Terms of Service

1. Acceptance of Terms

By creating an account, accessing, or using VeriSwap ("the Platform"), you acknowledge that you have read, understood, and agree to be bound by these Terms of Service ("Terms") and our Privacy Policy. If you do not agree to these Terms, you must not access or use the Platform. These Terms constitute a legally binding agreement between you ("User", "you") and VeriSwap ("we", "us", "the Company").

2. Eligibility

The Platform is designed for international students, workers, and residents in Russia who need peer-to-peer currency exchange services. To use the Platform, you must:

• Be at least 18 years of age.
• Hold a valid, government-issued passport.
• Be legally permitted to engage in currency exchange activities in your jurisdiction.
• Successfully complete our Know Your Customer (KYC) verification process before posting or accepting any swap transactions.
• Not be subject to any sanctions, embargoes, or other legal restrictions that would prohibit your use of currency exchange services.

3. Account Registration & Responsibilities

When you register for an account, you agree to:

• Provide accurate, current, and complete information during the registration process (full name, email, phone number, nationality, city, username).
• Maintain the security and confidentiality of your login credentials. You are solely responsible for all activity under your account.
• Immediately notify VeriSwap if you suspect any unauthorized use of your account.
• Not create multiple accounts, impersonate other users, or use misleading information.
• Not share, transfer, or sell your account to any third party.
• Keep your profile information up to date, including your contact details and city of residence.

VeriSwap reserves the right to refuse registration or cancel accounts at its sole discretion.

4. KYC Verification

All users must complete identity verification before participating in transactions:

• Primary Document: A valid passport is required for all users.
• Secondary Document: A valid student ID (default), or an alternative document approved by admin for non-students (e.g., work permit, residence permit).
• Documents must be clear, unaltered, and legible. Blurry, cropped, or manipulated documents will be rejected.
• VeriSwap administrators review all submissions and reserve the right to approve or reject documents at their sole discretion.
• Unverified accounts are restricted from posting swap listings, accepting transactions, and accessing in-app messaging.
• If your documents are rejected, you may resubmit corrected documents for further review.

By submitting documents, you confirm they are genuine, belong to you, and that you consent to their storage and review by VeriSwap administrators.

5. Transaction Rules & The Digital Handshake

All currency swaps on VeriSwap follow a structured peer-to-peer protocol:

• Posting: Verified users may post swap listings specifying the amount, currency direction (Send To / Receive From), and preferred transfer method.
• Matching: Other verified users may browse the Swap Board and commit to fulfill a listing (or part of one).
• Fee Payment: Both parties must pay the applicable service fee via SBP and upload proof of payment before the transaction proceeds.
• The Digital Handshake: Every transaction follows a mandatory 3-step protocol:
  1. Step 1 — "Sent": The sending party confirms they have dispatched the funds. This starts a countdown timer.
  2. Step 2 — "Received": The receiving party confirms receipt of the funds.
  3. Step 3 — Completion: The transaction is marked complete and both parties may leave reviews.
• Timeout: If the receiving party does not confirm within the countdown period, the transaction is automatically frozen, all chat is suspended, and the case is escalated to admin review.

Users must not attempt to bypass, circumvent, or manipulate the Digital Handshake protocol. Doing so is grounds for immediate account suspension.

6. Partial Fulfillment & Trust Chunks

VeriSwap supports partial fulfillment of swap listings:

• If a listing requests $100 and another user commits to $60, the system automatically updates the listing to reflect the remaining $40 balance.
• Each partial fulfillment constitutes a separate transaction with its own Digital Handshake cycle.
• The original listing remains active until fully fulfilled or manually cancelled by the poster.

Trust Chunks (Safety Mechanism): If a user with a Trust Score of 0 (new user) accepts or posts a transaction exceeding $500, the Platform will recommend splitting the amount into smaller chunks (e.g., $100 each). Each chunk follows its own independent Digital Handshake. This mechanism is designed to protect both parties and is strongly recommended for high-value transactions involving unestablished users.

7. Service Fees & SBP Payments

• Both the sender and receiver in a transaction must pay a service fee to VeriSwap.
• Fees are calculated as a fixed percentage of the transaction amount, as displayed at the time of commitment.
• Fees must be paid via SBP (Sistema Bystrykh Platezhey) to VeriSwap's designated bank accounts.
• Users must upload a screenshot or receipt of their SBP payment for verification.
• Receipts are processed using automated OCR verification. If the system cannot verify a receipt, it will be placed in a manual admin review queue.
• Fees are non-refundable once the receipt has been verified and the transaction has proceeded past the fee verification stage.
• VeriSwap reserves the right to modify fee percentages at any time with advance notice to users.

8. Trust Score & Reviews

• After completing a transaction, both parties are invited to rate their counterparty on a 1–5 star scale and leave an optional comment.
• Ratings contribute to a running average Trust Score, which is displayed publicly alongside the user's Public Alias on the Swap Board.
• Trust Scores are designed to help users make informed decisions about transaction partners.
• VeriSwap reserves the right to remove, adjust, or reset Trust Scores in cases of verified abuse, manipulation, or coordinated rating fraud.
• Users must not offer incentives, threaten, or coerce another user in exchange for favorable reviews.

