RELEASED: 10th November 2023
PLEASE READ THESE TERMS OF SERVICE CAREFULLY. THEY GOVERN YOUR USE OF ARCHWAY OPERATED BY ARCHWAY FINANCE JSC. THE FOLLOWING TERMS AFFECT YOUR RIGHTS AND WILL REGULATE THE RELATIONSHIP BETWEEN YOU AND ARCHWAY FINANCE JSC.
Archway offers exchange of a fiat currency to stablecoins and the other way around (“the Service” or “the Services”). By using our legal and financial arrangements, we have created a unique infrastructure to support cross border payments.
You can buy stablecoins and pay the price Yourself or have their price paid by Your clients, which are third parties to us. On Archway (website: https://app.archway.finance), You register and submit a request for receiving stablecoins in exchange of a fiat currency. Afterwards, we convert the incoming fiat currency payment into stablecoins and transfer them to a wallet chosen by You.
On Archway You can also sell stablecoins for a fiat currency. We send the fiat currency to a bank account determined by You.
If the wallet or the bank account mentioned above are owned by a third party, their owner (“recipient”) must register as a client of Archway. For the purposes of being in compliance with the applicable legal norms and in particular with the anti-money laundering and counter-terrorism financing norms, You agree to provide us with a valid invoice (which is a part of our payment system) and/or any other documents and information required by Archway.
The Service is operated by “Archway Finance” JSC, a joint stock company, incorporated and registered in Bulgaria under company number 207778041 and is under the product names “Archway” and “Archway Finance” ("Archway”, "we," "us" or "our"). In compliance with the applicable legal norms in Bulgaria, Archway is registered at the National Revenue Agency Public Register of Providers Engaged in Exchange Services between Virtual Currencies and Fiat Currencies and Custodian Wallet Providers under number BB-37 of 5 November 2021.
By using any of the Services, You agree to be bound by the terms and conditions in this Terms of Service.
OUR TERMS OF SERVICE CONTAINS WARRANTY AND LIABILITY DISCLAIMERS. BY USING ANY OF THE SERVICES, YOU ACCEPT AND AGREE TO THE PRESENT TERMS AND CONDITIONS WITHOUT ANY RESERVATIONS, MODIFICATIONS, ADDITIONS OR DELETIONS, WHETHER OR NOT YOU HAVE READ THEM. IF YOU DO NOT AGREE TO THESE TERMS AND CONDITIONS, YOU ARE NOT PERMITTED TO USE OUR SERVICES. YOU MAY BE DENIED ACCESS TO THE SERVICES AT ANY TIME WITH OR WITHOUT PRIOR NOTICE, IF YOU FAIL TO COMPLY PARTLY OR FULLY WITH ANY PROVISION OF THIS AGREEMENT.
This is a contract between You as an individual or an entity that You lawfully represent, and “Archway Finance” JSC.
1. Acceptance of the Terms
1.1. By “Terms” we mean the following:
(a) Terms of Service
(b) Privacy Policy
(c) Cookie Policy
(d) Internal Rules for the Control and Prevention of Money Laundering and Terrorist Financing
(e) Risk assessment procedure
1.2. You accept the Terms by clicking to accept the Terms where this option is made available to You by Archway in the user interface.
1.3. We reserve the right to amend or supplement the Terms from time to time. You will be promptly informed of the respective changes and asked to accept and agree to them. Your consent to the changes is a prerequisite for You to continue using the Services.
2. Registration
2.1. In order to access the Services, You register for an account through the website https://archway.finance.
2.2. As part of the registration procedure, or as part of Your continued use of the Services, You may be required to provide personal information about Yourself (such as identification or contact details), including:
(a) an email address;
(b) a password;
(c) a phone number;
(d) other identifying information as required by law or by us with a view to ensuring compliance with the respective legal norms.
2.3. You attest that any information You provide to us is accurate, current and that You are duly authorized to provide that information.
