Valid from 14.10.2024.
The Kvarn X Terms of Service have been updated. The updated Terms of Service will be effective from 14.10.2024 for all Customers who have created a User Account on or after 10.10.2024. For Customers who have created a User Account before 14.10.2024, these Terms of Service will enter into force on 15.11.2024.
Crypto Assets are a high-risk asset class. The risks associated with Crypto Assets highlighted below do not cover all possible risks associated with Crypto Assets. In addition to other risks, it is possible that not all risks associated with Crypto Assets have yet been seen or predicted.
The primary risks associated with Crypto Assets include:
i) Market risk - Trading Crypto Assets is risky because the value of Crypto Assets changes rapidly, the value of a Crypto Asset may rise and/or fall or permanently lose its value. Additionally, Crypto Assets are traded 24 hours a day, seven days a week, making it challenging to monitor the markets continuously;
ii) Liquidity risk - Crypto Assets may have low liquidity, which can make trading Crypto Assets difficult when desired or even prevent trading altogether. Liquidity risk is particularly highlited for smaller Crypto Assets;
iii) Security risk - Hacking attempts targeting Crypto Assets or their blockchain and/or password phishing attempts may lead to the loss of Crypto Assets if successful;
iv) Blockchain risk - Transactions made on the blockchain are generally irreversible, so blockchain technology inherently carries the risk of errors and delays, which can lead to the permanent loss of Crypto Assets or delayed transfers;
v) Operational risk - Crypto Assets are inherently vulnerable. These include vulnerabilities related, for example, to blockchain technology and DeFi due to, inter alia, consensus mechanisms, interoperability challenges and the open source nature of the platforms. These vulnerabilities may lead to potential losses or delays for the Customers;
vi) Third-Party risk - If, for example, a counterparty of the Service Provider or any other party participating in the crypto markets goes bankrupt or becomes insolvent or defaults on its obligations, there is a risk that the Customer’s Crypto Assets and/or fiat funds may be lost and/or their recovery may be significantly delayed;
vii) Legislative risk - Different jurisdictions have different approaches to Crypto Assets, so changes in legislation may have a negative impact on Crypto Assets and/or their value; and
viii) Tax risk - The taxation of Crypto Assets varies between countries and tax issues related to Crypto Assets are largely open and not extensively regulated by law. All this may lead to unexpected taxation events for the Customer.
Due to the inherent risks associated with Crypto Assets, using the Service carries a significant risk that the Customer may lose a significant portion of the capital, or even the entire capital invested. When using the Service, the Customer makes each investment decision independently and at his/her own risk. Each investment decision is based solely on Customer’s own research and assessments of investments and risks involved.
By using the Service, the Customer acknowledges and accepts the risks associated with the use of the Service and Crypto Assets in general.
Kvarn Capital Ltd ("Service Provider” or "Kvarn Capital'') provides an online brokerage service called Kvarn X, where the Customer can buy and sell Crypto Assets. Kvarn X also provides a Crypto Asset custody service (together, the "Service"). The service provider, Kvarn Capital Ltd, is a Finnish limited company registered and incorporated under the laws of Finland, domiciled in Helsinki and registered by the Finnish Financial Supervisory Authority to operate as a virtual asset service provider.
Kvarn X also provides fund monitoring and reporting services ("Fund Service''). Kvarn Asset Management Ltd has entered into an agreement with Kvarn X service provider, Kvarn Capital, for the provision of Fund Services. Kvarn Asset Management Ltd is a subsidiary of Kvarn Capital Ltd. Kvarn Asset Management Ltd ("Kvarn Asset Management") has registration from the Financial Supervisory Authority to act as an alternative investment fund manager (AIFM). Kvarn Capital Ltd and Kvarn Asset Management Ltd together the "Service Providers''. These Terms of Service ("Terms of Service") are in effect from 14.10.2024, until further notice. These Terms of Service describe the conditions for using the Service and the Fund Service. By creating a User Account with the Kvarn X service, the Customer also accepts these Terms of Service.
These Terms of Service apply to all Customers who use the Services / Fund Services through the Service Providers' Website or by other means of access. The Terms of Service govern the Customer's access to the Services / Fund Services and apply to all / possible Transactions and actions between the Customer and the Service Providers on Kvarn X.
The Terms of Service are available in Finnish and English. In the event of any differences, inconsistencies or conflicts between the provisions of the different language versions of the Terms of Service, the Finnish version of the Terms of Service shall prevail.
The terms used in these Terms of Service have the following meanings:
Basket:
A combination/allocation of Crypto Assets defined by the Service Provider. The Service Provider may, from time to time, at its sole discretion, add, remove or change the Baskets. The Baskets available in the Service at any given time are announced in the Service and on the Website.
Crypto Asset:
A digital asset based on a blockchain and maintained in a decentralised manner online, such as bitcoin or ether. The Crypto Assets supported by the Service at any given time are announced in the Service. The Service Provider may from time to time add or remove Crypto Assets supported by the Service.
