Effective July 8, 2024

Personal terms of service

1. General

1.1 About Monerium

Monerium EMI ehf. (hereafter referred to as “Monerium”, “we”, “our”, “us” or the “Company”) is an authorised electronic money institution (“EMI”), according to Act No. 17/2013. Monerium’s main activity consists of the issuance and redemption of e-money. In general, Monerium provides its services online but its registered office is at Bjargargata 1, 102 Reykjavík, Iceland. The company is supervised by the Financial Supervisory Authority of the Central bank of Iceland.

Further information regarding the company is available on our website, www.monerium.com.

1.2 About these Terms

This document sets out the Personal Terms of Service (hereafter referred to as “Terms of Service”, “Terms” or the “Agreement”) for your Monerium services. These Terms of Service along with our Fee Schedule, Privacy Policy, Cookie Policy, and any other applicable terms and conditions form the legal agreement between you (the account holder) and Monerium. These Terms of Service contain the general provisions regarding your and our rights and obligations. Monerium EMI ehf. is a wholly-owned subsidiary of Monerium ehf.


Monerium has been granted authorization to issue electronic money (“e-money”) according to Act no. 17/2013, on issuance and handling of electronic money, Icelandic Act implementing Directive 2009/110/EC, (hereinafter referred to as “Act No. 17/2013”), by the Financial Supervisory Authority of the Central Bank of Iceland. Our company number is 5711100240.

According to these Terms of Service customers of Monerium are natural persons who have undergone satisfactory due diligence procedure and accepted these Terms of Service.

We reserve the right to put forth specific terms of service that apply to a certain type of person and that will prevail over these Terms. We can renegotiate deviations from these Terms that will prevail.

There is a special risk involved with transacting value via blockchains (hereafter referred to as “on-chain”) due to the fact that transactions are generally irreversible and value sent to incorrect addresses can not be reversed. Therefore Monerium encourages you to exercise special caution when sending e-money on-chain.

Private key management is subject to certain risks where the value that the private key stores is generally irrevocable in case of a lost key. If certain conditions are met Monerium can assist you to reclaim e-money issued by the company on lost private keys. For further information please see section 21.4.

We encourage you to familiarize yourself with the functionality and quality of the wallets you use for storing e-money. We highly recommend that you use cold hardware wallets for storage purposes.

It should be noted that we are not responsible for how you store and transact with your e-money on-chain and we are not liable for any damages caused by inadequate storage or failed on-chain transactions.

These Personal Terms of Service are available on our website, www.monerium.com.

More information about the company can be found in the Register of Enterprises of the Directorate of Internal Revenue of Iceland and in the Financial Supervisory Authority Supervised Entities Register.

1.3 What we offer

We operate a proprietary on-chain national currency payment rail that automates the issuance and redemption of e-money as well as facilitating automatic settlement and reconciliation (together referred to as our “Services”). You are able to hold e-money in different currencies at the same time.

If requested you can be provided with a specific Monerium IBAN (“IBAN”) reference for you to use to add funds for issuance of e-money on blockchain. The IBAN is customer-specific but managed by us. When funds are transferred to the IBAN account an automatic process will be initiated that issues e-money to your linked blockchain address. You should note that the IBAN is provided to you through our third-party partners and transactions via the IBAN are also subject to their terms and conditions see section 5. You are also able to use your IBAN to send payments via traditional payment networks such as the Single Euro Payments Area (“SEPA”). Once you have submitted a send request through our web application (hereafter referred to as “your Account” or “Account”) the corresponding value of e-money will be redeemed from your linked blockchain address.

In your Account you can view the balances of your linked addresses, receive instructions on how to add money, send money and view your transaction history.

Monerium Services are subject to fees according to our Fee schedule which is available on our website.

1.4 What we don´t offer

We do not provide a payment service according to Directive 2015/2366/EC, on payment services in the internal market. When you accept these Terms of Service you consent to us that we may use third parties in order to provide you with a payment service.

Monerium e-money is issued on blockchain networks. We will not be involved in initiating, executing, or otherwise facilitating e-money transactions on your behalf on-chain. We do not provide you with a wallet service for your benefit. You are responsible for bringing and using your own wallet of choice. You are solely responsible for transactions on-chain and they are carried out independently. Transactions are subject to relevant blockchain transaction fees. Monerium will neither pay nor assist you with blockchain transaction fees unless otherwise agreed upon.

As required by Act No. 17/2013, e-money held in your possession will not accrue interest or other benefits related to the length of time during which you hold the e-money.

2. Establishment of a Business Relationship

Our obligations under these Terms of Service are conditional upon our acceptance of you as a customer which is at our sole discretion. We reserve the right to decline to provide you with the Services without specifying a reason. You acknowledge that all regulatory requirements need to be met before any Services are provided by us.

Before we agree to provide the Services to you and at all times during the term of our agreement, you agree to cooperate with us and provide any information and documents and do all such acts we require by law, regulation or according to our internal policies, to comply with requests of local and foreign regulatory, governmental, and law enforcement authorities, to verify your identity and your activities and objectives, and to explain the reasons for the (intended) use of the Services, the origin and source of funds used in the business relationship, and the economic nature of a service or transactions.

Our communications with you are solely based on the information that you provide us with. You hereby agree to promptly notify us in writing of any change in your information and to provide us with any further information which is required from time to time for the purpose of our internal policies or the provision of the Services. You are responsible for any loss resulting from wrong, misleading or inadequate information.

By agreeing to these Terms of Service you commit to use the services in accordance with these Terms. If you don’t comply with these Terms, we reserve the right to take relevant actions against you according to these Terms, including but not limited to terminating the business relationship.

