Last Updated: July 30, 2025
These Terms ("Terms") constitute a legal agreement between PayProtocol AG ("PayProtocol", "we", "us") and the user ("user", "you"). These Terms apply to your use of PayProtocol and related websites, mobile applications ("app"), products, software, and PayProtocol services ("Services").
Please read these Terms carefully. By accessing or using the Services, you agree to these Terms and agree to comply with them. If you do not agree to these Terms, do not use the Services.
By using the Services, you confirm that (i) you have read and understood these Terms, (ii) you agree to comply with these Terms, (iii) you have read and understood the Privacy Policy, and (iv) you are of legal age to use the Services in your country or region.
We reserve the right to modify or update these Terms at any time at our sole discretion. We will notify users of any significant changes in advance through reasonable methods (email, in-app notifications, etc.). Continued use of the Services after the revised Terms have been posted is considered acceptance of the changed Terms. If you do not agree to the modified Terms, you must discontinue use of the Services.
PayProtocol Services include:
PayProtocol is a non-custody digital asset wallet that allows users to securely manage blockchain assets. "Non-custody" means that PayProtocol cannot access users' private keys or recovery phrases, and only users have control over their assets.
PayProtocol provides IBAN account opening and Master card issuance services through Fiat24. Through these services, users can manage fiat currency and process payments.
PayProtocol provides conversion services between cryptocurrencies and wrapped tokens:
Users must bear the network fees associated with these wrap/unwrap operations. We reserve the right to temporarily restrict or suspend these services depending on specific network conditions or market circumstances.
We reserve the right to change or discontinue the Services with prior notice to users when reasonably possible. However, in urgent or unavoidable situations, changes may be implemented immediately without prior notice. We are not responsible for losses resulting from service interruptions or changes.
To use certain Services, you may need to create an account and provide user information. You are responsible for (i) providing accurate and complete information, (ii) keeping your information up to date, and (iii) maintaining account security.
You are solely responsible for the security of your account and preventing unauthorized access. You are responsible for securely storing passwords, private keys, recovery phrases, and other security information, and must notify us immediately if you suspect unauthorized use of your account.
⚠️ Important Notice: If you lose your private keys or recovery phrase, your access to your assets cannot be permanently recovered. We have no way to recover your assets, so be sure to keep a backup in a safe place.
According to relevant regulations, you must complete identity verification (KYC) procedures to use certain services (IBAN account opening, Master card issuance, etc.). We reserve the right to request additional information or documents to comply with legal obligations.
PayProtocol AG is committed to complying with the Swiss Anti-Money Laundering Act (AMLA). In particular, we are obligated to:
These obligations apply especially to services involving the relationship between fiat currencies and digital assets. PayProtocol AG is subject to supervisory oversight by the SRO VQF (Verein zur Qualitätssicherung von Finanzdienstleistungen - Association for the Quality Assurance of Financial Services).
PayProtocol classifies all customer relationships on a risk basis (standard risk, increased risk, high risk). In the case of politically exposed persons (PEPs) or increased risk, extended due diligence obligations are applied in accordance with Art. 13 ff. of the Anti-Money Laundering Ordinance.
PayProtocol has an internal control system (ICS) in place to implement AMLA obligations. All employees who have contact with customers receive regular training on money laundering-related topics.
When using the Services, you must comply with the following:
By using the Services, you expressly agree that PayProtocol monitors transactions and business relationships on a risk-based basis and, in the event of reasonable suspicion of money laundering or terrorist financing, immediately reports this to the Money Laundering Reporting Office (MROS).
You agree that PayProtocol may transmit relevant data and documents to the competent supervisory or law enforcement authorities (in particular MROS, VQF or FINMA) if this is required by law or regulation.
You must not:
PayProtocol is a non-custody wallet service, and you are solely responsible for securely storing your private keys and recovery phrases. We cannot access your private keys or recovery phrases and cannot recover them. If you lose your private keys or recovery phrases, your access to your assets cannot be permanently recovered, and all responsibility for this lies with you.
Your private keys provide access to your digital assets. If you lose your private keys or recovery phrases, you may permanently lose access to your assets, and we are not responsible for this.
IBAN account and Master card services are provided through our partner, Fiat24. Additional terms of service from Fiat24 may apply when using these services.
To open an IBAN account and issue a Master card, you must complete identity verification procedures and meet relevant regulatory requirements. We are not obligated to provide these services to all users and reserve the right to determine user eligibility.
We reserve the right to restrict or suspend access to these services, especially in cases of fraudulent activity, illegal activity, compliance issues, or technical problems.
PayProtocol reserves the right to refuse new users or terminate existing business relationships at any time if there are indications of an increased money laundering or reputational risk or if legal requirements make this necessary.
Fiat24 is a regulated financial intermediary based in Switzerland and is either directly supervised by FINMA or a member of a recognized Self-Regulatory Organization (SRO). Users acknowledge that the IBAN and card services are provided in partnership with an independent third-party provider subject to its own regulatory framework. Further details on the regulatory status of Fiat24 can be found on its official website.
To the extent that PayProtocol acts as a financial intermediary within the scope of AMLA in connection with payment or asset services, it does so based on its membership in the SRO VQF (Verein zur Qualitätssicherung von Finanzdienstleistungen). As such, PayProtocol AG is subject to regulatory supervision by VQF in accordance with Art. 24 AMLA and related regulations. VQF monitors its members' compliance with anti-money laundering obligations and ensures adherence to applicable standards.
The Wrap service converts users' native cryptocurrencies to wrapped tokens, and the Unwrap service converts wrapped tokens back to the original native cryptocurrencies.