Customer:
The corporate customers (legal person) and individual customers (natural person) of the Service Providers together.
Electronic Wallet:
An electronic/digital account/wallet where Crypto Assets can be stored and managed.
Fund Service:
A service related to funds managed by Kvarn Asset Management Ltd, a subsidiary belonging to the same group as the Service Provider, used through the Kvarn X portal. In this Fund Service, the Customer can see the value and amount of their investment in real time. Buying and selling fund units is not possible in the Fund Service but only by contacting Kvarn Asset Management Ltd directly. The funds are intended for professional customers only.
User Account:
A personal user account in the Service / Fund Service. On the User Account, the Customer can see the balance of available fiat-denominated funds and Crypto Assets in the Service, the amount of transfers and withdrawals, trading history, and other information and settings. The Customer can manage information and settings on their User Account. The User Account should not be confused with a bank account. The fiat-denominated funds transferred by the Customer to the User Account are held using the Payment Services provided by the Payment Service Provider. The Service Provider does not participate in the provision of Payment Services. On the User Account, the Customer can see the performance of the fund units owned by the Customer in the Fund Service, managed by Kvarn Asset Management, and the Customer can review reports of these funds as well as contracts and other documents related to fund investments.
Payment Services:
Services referred to in article 1, paragraph 2 of the Payment Institution Act (297/2010), which essentially involve services related to the transfer and custody of fiat funds. The provision of Payment Services requires appropriate registration or an authorisation from the Financial Supervisory Authority, such as a payment institution, electronic money institution, or credit institution license. The Service Provider does not participate in the provision of Payment Services, and the Payment Service Provider provides all the Payment Services related to the Service. Using Payment Services in the Service always requires a separate agreement between the Customer and the Payment Service Provider, so before using Payment Services in the Service, the Customer must separately accept in writing the Payment Service Provider's terms of use for the Payment Services. Written approval takes place at the stage of becoming a customer when the Customer opens an account with the Service. If the Payment Services provided by the Payment Service Provider are subject to a fee under the Payment Service Provider’s terms of use, the Customer shall pay a fee in accordance with the Payment Service Provider's terms of use when using Payment Services.
Payment Service Provider:
A contractual partner of the Service Provider who provides the Payment Services included in the Service to Customers. The current Payment Service Provider of the Service regarding euro nominated Payment Services is Narvi Payments Oy Ab (business ID: 3190214-6), which is a company established in Finland and has a license from the Financial Supervisory Authority to operate as an electronic money institution. The terms of use for Narvi Payments Oy Ab's Payment Services can be found at the following link: https://narvi.com/documents/terms-of-use. For non-euro nominated Payment Services, the Service Provider may use other EU regulated Payment Service Providers. The Service Provider shall indicate the Payment Service Providers available in the Service and the terms of use for Payment Services when opening a User Account.
Monthly Savings/Recurring Buy:
Monthly Savings/Recurring Buy is an additional feature available in the Service whereby the Customer instructs the Service Provider to place Crypto Asset purchase orders on a recurring basis at a predetermined time.
Service Fee Schedule:
The price list in force from time to time, which defines the fees and charges that the Service Provider charges the Customer for the use of the Service. The Service Fee Schedule is available on the Website and via the following link: https://www.kvarnx.com/en/pricing
Transaction:
An event executed in the Service. Events in the Service are sales or purchase transactions of Crypto Assets and/or fiat currencies, as well as transfer, deposit, or withdrawal transactions of Crypto Assets or fiat funds.
Username:
All Customers have a personal ID in the Service / Fund Service, which serves as a Username when logging into the Service / Fund Service. The Username is generated and created when the Customer creates a User Account in the Service / Fund Service. If the Customer creates a User Account with an acceptable electronic authentication, such as BankID/MitID authentication, the personal identification number transmitted therein shall serve as a username for the Service / Fund Service. If the Customer does not use electronic authentication acceptable to the Service / Fund Service, the email address provided during account registration serves as a username for the Service / Fund Service.
Website:
www.kvarnx.com, which is subject to the general terms of use of the website www.kvarnx.com/en/general-terms-of-use-of-the-website
Creating a User Account and authenticating into the Service/Fund Service are prerequisites for becoming a Customer and using the Service/Fund Service. The User Account is created in accordance with the instructions provided on the Website or according to separate instructions provided by Kvarn Asset Management.
By creating a User Account:
The Customer must authenticate using a strong authentication method, such as bank ID authentication, to create a User Account and use the Service. If the Customer does not have access to the electronic authentication supported by the Service, the authentication will occur through an alternative authentication tool supported by the Service and documents required for identity verification, and the email address provided during account registration will serve as the Username. Identification is necessary to prevent money laundering, terrorist financing, and other abuses. Service Providers are obliged to comply with regulations related to the prevention of money laundering and terrorist financing. In order to comply with these requirements, Service Providers must obtain the necessary information about their Customers. Due to these regulatory obligations, Service Providers are also required to verify Customers' identities. Service Providers have the right to request additional documents and information to verify the Customer's identity and ascertain the origin of funds and, if needed, to verify the information provided by the Customer, for example from the civil registry or a similar source.