2.4. In case of a forgotten password, additional confirmation via email or other channel of communication may be required. The procedure is done with generating a new password, because we do not store your original password.
2.5. We may not be held liable, if You fail to recover your password or by any means can’t access Your account due to reasons beyond our control.
2.6. Archway gives You the opportunity to create only one account. A person or an entity with the same name and identification number is not allowed to have a second account.
2.7. Once You have completed the registration procedure and clicked to accept the Terms, You will be a registered user of the website, with access to our Services, and You will be bound by the Terms.
3. User Obligations
As a condition of using the Services, You agree that You will:
3.1. be a human being 18 years or older who has the legal capacity to enter into a contract. Minors, "bots" or other automated methods are not allowed to use our Services.
3.2. pay us a commission for the provided Services.
3.3. maintain the security of the device(s) You use to access the Services and Your password.
3.4. take full responsibility for all activity on Your account.
3.5. use the Service only for legal and authorized purposes and not use the Service in a way that violates any laws and regulations in any jurisdiction.
As a condition for opening an account and ongoing access to the Service, You agree that you will NOT:
3.6. use the Service in a way that violates any laws and regulations in Your jurisdiction.
3.7. access the website or Service from the Democratic People's Republic of Korea, Cuba, Syria or any other jurisdiction in which holding, transacting, receiving/sending stablecoins is illegal, or any activity related to stablecoins or this Service is illegal.
3.8. access the website or Service from Russia, Belarus, Iran and other countries added to sanction lists, if You are one of the individuals or represent an entity prohibited from having access to services like our Services. Clients from countries mentioned in this provision must specify their activities and the origin of their assets.
3.9. violate Archway’s policies (as determined by us at our sole discretion from time to time) for selection of your username and for any content, communications and behavior relating to the Service. For example, physical abuse, violation of any party’s intellectual property rights, and communication that is profane, unlawful, threatening, abusive, libelous, defamatory, pornographic, obscene, threatens abuse or retribution, contains slurs and/or is otherwise objectionable, are grounds for immediately terminating the provision of the Services and closing your account.
3.10. create or operate another application, website, or service to falsely imply that it is associated with the Service.
3.11. reproduce, duplicate, copy, sell, resell or exploit any portion of the Service without our express written permission, other than as permitted under open-source licenses of the Product.
3.12. misrepresent your identity, create a new account, or use other accounts to avoid enforcement of any Archway’s policies, terms or conditions.
3.13. disclose in any public posting the contact information of another account holder.
3.14. circumvent, disable, or otherwise interfere with security-related features of the Service, including features that prevent or restrict access to any content or enforce limitations on the use of the Service and/or the content contained therein.
3.15. engage in unauthorized mirroring, framing of or linking to the Service.
3.16. misrepresent, fabricate, trick, defraud, or mislead us and other users, or conspire to do any of the foregoing activities, especially in any attempt to learn sensitive account information such as user passwords.
3.17. make improper use of our support services or submit false reports of abuse or misconduct.
3.18. engage in any automated use of the system, such as using scripts to send comments or messages, or using any data mining, robots, or similar data gathering and extraction tools.
3.19. interfere with, disrupt, or create an undue burden on the networks or services connected to the Service and/or used to provide the Services.
3.20. attempt to impersonate another user or person or use the username of another user.
3.21. sell or otherwise transfer your account.
3.22. use any information obtained from the Service to harass, abuse, or harm another person.
3.23. use the Service as part of any effort to compete with us or otherwise use the Service and/or the content for any revenue-generating endeavor or commercial enterprise, except as permitted by applicable open-source licenses of the Product.
3.24. decipher, decompile, disassemble, or reverse engineer any of the software comprising or in any way making up a part of the Service and/or Services, except as specifically permitted by applicable open-source licenses or permission.
3.25. attempt to bypass any measures of the Service designed to prevent or restrict access to the Service, or any system used to provide the Services.
