# Terms of Service **Last updated:** 26.12.2025\ **Legal Entity:** Pound Payments Ltd Sp. z o.o. These Terms of Service (“Terms”) govern the use of the services provided by Pound Payments Ltd Sp. z o.o., operating under the brand Bitray (“Bitray”, “Provider”, “we”, “us”, “our”).\ By using our services, the Merchant agrees to be legally bound by these Terms. Bitray (Pound Payments Ltd Sp. z o.o.) is a Polish-registered Virtual Asset Service Provider (VASP) provides B2B crypto payment processing, crypto-to-crypto exchange via liquidity providers, and restricted custodial settlements to merchant wallets. ### 1. Definitions Client - means a legal or individual entity that is approved by Bitray to use its Services. For the purposes of these Terms, the term “Client” refers to a Merchant unless otherwise stated. Merchant - means a business entity that has entered into these Terms with Bitray in order to accept payments, process transactions, or receive settlements for the sale of its goods or services. The Merchant is Bitray’s contractual Client. End-user - means any person who uses Provider’s payment method to pay for Merchant’s goods/services. Bitray has no contractual relationship with end-users. Bitray’s Services or Services - Services enlisted below and provided by Bitray solely or under cooperation with Partner service provider: 1. Execution of orders for crypto-assets on behalf of clients - means the conclusion of agreements, on behalf of clients, to purchase or sell one or more crypto-assets or the subscription on behalf of clients for one or more crypto-assets, and includes the conclusion of contracts to sell crypto-assets at the moment of their offer to the public or admission to trading; 2. Providing transfer services for crypto-assets on behalf of clients - means providing services of transfer, on behalf of a natural or legal person, of crypto-assets from one distributed ledger address or account to another; 3. Reception and transmission of orders for crypto-assets on behalf of clients - means the reception from a person of an order to purchase or sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution; 4. Providing custody and administration of crypto-assets on behalf of clients - means the safekeeping or controlling, on behalf of clients, of crypto-assets or of the means of access to such crypto-assets, where applicable in the form of private cryptographic keys; 5. Exchange of crypto-assets for funds - means the conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital; 6. Exchange of crypto-assets for other crypto-assets - means the conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital; **Bitray-Operated Wallets** - means proprietary cryptocurrency wallets that are fully owned and controlled by Bitray and used exclusively for operational purposes related to payment processing, routing, liquidity operations, and settlement. These wallets are not Merchant wallets, and Merchants do not receive private keys, individual wallet accounts, or any form of custodial storage. Crypto-asset - means 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; Electronic money token or e-money token - means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency; Official currency or Funds - means an official currency of a country that is issued by a central bank or other monetary authority; Supported Crypto-Assets - crypto-assets enlisted on WWW or that are available or may only be available in certain jurisdictions for transactions within Bitray. Bitray upon its own decision or following regulator rules and requirements may stop supporting certain crypto-assets or may stop providing certain services. Cryptocurrency Wallet - means a hosted Cryptocurrency wallet access to which is provided using the Bitrays’s IT infrastructure. Order - means an Instruction of Merchant to Provider submitted by the Merchant via Provider’s IT Infrastructure to purchase or sell crypto-assets for the account of Merchant; Exchange Rate - means the exchange rate which is used by the Provider as the basis to calculate any currency exchange and which is made available by the Partner service provider or comes from a publicly available source; **Bitray Content -** means all elements of the Bitray platform, including the website, interface, design, text, graphics, logos, software, documentation, and any other materials owned or provided by Bitray. **Blockchain Network** – a distributed ledger system where virtual asset transactions are recorded and validated. **AML (Anti-Money Laundering)** – measures and controls designed to prevent the use of Bitray’s Services for money laundering or related financial crime. **CTF (Counter-Terrorist Financing)** – measures and controls designed to prevent the use of Bitray’s Services for the financing of terrorism. **KYB (Know Your Business)** – the process of identifying and verifying a Merchant’s identity, ownership, structure, and business activity. **CDD (Customer Due Diligence)** – the measures taken to verify a Merchant and understand its intended use of Bitray’s Services. **EDD (Enhanced Due Diligence)** – additional due diligence measures applied where higher risk is identified. **Travel Rule** – the requirement for information about the originator and beneficiary of a virtual asset transfer to accompany the transaction when applicable thresholds or conditions are met. **Sanctions Lists** – official lists identifying restricted or prohibited individuals, entities, or jurisdictions, including those issued by the EU, UN, OFAC, and other competent authorities. **Third-Party Service Provider** – any external entity engaged by Bitray to support its technical, operational, compliance, monitoring, liquidity, or settlement processes. **Personal Data** – information relating to an identified or identifiable natural person. **Data Subject** – a natural person whose Personal Data is processed. **Processing** – any action performed on Personal Data, including collection, storage, use, transfer, or deletion. **Competent Authority** – any governmental, supervisory, or regulatory body with authority over Bitray’s activities. **GIIF** – the General Inspector of Financial Information in Poland, the authority responsible for supervising compliance with anti-money laundering and counter-terrorist financing requirements. ### 2. Scope of Services Bitray provides the following services exclusively to businesses: 1. “Providing transfer services for crypto-assets on behalf of clients’’ - Acceptance of cryptocurrency payments from end-users on behalf of the merchant. 