General Terms & Conditions
This document sets forth the Terms and Conditions (“Terms”) governing your relationship with Colossos Payments UAB and Colossos Digital Assets UAB, collectively referred to as “Colossos,” “We,” “Us,” or “Our.” By using our platform, you (“Customer”, “Account Holder”) agree to comply with these Terms in full as set forth below. Agreement to these Terms and Conditions is a prerequisite for the utilization of any services provided by Colossos. Failure to agree will result in the inaccessibility of our services.
These Terms govern the range of services offered by Colossos, including E-Money and Crypto-Assets related services. Be advised that engagement with cryptocurrencies inherently carries a significant risk of financial loss. For a comprehensive understanding of the associated risks, consult our Disclaimers.
|Account or Colossos Account||The digital account set up under this Agreement that grants access to Colossos Services.|
|E-Money||E-Money refers to electronic money, a digital representation of fiat currency stored electronically for the purpose of executing electronic transactions. E-Money in your Colossos Account is issued by Modulr and is managed and made available via the Colossos platform in accordance with these Terms. E-Money is not a Crypto-Asset and does not qualify as a deposit within the meaning of applicable deposit protection schemes.|
|E-Money Account||Your account powered by Modulr and managed by Colossos Payments for the purpose of storing E-Money and initiating E-Money transactions.|
|Crypto Wallet||A digital wallet offered by Colossos Digital Assets for storing, transferring, and exchanging cryptocurrencies.|
|Customer||A natural person or legal entity that has agreed to these Terms and successfully opened a Colossos Account.|
|Colossos||Refers collectively to Colossos Payments UAB and Colossos Digital Assets UAB.|
|Colossos Services||The complete range of services offered by Colossos, encompassing both electronic money services and Crypto-assets services.|
|User or Authorized User||A Customer or any individual authorized by the Customer to use the Colossos Account and Services.|
|Platform||The digital interface through which Colossos Services are accessed, protected by individual login credentials and authentication methods.|
|Website||The official website of Colossos.|
|Modulr||Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services.|
|Business Day||A day during which Colossos provides the Services. Normally, Business day is any day except Saturdays, Sundays and public holidays in Lithuania.|
|Balance||The current amount of E-Money or Crypto-Assets stored in your Colossos Account.|
|Crypto-Asset||A digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology.|
|Crypto-Assets Services||Services offered by Colossos Digital Assets, mainly consisting of the storage, transfer, and exchange of cryptocurrencies, along with related services such as customer support and document generation.|
|Fork||Fork refers to a change in the protocol of a blockchain network that results in the divergence in the blockchain into two separate chains. Forks may be planned (“soft forks”) or unplanned (“hard forks”) and can have varying impacts on the Crypto-Assets held in your Colossos Crypto Wallet.|
|Fees||All applicable fees for using Colossos Services as outlined in the Fee Schedule.|
|Fee Schedule||The list of Prices and Services applicable to you.|
|System||The technical infrastructure and any other elements allowing the performance of the Services and the maintenance of the Account.|
|Consumer||As defined under European Union Consumer Law, any natural person who is acting for purposes which are outside his trade, business, craft, or profession.|
|Account Type||The type of your Colossos Account, which can either be a Personal Account or a Business Account.|
|Personal Account||Account for natural persons who are acting for purposes which are outside his trade, business, craft, or profession. These Accounts are designated for Consumers.|
|Business Account||Account of legal entities and natural persons who are acting for purposes which are inside his trade, business, craft, or profession. This includes, but is not limited to, sole proprietors, partnerships, associations, private limited companies, public limited companies, etc.|
|Parties||Refers to either Colossos or the natural or legal entity entering into this Agreement. Collectively, they are referred to as the “Parties.”|
2. About Us
2.1. Colossos Payments UAB is a company registered under the number 306087399, with its registered address at Upės g. 21-1, LT-08128 Vilnius, Lithuania. Colossos Payments UAB is responsible for facilitating the provision of E-Money Services delivered to you through the Colossos platform.