3.26. harass, annoy, intimidate, or threaten any of our employees, contractors or agents engaged in providing any portion of the Service to You.
3.27. delete copyright or other proprietary rights notice from any part of the Service.
3.28. copy, modify, adapt, hack, or interfere with the operation of the Service and/or Services.
3.29. upload or transmit (or attempt to upload or to transmit) viruses, Trojan horses, or other material, including excessive use of capital letters and spamming (continuous posting of repetitive text), that interferes with any party’s uninterrupted use and enjoyment of the Services or modifies, impairs, disrupts, alters, or interferes with the use, features, functions, operation, or maintenance of the Services.
3.30. upload or transmit (or attempt to upload or to transmit) any material that acts as a passive or active information collection or transmission mechanism, including without limitation, clear graphics interchange formats (“gifs”), 1×1 pixels, web bugs, cookies, or other similar devices (sometimes referred to as “spyware” or “passive collection mechanisms” or “pcms”).
3.31. except as may be the result of standard search engine or Internet browser usage, use, launch, develop, or distribute any automated system, including without limitation, any spider, robot, cheat utility, scraper, or offline reader that accesses the Services, or using or launching any unauthorized script or other software, except as specifically permitted by applicable open-source licenses.
3.32. disparage, tarnish, or otherwise harm, in our opinion, us and/or the Services.
3.33. try to use or have used the Services for activities determined as illegal by the Bulgarian and/or European Union law.
3.34. hide that there are sanctions against You, a family member, or other relatives; hide that there are sanctions against an entity that you represent, at which you have any shares or other ownership or any other influence on such an entity.
3.35. participate in any activities with parties that are on sanction lists or in activities that are prohibited in specific countries with sanctions.
4. The Services
4.1. We are a crypto-asset service provider that offers exchange of stablecoins for a fiat currency or exchange of a fiat currency for stablecoins. The Services are offered under the product names “Archway” and “Archway Finance”.
4.1.1. The client chooses if it/s/he wants to exchange stablecoins for a fiat currency or a fiat currency for stablecoins.
4.1.2. Archway can receive the price of the deal (stablecoins or a fiat currency) from a third party. The client must submit a request to this end, along with a valid invoice and/or other documents and information, as required by Archway.
4.1.3. Provided that the client has submitted a request in this regard and presented a valid invoice and/or other documents and information, as required by Archway, we can send the purchased stablecoins or a fiat currency to a third party. Prior to the fulfillment of the transaction, the third party shall complete its/hers/his registration as a client of Archway.
4.1.4. The Service is not a bank transaction and Archway does not provide any bank or other financial services. Archway does not keep any of Your stablecoins or fiat currencies on its books and on Your accounts and thus does not provide custodial services. The client must specify the wallet or the bank account where Archway to send the stablecoins or the fiat currency..
4.1.5. Archway bears no responsibility if the client has made a mistake and provided a wrong bank account for the fiat currency or a wrong wallet for the stablecoins.
4.1.6. As consideration for the provided Services, we will collect a commission. There are two types of commissions:
4.1.6.1. A standard commission of 2% of the value of the transferred currencies.
4.1.6.2. A non-standard commission based on specific features of the Service to be agreed with the client additionally.
4.1.7. Information on the standard commission and some of the non-standard commissions will be available on the website of Archway.
4.1.8. The client will be informed of the amount of the commission due before the transaction has been executed.
4.2. To become an user of our Services, You must undergo an onboarding procedure with the necessary due diligence to prevent money-laundering and terrorist financing activities.
4.3. You are advised to create a strong password for Your Archway account. It is recommended that the password in question will not be used for any other website or online service.
4.4. You are encouraged to notify us promptly in case You have discovered or otherwise suspect any security breaches related to Your computer or Archway account.
4.5. General Transaction Terms.
4.5.1. You acknowledge that Your use of this Service is at Your sole discretion and that all Your actions are compliant with all applicable legal norms.
