Terms of Service
Last updated: December 2nd 2024
These Terms and Conditions of Use ("Terms of Service") govern your access to and use of the services provided by DirectVault Limited, a company incorporated under the laws of Canada ("DirectVault," "we," "our," or "us"), through its website https://directvault.io/ ("Website" or "Service"). By accessing or using our services (the "Services"), you agree that you have read, understood, and accepted all the terms outlined herein.
1. USER RESPONSIBILITIES
At DirectVault Limited, by accepting these Terms & Conditions, you agree to use our Website and Services in a manner that is lawful, respectful, and in accordance with these terms. This includes refraining from actions that could harm our reputation, interfere with the functionality of the Website, or violate any applicable laws.
By using the Services, you consent to receive all communications, including agreements, documents, and disclosures (collectively, "Communications"), in electronic form. Communications will be delivered via email. It is your responsibility to ensure that your email address and other contact information associated with your DirectVault account are accurate and up-to-date.
2. IDENTITY VERIFICATION
In order to open a DirectVault Account, DirectVault requires you to complete Client Profile Form, and to complete our KYC, fraud and other checks. To comply with anti-money laundering, counter-terrorism financing, and Know-Your- Customer regulations, DirectVault may require you to verify your identity. Verification may involve providing government-issued identification; proof of address, Source of Funds/Source of Wealth, financial statement etc., and you may be asked to provide additional information or documents during the onboarding process. By submitting this information, you confirm its accuracy and authorize DirectVault to verify it through third-party services.
You must be at least 18 years old to open an account.
Failure to provide requested verification information may result in account suspension or denial of Services.
Our responsibilities under this Agreement are contingent upon our acceptance of you as a customer, and we reserve the right to refuse to open a DirectVault account for you without providing a reason.
From time to time, we may ask you to supply additional information and documents. This could include materials that help DirectVault verify the origin of any funds, such as service invoices and payment confirmation from the sender of the funds. We may also request further details to ensure compliance with relevant laws. The information you provide will be used in conjunction with other data we have regarding your use of the DirectVault account. If you fail to provide the requested information, we may refuse access to your DirectVault account. It is important that all the information you submit is accurate and complete. If we are unable to verify the accuracy of the details, we may restrict or terminate your access to the DirectVault account.
3. RESTRICTIONS
The following individuals and entities are prohibited from using our services:
Individuals or entities subject to international sanctions or included on government watchlists.
Politically Exposed Persons (PEPs), Heads of International Organizations (HIO), High-Risk Individuals (HRIs), and their family members or close associates.
Individuals whose identity cannot be verified or is found to be falsified.
Entities involved in illegal activities such as trafficking in weapons, radioactive materials, tobacco, or drugs.
Entities dealing with pharmaceuticals subject to international bans or phase-outs.
Organizations involved in pornography or prostitution.
Entities involved in quarries, mining, or processing of metal ores or coal.
Entities involved in diamond trading without Kimberley Certification.
Entities involved in non-licensed offline gambling, betting, casinos, horseracing, or bingo.
Entities involved in non-licensed online casino, online poker, online gambling, online betting, prize draws, gift cards, or any form of lottery or scratch cards.
Intellectual Property
All content, features, and functionality of the DirectVault website, including but not limited to text, graphics, software, code, images, videos, and audio, are the property of DirectVault or its licensors. This content is protected under copyright, trademark, patent, and other applicable intellectual property laws.
The DirectVault name, logo, and related assets are proprietary and may not be used without prior written consent. Unauthorized use of these materials may result in legal action.
Permitted Use
You may use the website solely for personal, non-commercial purposes as permitted by DirectVault. Unless explicitly authorized, you may not reproduce, modify, distribute, publicly display, or create derivative works from any materials on the site.
Permitted actions include:
Temporary caching or storage of website materials during browsing.
Sharing or interacting with content through approved social media platforms.
Any use explicitly authorized in writing by DirectVault.
Prohibited Use
Using the site for commercial purposes or in a manner deemed abusive, exploitative, or circumventing controls might result in restricted, suspended, or terminated access to the site or services without notice. DirectVault reserves the right to delete associated files or data.
Prohibited Countries:
Afghanistan
Belarus
Burundi
Central African Republic
Congo DR
Crimea/Sebastopol
Cuba
Federal Republic of Somalia
Gaza Strip
Guinea
Haiti
Iran
Iraq
Libya
Mali
Moldova
Myanmar
North Korea
Pakistan
Russia
South Sudan
State of Eritrea
Sudan
Syrian Arab Republic
Venezuela
Yemen
4. INTERACTIVE FEATURES
We may offer interactive services or features on our Website. Additional terms and conditions may apply to these services. Please review any such terms carefully before engaging with them.
5. HOW TO UPLOAD FUNDS TO YOUR ACCOUNT
If you would like to upload funds to your Account, you will need to log-in, and follow the upload instructions. DirectVault may request that you use 2FA in order to complete uploading funds to your Account.
You cannot deposit physical cash (coins and notes), cheques or banker’s drafts.
