Due Payments EOOD | Client Terms
General
Due Payments EOOD (“Due Payments”) is a private limited liability company registered and incorporated under the Laws of Bulgaria with company registration number 207457701 and whose registered office is Bulgaria, Sofia 1784, Mladost 1, bl.51A, fl.4, ap.24. Due Payments EOOD is registered as a Virtual Assets Service Provider (“VASP”) with the Bulgarian National Revenue Agency (NRA).
These Terms and Conditions (“Terms” or “Terms and Conditions”), along with our Privacy Policy, govern the relationship and form a legal agreement between:
- You, the Client (“Client”)
- Us, Due Payments EOOD
By entering into this agreement, you agree that we will provide you with services related to virtual assets (services that allow you to exchange fiat currency for virtual assets, or vice versa). We may also work with other subsidiaries and/or affiliates of the Due Group (“Due Group company(ies)”), and/or third parties, including exchanges, associated payment service providers, or banks, to deliver the services (the “external associated providers”).
Depending on your location and/or the location of your beneficiary, these services are provided to you by Due Payments and/or our external associated providers. We will always indicate the entity providing the relevant services and the corresponding terms before you confirm your transaction.
The Client acknowledges having read, understood, and fully accepted these Terms and Conditions together with the Privacy Policy; otherwise, they should refrain from using the Due Platform.
Account creation
To use our virtual asset services, you must register for an “Account” (the “Account” or “Due Account”) and successfully complete the registration process on our online platform (the “Due Platform”), which may be in the form of a web application available at app.due.network or a mobile application. To register, we will request certain information to complete the appropriate Know-Your-Customer / Know-Your-Business (KYC/KYB) checks, which you will provide truthfully, accurately, and completely, under sworn statement, including but not limited to including but not limited to your full legal name and the legal name of your organization, your tax identification number or registration number; if you are an entity, (i) your country of residence or country of incorporation, along with your operating address, (ii) the information of your legal representative and authorized representatives; if you are an individual, your nationality, country of residence and legal address; your contact details; a description of your business activity, as further detailed in our Privacy Policy.
We may also ask that you provide additional information in order to comply with legal and regulatory obligations. You represent and warrant that all information provided to us pursuant to these Terms is true, accurate and not misleading in any respect. If any such information changes, it is your obligation to update such information as soon as possible. Failure to provide such information, if requested by us, in a timely fashion may result in the suspension (until you provide such information) or the closure of your Account.
We reserve the right to maintain your account registration information after you terminate your Account for business and regulatory compliance purposes, subject to applicable laws and regulation.
Due reserves the right to accept or reject Clients at its sole discretion, including for reasons related to regulatory compliance, reputational risk, international sanctions, financial crime prevention, or internal policies.
Individuals or entities located in sanctioned, high-risk, or non-cooperative jurisdictions, or included on national or international sanctions lists, shall not be permitted to access the Services.
Client representations and warranties
By accessing or using your Account and these services you represent and warrant that:
- you are at least 18 years old,
- you will only use our services for legitimate reasons;
- the use of these services in your jurisdiction is permitted by applicable law;
- you do not reside in, nor act on behalf of, any persons or entities in jurisdictions where Due Payments is not authorized to offer or promote its services;
- you also understand that there are additional representations and warranties made by you elsewhere in (or by reference in) these Terms and that any misrepresentation by you is a violation of these Terms.
If you are located in a jurisdiction where local regulations restrict or prohibit access to our services, you must not access or use them. Due Payments may refuse to provide services in areas where local laws or regulatory restrictions apply.
In registering to use the Account on behalf of an entity, you represent and warrant that:
- such legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization;
- you are duly authorized by such legal entity to act on its behalf, and
- such organization (and any affiliate entity) must not have been previously suspended or removed from the Due Platform or any other service or product offered by Due or its affiliate entities.
By using our services, you acknowledge that Due relies on these representations and warranties in providing our services to you, and that any breach of these representations and warranties may result in account suspension, termination, or other consequences as determined by Due at our sole discretion.
Services
These Terms apply to the provision of Fiat Collection Services and Fiat Payment Services, where such services involve the exchange between fiat currency and virtual assets.
Fiat collection services and fiat payment services
Fiat Collection Services refer to the services under which the client sends fiat currency to Due Payments for the purpose of exchanging such fiat currency into virtual assets.
Fiat Payment Services refer to the services under which Due Payments facilitates the payment of fiat currency to the client following the exchange of virtual assets into fiat currency.