4.5.2. You acknowledge that all outbound stablecoins transactions are irreversible.
4.5.3. You acknowledge that Archway does not have custody over Your fiat currency or stablecoins.
4.5.4. While the Service has undergone thorough testing and continues to be improved on the basis of feedback, we cannot guarantee that there will be no bugs in the software.
4.5.5. You acknowledge that You have chosen to use the Services with a full understanding of the terms and conditions in this Agreement.
4.5.6. You declare that Your use of Services complies with all applicable laws and regulations in your jurisdiction.
4.5.7. You assume sole responsibility for safekeeping Your passwords, private key segments, PINs and any other codes You use to access the Services.
4.5.8. The authors of the software, employees and affiliates of Archway cannot retrieve Your private key segments or passwords if You have lost or forgotten them and cannot guarantee transaction confirmation as they do not have control over the cryptocurrency networks.
4.5.9. All proposed stablecoins transactions must be confirmed and recorded in the associated public blockchain. Such networks are decentralized, peer-to-peer networks supported by independent third parties which Archway does not own, control, or operate. Therefore, Archway cannot ensure that any transaction details submitted via our Services will be confirmed and processed. By using Archway, You acknowledge and agree that the transaction You submit may not be completed or may be substantially delayed.
4.5.10. You represent and warrant that any information provided in relation to the Services is accurate and complete and accept and acknowledge that we are not responsible for any errors or omissions made in connection with any stablecoins transaction initiated via the Services. You are strongly advised to review carefully all transaction details before initiating a transfer of stablecoins.
4.5.11. You agree to receive push notifications from us which may include different alerts and information about the status of your transaction.
4.5.12. You agree that once transaction details have been submitted via the Services, we cannot assist in the cancellation or otherwise modify the transaction.
5. Website Availability and Content
5.1. Access to our Services may not be possible or may be degraded during times of significant volatility, volume or due to services we rely on to operate our site, or through third party actions. You understand that this may result in limitations on access to your Archway account and that Archway is not liable for damages which may arise from service interruptions, transaction processing time or delayed customer support response time. In any such event, we will strive to rectify or restore secure access to the website and respond to any support tickets or enquiries as quickly as possible.
5.2. Although we strive to always provide accurate and timely information on the website, it may not always be entirely complete or current and it may also include technical inaccuracies or typographical errors. Accordingly, You should verify all information before relying on it. You agree that Archway is not liable for any decision You make while using or relying on the information on our website.
6. Refusal, Suspension and Closure
6.1. Archway, at its sole discretion, may refuse to provide an account, or suspend or closeYour account, for any reason at any time. Termination of the Services may result in the deactivation of Your account and the cessation of support Services.
6.2. If You want to closeYour account, You may do so by writing to support@archway.finance.
6.3. Archway, at its sole discretion, may refuse to accept currencies or to reimburse them or may withhold them for transmission to the relevant authorities, if the transaction has been assessed to have a medium or high risk of money-laundering or terrorist financing.
6.4. Archway, at its sole discretion, may stop the transfer of currencies to a client and/or to restrict its/her/his access to Archway, if there is a medium or high risk of money-laundering or terrorist financing.
6.5. In the case of points 6.3. or 6.4. Archway may require additional due diligence so the risk can be lowered or eliminated.
7. User Content
7.1. Any testimonial, comment, review, suggestion, or any work of authorship You submit to Archway (“Content”) remain Yours. However, by posting, uploading, displaying, performing, transmitting, or otherwise distributing any Content to the Service, You are granting Archway its affiliates, officers, directors, employees, consultants, agents, and representatives a perpetual, worldwide, paid-up license to use the Content for operation of the Service, including without limitation, a right to implement any suggestions and to copy, transmit, store, and reformat the Content. By submitting Content to us, You warrant and represent that You own the rights to the Content or are otherwise authorized to provide the Content and grant the licenses herein.