For the avoidance of doubt, no services shall commence until (i) we have successfully completed our customer due diligence process and (ii) you have agreed to be bound by these Terms.

3. Use of the Services

3.1 Ownership and Use

Monerium ehf. owns all rights, title and interest in the Services and our proprietary technology, including our software (in source and object forms), algorithms, user interface designs, architecture, and documentation, network, know-how, designs, and trade secrets, and including any improvements, modifications, and derivative work thereof. The Service is protected by intellectual property rights. All intellectual property rights in or arising out of or in connection with the Service shall be owned by us or, where relevant, our third party subcontractors or the third party providers.

We reserve the right, at any time, to amend our operating procedures and acceptable use policy, effective immediately, where appropriate in our determination, subject to such changes not materially adversely affecting the Services we provide to you.

These Terms do not transfer from us to you any license or ownership rights in the Services provided. You may only use the Services in a manner consistent with these Terms, our operating procedures and/or internal policies, and applicable laws and regulations.

You may not adapt, alter, copy, imitate, modify, reverse engineer, decompile or otherwise interfere with any element of the Services without our prior written permission. In addition, all page headers, custom graphics, button icons, and scripts are service marks, trademarks, and/or trade dress of Monerium ehf. You may not copy, imitate, or use them without our prior written consent. All right, title and interest in and to our website, any content thereon, the Services, the technology related to the Services, and any and all technology and any content created or derived from any of the foregoing is the exclusive property of Monerium ehf. and our licensors.

You may not interfere with, disrupt, or cause damage to other customers.

3.2 Use of Passwords and Security Tokens

You are responsible for ensuring that the Services are only accessible by you. In order to enhance computer security, we encourage you to employ strong passwords and use them properly. A password should not be easily traced to you. Passwords should generally not include your name, address or similar facts that connect you to the password. We enforce the following for password; at least eight characters with at least one upper case and one lowercase, and special characters like asterisk and a number spread out through the password.

You must keep your security login details safe and secure at all times and not make them visible nor share them with others. You are responsible for changing your passwords as soon as you suspect that they have been stolen, compromised or misused. You shall notify us via the help desk without undue delay once you suspect that your password has been stolen, compromised or misused.

You are responsible for all actions carried out or requested and all information gathered on the basis of your password without regard to the nature of the action requested or the content of the information.

Security token holder is responsible for all actions carried out on the basis of authentication via the security token. The holder is also responsible for all damages resulting from the usage and misuse of the security token. You are required to keep security details safe at all times.

We are not responsible or liable for loss or damages incurred or suffered by you on account of theft or misuse of your data or other information by third parties. We will, to the best of our ability and according to industry-standard practices, ensure that the Services are kept secure and will inform you promptly of any attempted cyberattack or unauthorised access.

3.3 Suspension of Access

We reserve the right to suspend your access to the Services and/or otherwise restrict functionality if you are in breach of these Terms of Service.

In all such cases, we will, to the extent permitted under applicable laws, provide you with reasonable notice in advance of taking these steps. However, we may suspend your access to the Services and/or otherwise restrict functionality without notice if you are using the Services in a manner that could cause us legal liability or disrupt other customers’ ability to access and use the Services. Any suspension or restriction may continue for such a period as we reasonably determine to be necessary.

3.4 Equipment

You must provide and/or obtain any equipment, blockchain addresses or wallets, telecommunications lines and links that may be necessary for you to use the Services. We are not responsible for providing you with any equipment, blockchain addresses or wallets, telecommunications lines and links that may be necessary for you to use the Services.

4. Issuance and Redemption of E-money

E-money is issued at par value on the receipt of funds. Please note that the amount you transfer from your bank account to us and the amount we receive may vary due to transaction and/or currency conversion fees. We reserve the right to deduct applicable fees before e-money is issued to your linked address. All applicable fees are listed in our Fee Schedule.

E-money will be available in various currencies. As of now, our e-money is generally denominated in EUR. If your payment is not denominated in the same currency as requested, your and/or our banking or payment provider partners will convert such funds to the requested currency at their applicable conversion rate and they may charge additional fees for completing such currency conversion. The issuances and redemption of e-money denominated in other currencies than EUR are subject to an additional contractual agreement between us. Thus we won’t issue or redeem e-money denominated in other currencies than EUR to you directly in circumstances where no additional contractual agreement is in place between us.

Please note we may require that your first payment in exchange for e-money be sent from an account in your name with a credit or financial institution residing within the European Economic Area. Payment shall be sent to the account declared in your profile. If you use the Monerium IBAN service, your payment shall be sent to the IBAN that we provide you with. Monerium IBAN service is subject to additional fees according to our Fee schedule. When we can confirm that the payment has been received e-money will be issued to your linked blockchain address.

Upon your request, we will redeem, at any moment and at par value, the monetary value of the e-money subject to redemption. Redemptions are subject to fees according to our Fee schedule. Redemption may be requested in whole or in part. Your ability to redeem e-money is conditional on (i) your possession of corresponding amounts of e-money on your address, (ii) no violation of these Terms of Service and our internal policies, and (iii) no action, pending or otherwise, by a regulator, law enforcement or a court of competent jurisdiction that would restrict redemption.

We will execute your redemption request as soon as possible but you should note that the transfer of funds is carried out by our banking partner and/or payment service provider, and we can not guarantee execution time of transactions through 3rd party service providers.