2.2. Colossos Digital Assets UAB is registered under the number 306163726, with its registered address at Upės g. 21-1, LT-08128 Vilnius, Lithuania. The company is registered with the State Enterprise Centre of Registers of the Republic of Lithuania as a provider of virtual currency exchange and wallet services. It's important to note that the Crypto-Assets services are separate and distinct from the E-Money Services offered to you and do not benefit from the same level of protection attached to Electronic Money.
2.3. For more information on how to contact us, please refer to Article 8. of these Terms.
3. Scope of Services
3.1. E-Money Services - These services comprise the provision of an E-Money Account for you, and where applicable, Debit Card(s) that may be issued to you. E-Money Services delivered to you are facilitated by Colossos Payments UAB. The issuance and redemption of electronic money in connection with these services are carried out by Modulr Finance B.V., a company registered in the Netherlands and authorized by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870). You may utilize your Account for electronic money transactions, including but not limited to sending, receiving, and storing funds, in accordance with the terms of this Agreement and applicable laws and regulations. More information about E-Money Services can be found in Annex 1.
3.2. Crypto-Assets Services - Crypto-Assets Services are offered by Colossos Digital Assets UAB. These services enable you to hold, transfer, and exchange virtual currencies via the Colossos platform. The Crypto-Assets Services provided are distinct from the E-Money Services and do not benefit from the same level of protection and guarantees. These services allow you to manage your virtual currencies in accordance with this Agreement and any applicable laws and regulations. More information about Crypto-Assets Services can be found in Annex 2.
3.3. Access to Services - The E-Money Services and the Crypto Services, altogether the Colossos Services, outlined in this Agreement are accessible through the Colossos platform. The Platform is the principal means by which you will interact with Colossos and utilize the Services provided.
4. User Eligibility and Account Opening
4.1.1. Personal Account - Designed for natural persons not acting for business purposes.
4.1.2. Business Account - Designed for natural persons acting for business purposes and legal entities.
(a) Be a permanent resident of (for natural persons) or be based in (for legal entities) a country of the European Economic Area.
(b) For natural persons, be 18 years old or above and have the legal capacity to enter into this Agreement and comply with the resulting obligations.
4.3. Customers may hold only one account per natural person or legal entity. However, if you are a natural person registered as self-employed or a freelancer, you may open both a Personal Account and a Business Account.
4.4. Colossos is mandated by law to carry out necessary security and customer due diligence checks to verify the Customer's identity and prevent money laundering. All Customers are therefore required to comply with verification procedures as determined by Colossos, including but not limited to, identity verification, anti-money laundering (AML) checks, and Know Your Customer (KYC) requirements. Accounts will only be opened at the end of the due diligence phase, and Colossos retains full discretion to open or not open an account for any applicant.
5. Operating Your Account
5.1.1. Secure Access - To access your Account, you must log in through the Colossos Platform. Colossos employs strong and secure authentication and verification technology to secure your access. Upon entering your credentials and authenticating your identity, you will gain access to your Account.
a) For Natural Persons, only you are authorized to access your Account and use Colossos Services.
b) For Legal entities, additional Authorized Users may be added by you depending on the Services enabled on your Account, provided that they meet the Eligibility Criteria to access and use Colossos Services. You are liable for the actions of any Authorized Users and are liable for ensuring that they operate within the scope of the authority you delegated them. Colossos may subject Authorized Users to customer due diligence procedures before granting them access to the Platform.
5.1.3. Suspicious Activity - In case of any suspicion of unauthorized use or security breach, report without undue delay to [email protected]. Failure to report without undue delay suspicious activities may result in you being liable for any subsequent damages. This notification does not absolve you of the responsibility to contact the police and other relevant authorities where applicable.
Colossos reserves the right to restrict or block access to your Account based on any suspicious activities. We will notify you of such actions unless prohibited by applicable laws and regulations from notifying you.
5.1.4. System Requirements - Access to your Account requires a compatible device and a stable internet connection.
5.2.3. Variability - The Services delivered to you via your Account may differ based on the Plan you selected and the Account Type you have. Limits and Services are outlined in the applicable Fee Schedule.
5.2.4. Account & Card Limits - Your Account will be subject to standard limits as outlined in the Fee Schedule. These limits can be checked within the Platform. However, personalized limits may be established based on the information provided by you to us. In such cases where you would instruct us to execute transactions above these limits, we may request additional information.
