These Terms of Service (“Terms”) govern your access to and use of the Vela website, applications and services (the “Services”) operated by Vela Digital AG, Bahnhofstrasse 65, 8001 Zürich, Switzerland (“Vela”, “we”, “us”). By creating an account or using the Services you agree to these Terms.
1. Eligibility
To use the Services you must:
- be at least 18 years old and have full legal capacity;
- not be resident in, or a citizen of, a jurisdiction where use of the Services is prohibited or restricted;
- not be listed on any sanctions list maintained by Switzerland (SECO), the United Nations, the European Union, the United Kingdom or the United States;
- use the Services only for yourself and not on behalf of a third party unless we have approved a business account.
We may refuse or close any account at our discretion where required by law or our risk policies.
2. Your account
You may open an account with an email address and password and explore the Services without verification. Depositing, withdrawing and trading require successful completion of identity verification (see our AML & KYC Policy).
You are responsible for keeping your credentials confidential and for all activity under your account. Notify us immediately if you suspect unauthorised access.
The information you provide must be accurate, complete and kept up to date.
3. The Services
Vela lets verified customers:
- hold balances in USD, EUR and GBP funded by bank transfer from an account in their own name;
- buy, sell and convert supported crypto-assets at the rate quoted at the time of the order;
- withdraw fiat balances to a bank account in their own name.
Quotes are based on live market data and are valid only at the moment of execution. We act as your counterparty for conversions; we do not provide an order book, margin, derivatives, lending or staking.
We may add, change or discontinue assets or features. Where an asset is delisted, we will give reasonable notice where possible so that you can sell it.
4. Fees
Our fees are published on the Fees page and shown before you confirm any transaction. The fee is deducted from the amount you pay. We may change our fees with at least 30 days’ notice; changes do not affect orders already executed.
5. Custody of assets
Crypto-assets held for you are recorded in your name in our books and segregated from Vela’s own assets. The majority are kept in offline, multi-signature cold storage. Fiat balances are held in customer money accounts with partner banks.
Crypto-assets are not bank deposits and are not covered by the Swiss depositor protection scheme (esisuisse) or any other deposit guarantee.
6. Prohibited use
You must not use the Services to:
- launder money, finance terrorism or evade sanctions;
- commit fraud, market manipulation or any other unlawful act;
- use funds or assets that do not belong to you;
- interfere with, reverse-engineer or overload the Services;
- create multiple accounts or share your account with others.
7. Suspension and termination
We may suspend or close your account, block transactions or freeze assets where required by law, by a competent authority, or where we reasonably suspect a breach of these Terms. Where legally permitted we will tell you why.
You may close your account at any time once all balances have been withdrawn or sold.
8. Risks
Crypto-assets are highly volatile and you may lose all of the money you convert into them. Please read our Risk Disclosure before trading. We do not give investment, tax or legal advice.
9. Liability
To the extent permitted by Swiss law, we are liable only for direct damage caused intentionally or through gross negligence. We are not liable for indirect or consequential loss, lost profits, market movements, or events outside our reasonable control (including network failures, blockchain forks and actions of authorities).
10. Intellectual property
All content, trademarks and software of the Services belong to Vela or its licensors. You receive a limited, non-exclusive, non-transferable right to use the Services for their intended purpose.
11. Changes to these Terms
We may amend these Terms. Material changes will be announced by email or in the app at least 30 days in advance. If you continue to use the Services after that date, the amended Terms apply.
12. Governing law and jurisdiction
These Terms are governed by the substantive laws of Switzerland, excluding its conflict-of-law rules and the UN Convention on Contracts for the International Sale of Goods. The exclusive place of jurisdiction is Zürich, Switzerland, subject to mandatory consumer jurisdiction rules.
13. Contact
Vela Digital AG, Bahnhofstrasse 65, 8001 Zürich, Switzerland. Questions about these Terms can be sent through our contact form.