Any reference in these Terms to services involving the exchange between fiat currency and virtual assets shall be understood as a reference to either Fiat Collection Services or Fiat Payment Services, as applicable.
Fiat payout & fiat pay-in
If you wish to access and use our fiat payment services (“Fiat Payment Services”) or our fiat collection services (“Fiat Collection Services”), you agree to allow Due Payments to facilitate the exchange between fiat currency and virtual assets, and the payment of proceeds to an account or self-custody wallet that you designate.
- If you wish to purchase virtual assets, you may specify the amount of virtual assets you want to buy, and we will show you the cost in fiat currency (using the prevailing exchange rate at the time).
- If you choose to sell virtual assets, you may specify the amount of virtual assets you wish to sell, and we will show you the amount of fiat currency you will receive (using the prevailing exchange rate at the time).
If we accept your instruction to purchase virtual assets, we will provide you with deposit instructions indicating the account to which you should send the corresponding fiat amount. Once the funds are received, we, either directly or indirectly through one of the Due Group companies, will disburse the virtual assets to the self-custody wallet linked to your Due Account.
DUE PAYMENTS DOES NOT PROVIDE CUSTODY SERVICES FOR VIRTUAL ASSETS OR FIAT CURRENCY. YOUR ACCOUNT IS SELF-CUSTODIED.
Similarly, if we accept your instruction to sell virtual assets, you must provide us with the payment instructions to which you wish the fiat proceeds to be sent; thereafter, you will transfer your virtual assets to us following our instructions within the Due Platform. Once the virtual assets are received from your Account, we will either directly send the fiat proceeds to the external account you designated or work with another Due Group company to execute your instruction.
When processing your instructions, we will use the base currency of the recipient’s external account.
Limits
We may limit the amount of virtual assets you can buy with, or sell into, fiat currencies. We will inform you of any limits before accepting your order request.
Due may establish, modify, or apply operational limits to the Services at any time, including, without limitation, per-transaction limits, daily, monthly, or annual limits, as well as limits specific to the type of client, channel, payment method, or crypto-asset.
Such limits may be implemented based on regulatory compliance requirements, anti-money laundering and counter-terrorist financing (AML/CFT) obligations, risk management considerations, regulatory, operational, or security requirements.
The Client acknowledges and agrees that the application or modification of such limits shall not constitute a breach of contract and shall not give rise to any right to compensation.
Cancelling your order
Once your instruction is submitted, it is final. We will fulfil your instruction and you will not be able to cancel this instruction.
Sometimes, for reasons beyond our control, we may not be able to buy or sell virtual assets for you. If this happens, we’ll let you know. We will not be responsible for any losses you incur as a result.
Refusing your instructions
We may refuse your instruction to buy or sell virtual assets for any reason and at our sole discretion. If we do, we will not be responsible for any losses you incur as a result.
Supported virtual assets
We will show you the list of supported virtual assets in the relevant sections of the Due Platform. You may also find more information in the FAQ section of our website.
We may from time to time add or remove from the list of supported virtual assets without prior notice. Such changes may be made with immediate effect.
Internal transactions
We call transactions that do not involve settlement through a payment scheme for fiat transactions or on-chain transactions, “Internal Transactions”. Settlement finality provisions will not apply with respect to such Internal Transactions and you agree that the transaction will be deemed to have been settled upon crediting the beneficiary’s account.
Depending on your selected currency pair, we may process and settle one or multiple Internal Transactions within the Due Group companies in order to give effect to your Payout or Pay-in instruction(s).
Internal Transactions do not constitute client-facing transactions and do not involve the execution of client instructions on-chain.
Self-hosted wallets (unhosted wallets)
When the Client uses the Services to send or receive crypto-assets to or from self-hosted wallets (unhosted wallets), the Client represents and warrants that:
a) the Client is the owner of, or has legitimate control over, the wallet when acting on its own behalf; or
b) when acting on behalf of a third party (i.e., where the wallet is owned or controlled by such third party), the Client has valid authorization to carry out the transaction and knows the identity of the beneficiary.
Where legally required, Due may request additional information regarding the ownership or control of the wallet, including declarations, technical verifications, or other reasonable mechanisms in accordance with applicable law.
Due reserves the right to reject or suspend any transaction where the required information is not provided or where there are reasonable doubts as to its accuracy or lawfulness. In cases where settlement has not yet occurred, Due may also cancel or otherwise not complete the transaction.
For transfers of crypto-assets where the beneficiary is a third party other than the Client, the Client shall provide, at a minimum, the identification information required under applicable law.
