Terms & Conditions

These terms of service (hereinafter referred to as “Terms” or “Agreement”) shall constitute a binding agreement between you and Kassio ApS, a company incorporated in Denmark, registered at Ryesgade 74, 2100 Copenhagen Ø, Denmark, with company registration number (CVR): 42 71 54 09 (hereinafter referred to as “Kassio”, “We”, “Us”, “Our”) and the user (“you” or “User”) and govern each User’s access to, and use of, Kassio’s products and services as well as our mobile and web-based application(s), our website(s), any software, programs, documentation, tools, hardware, internet-based services, components, and any updates (including software maintenance, service information, help content, bug fixes or maintenance releases) provided to you by Kassio, directly or indirectly, through our mobile application, our website, or any other online services we provide (collectively, the “Services”).

In addition, our Privacy Policy is set forth here: Privacy Policy and is incorporated into these Terms in its entirety. We encourage you to read these Terms carefully and use them to make informed decisions.

The User and Kassio shall collectively be referred to as “Parties” and individually as “Party”.

Recitals

The User is looking to register a designated user account on the Kassio website or mobile application, allowing a User to access and use the Services (the “Account”).
The Services are provided solely for use by you, and your use of the Services is expressly conditioned on your consent to, and compliance with, these Terms. By accessing or using our Services, you agree to be bound by these Terms. If you do not agree to any of the provisions of these Terms you should immediately stop using the Services.

Risks

As with any asset, the value of cryptocurrencies can go up or down and there can be a substantial risk that you lose money buying, selling, holding, or investing in cryptocurrencies. You should carefully consider whether trading or holding cryptocurrencies is suitable for you considering your financial condition.
Cryptocurrencies are susceptible to pricing bubbles or loss of confidence which could lead to a sharp decline in demand, thus leading to a loss in value. This means you stand to either gain or lose your assets at any given moment. Therefore, you understand and accept that losses can and do occur– with the risk of losing your entire investment – when trading or holding cryptocurrencies.
Kassio does not and will not provide any advice regarding your investments or purchases in relation to your transactions or trading strategy. You are responsible for your decisions made through the Account and the Service and Kassio will not make any personal recommendations for your trading activity, or advise on the buying, selling, or overall trading in particular cryptocurrencies or performance of certain transactions related to our services; nor will we discuss any tax-related consequences, reveal the composition of accounts, or any other obligations relating to such transactions of trading and holding cryptocurrencies. You must use your own careful judgement when deciding to transact with our service, and be completely aware that by doing so, you may incur losses that we are not responsible for.

Purchase and Sell Cryptocurrencies

Kassio will provide the User with a fiat account from where the User can fund their account with the offered currencies. You can load funds into your Account using bank transfer (or other payment methods available), and your Account will show loaded funds once we have received them. You may only load your own funds, from your own account, and not from any joint, pooled or third-party account. The Account is not a deposit or investment account which means that your funds will not be protected by a Compensation Fond (in Danish: Garantiformuen). Kassio will only hold funds received from User in a designated safekeeping account with a regulated financial institution. Funds held in the Account will not earn any interest.
Kassio offers an Account to the User, from where the User may exchange the funds for cryptocurrencies through Kassio’s service provider. Kassio will not provide any exchange services and the User understands and agree that the User enters into an agreement with a third-party provider and NOT Kassio when purchasing or selling cryptocurrencies in the Account.
1. When exchanging cryptocurrencies for fiat currency in the Account you authorise us to debit or credit your cryptocurrencies and debit or credit your Account with the relevant fiat currency.
Due to security reasons, Kassio is obligated to only process withdrawals to the wallet addresses or bank accounts provided by the User.

Custody

Kassio will provide the User with access to a hosted cryptocurrency wallet for holding cryptocurrencies through Kassio’s certified custodial partner (the “Wallet”).
The Wallet allows you to store, track, transfer, and manage your balances of cryptocurrency. The Wallet is a multi-signature wallet that require two private keys to sign and send a transaction. Kassio will securely store cryptocurrency private keys, which are used to process transactions, in a combination of online and offline storage. Our custodial partner will securely store the second key and co-sign transactions. As a result of security protocols, it may be necessary to retrieve private keys or related information from offline storage to facilitate cryptocurrency transfers in accordance with your instructions, and you acknowledge that this may delay the initiation or crediting of such cryptocurrency transfers.
Title to cryptocurrency shall at all times remain with you and shall not transfer to Kassio or our custodial partner. As the owner of the cryptocurrency in the Wallet, you shall bear all risk of loss of such cryptocurrency. Kassio shall have no liability for cryptocurrency fluctuations. None of the cryptocurrencies in the Wallet are the property of or shall or may be loaned to Kassio; Kassio does not represent or treat assets in the Wallet as belonging to Kassio.
You control the cryptocurrencies held in the Wallet. At any time, subject to outages, downtime, and other applicable policies, you may withdraw your cryptocurrency by sending it to a different verified blockchain address. As long as you continue to custody your cryptocurrencies with Kassio and our custodial partner, we and our custodial partner shall retain control over electronic private keys associated with the blockchain addresses that hold your cryptocurrencies.