7.2. You will not upload, download, display, perform, transmit, or otherwise distribute any information or content in violation of any party's copyrights, trademarks, patents, or trade secrets. You are solely responsible for any violations of any laws and regulations and for any infringements of rights caused by any Content You provide, post, or transmit, or that is provided or transmitted from Your device.
8. Third-Party Service and Content
8.1. The Service may present links or refer You to third party’s websites and applications not owned or operated by Archway. You agree that Archway is not responsible or liable, directly or indirectly, for any damage or loss caused by or in connection with Your use of or reliance on any content of any such third-party site or application, or any services they provide or do not provide. These links and referrals are provided for Your convenience only.
8.2. In no event shall a description or reference to a third party’s product or service (including, but not limited to, providing a description or reference via hyperlink) be construed as endorsement or promotion of such third party’s products or services by Archway. We retain the exclusive right to add to, modify, or cancel the availability of any third party’s service. We do not control, endorse, or adopt any third party’s content and will have no responsibility for third party’s content including, but not limited to, token availability and/or sales. Your use of such third-party websites and applications is also subject to the terms and conditions of use and the privacy policies of such websites and applications.
8.3. If, to the extent permitted by us, You grant express permission to a third party to access Your account, You acknowledge that granting permission to a third party to take action on Your behalf does not relieve You of any of Your responsibilities under this Agreement. You are fully responsible for all acts or omissions of any third party with access to Your account.
9. Copyright and Intellectual Property
9.1. The website, the Services and all the related products of Archway are subject to copyright. The material on the website is protected by copyright under the laws of Bulgaria, and all applicable international treaties. Unless otherwise indicated, all rights (including copyright) to the Services and compilation of the website (including but not limited to text, graphics, logos, button icons, video images, audio clips, website, code, scripts, design elements and interactive features) or to the Services are owned or controlled for these purposes and are reserved by Archway or its duly authorized contributors.
9.2. All trademarks, service marks and trade names are owned, registered and/or licensed by us, who grants to You a worldwide, non-exclusive, royalty-free, revocable license whilst You are a user to:
9.2.1. use the website pursuant to the Terms;
9.2.2. copy and store the website and the material contained on the website in Your device's cache memory; and
9.2.3. print pages from the website for Your own personal and non-commercial use.
9.3. We do not grant You any other rights in relation to the website or the Services. All other rights are expressly reserved by us.
9.4. We retain all rights, title and interest in and to the website and all related Services. Nothing You do on or in relation to the website will transfer any:
9.4.1. Business name, trading name, domain name, trademark, industrial design, patent, registered design or copyright, or
9.4.2. Rights to use or exploit a business name, trading name, domain name, trademark or industrial design, or
9.4.3. A thing, system or process that is the subject to a patent, registered design or copyright (or an adaptation or modification of such a thing, system or process), to You.
9.5. You may not, without our prior written permission and the permission of any other relevant rights owners: broadcast, republish, up-load to a third party, transmit, post, distribute, show or play in public, adapt or change in any way the Services or third party’s services for any purpose, unless otherwise provided by these Terms. This prohibition does not extend to materials on the website which are freely available for re-use or are in the public domain.
10. Privacy
We take Your privacy seriously and any information provided through Your use of the website and/or Services are subject to Archway’s Privacy Policy, which is available on the website. Archway will never sell your information.
11. Archway Ownership Rights
All Archway content provided as part of the Services is the property of (or licensed to Archway). Certain code components of the ArchwayServices and access through Application Programming Interfaces are available under certain licenses. You may not duplicate, copy, or reuse any portion of the Services without express written permission from Archway, except where permitted by open-source license terms.
12. Disclaimers and Limitations of Liability
12.1. Your use of the Service is at your own risk, and on an “as-is” and “as-available” basis. To the full extent permitted by law, Archway hereby excludes all express and implied warranties, including (without limitation) implied warranties of non-infringement, merchantability, and fitness for a particular purpose.
