1. General Provisions
This agreement (hereinafter referred to as the “Agreement” or “User Agreement”) defines the terms and conditions under which the services of Formula.cash are provided.
The parties to the agreement are Formula.cash (hereinafter referred to as the “Service”) and any individual who uses the Service’s services (hereinafter referred to as the “User”). Before using the services, the User must familiarize themselves with the terms of the Agreement and accept them. If the User does not agree with the terms, they may not use the service.
The Agreement is publicly available on the Formula.cash website. The Service’s management reserves the right to change its terms unilaterally without prior notice to the User.
2. Terms and Definitions
The Formula.cash Service is an online systеm for exchanging electronic assets and money. The Service’s website is located at formula.cash.
User — an individual who uses the service and accepts the terms of this agreement. Payment systеm — a software product created by a third party that allows financial obligations to be accounted for, payments for goods and services to be made online, as well as calculations between users.
Electronic assets represent a digital expression of money or other obligations between the currency developer and its user. Payment or transaction — a transfer of electronic assets or other currency from one person to another.
Request — the User’s intention to use the services of the Formula.cash service, formalized by filling out a special form on the website, taking into account the terms outlined in the agreement and the parameters of the Request. Initial currency — the electronic asset that the User transfers for exchange, and the Initial account — the account from which it is sent.
Resulting currency — the electronic asset that the User receives as a result of the exchange, and the Resulting account — the account to which this currency is credited. Currency reserve — the volume of a specific electronic asset available to the service at the time of creating the Request.
Currency exchange — the process of exchanging electronic assets from one payment systеm to electronic assets of another payment systеm. Rate — the established ratio between two types of electronic assets in the exchange.
3. Subject of the Agreement
This agreement defines the procedure for providing services for the exchange of digital and electronic currencies, carried out by the Formula.cash service.
4. Services and Method of Provision
The User orders services from the service by submitting a Request through the website. The exchange process can be managed, and the transaction can be tracked through the user interface on the site.
The Service executes requests in accordance with the rules of the payment systems but is not a party to them and is not responsible for their actions. The service also does not verify whether the sender and recipient of the funds are the same person.
The User confirms that they legally own the funds and undertakes to independently calculate and pay taxes in accordance with the legislation of their country.
5. Service Fees
The prices for services are set by the service management and published on the website. The service can change rates and commissions without prior notice, but informs about it through the website. The current rates, payment systеm commissions, and the total transaction amount are specified in the request.
6. Account Usage Rules
By registering, the user agrees to provide accurate information. The Service may request additional documents (passport, photo of the card, video verification, etc.). If the user refuses to provide the requested data, the Service may refuse the services and return the funds within 7 banking days.
The administration reserves the right to refuse account creation, limit access, or suspend transactions. The user is responsible for the confidentiality of their account data.
It is prohibited to use the service for illegal activities (money laundering, financing terrorism, etc.). If the service deems the activity suspicious, the account may be blocked, and transactions may be suspended.
7. Exchange of Electronic Currency
By submitting a request, the user instructs the service to exchange one electronic currency for another. The user must transfer the specified amount of the initial currency, after which the service will transfer the resulting currency at the current exchange rate and according to the fees.
Payment for the request must be made only through the website. Transfers to account details are not allowed. The service’s obligations are considered fulfilled when the funds are debited from its account in the payment systеm.
If the service does not receive payment within 30-90 minutes, the request may be canceled. The exchange rate is fixed at the time the deposit is credited to the exchange. In case of deposit delay, the request may be restored, but the payout amount will be recalculated.
Transfers to Visa/MasterCard cards in Ukraine and Kazakhstan take from several seconds to 5 business days. Transactions exceeding the established limits are processed manually. Deposits and withdrawals in EUR/USD are not supported.
If the user’s wallet has a high risk (for example, linked to illegal services), video verification will be required to receive funds. In some cases, information about the source of funds may also be required.