5. IBAN and SEPA Payments

The IBAN and the SEPA payment services are provided by our third-party payment partners SatchelPay, UAB, with the legal code 304628112, registered address at Geležinio vilko g. 18A, Vilnius, LT-08104, Lithuania (hereafter referred to as “Satchel’’) and AS LHV Pank, registry code 10539549, registered address at Tartu mnt 2, Tallinn 10145, Estonia (hereafter referred to as “LHV”) collectively referred to as “Payment Partners”. Satchel is a licensed electronic money institution, license No 03-34, supervised by the Bank of Lithuania. LHV is a licensed credit institution, license No 4.1-1/37, supervised by the Estonian Finantsinspektsioon.

Before you use the services provided by our Payment Partners, you must read and agree to their terms and conditions available here: https://satchel.eu/terms-and-conditions and here: https://www.lhv.ee/en/general-conditions. Please read them carefully.

By using any of the services provided by our Payment Partner, you unconditionally accept there terms and conditions. If you do not accept it, you will not be able to use the services.

All communications regarding your use of the IBAN and SEPA payments shall be communicated directly to us via the help desk and we will, if applicable, transmit your notification, query or complaint to our Payment Partner accordingly.

Funds transferred to your IBAN will automatically be converted, once received and relevant fees deducted, if applicable, to e-money and issued to your linked blockchain address. By transferring funds to your unique IBAN you unconditionally instruct us to issue e-money to your linked blockchain address.

Prior to issuing e-money to your linked blockchain address we may conduct checks for the purposes of preventing fraud, money laundering, terrorist financing and other financial crimes, as required by applicable law. This may prevent or delay you from receiving e-money until those checks are completed to our reasonable satisfaction in order to comply with our regulatory requirements.

You are also able to send e-money from your linked blockchain address via the SEPA payment network via your Account. When sending funds via the SEPA payment network you authorise us to burn the corresponding amount from your linked blockchain address simultaneously.

In order to send funds via the SEPA payment network you must at least provide us with the recipient details and follow the relevant instructions in your Account. Our Payment Partners are responsible for executing your payment order. By submitting a payment instruction in your Account and signing a message sent by us with your private key you consent and authorize us to pass on your payment order to our Payment Partnerl for payment execution. Upon completion of this process your payment order has been received by us and you have given your consent to pass on the payment order to our Payment Partner for execution. Submission of a payment order in accordance with the above constitutes a binding agreement between us that cannot be canceled, changed or revoked once submitted.

In case the amount of funds on your linked blockchain address is lower than the amount of the payment transfer and/or the cost of the Service the payment order will not be passed on for execution.

We reserve the right to conduct checks for the purposes of preventing fraud, money laundering, terrorist financing and other financial crimes as required by applicable law prior to passing on your payment order. This may prevent and/or delay you from transferring funds until those checks are completed to our reasonable satisfaction in accordance with our regulatory requirements.

If we in our sole discretion believe that you have violated these Terms we reserve the right to not pass on your payment order.

All fees subject to the use of our Payment Partner will be charged by us and are available in our Fee Schedule.

6. Safeguarding of Funds

Funds we receive in exchange for e-money are either: (1) placed into our ring-fenced accounts which are separated from our own funds that we hold with our banking partner or (2) invested in secure, low-risk assets held in separate accounts with financial institutions. Together referred to as “Safeguarded Accounts”.

Funds that we receive from you in exchange for e-money are safeguarded in accordance with the above no later than five (5) business days after they become available to us.

Funds that we safeguard in exchange for e-money are not considered to be a deposit, loan or other types of banking service. Thus, we are not able to pay you interest or be a member of the Icelandic Depositors and Investors Guarantee Fund. You are therefore not protected under the Act No. 98/1999, on deposit guarantee and investor compensation scheme. Furthermore, we are not a member of other insurance schemes for your benefit.

According to the Icelandic Bankruptcy Act No. 21/1991, e-money holders enjoy the highest priority claim against the bankruptcy estate in proportion to their ownership. In the event of our insolvency, or if a financial claim is made against us, no creditor or claimant should be able to claim funds held in our Safeguarded Accounts. This is because no other person or institution may have any rights or interest over the funds held in our Safeguarded Accounts such as a lien.

7. E-money Breakdown, Hosting and Blockchain Network

E-money balance and holding information are stored on a blockchain network. If disputes arise on the blockchain, e.g. the blockchain forks, we reserve the right to rely on the breakdown that the node we host shows. Inherently our e-money liabilities will not double.

In certain circumstances, we might be forced to suspend all activities relating to the issuance and redemption of our e-money for an extended period of time for example when a fork of the blockchain network occurs or when we identify a security issue with the blockchain. We will restore the Services when such downtime is over. Such downtime may occur in anticipation of a fork and/or immediately upon a fork. During such downtime your capability to receive and/or redeem e-money from us might be limited.

We reserve the right to migrate and/or issue our e-money to another blockchain network or protocol. In the event of a migration to another blockchain network or protocol, you agree to take any and all actions reasonably necessary to effectuate the migration of your e-money to another blockchain or protocol identified by us. If you fail to effectuate such migration and do not request redemption of your outstanding e-money before the effective date of such migration we may not be able to provide you with the Services at the same level as described in these Terms of Service. Notwithstanding any other provision of these Terms of Services, we will not be responsible or liable for any damages, losses, costs, fines, penalties or expenses of whatsoever nature, whether or not reasonably foreseeable by us and/or you, which you may suffer, sustain or incur, arising out of or relating to your failure to effectuate such migration of your e-money to another blockchain or protocol identified by us.

