General Lama Terms And Conditions For Personal And Business Accounts

This agreement is for individual and business customers who reside (or are incorporated) in the European Economic Area (EEA).

1. WHAT THIS AGREEMENT IS ABOUT

1.1. You should read this agreement before you start using our services. It will create a legally binding agreement between you and us governing the basis on which we provide services to you, including how we use information on you and your activities. It will also give you information on what you could do if you run into some problems in any aspect of the service provided to you.

1.2. Under this Agreement we provide services relating to cryptocurrencies and issuing and redemption of electronically stored money, including offering payment accounts and associated services that use the balances in the accounts that you hold with us.

1.3. Please note that the risk of loss in trading or holding cryptocurrencies can be substantial. As with any asset, the value of cryptocurrencies can go up or down (and can even drop to zero), may be very volatile and there can be a substantial risk that you lose money when buying, selling, holding, or investing in cryptocurrencies. While cryptocurrencies and cryptocurrency services are not currently regulated by the Bank of Lithuania, the Lithuanian Financial Crime Investigation Service supervises the market to ensure that certain requirements in the field of anti-money laundering and combating the financing of terrorism (AML/CFT) are met. You should carefully consider whether trading or holding cryptocurrencies is suitable for you considering your own financial situation and attitude to risk, as evaluated by you carefully. We do not make any representations or recommendations regarding the advisability or otherwise of trading in cryptocurrencies or any particular transaction. Further information relating to the risks associated with Cryptocurrency is available on our Website and App.

1.4. By using our Services, including downloading and using our App, you confirm that you accept and agree to this Agreement and understand the risks associated with using our Services. Please do not use our Services if you do not understand these risks and/or do not wish to enter into this Agreement.

1.5. You can access a pdf version of this Agreement via the Website or our App.

2. WHO WE ARE

2.1. LamaTechnology FS UAB (“Lama”) is a company registered and incorporated in Lithuania with company number 305833209 and registered office at M?sini? str. 5, LT-01133 Vilnius, Lithuania. Lama is registered by the Register of Legal Entities of Lithuania for the provision of cryptocurrency services. Lama’s cryptocurrency services are controlled by the Lithuanian Financial Crime Investigation Service (FCIS). Lama’s cryptocurrency services are not regulated by the Bank of Lithuania.

2.2. The issuing and redemption of electronically stored money in the European Economic Area (EEA) is supported by OpenPayd Financial Services Malta Ltd, authorized and regulated by the Malta Financial Services Authority to issue electronic money and provide payment services. OpenPayd Financial Services Malta Ltd(“OpenPayd”) is incorporated in Malta with registration number C75580, whose registered office is at 122 – 123 Pangea, Level 5, Triq San Gorg, St. Julians STJ 3204, Malta.

2.3. You can contact us by email at support@mylama.eu, or via the App.

3. OUR SERVICES

3.1. We provide the following services to you through the App:

  • 3.1.1. Cryptocurrency services, which are provided by Lama in accordance with Annex 2;3.1.2. E-Money Services, which are provided by OpenPayd Financial Services Malta Ltd in accordance with Annex 3;

3.2. Lama may also offer additional services from time to time, and such additional services would be provided as an additional Annex. Lama reserves the right to disable any of the services as above, anytime. You shall be notified when any of the services are disabled.

3.3. The main way we provide our services is through the Lama mobile app for individual consumers and via the webapp for business customers. The mobile app is downloadable from Apple App Store for Apple devices and Google Play store for Android devices. However, we may provide our services in other ways too. These terms apply whenever and however you access our services. This means they apply to all the ways you can access our services.

3.4. This Agreement, including each applicable Annex, constitutes the entire framework agreement concluded between the Parties for the provision of the Services provided by us to you.

3.5. The clauses of this Agreement shall apply in full to each of the Services. The clauses applicable to a Service shall be supplemented by the Annex applicable to that service. Any conflict between the clauses or Annexes in relation to a Service shall be resolved using the following priority:

  • 3.5.1. paragraph in an Annex;
  • 3.5.2. clause of this Agreement.

4. ELIGIBILITY FOR A LAMA ACCOUNT

4.1. In order to use our Services as an individual consumer, you need to:

  • 4.1.1. be resident in any of the countries of the European Economic Area currently serviced by Lama. From time to time Lama may restrict access in certain countries within EEA;
  • 4.1.2. be 18 years old or above and have capacity to enter into legally binding contracts;
  • 4.1.3. use our services only for yourself as an individual in your personal capacity and not on behalf of any other person or entity or for commercial trading.

4.2. In order to use our Services as a business customer, you need to:

  • 4.2.1. be incorporated in the EEA countries we service;
  • 4.2.2. be an authorised person to open the business account;
  • 4.2.3. conduct a business activity supported by Lama;
  • 4.2.4. use our services for your commercial purposes only and not on behalf of any other business or individuals.

4.3. By using our services, you confirm and represent that all the above are true.

4.4. You may only open one Lama Account unless we have agreed in writing the opening of additional accounts. Lama may refuse the creation of duplicate accounts for the same user. Duplicate accounts may be closed or merged at Lama’s discretion.

5. OPENING AN ACCOUNT

5.1. To access our Services, you must register and open a Lama Account and provide us with the information prompted in the App.

5.2. We are required by law to carry out all necessary security and customer due diligence checks in order to establish your identity and comply with all legal requirements before we provide you with access to our Services. You agree to comply with any request from us for further information and provide such information in a format acceptable to us. In addition, you agree that we may make, directly or through any third party, any inquiries we consider necessary to validate the information you provided to us, including checking commercial databases or credit reports. You authorise us to obtain one or more of your credit reports, from time to time, to establish, update, or renew your Lama Account with us or in the event of a dispute relating to this Agreement and activity under your Lama Account.

5.3. You confirm that all information you provide to us are complete, accurate and truthful at all times during the term of this Agreement. Upon successful identification and verification, Lama will open an account for you and you will receive confirmation for it as part of the on-boarding process. You must update this information whenever it changes. We cannot be responsible for any financial loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information and/or provide additional supporting documents.

6. ACCESSING YOUR ACCOUNT

6.1. We will provide you with the ability to securely access your Account by entering your security details (“Account Details”) and authentication and verification technology. To ensure the safety and security of your Lama Account, you must:

  • 6.1.1. Have access to a mobile phone for the individual consumer App version and desktop for the business Webapp version, or any additional device Lama requires for security purposes.
  • 6.1.2. Follow good password use and management practice – change your password regularly, choose a password- that cannot be easily guessed, and ensure that it is not reused across other online accounts.
  • 6.1.3. You must reset passwords anytime you feel your password is compromised.
  • 6.1.4. Use any optional additional security features which may be provided by Lama.
  • 6.1.5. Keep your e-mail account secure.
  • 6.1.6. You must NOT disclose your Lama Account password to anyone or let anyone access your account. You should make sure you do not let anyone see how you access your account. We recommend that you store your password safely.

6.2. Each time you seek to access your Account, we will check your identity as a security measure before you can be granted access. Lama reserves the right to have additional safety features in order to protect you and your account. As long as your correct Account Details and any additional security questions are provided by you, we will assume that you are the person that has accessed your Account and is giving Instructions and you will be liable for those Instructions unless otherwise stated in this Agreement.

6.3. If you have any indication or suspicion of your Lama Account, Account Details, password or other security features being lost, stolen, misappropriated, used without authorisation or otherwise compromised, you are advised to change your password. You must contact us by email to support@mylama.eu without undue delay but, in any event, no later than one business day after becoming aware of any loss, theft, misappropriation or unauthorised use of your Account, Account Details, password or other security features. Any undue delay in notifying us may not only affect the security of your Lama Account but may result in you being liable for any losses as a result. If you suspect that your Lama Account was accessed by someone else, you should also contact the police or any other relevant authority or third party and report the incident. We are not responsible for losses due to your negligence in keeping your password safe.