The service may suspend operations, set transaction limits, and hold funds if fraud is suspected. If the user sent an asset on the wrong network, the refund amount will be reduced by 25 USD and the network fee.
The service does not support smart contract transactions and is not responsible for any losses caused by their use.
8. Agreement Entry into Force
8.1. This Agreement is considered concluded based on a public offer, which the User accepts when submitting a request.
8.2. A public offer is any information displayed by the Formula.cash Service on its website, including data provided during the request process.
8.3. The acceptance of the public offer is confirmed by the User’s actions aimed at completing the formation of the request, which indicates their intention to use the services of Formula.cash on the terms set out in the Agreement and the Request.
8.4. The date and time of acceptance, as well as the conditions of the request, are automatically recorded by the Formula.cash Service at the moment it is completed.
8.5. The Agreement enters into force when the User completes the request. Until the payment of the transaction, the User has the right to cancel it.
9. Liability of the Parties
9.1. The Formula.cash Service is financially responsible to the User for the amount of money or electronic assets transferred to perform the request.
9.2. The Formula.cash Service is not responsible for failures, errors, or malfunctions of the software and/or hardware that ensures the operation of the Service if they occurred due to reasons beyond its control, nor for possible losses incurred by the User due to such failures.
9.3. The Service provides services for the exchange, purchase, and sale of electronic assets and electronic money, but does not engage in fundraising or making payments for goods or services from third-party providers.
9.4. The Formula.cash Service is not responsible for losses incurred by the User due to unlawful actions of third parties.
9.5. The Formula.cash Service is not liable for delayed or unfulfilled requests if this is due to errors in the Payment systеm or the bank specified by the User when submitting the request.
9.6. The User is fully responsible for the accuracy and reliability of the information provided in the request. In case of incorrect data submission, the Formula.cash Service does not compensate for possible losses.
9.7. Information about the performed transaction is stored in the Service’s database and serves as the primary source for resolving disputed situations between the Parties.
9.8. The Parties are exempt from liability for partial or complete non-fulfillment of obligations under the Agreement if the cause is force majeure circumstances that arose after the Agreement entered into force, which could not be foreseen or prevented by reasonable measures.
10. Refunds
10.1. The Service undertakes to return the Electronic assets sent by the User to their accounts only if the Exchange was not completed, i.e., the User did not receive the Assets on their account, except in cases specified in p.7.10 (failure to pass AML verification).
10.2. The refund is made in the amount of the Electronic asset sent by the User, minus the commission within the payment systеm and the exchange rate difference between coin/usdt.
10.3. The consideration and execution of the refund by the Service begins only after the User contacts customer support. Without such a request, the Service will not take any action for the refund.
11. Other Provisions
11.1. The Formula.cash Service has the right to make changes to the Agreement unilaterally by publishing updates on the systеm’s Website. The changes come into effect upon publication unless a different period is specified.
11.2. The Formula.cash Service has the right to refuse the User’s request to submit a Request without providing any reasons.
11.3. If suspicious actions are detected during the Request submission process, the Service has the right to suspend the operation to investigate the circumstances to prevent damage from possible hacker attacks.
11.4. The Formula.cash Service has the right to send notifications to the User’s specified e-mail regarding the status of the exchange process, as it is an integral part of the successful completion of the transaction.
11.5. The Service may temporarily suspend the operation of the website for technical maintenance. The User accepts the risk that during such times, they may not be able to use the Service or perform urgent transactions through their account.
11.6. Information about the User and their transactions is stored on the server and cannot be deleted.
5. Verification Procedures
One of the international standards for preventing illegal financial transactions is comprehensive client verification (hereinafter referred to as Verification). In this regard, the Formula.cash service applies its own verification measures in accordance with high standards for combating money laundering and the “Know Your Customer” (KYC) program.
5.1. The Formula.cash Service has the right to request from the User authentic documents confirming identity or other information (such as a national ID, foreign passport, bank statement). In accordance with the AML/KYC Policy requirements, the Service reserves the right to collect the User’s identification data.