The Service Providers' obligation to know and identify Customers applies to both natural persons and corporate customers. For corporate customers, the Service Providers require information on, for example, ownership structure and the origin of funds. For corporate customers, the Service Providers must request the Customer to provide registration details of the legal entity and information about the beneficial owners. Beneficial owners are natural persons who have control over the corporate customer. Additionally, Service Providers shall ascertain the right of representation of the natural person representing the corporate customer and, where necessary, Service Providers may request the Customer to provide necessary documents proving the representative’s right to act on behalf of the corporate customer if this information is not evident from the corporate customer's registration details.
If there is a reason to suspect that the information provided by the Customer is incorrect, untrue, outdated, or incomplete, the Service Providers shall request the Customer to complement or correct the information, or in certain cases, the Service Providers may terminate the provision of the Service/Fund Service or not open the Service/Fund Service at all. Additionally, Kvarn Capital has the right to terminate the Customer's User Account in accordance with section 13 of these Terms of Service.
After the initial authentication, the Customer can log in to their User Account either using the electronic authentication supported by the Service or using the email address as a Username and password.
The User Account is personal/company-specific and each person/company can only have one User Account at a time. No one else may use the Customer's User Account, and the Customer may not act as an intermediary for a third party or in any other similar role.
The Service Provider notifies the Customer when the User Account has been approved, and the Customer can start using the Service. By opening the User Account, a legally binding agreement regarding the Service is formed between the Customer and the Service Provider, and the terms of this agreement are described in these Terms of Service. This agreement is valid until further notice.
In order to be able to store, transfer, and withdraw fiat funds in the Service, the Customer must accept the Payment Service Provider's terms of use for the Payment Services. This creates a legally binding agreement between the Customer and the Payment Service Provider. The Service Provider is not a party to this agreement. See the definitions section for more information on this.
The Service Provider has the right to refuse to open a User Account for the Customer for any reason. If, for any reason, the creation of a User Account is unsuccessful according to the instructions given on the Website, the Customer may contact the Service Provider by email: support@kvarncapital.com.
A natural person or corporate customer representative who wishes to create a User Account and use the Service/Fund Service must have legal capacity, and in the case of corporate customers, the representative must also be authorized to represent the company.
Fund Services and the User Account created for this purpose are intended only for natural persons with legal capacity and companies both required to meet the definition of a professional customer.
Using the Service for illegal purposes is strictly prohibited. Legislation on Crypto Assets may vary by country. The Service Provider is responsible for complying with regulations related to crypto assets in the countries where the Services are provided. The Customer is solely responsible for their own actions, ensuring compliance with the applicable regulation or any other legislation that may be applicable. The Service Provider shall not be liable in any respect for any damages or consequences resulting from the Customer's violation of applicable legislation while using the Service/Fund Service.
Using the Service/Fund Service for purposes that may harm the Service/Fund Service or the Website is strictly prohibited.
2.2.1 Sanctions
The Customer assures the Service Providers and their affiliated companies that the Customer or any entity within the Customer’s group or under the Customer’s actual control, the Customer's direct or indirect owner, a member of the board, a managing director, and a director of such a company, and to the best of the Customer's knowledge an employee, an authorized signatory, or another representative:
1. is not subject to sanctions and does not act on behalf of a person or legal entity subject to sanctions,
2. complies with relevant sanctions,
3. does not directly or indirectly lend, transfer, or otherwise enable the use of its assets for sanctioned activities or the transfer of its assets to a sanctioned individual or legal entity, and
4. does not knowingly enable the obligations under this agreement to be performed by the sanctioned business or with funds received from the sanctioned individual or legal entity.
Sanctions refer to any sanction, economic sanction, export or import restriction, embargo, or other restriction imposed, administered, approved, or enforced by the Government of Finland, the United Nations, the European Union, the United States of America, the United Kingdom, or their competent authorities or bodies, or administrative asset freezes imposed by the Finnish National Bureau of Investigation.
This Customer's assurance must be met during the validity of this contractual relationship based on these Terms of Service until the customer relationship has ended, and the resulting obligations between the Customer and the Service Providers have been fully and finally settled, the Customer's Electronic Wallet is empty, and the Fund Service has distributed its assets finally/ceased operations/the ownership of the fund unit has otherwise ceased. If this Customer's assurance to the Service Providers proves to be erroneous, the Service Providers have the right to immediately cease to provide the Services and Fund Services to the Customer under these terms and to terminate this agreement with immediate effect in accordance with the section "Term and Termination" of these Terms of Service.
