Swapido Terms of Service
Last update: October 4, 2024
Introduction
Swapido (Veriphi Inc) is a Panamanian company registered under Panamanian law with its head office in Panama City, Panama. We specialize in providing an online platform for selling Bitcoins in exchange for Mexican pesos.
You may browse our Website and Services without establishing a Bitcoin exchange account or providing us with any personal information.
By accessing the Swapido website ("Site"), mobile or tablet application, or any other feature or service ("Services") you agree to these Terms of Service and our Privacy Notice.
If you disagree with any part of these Terms of Service or our Privacy Notice, then you may not access our Site or Services.
Bitcoin Selling Account
To sell bitcoin, you will need to create an account with us and provide certain personal information. We will only collect the personal information required to comply with applicable laws and regulations and to provide you with the Services. For more information on the personal information we collect, please consult our Privacy Notice.
Risk Acceptance and Disclaimer
Our Site and Services are provided “as is” without any warranty of any kind, whether express or implied. You agree that the use of our Site and Services is at your own risk.
The risk of loss selling Bitcoin can be substantial and you should seriously consider whether this activity is suitable for you. You agree that you shall access the Site and use the Services at your own risk.
You agree that Swapido shall not be responsible for any hardware, software, network or communication failures, errors or delays you may experience when using our Services, regardless of the cause.
You also agree that in no circumstances will Veriphi Inc be liable for any damages related to the use of our Site and our Services.
When placing a Bitcoin sell order, you agree that we are not acting as your broker, intermediary, agent, advisor or fiduciary. No communication or information that we provide to you shall be considered or interpreted as advice.
Any order placed with your account and confirmed by Swapido.com shall be final and is not refundable. You may only cancel an order initiated via the Services if such cancellation occurs before we execute the order. Once your order has been executed, you may not change, withdraw or cancel it. An order is irreversible once executed.
A detailed confirmation of your order will be made available to you via the Services. You agree that the absence of such confirmation shall not invalidate the terms of the order.
If you place a Bitcoin sell order at the market rate indicated on our Site, we will attempt to execute the order at or close to this rate. You agree that this rate may differ from prevailing exchange rates made available via other sources or websites. Due to Bitcoin’s market volatility, the actual market rate at which a market order is executed may be different from the rate indicated via our Services at the time of your order.
We may, at any time and in our sole discretion, without prior notice, refuse any order submitted, impose limits or any other condition or restriction on the orders permitted via the Services.
Account Creation and Maintenance
By creating a Bitcoin purchase account with us, you confirm the following:
- You are at least 18 years old;
- You are not a resident or a citizen of the United States;
- You are not a sanctioned entity or individual, or a citizen or resident of a sanctioned country;
- You will not use the Services for any illegal activities;
- You have not previously been suspended from using the Services;
- You will provide accurate and truthful information;
- You will maintain and promptly update your account information;
- You will protect your access to your account;
- You will promptly notify us if you suspect your account has been breached;
- You will take responsibility for all activities that occur in your account;
- You have read and understand these Terms of Service and agree to be bound by them;
- If you are using the Services on behalf of an organization, you are agreeing to these Terms of Service for yourself and for that organization and you have the authority to bind that organization to these Terms of Service.
If we believe that your account has been compromised or that fraud may be happening, we reserve the right to:
- Request that you modify your password;
- Contact you to verify your identity;
- Request that you submit certain documents confirming your identity;
- Disable access to your account;
- Take any other measure to reduce the risk of harm to yourself, Swapido or a third party.
Account Verification and Approval
Before selling Bitcoin on our platform, you must share personal identification information. We will verify this information and approve your account. We reserve the right to refuse account creation if we suspect non-compliance with our terms of service.
Selling Bitcoin
After account approval, you can sell Bitcoin on the Lightning Network for Mexican pesos. To create an order:
- Enter a precise MXN amount (maximum equivalent to 2,999 USD in Mexican pesos).
- Provide the Mexican bank account information for receiving pesos:
- Exact CLABE (Clave Bancaria Estandarizada)
- Exact legal name of the account holder (individual or company)
You are solely responsible for entering correct information. We are not liable for errors in the information you provide.
Order Creation and Execution
Once you create an order:
- You have 2 minutes to send Bitcoin at the set exchange rate.
- After 2 minutes, you must refresh the order to get a new exchange rate.
- We will specify the exact Bitcoin amount to send and provide a BOLT11 Lightning invoice.
- You must pay the invoice using your own wallet or Bitcoin account.
You are responsible for correctly paying the invoice. We are not liable if you send funds to another invoice or address.
Fund Transfer
After receiving your Bitcoin:
- We will initiate the bank transfer in Mexican pesos.
- Transfers typically arrive within minutes but may take longer in some cases.
- We do not guarantee specific transfer timeframes.
- We use third-party for processing transfers.
We are not responsible for:
- Failures of the banking system;
- Issues with third-party payment processors;
- Transfers to incorrect accounts due to errors in the information you provided.