5.2. The Formula.cash Service conducts verification of the authenticity of the documents and information provided by the User. To ensure additional control, legal double-checking methods may be applied. The Service also reserves the right to initiate an investigation regarding Users if their identity appears suspicious or poses a potential threat.
5.3. The User’s identity may be re-verified if their data changes or their activity appears unusual to the Service. Additionally, the Service has the right to request updated documents, even if they have already passed verification previously.
5.4. All identification data of Users is processed, stored, and protected in strict accordance with the Formula.cash Privacy Policy and the applicable laws.
5.5. After completing the verification, the Service may refuse to provide services if it is found that they are being used for illegal purposes.
5.6. Users who use payment cards to pay for services are required to undergo verification according to the instructions provided on the Formula.cash website.
5.7. In compliance with regulatory requirements, the Service may request confirmation of the source of funds or cryptocurrency to ensure their legal origin.
The officer appointed by the Formula.cash service is responsible for ensuring AML compliance and overseeing the implementation of the AML/KYC policy.
6. The Responsible Officer for AML Compliance is the person duly authorized by the Formula.cash Service, whose duty is to ensure the effective implementation and compliance with the AML/KYC policy.
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6.1. The responsibilities of this person inсlude monitoring all aspects of compliance with the legislation, including but not limited to:
- collection and verification of user identification data;
- development and updating of internal regulations and procedures in accordance with the legislation;
- monitoring of transactions and detection of suspicious activity;
- organization of the document and reporting storage systеm;
- regular risk assessment;
- providing law enforcement agencies with the necessary information within the framework of applicable laws.
6.2. The officer also has the right to interact with state authorities responsible for preventing money laundering and financing of terrorism.
The Formula.cash Service performs a set of tasks aimed at compliance with regulatory requirements, including the collection of information, data filtering, record keeping, analysis, and reporting.
7. systеm Functions
The Formula.cash Service performs a number of tasks aimed at compliance with regulatory requirements, including collecting information, filtering data, maintaining records, conducting investigations, and preparing reports.
The systеm functions inсlude:
– regular verification of users for inclusion in recognized “blacklists” (e.g., OFAC), aggregating data from various sources, placing users on watch lists, and refusing to provide services, opening cases for investigation if necessary, sending internal messages, and preparing mandatory reports if required;
– managing cases and documentation.
8. Behavior Analysis
The Formula.cash Service verifies users not only by verifying their identity but also through analyzing their behavior in transactions. Therefore, the Service uses data analysis as a method for risk assessment and detection of suspicious actions.
9. Risk Assessments
Formula.cash, in accordance with international requirements, applies a risk-based approach to combat money laundering and financing of terrorism. As part of this practice, the Service ensures that measures to prevent or mitigate the risks of money laundering and terrorism financing are proportional to the identified risks.
10. Client Verification Procedures
When the administration of the Formula.cash service has reasonable suspicion that a user is attempting to use the Service for money laundering or other illegal activities, they have the right to:
10.1. suspend the user’s exchange operation;
10.2. require the user to provide documents confirming their identity;
10.3. request additional information and documents from the user if their transactions raise suspicion;
10.4. ensure the transfer of information about suspicious transactions to the relevant law enforcement authorities through the officer responsible for AML compliance.
11. Confidentiality
The Formula.cash Service guarantees the confidentiality of client data in accordance with the service’s privacy policy.
11.1. The Formula.cash Service and its employees are obliged not to disclose information related to suspicious transactions. This obligation also extends to the users of the Service and third parties who were provided with information about the transaction.
11.2. The obligation of the Formula.cash Service employees to maintain confidentiality remains in force after the termination of their employment or other contractual relations with the Service, as well as in the case of employees being transferred to other positions. Disclosure of such information to government or law enforcement agencies, as well as to other authorized entities in cases established by law, does not constitute a breach of the confidentiality obligation.
11.3. The confidentiality obligation, provided that the information is used to prevent money laundering and financing of terrorism, does not apply to the disclosure of information between financial institutions that form a consolidated group cooperating with the Formula.cash Service.