2. “Providing custody and administration of crypto-assets on behalf of clients’’ - Temporary custodial holding of such payments in Bitray-Operated wallets for operational processing. 3. “Execution of orders for crypto-assets on behalf of clients’’ Settlement of the resulting balances to the merchant’s designated verified wallet(s). 4. “Reception and transmission of orders for crypto-assets on behalf of clients’’, “Execution of orders for crypto-assets on behalf of clients’’, ‘‘Exchange of crypto-assets for funds or other crypto-assets’’ crypto-to-crypto or Funds exchange facilitated through external liquidity providers. Bitray does not: * hold merchant funds beyond the operational period required for payment processing and settlement. * offer general custodial or deposit-holding services. * allow merchants to store funds, open wallets, or make payments to unrelated third parties. * provide their services directly to individuals, retail users, or private persons. All custody performed by Bitray is strictly limited to payment processing workflows. ### 3. Merchant Eligibility The Merchant must: * be a legally registered business entity; * undergo and pass KYB/KYC verification; * disclose UBOs, directors, and legal representatives; * provide full information about business activities; * comply with all AML, CTF, and sanctions regulations; * hold appropriate license where required; Bitray may refuse onboarding at its sole discretion. #### Compliance with Policies By using the Services, the Merchant agrees to comply with Bitray’s AML/KYC Policy and Privacy Policy, which form part of the contractual framework between the Merchant and Bitray. These policies may be updated in accordance with regulatory requirements and remain binding as long as the Merchant uses the Services. ### 4. Merchant Responsibilities The Merchant agrees to: * ensure the legality of its business operations; * comply with all applicable laws in its jurisdiction of registration and operation; * prevent usage of its services for illegal or sanctioned purposes; * accurately describe the purpose of transactions; * implement appropriate fraud prevention controls; * provide information required under AML/CTF regulations; * inform Bitray of any material business changes. The Merchant is responsible for: * compliance with its regulator, * compliance with online commerce regulations, * preventing business operations in restricted and sanctioned jurisdictions, * the legality of its business model and operations; * preventing usage of its platform by prohibited persons; * cooperating fully with Bitray’s compliance checks; * notifying Bitray of any changes to corporate structure or business activities. Any misrepresentation may result in immediate termination. ### 5. Use of Bitray-Operated Wallets Bitray operates proprietary crypto assets wallets that are fully owned and controlled by Bitray. These wallets are provided to Merchant exclusively for operational purposes related to Bitray’s payment processing services. The Merchant may use Bitray-operated wallets only to: * receive end-user deposits for merchant services; * temporarily hold merchant funds during operational routing; * perform exchange operations through approved partners; * execute settlement transfers to merchant-controlled payout destinations after verification. Bitray-operated wallets are not Merchant wallets and do not constitute individual custodial accounts. The Merchant does not receive blockchain private keys to these wallets. #### Prohibited Uses The merchant agrees that Bitray-Operated wallets may not be used for: * receiving transfers that are unrelated to the merchant’s payment flows or services processed through Bitray; * storing or holding crypto assets beyond the operational period required for payment processing and settlement; * sending or forwarding funds to arbitrary third parties that are not part of the settlement flow between Bitray and the merchant; * operating as a general-purpose custodial wallet, investment account, savings account, or balance account; * co-mingling funds belonging to third parties or unrelated entities; * receiving or sending funds involving mixers, tumblers, privacy-enhancing technologies, or other obfuscation tools; #### Compliance and Enforcement Bitray may block, delay, freeze, or reject any transaction that: * does not relate to the Merchant’s declared business activity, * originates from high-risk, sanctioned, or unverifiable sources, * involves obfuscation methods or self-hosted wallets that cannot be verified, * appears unusual or suspicious under AML/CTF monitoring, * requires review or reporting in accordance with regulatory obligations, including GIIF reporting. Violation of these requirements may result in: * freezing of funds, * delayed or cancelled settlements, * suspension or termination of services, * reporting to competent authorities, * recovery of losses and damages, * any other action necessary to comply with legal obligations and manage financial crime risk. #### Wallet Usage Requirements * The Merchant must ensure that all payout destinations are preliminary fall within allowed by Bitray and verified by Bitray. * The Merchant must only send supported virtual assets on supported networks as listed on the Bitray website. * Bitray is not responsible for loss of funds resulting from: * incorrect wallet addresses, * incorrect network selection, * unsupported assets or tokens, * deposits that do not follow Merchant instructions. ### 