6.4. We may suspend your Lama Account or otherwise restrict its functionality on reasonable grounds relating to the security of the Lama Account or any of its security features or if we reasonably suspect that an unauthorised or fraudulent use of your Lama Account has occurred or that any of its security features have been compromised or that any use was made that is possibly illegal or not in accordance with any law or regulation. We will notify you of any suspension or restriction and of the reasons for such suspension or restriction in advance or, where we are unable to do so, immediately after the suspension or restriction has been imposed, unless notifying you or providing you with the reasons for the suspension or restriction would be unlawful or compromise our or our third party suppliers’ security interests.

6.5. You agree and accept all the risks associated with maintaining balances in currencies and assets that we may support, including any risks associated with fluctuations in the relevant exchange rates or value over time.

6.6. We do not allow negative Balances. If you have a negative Balance as a result of a Chargeback, the reversal of a transaction, a deduction of Fees or any other action carried by you, you are liable to repay the negative Balance immediately without any notice from us. Where you have a negative balance in your Cryptocurrency Wallet and where available, a positive Balance in your E-Money Wallet, or vice versa, you agree that we may carry out a transfer to or from the account with the positive Balance to repay the negative Balance on the other account. We may send you reminders or take such other reasonable actions to recover the negative Balance from you, for example, we may use a debt collection service or take further legal actions. We will charge you for any costs we may incur as a result of any such reasonable actions.

6.7. You are responsible for any taxes which may be applicable to payments you make or receive, and it is your responsibility to collect, report and pay the correct tax to the appropriate tax authority.

7. AVAILABILITY OF THE SERVICES

7.1. When applying for your Account, the App will show you which Services are available to you. We will inform you through the App, by email or Whatsapp when we launch any additional Services under this Agreement.

7.2. We will try to make sure that our Services are available to you when you need them. However, we do not guarantee that our Services will always be available or be uninterrupted. We may suspend, withdraw, discontinue or change all or any part of our Service without notice. We will not be liable to you if for any reason our Services are unavailable at any time or for any period. You are responsible for making all arrangements necessary for you to have access to our Services.

8. EXECUTING A TRANSACTION AND REDEMPTIONS

8.1. You can submit an instruction to initiate a Payment Transaction using E-Money in your E-Money Wallet if available or Cryptocurrency in your Cryptocurrency Account through the App (an “Instruction”). Before submitting an Instruction, you must ensure that you have a sufficient Balance to cover the related Transaction, as applicable, and any related Fees (as set out in the Fee Schedule), otherwise we will refuse the relevant Instruction.

8.2. In order to carry out a Transaction, you may be required to authorise the payment with your Account Details and password or by any other means at our sole discretion. We may also ask you additional security questions relating to you or your Lama Account. If your Lama Account is protected by additional security measures, you need to follow the instructions provided to you with such additional security measures.

8.3. Execution of your Instructions shall be subject to the following terms and conditions:

  • 8.3.1. Lama shall execute your instructions if the information required for execution has been provided through the App;
  • 8.3.2. the instruction has been authorised by you; and
  • 8.3.3. the available E-Money Wallet or Cryptocurrency Wallet, whichever is being used for the relevant Transaction, has sufficient credit balance available for the Transaction concerned; and
  • 8.3.4. we consider at our sole discretion that executing the relevant Payment Transaction will not breach any anti-money laundering or other legal requirements and the jurisdiction, recipient or any other related party is not subject to any sanctions.

8.4. An Instruction shall be considered received by Lama:

  • 8.4.1. if we and you mutually agree that execution of the Transaction is to take place on a specific day;
  • 8.4.2. on the last day of a certain period; or
  • 8.4.3. on the day on which you have put Funds at our disposal.

8.5. If and where appropriate, we may refuse to process any Transaction at our discretion and without this decision giving rise to any compensation on your part. Where possible (and subject to applicable law), we will provide you with the reasons for refusing to process any Transaction.

8.6. Unless clause 8.5 applies, once we have received your Instruction a confirmation will be sent to you and you may not withdraw your consent to a Transaction after it has been deemed to be received. Each Instruction is given a unique transaction number and is shown in the transaction history on your Lama Account. You should quote this transaction number when communicating with us about an Instruction.

8.7. Some transactions may take longer to complete, and we may consider this as pending until full completion is confirmed. In such cases, we will inform you as soon as we have confirmation of completion of a Transaction.

8.8. If we are unable to complete your Instruction, we will let you know and, if possible, provide you with the reasons for the refusal and, if applicable, an explanation of how to correct any factual errors. However, we are not required to notify you if such notification would be unlawful or contrary to our regulatory obligations.

8.9. You are responsible for making sure that the information you provide in setting up a transfer or transaction is correct and accurate. If we have processed your instructions in accordance with the information you have provided to us it will be considered correctly completed even if you have made a mistake. If you have provided incorrect information, you may lose your Cryptocurrency or where available, E-Money and we will not be held liable for this. Other than where required under applicable law, we will not reimburse any losses as a result of you providing incorrect information. If you have provided wrong information on the recipient, you may ask us to assist you in recovering funds relating to a Transaction, but we cannot guarantee that such efforts will be successful.

8.10. We reserve the rights to place limits on Transactions or redemptions that you may send per transaction or in relation to your Lama Account. We may also impose limits on your balances and activities in accordance with the legal and regulatory restrictions applicable to you. If you exceed any of these limits, we may decline your Instruction and may at times require you to provide additional documents so that we can carry out additional checks if necessary before allowing any further Transactions or redemptions. For more information on the applicable limits, please visit our FAQ.

8.11. We are not responsible for the time it takes for payments to reach us if you fund your account from persons who do not hold a Lama Account.

9. YOUR DATA

9.1. The processing of your data is governed by our Privacy Policy which can be found on the Lama Website. By accepting these Terms and Conditions, you also agree to the terms of our Privacy Policy

10. INTELLECTUAL PROPERTY RIGHTS

10.1. In this clause, “Lama IP Rights” means in relation to Lama, all: (i) patents, inventions, designs, copyright and related rights, database rights, knowhow and confidential information, trademarks and related goodwill, trade names (whether registered or unregistered), and rights to apply for registration; (ii) all other rights of a similar nature or having an equivalent effect anywhere in the world which currently exist or are recognised in the future; and (iii) all applications, extensions and renewals in relation to any such rights.

10.2. Except as expressly set out in this Agreement, you are not entitled, for any purpose, to any Lama IP Rights. We shall at all times retain ownership, including all rights, title and interests in and to all Lama IP Rights and you understand and accept that by using the Services you shall not:

  • 10.2.1. acquire or otherwise be entitled to any Lama IP Rights;
  • 10.2.2. make a claim in respect of any Lama IP Rights or any other equivalent rights; or
  • 10.2.3. use, attempt to use, copy, imitate or modify (whether in whole or in part) any Lama IP Rights, except with our prior written consent.

10.3. You may not, and may not directly or indirectly, or attempt to directly or indirectly:

  • 10.3.1. transfer, sublicense, loan, sell, assign, lease, rent, distribute or grant rights in any Lama IP Rights to any person or entity;
  • 10.3.2. remove, obscure, or alter any notice of any Lama IP Rights;
  • 10.3.3. modify, copy, tamper with or otherwise create derivative works of any Lama IP Rights; or
  • 10.3.4. reverse engineer, disassemble, or decompile any part of the Services or Lama IP Rights or apply any other process or procedure to derive the source code of any software included in the Services or any Lama IP Rights.

11. INFORMATION SECURITY

11.1. You are responsible for configuring your information technology, computer programmes and platform in order to access our Services. You should use your own virus protection software. We cannot guarantee that our Services will be free from bugs or viruses.