Earn

The Wallet is an account for deposits in cryptocurrencies that automatically accrue earn rewards on Wallet holdings. All approved and verified Account holders are eligible to receive earn rewards.
The annual percentage yield (“APY”) of the earn rewards is the real return by considering compounding interest. A list of available cryptocurrencies to be deposited by you in Wallet, together with the APY, shall be available to you when accessing the Kassio platform.
Earn rewards on Wallet holdings, shall be calculated daily and be disbursed every Monday.
Kassio reserves the right, at its sole discretion, to change, modify, add or remove part of the listed cryptocurrencies and change their rates at any time. It is the User’s responsibility to check these listed cryptocurrencies and rates periodically for changes.
The User reserves the right to make withdrawals partially or in full at any time. The earn rewards will be calculated daily as long as any funds are available in the Wallet and the accrued earn rewards will be added to the account balance on the 1st day of the following week.
In any case, the User reserves the right to withdraw all cryptocurrencies and leave the Wallet balance at a zero rate. The APY calculation and accrual will be subject to stop at the date of the withdrawal.
The accrued APY will be calculated and paid to two digits after the decimal point of the cryptocurrencies in the same currency as the deposit has been made. Any digits beyond that will not be paid. Once APY has been credited to the Wallet, the User will earn APY on it in future days.

Tax (Applicable in India)

TDS will be deducted according to section 194S of the Finance Bill 2022, on all the applicable crypto transactions. TDS deducted on every transaction will be processed at the end of the month. Your TDS will be paid to the Government of India on a monthly basis and filings will be made on a quarterly basis. For all other queries on taxes, please refer to the official website of the tax authority.
The User is solely responsible for reporting and filing any applicable taxes arising from using the Services and acknowledges that Kassio does not provide investment, legal, or tax advice to you in connection with such participation.

Complaints Policy

General Terms & Conditions
1. It is the User's responsibility to explain any complaints or requests concerning Card Services in writing, describe the issue and how it affected them, along with expectations for the resolution, and submit it to Kassio Support Team at support@kassio.com. The written complaint shall be accounted for and received by Kassio on the date when all documents and information which can reasonably be deemed necessary for Kassio to evaluate the User's request have been received by Kassio. We provide a response of acknowledgement within 24 hours when you reach out through our official support channels. However, Kassio will give a reasoned and documented response to the User's written complaint to the User's registered e-mail address within 15 (fifteen) Business Days of receipt of the complaint.
2. In case Kassio is not able to provide a solution to the complaint of the User within 15 business days for reasons beyond the control of Kassio. Should this occur, Kassio will reply to the User's email address, clearly indicating the reasons for the delay in responding to the complaint and specifying the deadline by which the final response will be provided. In any event, the deadline for giving the last reply shall be at most 35 (thirty-five) Business Days. The complaint handling procedure is chargeable for Users.
3. The User agrees that all correspondence with Kassio, including the complaints, will be in English.
4. In case of a dispute related to a Payment Transaction made to pay for a service or product of the payee, the User hereby grants permission to the Kassio customer support team to contact the payee on its behalf to resolve the dispute faster and more efficiently.
5. If the User believes a transaction made is incorrect or unauthorised, it is the User’s responsibility to contact our customer support team at support@kassio.com immediately and provide thorough details of the same transaction. The support team of Kassio will investigate the matter and may issue a refund if needed.
6. We reserve the right to change our refund and cancellation policy at any time. If you have any questions or concerns, please contact our customer support team.
What should you do (step by step) if you want to raise a concern with Kassio?
1. All complaints and requests can only be resolved by providing a written application with complete details on our support channel, i.e. support@kassio.com or the Live Chat option available on the website at https://kassio.com/en-DK.
  Please note that the live chat option is only available Monday through Friday from 0900 to 1800 hours India Standard Time (IST).
2. When submitting an application, the following must be indicated:
  1. Your full name and Username, registered email address, phone number, residence and alternate contact number;
  2. Your issue or concern with the specific service;
  3. Detailed information regarding the issue you faced.
  4. Specify the expectation for the resolution or claim, if any,
  5. Explanation of the grounds for your claim;
  6. List of the attached documents;

The application should be signed by you only.

Data Protection

Kassio is the data processor when handling cryptocurrency transactions and we make certain that we take the appropriate measures to ensure compliance with applicable data protection laws and regulations. The policy applied to processing data is set out in the Privacy Policy.
Kassio may be obliged to disclose User data to third parties or group companies. This includes all information provided in the Compliance process, including but not limited to, name, address, and account number or IBAN to the banks involved, the operators of payment and communications systems. By using the Account and the Service, the User authorizes Kassio to disclose the necessary data as well as any associated data to third parties and group companies.