As a result of the decentralized and open source nature of our e-money, it is possible that a third party unaffiliated with Monerium could create an alternative version of our e-money smart contracts, a fork, that operates independently from our e-money. We support only our version of the e-money smart contracts and are under no obligation to support any fork of our e-money smart contracts and assume no responsibility for any value that might be lost as a result of this lack of support. In the event of a fork of our e-money, we shall, in our sole discretion, determine which fork of our e-money we will support.

Blockchain networks may experience backlogs, higher than normal transaction fees, changes to the network, failure or a fork in the protocol. We do not own, control or are responsible for the operation of blockchain networks and make no guarantees regarding their security, functionality or availability. Therefore we can’t guarantee that you will be able to send and/or receive e-money on-chain at all times. Attacks or delays on the blockchain might result in delay or prevent you from sending or receiving e-money, and we shall bear no responsibility for any losses that result from such issues.

8. Risk Factors and Disclaimer

The following risk factors do not disclose all of the risks associated with our e-money. You acknowledge and agree that you are solely responsible for determining the nature, potential value, suitability, and appropriateness of those risks for you in light of your circumstances and financial resources. You acknowledge and agree that you use the Services at your own risk.

8.1 Third Party Platforms

Due to the open source and decentralized nature of our e-money it may be compatible with software or other technology provided by third parties. We do not guarantee the security or functionality of any third party software or technology and are not responsible for your losses due to the failure of third party software or technology.

8.2 On-chain Transaction Irreversible

Transactions on-chain are generally irreversible, therefore, losses due to fraudulent or accidental transactions may not be recoverable.

8.3 Private Key Management

E-money in your address is controlled by the private key of that address. If your private key is compromised or lost, the e-money subject to that address may be stolen or lost and otherwise unrecoverable.

8.4 Blacklisted Addresses

As mentioned in section 11 below we may be obligated to freeze e-money that you send or receive to/from blacklisted addresses and take steps to terminate your Account. Consequently, you may forfeit any rights associated with your e-money, including the ability to redeem e-money for funds.

8.5 Claim on Funds

When you transfer e-money to a third party address, which is not under your control, you automatically transfer and assign the right to redeem e-money in exchange for funds to that third party. That third party right to redeem e-money received from you is contingent on us accepting him as a customer.

9. Fees, Taxes, Default Interest and Suspension & Set Off Rights

9.1 Fees

All fees for the Services are set out in our Fee Schedule. We may, from time to time, change our Fee Schedule. In such cases, we will provide you with reasonable notice, at minimum thirty (30) days, in advance of increasing our Fee Schedule. If you don’t agree with changes that we may make to our Fee Schedule you are able to unilaterally terminate the business relationship.

9.2 Taxes

All fees are stated exclusive of all taxes and similar fiscal charges now in force or enacted in the future, some of which you will be responsible for and must pay in full. According to the Value Added Tax Act no. 50/1988, the services of Electronic Money Institutions are exempt from value-added tax (“VAT”). Therefore we do not add VAT to fees relating to the issuance and redemption of e-money. Other types of service that we may offer you now or in the future might be subject to VAT and/or other forms of taxes and you will be responsible for and must pay them in full.

We will maintain a record of your transaction history, which you will be able to access through your Account in order to make any required tax filings. You are responsible for determining what, if any, taxes apply to the transactions you make or receive, and to collect, report, and remit the correct tax to the appropriate tax authority. We are not responsible for determining whether taxes apply to your transactions, or for collecting, reporting, or remitting any taxes arising from any transactions.

9.3 Default Interest and Suspension

If you do not promptly pay any amount properly due to us under these Terms of Service and/or according to our Fee Schedule, we may demand penalty interest of 2% default margin on top of the penalty interest rates published by the Central Bank of Iceland on unpaid monetary claims, calculated as of the due date until the date of payment.

If the amount due remains unpaid for thirty (30) days or more following the due date we may suspend, interrupt, or terminate your access to the Services.

9.4 Set Off

To the extent permitted by law, you agree that we may set off any fees, damages or other amounts you owe to us against funds we hold and/or receive on your behalf.

10. Handling and Processing of Personal Data

According to know your customer and anti-money laundering (“KYC/AML”) regulations we are required to apply customer due diligence measures when business relationships are established see section 11. Therefore we are legally bound to gather and process your personal data. We require you to provide personal information in order for us to fulfill our obligation in accordance with the law. We will also gather information about you from third party sources such as public authorities, commercial registers, credit reference agencies, fraud prevention agencies and partners who help us to provide the Services.

By agreeing to these Terms of Service you are granting us permission to gather, store and process personal information for the purpose of providing the Services to you. This doesn’t affect any rights and obligations you or we have under data protection law.

According to General Data Protection Regulation No. 2016/679, (hereafter “GDPR”) Monerium is a “Controller” of the processing of personal data. The purpose of the processing is to ensure that we can fulfill our obligations to you.

Personal data will only be collected for legitimate purposes and will not be further processed in a manner that is incompatible with that purpose.

We reserve the right to share your personal data with third parties, such as IT suppliers, payment services, banking and financial services, to help us provide the Services to you. We also share your personal information with fraud prevention agencies to verify your identity, protect against fraud, keep to anti-money laundering laws and confirm that you are eligible to use the Services. Any third parties with whom we share your personal information are limited by law and/or by contract in their ability to use your personal information for any purpose other than to provide services for us. All personal data that we store with our cloud service provider are encrypted and therefore anonymous. By accepting these Terms of Service you are granting us permission to store and share your personal data with third parties.

Our Privacy Policy sets out the lawful reasons for using your personal information.

You can find information on how we use cookies to store and retrieve data on and from your browser/device in our Cookies Policy.