11.2. You must not misuse our Services by introducing viruses, trojans, worms, logic bombs or other materials which are malicious or technologically harmful. You must not attempt to gain unauthorised access to our Website, our servers, computers or databases. You must not attack our Website with any type of denial of service attack. By breaching this provision, you may commit a criminal offence and we will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our Website and/or our Services will cease immediately.

11.3. We will not be liable for any loss or damage caused by a virus, or other technological attacks or harmful material that may infect your computer equipment, computer programmes, data or other proprietary material related to your use of our Services.

12. HOW WE MAY CONTACT YOU

12.1. We usually contact you via email. For this purpose, you must at all times maintain at least one valid email address in your Lama Account profile. You should check for incoming messages regularly and frequently. These emails may contain links to further communication on our Website. If you don’t maintain or check your email and other methods of communications, you will miss emails about your transactions and our Services. We cannot be liable for any consequence or loss if you don’t do this. If we have reasonable concerns either about the security of your Lama Account, or any suspected or actual fraudulent use of your Lama Account, we will contact you via telephone, email, WhatsApp or in a combination or all channels we have confirmed available to you (unless contacting you would be unlawful or compromise our reasonable security measures).

12.2. In addition to communicating via email, we may contact you via telephone where appropriate. If you use any mobile services, we may also communicate with you via SMS of WhatsApp. Any communications or notices sent by:

  • 12.2.1. Email will be deemed received by you on the same day if it is received in your email inbox before 5pm on a Business Day. If it is received in your email inbox after 5pm on a Business Day or at any other time, it will be deemed received on the next Business Day.
  • 12.2.2. SMS and WhatsApp will be deemed received the same day.

12.3. Where legislation requires us to provide information to you on a durable medium, we will either send you an email (with or without attachment) or send you a notification pointing you to information on our Website in a way that enables you to retain the information in print format or other format that can be retained by you permanently for future reference. We recommend you keep copies of all communications we send or make available to you.

12.4. Documents or communications in any other languages are for your convenience and only the English language version of them is official.

12.5. You can request a copy of the current Agreement or any other contractual document relevant to you by contacting us.

13. LIABILITY AND INDEMNITY

13.1. To the fullest extent permitted by applicable law, in no circumstances shall any of us and any of our respective past, present and future employees, officers, directors, contractors, consultants, equity holders, suppliers, vendors, service providers, parent companies, subsidiaries, affiliates, agents, representatives, predecessors, successors and assigns (the “Indemnified Parties”) be liable for any direct, indirect, special, incidental or consequential loss of any kind (including, but not limited to, loss of revenue, income, business or profits, loss of contract or depletion of goodwill, loss of anticipated savings, loss of use or data, or damages for business interruption or any like loss) arising out of or in any way related to the Services or otherwise related to this Agreement, regardless of the cause of action, whether based in contract, tort (including negligence), breach of statutory duty, restitution or any other legal or equitable basis (even if any of the Indemnified Parties have been advised of the possibility of such losses and regardless of whether such losses were foreseeable).

13.2. We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for the gross negligence, fraud or intentional, wilful or reckless misconduct of any indemnified Party, nor shall it limit or exclude any losses for which, as a matter of applicable law, it would be unlawful to limit or exclude liability.

13.3. To the fullest extent permitted by applicable law, you will indemnify, defend and hold harmless the Indemnified Parties from and against any and all claims, demands, actions, damages, losses, costs and expenses (including reasonable professional and legal fees) that arise from or relate to:

  • 13.3.1. Your use of any of the Services (including the Cryptocurrency Wallet and where available, the E-Money Wallet);
  • 13.3.2. your use of the App;
  • 13.3.3. your acquisition or holding of any Cryptocurrencies under this Agreement;
  • 13.3.4. the performance or non-performance of your responsibilities, representations, warranties or obligations under this Agreement;
  • 13.3.5. your breach of any of the terms and conditions set out in this Agreement;
  • 13.3.6. your breach of any rights of any other person or entity.

13.4. The indemnity set out in this clause 13 is in addition to, and not in lieu of, any other remedies that may be available to any Indemnified Parties under applicable law or any other contract or rights.

13.5. We have no control over websites linked to and from our Website or App and we assume no responsibility for their content or any loss or damage that may arise from your use of them.

13.6. In the unlikely event of loss or claims or costs and expenses arising out of your breach of this Agreement, any applicable law or regulation and/or your use of our Services, you agree to compensate us and our affiliates and hold us harmless. This provision will continue after this Agreement is terminated.

13.7. In the event you are liable for any amounts owed to us, we may immediately remove such amounts from your Balance (if available). If there are insufficient funds in your Balance to cover your liability, we reserve the right to collect your debt to us by using any payments (or cryptocurrency) received in your Lama Account and otherwise you agree to reimburse us through other means. We may also recover amounts you owe us through legal means, including, without limitation, through the use of a debt collection agency.

14. CHANGES TO THE AGREEMENT

14.1. Subject to paragraph 15.2 below:

14.2. where any changes to this Agreement relate to the E-Money Services, or the terms and conditions that apply to the E-Money Services, we may change this Agreement by giving you at least two months’ prior written notice. If we do this, you can terminate this Agreement immediately by providing written notice to us during this notice period. If you do not contact us to terminate this Agreement during the notice period, you will be considered as having accepted the proposed changes and the amended Agreement will apply to you from the effective date specified on the notice;

14.3. where the changes to this Agreement do not fall within clause 14.1, we may change this Agreement at any time by giving you notice. Any changes made by us under this clause 14.3 shall apply immediately or on the effective date specified on the notice provided to you and will be binding on you from that point in time. In the event that you object to any changes proposed by us pursuant to this clause 14.3, you have the right to terminate this Agreement by giving us notice. Upon receipt of any such notice from you, the procedure set out in clause 15 shall apply.

14.4. Changes to exchange rates shall come into effect immediately without notice and you shall not have the right to object to such a change.

15. SUSPENDING OR TERMINATING THIS AGREEMENT

15.1. This Agreement is concluded for an indefinite period of time and shall enter into force from the date that your application for a Lama Account is accepted by us.

15.2. You may terminate this Agreement with us and Close your Lama Account at any time, subject to you providing us a period of two weeks’ prior notice, by contacting us at support@mylama.eu. We may end this Agreement and close your Lama Account or any service associated with it by giving you two months’ prior notice.

15.3. We may at any time suspend or close your Lama Account and/or end this Agreement without notice if:

  • 15.3.1. you breach any provision of this Agreement or documents referred to in this Agreement;
  • 15.3.2. we are requested or directed to do so by any competent court of law, government authority, public agency, or law enforcement agency;
  • 15.3.3. we have reason to believe you are in breach of any applicable law or regulation; or
  • 15.3.4. we have reason to believe you are involved in any fraudulent activity, money laundering, terrorism financing or other criminal or illegal activity;
  • 15.3.5. you provide incorrect, incomplete, or misleading information or documents, refuse or avoid providing required information or documents, or submit documents that are doubtful in accuracy or authenticity;
  • 15.3.6. your actions have damaged or may damage the Company’s reputation, or if you act in a way that puts the Company’s reputation at risk;

15.4. We may suspend your Lama Account or restrict its functionality if in our sole discretion we have concerns about the security of your Lama Account, suspected unauthorised or fraudulent use of your Lama Account, suspect money laundering or relates to money laundering activities or breach of applicable law.

15.5. We will give you notice of any suspension or restriction and the reasons for such suspension or restriction as soon as we can, either before the suspension or restriction is put in place, or immediately after, unless notifying you would be unlawful or compromise our reasonable security measures. We will lift the suspension and/or the restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.

15.6. On termination for any reason all rights granted to you in connection with the App shall cease, you must immediately delete or remove the App from your devices.

