GENERAL TERMS AND CONDITIONS
“BELO" MOBILE APPLICATION
These general terms and conditions of use of the mobile application "BELO", including its annexes and updates, (hereinafter, the "General Terms of Service") constitute the agreement between any person over 18 years of age (hereinafter, "User" and in plural "Users") that uses the mobile application available at www.belo.app and/or www.belo.cash (the "App") and Gralcey S.A., a company incorporated under the laws of the Republic of Uruguay, domiciled at Andes 1365, Esc. 308, in the City of Montevideo, Republic of Uruguay, RUT 218765580018 (hereinafter, "Gralcey" or the "Developer").
These General Terms describe the rights, responsibilities and obligations that will apply to the relationship between the User and the Developer (collectively, the "Parties" and individually the "Party") in relation to the use of the App and any related product, functionality or service offered therein (any of them, indistinctly, the "Service" and, jointly, the "Services", as appropriate).
Acceptance. The User must carefully read and understand all of the terms and conditions set forth in these General Terms of Service -and all other policies, attachments and principles incorporated by reference- prior to using the App and the Services provided, as acceptance thereof implies a binding contractual agreement between the Parties.
IN ANY CASE, THE USE OF THE APP AND THE USE OF THE SERVICES IMPLIES SUFFICIENT PROOF OF ACCEPTANCE BY THE USER OF THESE GENERAL TERMS OF SERVICE, THE PRIVACY POLICY AND THE OTHER DOCUMENTS THAT REGULATE THE PRODUCTS AND SERVICES OFFERED TO USERS.
Any person who does not wish to accept these General Terms of Service should abstain from using the App.
Updates and Modifications. We may periodically update these General Terms of Service and its Attachments -if applies-, the Privacy Policies, the products and Services offered and/or the App by providing bug fixes, new features or modifications (the "Updates"). All such Updates shall be effective upon posting and/or operation and may occur automatically without previous notice. You hereby agree to these possible modifications and Updates.
We may also ask you to install such Updates and you must do so promptly. Failure to install such Updates may expose you to security risks and/or limit our ability to provide the Services to you. Updates will be subject to these General Terms of Service together with any additional terms and conditions that may be provided with such Update. Your use of the App following the posting of new General Terms of Service, Privacy Policies, Attachments and the provision of new products, Services or features will constitute acceptance of all additional and/or updated terms. The Developer shall not be liable for any damages resulting from security breaches caused by failure to install the required Updates.
Electronic Communication. By accepting these General Terms of Service the User expressly consents that communications and notifications related to the use of the App and the Services provided be made in electronic format. In any case, the User may make copies, including on physical media, of the documentation and information provided by the Developer relating to these General Terms of Service.
Definitions. For the purpose of a better understanding, certain terms and expressions are defined below and shall have the meaning assigned to them in capital letters.
"Belo Account": unique, personal and non-transferable registration associated with the User that will allow him/her to use the Services within the App.
"Crypto Assets" or "Crypto Currencies": type of digital asset that uses cryptography to provide security in its transactions, in the management of its issuance and to ensure its ownership. A fundamental characteristic is that they are not issued or controlled by central authorities of any kind, such as a central bank. Therefore, they may be subject to particular rules different from those known in the traditional market and the User should fully understand the associated risks before acquiring Crypto Assets.
"Crypto Services": means the Services specifically involving Crypto Assets, as detailed in these General Terms of Service.
"External Providers": the Developer may provide the Services through external providers independent from the Developer (e.g. financial institutions, payment service providers, etc.) through corresponding commercial agreements.
"Request": instruction generated by the User by using the "send", "exchange" or "receive" buttons of a certain Crypto Asset or fiat money funds.
"Services": Comprises the totality of the Services, functionalities and products offered through the App.
"User": any person of legal age who has the legal capacity to contract. Minors, as of 13 years of age, may use their account with the authorization of their legal representative, who shall be responsible for all actions and obligations arising from the use of such account and who shall ensure the responsible and appropriate use of such account in accordance with the maturity of the authorized minor. Users may not be Users who lack legal capacity to contract, those who have been suspended or disqualified.
Legal Entities. In the event that legal entities want to be users of the Service, the representative of the legal entity must communicate by e-mail to [email protected] in order to be instructed on the steps to follow or enter the web page https://www.belo.app/business/.
Registration. In order to use the App, it is mandatory to complete the registration process. To do so, the User must provide all the data and information requested, which must be valid, accurate and truthful. Additionally, Users must satisfactorily comply with the identification and due diligence process provided in the App ("KYC" or "Know Your Customer", indistinctly), as well as with the requirements provided by the rules of Prevention of Money Laundering and Financing of Terrorism ("PLA/FT") that may apply.