The Client acknowledges that Due may analyze destination addresses using blockchain analytics tools (KYT), apply internal consistency controls, and perform sanctions screening prior to executing the transfer.
Due may refuse or suspend transfers to third parties where, at its sole discretion, adequate levels of regulatory or risk comfort are not achieved.
Fees
You agree to be liable for and to pay any fees, commissions, and/or transaction costs in connection with the provision of our services as set out below.
Fiat payout fees
When using our Fiat Payment Service, we will charge a small fee, which will be displayed on the dashboard before you confirm your transaction. The fee depends on the amount, the destination currency, and the country to which you are sending the payment. This fee may also include fees charged by our external associated providers.
By confirming the transaction, the Client provides their consent regarding the applicable fees.
Fiat pay-in fees
When adding funds to your account using fiat currency, we will charge a small fee, which will be indicated during the funding process before you confirm the transaction. This fee depends on your location and the amount you wish to add, and may also include fees charged by our external associated providers.
By confirming the transaction, the Client provides their consent regarding the applicable fees.
Exchange rate
The exchange rate applied to your transaction (and any spread) is set by us at the moment your order is accepted. Before you confirm an order we will display: (i) the exchange rate to be applied; (ii) a clear breakdown of the gross price, the fees charged by Due Payments, and (iii) the net amount you will receive/send. The displayed price is binding only after you confirm the transaction on the Due Platform.
Suspending or terminating your account
If your Due Account is suspended or terminated for any reason, we will also suspend your ability to access the services provided by Due Payments and/or the Due Group entities.
Any virtual assets you have previously purchased and deposited in your self-custody virtual asset wallet will remain yours, but you will not be able to access the virtual asset buying and selling services on our Platform.
Due may suspend the Services, in whole or in part, immediately and on a preventive basis where:
a) there are indications of regulatory non-compliance;
b) unusual or suspicious transactions are detected;
c) suspension is required by a competent authority; or
d) such suspension is necessary to protect the security of the system or third parties.
Any preventive suspension shall not give rise to any right to compensation.
Risks
Virtual assets are not like normal money. When you buy virtual assets you are dealing with a decentralised digital asset that is not backed by a central bank or government authority. Please also remember that virtual assets are highly volatile and their value may fluctuate or even drop to zero.
The regulatory framework around virtual assets is still developing and it can change at any time. Any changes are likely to affect the value of virtual assets,
Due Payments is not an issuer of virtual assets and we are not able to guarantee their value including in the case of stablecoins which are virtual assets designed to track the value of a fiat currency (such as for example the US dollar).
The Client is solely responsible for verifying the accuracy of the addresses, blockchain networks, protocols, and any other data associated with each transaction.
Blockchain transactions are, by their nature, irreversible. Due shall not be liable for any loss of crypto-assets resulting from Client errors, including the use of incorrect networks or erroneous or incompatible addresses.
The Client acknowledges and agrees that Due has no obligation to recover funds sent in error, even where such recovery may be technically possible.
Legal
Changes to the terms and conditions
Occasionally we may make changes to these Terms and Conditions. We will publish details of any changes we make in the revised Terms and we will publish them on our website. The revised Terms and conditions will apply immediately from the time they are published unless otherwise stated and you will be able to see the “effective from” date.
We may also email you to tell you about changes to our Terms and conditions and it is your responsibility to ensure that any contact details we hold for you are correct and up to date.
Continued use of our services following the effective date of any changes to the Terms and Conditions will be deemed acceptance of such changes. Therefore, if you are satisfied with our updated Terms and Conditions, no action is required. If you do not agree with the revised Terms, you must immediately stop using our services and notify us in writing so that we can close your Account.
Intellectual property and use of trademarks
You may use or display our logo in your online checkout flow. Our logo and any other materials including the contents in our website remain our intellectual property.
You must not use our intellectual property as your own and you must stop using our logo immediately if either we or you close your Account.
Limitation of liability
We exercise reasonable care to ensure that our services are uninterrupted and continuously accessible. We provide our virtual asset services in their current state. You use these services at your own risk, and we cannot guarantee (except as required by applicable law) that our services will operate without interruptions, failures, or technical errors. In providing our services, we also rely on our external associated providers and have no control over their services.
Due Payments will not be liable to you for any damages, interruptions, or service failures on the Due Platform caused by factors beyond its control, nor for any loss, whether direct or indirect, arising in connection with your use of our virtual asset services.
You are solely responsible for complying with all your tax, fiscal, and legal obligations arising from the use of the Due Platform. Due Payments assumes no responsibility for the Client’s compliance with such obligations or for any consequences resulting from non-compliance.