15.7. At the time of closure, if you still have E-Money or Cryptocurrency in your Lama Account, you must redeem or transfer this within the notice period set out in clause 15.2. After this time, you will no longer have access to your Lama Account but you can still withdraw your Funds by contacting us at support@mylama.eu. You have the right to do this for a period of 6 years from the date your Lama Account is closed. You are still liable for any costs incurred for the final withdrawal of your funds.

15.8. You must not close your Lama Account to avoid an investigation. Subject to applicable law, if you attempt to close your Lama Account during any investigation we may hold any Funds in your Lama Account until the investigation is fully completed in order to protect our or a third party’s interest.

16. TAXATION

16.1. Unless otherwise informed through the App, you are solely responsible for determining whether your use of the App and any of the Services will give rise to any tax implications on your part.

16.2. You are also solely responsible for withholding, collecting, reporting, paying, settling and/or remitting any and all taxes to the appropriate tax authorities in such jurisdiction(s) in which you may be liable to pay tax. We shall not be responsible for withholding, collecting, reporting, paying, settling and/or remitting any taxes (including, but not limited to, any income, capital gains, sales, value added or similar tax) which may arise from your activities, including in relation to Cryptocurrencies, under or in connection with this Agreement.

16.3. You agree not to hold any of us or any of the Indemnified Parties liable for any tax liability associated with or arising from your activities, including in relation to Cryptocurrencies, under or in connection with this Agreement.

17. COMPLAINTS

17.1. If you have a complaint, please contact us and we’ll do our best to fix the problem. You may send an email to complaints@mylama.eu or chat with us in the App.

17.2. If you are not satisfied with our handling of your complaint, for matters related to e-money services, you may be able to refer it to the Bank of Lithuania. For matters related to cryptocurrency services, you will NOT be able to refer your complaint to the Bank of Lithuania.

18. FORCE MAJEURE

18.1. If the Affected Party is prevented, hindered or delayed from or in performing any of its obligations under this Agreement by a Force Majeure Event, its obligations under this Agreement shall be suspended while the Force Majeure Event continues to the extent that the Force Majeure Event prevents, hinders or delays its performance of those obligations.

18.2. If the period of delay or non-performance arising due to a Force Majeure Event continues for 4 weeks then the non-Affected Party may terminate this Agreement by giving 7 calendar days’ written notice to the Affected Party.

19. OTHER MATTERS

19.1. This Agreement is between you and us. No other person shall have any rights to enforce any of its terms. Neither of us will need to get the agreement of any other person in order to end or make any changes to this Agreement.

19.2. You acknowledge that by entering into this Agreement, you:

  • 19.2.1. have not relied on any oral or written statements, warranties, assurances, representations or undertakings which were or may have been made by us or on our behalf by any of the Indemnified Parties and/or a related entity or undertaking in relation to the subject matter of this Agreement at any time before your acceptance of them (“Pre-Contractual Statements”), other than those set out in this Agreement. You hereby waive any and all rights and remedies which might otherwise be available in relation to such Pre-Contractual Statements; and
  • 19.2.2. we do not provide any financial, accounting, taxation or legal advice in relation to this Agreement or the Services and you are solely responsible for making your own independent appraisal and investigation of the risks of using the App and any of the Services and you should obtain your own legal, accounting, tax and/or financial advice in relation to such matters as you consider necessary.

19.3. You may not transfer, assign, mortgage, charge, subcontract, declare a trust over or deal in any other manner with any or all of your rights and obligations under this Agreement (including the Lama Account) without our prior written consent. We reserve the right to transfer, assign or novate this Agreement (including the Account) or any right or obligation under this Agreement at any time without your consent. This does not affect your rights to close your Account as stipulated in this agreement.

19.4. Each of the paragraphs of this Agreement operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining paragraphs will remain in full force and effect.

19.5. Nothing in this Agreement shall be deemed to create any form of partnership, joint venture or any other similar relationship between you and us, and/or other individuals or entities involved with the development and deployment of the App.

19.6. If we delay in asking you to do certain things or in taking action, it will not prevent us taking steps against you at a later date.

19.7. This Agreement supersedes and extinguishes all previous agreements between you and us, whether written or oral, relating to its subject matter and constitutes the entire Agreement between you and us.

19.8. Any dispute between you and us arising out of or in connection with your Lama Account and/or this Agreement (including non-contractual disputes or claims) shall be governed by laws of the Republic of Lithuania and shall fall within the exclusive jurisdiction of the courts of the Republic of Lithuania.

ANNEX 1 – DEFINITIONS

The following definitions apply:

  • Accepted Payment Method
  • means a payment method by bank transfer or other payment method that is accepted by us or, in relation to a Cryptocurrency Purchase, any payment method that is accepted by us or a third party seller of Cryptocurrency accessible via the app.
  • Account or Lama Account
  • The account opened by you under this Agreement that allows you to access Lama Services.
  • Account details
  • has the meaning in clause 6.1.
  • Agreement
  • means these Terms and Conditions, including the Annexes to this Agreement and the Privacy policy that is shown in the Website.
  • App or Lama App
  • means the Lama mobile application or alternative ways to access our services like through web pages.
  • Balance
  • means any E-Money or Cryptocurrency held in your Lama Account.
  • Business Day
  • means a day other than a Saturday, Sunday or a public holiday in England when financial institutions in London are open for business.
  • Chargeback
  • means a demand for a return of money to the payer following a loss, fraud, or disputed transaction, from a payment method offering such a service.
  • Cryptocurrency
  • means Bitcoin (BTC), Ethereum (ETH), Tether (USDT) or any other cryptocurrency that can be purchased from Lama or a third party via the App.
  • Cryptocurrency Purchase
  • has the meaning in paragraph 21.1.1 of Annex 2..
  • Cryptocurrency Services
  • means the cryptocurrency services described in Annex 2.
  • Cryptocurrency Transfer
  • has the meaning in paragraph 21.2.3 of Annex 2.
  • Cryptocurrency Wallet
  • means an electronic account maintained for the purpose of enabling you to store, send or receive transfers of Cryptocurrency.
  • Cryptocurrency Withdrawal
  • has the meaning in paragraph 21.2.5 of Annex 2.
  • E-Money or Electronic Money
  • means monetary value, which will be stored electronically for you.
  • Fee Schedule
  • means all the fees payable by the user for the use and management of an E-Money Wallet and Cryptocurrency Wallet which is available on the Lama Website.
  • Fees
  • means the fees payable by you to us for using our Services as set out on our Fee Schedule.
  • Fiat Currency
  • means any government-issued currency that is not backed by a physical commodity with intrinsic value, such as gold or silver.
  • Force Majeure Event
  • means each (or any combination of) event(s) beyond the reasonable control of a you or Lama (or our agents of sub-contractors) (the “Affected Party”) which does not relate to its fault or negligence, and which prevents, hinders or delays it from or in performing its obligations under this Agreement. Force Majeure Event includes, without limitation:
    • war (whether declared or not), civil war, sabotage or riots, revolution and terrorism;
    • natural disasters such as violent storms, earthquakes, tidal waves, floods and/or lightning;
    • explosions, fires and/or destruction of plant, machinery, and/or premises;
    • external power failures, external telephone network failures, serious crime and evacuations; strikes and labour disputes of all kinds and
    • epidemic or pandemic diseases that create any form of market or economic disruption.
  • Parties
  • means you and us, with each being a “Party” to this Agreement.
  • Pre-Contractual Information
  • has the meaning in clause 19.2.
  • Reference Rate Provider
  • means the independent provider of reference rates for either (a) Cryptocurrency Conversions or (b) Conversions relating to Fiat Currency, as appointed by us from time to time.
  • Services
  • means the E-Money Services and Cryptocurrency Services, as and when provided in the App.
  • we / us / our
  • means all Lama entities and the E-Money provider.
  • Website
  • means the App and any webpage, where we provide information and the Services to you.
  • You / your
  • means any natural person or entity who enters into this Agreement.