6. SENDING PAYMENT USING YOUR ACCOUNT
You can initiate a payment by contacting us directly or calling your Account Manager to confirm the payment details, including the payee’s name, account information, amount, and currency. Alternatively, you can log into your DirectVault account using your Credentials and follow the prompts. By instructing a payment, you are requesting DirectVault to process the transaction.
To make a payment, you must have sufficient funds in your account to cover the transaction, including any applicable fees. If there are insufficient funds, the payment will not be processed. Payments may also involve foreign exchange transactions if currency conversion is needed.
It is your responsibility to ensure that the payee's account details are correct and complete. If you provide incorrect or incomplete details, we are not liable for any delays or misdirected payments. However, we will make reasonable efforts to help recover funds sent to the wrong payee, although we may charge a fee for this service.
You can cancel or modify a payment before it is processed by contacting us.
If you wish to recall a payment, we will make reasonable efforts to assist you, but we are not liable if the recall is unsuccessful. We may charge a reasonable fee to cover administrative costs incurred during the recall process. We will not be liable for any delays, charges or losses incurred due to the cancellation or recall of a payment.
While we can typically estimate the time required for a payment to reach the beneficiary bank, we are not responsible for any delays caused by:
Verification checks, including requests for additional information;
Insufficient funds being available;
The beneficiary bank, correspondent bank, or any third party’s processing of the payment.
As a result, we cannot guarantee that the beneficiary bank will make the funds available to the payee on the same day the payment is received.
We may refuse a payment if you have not met your obligations under the Agreement or if we suspect the payment is unlawful. We will notify you if we refuse a transaction and provide instructions on correcting payment errors. We are not responsible for delays caused by third parties involved in the payment process, such as beneficiary banks or intermediaries.
You agree that we may send necessary information to the beneficiary’s bank or Payment Service Provider to comply with regulatory obligations. If intermediary banks or beneficiary banks charge fees, you will be responsible for these charges. DirectVault is not liable for any losses due to third-party fees.
7. RECEIVING PAYMENTS USING YOUR ACCOUNT
When DirectVault receives cleared funds on your behalf, we will credit your account with the corresponding amount and currency in electronic money. It is your responsibility to regularly monitor your transaction history and account balances. DirectVault will not be held responsible for any delays or losses resulting from incorrect account numbers provided by you. However, we will make reasonable efforts to help recover lost funds, and we reserve the right to charge a fee for any costs incurred in doing so.
Your DirectVault account can hold funds for as long as the account remains open.
If a third-party payer recalls funds received in your DirectVault account, we may use the funds in your account to return the requested amount or to settle any liabilities you owe DirectVault due to the recall. If your account balance is insufficient to cover the recalled amount, you agree that DirectVault may impose restrictions on the use of your account.
DirectVault reserves the right to reject, reverse, return, or limit payments and transfers to your account, or to adjust your account balance in situations such as, but not limited to:
to comply with applicable laws or our internal policies,
in the case of an erroneous payment,
if your account is suspended or restricted at the time of payment,
if the payer or their bank is reversing the payment, or
if we suspect you are in breach of this Agreement.
In these cases, we will make reasonable efforts to notify you unless doing so would violate laws or our internal policies. If you receive funds in error, you agree to promptly notify DirectVault and allow us to reverse the transaction if necessary.
Any costs or expenses related to the recall, rejection, reversal, or limitation of payments to your DirectVault account will be your responsibility or the payer's, depending on the circumstances, as determined by DirectVault.
8. BOOKING FOREIGN EXCHANGE TRANSACTIONS USING YOUR ACCOUNT
DirectVault offers foreign exchange transactions services under this Agreement. DirectVault does not support foreign exchange transactions for investment or speculative purposes, such as attempting to profit from fluctuations in exchange rates. If this is your intention, you must notify us. We may decline your transaction request, suspend your account, or close it if we believe you are using foreign exchange services for speculative or investment purposes.
When you instruct us to buy or sell a currency, we will confirm the following terms of the transaction:
The currency amount you wish to convert;
The amount of the currency to be purchased;
The exchange rate offered;
Any applicable fees or costs;
If applicable, the requirement for an Initial Margin;
If applicable, the Settlement Date by which sufficient cleared funds must be in your account.
These are the Terms of the transaction.
The exchange rate for the foreign exchange transaction will be confirmed before you complete the transaction.
By accepting the Terms - you agree to be bound by the terms and will receive a Confirmation Notice.
Transfers between wallet currencies in your account are also considered foreign exchange transactions and are subject to these terms.
We may accept an instruction from you to buy and sell currency at a set price. If market conditions prevent us from executing the instruction in full or at all, we are not liable. We may cancel an instruction if it has not been executed within a month from when we received the instruction.
You must have sufficient funds in the currency you wish to sell in your account on the Business Day specified in the Confirmation Notice. DirectVault may deduct the required funds from your account to settle your foreign exchange transaction. We recommend ensuring funds are available at least a day before the due date to avoid delays due to time zone differences or local payment cut-off times.
DirectVault is not obligated to accept any instruction for foreign exchange transactions and reserves the right to decline any such instruction.
DirectVault as the principal party conducts all foreign exchange transactions and we are not responsible to anyone other than you, the registered account holder.