You can withdraw your permission by closing your account, which will end the agreement between us. If you do this, we´ll stop using your information for the purpose of providing the Services but according to KYC/AML regulations, we must maintain the necessary information obtained through customer due diligence measures and records on transactions for at least five years.

You are aware that e-money transactions on-chain are generally public, traceable and permanently stored on the network. The sender’s and receiver’s addresses, the transaction hash, and the amount transacted is part of the public transaction.

11. Anti-money laundering and know your customer

As an obliged entity pursuant to European KYC/AML regulations we must apply customer due diligence measures when establishing a business relationship with you.

In our customer due diligence process you are required to submit and provide us with (i) general information about you e.g. name, social security number, country of residence, nationality, address; and (ii) applicable ID documents e.g. passport, utility bill.

We are required to obtain personal information about you and verify your submitted information and documents. In order to do so we may conduct searches through identity-referencing or credit-referencing agencies and through other sources of information and use scoring methods both to allow us to provide you with the Services and to assess our risks in doing so. A record of this process will be kept and may be shared with our partners in order to provide you with the Services and to assess our risks in doing so. Information may also be passed to other organizations or persons to prevent fraud. Additionally, information may be passed to governmental, regulatory or judicial organizations to prevent fraud or financial crime where we consider it appropriate.

Ongoing monitoring of your activity is conducted throughout the course of the relationship to ensure that transactions being conducted are consistent with the information obtained regarding the purpose and intended nature of your activities.

You confirm that funds used in exchange for e-money belong to you. Furthermore, you confirm that the funds used cannot be directly or indirectly, neither now nor later, be traced to or derived from illegal activities.

We reserve the right to dismiss or delay your requested orders if we have reasons to believe the order is suspicious, may involve fraud or misconduct, violates applicable laws, or violates these Terms of Service.

In some circumstances, we are obligated to blacklist certain addresses and freeze associated e-money (temporarily or permanently) in order to protect you and the Services from being used in illegal activity or activity that otherwise violates the provisions of this Terms of Service. We reserve the right to blacklist addresses that we in our sole discretion and/or, in accordance with the relevant Financial Intelligence Unit (“FIU”) instructions, determine to be associated with illegal activity. If you send or receive e-money to/from a blacklisted address, we may be obligated to freeze such e-money or take steps to terminate your Monerium account or both. We are obligated to report suspected illegal activity to the FIU and consequently, you may forfeit any rights associated with your e-money, including the ability to redeem e-money for funds if the FIU so requires. We may also be forced to freeze e-money and/or surrender associated funds that we safeguard in the event we receive a legal order from a competent government authority requiring us to do so.

12. Confidentiality

We and our CEO, board of directors, accountants, employees and those who work on our behalf are bound by confidentiality regarding everything they get knowledge of when carrying out their work on behalf of the company. The above-mentioned parties shall be prohibited from disclosing confidential information, regarding your personal information, received during the course of their activities on behalf of the company. Confidentiality remains despite resignation.

You can authorize that confidentiality is lifted. Confidentiality can also be lifted with a judge ruling or when required by law.

13. Third Party Product & Services

If you are dissatisfied with any products or services bought by you, or sold by you to a third party using our e-money you must handle issues arising from such transaction directly with the third party seller or buyer.

We have no control of or are liable for, any products or services that are purchased or sold by third parties using the Services. We are not liable for any losses or issues that may arise from your transactions with third parties, including, but not limited to, delivery, legality, quality or your satisfaction with any services or products obtained by means of e-money transfer.

14. Order and IBAN Transaction Limits

We reserve the right to put forth a limit on the amount of e-money you may receive or request redemption from us due to security and legal requirements as determined by us from time to time at our reasonable discretion. You may be required to answer further questions or to complete other processes that we may reasonably require in connection with your order and use of the Services.

Limits may apply to the maximum value of your payment transactions to/from your IBAN made in a particular time period e.g. during any one business day, and the maximum number of payment transactions made to/from your IBAN over a particular time frame.

15. Right to Suspend/Delay Orders and IBAN Transactions

We reserve the right to delay and/or suspend your request to receive and/or redeem e-money if we believe the transaction is suspicious, may involve fraud or misconduct, violates applicable laws or these Terms and Service.

16. Restriction on Your Use

We encourage you to act responsibly and reasonably when using the Services. The Services must not be used, directly or indirectly, as follows:

  1. in order to engage in money laundering or financing terrorism;
  2. for illegal purposes e.g. committing fraud;
  3. in a manner that violates or assist any other party in violating any applicable law or regulation;
  4. in a dishonest manner e.g. provide us with false, inaccurate or misleading information;
  5. in a way that might harm our ability to provide the Services;
  6. to intentionally try to defraud us or our customers;
  7. to control or use a Monerium account that’s not yours;
  8. to allow anyone who isn’t authorised to have access to your Monerium Account;
  9. to use the Services on behalf of any third party or to hold or carry out transactions with your clients’ money without our prior written approval.

Please note that you are not allowed to operate as a “front”, a”reseller”, or in any way act on behalf of a third party in the business relationship between you and Monerium without Monerium’s explicit approval. For example, you are not allowed to receive payments to your Monerium IBAN account from a third party and subsequently transfer the corresponding amount of e-money to that same third party.