ANNEX 2 – CRYPTOCURRENCY SERVICES

20. CRYPTOCURRENCY RISKS

20.1. The risk of loss in trading or holding cryptocurrencies can be substantial. As with any asset, the value of cryptocurrencies can go up or down (and can even drop to zero), may be very volatile and there can be a substantial risk that you lose money buying, selling, holding, or investing in cryptocurrencies. While cryptocurrencies and cryptocurrency services are not currently regulated by the Bank of Lithuania, the Lithuanian Financial Crime Investigation Service supervises the market to ensure that certain requirements in the field of anti-money laundering and combating the financing of terrorism (AML/CFT) are met. You should carefully consider whether trading or holding cryptocurrencies is suitable for you in light of your own financial situation and attitude to risk, as evaluated by you carefully. We do not make any representations or recommendations regarding the advisability or otherwise of trading in cryptocurrencies or any particular transaction.

20.2. Further information relating to the risks associated with Cryptocurrency are available on our Website and App.

20.3. By entering into this Agreement, you acknowledge and agree that using our Services carries significant financial, regulatory and reputational risks including but not limited to those set out on the Lama Website.

20.4. By entering into this Agreement you expressly acknowledge that you understand and accept the risks set out in on the Lama Website.

21. CRYPTOCURRENCY SERVICES

21.1 We provide the following Cryptocurrency Services through the App:

  • 21.1.1. Allowing you to purchase Cryptocurrency (“Cryptocurrency Purchase”) using one of the methods described in paragraph 22.4 of Annex 2;
  • 21.1.2. Cryptocurrency storage (“Cryptocurrency Wallet”) services; whereby Cryptocurrency (whether purchased from Lama Platform or transferred from an external Cryptocurrency wallet) can be held in a Cryptocurrency Wallet;
  • 21.1.3. Cryptocurrency transfer (“Cryptocurrency Transfer”) services, whereby Cryptocurrency stored in your Cryptocurrency Wallet is transferred to another customer’s wallet without Cryptocurrency conversion.
  • 21.1.4. Cryptocurrency conversion (“Cryptocurrency Conversion”) services, whereby Cryptocurrency stored in your Cryptocurrency Wallet is transferred to another customer’s Cryptocurrency Wallet, in exchange for either:
    • (a) E-Money paid into your E-Money Wallet ; or
    • (b) Another Cryptocurrency which is paid into your corresponding Cryptocurrency Wallet; or
  • 21.1.5. Cryptocurrency withdrawals, whereby Cryptocurrency stored in your Cryptocurrency Wallet is withdrawn from your Lama Account and sent to a Cryptocurrency wallet, being either your Cryptocurrency wallet or another person’s Cryptocurrency wallet, maintained and operated by a third party (“Cryptocurrency Withdrawal”) and therefore is operated outside Lama App.

21.2. Use of cryptocurrency may be illegal in some jurisdictions. It is your responsibility to know the regulatory requirements concerning transactions with cryptocurrency in your jurisdiction before using the Services.

22. FUNDING YOUR CRYPTOCURRENCY WALLET

22.1. Once your Lama Account has been opened, there are two methods by which you can add Cryptocurrency to your Cryptocurrency Wallet:

  • 22.1.1. you or a third party may transfer Cryptocurrency to your Cryptocurrency Wallet; or
  • 22.1.2. you may carry out a Cryptocurrency Purchase.

22.2. You or any other party may transfer Cryptocurrency to your Cryptocurrency Wallet by sending the relevant Cryptocurrency we support to the relevant Cryptocurrency Wallet address available via the App. We are not responsible for any attempted transfer made relating a cryptocurrency that cannot be held in the Cryptocurrency Wallet or any Cryptocurrency we do not support.

22.3. You may purchase Cryptocurrency from us or a third party via the App, subject to the applicable Fees. The price, exchange rate, and amount of the Cryptocurrency that you wish to purchase will be confirmed via the App at the time that you place an order for a Cryptocurrency Purchase.

22.4. There are three methods by which you can make a Cryptocurrency Purchase:

  • 22.4.1. you may use E-Money held in your E-Money Wallet to purchase Cryptocurrency;
  • 22.4.2. you may purchase a Cryptocurrency using another Cryptocurrency; or
  • 22.4.3. you may purchase Cryptocurrency via the App using any other Accepted Payment Method.

22.5. Acceptance of an order for a Cryptocurrency Purchase does not guarantee that you will receive the corresponding amount of Cryptocurrency into your Cryptocurrency Wallet (as defined below). The Cryptocurrency Purchase is conditional upon actual receipt of the funds, as well as payment of any applicable Fees.

22.6. Subject to the terms of this Agreement and the transaction being honoured by your bank or other relevant party, Cryptocurrency Purchases will be credited to the Cryptocurrency Wallet as soon as possible once the Cryptocurrency Purchase has been confirmed by the relevant Cryptocurrency network.

23. PROVIDING YOUR CRYPTOCURRENCY WALLET

23.1. When you create a Cryptocurrency Wallet, we will manage a cryptographic private and public key pair (the “Keys”) on your behalf that Lama may use to send and receive Cryptocurrency to or from your Cryptocurrency Wallet.

23.2. In relation to any Transactions using Cryptocurrency outside the Lama network, you acknowledge and confirm that you understand that:

  • 23.2.1. when using the Cryptocurrency Wallet, you may be directly communicating with network relating to the relevant Cryptocurrency and any such transactions are irreversible. The Cryptocurrency Wallet is not a custodian of your assets;
  • 23.2.2. all such transactions must be confirmed and recorded on the network relating to the relevant Cryptocurrency;
  • 23.2.3. Lama has no control over the network relating to the relevant Cryptocurrency and therefore:
    • (a) the transaction you submit via Cryptocurrency Wallet may not be completed, or may be substantially delayed, by the network relating to the relevant Cryptocurrency when processing the transaction;
    • (b) cannot and does not ensure that any transaction details you submit through our App will be confirmed on the network relating to the relevant Cryptocurrency;
    • (c) cannot assist you to cancel or otherwise modify your transaction or transaction details and does not have the ability to facilitate any cancellation or modification requests; and
    • (d) does not guarantee that our Services can transfer title or right in any Cryptocurrency or make any warranties whatsoever with regard to such title.

23.3. We provide you the ability to hold Cryptocurrencies in your Cryptocurrency Wallet. We have the right to remove the ability to hold a particular Cryptocurrency in your Cryptocurrency Wallet at any time and in such cases, we shall use our best endeavours to inform you in advance to give you the opportunity to move your Cryptocurrency to another Cryptocurrency or withdraw them from your Account as you may find appropriate.

23.4. In the event of a “fork”, we may not be able to support activity related to the any Cryptocurrency held in your Cryptocurrency Wallet. You agree and understand that, in the event of a fork, the transactions may not be completed, completed partially, incorrectly completed, or substantially delayed. We are not responsible for any loss incurred by you if caused in whole or in part, directly or indirectly, by a fork.

23.5. You agree to take responsibility for all activities that occur in relation to your Cryptocurrency Wallet and that you accept all risks of any authorised or unauthorised access to your Cryptocurrency Wallet, subject to applicable law.

24. TRANSFERRING AND WITHDRAWING CRYPTOCURRENCY

24.1. Cryptocurrency (or part thereof) held in a Cryptocurrency Wallet may be transferred to another customer’s Cryptocurrency wallet or an external Cryptocurrency wallet maintained and operated by a third party. Lama shall specify the information required to effect a Cryptocurrency Transfer or Cryptocurrency Withdrawal at the point of instruction but, as a minimum, Lama shall require the:

  • (a) address of the recipient’s wallet; and
  • (b) amount to be transferred.