12. Conclusion
Based on the above, the Formula.cash Service is not legally responsible for the use of its services for the legalization of illegal income, financing of terrorism, or the purchase of prohibited goods and services. However, the Service undertakes to take all possible measures to prevent the use of its services for the legalization of illegal income, financing of terrorism, or the purchase of prohibited goods and services.
Privacy & coоkie policy
Effective date: 01.02.2024
Formula.cash (“us”, “we”, or “our”) operates the https://formula.cash website (hereinafter referred to as the “Service”).
This page informs you of our policies regarding the collection, use and disclosure of personal data when you use our Service and the choices you have associated with that data.
The collection of personal data of Users is an integral part of the processing of such personal data, which provides for actions to sеlect or streamline information about the User of the Service.
The grounds for the processing of personal data of Users are: the conclusion and execution of the User Agreement, in accordance with the rules of User Agreement, to which the subject of personal data – the User is a party;
Data protection in the Turkey is governed by federal laws and regulations of the Personal Data Protection Authority (has been established to carry out duties conferred on it under the Law No. 6698.)
https://www.kvkk.gov.tr/Icerik/6649/Personal-Data-Protection-Law – Personal Data Protection Act (“KVKK”)
Definitions
Service
Service is the https://formula.cash website operated by Formula.cash
Personal Data
Personal Data means data about a living individual who can be identified from those data (or from those and other information either in our possession or likely to come into our possession).
Usage Data
Usage Data is data collected automatically either generated by the use of the Service or from the Service infrastructure itself (for example, the duration of a page visit).
Cookies
Cookies are small files stored on your device (computer or mobile device).
Data Controller
Data Controller means the natural or legal person who (either alone or jointly or in common with other persons) determines the purposes for which and the manner in which any personal information are, or are to be, processed.
For the purpose of this Privacy Policy, we are a Data Controller of your Personal Data.
Data Processors (or Service Providers)
Data Processor (or Service Provider) means any natural or legal person who processes the data on behalf of the Data Controller.
We may use the services of various Service Providers in order to process your data more effectively.
Data Subject (or User)
Data Subject is any living individual who is using our Service and is the subject of Personal Data.
Information Collection and Use
We collect several different types of information for various purposes to provide and improve our Service to you.
Types of Data Collected
Personal Data
While using our Service, we may ask you to provide us with certain personally identifiable information that can be used to contact or identify you (“Personal Data”). Personally identifiable information may inсlude, but is not limited to:
Email address
Phone number
Telegram account
Cookies and Usage Data
We may use your Personal Data to contact you with newsletters, marketing or promotional materials and other information that may be of interest to you. You may opt out of receiving any, or all, of these communications from us by following the unsubscribe link or instructions provided in any email we send or by contacting us.
Usage Data
We may also collect information on how the Service is accessed and used (“Usage Data”). This Usage Data may inсlude information such as your computer’s Internet Protocol address (e.g. IP address), browser type, browser version, the pages of our Service that you visit, the time and date of your visit, the time spent on those pages, unique device identifiers and other diagnostic data.
Location Data
We may use and store information about your location if you give us permission to do so (“Location Data”). We use this data to provide features of our Service, to improve and customise our Service.
You can enable or disable location services when you use our Service at any time by way of your device settings.
Tracking & Cookies Data
We use cookies and similar tracking technologies to track the activity on our Service and we hold certain information.
Cookies are files with a small amount of data which may inсlude an anonymous unique identifier. Cookies are sent to your browser from a website and stored on your device. Other tracking technologies are also used such as beacons, tags and scripts to collect and track information and to improve and analyse our Service.
You can instruct your browser to refuse all cookies or to indicate when a coоkie is being sent. However, if you do not accept cookies, you may not be able to use some portions of our Service.
Examples of Cookies we use:
Session Cookies. We use Session Cookies to operate our Service.
Preference Cookies. We use Preference Cookies to remember your preferences and various settings.