17. Prohibited Transactions

The following transactions are prohibited when using the Services and we reserve the right to monitor and block transactions that relate to:

  1. any persons or entities located in high risk territories as defined defined by us and published on our website;
  2. any persons or entities subject to sanctions or other embargoes;
  3. production or trade in weapons of any kind and munitions:
  4. production or trade in controlled substances unless licensed and authorized by the jurisdiction in which you are based as well as the jurisdiction in which the transaction takes place;
  5. drug trafficking including chemicals used to manufacture drugs or synthetic drugs;
  6. gambling activities including but not limited to betting, casino, horse racing, bingo and sports betting unless licensed and authorized by the jurisdiction in which you are based as well as the jurisdiction in which the transaction takes place;
  7. money-laundering or terrorist financing;
  8. ponzi scheme, pyramid scheme, or multi-level marketing program;
  9. trade in goods and services that infringe or violate any copyright, trademark, or proprietary rights under the laws of any jurisdiction;
  10. any unlicensed financial services or money transmitting activities;
  11. trade in goods and services of any type from darknet marketplaces for illegal goods or services;
  12. adult entertainment, pornography, prostitution or other indecend and obscene material;
  13. production or trade in goods or services that are subject to international phase outs or bans;
  14. abusing confidential or material, non-public information;
  15. bribe, payoff, incentive or kickback payments;

18. Reversal

In the event that funds sent to your Monerium IBAN account and/or to our bank account are subject to reversal after the issuance of e-money is completed, we will deduct such reversed transactions from your e-money balance. If your e-money balance is insufficient to cover the reversal, we reserve the right to require repayment from you.

19. Your Warranties and Representations

You hereby warrant and represent that:

  1. you are the owner of the funds used in the business relationship;
  2. funds supplied by you to us are at all times free from any charge, lien, pledge or encumbrance and you have full right in and title to such funds;
  3. information provided by you to us is complete, accurate and not misleading in any material respect; and
  4. you are not a US resident for tax reporting purposes or any other purposes and that you will not remit e-money to US residents.

20. Reliance on Instructions

We are authorised and entitled to rely upon, and act in accordance with, any instruction which may from time to time be, or purport to be, given by you. For these purposes, an instruction includes issuance and/or redemption of e-money or sending payments with the Monerium IBAN account.

We are entitled to treat any instruction as fully authorised by, and binding upon, you and we are entitled (but not bound) to take any steps in connection with, or in reliance upon, that instruction which we in our own absolute discretion may consider appropriate, and notwithstanding any error or misunderstanding or lack of clarity in the terms of that instruction. If we receive conflicting or ambiguous instructions from you we may in our own discretion and without any liability on our own part, decline to act whilst seeking clarification of that instruction as we in our own discretion deem appropriate.

21. Indemnity and Limitations on Liability

21.1 Indemnity

You shall indemnify us for all losses, damages, taxes, expenses, costs and liabilities whatsoever (present, future, contingent or otherwise and including reasonable legal fees) which may be suffered or incurred by us as a result of, or in connection with:

  1. your breach of these Terms of Service;
  2. us executing any order on your instruction; or
  3. us taking any action which we are entitled to take in order to enforce and preserve our rights,

unless, and to the extent only that, such losses, damages, taxes, expenses, costs and liabilities are suffered or incurred as a result of our gross negligence or wilful default.

21.2 Limitation of Liability

Neither us, our directors, representatives or other employees nor our third party partners, affiliates, service providers, agents or their directors, representatives or employees are liable for:

  1. any loss, damage, expenses, cost or liability suffered or incurred by you as a result of or in connection with the provision of the Services unless and to the extent such loss is suffered or incurred as a result of our gross negligence or wilful default;
  2. any loss due to actions taken by us according to our rights under these Terms of Service; or
  3. any consequential or other indirect loss suffered or incurred by you whether arising from our negligence or otherwise.

We shall not be liable for any losses resulting from:

  1. operational failures preventing the use of the Services;
  2. interruptions preventing you from accessing the Services;
  3. use of blockchain networks as means of transacting and/or storing e-money;
  4. use of the internet as a means of communication and transport; or
  5. damage caused by matters relating to your own computer systems.

In relation to transactions executed on-chain, we shall not be liable for any loss, expense, cost or liability suffered or incurred by you due to a system or transmission failure or delays or similar technical errors of the underlying blockchain network.

21.3 Our Liability

If a loss is incurred due to our gross negligence or wilful breach of contract we will promptly endeavor to correct the error. We will be liable for any direct losses such as bank fees and interest incurred as a result of our gross negligence or wilful breach of contract. In no circumstances will we be liable for any indirect, unforeseeable or incidental losses incurred, such as loss of opportunity.

We are not liable for any business losses and have no liability for any loss of profit, loss of business, business interruption, or loss of business opportunity.

We are not liable for any delay or failure to perform our obligations under these Terms of Service by reason of any cause beyond our reasonable control including, but not limited, to any action or inaction by you or any third party, any Force Majeure event, system failure, software malfunction, cyber attack, bank delay, payment delay, postal delay, failure or delay of any fax or electronic transmission, any accident, emergency, or any abnormal or unforeseeable circumstances. Force Majeure event, means in these Terms of Service, an event which is beyond the reasonable control of an affected party including, without limit, any market disruption, acts or restraints of government(s) or public authorities, war, revolution, strikes or other industrial action, fire, flood, natural disaster, pandemic or epidemic, explosion, terrorist action, the suspension or limitation of trading by any execution venue, or any breakdown failure, defective performance or malfunction of any telecommunications settlement or other equipment or systems.

We don’t indemnify you for losses related to your usage of e-money. This implies that we are incapable of reversing or canceling your on-chain transaction if your e-money is sent to the wrong or incorrect address. However we may be able to assist you in such circumstances as disclosed in section 21.4 below.