24.2. We may charge additional network fees (“gas” fees) to process a Cryptocurrency Transfer or Cryptocurrency Withdrawal to a Wallet outside the Lama network. We will calculate the network fee at our discretion, although we will always notify you of the chargeable network fee at or before the time you authorise the Cryptocurrency Transfer or Cryptocurrency Withdrawal.

24.3. The Fees applicable to a Cryptocurrency Transfer and Cryptocurrency Withdrawal are set out in the Fee Schedule.

25. CRYPTOCURRENCY CONVERSION

25.1. You may convert the Cryptocurrency or where available, E-Money held in in your Lama Account into other Cryptocurrencies or Fiat Currencies that we support at that time. The applicable exchange rate to a Conversion will be shown to you prior to a Conversion taking place and by confirming the Conversion transaction, you agree to the exchange rate that has been provided to you.

25.2. Any exchange rates provided in relation to a Conversion are only guaranteed for the set period of time stated in the proposed Conversion notification. You are not able to cancel any Exchange Transaction and so before making any transaction you should make sure that you are certain you want to proceed.

26. FEES

26.1. You must pay the Fees in connection with the use of our Services as set out in the Fee Schedule.

26.2. We will let you know the exact amount of any Fees that are payable by you when you send us Instructions. When you confirm the Instruction and that the relevant Transaction should take place, you accept the applicable Fees. Any Fees are chargeable from the source Cryptocurrency Wallet or where available, E-Money Wallet as part of a Transaction.

26.3. If you do not have sufficient Cryptocurrency or where available, E-Money in your Lama Account to cover the Fees required to execute a transaction, we may refuse to execute the Transaction or provide any Services to you.

ANNEX 3 – E-MONEY SERVICES

Terms with virtual e-wallet as provided by Lama.

27. INTRODUCTION

27.1. This Agreement contains the terms on which we provide the Services to you.

27.2. Please read this Agreement in full before you start using the Services; it contains important information about us, the Services we will provide to you, the circumstances under which this Agreement may be changed or ended, what to do and how to access help from us in the event there is a problem as well as other relevant information.

27.3. By starting to use the Services you confirm that you accept and agree to this Agreement (including any updates to this Agreement and the other documents referred to above).

28. WHO WE ARE AND HOW TO CONTACT US

28.1. Our company information: OpenPayd Financial Services Malta Ltd is a company incorporated under the laws of Malta with entity code: C75580. Our registered address is 122 – 123 Pangea, Level 5, Triq San Gorg, St. Julians STJ 3204, Malta (“OpenPayd“, “us”, “we”, “our”, as applicable in the context)

28.2. How to contact us

  • • By email at operations@openpayd.com
  • • By post at post at 122 – 123 Pangea, Level 5 , Triq San Gorg, St. Julians STJ 3204, Malta
  • • By instant messaging / chat: When logged into your Lama app.

29. GLOSSARY

29.2. E-wallet means an e-money account issued to you by us that you may load with funds and use to transact.

29.3. Framework Contract means a contract for payment services which governs the future execution of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account as defined in the EU Payment Services Directive.

29.4. Funding Source means a payment instrument that you can link to your E-wallet by entering its credentials and subsequently use for Top-Ups from time to time.

29.5. Services means E-wallet and other services provided by us to you in connection with the E-wallet.

29.6. Supported Currencies means those foreign currencies that we support and can be loaded onto a E-wallet for spending.

29.7. Top-Up means loading “topping up” your E-wallet with funds.

30. GETTING STARTED

30.1. Consumer clients

30.1.1. Eligibility: In order to be eligible to use our Services, you must be at least 18 years old. In order to start using our Services, you must apply for the Services and provide the relevant details about yourself when prompted.

30.1.2. Verification: We are required by law to verify certain details about you. We will open an E-wallet until we have verified your identity and performed such other checks as we may in our discretion deem appropriate.

30.1.3. The information you provide must be accurate: The information you provide to us must be accurate, complete and truthful at all times. If your personal information changes, then you must update the information we hold about you. We may require additional information from you from time to time and you must cooperate by providing such information upon request.

30.1.4. Electronic checks with third parties: We may share information which we receive from you with other associated organisations or carry out checks on you electronically as is necessary for the purposes of providing the Services. When we perform electronic checks, we may disclose personal data about you to fraud prevention and credit reference agencies who may keep a record of that information. By applying for our Services, you agree to certain personal data about you being passed to such agencies for this purpose. You have the right of access to the personal records held by such fraud prevention agencies. We will supply the names and addresses of the agencies we use upon written request.

30.1.5. You must comply with laws applicable to you at all times. You must comply with laws applicable to you at all times. This means when you must comply with all laws applicable to you during time in which you are applying with us for Services, throughout the term of this Agreement and for as long as we hold a balance of funds for you after this Agreement ends.

30.2. Corporate Clients

30.2.1. By entering into this Agreement, you, the corporate customer, confirm that you are not a consumer, micro-enterprise or a charity within the meaning of the Payment Services Regulations 2017 (“PSR”) and Payment Service Directive (Directive (EU) 2015/2366 as updated from time to time) (“PSD”) agree:

  • (a) none of the provisions of Part 6 of the PSR apply to this Agreement (and equivalent in the PSD); and
  • (b) regulations 61(1), 67(3), 67(4), 75, 77, 79, 80, 83, 91, 92 and 94 of the PSR do not apply to this Agreement and a different time limit may be applied to this Agreement as to the timeline set out in regulation 74(1) of the PSR (and equivalent in the PSD).

30.2.2. Verification: We are required by law to verify certain details about you. We will not open an E-wallet until we have verified your identity and performed such other checks as we may in our discretion deem appropriate.

30.2.3. The information you provide must be accurate: The information you provide to us must be accurate, complete and truthful at all times. If your personal information changes, then you must update the information we hold about you. We may require additional information from you from time to time and you must cooperate by providing such information upon request.

30.2.4. Electronic checks with third parties: We may share information which we receive from you with other associated organisations or carry out checks on you electronically as is necessary for the purposes of providing the Services. When we perform electronic checks, we may disclose personal data about you to fraud prevention and credit reference agencies who may keep a record of that information. By applying for our Services, you agree to certain personal data about you being passed to such agencies for this purpose. You have the right of access to the personal records held by such fraud prevention agencies. We will supply the names and addresses of the agencies we use upon written request.

30.2.5. You must comply with laws applicable to you at all times. You must comply with laws applicable to you at all times. This means when you must comply with all laws applicable to you during time in which you are applying with us for Services, throughout the term of this Agreement and for as long as we hold a balance of funds for you after this Agreement ends.

31. ABOUT THE E-WALLET

31.1. E-wallet

31.1.1. The E-wallet is an e-money account. You may deposit funds into your e-wallet from your own named account only (first party transaction only).

31.1.2. No interest is payable to you on the balance of funds held in the E-wallet; nor does the balance of funds held in the E-wallet constitute a deposit.

31.1.3. The E-wallet may be used to transact. In order to use the E-wallet to transact, you must first load funds onto the E-wallet.

31.1.4. Once loaded with funds, you may send funds from the E-wallet to another payment account.

31.1.5. Each time you transact using the E-wallet, the balance of funds held in the E-wallet will be debited by the amount of the transaction plus any applicable fees.

31.1.6. In addition to EUR, you may load your E-wallet with funds in different Supported Currencies. We do not support all foreign currencies. Please see the list of on website www.mylama.eu for those currencies that we do support.

31.1.7. Please note that the funds held in your E-wallet are NOT protected by the Financial Services Compensation Scheme; however, we follow the requirements of the Electronic Money Regulations 2011 which are designed to ensure the safety of funds held on accounts such as this.

