss or damage of any kind incurred as a result of the client’s use of the services, whether based on warranty, contract, tort or any other legal or equitable theory and whether or not Veli is advised of the possibility of such damages.
11.2 In addition, you specifically acknowledge and agree that any cause of action arising out of or related to the Services must be brought within one (1) year after the cause of action accrues, otherwise such cause of action shall be permanently barred. In addition, you specifically acknowledge and agree that in no event shall Veli’s total aggregate liability exceed the total amount paid by you for the particular Services that are the subject of the cause of action. The foregoing limitation of liability shall apply to the fullest extent permitted by law and shall survive any termination or expiration of this agreement or your use of the Services.
12.1 You agree to protect, defend, indemnify and hold harmless Veli and the companies in its group, their officers, directors, employees, agents and third party service providers from and against any and all claims, demands, costs, expenses, losses, liabilities and damages of every kind and nature (including, without limitation, reasonable attorneys’ fees) imposed upon or incurred by Veli directly or indirectly arising from (i) your use of and access to the Services; (ii) your violation of any provision of these General Terms and Conditions or the policies or agreements which are incorporated herein; and/or (iii) your violation of any third-party right, including without limitation any intellectual property or other proprietary right. The indemnification obligations under this section shall survive any termination or expiration of these General Terms and Conditions or your use of the Services.
You undertake to provide accurate and complete personal data that is necessary for the establishment of the contractual relationship and the use of the Services, and to notify Veli immediately in the event of a change in this data.
The protection of your personal data and the privacy, and in particular the categories of personal data that Veli processes, the method of processing personal data, access permissibility and protection of personal data are governed by Veli’s Privacy Policy, which supplements these General Terms and Conditions and constitutes its integral part.
You must accept Veli’s Privacy Policy by clicking on the designated box when accessing the Services. Failure to do so may result in restriction to the use of the Services.
14.1 If case you have a complaint in relation to the Services, you should contact customer support at the e-mail designated on the Veli website. The complaint should clearly indicate that: (1) it is a complaint, (2) reasons for the complaint and (3) your contact information.
14.2 We will aim to provide you with an answer or resolution to your complaint within 5 business days. Should this not be possible due to unforeseen circumstances or lack of information, we will contact you.
15.1 Veli reserves the right to subsequently amend, modify, update and change these General Terms and Conditions.
15.2 Any changes to these General Terms and Conditions will be published in a timely manner (up to 30 days in advance) on the Veli website and/or you may be notified by email, at Veli’s sole discretion.
15.3 By continuing to use the Services after the changes come into force, you are considered to have agreed with such changes.
15.4 If you object to the changes, they will not apply to you. However, any such objection shall constitute a notice by you to terminate your access to the Services and you will no longer be able to use the Services.
16.1 These General Terms and Conditions and the relationship between you and Veli shall be governed by, and interpreted in accordance with, the laws of Lithuania. In the event of a dispute, the courts of Lithuania shall have jurisdiction to settle any suit, action or other proceedings relating to these General Terms and Conditions (“Proceedings“), and irrevocably submit to the jurisdiction of such courts (provided that this shall not prevent Veli from bringing an action in the courts of any other jurisdiction), and you irrevocably waive any objection which you may have at any time to the laying of venue of any Proceedings brought in any such court and agree not to claim that such Proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over it.
16.2 You understand and agree that Veli’s records (or records of Veli’s associates, as applicable) shall be the final authority in determining your use of the Services and you shall have no right to (and shall not) dispute Veli’s decisions in regard to such matters.
17.1 These General Terms and Conditions contain the entire agreement between you and Veli relating to your use of the Services and supersedes any and all prior agreements between you and Veli in relation to the subject matter hereof.
17.2 Veli may outsource any or all of the Services it provides under these General Terms and Conditions to third parties.
17.3 If any of the provisions of these General Terms and Conditions is determined by any competent authority to be invalid, unlawful or unenforceable to any extent, such provision will be severed from the remaining provisions, which shall continue to be valid to the fullest extent permitted by law.
17.4 The rights and remedies provided under these General Terms and Conditions are cumulative and not exclusive of those provided by law. We shall be under no obligation to exercise any right or remedy either at all or in a manner or at a time beneficial to you. No failure by us to exercise, or delay by us in exercising, any of our rights under these General Terms and Conditions or otherwise, nor failure by us to insist upon strict performance of any of your obligations shall operate as a waiver of those or any other rights or remedies or relieve you from compliance with such obligations. A waiver by us of any default shall not constitute a waiver of any subsequent default.
17.5 We reserve the right to transfer, assign, sublicense or pledge these General Terms and Conditions, in whole or in part, to any person without notice to you. You may not assign, sublicense, pledge or otherwise transfer in any manner whatsoever any of your rights or obligations under these General Terms and Conditions.