Terms & Conditions

1. Acceptance of Terms

By creating an account or using coynitt's Services, you acknowledge that you have read, understood, and agree to be bound by these Terms, as well as our Privacy Policy. These Terms constitute a legally binding agreement between you and coynitt.

2. Eligibility

To use our Services, you must:

• Be at least 18 years of age
• Have the legal capacity to enter into binding contracts
• Not be prohibited from using our Services under applicable laws
• Provide accurate and complete information during registration
• Successfully complete our identity verification process
• Maintain only one account per person

3. Account Registration and Security

3.1 Account Creation

To access our Services, you must create an account by providing:

• Personal information (name, email, phone number)
• Government-issued identification (for KYC/AML verification)
• Proof of address
• Additional documentation as required by law

3.2 Account Security and Wallet Responsibilities

You are responsible for:

• Maintaining the confidentiality of your account credentials
• Securing your private keys and seed phrase - We cannot recover lost private keys
• Backing up your wallet in a secure location
• All activities that occur under your account and blockchain wallet
• All blockchain transactions initiated from your wallet
• Notifying us immediately of any unauthorized access
• Using a strong, unique password
• Enabling two-factor authentication when available
• Understanding that blockchain transactions are irreversible once confirmed

Critical: Loss of your private keys or seed phrase will result in permanent loss of access to your funds. coynitt cannot recover, reset, or provide access to your wallet if you lose your private keys. This is a fundamental characteristic of non-custodial blockchain wallets.

3.3 Account Verification

We reserve the right to verify your identity and may request additional documentation at any time. Failure to provide requested information may result in account suspension or termination.

4. Services Description

coynitt provides blockchain-powered financial services including:

• Non-custodial blockchain wallet for secure asset storage
• International money transfer services via blockchain technology
• Multi-currency exchange and conversion on blockchain networks
• Community savings features powered by smart contracts
• Blockchain transaction tracking with cryptographic proof
• Real-time notifications for on-chain transactions
• Customer support services

Blockchain Nature of Services: Our services utilize blockchain technology, which means transactions are recorded on distributed ledgers, are publicly visible (though pseudonymous), and cannot be reversed once confirmed. Transaction times and fees may vary based on blockchain network conditions.

We reserve the right to modify, suspend, or discontinue any part of our Services at any time with or without notice, subject to applicable laws and blockchain protocol constraints.

5. Fees and Charges

5.1 Transaction Fees

We charge fees for our Services, including but not limited to:

• Transfer fees (typically starting at 1% of transaction amount)
• Currency conversion fees
• Blockchain network fees (gas fees) - Required by blockchain networks for transaction processing
• Expedited transfer fees (if applicable)
• Smart contract execution fees (for community savings features)
• Third-party fees (imposed by banks or payment processors)

Important Note on Blockchain Fees: Blockchain network fees (gas fees) are determined by the blockchain network and not by coynitt. These fees can fluctuate based on network congestion and are paid directly to blockchain validators/miners. We have no control over these fees.

5.2 Fee Disclosure

All fees will be clearly displayed before you confirm a transaction. You agree to pay all applicable fees as disclosed at the time of the transaction.

5.3 Fee Changes

We reserve the right to change our fees at any time. We will provide notice of fee changes as required by law.

6. Transaction Limits

We impose transaction limits based on:

• Your account verification level
• Regulatory requirements
• Fraud prevention measures
• Destination country restrictions

Transaction limits may include daily, weekly, or monthly maximums. We reserve the right to modify these limits at our discretion.

7. Prohibited Activities

You agree NOT to:

• Use our Services for illegal activities, including money laundering or terrorist financing
• Provide false, inaccurate, or misleading information
• Attempt to circumvent our security measures
• Use our Services if you are located in a restricted jurisdiction
• Engage in fraudulent activities or scams
• Use our Services on behalf of third parties without authorization
• Interfere with or disrupt our Services
• Reverse engineer, decompile, or disassemble any part of our Services
• Create multiple accounts to evade limits or restrictions
• Use automated tools or bots to access our Services

7.5. Blockchain-Specific Risks and Disclaimers

7.5.1 Non-Custodial Nature

You acknowledge and agree that coynitt operates as a non-custodial service. We do not hold, control, or have access to your private keys or digital assets. You are solely responsible for securing your private keys and seed phrases. Loss of private keys will result in permanent and irreversible loss of access to your funds.

7.5.2 Blockchain Transaction Risks

You understand and accept the following risks associated with blockchain technology:

• Irreversibility: Blockchain transactions cannot be reversed, cancelled, or refunded once confirmed
• Public Visibility: All transactions are publicly visible on the blockchain
• Network Congestion: Transaction times and fees may increase during network congestion
• Smart Contract Risks: Smart contracts may contain bugs or vulnerabilities
• Blockchain Forks: Network upgrades or forks may affect transaction processing
• Volatility: Cryptocurrency values can be highly volatile
• Wrong Address Risk: Sending to an incorrect blockchain address will result in permanent loss

7.5.3 No Recovery Assistance

coynitt cannot recover, reverse, or cancel blockchain transactions on your behalf. We cannot retrieve funds sent to incorrect addresses, recover lost private keys, or undo confirmed blockchain transactions. These limitations are inherent to blockchain technology, not service limitations of coynitt.