31.2. What happens in cases where there are insufficient funds in my E-wallet?

31.2.1. If you attempt to send money from the E-wallet and you have an insufficient balance of funds held in your E-wallet to make that payment, the payment will be declined.

31.2.2. You must have a sufficient balance of funds held in your E-wallet to make a payment. The balance of funds held in your E-wallet must not be negative.

31.2.3. If you attempt to make a payment using the E-wallet in a particular currency and you do not hold a sufficient balance of that currency in the E-wallet or the payment otherwise anticipates a currency that we do not support, the payment will be automatically processed using a balance of another currency that you do hold in your E-wallet and a currency conversion rate will be applied.

31.2.4. If you do not hold a balance in another currency upon which to draw funds to cover a payment, your payment will be declined.

32. LOADING FUNDS INTO YOUR E-WALLET WITH TOP-UP

32.1. Top-Up: You can load funds into your E-wallet by linking a Funding Source to your E-wallet. You can link a Funding Source to your E-wallet by entering the Funding Source in your Lama App.

32.2. You must have no less than one (1) valid Funding Source linked to your E-wallet at all times; payments made from the E-wallet may be declined if you do not have a valid Funding Source linked to the E-wallet. In order to Top-Up your E-wallet using your Funding Source, you must follow the applicable steps provided to you in the Lama App.

32.3. When we receive a payment from your Funding Source, we may hold the funds for so long as we determine that there is no risk that the issuer of the Funding Source may reverse the transfer due to there being insufficient funds in your bank account.

32.4. In order to ensure you receive good outcomes from your use of our Services, we may limit the Funding Sources available for a transaction. If we limit a Funding Source, we will alert you that there is a higher-than-normal level of risk associated with the payment (for example, a risk that the payment may be challenged for some reason). If we contact you for this reason, we are not asserting that you or the merchant who you seek to pay is acting in a dishonest or fraudulent manner. It means that we consider there may be a higher-than-normal risk associated with the payment and we are investigating to ensure you receive a good outcome, in as far as possible.

33. USE OF THE E-WALLET

33.1. How to authorise a payment

33.1.1. You will need to authorise a transaction before we can charge it to your E-wallet.

  • (a) Authorising payments made using your E-wallet: To authorise a payment to another payment account from your E-wallet, you will need to enter the IBAN or account number and sort code of the person you wish to pay (the payee). You must then follow the relevant steps displayed on the screen in the secure personal log in area of the Lama app at the time of transacting in order to authorise the payment.
  • (b) You cannot cancel a transaction after it has been authorised. You can, however, cancel payments that you have authorised to be made on a future date, for example, if you have set up a recurring payment. You can cancel the payment permitting you contact us by the end of the business day before the day the payment is due to be made.

33.2. Situations where we may refuse to authorise a transaction

33.2.1. There are certain situations in which we may refuse to authorise a transaction and/or where we may suspend your use of your E-wallet. These situations are:

  • (a) if legal or regulatory requirements prevent us from making the payment or mean that we need to carry out further checks;
  • (b) if you have infringed this Agreement in a way that we reasonably believe justifies our refusing or delaying your payment;
  • (c) if we believe that processing your transaction would break this Agreement or that you have not provided all the information we need to make the payment properly;
  • (d) if the amount is over, or would take you over, any limit that applies to your E-wallet. You may check at www.mylama.eu the limits that are applicable to your account type.
  • (e) if there are not enough funds loaded into your E-wallet to make the payment and cover any fees;
  • (f) if a bankruptcy order is made against you or you have entered into an individual voluntary arrangement with your creditors;
  • (g) if, even after doing everything reasonably possible, we will not be able to make the payment on time;
  • (h) if a third party prevents us from making the payment;
  • (i) if you owe us money;
  • (j) if we have asked you for important information we reasonably need and you have not given us that information; or
  • (k) if we have suspended your account.

33.3. Time we will receive the payment order

33.3.1. If your payment order is received by us after 4pm on a business day or not on a business day, your payment order will be deemed received on the following business day.

33.4. Execution times

33.4.1. Within the EEA, we will execute any transaction:

  • (a) in euro; or
  • (b) involving only one fiat currency conversion between the euro, provided that:
  • i. the required currency conversion is carried out in the EEA; and
  • ii. in the case of cross-border transactions, the cross-border transfer takes place in euro, by transferring the amount of the transaction to the payment service provider of the payee by the end of the next business day following the receipt of the payment order.

33.4.2. Any other transactions within the EEA will be executed no later than four business days following the receipt of the payment order.

33.4.3. If the payment service provider of the merchant is located outside the EEA, we will execute the transaction as soon as possible.

33.5. Limits placed on the E-wallet

33.5.1. There may be limits on the amount of funds you can load into the E-wallet. We may also place limits on using the E-wallet for payments above a certain amount, from time to time. For further information relating to the limits placed on the E-wallet, you can view the website www.mylama.eu.

33.6. Withdrawing funds held in your E-wallet

33.6.1. How to withdraw the funds held in your E-wallet

  • (a) You may withdraw funds held in your E-wallet by first logging into the Lama app and following the relevant prompts on the screen at the time of transacting. You may only withdraw the balance of the funds held in the E-wallet at any point in time minus the amount of any pending transactions.

33.6.2. Fees will apply to withdrawing funds

  • (a) You may be charged a fee for withdrawing funds. Please see the fees page on the website www.mylama.eu.

33.6.3. Withdrawing all funds will not mean that your E-wallet is closed

  • (a) Withdrawing all of your funds from your E-wallet does not automatically close the E- wallet, or otherwise end this Agreement. If you would like to end this Agreement, you must follow the steps in closing your E-wallet and ending this Agreement.

33.7. How much will you pay

33.7.1. Fees: You must pay the fees in connection with your use of the Services. We will not process your payment until we have received the relevant fees from you. You can see all fees applicable to you on the website www.mylama.eu.

33.7.2. Interest: The funds loaded on to your Account will not earn any interest.

33.7.3. Exchange rates: You may hold balances of funds in different currencies in your E-wallet. If you are making a payment or withdrawing funds in a currency you hold in the E-wallet, the payment will be made from that balance. If you make a payment or withdrawal funds in a currency you do not hold in your E-wallet, we will convert the amount applying the relevant rate and a fee to the balance or currency that you do hold.

33.7.4. We will also apply our margin which is available on the fees pages of the website www.mylama.eu. Any change in the relevant exchange rate will be applied immediately and without notice to you. We may also change our exchange rate provider at our discretion, without notice to you.

33.8. Communicating with you

33.8.1. How we will contact you: We may contact you by telephone, letter, SMS, WhatsApp or email using the details that you have provided to us in the Lama app. You must keep your contact details in the Lama app up-to-date at all times.

33.8.2. Information: Where we are required to provide information to you on a durable medium, we will either send you a notification in your Lama app, pointing you to information in the personal log in area in a way that enables you to keep that information, unchanged, and refer to it in the future, such as pdf. Please keep copies of information provided by us to you. If you would like us to provide information in a different manner than agreed, then we may charge you a reasonable administration fee to cover our costs.

33.8.3. Language: We will communicate with you in English.

33.8.4. Your right to receive a copy of this Agreement: A copy of this Agreement is always available in a form to download on the website. Please visit www.mylama.eu Alternatively, please contact us at support@mylama.eu if you need assistance in obtaining a copy.

33.9. Our right to make changes to the Agreement

33.9.1. We may, at our discretion, amend the Agreement at any time (including amendments and additions to our fees).

33.9.2. Changes that we may make immediately: In certain exceptional circumstances such as where:

  • (a) we have a reasonable belief that fraud is likely to or has occurred; or
  • (b) the amendments are made in order to comply with any regulation, we may make such amendments immediately and notify you following such amendments.