5.3.1. Account restriction - Colossos reserves the right to impose limitations or restrictions on your Account, up to and including suspension or termination of your Access. This may be due to, but not limited to, suspected unauthorized or fraudulent use of the Account, suspected violation of the terms of this Agreement, or potential violation of applicable laws and regulations. Any such actions will be taken in full compliance with applicable laws and regulations and in accordance with the provisions of this Agreement. Where permissible, we will inform you of the reasons for such limitations and take appropriate steps to promptly restore full access to your Account.
5.4.1. Tax - It is your responsibility to determine what, if any, taxes apply to the transactions you complete via the Colossos platform, and it is your obligation to report and remit the correct tax to the appropriate tax authority. Colossos is not responsible for determining whether taxes apply to your transactions or for collecting, reporting, or remitting any taxes arising from any transaction.
You are required to maintain the confidentiality and security of all your access IDs. The necessary security measures include but are not limited to:
(i) Complying strictly with all our security protocols, recommendations, and obligations established in this Agreement.
(ii) Creating strong passwords for your account.
(iii) Keeping your registered email and contact number up to date.
(iv) Never disclose your login details such as your password or two-factor authentication (2FA) code to anyone; Colossos will never request such information from you.
(v) Refraining from sharing your computer or screen while logged into your Colossos Account.
(vi) Logging out from the Colossos Platform after each use.
It is your responsibility to regularly review your Account history for unauthorized or suspicious activities. In the event of a security breach, or if you suspect one, you are obligated to notify Colossos immediately and take steps to mitigate the situation.
6. Closing Your Account
6.2.1. For the E-money Account, remaining Balance will be transferred to a bank account you specify, utilizing SEPA Transfer. Should this transfer be not feasible, the remaining Balance remains in your ownership. You can request a refund by contacting us in writing at any future date.
6.2.2. For the Crypto Wallet, you will be prompted to supply one or more external wallet addresses for the transfer of your cryptocurrencies. It will be your responsibility to ensure that the instructions you provide are clear, compatible with the list of supported Crypto-Assets and networks and that you have control over the provided external addresses. If transferring is not feasible, your Balance will stay in your ownership. To claim your Balance, contact us in writing with specific instructions.
6.3 Please note that if your Account is closed for any reason, you will not have access to the Platform anymore from the date of the Account Closure. You will still be able to communicate with us in writing. We commit to using all reasonable efforts, within the boundaries of applicable laws and regulations, to execute your instructions for the recovery of any remaining Balance.
6.4. Upon termination of this Agreement for any reason, your Account will be closed.
6.5. Please note that the closure of your Account does not absolve you of any outstanding obligations or Fees due under this Agreement. In the event of a negative Balance at the time of Account Closure, you are required to reimburse us promptly for the amount equal to the negative Balance.
7.3 Amending our Fees - We may adjust our Fees from time to time in accordance with Article 10. of this Agreement.
8. Communication Methods
Customers are responsible for keeping their email addresses and telephone up to date. Failure to maintain accurate contact information may impede our ability to deliver essential service updates and transactions details. We are not liable for any failure in communication or in the provision of the Services due to outdated or incorrect contact information by the Customer.
8.3 All emails and telephone messages from us to the Customers and Users are considered received of the day of actual receipt. Communication via email will be legally deemed as written communication through a durable medium. Certain communications may refer to content on our Website, which should be considered an integral part of the communicated information.
8.4 The official language for all documents and communications between us is English. While other languages may be employed for your convenience, English remains the authoritative language.
8.5 It is the responsibility of the Customer to ensure that all communications received from Colossos are authentic and originate from our official channels. Colossos will not be liable for any loss or damage resulting from the Customer's failure to verify the authenticity of communications received. If you experience any doubt regarding the authenticity of a communication, please contact [email protected] immediately.
9. Data Protection and Privacy
9.3If personal data is transferred to a third party located outside the European Economic Area, Colossos will ensure that the same level of data protection is maintained as mandated by law within the EEA.