21.4 Your Liability

You are liable for the usage of e-money in your possession. You are liable for all on-chain transactions or business with our e-money with third parties and any other use of the Services by your Monerium account. We are not responsible if you send e-money to the wrong or incorrect address or if you lose control of your private key but we may, upon request, make efforts to assist you to gain back control of your private key. When certain conditions are met, we may be able to temporarily redeem e-money from your linked address if you truly show that you have lost control of the corresponding private key. It is an indispensable condition for such redemption that you have registered the private key with Monerium in advance by providing us with a signature using your private key. You can, if all conditions for temporary redemption are met, ask for a re-issuance of the e-money to a new address which you have linked to your account or that the monetary value of the e-money is transferred to your declared bank account.

Neither we nor our third party partner who provides you with payment service will be liable to you for the non-execution of a Monerium IBAN payment or for the defective execution of a Monerium IBAN payment if the information you provide is incorrect. Neither we nor our third party partner will be liable for errors, mistakes, or non-performance arising from the payee/beneficiary bank if the payee/beneficiary bank fails to process the payment correctly. In either case, reasonable efforts will be made to recover the funds involved in the payment. You will be responsible for the costs incurred by us or our third party partner for any such recovery.

You are liable for any damage to us resulting from your fraud or fraudulent misrepresentation, gross negligence or deliberate misconduct.

You are responsible for correctness of data, orders and documents submitted to us.

21.5 Non-Exclusion

Nothing in these Terms of Service excludes our and/or your liability for any loss to the extent it is caused by fraud, dishonesty or deceit, death or personal injury caused by our and/or your negligence or the negligence of our/your employees or agents or any other liability that cannot be excluded by law.

21.6 Your Obligations and Responsibilities

You are obligated to inform us if you believe that your e-money which is or was in your custody has been or is being used fraudulently.

If you become aware that your e-money has been stolen, betrayed or with other illegitimate means obtained from your possession, you shall notify us and relevant authorities immediately. We can’t promise that you will receive your e-money back.

You are responsible for taxes, fees, transactions, use and/or misuse of the e-money in your custody.

22. Termination of Business Relationship

22.1 General

You may terminate our business relationship at any time by closing your profile and request redemption of any remaining e-money associated with your profile except otherwise specially agreed upon or stated in law. A notice of termination shall truly be sent to us. A termination notice is considered to have been truly received if it is sent to monerium@monerium.com or sent via our help desk.

You may not terminate your profile if we believe, in our sole discretion, that such termination is being performed in an effort to evade a court order or a legal or regulatory investigation or to avoid paying any amounts otherwise due to us.

We reserve the right, without liability to you or any third party, to suspend or terminate this business relationship unilaterally if we suspect you of violating these Terms of Service, other terms, our internal policies or laws and regulations that govern our operation. If the business relationship is terminated or suspended unilaterally by us, the total monetary value of your e-money held shall be redeemed with a deduction of relevant fees according to our Fee Schedule. You will be notified of the termination electronically.

When the business relationship is terminated, we will redeem the monetary value of the e-money as soon as reasonably possible. We reserve the right to delay and/or obey to competent authorities instructions when the monetary value of e-money or the e-money itself is suspected to have been gained unlawfully, used to finance terrorism or in money laundering purposes, and/or used in violation of the Terms of Service or other applicable laws and regulations. In certain circumstances, we will consult with the FIU.

We may also temporarily suspend your access to your profile in the event that a technical problem causes system outage or errors until the problem is resolved.

22.2 Third Party Partner Termination Request

In the event that our third party payment service partner, in their sole discretion, deems that you have been in breach of any of their relevant compliance policies, risk appetite or otherwise, considers you to put their compliance with law at risk, they shall have the right to direct us to immediately terminate our relationship to the extent that it covers the use of their product.

In such circumstances, we will terminate your access to the service they provide us with, including, but not limited to, the Monerium IBAN account services. You may still be able to access other parts of the Services if we, in our sole discretion, determine that you are not in breach of any of our relevant compliance policies, risk appetite or these Terms of Service.

22.3 Survival

The following provisions will survive any termination of our business relationship under these Terms of Service:

    1. Data Protection;
    1. Confidentiality;
    1. Indemnity and Limitation of Liability; and
    1. Termination;

and any other provision that by their nature is intended to survive such termination.

Any fees owed by you to us under these Terms of Service shall become immediately due and payable on termination of our business relationship under these Terms.

23. Miscellaneous

23.1 Our Relationship

Nothing in these Terms of Service shall create a partnership or joint venture between you and us. Neither you nor we have authority to bind, to contract in the name of or to create a liability for each other in any way or for any purpose and neither party shall hold itself out as having authority to do the same.

23.2 Changes to the Services

We reserve the right to modify and make changes to the Services at any time as we deem necessary to comply with applicable laws and regulations or to fulfill our business needs, provided that such modifications shall not in our reasonable opinion degrade the functionality of the Services. We will notify you as soon as is reasonably practicable of such modification following our determination to make the modification where possible.

23.3 Assignment

You may not assign or transfer any of your rights or obligations under these Terms of Service without our prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. We may assign or transfer any of our rights or obligations under these Terms of Service to any regulated credit or financial institution.

23.4 Expiration of Claims

Icelandic act no. 150/2007, on the limitation periods for claims, governs the expiration of e-money claims. Claims derived from e-money expire in 20 years after the maturity of the contract. However, a claim shall only become barred if we notify you in a timely and verifiable manner that the claim is due to become barred.

23.5 Communications and Queries

We reserve the right to deliver all relevant documents electronically to you to your declared e-mail address. In general, communication between us and you takes place with electronic means.

No additional costs are charged when using the means of distance communication in connection to distance contracts according to Act No. 33/2005, on distance communication in financial services.