The Customer can use the Service to withdraw Crypto Assets from the Service and/or to deposit Crypto Assets to the Service for Crypto Assets separately specified by the Service Provider. The Crypto Assets that are subject to withdrawals or deposits at any given time are indicated on the Service and on the Website. The Service Provider may, at its sole discretion from time to time determine which Crypto Assets may be withdrawn from or deposited to the Service. Subject to the restrictions set out in this section, the Customer may withdraw Crypto Assets from the Service to an external electronic wallet suitable for storing Crypto Assets. The Service Provider aims to process such withdrawals promptly, but no later than within two business days. The Customer can also deposit Crypto Assets from an external electronic wallet to their User Account. The functionality to withdraw or deposit Crypto Assets does not necessarily apply to all tradable Crypto Assets supported by the Service. The Service Provider has under its sole discretion right to refuse to transfer Crypto Assets to or receive Crypto Assets from addresses identified by blockchain analytics as high-risk addresses or if the Service Provider detects or suspects any misuse or violation of applicable law or Terms of Service related to the transfer of Crypto Assets. The Customer understands and agrees that the Service Provider shall not be liable for any damages or losses related to the delay or rejection of the Crypto Asset transfer Transaction by the Service Provider as a result of the aforementioned procedure.
The Customer can also use the Service to withdraw fiat funds from the Service and deposit them to the Service. The Customer can deposit fiat funds to the Service by making a bank transfer, instant bank deposit, or using any other method available on the Service. The fiat fund transfer methods supported by the Service may vary from time to time. All fiat fund withdrawals and deposits in the Service are Payment Services, and Payment Services in the Service are carried out by the Payment Service Provider. All arrangements related to the Payment Services are described in the Payment Service Provider's terms of use (see section 2 for more information).
When making withdrawals and deposits, the Customer is responsible for providing the correct information, such as Electronic Wallet addresses and other identification details. The Service Provider is under no obligation to verify and confirm the accuracy of the Electronic Wallet address or other information provided by the Customer. The Customer acknowledges and accepts that Crypto Asset withdrawal and deposit Transactions are irrevocable and that sending Crypto Assets to an incorrect or wrong wallet address, with incomplete information or on the wrong network/blockchain may result in the permanent loss of the funds sent. The Service Provider disclaims all liability for any damages, losses or errors that arise as a direct result of the instructions provided by the Customer to the Service Provider in connection with the use of the Service or if the Customer provides incorrect information in this regard. The Service Provider reserves the right to charge any actual costs incurred for these investigations and for returning the funds.
The buying and selling of Crypto Assets takes place in the Service, where the purchase and selling prices for each Crypto Asset supported by the Service are displayed, as transmitted by the Service Provider from the market at any given moment. Prices are updated at regular intervals.
In the Service, the Customer can choose which Crypto Asset or fiat currency to buy and which fiat currency or Crypto Asset to pay with. The trade is executed by clicking the "Confirm" button. By clicking the button, the Customer accepts the trade transaction based on the preliminary information provided, and at the same time, a binding agreement regarding the trade is concluded between the Customer and the Service Provider. The terms of the agreement are determined based on the preliminary offer accepted by the Customer. The Service Provider will transmit the orders for execution to the selected marketplace in accordance with the order type chosen by the Customer and the order details entered by the Customer. For example, if the Customer chooses a market order, the order is executed as market order, meaning that the transmitted order may be executed at a better or worse price than the preliminary offer, either in full, in part, or not at all, depending on the conditions of the order entered by the Customer. The Service Provider may at its sole discretion at any time remove or change any order types on the Service or add new order types to the Service. Order types may be limited to certain Crypto Assets and not all Crypto Assets supported by the Service may be subject for trading for every order type. Order types supported by the Service at any given time are specified on the Service.
The trade will be registered on the Customer’s User Account after the order is executed, either in full or in part. The Customer and the Service Provider both agree that the trade is immediately executed and delivered when it is registered on the Customer's User Account, either in full or in part. The Customer is responsible for ensuring the sufficiency of the fiat funds or Crypto Assets in the User Account at the time of the execution of the trade transaction. The Service Provider reserves the right to recover or liquidate funds from the Customer if the order has been executed without the required funds in the Customer's User Account.
The Customer is responsible for providing the correct information when making trades. The Service Provider is not liable for any damages resulting from the Customer providing incorrect information during the trade, such as entering the wrong numerical value in the field for the quantity of Crypto Asset.
The Customer may enable the Monthly Savings/Recurring Buy feature by instructing the Service Provider to purchase Crypto Asset or Basket in the Service on a recurring basis at a predetermined time with a predetermined amount of fiat currency per purchase order. The Service Provider shall endeavor to submit the purchase orders to the market for execution at the time instructed by the Customer. The Customer is responsible for ensuring the sufficiency of the fiat currency corresponding to the purchase order in the User Account at the time of execution of the purchase order. The Service Provider reserves the right to recover or liquidate funds from the Customer if the order has been executed without the required funds in the Customer's User Account. However, the Service Provider does not guarantee that all of the Customer's purchase orders under the Monthly Savings/Recurring Buy function will be executed. The Monthly Savings/Recurring Buy will occur in periodic installments based on period selection pre-determined by the Customer (e.g. daily, weekly, monthly) until the Customer cancels the Monthly Savings/Recurring Buy function in the Service. The Customer can change the Monthly Savings/Recurring Buy settings or cancel the Monthly Savings/Recurring Buy on the Service at any time.