All the information and personal data provided by the User is a sworn statement and the User guarantees its truthfulness, accuracy, completeness, validity and authenticity.
Identity Verification. The Developer reserves the right to request proof and/or additional information from the User or third parties in order to corroborate the information provided by the User during the entire term of the Services and at any time, as well as to reject a registration request, temporarily or permanently suspend, or terminate the Belo Account of those Users whose data could not be re-validated or in case of detecting suspicious activities, without such decision generating for the User any right to compensation or indemnification whatsoever.
Data Privacy. The data provided by the User is protected in an ethical and responsible way according to our Privacy Policy.
Belo Account. The successful registration will generate in favor of the User a single account, personal and non-transferable, in order to access the Services and functionalities offered by the App.
The User acknowledges and accepts that the Developer may establish special conditions applicable to one or more Services, which will be duly informed to the Users through the App. Likewise, the contracting of products or services offered by third parties outside the Developer in its App may be enabled, in which cases the Developer shall inform the Users of such circumstance and shall provide the legal terms applicable to such contracting.
Access. The User accesses his/her Belo Account by entering his/her e-mail address or user name and personal security password ("Login Password") chosen at the time of registering in the App. The User undertakes to safeguard and maintain the confidentiality of his or her Login Password at all times, since the User will be solely and exclusively responsible for all transactions carried out in his or her Belo Account.
Likewise, the App may require a double authentication factor in order to verify the User's identity when using the Services.
Misuse. The Belo Account is for the sole use of the User and the User may not transfer, assign or sell the Belo Account to any third party. It is a crime to do so. Likewise, any use of the Belo Account contrary to the provisions of these General Terms of Service, particular terms and/or annexes, shall entitle the Developer to suspend, pause or delete the Belo Account, without giving the User the right to any claim whatsoever.
Users who have had their Belo Account deleted will not be able to re-register for the App.
Limitation of Liability. The Developer shall not be liable for any data network damage, data network failure, hardware or software failure, communication or other system failures, power failure, strike, labor dispute, riot, uprising, productivity or lack of means of production, fire, flood, storm, explosion, war (declared or undeclared), governmental action, court order or omissions of a third party.
The User, irrevocably, from the moment of acceptance of the General Terms of Service, releases the Developer from any type of civil, criminal, commercial, administrative or any other type of liability, present or future, known or unknown, initiated against it and its respective shareholders, directors, officers, employees, agents, related companies and External Providers, for any of the risks described in these General Terms of Service and, consequently, irrevocably waives any action that may be taken to claim any type of liability derived from the use of the Crypto Services.
Term and Termination. The contractual relationship between the Parties arising from the acceptance of these General Terms of Service is for an indefinite term. Notwithstanding the foregoing, either of the Parties may terminate the relationship immediately by notifying the other in a reliable manner. To do so, the User shall send an email to the email address [email protected] and the Developer shall do the same to the email address provided by the User during the registration process. For the purposes of exercising this power, it is necessary that the Party seeking termination does not owe to the other party, nor to third parties involved in the operations, the fulfillment of any obligation. The revocation or closure of the Belo Account by will of the User will be free of charge for the User.
Grounds for Early Termination. In the event that the User breaches, violates or evades a law or any of the provisions included in these General Terms of Service and/or particular terms, the Developer may permanently delete the Belo Account, without prejudice to other sanctions that may apply and/or that are established in the particular rules of use of the App Services.
Closure of the Belo Account. Notwithstanding the foregoing and in addition to the grounds for termination due to User's default, the Developer reserves the right to close the Belo Account of a User in the following cases, - which are listed by way of example and are not exhaustive, and therefore there may be others that the Developer at its sole discretion may determine:
(a) in case of absence of movements in the Belo Account during the term of 360 (three hundred and sixty) calendar days; (b) when transactions with an unacceptable credit risk or with a risk of fraud are registered; (c) when it is detected that false, incomplete, inaccurate or misleading information has been provided, or inconsistencies are detected in the information provided at the time of registration; (d) when fraudulent or illegal conduct outside the usual pattern of conduct of the User is suspected; (e) operations outside your transactional profile and without justifying the origin and legality of your funds; and/or (f) registration of any improper use of the App.
The Developer reserves the right to close and delete the User's Belo Account at any time, immediately and without cause.