If you wish to amend the Terms of an existing foreign exchange transaction, we may agree to reasonable changes, at our sole discretion, depending on market conditions. We reserve the right to charge a fee for these amendments.
If you fail to provide payment instructions for a currency, we may either cancel the transaction if the currency is unsupported, or credit the bought currency to your account’s relevant wallet. You will be liable for any costs or losses associated with the cancelation and we reserve the right to charge a fee for the cancelation process.
If a payment can be recalled, and you wish to reconvert the bought currency, the amount returned to you will be calculated based on the exchange rate determined by DirectVault on the date of the conversion.
9. CANCELLING FOREIGN EXCHANGE TRANSACTIONS
If DirectVault cancels a foreign exchange transaction—whether at your request or otherwise, You will be responsible for any losses or reasonable costs incurred by DirectVault as a result of such closure.
If you notify us that you wish to cancel a foreign exchange transaction, we may, at our sole discretion, agree to cancel it. In the event of your death, illness, any potential legal action against you, an Insolvency Event, or for any other reason at our sole discretion (acting reasonably), we may choose to close out your foreign exchange transactions.
If we decide to close out any of your foreign exchange transactions, we will notify you beforehand, where reasonably practicable.
If you fail to fulfill any of your obligations or breach any terms of this Agreement, we may close out any foreign exchange transactions without further notice to you and offset any funds held on your behalf (whether from you or a third party) against amounts owed to us to cover any losses incurred.
10. THIRD-PARTY SERVICES
If you choose to enable or use third-party services through our Website, your use of those services is subject to the terms and conditions of the third-party provider. DirectVault Limited does not endorse, control, or assume responsibility for any third-party services. You release DirectVault Limited from any liability arising from your interaction with such services. In using these services, you may also be required to provide personal data to third-party providers.
11. FEES
Upon setting up your account with DirectVault Limited, you will be subject to an initial setup fee. Additionally, monthly maintenance fee will be included, as well nominal fees may be charged for certain transactions, such as using the remittance gateway or other associated services. These fees help us maintain and improve our platform.
12. CONTENT STANDARDS
Any content you contribute to our Website must comply with all applicable laws. We value accuracy, respect for intellectual property, and responsible communication. You agree not to post defamatory, misleading, or unlawful material.
13. LIMITATION OF LIABILITY
To the fullest extent permitted by law, DirectVault Limited and its affiliates, directors, officers, employees, agents, suppliers, and licensors disclaim liability for any indirect, incidental, special, punitive, or consequential damages, including but not limited to loss of profits, revenue, goodwill, or business interruption. This applies regardless of whether the damages were foreseeable, and even if DirectVault Limited was advised of the possibility of such damages.
14. MODIFICATIONS
Site Changes: DirectVault may modify or discontinue services at any time without prior notice.
Assignment: Users may not transfer rights under these Terms without consent.
Severability: Invalid provisions do not affect the validity of the remaining Terms.
15. LEGAL FRAMEWORK
Governing Law: These Terms are in accordance with the laws of the Province of Ontario, Canada.
Force Majeure: DirectVault is not liable for delays caused by events beyond its control, including but not limited to acts of God, civil or military authorities, terrorist acts, civil unrest, war, strikes or other labor disputes, fire, interruptions in telecommunications or internet services or network provider services, equipment or software failure, other catastrophes, or any other event beyond our reasonable control
Arbitration: Disputes will be resolved through binding arbitration in Ontario, with no right to class action lawsuits, administered by alternative dispute resolution JAMS (https://www.jamsadr.com)
16. TERMINATION AND ACCOUNT CLOSURE
DirectVault reserves the right to suspend or terminate your access to its services at its sole discretion, without prior notice, in the event of any breach of these Terms of Service or any conduct deemed inappropriate or harmful. Any related files or data may be deleted without any liability or cost to you. DirectVault will provide guidance on how to withdraw any funds remaining in your account. In order to complete fund withdrawal, you will need to provide other Bank account that can be used to settle any outstanding balance you would hold on DirectVaut. Upon the Termination Date, your account will be closed, and you will be able to redeem any owed funds within six (6) years from that date.
Any amounts you owe under this Agreement will become immediately due on the Termination Date. You agree to settle any outstanding balance by transferring the owed sums into a bank account we designate, no later than five (5) Business Days after the Termination Date.
17. COOKIES AND PERSONAL INFORMATION
We use cookies to enhance your experience on our Website. To learn more about how we collect and use your data, please refer to our Privacy Policy and Cookie Policy.
18. ACCEPTANCE OF TERMS
By using our Website and Services, you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions. If you disagree with any part of these terms, please do not use the Website or Services.
19. GENERAL PROVISIONS
If any part of these Terms is deemed unenforceable, the remaining provisions will still be valid and enforceable. These Terms do not affect your statutory rights under applicable law.
20. CONTACT US
If you have any questions or concerns, please contact us at:
DirectVault Limited
Address: 2300-2850 Shaughnessy St 319, Port Coquitlam, BC V3C 6K5, Canada
Telephone: +12048199915
Email: [email protected]