Security Cookies. We use Security Cookies for security purposes.
Use of Data
Formula.cash uses the collected data for various purposes:
To provide and maintain our Service
To notify you about changes to our Service
To allow you to participate in interactive features of our Service when you choose to do so
To provide customer support
To gather analysis or valuable information so that we can improve our Service
To monitor the usage of our Service
To detect, prevent and address technical issues
To provide you with news, special offers and general information about other goods, services and events which we offer that are similar to those that you have already purchased or enquired about unless you have opted not to receive such information
Legal Basis for Processing Personal Data under the Personal Data Protection Authority (Turkey).
If you are from the European Economic Area (EEA), Formula.cash legal basis for collecting and using the personal information described in this Privacy Policy depends on the Personal Data we collect and the specific context in which we collect it.
Formula.cash may process your Personal Data because:
We need to perform a contract with you
You have given us permission to do so
The processing is in our legitimate interests and it is not overridden by your rights
To comply with the law
Retention of Data
Formula.cash will retain your Personal Data only for as long as is necessary for the purposes set out in this Privacy Policy. We will retain and use your Personal Data to the extent necessary to comply with our legal obligations (for example, if we are required to retain your data to comply with applicable laws), resolve disputes and enforce our legal agreements and policies.
Formula.cash will also retain Usage Data for internal analysis purposes. Usage Data is generally retained for a shorter period of time, except when this data is used to strengthen the security or to improve the functionality of our Service, or we are legally obligated to retain this data for longer periods.
Transfer of Data
Your information, including Personal Data, may be transferred to – and maintained on – computers located outside of your state, province, country or other governmental jurisdiction where the data protection laws may differ from those of your jurisdiction.
If you are located outside Belize and choose to provide information to us, please note that we transfer the data, including Personal Data, to Belize and process it there.
Your consent to this Privacy Policy followed by your submission of such information represents your agreement to that transfer.
Formula.cash will take all the steps reasonably necessary to ensure that your data is treated securely and in accordance with this Privacy Policy and no transfer of your Personal Data will take place to an organisation or a country unless there are adequate controls in place including the security of your data and other personal information.
Disclosure of Data
Disclosure for Law Enforcement
Under certain circumstances, Formula.cash may be required to disclose your Personal Data if required to do so by law or in response to valid requests by public authorities (e.g. a court or a government agency).
Legal Requirements
Formula.cash may disclose your Personal Data in the good faith belief that such action is necessary to:
To comply with a legal obligation
To protect and defend the rights or property of Formula.cash
To prevent or investigate possible wrongdoing in connection with the Service
To protect the personal safety of users of the Service or the public
To protect against legal liability
Security of Data
The security of your data is important to us but remember that no method of transmission over the Internet or method of electronic storage is 100% secure. While we strive to use commercially acceptable means to protect your Personal Data, we cannot guarantee its absolute security.
Your Data Protection Rights under the Personal Data Protection Authority (Turkey), General Data Protection Regulation (GDPR).
https://european-uniоn.europa.eu/cookies_en
If you are a resident of the European Economic Area (EEA), you have certain data protection rights. Formula.cash aims to take reasonable steps to allow you to correct, amend, dеlete or limit the use of your Personal Data.
Duration Overview
11 months This coоkie is set by the consent plug-in under the European Data Protection Regulation to the use of cookies.Cookies are used to store the user’s consent to the use
of cookies in the “Analytics” category.
11 months This coоkie is set by the consent plug-in under the European Data Protection Regulation to the use of cookies. Cookies are used to store the user’s consent to the use
of cookies in the “Functional” category.
11 months This coоkie is set by the consent plug-in under the European Data Protection Regulation to the use of cookies.Cookies are used to store the user’s consent to the use
of cookies in the “Required” category.
11 months This coоkie is set by the consent plug-in under the European Data Protection Regulation to the use of cookies. The coоkie is used to store the user’s consent to the use
of cookies in the “Other” category.
