Terms of Service

I. Introduction

These Terms of Service ("Terms") govern your access to and use of the FiatSwaps platform and services ("Services") provided by KFA AG ("FiatSwaps," "we," "our," or "us"), a company incorporated under Swiss law (UID: CHE-112.360.196), with its registered office at Weggisgasse 40, 6004 Luzern, Switzerland.

By registering an account, accessing, or using the Services, you agree to be legally bound by these Terms. If you do not agree, do not use the Services.

II. Definitions

For the purposes of these Terms:

III. About FiatSwaps

Who we are: KFA AG is a company incorporated in Switzerland (UID: CHE-112.360.196), with its registered office at Weggisgasse 40, 6004 Luzern, Switzerland. FiatSwaps is the trading name under which KFA AG operates the Platform and delivers the Services.

What we do: FiatSwaps is an infrastructure layer that provides Clients with dedicated Virtual Account details for receiving Fiat payments, which are automatically converted to USDC and delivered to the Client's Wallet on the Base Network. The Services are delivered with the support of regulated third-party partners engaged by KFA AG.

Regulatory status: KFA AG is not a bank, payment institution, or electronic money institution. Certain underlying components of the Services are provided through our Licensed Partners, which are duly regulated entities operating under applicable financial services law. By using the Services, you acknowledge this structure and agree that regulatory protections applicable to regulated financial institutions extend to those Licensed Partners, not to KFA AG directly.

IV. Services Provided

FiatSwaps provides the following Services to eligible Clients:

Virtual Account: Upon successful KYC/KYB verification, dedicated Virtual Account details in one or more supported Fiat currencies are made available to the Client. Each Virtual Account is receive-only.

Automatic Fiat-to-USDC Conversion: When Fiat funds are credited to the Client's Virtual Account, they are automatically converted to USDC at the prevailing market exchange rate at the time of conversion, minus applicable fees.

USDC Delivery to Wallet: Following conversion, the resulting USDC amount is transmitted to the Client's registered Wallet on the Base Network. Delivery is subject to Base Network availability, transaction confirmation times, and applicable network fees.

Account and Dashboard Access: Clients receive access to a personal dashboard to monitor incoming payments, conversion history, USDC delivery status, fees, and account settings.

Scope Limitation: The Services are strictly limited to the receipt of Fiat payments in supported currencies and their conversion and delivery as USDC. FiatSwaps does not provide general banking services, investment or financial advice, cryptocurrency exchange services for third-party assets, custody services, or any service not described in these Terms.

V. Eligibility

You may use our Services if you:

• Are at least 18 years old (for individual Clients), or are a duly incorporated legal entity in good standing (for business Clients);
• Satisfy all due diligence, KYC/KYB, and AML requirements;
• Are not legally prohibited from using the Services in your jurisdiction;
• Are neither a resident nor a citizen of any jurisdiction subject to comprehensive international sanctions maintained by Switzerland (SECO), the United States (OFAC), the European Union, or the United Nations — including but not limited to Iran, North Korea, Sudan, Syria, Cuba, Russia, Belarus, Myanmar, and Venezuela;
• Are not personally listed on any sanctions list maintained by SECO, OFAC, the EU, the UN Security Council, or OFSI.

VI. Compliance and Verification

To comply with applicable AML and KYC/KYB regulations, we must collect and retain specific information about you. This may include government-issued identification, proof of address, beneficial ownership disclosures, and supporting documents. Verification is administered through identity verification systems operated by our Licensed Partners.

You must provide accurate, complete, and up-to-date information during onboarding and throughout the business relationship, and must promptly notify us of any material changes. We may at any time request additional documentation in connection with ongoing compliance monitoring. Failure to respond to such requests within 10 business days may result in account suspension.

VII. How Our Services Work

Step 1 — Registration and KYC/KYB: Create an account on the Platform and complete the identity or business verification process. Provide your registered Wallet address on the Base Network.

Step 2 — Virtual Account Issuance: Upon successful verification, Virtual Account details in one or more supported Fiat currencies are made available to you.

Step 3 — Receiving Fiat Payments: Fiat payments credited to your Virtual Account are received and held pending conversion.

Step 4 — Automatic Fiat-to-USDC Conversion: Upon receipt of Fiat funds, an automatic conversion to USDC is executed at the prevailing exchange rate, minus applicable fees.

Step 5 — USDC Delivery: The resulting USDC amount is transmitted to your registered Wallet on the Base Network. A transaction record is visible in your dashboard.

VIII. Important Information Regarding Digital Assets

The value of Digital Assets, including USDC, is subject to market risks, regulatory changes, and technical vulnerabilities. USDC is designed to maintain a 1:1 peg with the US Dollar but this peg is not guaranteed at all times.

