iRamp

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Terms and Conditions

This Terms and Conditions (‘Terms’), along with the Privacy Policy (‘Policy’).

Terms and Conditions (V2) 31st December 2024

  1. Introduction

    Welcome to iRamp, a non-custodial cryptocurrency exchange providing ramp-on and ramp-off services. By accessing or using our services, you agree to comply with and be bound by these terms and conditions, which fully incorporate the requirements of the Markets in Crypto-Assets Regulation (MiCA). iRamp is committed to ensuring compliance with MiCA, which establishes a harmonized framework for crypto-assets within the European Union.

  2. Definitions

    • “iRamp”: Refers to the non-custodial cryptocurrency exchange platform.
    • “Services”: Refers to the ramp-on and ramp-off services provided by iRamp.
    • “User”: Refers to any individual or entity using iRamp services.

  3. Services Description

    iRamp exclusively offers ramp-on and ramp-off services, enabling users to convert fiat currency to cryptocurrency and vice versa. No wallet or custodial services are provided. These services are conducted in full compliance with MiCA, ensuring transparency, legal clarity, and consumer protection.

  4. User Verification

    To comply with MiCA and Know Your Customer (KYC) regulations, iRamp requires thorough verification from all users.

    • Individual Verification:
      • Valid government-issued ID (e.g., passport, national ID card).
      • Proof of address (e.g., utility bill, bank statement, or government correspondence not older than three months).
      • A real-time selfie to verify the user’s physical presence and match the ID photo.
    • Business Verification:
      • Company registration documents confirming the entity’s legal status.
      • Ownership structure, including identification of all beneficial owners holding 25% or more of shares.
      • Proof of registered address.
      • Verification of authorized representatives.
      • Financial statements or bank references to confirm financial stability and compliance with MiCA’s transparency requirements.

    iRamp ensures that all verification processes meet MiCA’s standards for identity verification and AML/CFT compliance.

  5. Compliance with MiCA Regulations

    iRamp operates within the regulatory framework established by MiCA to ensure:

    • Legal certainty in the offering of crypto-asset services.
    • Full consumer protection by informing users of the risks associated with crypto-assets.
    • Adherence to requirements for crypto-asset transparency and disclosure.

    In compliance with MiCA, the following activities are strictly prohibited:

    • Money laundering and terrorist financing.
    • Fraudulent schemes and deceptive practices.
    • Market manipulation.
    • Offering unregistered crypto-assets.
    • Mishandling or misuse of personal data in violation of GDPR.

  6. Enhanced Due Diligence (EDD)

    iRamp performs Enhanced Due Diligence (EDD) for high-risk users or transactions, fully aligned with MiCA’s requirements for risk management and financial stability. This includes:

    • Additional verification steps to confirm user identity.
    • Detailed analysis and documentation of the source of funds.
    • Continuous monitoring of transaction patterns to identify suspicious activities.
    • Comprehensive risk assessment to ensure ongoing compliance.

  7. Scope of Services

    iRamp offers non-custodial ramp-on and ramp-off services, exclusively facilitating the exchange of fiat currency to cryptocurrencies and vice versa. In compliance with MiCA, iRamp does not engage in wallet custody, staking, or other crypto-asset services outside this defined scope.

  8. Know Your Transaction (KYT) Compliance

    iRamp employs robust KYT monitoring tools to evaluate transactions for potential illicit activities. This ensures compliance with MiCA’s standards for AML/CTF (Anti-Money Laundering and Counter-Terrorist Financing).

  9. Prohibited Transactions

    Users are prohibited from utilizing iRamp services for the following:

    • Transactions involving sanctioned entities or jurisdictions.
    • High-risk, unverified transfers that may undermine MiCA’s financial integrity standards.
    • Any activity that violates applicable laws or MiCA regulations.

  10. Consumer Protection under MiCA

    MiCA emphasizes safeguarding users’ rights and interests. To uphold these principles, iRamp provides:

  • Transparent terms and conditions outlining all obligations and risks.
  • Regular updates on regulatory compliance to maintain user confidence.
  • An accessible mechanism for users to report disputes or concerns related to crypto-asset transactions.

  1. Tax Compliance

    Users are solely responsible for complying with local tax obligations concerning crypto-asset transactions. iRamp assists by providing transaction records but does not assume responsibility for users’ tax liabilities.

  2. Data Protection

    iRamp processes all user data in compliance with the General Data Protection Regulation (GDPR) and MiCA. User data is securely stored and used exclusively for compliance and operational purposes. Refer to our Privacy Policy for more details.

  3. Dispute Resolution

    All disputes related to these terms or iRamp services shall be governed by Polish law and MiCA regulations. Disputes will be resolved through a transparent and consumer-focused process, with users informed of their rights under MiCA.

  4. Transparency and Legal Certainty

    iRamp is committed to providing clear, accurate, and timely information to users, ensuring compliance with MiCA’s requirements for legal certainty. This includes:

  • Providing pre-contractual disclosures on risks associated with crypto-assets.
  • Maintaining accessible records of all transactions for regulatory oversight.

  1. No Warranties

    iRamp provides services “as is,” without warranties of availability, accuracy, or fitness for a specific purpose.

  2. Liability Limitation

    iRamp limits its liability to the amount paid by the user for services. Indirect or consequential damages are excluded, as permitted under MiCA.

  3. Amendments

    iRamp may update these terms and conditions to reflect regulatory changes, including MiCA updates. Users will be notified of changes, and continued use of services constitutes acceptance of modified terms.

  4. User Rights under MiCA

    Users have the following rights under MiCA:

  • Access to clear, accurate, and non-misleading information about crypto-assets.
  • Protection against fraudulent or deceptive practices.
  • The right to pursue disputes through accessible and fair processes.
  • Assurance of personal data protection in accordance with GDPR.
  1. Contact InformationFor questions or concerns regarding these terms and conditions, please contact us at support@iramp.io.