6. Compliance Requirements The Merchant must: * cooperate with Bitray’s AML, sanctions, and risk assessments; * provide requested documentation promptly; * comply with the Travel Rule where applicable; * use only verified settlement wallets; * not attempt to circumvent AML/CTF controls. Bitray may: * request additional documentation; * delay or suspend settlements; * block further processing; * terminate the relationship immediately in cases of suspicion. ### 7. Fees and Settlement Bitray’s Fees are agreed contractually or displayed in the dashboard and does not include any extra charges such as but not limited to blockchain fees, third-party fess where applicable and any other fees Settlement: * occurs in cryptocurrency unless agreed otherwise; * is sent to a wallet designated by the Merchant; * may be delayed for AML or operational reasons. #### Irreversibility of Blockchain Transfers Blockchain transactions are irreversible. Bitray is not responsible for virtual assets sent to incorrect, unsupported, or unverified wallet addresses, nor for transactions initiated by the Merchants or end-users that cannot be reversed or recovered. The Merchant acknowledges full responsibility for ensuring the accuracy of wallet addresses and network selection. ### 8. Prohibited Jurisdictions & Activities Bitray strictly prohibits onboarding, servicing, or processing transactions for: * Merchants incorporated in, operating from, or serving end-users located in jurisdictions listed on the *Prohibited Jurisdictions List* published on the WWW; * Businesses or use cases listed on the *Prohibited Activities List* published on the WWW; * Any persons or entities subject to international sanctions, including those listed by the EU, UN, OFAC, or applicable national authorities; * Transactions that involve or relate to sanctioned jurisdictions, sanctioned individuals or entities, or any activity that would cause Bitray to breach legal or regulatory obligations. The Merchant is responsible for regularly reviewing the lists published on the Bitray website and ensuring continued compliance. Bitray may update these lists at any time to reflect regulatory, legal, or risk-based requirements. ### 9. Termination Bitray may suspend or terminate services immediately if: * the Merchant violates these Terms, * AML/CTF risk is unacceptable, * the Merchant provides false information, * the Merchant becomes subject to sanctions, * the Merchant engages in Prohibited Activities. The Merchant may terminate the agreement with written notice, subject to outstanding obligations. ### 10. Liability Bitray is not liable for: * blockchain network issues, * fraudulent actions by the Merchant or end-users, * illegal activity conducted by the Merchant, * indirect or consequential damages. Bitray’s liability is limited to the amount of service fees paid by the Merchant in the last 3 months. ### 11. Third-Party Providers and External Dependencies Bitray may rely on third-party service providers for certain operational components of its Services, including but not limited to liquidity providers, blockchain networks, custodial technology and data providers. Bitray exercises reasonable care in selecting and monitoring such providers; however, Bitray does not control their operations and is not responsible or liable for any delays, errors, failures, service interruptions, security incidents, insolvency, pricing variations, or other events arising from or caused by such third parties. The Merchant acknowledges that: * liquidity execution, exchange rates, payout timing, and settlement availability are performed based on internal rules and procedures by external providers; * performance of blockchain networks is outside Bitray’s control; * fiat settlements conducted via third-party partners remain solely the responsibility of those partners; * Bitray bears no liability for the actions or omissions of any third-party providers selected by or used by the Merchant. Beyond the exercise of reasonable care in partner selection and monitoring, no additional warranties, guarantees, or obligations apply with respect to the performance of third-party providers. ### 12. Intellectual Property All elements of the Bitray platform, including the website, design, text, graphics, logos, software, documentation, and any other materials (“Bitray Content”), are owned by Pound Payments Ltd Sp. z o.o. and are protected by copyright, trademark, and other applicable intellectual property laws. All rights are reserved. The Merchant may use Bitray Content only as necessary to access and use the services under these Terms. Any reproduction, modification, distribution, publication, reverse engineering, or other use of Bitray Content without Bitray’s prior written consent is strictly prohibited. Unauthorized use of Bitray Content or Bitray’s branding may result in immediate suspension or termination of services and may trigger legal action. ### 13. Force Majeure Bitray is not responsible for any failure to perform, delay, interruption, or limitation of service caused by events beyond Bitray’s reasonable control. Such events may include, but are not limited to: natural disasters, acts of God, war and other armed conflicts, terrorism, civil unrest, government actions, regulatory restrictions, power outages, network failures, severe market volatility, blockchain congestion or malfunctions, failures of third-party service providers, cyberattacks, or any other event that makes performance impracticable. During a force majeure event, Bitray may suspend or delay the provision of services, including settlements and transaction processing, without liability. Bitray will resume operations as soon as reasonably practical once the underlying conditions allow. ### 14. Governing Law These Terms are governed by the laws of Poland.Any disputes shall be resolved by the courts of Poland. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://bitray.gitbook.io/bitray-docs/terms-of-service.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.