Transactions on a Blockchain are irreversible. You are solely responsible for safeguarding your Wallet private keys, credentials, and registered Wallet address. We are not liable for funds sent to an incorrect Wallet address provided by you.

IX. User Responsibilities

You are responsible for:

• Ensuring the accuracy of your registered Wallet address and all account information, as Blockchain transactions are irreversible;
• Verifying all transaction information shown on your dashboard before confirming any action;
• Safeguarding your private keys, Wallet credentials, and Platform login credentials;
• Complying with all applicable laws and regulations in your jurisdiction, including tax reporting obligations relating to USDC receipts;
• Using the Virtual Account exclusively for receiving Fiat payments in connection with the Services;
• Promptly reporting any unauthorised account access or suspicious activity to [email protected].

FiatSwaps is not liable for losses resulting from incorrect information provided by you, irreversible Blockchain transactions, or third-party service failures outside our reasonable control.

X. Acceptable Use and Prohibited Activities

You agree not to:

• Use the Services for any unlawful purpose, including money laundering, sanctions evasion, terrorist financing, tax fraud, or market manipulation;
• Use the Virtual Account to receive funds in a manner inconsistent with these Terms or the purposes of the Services;
• Upload or transmit malware or malicious code, conduct denial-of-service attacks, or use automated scraping tools on the Platform;
• Violate the intellectual property rights, privacy rights, or other rights of any third party;
• Attempt to gain unauthorised access to our systems, databases, or other users' accounts;
• Use the Services in any way that could damage, disable, or overburden our infrastructure;
• Impersonate any person or entity or misrepresent your identity, affiliation, or jurisdiction;
• Reverse-engineer, decompile, or attempt to extract source code from the Platform.

We may suspend or terminate your access immediately if we reasonably believe you are engaged in any prohibited activity.

XI. Smart Contract and Blockchain Risk Disclosure

Third-Party Infrastructure: USDC delivery executes on blockchain infrastructure operated by third parties outside FiatSwaps' control. We are not responsible for the security, accuracy, availability, or conduct of any such third-party infrastructure or smart contracts.

Code Exploits and Upgrades: Smart contracts may contain bugs, be upgraded without notice, or cease to operate. Exploits or failures in third-party systems can lead to partial or total loss of Digital Assets.

Network Fees and Delays: Transactions may be delayed due to network congestion. We are not liable for delays, failures, or increased costs attributable to Base Network conditions.

Forks and Token Changes: We may choose not to support assets created by chain splits, token migrations, airdrops, or other protocol changes affecting USDC or the Base Network.

XII. No Investment or Financial Advice

All information provided on the Platform is for general reference only and does not constitute investment advice, financial advice, tax advice, or any recommendation to buy, sell, or hold any Digital Asset. You should consult a qualified professional adviser in your jurisdiction before making any financial or investment decision.

XIII. Data Protection, Privacy and Cookies

We process personal data in accordance with our Privacy Policy. Our Platform uses authentication cookies hardened with HTTPONLY and Secure attributes. By registering an account and continuing to use the Services, you acknowledge that you have read and understood our Privacy Policy.

XIV. Intellectual Property

All Platform content — including software, design, branding, trademarks, and documentation — is owned by KFA AG or its licensors and is protected by applicable intellectual property laws.

You are granted a limited, non-exclusive, non-transferable, revocable licence to access the Platform solely for the purpose of using the Services in accordance with these Terms.

User Licence to FiatSwaps: By submitting feedback, suggestions, or other materials to us, you grant KFA AG a worldwide, royalty-free, perpetual licence to use, modify, reproduce, and incorporate such content for any purpose related to the improvement of our Services.

XV. Fees and Taxes

All applicable fees are disclosed on your dashboard before any transaction is processed. Fees are deducted automatically from the converted USDC amount prior to delivery to your Wallet.

Network fees (Base Network gas) are variable, pass-through costs and are not marked up by FiatSwaps.

We reserve the right to update our fees with 14 days' prior notice.

All fees are non-refundable once a transaction has been initiated, except in the case of a demonstrable error attributable to FiatSwaps.

You are solely responsible for determining, reporting, and paying any taxes arising from your receipt or use of USDC in your jurisdiction. FiatSwaps does not provide tax advice.

XVI. Suspension or Modification of Services

We may restrict, suspend, or modify access to specific Services or features without closing your entire account. We will endeavour to give reasonable prior notice unless immediate action is required to protect Clients or comply with applicable law.

The availability of the Services depends in part on third-party licensed infrastructure. FiatSwaps is not liable for service interruptions caused by our Licensed Partners or the Base Network.

XVII. Electronic Communications Consent

By registering an account, you consent to receive contracts, notices, account statements, and other communications from us electronically — by email, in-app notification, or website posting. You agree that electronic communications and electronic signatures have the same legal effect as written and wet-ink equivalents under applicable law.