When using Wrap and Unwrap services, you agree to the following:
Wrap/Unwrap services may be restricted for certain regions or assets due to specific market conditions, regulatory requirements, or technical constraints. We reserve the right to modify or suspend these services at any time without prior notice.
We may charge fees for certain services. All fees are posted on our website. When fees change, we will notify users as far in advance as reasonably possible. Please check for the latest fee information periodically.
When using the Services, third-party fees such as network fees, bank fees, card processing fees, etc. may be incurred. These fees are not controlled by us and are your responsibility.
In situations where transactions must be reviewed, monitored, or reported in accordance with regulatory obligations under AMLA or other applicable laws, additional processing fees may apply. Users will be notified in advance where reasonably possible. PayProtocol reserves the right to delay, suspend, or block transactions if required by applicable legal, regulatory, or compliance duties, including but not limited to suspicious activity investigations.
All intellectual property rights related to the Services belong to us or our licensors. These Terms grant users only a limited, non-exclusive license necessary to use the Services.
Without our prior written consent, you may not:
Holding and trading digital assets involves significant risks. These risks include price volatility, regulatory changes, technical issues, and other unpredictable factors. You should only trade digital assets within the range you can understand and bear these risks.
Blockchain technology and digital assets are relatively new technologies, and unexpected problems may occur. These risks include software bugs, security vulnerabilities, network delays, or interruptions.
Wrapped tokens (WETH, WBTC, etc.) involve additional risks:
The regulatory environment for digital assets and related services is rapidly changing. Regulatory changes may restrict or prohibit some or all of the Services.
Wrapped assets may fall under FINMA supervision depending on their structure. Users acknowledge that such assets may be classified, depending on the specific setup, as securities (under the Financial Market Infrastructure Act), collective investment schemes (under the Collective Investment Schemes Act), or even as banking products (under the Banking Act). PayProtocol makes no guarantee that these services are exempt from licensing or regulatory approval.
The Services are provided "as is" and "as available." We disclaim all express or implied warranties of any kind, including implied warranties of merchantability, fitness for a particular purpose, and non-infringement.
We do not guarantee that the Services will operate uninterrupted, timely, securely, or error-free. We are not responsible for losses due to service unavailability or technical issues.
To the maximum extent permitted by applicable law, we shall not be liable for any direct, indirect, incidental, special, consequential, or punitive damages, whether based on contract, tort, negligence, or any other legal theory.
In no event shall our liability exceed the amount of service fees paid by you to us during the past 12 months.
You agree to indemnify, defend, and hold harmless us and our affiliates, officers, directors, employees, and agents from all claims, damages, losses, liabilities, costs, and expenses (including attorneys' fees) arising from (i) your breach of these Terms, (ii) improper use of the Services, (iii) violation of applicable laws or regulations, or (iv) infringement of third-party rights.
The Services may include links to services, products, or websites provided by third parties. Losses or disputes arising from third-party services (such as Fiat24) are solely the responsibility of those third parties, and PayProtocol assumes no responsibility for them. When using third-party services, the terms of service of those service providers apply.
You may terminate this agreement at any time by deleting your account or discontinuing use of the Services.
We reserve the right to suspend or terminate your account or access to the Services without prior notice if there are reasonable grounds, including but not limited to:
Upon termination, your access to the Services will be suspended. Provisions of these Terms that by their nature should survive termination will continue to apply.
These Terms shall be interpreted and governed by Swiss law (without application of conflict of laws provisions).
All disputes arising in connection with these Terms should first be attempted to be resolved through direct negotiation with us. If the dispute is not resolved within 30 days, it may be submitted to the competent courts of Zurich, Switzerland.
These Terms constitute the entire agreement between users and us regarding the use of the Services and supersede all prior oral or written agreements.
If any provision of these Terms is found to be invalid, illegal, or unenforceable, that provision shall be severed, and the remaining provisions shall continue to be in full force and effect.
Our failure to exercise any right or provision of these Terms shall not be considered a waiver of such right or provision.
We may assign our rights and obligations under these Terms to a third party without your consent. You may not assign your rights or obligations under these Terms without our prior written consent.
We shall not be liable for non-performance or delay due to causes beyond our reasonable control.
Even if versions of these Terms in other languages are provided, the English version shall be legally binding, and in case of inconsistencies between the English version and versions in other languages, the English version shall prevail.
PayProtocol complies with the revised Swiss Federal Act on Data Protection (revFADP, nFADP) and applicable data protection regulations. All personal data is processed in accordance with legal requirements on security, transparency, and user rights. Personal data is also processed to comply with legal obligations under the Swiss Anti-Money Laundering Act (AMLA) and the Anti-Money Laundering Ordinance (GwV). This applies in particular to the identification, monitoring and documentation of customers and transactions.
Transfers of data to countries outside Switzerland are only made to jurisdictions with an adequate level of data protection as recognized by the Federal Council, or subject to appropriate safeguards in accordance with Art. 16 ff. revFADP. Users explicitly consent to such transfers where necessary for service delivery. For more details on our data processing practices, please refer to our Privacy Policy.
All AML-relevant documents (e.g. identification documents, risk profiles, transaction data) are retained for at least ten years after the end of the business relationship in accordance with the requirements of the Money Laundering Ordinance.
For questions or comments regarding these Terms or Privacy Policy, please contact:
PayProtocol AG [Bahnhofstrasse 21 6300 Zug]
Email: [support@payprotocol.io]
Website: [https://payprotocol.io]