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KingsExchange - Agreement

User Agreement

Terms of use of the KingsExchange service

1. General Provisions

  • 1.1 This Agreement governs the relationship between the KingsExchange service (hereinafter — the "Service Provider") and the user (hereinafter — the "Client").
  • 1.2 KingsExchange provides electronic and cryptocurrency exchange services via the website.
  • 1.3 This Agreement constitutes a public offer. Use of the service implies the Client's full acceptance of its terms.
  • 1.4 The Service Provider reserves the right to amend this Agreement without prior notice by publishing an updated version on the website.

2. Subject of the Agreement

  • 2.1 The Service Provider offers exchange services for electronic, fiat, and cryptocurrency funds.
  • 2.2 All operations are carried out in accordance with the service regulations and applicable law.

3. Service Procedure

  • 3.1 An exchange begins after the Client's funds have actually been received.
  • 3.2 The exchange rate is fixed for up to 20 minutes from the moment the request is created.
  • 3.3 If funds are not received within the specified period, the request may be cancelled.
  • 3.4 If the exchange rate changes by more than 0.5%, the Service Provider reserves the right to recalculate the operation at the current rate.

4. Rights and Obligations of the Parties

The Service Provider undertakes to:

  • 4.1.1 Provide exchange services in accordance with this Agreement.
  • 4.1.2 Provide user support.
  • 4.1.3 Maintain data confidentiality.
  • 4.1.4 Conduct AML/KYC checks.

The Service Provider reserves the right to:

  • 4.2.1 Suspend operations if violations are suspected.
  • 4.2.2 Request documents (KYC/SoF).
  • 4.2.3 Modify fees and terms.
  • 4.2.4 Refuse service without explanation.

The Client undertakes to:

  • 4.3.1 Provide accurate and truthful data.
  • 4.3.2 Use only their own funds.
  • 4.3.3 Comply with the laws of their country.
  • 4.3.4 Not use the service for any illegal activity.

5. Exchange Regulations

  • 5.1 An operation is executed after funds have been received.
  • 5.2 An exchange operation is generally non-cancellable once initiated, except in cases of AML review, technical issues, or disputes.
  • 5.3 The Client bears full responsibility for any errors in payment details.
  • 5.4 In the event of an amount discrepancy, the exchange is carried out based on the funds actually received.
  • 5.5 If incorrect payment details are provided, the operation may be suspended.

6. Refunds

  • 6.1 A refund is possible in cases provided for by this Agreement.
  • 6.2 If, following KYC/SoF verification, the Client's funds are not confirmed to be connected with money laundering, terrorist financing, or other unlawful activity, the exchange is completed under the agreed terms without any additional fee or penalty charged by the Service. If the funds are returned, only the actual blockchain network fee required for the return is deducted.
  • 6.3 In other refunds related to an AML incident, only actually incurred and documented expenses directly associated with the return may be deducted. The total amount of such deductions may not exceed 5% of the refund amount and 100 USD. The Service does not charge any additional AML review fee or penalty.
  • 6.4 The refund period is 1 to 5 business days after the completion of the review.

7. Liability of the Parties

  • 7.1 The Service Provider is not liable for:
    • errors made by the Client;
    • actions of payment systems and banks;
    • technical failures beyond the service's control.
  • 7.2 The Client bears full responsibility for the origin of their funds.

8. AML and KYC Policy

8.1 The Service applies AML (Anti-Money Laundering), KYC (Know Your Customer), and SoF (Source of Funds) procedures.

8.2 Before accepting an exchange request, the responsible Compliance employee reviews the Client and the request using internal risk criteria, including the BestChange blacklist.

8.3 Incoming and outgoing cryptocurrency transactions are subject to AML/KYC and transaction monitoring by connected third-party cryptocurrency platforms, including WhiteBIT.

8.4 If increased risk is identified, the transaction may be suspended and the funds may be held by the cryptocurrency platform until the review is completed.

8.5 The Client may be asked to provide additional information and documents, including identity verification, Source of Funds, the purpose of the transaction, and proof of wallet ownership. Further processing is not performed until the requested review is completed.

8.6 If the review does not confirm a connection between the funds and unlawful activity, the exchange continues under the agreed terms without additional AML-related fees or penalties.

  • 8.7 Refunds are processed in accordance with Section 6.
  • 8.8 By using the Service, the Client agrees to AML/KYC checks and the processing of information required for such checks.
  • 8.9 The refund period is 1 to 5 business days after the completion of the AML review.

9. Privacy Policy

9.1 The service may process:

  • email address;
  • IP address;
  • payment details;
  • cryptocurrency addresses.

9.2 Data is used for:

  • processing operations;
  • AML/KYC checks;
  • improving security.

9.3 Data may be shared with:

  • payment systems;
  • AML/KYC services;
  • government authorities when required.
  • 9.4 The service takes measures to protect user data.

10. Final Provisions

  • 10.1 All disputes shall be resolved through negotiation.
  • 10.2 If resolution is not possible — in accordance with applicable law.
  • 10.3 Use of the service constitutes full acceptance of these terms.