10. Changes to the Terms and Conditions
10.3The absence of objection to the changes within the two months' notice period will be deemed as your acceptance of the new Terms.
10.4Notwithstanding the above, immediate changes to this Agreement may be made to comply with legal and regulatory requirements, or in instances where such changes are more favourable to you than the current terms of this Agreement.
11. Suspension or Termination
We may suspend or terminate this Agreement immediately if, for any reason, the Customer:
(a) Is unable to satisfy the Due Diligence Procedures.
(b) Breached any of the obligations established in this Agreement.
(c) Has provided false, incomplete or misleading information.
(d) Has engaged in fraudulent, money laundering, terrorism financing or other illegal activity or we have reasonable suspicions in respect of the same.
We shall notify you as soon as possible of such immediate suspension or termination, unless prohibited by the applicable laws and regulations.
11.3The Agreement will automatically terminate when all Accounts of the Customer are closed, for any reason.
11.4On termination of this Agreement for any reason, your Account will be closed and any remaining Balance will be handled and returned in accordance with Article 7. The suspension or termination does not extinguish any obligations pertaining to Fees due. The Customer shall pay immediately all outstanding Fees due (where applicable) under this Agreement and in the event of a negative Balance in an Account shall reimburse Colossos such amount equal to the negative Balance.
12. Liability and Indemnification
12.1.1. We shall not be liable for any default resulting directly or indirectly from any cause beyond our control, including but not limited to an insufficient Balance.
12.1.2.We shall not be liable for Customer's additional costs, consequential damages, Customer's lost income or profits, failure or loss of the Customer's business, damage to the Customer's business reputation, indirect damages of the Customer, etc.
12.1.3. We shall not be liable for consequences resulting from the System operation disorders when such disorders are not the fault of Colossos.
12.1.4. We shall not be liable for consequences resulting from the temporary inaccessibility of your Account or the Services provided to you.
12.1.5. We shall not be liable for consequences arising from disruptions in the performance of the Services caused by any third party.
12.1.6. We shall not be liable for consequences arising from the misuse of your Account where appropriate security measures were not set in place by you.
12.1.7. We shall not be liable for criminal or any other illegal actions of third parties resulting in damage to the Customer or any other person.
12.2.1. Your use of the Colossos Services.
12.2.2.Your use of the Website or the Platform.
12.2.3.Any investment, acquisition, holding, exchange of Crypto-Assets through the Services.
12.2.4.Your failure to perform your responsibilities or the incorrect performance of your responsibilities, representations, warranties or obligations under this Agreement.
12.2.5.Any breach of any term or condition of this Agreement or any abusive, misleading, and purposefully damaging behaviours undertaken by you.
13. Force Majeure
14. IP Rights
15. Complaints and Dispute Resolution
16. Final Provisions
Annex 1: E-Money Services
18. Operational Framework
19. E-Money Services & associated Services
Annex 2: Cryptocurrency Services
21. Operational Framework
22. Description of Cryptocurrency Services
22.1.1.When you create your Colossos Account, the Platform generates a cryptographic key pair composed of both a private and a public key, forming your Crypto Wallet. The Crypto Wallet on the Colossos Platform allows you to securely store, send, and receive supported Crypto-Assets. A set of deposit addresses linked to your Crypto Wallet will be generated and visible to you within the Platform. These deposit addresses may be shared with others or used by you to complete Deposits from external wallets to your Crypto Wallet.
22.1.2.While Colossos acts as the custodian of the Crypto-Assets stored in your Colossos Crypto Wallet, it's important to clarify that we acquire no legal or beneficial rights, title, or interest in those assets. Ownership of the Crypto-Assets in your wallet remains solely yours. However, your ability to utilize the Services offered by Colossos is contingent upon successful identity verification, our compliance procedures, as well as your adherence to this Agreement and to all applicable laws and regulations.
22.1.3.The List of Supported Assets and Networks may vary from time to time. It is published and can be found on our Website.
