Wello App & Wallet Terms of Use

3. ACCOUNT REGISTRATION AND WALLET SECURITY

3.1 To use the Wallet, you must register an account and provide accurate, complete, and verifiable information. 

3.2. While Wello app is designed as a self-custodial service, we reserve the right to request KYC/AML information if required by law, regulation, or if we detect suspicious activity on your account that warrants further investigation. Failure to provide the requested information may result in limitations on your account or suspension/termination of access to certain features or the entire Wallet. The Wallet operates independently, and registration does not grant access to fiat services, which require separate acceptance of the Affiliate's Fiat Terms and Conditions.

3.2 The Wallet is a self-custodial product. Upon Wallet setup, you will receive a Private Key and. These credentials provide exclusive control over your Wallet and funds. Using a self-custodial wallet involves inherent risks. 

YOU ARE SOLELY RESPONSIBLE FOR SECURING YOUR Private Key AND. LOSS OF THESE CREDENTIALS WILL RESULT IN THE PERMANENT AND IRREVERSIBLE LOSS* OF YOUR FUNDS. WELLO CANNOT RECOVER YOUR Private Key OR Recovery Phrase.

3.3 You are responsible for promptly notifying Wello of any suspected unauthorized access to your account or any other security breach. Failure to do so may limit our ability to assist you.

3.4. Wello reserves the right to suspend or terminate your account if we suspect fraud, illegal activities (such as money laundering or terrorist financing), violation of these Terms, or any other activity that poses a risk to Wello, its users, or the integrity of the Wallet. Examples include, but are not limited to, using the Wallet for illegal transactions, attempting to hack the Wallet, or providing false information during registration.

3.5. Wello employs industry-standard security measures to protect the Wallet and user data. We conduct regular security audits and implement updates to mitigate potential vulnerabilities. We employ industry-standard encryption techniques to protect your personal information and Private Keys. Access to your data is restricted to authorized personnel only.

4. WALLET SERVICES AND FUNCTIONALITY

4.1 The Wallet allows users to: 

a) Store supported virtual currencies, including stablecoins. 

b) Perform P2P transfers directly to Wallet addresses. 

c) View blockchain transaction histories.

4.2 P2P transfers allow for instant, blockchain-based transactions of supported cryptocurrencies between Wallet users. These transfers:

a) Are immutable and irreversible upon confirmation. Ensure that you have verified all transaction details before initiating a transfer.

b) Require accurate recipient address details, which you are solely responsible for ensuring. 

P2P TRANSFERS CARRY INHERENT RISKS. YOU ARE SOLELY RESPONSIBLE FOR VERIFYING THE RECIPIENT'S ADDRESS AND ENSURING THE LEGITIMACY OF THE TRANSACTION. WELLO IS NOT LIABLE FOR LOSSES RESULTING FROM INCORRECT ADDRESSES, SCAMS, OR OTHER MALICIOUS ACTIVITIES.

4.3 Fiat On/Off Ramp Services, including payment deposits, withdrawals, and conversions to/from supported cryptocurrencies, are provided by the Affiliate under regulated frameworks. These fiat services:

a) Operate independently of the Wallet's self-custodial system.

b) Are subject to the Fiat Terms and Conditions, which are provided separately.

c) Include processing through PSPs and liquidity providers for efficient settlement.

You must explicitly accept the Fiat Terms and Conditions before using any fiat-related services. Use of the Wallet for cryptocurrency storage and P2P transfers is not contingent on access to fiat services.

4.4 Wello reserves the right to impose limits on the amount or frequency of P2P transfers to prevent fraud, money laundering, or other illicit activities.

4.5 Wello may monitor transactions for suspicious activity and report it to relevant authorities as required by law.

4.6 Wello is not liable for any service interruptions or delays caused by technical issues, maintenance, or other unforeseen circumstances. We will make reasonable efforts to restore service as soon as possible.

WELLO DOES NOT GUARANTEE THE SUCCESSFUL OR TIMELY COMPLETION OF P2P TRANSFERS. TRANSACTIONS ARE SUBJECT TO THE AVAILABILITY AND PERFORMANCE OF THE BLOCKCHAIN NETWORK, WHICH IS OUTSIDE OF WELLO'S CONTROL. NETWORK CONGESTION, TECHNICAL ISSUES, OR OTHER FACTORS MAY CAUSE DELAYS OR FAILURES.