The Customer understands and agrees that for each transaction executed through the Monthly Savings/Recurring Buy feature, the amount of Crypto Asset/each individual Crypto Asset included in the Basket purchased by the Customer will depend on the market price at the time the transaction is executed and will only be finally determined once the transaction has been executed. The Service Provider may, at its sole discretion, suspend, reject or cancel the Monthly Savings/Recurring Buy (in whole or in part) for any reason without prior notice. The Service Provider disclaims all liability for any damages or losses resulting from the failure or non-performance of the Monthly Savings/Recurring Buy (including the rejection or cancellation of all or part of a Monthly Savings/Recurring Buy) or if the Customer provides incorrect information in this regard. The Customer should regularly check the status of the Monthly Savings/Recurring Buy in the Service. The information and details of the Monthly Savings/Recurring Buy provided by the Customer will not be verified by the Service Provider. The Customer is solely responsible for ensuring that the details of the Monthly Savings/Recurring Buy provided by the Customer are correct. When using the Monthly Savings/Recurring Buy feature, the Customer makes all investment and purchase decisions and decisions to use or not to use the Monthly Savings/Recurring Buy feature independently and on his/her own responsibility. All decisions relating to the use of the Monthly Savings/Recurring Buy feature (e.g. selection of Crypto Asset or Baskets), and any instructions given to the Service Provider by the Customer, are based on the Customer's own research and assessment of the Crypto Assets, Baskets and the Crypto Assets contained in the Baskets and the risks associated with Crypto Assets, Baskets and the use of the Monthly Savings/Recurring Buy. Any communication provided or action taken by the Service Provider in relation to the Monthly Savings/Recurring Buy or Baskets shall not constitute investment advice and shall not be construed as an offer or invitation to make any purchase or sale decision or any other solicitation to undertake any other investment activity.
The Service Provider also provides the Customer with a staking service, which the Customer can manage through the User Account. The use of the staking service is subject to separate staking terms and conditions, which the Customer accepts before using the staking service. Kvarn Capital Ltd’s staking terms and conditions.
The Service Provider is responsible for the custody of the Crypto Assets recorded on the Customer's User Account. The Service Provider shall store the Crypto Assets as customer funds separately from the Service Provider's own funds, as required by the regulation.
As the custody of fiat funds in the Service is a Payment Service, the Payment Service Provider is responsible for the custody of the fiat funds recorded on the Customer's User Account. The Payment Service Provider shall store the fiat funds as customer funds in the customer fund account as required by the regulation, separately from the Payment Service Provider's own funds. The Service Provider does not pay interest or any other benefit on fiat funds held in the Service.
Due to technical errors, the price information published in the Service may sometimes be incorrect. In such a situation, the Service Provider has the right to cancel a trade made based on incorrect price information within three (3) business days from the trade. If the Service Provider suspects a technical error, the Service Provider may immediately suspend the Customer's User Account so that the Customer cannot make withdrawals. The freeze will end at the latest when the Service Provider's right to cancel the trade due to a technical error expires. However, the trade may not be canceled to the extent that the value of the funds on the Customer's User Account does not cover the value to be refunded due to the cancellation. The value of the refund is always determined based on the exchange rate prevailing at the time of the trade. The Service Provider shall not be liable in any respect for any damage caused to the Customer as a result of incorrect price information or cancellation of a trade based on incorrect price information.
The Service Provider has the right to charge the Customer fees for the use of the Service in accordance with the Service Fee Schedule in force at a given time. The Service Provider charges the Customer a fee for each executed order. The preliminary amount of the fee is always indicated when placing an order, and the final amount of the fee and the total amount charged from the User Account are shown in the transaction confirmation. The Service Provider has the right to charge the Customer a margin based on the service for each executed order. Any margin shall always be included in the purchase and selling prices displayed on the Service for each Crypto Asset supported by the Service. The Service Provider reserves the right to modify the Service Fee Schedule at any time. The Customer can see his/her fee level in User Account settings. The Service Fee Schedule is also available on the Website. Link to the Services Fee Schedule: https://www.kvarnx.com/en/pricing
The Service Provider may, at its sole discretion, cease support for any Crypto Asset available in the Service. If the Customer does not remove such Crypto Asset from their User Account before Service Provider ceases to support such Crypto Asset, Service Provider may, in its sole discretion, take any action it deems necessary to remove such Crypto Asset from Customer's User Account, including selling such Crypto Asset at Customer's expense.