Third-Party Terms of Service
To facilitate the sale of Bitcoin for Mexican pesos, Swapido has partnered with Two Twenty Two, Inc. (doing business as The Bitcoin Company). By using Swapido’s services, you agree to abide by The Bitcoin Company’s Remittances Terms and Conditions and Privacy Policy.
These third-party terms and policies are integral to our service delivery, and by transacting on Swapido, you acknowledge and accept them as part of your contractual obligations. Please review them carefully as they govern the sale of Bitcoin and remittance process and protect your data when using our platform.
Compliance and Support
You are responsible for ensuring that the account holder receiving pesos complies with our terms of service and is not a sanctioned individual or entity. Non-compliance may result in account termination.
For support, contact us via the provided email or WhatsApp information.
By using our services, you agree to these terms and conditions. If you disagree with any part of these terms, you may not access or use our services.
Fees
We do not charge fees in relation to your account or Bitcoin selling activities. We profit from the small difference between the price we buy and sell Bitcoin.
Taxes
You acknowledge that selling Bitcoins may give rise to applicable taxes, including taxes on gains or losses. You are solely responsible for determining if any taxes apply to your orders and for calculating and reporting your gains and losses, as required by law to the appropriate authorities. You agree that we are not responsible for determining whether taxes apply to your orders or for collecting, reporting, withholding or remitting any taxes related to your orders.
Suspension and Termination
You can close your account at any time by contacting us directly.
We reserve the right to suspend or terminate your account or access to the Services at any time with or without notice. In particular, but without limitation, we may suspend your account in the event that you breach these Terms of Service, or if we have any security, fraud, illegal activity or similar concerns related to your account.
We make no representation or warranty as to the ongoing availability of our Site and Services. We may, without any liability, at any time and without prior notice, modify or discontinue, temporarily or permanently, any portion of our Services.
The suspension or termination of an account or access to our Site or Services shall not terminate these Terms of Service. Any applicable provisions shall remain binding.
Swapido Content
All material published on our Site is protected by copyright, and owned or controlled by Swapido or the party credited as the provider of the content. You shall abide by all additional copyright notices or restrictions contained in any content accessed through our Site.
You may download or copy the content displayed on our Site for personal use only, provided that you maintain all copyright and other notices contained therein. Any commercial use of or redistribution of our content must be pre approved by Swapido.
Your Content
You are solely responsible for the content of your submissions to our Site and Services.
You shall not use any language or communicate any content that is libelous, defamatory, obscene, abusive, offensive, profane or illegal.
You agree that you will not threaten or verbally abuse other users or disrupt discussions with repetitive or meaningless messages or spam.
You agree not to post any copyrighted content that does not belong to you or for which you have not obtained prior written permission or license. To this end, we may be required to comply with copyright takedown notices.
Without written approval of Swapido, you may not communicate material containing any solicitation of funds or advertising for goods or services through our Site or Services.
You acknowledge that any content you submit to our Site or Services may be published, communicated, modified or removed by Swapido and you waive any rights in having the content changed in a manner you may not agree with.
You grant Swapido a perpetual, nonexclusive, worldwide, royalty free, sub-licensable license to the content you submit to our Site or Services, which includes, without limitation, the right for Swapido or any third party it designates, to use, modify and communicate, in whole or in part, in any form or media currently known or developed in the future, any content submitted by you on our Site or Services.
Links to other Websites and Services
Our Services may contain links to third-party web sites or services that are not owned or controlled by Swapido.
Swapido has no control over, and assumes no responsibility for the content, privacy policies, or practices of any third party web sites or services. You agree that Swapido shall not be responsible or liable, directly or indirectly, for any damage caused by using any such content, goods or services available on such web sites or services.
We strongly advise you to read the terms and conditions and privacy policies of any third-party web sites that you visit or services that you use.
Access Suspension and Termination
We may terminate or suspend access to our Site or Services immediately, without prior notice or liability on our part, if you breach any part of these Terms of Service.
Representation and warranty
Swapido does not represent or endorse the accuracy or reliability of any content submitted by any user or third party on our Site or our Services. You acknowledge that any reliance upon any such content shall be at your sole risk.
Furthermore, you acknowledge that our Site is distributed on an “as is” basis without warranties of any kind, either express or implied. You hereby acknowledge that the use of our Site is at your sole risk.
Governing Law and Jurisdiction
These Terms of Service are governed in accordance with the laws of Panama.
Any legal action or proceeding between you and Swapido will be brought exclusively in the courts located in the city of Panama City, Panama. Swapido may, if it so desires, bring legal action in the courts located in your jurisdiction.
Inaction to enforce any right or provision of these Terms of Service will not be considered a waiver of those rights.
Changes
We reserve the right to modify these Terms of Service at any time, which shall become effective immediately upon posting. It is your responsibility to review these Terms of Service periodically, and by continuing to use this Site, you agree to any changes.
Contact
For any questions or comments about these Terms of Service, please contact us:
- Gustavo Flores Echaiz, CEO
- legal@swapido.com
- Veriphi Inc
- Bloc Office Hub, Fifth Floor, Santa Maria Business District Panama City, Panamá, 801 - Panama