5. FEES AND CHARGES

5.1 You agree to pay all applicable fees disclosed before completing any transaction. A detailed fee schedule is available on our website and within the Wallet application. Please review the fee schedule before initiating any transaction.

5.2 Types of Fees:

a) Blockchain Fees: Fees for processing transactions on the blockchain. Blockchain fees are calculated based on network congestion and other factors.

b) Fiat Fees: Fees related to deposits, withdrawals, or conversions, governed by the Fiat Terms and Conditions. These may include PSP or liquidity provider fees. Fiat-related services may be subject to third-party fees, such as PSP fees and liquidity provider fees. These fees will be disclosed to you before you initiate a transaction.

BLOCKCHAIN FEES ARE DYNAMIC AND DETERMINED BY THE BLOCKCHAIN NETWORK ITSELF, NOT WELLO. THESE FEES CAN FLUCTUATE SIGNIFICANTLY BASED ON NETWORK CONGESTION AND OTHER FACTORS. YOU ARE RESPONSIBLE FOR PAYING THESE FEES TO ENSURE YOUR TRANSACTION IS PROCESSED.

5.3 Fees are non-refundable once a transaction is processed.

5.4 Wello reserves the right to modify fees at any time. We will provide reasonable notice of any fee changes, where required by law.

6. RISKS AND USER ACKNOWLEDGEMENTS

6.1 You acknowledge that blockchain transactions are immutable and cannot be reversed once confirmed.

6.2 You understand that delays may occur in fiat transactions due to PSP or banking systems. Such delays are not within Wello's control.

6.3 You accept that your failure to secure your credentials (Private Key and) may result in the permanent loss of Wallet contents.

6.4 You acknowledge that fiat services depend on PSPs, liquidity providers, and settlement processes, which Wello does not control.

6.5 Cryptocurrency markets are highly volatile and speculative. The value of your virtual currencies can fluctuate significantly and rapidly, and you may experience substantial losses. Cryptocurrencies are also subject to regulatory uncertainty and potential for loss of value due to market manipulation, hacking, or other factors.

6.6 The regulatory landscape for cryptocurrencies is constantly evolving. Changes in regulations may impact the Wallet's operations and the availability of certain services.

6.7 You are solely responsible for complying with all applicable tax laws related to your cryptocurrency transactions. Consult with a tax professional for guidance.

6.8 Using a digital wallet involves security risks, including phishing attacks, malware, and social engineering. Be vigilant and take precautions to protect your account and personal information.

6.9 If the Wallet interacts with smart contracts, you acknowledge that smart contracts are complex pieces of code that may contain vulnerabilities or bugs. These vulnerabilities could be exploited by malicious actors, resulting in the loss of your funds. You are responsible for understanding the risks associated with interacting with smart contracts.

7. LIMITATION OF LIABILITY

DISCLAIMER: OUR SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS, WITHOUT ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED. THIS MEANS THAT WE DO NOT GUARANTEE THAT THE WALLET WILL BE ERROR-FREE, UNINTERRUPTED, OR SECURE. WE PROVIDE THE WALLET AS IT EXISTS AT ANY GIVEN TIME, AND WE DO NOT MAKE ANY PROMISES ABOUT ITS PERFORMANCE OR RELIABILITY.

7.1 Wello is not liable for any indirect, incidental, or consequential damages, including but not limited to: a) Loss of assets due to user negligence or error. b) Issues arising from fiat services provided by the Affiliate. c) Delays or failures caused by blockchain congestion, PSP errors, or other external factors. In no event shall Wello be liable for any consequential, incidental, indirect, or punitive damages arising out of or relating to your use of the Wallet, even if we have been advised of the possibility of such damages.

7.2 Wello's total liability will not exceed fees paid directly to Wello in the six (6) months preceding the claim.

7.3 Wello is not liable for any losses or damages caused by events beyond its reasonable control, including but not limited to natural disasters, cyberattacks, government actions, or force majeure events.