If the blockchain, on which the supported Crypto Asset in the Service is based, splits into two or more blockchains ("Split" or "Fork"), the Service Provider reserves the right to decide which blockchain and Crypto Asset the Service will support in the future. The Service Provider aims to inform the Customers in a reasonable time frame about how it intends to act in the event of a split in the supported blockchain. For example, the Service Provider may (i) decide not to support the Fork at all or (ii) decide to sell and convert the new Crypto Asset units obtained through the Fork into some supported Crypto Asset in the Service, or (iii) decide to fully support the new Crypto Asset, resulting in new Crypto Asset units being recorded in the Customer's Electronic Wallet. The costs arising from options (ii) and (iii) can be deducted from the amount reimbursed to the Customer in fiat currency or Crypto Asset. If it is in any way unclear which blockchain represents the original Crypto Asset after the Fork, the Service Provider has the right to decide which blockchain the Service will support after the Fork and which blockchain will represent the original Crypto Asset in the Service.
As a user of the Service, the Customer accepts that all decisions made by the Service Provider may not necessarily correspond to the Customer's own wishes. The Customer has no right to make any demands on the Service Provider in relation to events or actions - or the absence of actions - defined in these Terms of Service.
Service Providers offer their Customers high security and data protection for the Service of buying, selling, and storing Crypto Assets, as well as Fund Service for tracking and reporting on funds managed by Kvarn Asset Management. The login credentials for the User Account are specific to each Customer and must not be disclosed to third parties. The Customer is responsible for using their User Account in accordance with these Terms of Service and for its proper and secure use, as well as for keeping the login credentials confidential and preventing them from falling into the hands of third parties. The Customer must promptly notify the Service Providers if they become aware of or suspect that the login credentials have been disclosed to a third party.
Service Providers have the right to monitor the use of the User Account and login credentials, and at their discretion, they may require the Customer to change their login credentials and/or enforce the use of two-factor authentication (2FA). Service Providers may also set requirements for the security of login credentials and require the Customer to change them if the login credentials do not meet the requirements set by the Service Providers. Service Providers also have the right to block the use of the User Account if, in their discretion, it is necessary for security reasons.
Service Providers will never ask the Customer to provide login credentials except when logging into the User Account. The Service Providers will always request information from Customers through message or support request sent through the Service. Any other requests to disclose login credentials should not be responded to, even if they appear to be from the Service Providers.
The Customer undertakes to keep their login credentials, i.e., their electronic authentication credentials or alternative username and password, confidential in accordance with these Terms of Service and not to disclose this information to any third party in order to prevent unauthorized use of the User Account. The Customer also commits to being responsible for implementing necessary security measures to protect the User Account and personal/company data.
The Service Providers have the right, if necessary, to disclose Customer-related information to the competent authority if the Customer engages in actions that jeopardize the security of the Service, Fund Service, Website, or related systems. Service Providers have the right to share Customer and Service/Fund Service usage information with Service Provider's partners about situations and information that the partner is obliged to receive and the Service Providers are obliged to provide according to the regulation (e.g., anti-money laundering and counter-terrorism financing laws).
Service Providers process all Customer data related to the Service/Fund Service in accordance with the data protection practices described in Kvarn Capital Ltd and Kvarn Asset Management Ltd's privacy policy. The privacy policy specifies the conditions under which Service Providers may process Customer personal data. Kvarn Capital Ltd and Kvarn Asset Management Ltd's privacy policy.
The Service Provider has the right to modify or terminate, temporarily or permanently, the Service/Fund Service or any part thereof, or to restrict the use of the Service/Fund Service at any time. The Service Provider aims to provide reasonable notice of such changes to the Service/Fund Service, at least 30 days before the change takes effect.
The Service Providers have the right to unilaterally amend these Terms of Service at any time. The Service Providers shall endeavor to notify the Customers of any changes to the Terms of Service with reasonable notice of at least 30 days before the changes take effect.
The Service Providers have the right to transfer their contractual rights and obligations to a third party with the required regulatory licenses and rights to operate, at any time, without the Customer's consent, by providing notice 30 days before such transfer takes effect. The Customer shall not have the right to transfer their rights and obligations under the Terms of Service and the Service/Fund Service to a third party.
The Service Providers may, for particularly compelling reasons, such as regulatory orders, not comply with the time limits for changes referred to in this section.
The Service Provider has the right to change the Payment Service Provider to another Payment Service Provider at any time. In order to enable the Customer to use the Service after such change without hindrance and in a secure manner, the Customer understands and agrees that the Service Provider shall act on behalf and for the Customer when the Payment Services used in the Service are agreed with the new Payment Service Provider and when the Payment Services are arranged to be provided by the new Payment Service Provider.
Thus, in the event of a change of Payment Service Provider to another Payment Service Provider, the Customer authorizes the Service Provider, on behalf of the Customer, (i) to terminate the agreement between the Customer and the Payment Service Provider in respect of the Payment Services included in the Service with immediate legal effect, (ii) to enter into an agreement between the Customer and the new Payment Service Provider regarding Payment Services to be used in the Service in the future, (iii) to arrange for the proper transfer of the Customer's fiat funds from the previous Payment Service Provider to the new Payment Service Provider, and (iv) to take any other legal action necessary for the performance of paragraphs (i)-(iii).
When the Payment Service Provider is changed to a new Payment Service Provider, the fiat funds used by the Customer in the Service shall be transferred from the previous Payment Service Provider to the new Payment Service Provider, and thereafter all Payment Services for the Service shall be performed by the new Payment Service Provider.