We also assume no liability for the actions or omissions of any of our external partners. We will not be responsible for any losses you incur or costs you may have to pay as a result of legal or regulatory requirements, or events beyond our control.
Due Payments’s liability for direct damages arising from proven breaches of these Terms will be limited to the amount of fees paid by the client to Due Payments in the 12 months preceding the event that gave rise to the claim. This limitation does not apply to liabilities that cannot be limited by law.
Nothing in these Terms and Conditions excludes or limits: (i) our liability for death or personal injury resulting from our negligence; (ii) liability for fraud or fraudulent misrepresentation; or (iii) any other liability that, by law, cannot be excluded or limited.
Indemnification
You agree to indemnify Due Payments EOOD, its affiliates, and agents for any costs, claims, fines or damages of any kind (including loss of profits and/or reasonable legal costs) arising out of or relating to any actual or alleged breach of your representations, warranties, or obligations set out in these Terms and Conditions.
Voluntary access
Due Payments is a Bulgarian VASP, regulated and supervised by the National Revenue Agency of Bulgaria. As such, the products and services provided by Due Payments on the Due Platform are authorised in Bulgaria and parts of the European Union. Depending on your jurisdiction, Due Payments may not be authorised to promote our products and services without a licence.
If you reside in such a jurisdiction and still wish to use our products and services, by agreeing to these Terms, you are also confirming that you have read and understood the above and you are accessing the Due Platform on your own initiative without active promotion or solicitation from Due Payments, our affiliates, or any representatives within the European Union or any other jurisdiction where we are not authorised to promote our products and services.
You represent and warrant:
- You have initiated contact with us of your own volition and without any prior solicitation, advertisement or direct marketing from Due Payments;
- Your decision to use our products and services on the Due Platform is based solely on independent interest and research; and
- You understand that our products and services are not intended for clients within jurisdictions where we are not authorised to operate.
We shall not be held liable for any regulatory or legal obligations arising from the use of our services within a restricted jurisdiction.
Processing of personal data
We process your personal data to provide you with our virtual asset services. For more information about how we process your personal data, please see our Privacy Notice. We may share your personal data with companies in the Due Group for financial crime prevention purposes.
Miscellaneous
Only you and we have any rights under the agreement. You may not transfer or assign any of your rights or obligations under these Terms and Conditions.
Transfer and assignment
The Client may not assign, in any manner, the rights and obligations arising from these Terms and Conditions.
We may transfer or assign all our rights and obligations under these Terms and Conditions to any third party without your permission and without prior notice, without this implying any modification to the obligations assumed by the Client.
Subcontracting and third-party providers
Due Payments may rely on Due Group companies and third-party partners to provide services or perform parts of the services described in these Terms. Prior to onboarding any material third party, we conduct due diligence proportional to the nature of the service and associated risks, including security, financial soundness, business continuity and regulatory status checks.
Contracts with critical third parties include provisions on data protection, confidentiality, information security, business continuity, incident notification, audit rights and the right to require remediation. Where required by applicable law or regulation, Due Payments will maintain a register of material third-party ICT arrangements and make information available to competent authorities on request.
Clients consent to the use of suitably qualified third parties for the provision of services and acknowledge that certain services may be performed by other Due Group entities or partners. Notwithstanding subcontracting, Due Payments remains responsible for compliance with its regulatory obligations.
Taxes
You may have to pay taxes or costs when you buy virtual asset. We are not responsible for collecting these from you, for making any payments on your behalf, or for providing any reports relating to tax.
The Client is solely responsible for complying with any tax obligations arising from the use of the Services.
Enforcing the agreement
If we fail or delay in exercising any right under these Terms, this will not prevent us from enforcing our rights at a later date.
Severability
The invalidity or unenforceability of any of the provisions of these Terms shall not affect the validity or enforceability of any other provision of these Terms. The invalid provision shall be severed from these Terms and all other portions of the Terms shall remain in full force and effect.
Applicable law
The laws of Bulgaria apply to the agreement. The English version of these terms applies and any translation we may offer is for reference only.
Taking legal action
Any dispute arising from these Terms and Conditions or from the provision of the Services shall be submitted to the jurisdiction of the courts of Bulgaria.
Contact
If you need to contact us in relation to these Terms and conditions or any other document mentioned in them, please email us at legal@due.network
We value hearing from our users, and are always interested in learning about ways we can improve. By providing your feedback you agree that you are giving up any rights you have in your feedback so that we may use and allow others to use it without any restriction and without any payment to you.
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