7.4 Wello is not liable for the actions or omissions of third-party service providers, such as PSPs or liquidity providers. Your interactions with these third parties are governed by their respective terms and conditions.

8. GOVERNING LAW AND DISPUTE RESOLUTION

8.1 These Terms are governed by the laws of Hong Kong. You are responsible for complying with the laws of your own jurisdiction. Wello makes no representations about the legality of its services in all jurisdictions. Any dispute arising from or relating to these Terms shall be resolved through binding arbitration administered by the Hong Kong International Arbitration Centre (HKIAC). Arbitrations shall be conducted in English in Hong Kong. Claims must be resolved individually, and you waive the right to participate in any class or collective legal action.

9. TERMINATION

9.1 User Termination

a) Users may terminate your use of the Services at any time by discontinuing use of the Application and deleting your account

b) Termination is subject to the completion of any pending transactions and the payment of any outstanding fees.

9.2 Company Termination

a) We reserve the absolute right to terminate or suspend your Account or access to our services at any time, for any reason, and without liability to you. This includes, but is not limited to, situations where:

i. You violate these Terms. 

ii. We suspect you are engaging in fraudulent or illegal activity. 

iii. We are required to do so by regulatory or legal requirements. 

iv. We deem it necessary to protect our interests or the interests of other users.

b) We may, but are not obligated to, provide you with notice of termination unless prohibited by law or if doing so would compromise security, operational integrity, or our legal obligations.

9.3 Effects of Termination

Upon termination, your access to your Account and our services will be immediately revoked. We may retain your data for a period after termination as outlined in our Privacy Policy and as required by applicable data protection laws. You remain responsible for fulfilling any outstanding obligations or liabilities incurred before termination. Certain sections of these Terms, which by their nature are intended to survive termination, will continue to apply even after your account is closed.

9.4 Termination Restrictions

You may not terminate your account under the following circumstances:

a) If you are attempting to evade an ongoing investigation. 

b) If there are any transactions pending or disputes unresolved. 

c) If your account is subject to a hold, limitation, or reserve.

10. PRIVACY AND DATA PROTECTION

10.1 Your use of the Wallet is governed by Wello's Privacy Notice, which is incorporated by reference into these Terms.

11. INTELLECTUAL PROPERTY

11.1 Ownership

a) All intellectual property rights in our platform, services, and related content belong to us or our licensors.

b) Users may not use our intellectual property without our express written permission.

11.2 Limited License

a) We grant Users a limited, non-exclusive and non-transferable license to use our services for their intended purposes.

b) This license does not allow Users to modify, distribute, or create derivative works based on our services.

12. ALTERATIONS

12.1 Alterations in the Terms

We may modify these Terms at any time at our sole discretion. Material changes will be notified to Users via email, regular mail, or postings on our platform. Continued use of our services after any changes constitutes acceptance of the modified Terms.

12.2 Alterations in the Services

We may modify, suspend, or discontinue any aspect of our services at any time. We will provide reasonable notice of any material changes to our services, unless circumstances require immediate action. The Company shall not be liable for any losses or damages resulting from such modifications, suspensions, or discontinuations.

13. SEVERABILITY

If any provision of these Terms is found to be unenforceable or invalid, that provision shall be limited or eliminated to the minimum extent necessary so that these Terms shall otherwise remain in full force and effect and enforceable.

14. LANGUAGE

These Terms are written in English. Any translated version is provided for convenience only, and the English version shall control in case of any conflict.

15. NOTICES

We may provide notices to Users via email, regular mail, or postings on our platform. Users agree that electronic communications, including email, are considered valid and legally binding forms of communication. Users may provide notices to us at the address specified in the Contact Information section.

16. ASSIGNMENT

a) Users may not assign or transfer their rights or obligations under these Terms without our prior written consent.

b) We may assign our rights and obligations under these Terms without restriction.

17. CONTACT INFORMATION

For questions, concerns, or notices related to these Terms, please contact us at: support@wellowallet.com

By using our Services, you acknowledge that you have read, understood, and agree to be bound by these Terms of Use.