The Service Providers strive to keep the Service/Fund Service operational at all times, but the Service Providers do not guarantee in any respect uninterrupted availability of the Service/Fund Service and will not be liable for any damages caused by interruptions. The Service Providers do not guarantee the functionality or availability of the Service/Fund Service at all times. The Service Providers have the right to suspend or limit the use of the Service/Fund Service for maintenance and repair purposes. In the event of a planned maintenance break, the Service Providers will strive to inform the Customers in the Service with reasonable advance notice. The Service Provider is not obligated to inform the Customer if an individual order placed by the Customer is interrupted or not executed due to the aforementioned reasons (not applicable to the Fund Services).
Additionally, the Service Providers have the right to limit the use of the Services under these Terms of Service if:
1. the Customer acts in violation to these Terms of Service;
2. the statement provided by the Customer to the Service Provider under the section "Eligibility" proves to be incorrect;
3. the Service Providers have reason to suspect misuse of the Services;
4. the Customer's conduct may cause damage to the Service Providers or to a third party;
5. regulation (law, decree, or other official instruction or order from a public authority) requires such action;
6. the Customer of the Fund Service permanently or temporarily moves outside of Finland; or
7. the Customer is appointed a guardian or otherwise loses legal capacity.
By using the Service, the Customer understands and agrees that the value of Crypto Assets may fluctuate significantly. The Service Provider makes no warranties or representations as to the value or stability of the Crypto Assets. Due to the value fluctuations, the Customer's funds invested in Crypto Assets may change, increase, decrease, or even become completely worthless. Crypto Assets are not issued by central banks, and therefore, central banks cannot take any action to protect the value of Crypto Assets.
By using the Fund Service, the Customer understands and accepts that historical performance of a financial instrument is not a guarantee of future performance. The value of a financial instrument may rise or fall, and the investor may lose part or all of their invested capital. Expected return may also not be achieved. The Service or the Fund Service should not be considered as investment advice in any respect. Any communication by the Service Providers or their partner companies, such as price information or other information related to Crypto Assets, or, for example, a decision by the Service Provider to offer or not to offer a particular Crypto Asset on the Service should not be construed as a recommendation to buy, not buy, sell, or not sell that Crypto Asset. Each decision to buy or sell is the Customer's own decision, and the Service Provider shall not be liable in any respect for such decision or its consequences.
The purpose of the Service is that the Service Provider continuously provides offers to buy and sell Crypto Assets. However, the Service Provider does not guarantee that there will always be buy or sell offers for Crypto Assets available in the Service. It is not possible to place subscription or redemption orders for fund units in the Fund Service.
The Service Providers or their partner companies shall not be liable to the Customer for any indirect damages, such as loss of income or profit, loss caused by changes in the value of currencies, Crypto Assets or investment objects, or other consequential damages, unless the Service Providers have caused the damage through gross negligence or intentionally.
The Service Providers or their partner companies shall not liable for: (i) the behavior of users of the Service and Fund Service; (ii) unauthorized use of a User Account; (iii) technical problems with the Service/Fund Service; (iv) the actions of the Service Providers complying with anti-money laundering and counter-terrorism financing regulations or other mandatory legislation; (v) the freezing, locking, blocking assets and/or User Account according to the Terms of Service or applicable regulations or the withdrawal of such actions; (vi) the loss or recovery of data; (vii) other similar reasons. The limitations of liability under this section 10 shall not apply to the extent that mandatory legislation imposing obligations on Service Providers provides otherwise.
The Service Provider has the right to provide opinions, advice, offers or other information from third parties in the Service. Third parties are solely responsible for the opinions, advice, offers or other information they provide in the Service. The Service Provider makes no representations whatsoever about any information shared by third parties in the Service and shall not be liable for any information shared in the Service on behalf of a third party (not applicable to the Fund Services).
The Customer is liable to compensate the Service Providers in full for any damage caused to the Service Providers as a result of the Customer’s breach of these Terms of Service.
The Service Provider reserves the right not to transfer or receive Crypto Assets from addresses identified by blockchain analytics as high-risk addresses.
The Customer understands and agrees that all copyrights, trademarks, and all other intellectual property rights in the Service/Fund Service are solely owned by the Service Providers. Any publication, reproduction, transmission or storage of the content of the Service or any part thereof is prohibited without the prior written consent of the Service Provider.
The Service, the Fund Service, and published content may only be used for the sole purpose of using the Services/Fund Services and for the Customer's own use.
The trademarks or logos in the Service/Fund Service may not be reproduced, published, distributed, or used in any way without the prior written consent of the Service Providers. The provisions in this section regarding intellectual property rights also apply to third-party intellectual property rights used by the Service Providers.
By accepting these Terms of Service, the Customer agrees not to infringe on the intellectual property rights of Kvarn Capital, Kvarn Asset Management, and third parties and agrees to use the aforementioned content in accordance with the law.