9. Referral Program

VeriSwap may offer a referral program allowing users to invite others to join the Platform:

• Each verified user receives a unique referral code that can be shared.
• Referral rewards (if offered) are earned only when the referred user completes registration, passes KYC verification, and fulfills any additional criteria specified by the program.
• Self-referrals, fake accounts, and any form of referral abuse are strictly prohibited and will result in forfeiture of rewards and possible account suspension.
• VeriSwap reserves the right to modify, pause, or terminate the referral program at any time without prior notice.
• Referral rewards may be subject to clawback if the referred user's account is later suspended or found to be fraudulent.

10. In-App Communication

• VeriSwap provides a real-time in-app messaging system for matched transaction partners.
• Chat functionality is only enabled after both parties' service fee receipts have been verified.
• Messages are transmitted in real-time and stored securely for dispute resolution purposes.
• Automated safety warnings may be displayed within chat to remind users of best practices.
• All chat content is subject to moderation and may be reviewed by administrators during dispute investigations.
• Users must not use the chat to share external payment links, solicit off-platform transactions, or engage in harassment.

11. Prohibited Activities

You agree not to use the Platform to:

• Engage in money laundering, terrorist financing, fraud, or any other illegal activity.
• Submit forged, altered, or manipulated identification documents or payment receipts.
• Harass, threaten, intimidate, or abuse other users through chat, reviews, or any other channel.
• Circumvent the Digital Handshake protocol, fee requirements, or any other Platform security mechanism.
• Create fake transactions, fraudulent listings, or fictitious accounts.
• Manipulate Trust Scores through coordinated rating schemes or fake reviews.
• Attempt to conduct transactions outside the Platform after matching with a user on VeriSwap.
• Use automated scripts, bots, or scraping tools to interact with the Platform.
• Exploit bugs, vulnerabilities, or errors in the Platform for personal gain.
• Violate any applicable local, national, or international law or regulation.

12. Account Suspension & Termination

By VeriSwap: We reserve the right to suspend, freeze, or permanently ban any account at our sole discretion if we believe a user has violated these Terms, engaged in suspicious activity, or poses a risk to the Platform or other users. Suspension actions may include:

• Immediate account freeze with loss of access to all Platform features.
• IP address blocking.
• Blacklisting of passport numbers or phone numbers.
• Freezing of any in-progress transactions for admin review.

By User: You may request account closure at any time by contacting Support. Before closure:

• All active transactions must be completed, cancelled, or resolved.
• Outstanding service fees must be settled.
• Upon closure, your profile and transaction history will be deactivated. Certain data may be retained as required by law or for dispute resolution (see our Privacy Policy).

Appeals for suspended accounts may be submitted through the Support page.

13. Dispute Resolution

VeriSwap provides an internal dispute resolution mechanism:

• Automatic Escalation: Transactions that time out during the Digital Handshake are automatically escalated to admin review.
• User-Initiated Disputes: Either party may raise a dispute through the Platform's dispute system if they believe the other party has acted in bad faith.
• Admin Investigation: VeriSwap administrators will review all available evidence including transaction records, chat logs, uploaded receipts, and KYC documents.
• Resolution: Admins may resolve disputes by completing, reversing, or cancelling transactions, adjusting Trust Scores, or suspending accounts as appropriate.
• Admin decisions on disputes are final and binding within the Platform.
• If you are unsatisfied with an internal resolution, you retain the right to pursue remedies through the applicable legal system (see Section 24).

14. Anti-Money Laundering (AML) Compliance

VeriSwap is committed to preventing its Platform from being used for money laundering, terrorist financing, or other financial crimes:

• All users must complete KYC verification with genuine identity documents.
• VeriSwap monitors transactions for unusual patterns, including unexplained high-frequency trading, rapid escalation of transaction values, or transactions with no apparent economic rationale.
• We reserve the right to request additional documentation or information from any user at any time.
• Suspicious activity may be reported to relevant authorities in accordance with applicable laws.
• Users found to be engaging in money laundering or related activities will be permanently banned and reported to law enforcement.

15. Currency & Exchange Rate Disclaimer

VeriSwap is a peer-to-peer matching platform and does not set, control, or guarantee exchange rates:

• Exchange rates are agreed upon directly between transacting parties.
• VeriSwap bears no responsibility for currency fluctuations that occur between the time a listing is posted and when a transaction is completed.
• Users are responsible for ensuring their transactions comply with all applicable currency exchange regulations in their respective jurisdictions.
• Changes in government policy, sanctions, or banking regulations may affect the availability of certain transfer methods or currencies without notice.

16. Intellectual Property

All content, design, logos, text, graphics, software, and other materials on the Platform are the property of VeriSwap or its licensors and are protected by applicable intellectual property laws. You may not:

• Copy, reproduce, distribute, or create derivative works based on Platform content.
• Use VeriSwap's name, logo, or branding without prior written consent.
• Reverse-engineer, decompile, or attempt to extract the source code of the Platform.