Termination for any reason shall imply the closure of the Belo Account and a new user with the same credentials may not be generated in the Application. However, the closure of the Account will not suspend the fulfillment of all the Applications already authorized by the User at the time of notifying the termination.
Upon closure of the Belo Account, the User will not be able to issue new instructions, except for those whose purpose is to withdraw the remaining balance of his/her Belo Account. Once the withdrawal has been made, the status of the Belo Account will change to “Closed”. The information of the history of the transactions carried out in the Account will be stored during the whole term of the Application.
Upon closure of the Belo Account, the Developer shall not be liable for the unavailability of funds credited or to be credited in the future to the Belo Account or for any of the transactions on the Belo Account. The User, irrevocably from the moment of acceptance of the General Terms, waives any type of action or liability claim derived from the use of the Belo Account, once the account is closed.
Taxes, costs and expenses. The use of some of the Services by the User may require the payment of fees, charges or taxes provided by the applicable legislation. All present or future taxes and fees that may be applicable shall be borne by the User. The Developer shall not be liable for the User's failure to comply with the tax obligations. The costs will be informed in the App and/or in www.belo.app.
Intellectual Property. The Developer and/or its related companies own all intellectual property rights over the App, its content, services, products, trademarks, commercial names, logos, designs, images, advertising phrases, copyrights, domains, computer programs, codes, developments, software, databases, information, technology, patents and utility models, industrial designs and models, commercial secrets, among others ("Intellectual Property") and are protected by national and international laws.
The use by the User of the Services or products offered in the App does not imply an authorization to use the Intellectual Property.
Its improper use, without authorization and/or contrary to the regulations in force and/or that generates confusion or implies denigratory use and/or that causes damage, harm or loss to the Developer and/or its related companies and/or third parties is forbidden.
Indemnity. The User shall hold harmless the Developer and its related companies, as well as those who direct, succeed, manage, represent and/or work for them, for any administrative or judicial claim initiated by the User, third parties or by any organization, related to their activities in the App or by the use of it.
By virtue of this indemnity, compensation, retentions or other measures necessary for the reparation of losses, damages, whatever their nature, may be generated in the User's Belo Account when the Developer so determines.
Restricted Jurisdictions. Persons who are residents of any jurisdiction in which (i) Developer is not authorized to provide the Services, (ii) where use of the Services is unlawful or violates any applicable law of such jurisdiction ("Restricted Jurisdiction") may not register as Users.
The User declares by accepting these General Terms of Service that he/she is not a resident of any Restricted Jurisdiction and that he/she will not register a Belo Account. The Developer reserves the right to deregister any Belo Account that has been registered in violation of the provisions herein.
Addresses and Notifications. The Developer sets special domicile at Andes 1365, desk 308, in the City of Montevideo, Republic of Uruguay. The electronic address established by the User for the purposes of using the Services is the e-mail address registered in the App.
The Parties agree that all electronic notifications sent through the App and/or to the e-mail address provided by the User shall be valid and binding, including but not limited to notices, reminders or communications related to the Services.
Applicable Law and Jurisdiction. These General Terms of Service shall be interpreted and governed by the laws of the Republic of Uruguay. In case of any difference, disagreement or conflict, interpretation, validity, and/or scope of these General Terms of Service and/or particular terms and annexes, the User agrees to initiate his/her claim exclusively through the means provided in the communication channels arranged by the Developer that expedite the communication between the Parties and are an effective means of conflict resolution.
CRYPTO SERVICES
Scope. Subject to compliance with the provisions of these General Terms of Service, the User may, upon instructions given to the Developer, use the Crypto Services: (a) make purchases and sales of Crypto Currencies; (b) maintain balances in Crypto Currencies; (c) make outgoing transfers of Crypto Currencies; (d) receive Crypto Currencies to his/her Belo Account; and (e) obtain returns.
ARGENTINE USERS
The offer of Crypto Assets for Argentina Users is provided by Belo Argentina S.A., domiciled at Tucumán 1, 3rd floor, (C1049AAA), Ciudad Autónoma de Buenos Aires, Argentina, registered under No. 52 dated July 19, 2024 in the Registry of Virtual Assets Service Providers of the National Securities Commission (CNV). This registration is for the purposes of control as a Regulated Entity before the Financial Information Unit (UIF) and any other regulatory entity empowered for such purpose, within the framework of its competences, and does not imply license or supervision by the NATIONAL SECURITIES AND EXCHANGE COMMISSION over the activity performed by the PSAV.
Whenever in these General Terms of Service the Developer is mentioned for Crypto Services, it shall be understood that such provisions apply respectively to Belo Argentina S.A. in relation to Argentine Users.