Termination

Kassio may: (a) suspend, restrict, or terminate your access to any or all of the Services, and/or (b) deactivate or cancel your Account if: (i) We are required by a facially valid subpoena, court order, or binding order of a government authority; (ii) We reasonably suspect you of using your Account in connection with a prohibited use of business; (iii) Use of your Account is subject to any pending litigation, investigation, or government proceeding and/or we perceive a heightened risk of legal or regulatory non-compliance associated with your Account activity; (iv) Our service partners are unable to support your use; (v) You take any action that Kassio deems as circumventing Kassio's controls, including, but not limited to, opening multiple Block Earn Accounts.
Further, Kassio reserves the right to unilaterally block, suspend and/or terminate your use of the Services, either temporarily or permanently:
1. If we suspect that you have failed to comply with these Terms,
2. You pose an unacceptable fraud & compliance risk to us, or if you provide any false, incomplete, inaccurate or misleading information.
3. If Kassio suspends or closes your Account or terminates your use of the Services for any reason, We will provide you with notice of our actions unless a court order or other legal process prohibits Kassio from providing you with such notice. You acknowledge that Kassio’s decision to take certain actions, including limiting access to, suspending, or closing your account, may be based on confidential criteria that are essential to Kassio’s risk management and security protocols. You agree that Kassio is under no obligation to disclose the details of its risk management and security procedures to you.
Kassio will not be liable to you for any losses that you incur in connection with closure of our Services or suspension of your account.

Limitation of liability

Kassio is committed to a high standard of data security and precision. However, Kassio shall not be liable for any loss that you may incur as a result of malfunctions, errors, security breaches or any other reason.
In no event shall Kassio or any of our respective officers, directors or employees be liable for any lost profits, diminution in value, or business opportunity, any loss, damage, corruption or breach of data or any other intangible property or any special, incidental, indirect, intangible, or consequential damages, whether based in contract, tort, negligence, or otherwise, arising out of or in connection with authorized or unauthorized use of the Services or the Account, or this Agreement. This means, by way of example only (and without limiting the scope of the preceding sentence), that if you claim the Kassio failed to process a buy or sell transaction properly, your damages are limited to no more than the value of the supported cryptocurrency at issue in the transaction, and that you may not recover for lost profits, lost business opportunities, diminution in value or other types of special, incidental, indirect, intangible exemplary, punitive or consequential damages in excess of the value of the supported cryptocurrency at issue in the transaction.
Kassio will not be responsible or liable to you for any loss and take no responsibility for and will not be liable to you for any use of the Account or the Service, including but not limited to any losses, damages or claims arising from:
1. User error such as forgotten passwords, incorrectly constructed transactions, mistyped virtual currency addresses or wrong virtual currency address type or similar;
2. Server failure or data loss;
3. Corrupted Wallet files;
4. Unauthorized access to applications;
5. Any unauthorized third-party activities, including without limitation the use of viruses, phishing or other means of attack against the Kassio website or Kassio’s services.
6. Once you create your Kassio account, you are responsible for the activities performed. Likewise, it is solely your responsibility to guard your password, and track any activity that occurs with the use of your password and/or in your account. Please notify us immediately if you suspect any security breach, caused by you or other parties. Kassio cannot be held responsible or liable for losses or damages relating to account settings, or security breaches caused by you.

Discontinuance of Our Services

We may, in our sole discretion and without liability to you, with or without prior notice and at any time, modify or discontinue, temporarily or permanently, any portion of our Services.

Miscellaneous

If any provision in these Terms is held to be invalid or unenforceable, then these Terms including the remaining provisions will remain in full force and effect as if such invalid or unenforceable provisions had never been included.
The failure of Kassio or the User to exercise any right, power or remedy provided under these Terms shall not constitute a waiver by either Kassio nor the User of its right to exercise any such or other right, power, or remedy.
Force Majeure Events. Kassio shall not be liable for (1) any inaccuracy, error, delay in, or omission of (i) any information, or (ii) the transmission or delivery of information; (2) any loss or damage arising from any event beyond Kassio's reasonable control, including but not limited to flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labour dispute, accident, action of government, communications, power failure, or equipment or software malfunction or any other cause beyond Kassio’s reasonable control (each, a "Force Majeure Event").

Governing Law and Disputes

This Agreement shall be governed by and construed in accordance with the laws of Denmark, excluding its choice of law rules.
Any dispute arising out of or in connection with this Agreement, including any disputes regarding the existence, validity, implementation, or termination thereof, shall be settled by the ordinary courts in Denmark with the district court of Copenhagen as chosen venue.