The Service Providers are not liable for failing to fulfill their obligations where such failure is due to force majeure.
Force majeure shall be deemed to any obstacle beyond the control of the Service Providers that prevents them from fulfilling their obligations. This includes, but is not limited to network traffic interruptions, instability in the operation of blockchains supported by the Service, interruptions in payment or telecommunication services or general power distribution, labor disputes, and obstacles caused by the actions of public authorities.
The Customer has the right to terminate the agreement based on these Terms of Service and close the User Account with immediate effect at any time. The Customer can terminate the Services immediately in writing by sending a message or support request through the Service. The Fund Service can also be terminated with immediate effect in writing by sending a message or support request through the Service/Fund Service or by sending an email to: support@kvarncapital.com . However, termination of the Fund Service does not imply redemption of the investment or fund unit itself.
The Customer agrees to pay all fees and expenses incurred in connection with the Service prior to termination of the Service. This section does not apply to the Fund Service.
The Customer acknowledges and accepts that after termination of the Services/Fund Services, the Customer's User Account will be closed, and may not be used thereafter except as described in section 13.3.
The Service Providers can terminate the agreement formed based on these Terms of Service with 30 days' notice at any time.
The Service Providers have the right to terminate the agreement concerning the Customer's User Account without notice if the Service Providers find that the Customer has acted in violation of the section “Sanctions” in these Terms of Service or acted in any other way in violation of the Terms of Service or legislation when using the Service, the Fund Service or Website. In such cases, Kvarn Capital/Kvarn Asset Management reserves the right to close the User Account and block access to the Services/Fund Services without separate notice and at its sole discretion.
If the Service Providers detect any activity related to the Customer's User Account that indicates illegal or violation of the Terms of Service, the Service Providers shall have the right to take action, including but not limited to (i) lock the Customer's User Account and thereby completely prevent the use of the User Account, (ii) block or suspend the execution of specific Transaction, or (iii) report the suspected illegal activity to the competent authorities. The Service Providers may also request additional information from the Customer, such as more detailed identification information, in order to investigate the matter.
The suspension of the Customer's User Account can be canceled if the reasons for the suspension no longer exist. If the action is canceled, the Customer will regain full control of the User Account, and the Customer may again perform transactions, but the Service Providers shall have the right to suspend the User Account again in accordance with these terms. The suspension of the User Account may be continued if there is a pending legal process or if the suspension is justified due to a competent authority investigation or order, or if the Customer has not provided the additional information requested by the Service Providers.
If the User Account is terminated or suspended due to fraud investigation or breach of applicable law or these Terms of Use, the Service Providers shall have the right to retain the data and Crypto Assets in the Service Provider's Electronic Wallet of the Customer subject to such action. Such data and Crypto Assets may be disclosed to the competent authorities at their request and it shall be for the relevant authorities to determine how the Service Provider should act in relation to such funds.
When the Services are terminated, and termination is not due to a breach of applicable law or any legal or administrative order, the Customer will have access to the User Account for ten (10) calendar days after termination to empty the Electronic Wallet and save reports. During this time, the Customer may not use the Services or the User Account for any other purpose, and the Service Providers may, at their discretion, restrict functions or the Customer's access to the Services.
Upon termination of the Services, and such termination is not due to a violation of applicable law or any legal or regulatory provision, Customer will have access to the User Account for ten (10) calendar days after termination to empty the Electronic Wallet and to save reports. The Customer may not use the Services or the User Account for any other purpose during this period, and the Service Provider may, in its sole discretion, limit the functions of the Services or Customer's access to the Services.
Termination of the Service shall automatically result in the termination of the agreement between the Customer and the Payment Service Provider. Termination of the agreement between the Customer and the Payment Service Provider shall be subject to the provisions of the agreement between the Customer and the Payment Service Provider.
Upon termination of the Fund Service, Kvarn Asset Management has an obligation to provide statutory fund monitoring and reporting services in a manner other than through the Kvarn X service, e.g., using email.
The Customer can contact the Service Providers at any time by email: support@kvarncapital.com or by sending a message or support request through the Service/Fund Service. The Service Providers will confirm receipt of the message promptly and endeavor to respond to the contact without undue delay.
The email address provided by the Customer when creating the User Account shall serve as the communication channel confirmed by the Customer and the Customer is considered to have received in writing all notifications delivered to the aforementioned email address.
The Services, Fund Services, these Terms of Service, and any agreement formed based on them shall always be governed by the laws of Finland, with the exception of choice of laws provisions. Disputes shall be primarily resolved through negotiations between the parties. If a satisfactory solution is not reached through negotiations, disputes shall be finally settled in arbitration in accordance with the Arbitration Rules of the Finland Chamber of Commerce. The arbitral tribunal shall consist of one (1) arbitrator, the place of arbitration shall be Helsinki, and the language shall be Finnish. A consumer user can also refer the dispute for resolution to their local district court and/or request a resolution recommendation from the Consumer Disputes Board. Before taking the matter to the Consumer Disputes Board, we recommend the user to contact the consumer advisory service.