12.2. In addition, to the extent permitted by law, Archway (and its officers, directors, agents, service providers, and employees) shall not be liable for any damages or losses resulting in any way from:
12.2.1. information You provide while using the Services.
12.2.2. Your use of or inability to use Services.
12.2.3. loss of currency or wallets you manage out of the Services.
12.2.4. Your failure to secure Your device(s) and Your account information.
12.2.5. interception of data or other unauthorized access to data by a third party.
12.2.6. any modification, suspension, or discontinuance of the Services.
12.2.7. viruses or other malicious software, glitches, bugs, errors or inaccuracies resulting from access to the Services.
12.2.8. damage to Your device(s) while using the Services.
12.2.9. the behavior, actions, and inactions of third parties using the Services.
12.2.10. actions taken by us in response to violations of the Terms and our other policies, as amended from time to time.
12.2.11. any effects of changes in Archway operations, policies and the Terms on You or any business You conduct, including without limitation the need to modify Your information and practices to comply with such changes.
12.2.12. the technical operating and transmission features of the Services, including without limitation the transfer of encrypted or unencrypted information over various networks.
12.2.13. acts (or failures to act) of third-party’s hardware, software, and network service providers.
12.3. The foregoing exclusions of Archway liability apply to all forms of damages or losses, whether direct, indirect, incidental, special, consequential or exemplary, and including but not limited to, damages for loss of profits, goodwill, use, personal injury, or intangible losses.
12.4. Archway does not control or own the underlying software protocols used to support the operation of the stablecoins supported on its platform. Archway cannot guarantee the security, functionality or features of any underlying software protocols. You understand that the underlying software protocols may change materially or otherwise from time to time and that it is Your responsibility to make yourself aware of any changes to operating rules or features associated with the operation of underlying software protocols.
13. Release and Indemnity
13.1. You release Archway and its officers, directors, employees, and agents from claims, demands and damages (actual and consequential) of every type, known and unknown, connected in any way with Your use of the Services. You expressly waive any statutory or other protection that would otherwise limit this release to claims that You know of (or suspect to exist) when You open Your account.
13.2. You will indemnify and hold harmless Archway, its officers, directors, employees, and agents from any claim or demand (and reasonable attorney’s fees) made by any third party arising out of Your breach of these Terms, Your improper use of the Services, Your failure to honor the terms of a transaction arranged using the Services, or Your violation of any law or other rights of a third party.
14. Dispute Resolution
14.1. Compulsory
If a dispute arises out of or relates to the Terms, either party may not commence any Tribunal or Court proceedings in relation to the dispute, unless the following clauses have been complied with (except where urgent interlocutory relief is sought).
14.2. Notice
A party to the Terms claiming a dispute ("Dispute") has arisen under the Terms, must give written notice to the other party detailing the nature of the dispute, the desired outcome and the action required to settle the Dispute.
14.3. Resolution
On receipt of that notice ("Notice") by that other party, the parties to the Terms ("Parties") must:
14.3.1. Within 14 days of the Notice endeavor in good faith to resolve the Dispute expeditiously by negotiation or such other means upon which they may mutually agree;
14.3.2. If for any reason whatsoever, 14 days after the date of the Notice, the Dispute has not been resolved, the Parties must either agree upon selection of a mediator or request one to be appointed for them;
14.3.3. The Parties are equally liable for the fees and reasonable expenses of a mediator and the cost of the venue of the mediation, and without limiting the foregoing, the parties undertake to pay any amounts requested by the mediator as a precondition to the mediation commencing. The Parties must each pay their own costs associated with the mediation;
14.3.4. The mediation will be held in Bulgaria.
14.4. Confidential
All communications concerning negotiations made by the Parties arising out of and in connection with this dispute resolution clause are confidential.
14.5. Termination of Mediation
If 14 days weeks have elapsed after the start of a mediation of the Dispute and the Dispute has not been resolved, either Party may ask the mediator to terminate the mediation and the mediator must do so.