11 months This coоkie is set by the consent plug-in under the European Data Protection Regulation to the use of cookies. The coоkie is used to store the user’s consent to the use
of cookies in the “Performance” category.
11 months The coоkie is set by the coоkie consent plug-in under the European Data Protection Regulation and is used for storage, regardless of whether the user has consented to the use
of cookies. This file does not store any personal data.
11 months You can prevent this website from collecting and analyzing the actions you take here. This will protect your privacy, but also prevent the owner from gaining useful experience
based on the analysis of your actions and creating best practices for you and other users.
2 Year These cookies from Google Analyticsallow us to count the number of visitors and traffic sources in order to evaluate and improve the performance of our website.
1 day These cookies from Google Analyticsare used to determine whether the visitor has ad blockers and for the correct operation of the Webvisor.
If you wish to be informed about what Personal Data we hold about you and if you want it to be removed from our systems, please contact us.
In certain circumstances, you have the following data protection rights:
The right to access, updаte or dеlete the information we have on you. Whenever made possible, you can access, updаte or request deletion of your Personal Data directly within your account settings section. If you are unable to perform these actions yourself, please contact us to assist you.
The right of rectification. You have the right to have your information rectified if that information is inaccurate or incomplete.
The right to object. You have the right to object to our processing of your Personal Data.
The right of restriction. You have the right to request that we restrict the processing of your personal information.
The right to data portability. You have the right to be provided with a copy of the information we have on you in a structured, machine-readable and commonly used format.
The right to withdraw consent. You also have the right to withdraw your consent at any time where Formula.cash relied on your consent to process your personal information.
Please note that we may ask you to verify your identity before responding to such requests.
You have the right to complain to a Data Protection Authority about our collection and use of your Personal Data. For more information, please contact your local data protection authority in the European Economic Area (EEA).
Service Providers
We may employ third party companies and individuals to facilitate our Service (“Service Providers”), provide the Service on our behalf, perform Service-related services or assist us in analysing how our Service is used.
These third parties have access to your Personal Data only to perform these tasks on our behalf and are obligated not to disclose or use it for any other purpose.
Analytics
We may use third-party Service Providers to monitor and analyse the use of our Service.
Google Analytics
Google Analytics is a web analytics service offered by Google that tracks and reports website traffic. Google uses the data collected to track and monitor the use of our Service. This data is shared with other Google services. Google may use the collected data to contextualise and personalise the ads of its own advertising network.
You can opt-out of having made your activity on the Service available to Google Analytics by installing the Google Analytics opt-out browser add-on. The add-on prevents the Google Analytics JavaScript (ga.js, analytics.js and dc.js) from sharing information with Google Analytics about visits activity.
For more information on the privacy practices of Google, please visit the Google Privacy & Terms web page: https://policies.google.com/privacy?hl=en
Links to Other Sites
Our Service may contain links to other sites that are not operated by us. If you click a third party link, you will be directed to that third party’s site. We strongly advise you to review the Privacy Policy of every site you visit.
We have no control over and assume no responsibility for the content, privacy policies or practices of any third party sites or services.
Children’s Privacy
Our Service does not address anyone under the age of 18 (“Children”).
We do not knowingly collect personally identifiable information from anyone under the age of 18. If you are a parent or guardian and you are aware that your Child has provided us with Personal Data, please contact us. If we become aware that we have collected Personal Data from children without verification of parental consent, we take steps to remove that information from our servers.
Changes to This Privacy Policy
We may updаte our Privacy Policy from time to time. We will notify you of any changes by posting the new Privacy Policy on this page.
We will let you know via email and/or a prominent notice on our Service, prior to the change becoming effective and updаte the “effective date” at the top of this Privacy Policy.
You are advised to review this Privacy Policy periodically for any changes. Changes to this Privacy Policy are effective when they are posted on this page.
Contact Us
If you have any questions about this Privacy Policy, please contact us:
By email: [email protected]
By visiting this page on our website: https://formula.cash