XVIII. Security and Vulnerability Disclosure

If you discover a potential security vulnerability on the Platform, please report it responsibly to [email protected]. Good-faith security researchers who act in accordance with coordinated disclosure principles will not be pursued under applicable computer-misuse laws.

XIX. Complaint Handling and Dispute Resolution

Internal Process: Submit complaints by email to [email protected] with subject line "COMPLAINT". We will acknowledge receipt within 5 business days and aim to issue a final substantive response within 60 calendar days of receipt.

Escalation: If you are unsatisfied with our response, you may escalate to the competent courts of the Canton of Luzern, Switzerland.

Governing Law: Swiss law governs these Terms and any disputes arising from them, excluding Swiss conflict-of-laws rules.

XX. Termination of Services

These Terms remain in effect until terminated by either you or us.

Termination by You: You may close your account at any time by contacting [email protected]. Pending conversions will be completed before account closure. Fees accrued prior to termination remain payable.

Termination or Suspension by Us: We may suspend or terminate your access at any time, including where:

• You breach any provision of these Terms;
• We reasonably suspect fraud, money laundering, sanctions violations, or other illegal activity;
• You fail to complete or maintain KYC/KYB requirements;
• We are required to do so by applicable law, court order, or regulatory instruction;
• Provision of the Services to you becomes unlawful in any applicable jurisdiction.

Consequences of Termination: Upon termination, your Virtual Account will be deactivated and no further Fiat receipts will be processed. Any USDC already delivered to your Wallet remains yours. Provisions of these Terms that by their nature should survive termination — including Sections VIII, XI, XII, XIV, XIX, and XXI — will remain in full force.

XXI. Liability and Indemnification

Exclusion of Liability: FiatSwaps is not liable for:

• Losses that are not reasonably foreseeable, including indirect, incidental, special, punitive, or consequential losses;
• Loss of funds or Digital Assets due to incorrect Wallet addresses, lost private keys, or user error;
• Losses due to price fluctuations, Fiat-to-USD exchange rate movements, or the temporary or permanent de-pegging of USDC;
• Failures, delays, errors, or misconduct by any Licensed Partner or third-party technology provider;
• Suspension or termination of underlying services by any Licensed Partner or regulatory authority;
• Force majeure events or losses resulting from circumstances outside our reasonable control.

Mandatory Exceptions: Nothing in these Terms limits or excludes our liability for fraud, death, or personal injury caused by our negligence, or anything that cannot be excluded by applicable Swiss law.

Liability Cap: Our total aggregate liability to you for any claim under or in connection with these Terms is limited to the total fees paid by you to us in the 12-month period immediately preceding the event giving rise to the claim.

Indemnification: You agree to indemnify, defend, and hold harmless KFA AG and its directors, officers, employees, agents, and successors from and against any and all claims, damages, losses, liabilities, costs, and expenses (including reasonable legal fees) arising out of or in connection with: (a) your use of the Platform or Services; (b) your breach of these Terms; (c) your violation of any applicable law or regulation; (d) any act or omission by you or anyone acting on your behalf while using the Services.

XXII. Warranty Disclaimer

The Services are provided "as is" and "as available" without any warranty of any kind. To the maximum extent permitted by applicable Swiss law, all express or implied conditions, representations, and warranties — including those of merchantability, fitness for a particular purpose, satisfactory quality, accuracy, and non-infringement — are hereby disclaimed.

We do not warrant that the Platform will be uninterrupted, error-free, or free from harmful components.

XXIII. Changes to These Terms

We may amend these Terms to reflect changes in our Services, applicable law, or regulatory obligations. Material amendments will be communicated by email and/or prominent in-app notice at least 14 days before they take effect, unless earlier implementation is required by law.

Continued use of the Services after the effective date constitutes acceptance of the revised Terms.

XXIV. Other Provisions

• These Terms, together with our Privacy Policy and Fee Schedule, constitute the entire agreement between you and KFA AG regarding the use of our Services.
• No third party has rights under these Terms.
• If any provision is found to be unenforceable or invalid, the remaining provisions continue in full force and effect.
• Our failure to enforce any provision does not constitute a waiver of our right to enforce it in the future.
• You may not assign or transfer any rights or obligations under these Terms without our prior written consent. We may assign our rights in connection with a corporate restructuring, merger, acquisition, or sale of assets.
• These Terms are provided in English. In the event of any translation, the English version shall prevail.
• These Terms are governed by the laws of Switzerland.

XXV. Contact Information

KFA AG
Weggisgasse 40
6004 Luzern
Switzerland
UID: CHE-112.360.196
Email: [email protected]