Your approval or instructions that are given through our interface or sent directly to our backend (API) are considered valid business orders.

Your signature given with electronic means with an electronic certificate is permitted and binding and has the same legal force and effect as handwritten signatures.

You can be required at all times to provide relevant information to verify your identity. You can be required to verify yourself with an electronic certificate or with a password.

If a transaction is carried out via computer, phone or other hardware, it is your responsibility to provide such equipment. You are responsible for the usage of the required software and hardware. We will not be held liable for any damages that result from defects or failures in software or hardware. If your equipment does not fulfill our minimum requirements we can refuse to execute the requested transaction.

We reserve the right to communicate and provide information in English. If the communication or provided information is in English you can not demand that they shall be provided in another language.

If you have any questions or complaints, you can contact us via our help desk. Your name, address and any other information which may be needed to identify you, should be attached to the complaint or question along with the transaction which your question or complaint refers to. In order to inform you about the handling of questions and complaints, we have implemented a Customer complaint policy. You are urged to observe the policy which is available on our website.

You can contact us here:

Our e-mail address: monerium@monerium.com

Our website: www.monerium.com

23.6 Complaints and Dispute Resolution

If you are dissatisfied with how we handle your query and/or complaint you can submit a complaint to the Complaints Committee on Transactions with Financial Firms. According to Article 42(2) of Act No. 17/2013, e-money holders can turn disputes regarding financial claims or private interests with us to the committee. Complaints must be submitted on a special form. The forms can be obtained on the Central Bank of Iceland website (www.sedlabanki.is) or at the offices of the Central bank. The form must be signed and shall be delivered or sent by post/email to the office of the Central bank.

The Complaints Committee on Transactions with Financial Firms general info:

Address: Guðrúnartún 1, 105 Reykjavík Iceland.

Tel: +354 5786500

E-mail: fjarmal@nefndir.is

Office hours: from 10:00 to 11:00 am GMT Tuesdays and 14:00 to 15:00 pm GMT Thursdays.

You can also refer your claim to court.

23.7 Governing Law and Forum

These Terms of Service shall be governed by the laws of Iceland and any claim or dispute under these Terms of Service shall be subject to the exclusive jurisdiction of the District Court of Reykjavík.

We reserve the right and by accepting these Terms you agree that we can bring proceedings against you before any court of competent jurisdiction and the bringing or continuing of proceedings in any one or more jurisdictions shall not preclude us from the bringing of proceedings in any other jurisdiction, whether concurrently or not, if and to the extent permitted by applicable law.

23.8 Amendments

We reserve the right to make amendments to these Terms of Services in your favor and/or in order to comply with relevant laws and regulations without notice. If you don’t accept our revised Terms you have the right to terminate the business relationship and request redemption of e-money in your possession. If you continue to use the Services after we revise these Terms you will be deemed to have accepted them and they shall apply to any future business between you and us.

Amendments to these Terms of Service which are not in your favor may take place at any time by us providing you with at least two (2) weeks notice. We will provide such notice to you on our websites, via email or with other electronic means. Such amendments will become effective on the date specified in the notice unless you notify us otherwise prior to the date specified in the notice. In the event that you do not accept our revised terms, you shall have the right in your sole discretion without any liability to terminate these Terms of Service forthwith.

Unless otherwise mutually agreed by us in writing, an amendment will not affect any legal rights or obligations which may have already arisen prior to the date specified in the notice.

23.9 Supervision

We are a supervised entity according to Act No. 87/1998, on the official supervision of financial operations. Therefore we operate under the surveillance of the Financial Supervisory Authority of the Central Bank of Iceland.

To comply with legal obligations, we have to process personal data and are therefore under the surveillance of the Icelandic Data Protection Authority.

23.10 Severability

The provisions of these Terms of Service are severable and the invalidity or unenforceability of any provision herein shall not affect the validity or enforceability of any other provision of these Terms of Service.

23.11 Third Party Rights

Nothing in these Terms of Service confers or is intended to confer a benefit enforceable by a person or legal entity who is not a party to it and no provision of these Terms of Service is enforceable by a person or legal entity who is not a party of these Terms of Service. Without prejudice to the generality of the foregoing, you will be the counterparty to these Terms of Service and the recipient of the Services.

23.12 Power of Attorney

You may authorize and appoint a third party as your attorney-in-fact to execute a business transaction on your behalf and in your name. Such authorization shall be in writing and certified by two persons or a notary public.

The scope of the power of attorney shall be specifically stated if it’s not unlimited. If the power of attorney does not fulfill our or legal requirements any business transactions given in the name of the attorney shall be declined.

If the power of attorney is not temporary then it expires when you withdraw it. The withdrawal shall be granted in a secure manner. Such withdrawal shall become effective as of the date on which we receive it.

The Services are subject to the Act on the freezing of funds and the designation of entities on a sanctions list in relation to terrorism financing and the proliferation of weapons of mass destruction No. 64/2019, and Act on implementation of international sanctions No. 93/2008, and, by using the Services, you represent and warrant that your actions are not in violation of international sanction control restrictions. Without limiting the foregoing, you represent and warrant that (i) you are not a resident, national, agent or incorporated in a jurisdiction subject to international sanctions (Sanction listed country), (ii) you, are not on a Specially Designated Nationals and Blocked Person List (SDN persons) and (ii) you will not send, receive and/or otherwise transact our e-money with any Sanction listed country or SDN persons.

23.14 Waiver and Headings

Our failure to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of such right or provision.

The headings are for reference purposes only and in no way define, limit, construe, or describe the scope or extent of such provision.