1. Purpose
These terms set forth the conditions of use for the escrow service (hereinafter referred to as the 'Service') in P2P transactions of crypto assets provided by Opera Payments Limited (hereinafter referred to as the 'Company').
2. Definitions
- Escrow Service: Refers to the service in which the Company temporarily holds assets in crypto asset transactions between buyers and sellers, and releases them to the designated account after the transaction conditions are met.
- User: Refers to a buyer or seller who uses the Service.
- Transaction Agreement: Refers to the agreement regarding the sale and purchase of crypto assets established between the buyer and the seller.
3. Service Content
3-1.
- Temporarily holds the seller's funds (crypto assets) to be paid to the buyer.
- Temporarily holds the buyer's funds (fiat currency) to be paid to the seller of the crypto assets.
- Temporarily holds the seller's funds (crypto assets) to be paid to the buyer.
- Releases the funds (fiat currency) to the seller after the buyer fulfills the transaction agreement.
- Releases the funds (crypto assets) to the buyer after the seller fulfills the transaction agreement.
3-2.
The Service is solely an intermediary function, and the Company is not a party to the transaction agreement. The Company does not directly engage in the conclusion or performance of the sales contract, but only provides temporary custody and release of assets.
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4. Usage Procedures
4-1.
Users must complete the KYC procedures prescribed by the Company in order to use the Service.
4-2.
To initiate an escrow transaction, either the buyer or seller must register the transaction on the Company's platform and the counterparty must approve it.
5. Conditions for Releasing Escrow
In any of the following cases, the Company may release the escrow and send the crypto assets to the buyer and the payment currency to the seller:
- When the buyer completes payment
- When the seller receives payment
6. Fees
6-1.
Fees prescribed by the Company will be charged for use of the Service.
6-2.
Fees will be collected at the time of transaction completion.
7. Disputes and Resolution
7-1.
Due to the system of the Service, disputes between buyers and sellers will not arise; however, in the unlikely event that one does occur for any reason, the Company will attempt to resolve it based on its own judgment criteria.
7-2.
The Company's decision shall be final and binding, and users shall not dispute it.
8. Prohibited Acts
- Users are prohibited from the following acts:
- Registering or providing false information
- Engaging in illegal activities such as money laundering
- Interfering with the Company's systems
- Infringing the rights of third parties
9. Disclaimer
- The Company shall not be held liable in the following cases:
- Non-performance of transaction agreements between users
- Losses due to fluctuations in the price of crypto assets
- Loss of assets due to user negligence
10. Suspension and Termination of Service
- The Company may suspend or terminate all or part of the Service in the following cases:
- System maintenance, troubles, external attacks
- Requests from authorities or legal revisions
- Judgments based on business necessity
11. Amendments to Terms
The Company may change these terms without notifying users if it deems necessary. After changes are made, announcements will be posted on the Company's website. Continued use after changes shall be deemed as user consent.
12. Governing Law
12-1.
The governing law of these Terms shall be the laws of the operating country.
12-2.
Any disputes arising out of or relating to these Terms shall be interpreted in accordance with the laws of the operating country.