17. User Content License

By uploading content to the Platform (including identification documents, receipts, profile images, chat messages, and reviews), you grant VeriSwap a non-exclusive, worldwide, royalty-free license to use, store, process, and display that content solely for the purposes of:

• Operating and providing the Platform's services.
• Verifying identity and transaction receipts.
• Investigating disputes and enforcing these Terms.
• Complying with legal obligations.

This license terminates when you delete your account, except for content that must be retained for legal compliance or active dispute resolution.

18. Third-Party Services

The Platform relies on and interacts with third-party services including but not limited to:

• SBP (Sistema Bystrykh Platezhey): For service fee payments.
• Transfer Methods: Cash, Ecocash, Innbucks, Mukuru, and other payment channels as available.
• Cloud Infrastructure: For hosting, storage, and data processing.
• AI/OCR Services: For automated receipt verification.

VeriSwap does not control these third-party services and is not responsible for their availability, accuracy, or security. Your use of third-party payment methods is governed by those providers' terms and conditions. Outages or changes to third-party services may temporarily affect Platform functionality.

19. Limitation of Liability

To the maximum extent permitted by applicable law:

• VeriSwap acts solely as a matching and facilitation platform and does not guarantee the completion, outcome, or success of any peer-to-peer transaction.
• VeriSwap is not liable for any direct, indirect, incidental, consequential, or punitive damages arising from your use of the Platform, including financial losses from failed or disputed transactions.
• VeriSwap is not responsible for the actions, omissions, or conduct of any user.
• VeriSwap's total cumulative liability to you for all claims arising from or related to these Terms or the Platform shall not exceed the total service fees you have paid to VeriSwap in the 12 months preceding the claim.

Users transact at their own risk and are solely responsible for verifying their transaction partners.

20. Indemnification

You agree to indemnify, defend, and hold harmless VeriSwap, its officers, directors, employees, and agents from and against any claims, damages, losses, liabilities, costs, and expenses (including reasonable legal fees) arising from:

• Your use or misuse of the Platform.
• Your violation of these Terms.
• Your violation of any applicable law or regulation.
• Your infringement of any rights of a third party.
• Any content you upload or transmit through the Platform.

21. Privacy

Your use of the Platform is also governed by our Privacy Policy, which describes in detail how we collect, use, store, and protect your personal data. By accepting these Terms, you also acknowledge and consent to the data practices described in the Privacy Policy.

22. Electronic Communications Consent

By creating an account, you consent to receive electronic communications from VeriSwap, including:

• Transaction status updates and notifications.
• Unread chat message alerts (sent only when you have been offline for more than 5 minutes).
• KYC verification status updates.
• Dispute notifications and admin messages.
• Platform announcements, policy changes, and service updates.

You may manage your notification preferences through your account settings. Critical security and legal notifications cannot be opted out of.

23. Service Availability

VeriSwap strives to maintain continuous Platform availability but does not guarantee uninterrupted service:

• The Platform may experience downtime for scheduled maintenance, updates, or improvements.
• We will endeavor to provide advance notice of planned maintenance when possible.
• VeriSwap is not liable for any losses or inconvenience caused by service interruptions, whether planned or unplanned.

24. Force Majeure

VeriSwap shall not be liable for any failure or delay in performing its obligations under these Terms due to circumstances beyond its reasonable control, including but not limited to: natural disasters, war, terrorism, government actions, sanctions, internet outages, power failures, cyberattacks, pandemics, or disruptions to banking or payment systems.

25. Changes to Terms

VeriSwap reserves the right to modify these Terms at any time:

• Material changes will be communicated via email and/or in-app notification at least 14 days before taking effect.
• Minor or administrative changes may take effect immediately upon posting.
• Continued use of the Platform after the effective date of any changes constitutes acceptance of the updated Terms.
• If you do not agree with the changes, you must stop using the Platform and request account closure.

26. Severability & Entire Agreement

• Severability: If any provision of these Terms is found to be invalid, illegal, or unenforceable by a court of competent jurisdiction, the remaining provisions shall continue in full force and effect.
• Entire Agreement: These Terms, together with the Privacy Policy and any other policies referenced herein, constitute the entire agreement between you and VeriSwap regarding your use of the Platform and supersede all prior agreements, understandings, or representations.
• Waiver: The failure of VeriSwap to enforce any right or provision of these Terms shall not constitute a waiver of that right or provision.

27. Governing Law & Jurisdiction

These Terms shall be governed by and construed in accordance with the laws of the Russian Federation, without regard to its conflict of law principles. Any disputes arising under or in connection with these Terms that cannot be resolved through VeriSwap's internal dispute resolution process shall be submitted to the exclusive jurisdiction of the competent courts in Moscow, Russian Federation.

28. Contact

If you have any questions, concerns, or requests regarding these Terms of Service, please contact us through:

• The in-app Support page.
• Email: support@veriswap.com

We aim to respond to all inquiries within 48 hours.