33.9.3. Changes we may make upon notice to you: Other than for immediate changes as set out above, if we wish to make a change to this Agreement, we will provide you with at least two (2) months’ notice in writing, via email.

33.9.4. If you do not agree to our proposed changes, you have a right to end the Agreement immediately free of charge. If you do not notify us of any disagreement with the proposed changes, we may assume you accept the changes to the Agreement on the date the change comes into force.

33.10. Our right to suspend access to the Services and/or close the E-wallet

33.10.1. We may close your E-wallet or otherwise suspend access to the Services immediately in the following circumstances:

  • (a) if we consider, acting reasonably, that you are behaving fraudulently or otherwise criminally;
  • (b) if you have not given us any information we have requested from you, or we have good reason to believe that information you have provided is incorrect or not true;
  • (c) if you have broken this Agreement in a serious or persistent way and you have refrained from putting the matter right within a reasonable time of us asking you to do so;
  • (d) if we have good reason to believe that you continuing to use your E-wallet could damage our reputation or goodwill;
  • (e) if we have asked you to repay money you owe us and you have not done so within a reasonable period of time;
  • (f) if you have been declared bankrupt; or
  • (g) if we have to do so under any law, regulation, court order or the BOL’s instructions.

33.11. Redeeming the funds held in your E-wallet

33.11.1. If you have funds held in your E-wallet after this Agreement has ended, you may withdraw these funds for up to six (6) years following the date the Agreement ends.

33.11.2. If there are still funds held in your E-wallet 12 months following the end of this Agreement, we will start deducting a fee from your account that will cover our costs in order to maintain this balance for you until such time as you redeem your funds.

33.11.3. If you wish to redeem your funds after this Agreement has ended and you no longer have access to your Lama app, please contact support@mylama.eu so we can help.

33.11.4. If you request to redeem your funds after this Agreement ends, we may need to carry out some checks prior to sending the funds to you. We may therefore ask you to provide some information to us at this time, such as identity documents and so on.

33.11.5. We may charge you a fee for redeeming your funds held in your E-wallet if you request to redeem those funds whilst this Agreement is in place or where you request redemption of the funds held in your E-wallet more than 12 months after this Agreement has ended.

33.12. Liability

33.12.1. If we do not reasonably meet our commitments to you under the terms of this Agreement, we are only responsible for loss you suffer that is a foreseeable result of our breaking this Agreement or our failing to use reasonable care and skill. We are not responsible for any loss or damage that is not foreseeable.

33.12.2. We do not exclude or limit liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors; for fraud or fraudulent misrepresentation.

33.12.3. The E-wallet is a consumer products; accordingly, if you use our Services for any commercial or business purpose we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.

33.13. Law governing this Agreement and jurisdiction

33.13.1. The law governing this Agreement is the laws of Lithuania. The courts of Lithuania have jurisdiction to adjudicate any dispute between you and us in connection with this Agreement.

33.14. Dispute resolution

33.14.1. If you are not satisfied with the service you receive from us you should contact us complaints@mylama.eu .

33.14.2. Correspondence may be monitored or recorded. Our complaints procedure is available on the website or upon requesting from us at complaints@mylama.eu and, if we receive a complaint from you, a copy of our complaints procedure will automatically be sent to you.

33.14.3. We will provide you a full response to your complaint by email within fifteen (15) Business Days after the date we receive your complaint. In exceptional circumstances where we are unable to respond in full to your complaint, we will inform you of this giving our reasons for the delay and the timeframe within which you will receive a full reply, which in any event shall be within thirty-five (35) Business Days of the date we received your complaint. If you are not happy with our response you shall raise your complaint withOpenPayd Financial Services Malta Ltd.

33.14.4. Following a response from OpenPayd Financial Services Malta Ltd, if you are still not satisfied with the resolution offered to you, you may apply to Malta Financial Services Authority for the settlement of a dispute with us, which is an alternative dispute resolution institution between financial service providers and the Consumers in accordance with the following terms and procedures: (i) before applying to the Malta Financial Services Authority for dispute settlement, you must apply to us, specifying the circumstances of the dispute and your claim. You shall apply to us no later than within 3 months from the day when you became aware of possible violation of your rights; (ii) in the event where our reply does not satisfy you or you have not received our reply as outlined above, you shall have the right to apply to the regulator for the dispute settlement within 1 year after we have been contacted. Upon expiration of this term, you lose the right to apply to the regulator for the same dispute.

33.15. Data protection

33.15.1. We need to collect information about you to provide you with the Services under this Agreement. For information on how we use your personal data, please refer to our privacy notice in www.mylama.eu.

33.15.2. By entering into this Agreement, you acknowledge and agree that we may collect, process and store your personal information for the purposes of providing our Services to you. This does not affect any rights and obligations you or we have under data protection law.

33.16. Other legal terms

33.16.1. We may transfer this Agreement to someone else

  • (a) We may assign or otherwise transfer any of our rights and obligations under the Agreement, without your prior consent, to any other person or business, subject to such party continuing the obligations in the Agreement to you.

33.17. Third parties

33.17.1. This Agreement is between you and us only. Except for any party to whom we transfer this Agreement, nothing in the Agreement gives any third party any benefit or right (including any enforcement right).

ANNEX 4 – REFERRAL PROGRAM

34. WHO IS ELIGIBLE TO PARTICIPATE? TO BE ELIGIBLE FOR THE LAMA BONUS, YOU MUST:

34.1. Be at least 18 years of age

34.2. Live in one of the countries supported by Lama.

34.3. Complete the verification of your account. You will be required to complete ID and photo verification.

34.4. Have only one Lama account

35. PAYMENT OF BONUS

35.1. Bonus will be credited in your Lama account as soon as you achieve the relevant targets.

36. ADDITIONAL INFORMATION

36.1. Lama reserves the right to change or modify any of the terms of their bonus or referral program, at any time and in its sole discretion.

36.2. Bonus will be paid only once for an individual per qualifying round. Duplicate accounts will be disqualified and Lama will not pay out the bonuses on accounts that maliciously create fictitious and double accounts. By participating in the bonus/referral program, you acknowledge that receiving payouts is not guaranteed by Lama.

36.3. If you redeem your bonus you will have to start collecting from zero again.

36.4. If after receiving the referral bonus, there is no activity in your account other than the referral credit for a period of two months, you will lose your entitlement to the accredited bonus and Lama will reverse the referral balance.

36.5. If you do not comply with these terms, you could lose your bonus and you may be excluded from participating in future Lama Bonuses Programs.

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Cryptocurrency services are provided by Lama EU, the trading name of LamaTechnology FS UAB, a company registered in Lithuania (Company Registration Number: 305833209). LamaTechnology FS UAB is registered as a Virtual Asset Service Provider (VASP) with the Lithuanian Register of Legal Entities for cryptocurrency services. These services are supervised by the Lithuanian Financial Crime Investigation Service (FCIS) under anti-money laundering and counter-terrorist financing (AML/CTF) regulations but are not regulated by the Bank of Lithuania. Your e-money account and related payment services are provided by OpenPayd Financial Services Malta Limited (Company Number: C 75580), which is authorised and regulated by the Malta Financial Services Authority (MFSA) as a Financial Institution.

Trading and holding digital currencies involve a high level of risk, including price volatility and potential loss of funds. Cryptocurrency values can be highly volatile and may drop to zero, and past performance is not indicative of future results. These services are not covered by deposit insurance schemes, and Lama EU does not provide investment advice or financial recommendations. Additionally, Lama EU does not guarantee the timeliness, accuracy, or completeness of any information, including pricing and exchange rates. While cryptocurrency services remain subject to AML/CTF supervision by the Lithuanian FCIS, they are not regulated by the Bank of Lithuania or any other financial regulator in Lithuania.