Knowledge and Acceptance of Risks. Users, by the sole fact of accepting these General Terms of Service, acknowledge and accept that transactions with Crypto Assets are subject to a number of particular risks, including, without limitation:
(a) risks specific to the jurisdiction in which the User resides, as well as those of the jurisdiction in which the transaction of purchase or sale or transfer of Crypto Assets takes place,
(b) computer, technical or technological risks arising from the functionality, characteristic, use and other technical properties of the Crypto Assets, as well as from the underlying technology thereof and any other risk that has an impact on the transaction;
(c) risks due to implementation or changes in regulatory and/or legal matters affecting the holders of Crypto Assets or risks inherent to the lack of regulatory support or supervision by governmental agencies;
(d) risks inherent to technology and the use of digital platforms, since despite the development and high investment in IT security made by the Developer, there are risks such as phishing, identity theft or cybernetic attacks (hacking) that could generate losses, changes or theft of the Crypto Assets;
(e) economic, financial and volatility risks in the value of the Crypto Asset, since they are not considered legal tender and their value is not backed by any government or financial institution;
(f) technological, cybernetic and fraud risks inherent to the purchase, sale and exchange of Crypto Assets;
The User accepts, acknowledges and assumes that -in addition to those mentioned above- there may be additional risks that have not been expressly foreseen in these General Terms of Service and releases the Developer, its shareholders, directors, employees, representatives and/or attorneys-in-fact from any kind of liability for damages or losses suffered as a direct consequence of the App made for the Crypto Services.
User's Statement. As a condition for the use of the Crypto Services, the User represents, declares and warrants the following:
(a) That he/she is fully and completely aware of the nature, legal framework (or lack thereof) and volatility of the value of the Crypto Currencies and that he/she fully assumes the risk of performing transactions on such assets;
(b) That he/she knows and accepts that neither the Developer nor the App provide advice and/or recommendations of a financial nature or regarding the opportunity or convenience of transacting through the App with Crypto Assets;
(c) That it is not prevented or restricted from carrying out any of the transactions for which it submits Crypto Service Requests and that such transactions do not imply a violation of the tax, regulatory or legal regime or any restriction or regulation applicable to the User, in the applicable jurisdiction;
(d) That the App may require further information and/or documentation from the User, in which case the User undertakes to provide it immediately, empowering it to share such information and/or documentation with the External Providers in order to make effective the Requests that are instructed by means of the App;
(e) That the digital assets or funds used in the App were obtained in a lawful manner and are destined to lawful acts;
(f) That the operations carried out through the App may have a purely electronic instrumentation -without any written evidence-, so the User must take this aspect into consideration when contracting third parties to carry out or formalize operations within the App. Therefore, all the certificates -including the Transaction Certificates- will be available for downloading in the User's portfolio in the App. The same should not be considered as valid and enforceable, but should be considered simply for the registration of each User and;
(g) That the User acknowledges that neither the Developer, nor the External Providers, nor third parties authorized to provide additional Services to those listed in the App, shall be liable for the time elapsed between the sending of the instruction to acquire or sell Crypto Assets and the effective transfer of such Crypto Assets in the User's Belo Account.
(h) That the Users fully and exclusively assume the risk of trading Crypto Currencies and release the Developer from any liability or loss arising from or related to such transactions.
Consequently, the User agrees and declares that:
(a) shall refrain from claiming for any fluctuation in the price of Crypto Currencies; and.
(b) exempts the Developer from any liability whatsoever for any damages, losses or diminution in value, direct or indirect, actual or future, related to the Crypto Currencies or the Crypto Services, whatever their cause.
Balance Upload. In order to use the Crypto Service, the User must (i) transfer to its Belo Account any of the Crypto Currencies listed in the App and/or (ii) funds in legal tender in the jurisdictions where such service is enabled.
There may be a minimum or maximum balance load in the App; in such case, it will be timely informed to the Users in the App or at www.belo.app.
Transactions with Crypto Currencies. By using the "send", "receive" and "exchange" buttons of the App, it is understood that the User generates an Request, constituting an irrevocable mandate and instruction for the purposes of the Developer to buy or sell Crypto Currency for the account and order of the User. Each Request shall indicate, among other data, the amount and type of Crypto Currency to be bought or sold (according to the options provided by the App), the amount and the price to be paid or received by the User for such transaction (according to the quotations displayed by the App).
All Crypto Currency market rates displayed on the App shall be valid during the period the User has to accept the purchase or sale transaction. Such quotations have a duration of 60 seconds. After this time, the market rates of transactions that were not carried out or accepted may be modified.