22.1.4.Colossos reserves the right to remove or suspend one or more Crypto-Assets or Networks from the List of Supported Assets and Networks. Whenever possible, we will make reasonable commercial efforts to notify you in advance. From the date of such notification, you will only be able to withdraw the affected Crypto-Asset(s). If unsupported Crypto-Assets remain in your Crypto Wallet beyond the specified period notified to you, we may convert those Crypto-Assets into a different type of Digital Asset, prioritizing widely accepted stablecoins whenever possible. Whenever possible, you will be notified in advance of any such conversion and will have the opportunity to withdraw your affected Crypto-Assets. If circumstances prevent prior notification, Colossos reserves the right to take appropriate measures to safeguard your interests, including the possibility of converting the affected Crypto-Assets into another type of Crypto-Asset, with priority given to a widely accepted stablecoin.
Colossos may temporarily suspend services for a specific Crypto-Asset in anticipation of or following a Fork. We are under no obligation to support either the original or the Forked Crypto-Assets. Should we decide to support a Fork, an announcement will be made through appropriate communication channels. You acknowledge that Colossos has no control over Fork events or the outcome of forked Crypto-Assets. In instances where a Forked asset is not supported by Colossos, you may not be able to trade the Forked digital assets on our platform, and you may lose any value associated with the relevant assets. Colossos shall not be responsible for any losses incurred by you due to Fork events, whether caused in whole or in part, directly or indirectly.
22.2.1.Deposits - Deposits are the actions of transferring Crypto-Assets from an external wallet into your Colossos Crypto Wallet.
Subject to these Terms, you may initiate a deposit by sending Crypto-Assets from an external wallet to your Colossos Crypto Wallet. To make a deposit, you can find your deposit address and network information on the Colossos Platform. Deposits are not immediate and may take time to appear in your Colossos Crypto Wallet due to network delays, network congestion, or other factors in accordance with these Terms and applicable laws and regulations where applicable.
To make a deposit, it is your responsibility to ensure that the correct Network and Deposit Address are used. Any losses arising from incorrect information or unsupported Crypto-Assets are solely your responsibility. In cases where incorrectly sent Crypto-Assets may be recoverable, Colossos reserves the right to impose a fee for such recovery.
22.2.2.Withdrawals - Withdrawals are the actions of transferring Crypto-Assets from your Colossos Crypto Wallet to an external wallet.
Subject to these Terms and the availability of sufficient Balance, you may initiate a withdrawal request from the Colossos Platform to transfer Crypto-Assets to an external wallet. Upon receiving a withdrawal request, Colossos will deduct the Balance (including network fees and any other Fees as per the Fee Schedule) from your Crypto Wallet and initiate an on-chain transfer to your designated external wallet. All applicable Fees will be displayed to you prior to confirming your withdrawal request.
To initiate a withdrawal, all necessary information will be requested through the Colossos platform. At a minimum, you will be required to provide the Network, Crypto-Asset, external wallet address, and the Amount to be withdrawn. Additional relevant information may also be requested as needed. It is your responsibility to ensure the accuracy of all provided information.
The execution of your withdrawal may be subject to delays due to the network used, network congestion, or other factors in relation to this Agreement and applicable laws and regulations. Please be advised that Colossos cannot guarantee the immediate processing of withdrawals, although we strive to execute them as quickly as possible. Additionally, Withdrawals will not be executed when the Balance of the Crypto-Assets you are willing to withdraw is not sufficient to cover the sum of the withdrawn amount and the applicable Fees.
22.2.3.Deposits and Withdrawals can only be executed in accordance with the List of supported Assets and Networks. This list may vary from time to time. It is published and can be found on our Website.
It's important to note that exchange rates are subject to fluctuations up until the conversion is executed. Once a conversion is complete, it is irreversible. Therefore, you are responsible for fully understanding the conversion details before proceeding. Colossos assumes no liability for losses incurred due to market volatility or misunderstandings concerning the conversion process.The list of supported Crypto-Assets for conversions can be found on our Website and may vary from time to time. Additionally, swaps are subject to both availability and limitations such as minimum and maximum amounts, which will be displayed to you within the Platform. Colossos reserves the right to limit, suspend, or discontinue the conversion service for specific Crypto-Assets or for all users at its sole discretion. You assume all associated risks, including but not limited to market volatility and feature availability.
23. Users' responsibilities