7.5.4 Blockchain Network Dependencies

Our services depend on third-party blockchain networks. We are not responsible for:

• Blockchain network downtime or performance issues
• Changes to blockchain protocols or consensus rules
• Actions taken by blockchain validators, miners, or node operators
• Blockchain network security vulnerabilities or attacks

8. Compliance and Regulatory Obligations

8.1 KYC/AML Compliance

coynitt is required to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. We may:

• Request additional identity verification documents
• Monitor and report suspicious transactions to FINTRAC
• Freeze or terminate accounts suspected of illegal activity
• Cooperate with law enforcement investigations

8.2 Sanctions Compliance

We comply with Canadian and international sanctions laws. We do not provide Services to:

• Individuals or entities on sanctions lists
• Countries subject to comprehensive sanctions
• Politically exposed persons (PEPs) who fail enhanced due diligence

9. Cancellations and Refunds

9.1 Cancellation Policy

You may cancel a transaction before it is processed. Once a transaction has been sent to the recipient's financial institution, it cannot be cancelled.

Critical - Blockchain Transactions: Once a blockchain transaction is confirmed on-chain, it is IRREVERSIBLE and CANNOT be cancelled, reversed, or refunded. This is a fundamental characteristic of blockchain technology. Always verify recipient addresses before confirming transactions.

9.2 Refunds

Refunds may be issued if:

• The transaction fails due to an error on our part BEFORE blockchain confirmation
• You cancel within the allowed timeframe BEFORE blockchain confirmation
• The recipient's account cannot receive the funds (traditional banking only)
• Required by law or regulation (subject to blockchain limitations)

Important: Processing fees and blockchain network fees (gas fees) are generally non-refundable. Once a transaction is confirmed on the blockchain, we cannot issue refunds as we do not have custody of the funds and cannot reverse blockchain transactions.

10. Intellectual Property

All content, features, and functionality of our Services, including but not limited to text, graphics, logos, icons, images, audio clips, and software, are the exclusive property of coynitt and are protected by copyright, trademark, and other intellectual property laws.

You may not:

• Copy, modify, or distribute our content without written permission
• Use our trademarks or branding without authorization
• Create derivative works based on our Services

11. Limitation of Liability

To the maximum extent permitted by law, coynitt shall not be liable for:

• Indirect, incidental, special, or consequential damages
• Loss of profits, revenue, or data
• Delays or failures caused by circumstances beyond our control
• Actions or omissions of third-party service providers
• Unauthorized access to or alteration of your transmissions or data
• Errors, mistakes, or inaccuracies in content

Our total liability for any claim arising out of or relating to these Terms shall not exceed the amount of fees you paid to us in the 12 months preceding the claim.

12. Disclaimer of Warranties

OUR SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED. WE DISCLAIM ALL WARRANTIES, INCLUDING BUT NOT LIMITED TO:

• Merchantability and fitness for a particular purpose
• Non-infringement of third-party rights
• Uninterrupted or error-free operation
• Security or absence of viruses
• Accuracy or completeness of content

13. Indemnification

You agree to indemnify, defend, and hold harmless coynitt and its affiliates, officers, directors, employees, and agents from any claims, liabilities, damages, losses, costs, or expenses (including legal fees) arising out of or relating to:

• Your use or misuse of our Services
• Your violation of these Terms
• Your violation of any rights of third parties
• Your violation of applicable laws or regulations

14. Dispute Resolution

14.1 Governing Law

These Terms shall be governed by and construed in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein.

14.2 Arbitration

Any dispute arising out of or relating to these Terms or our Services shall be resolved through binding arbitration in accordance with the Arbitration Act of Alberta, except where prohibited by law.

14.3 Class Action Waiver

You agree that any dispute resolution proceedings will be conducted only on an individual basis and not in a class, consolidated, or representative action.

15. Account Suspension and Termination

15.1 Our Right to Terminate

We may suspend or terminate your account at any time if:

• You violate these Terms
• We suspect fraudulent or illegal activity
• Required by law or regulation
• You fail to provide required verification documents
• Your account has been inactive for an extended period

15.2 Your Right to Terminate

You may close your account at any time by contacting customer support. You remain responsible for all transactions initiated before account closure.

15.3 Effect of Termination

Upon termination:

• Your right to use our Services immediately ceases
• We will process any pending transactions
• We may retain your information as required by law
• Outstanding balances must be settled

16. Force Majeure

coynitt shall not be liable for any delay or failure to perform resulting from causes beyond our reasonable control, including but not limited to:

• Natural disasters
• War, terrorism, or civil unrest
• Government actions or regulations
• Internet or telecommunications failures
• Cyberattacks or security breaches by third parties
• Labor disputes or strikes
• Failure of third-party service providers

17. Changes to Terms

We reserve the right to modify these Terms at any time. We will notify you of material changes by:

• Posting the updated Terms on our website
• Updating the "Last Updated" date
• Sending you an email notification (for significant changes)
• Displaying a prominent notice in the app

Your continued use of our Services after such changes constitutes acceptance of the updated Terms. If you do not agree with the changes, you must stop using our Services.

18. Severability

If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect. The invalid provision shall be replaced with a valid provision that most closely reflects the original intent.

19. Entire Agreement

These Terms, together with our Privacy Policy and any other legal notices published by coynitt, constitute the entire agreement between you and coynitt regarding your use of our Services.

20. Contact Information

If you have any questions about these Terms, please contact us:

21. Acknowledgment

BY USING OUR SERVICES, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTOOD, AND AGREE TO BE BOUND BY THESE TERMS AND CONDITIONS.