The Crypto Currencies acquired by virtue of the Crypto Services will be displayed in the User's Belo Account. In case the User would like to sell the Crypto Currencies through the App, he/she must send a Request in such sense and once the sale is made by his/her account and order, the proceeds will be integrated to the Belo Account after the corresponding deductions.
Such transfers are subject to: (a) the availability and existence of a balance of Crypto Currencies in favor of the User in its Belo Account; and (b) the issuance of the corresponding Request, which must contain the amounts of Crypto Currency to be transferred and the data required therein.
The User may consult through the App its Crypto Currency balances and movements as well as their respective vouchers.
The Developer shall not be liable for delays or inconveniences in the crediting of the Crypto Currencies, since they may be caused by external events or as a consequence of the actions of External Providers alien to the Developer. Notwithstanding the foregoing, the Developer shall use commercially reasonable efforts to ensure that the Request’s are executed as soon as possible.
The User understands and accepts that the Developer shall not be liable in case the Request transaction cannot be processed or performed due to issues beyond the Developer's control.
The User shall be solely responsible for the data provided in the App and the Developer shall not be liable for any damages that this may cause, for example if the User provided an incorrect wallet address for the withdrawal of the funds and this resulted in the loss of the Crypto Currencies.
The Developer shall not be liable for the loss or theft of the Crypto Currencies and shall not pay compensation for the loss thereof.
The Developer reserves the right not to accept or reject Requests that come from illicit, fraudulent accounts or whose origin is associated with money laundering or terrorist financing. The Developer may proceed to close the Belo Account in case of detecting suspicious transactions, even if the User alleges that these were not made by the User.
Charges and/or commissions. The User acknowledges and accepts that the purchase and sale or exchange of Crypto Currencies in the App may involve costs and commissions arising from the services provided by third parties involved in the transfers. Such costs or commissions can be consulted in the following pages: https://bitcoinfees.earn.com/ and https://ethgasstation.info/.
The deposit commissions are covered by the User who sends the Crypto Currencies.
Transfers of cryptocurrencies between Belo Accounts are free of charge.
Custody of Crypto Currencies. The Developer performs on behalf of the User a custody and conservation service - which may be provided by an External Provider- of the Crypto Currencies available in the User's Belo Account.
The User understands and accepts that upon a judicial or administrative requirement, the Developer may immobilize and/or transfer to third parties the Crypto Currencies of the User's Belo Account that are subject to the custody services. If this happens, the Developer shall not accept any new Request from the User and shall dispose of the Crypto Currencies in the manner determined in the corresponding judicial or administrative order.
Performance.. Users will obtain returns from Crypto Currencies that are generated through decentralized finance platforms, protocols and centralized platforms. This generates variable profits for the User that will be reflected in the Belo Account.
Supported Networks. The networks compatible with the App will be those available on the same platform. The User must always consult the networks available in the App before making any operation since these may vary from one moment to another without prior notice.
The User must make the Requests taking into account the compatible networks and the Crypto Currencies/tokens listed in the App so that the funds object of the sending/receiving are received/sent and reach their destination correctly. Failure to do so may result in such funds being lost and not being recoverable. In case of using an unsupported network, the User runs the risk of losing his/her Crypto Currencies and may also be charged fees for such unsuccessful operation, which are charged by the network and not by the App.
The Developer does not own or control any of the underlying software through which blockchain networks are formed and Crypto Currencies are created and traded. In general, the underlying software for blockchain networks tends to be open source, so that anyone can use, copy, modify and distribute it. By using the App, User understands and acknowledges that Developer is not responsible for the operation of the underlying software and networks that support Crypto Currencies and that Developer does not guarantee the functionality, security or availability of such software and networks.
Recurring Purchases. The App offers the service of automating the purchase of Crypto Currencies through the "recurring purchases" option. Once the Users enable this functionality, they must select the fiat currency (only for Argentine Users) or Crypto Currency they want to use and the Crypto Currency they want to purchase. Then the frequency of the recurring purchase must be configured between "daily", "weekly" and "monthly". According to the chosen frequency, the recurring purchase will be made at the same time the first purchase was made. That is to say, if the User enabled the service at 9:15 a.m. and the User chose a daily frequency, the purchase will be made every day at 9:15 a.m.
The User must have a balance in his/her Belo Account for the recurring purchase to take place. In case of insufficient balance, the recurring purchase will not be made and the functionality will be paused until funds are credited to the Belo Account.
The User may pause, edit or suspend recurring purchase requests at any time from the App.