For the purposes of this Agreement, the following terms and definitions shall apply. These definitions are not exhaustive and may be supplemented by the Company from time to time to reflect regulatory or operational updates.
Company / VAY Finance Remittance Ltd – Refers to VAY Finance Remittance Ltd, a corporation incorporated under the laws of British Columbia, Canada, which owns and operates the Platform and provides services as described herein.
Platform – Refers to all digital systems, applications, websites, software, databases, and communication tools operated by the Company and accessible at www.toolyt.xyz.
Services – Refers to cryptocurrency and fiat currency exchange, payment processing, wallet-related operations, and other functions provided through the Platform.
Customer / Client – Refers to any individual or entity that has completed registration and verification procedures, holds an Account with the Company, and uses the Services.
Account – A registered profile on the Platform that allows a Customer to access Services, manage Funds, and perform transactions.
Fiat Currency – Legal tender issued by a sovereign government (e.g., CAD, USD, EUR).
Cryptocurrency / Digital Assets – Digital tokens or virtual currencies based on blockchain or similar technologies (e.g., BTC, ETH, USDT), which are not issued or backed by any government or central bank.
Funds – A general term encompassing both Fiat Currency and Cryptocurrencies held or transferred through the Platform.
AML/CTF – Anti-Money Laundering and Counter-Terrorist Financing obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and relevant Canadian regulations.
KYC / Due Diligence – Identification and verification procedures required to establish and maintain a Customer relationship in compliance with AML/CTF obligations.
Virtual IBAN (vIBAN) – A unique reference code assigned to facilitate fiat transfers to the Company's banking partners. A vIBAN does not function as a standalone account and cannot be used as a personal bank account.
The Customer acknowledges that trading cryptocurrencies carries significant financial risk, including the risk of total loss of capital. Market conditions can change rapidly and unpredictably, and cryptocurrencies are not protected by deposit insurance or government-backed safeguards.
Despite the Company's implementation of advanced cybersecurity measures, the Customer understands that digital assets may still be subject to theft, hacking, cyberattacks, or technical failures, which may result in partial or total loss.
The Customer understands that cryptocurrency regulation varies by jurisdiction and may change without notice. New restrictions, prohibitions, or tax laws may affect the legality, use, or transfer of digital assets.
The Customer is responsible for conducting independent research before making any financial decision. The Company does not provide investment advice and strongly recommends Customers only invest funds they can afford to lose.
The Customer acknowledges that services may be temporarily or permanently suspended due to technical, legal, or regulatory reasons.
The Customer agrees to:
Refrain from using the Platform for illegal purposes, including money laundering, sanctions evasion, fraud, or terrorist financing.
Keep personal and financial information accurate and updated.
Assume full responsibility for compliance with tax reporting obligations in their jurisdiction.
3.1 This Agreement governs the relationship between the Company and the Customer in connection with the Services provided through the Platform. 3.2
The Customer consents to be legally bound by the terms of this Agreement by:
Using any functionality of the Platform;
Initiating any transaction or exchange through the Company. 3.3 If the Customer disagrees with any provision of this Agreement, they must not use the Platform. Continued use constitutes acceptance of all provisions.
To access Services, the Customer must register through the Platform by submitting required information and completing the Company's onboarding procedures.
The Company requires Customers to undergo identity verification (KYC/CDD). Customers may be asked to provide government-issued ID, proof of residence, banking information, or additional documentation such as source-of-funds declarations.
Each Customer may hold only one verified Account.
Accounts may not be opened in the name of another person or for the benefit of third parties without the Company's express written approval.
The Company may reject applications or close Accounts at its sole discretion without obligation to provide reasons, especially where AML/CTF risks are identified.
The Company may request updated information at any time to ensure continued compliance with laws and regulations. Failure to provide updated information may result in suspension or closure of the Account.
All deposits and withdrawals must be made through the methods approved by the Company, which may include bank transfers, card payments, or third-party payment processors. The Company reserves the right to modify, suspend, or remove available payment methods at any time.
Deposits may only be made from bank accounts, cards, or wallets in the Customer's own name. The use of third- party accounts is strictly prohibited. Any attempt to deposit or withdraw using unauthorized accounts may result in suspension, reversal of funds, or reporting to regulatory authorities.
Withdrawals may be subject to identity verification, source-of-funds checks, or enhanced due diligence before approval.
The Company is not responsible for delays caused by banks, blockchain network congestion, or other intermediaries.
For security purposes, the Company may set daily or monthly withdrawal limits, which can be increased only upon successful completion of enhanced verification.
The Customer must provide complete and accurate payment instructions. The Company will not be responsible for losses resulting from errors in submitted details, including wrong wallet addresses, bank details, or reference codes.
Exchange rates displayed on the Platform are indicative of current market conditions and may fluctuate rapidly.
The Company does not guarantee execution of trades at a specific rate, and the final rate applied will be the one confirmed at the time of order execution.
The Company reserves the right to reject, cancel, or reverse any transaction if:
Fraud or suspicious activity is suspected.
The transaction violates applicable laws or regulatory restrictions.
The Customer agrees to pay all applicable fees, commissions, charges, and costs as determined by the Company. Such fees may vary depending on the transaction type, asset class, or payment method.
All fees will be published on the Platform and may be amended by the Company without prior notice. By initiating a transaction, the Customer acknowledges and accepts the applicable fee structure.
Commissions may be calculated as a percentage of the transaction volume and may vary depending on prevailing market conditions. The Customer acknowledges that fees may impact the effective exchange rate applied.
The Company may deduct applicable charges directly from the Customer's Account balance or from the proceeds of a transaction before funds are credited to the Customer.
Fees imposed by banks, card processors, blockchain networks, or other third parties are the sole responsibility of the Customer and may be deducted in addition to Company fees.
Compliance
VAY Finance Remittance Ltd is committed to full compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), FINTRAC guidelines, and other applicable Canadian and international AML/CTF standards.
Customers must undergo identity verification prior to accessing services. This may include the submission of government-issued identification, proof of residence, photographs, video verification, or other documents.
The Company reserves the right to conduct additional checks where:
The Customer is linked to a high-risk jurisdiction or industry.
Suspicious activity, unusual patterns, or structuring of transactions are detected.
All transactions may be continuously monitored and reviewed for compliance with AML/CTF regulations. Suspicious or unusual activity will be reported to FINTRAC or other competent authorities without prior notice to the Customer.
The Company shall retain customer records, transaction data, and verification information for a minimum of five (5) years or longer where legally required.
Customers may not use the Platform for illegal activities, including but not limited to:
Financing of terrorism or organized crime.
Sanctions evasion.
Fraudulent schemes or scams.
Any violation of AML/CTF requirements may result in:
Freezing of funds pending investigation.
Reporting to regulatory and law enforcement authorities.
Customers are solely responsible for safeguarding their Account credentials, passwords, and two-factor authentication devices. Loss of credentials may result in loss of access to funds.
The Company will not be liable for unauthorized transactions conducted through compromised Customer Accounts unless such compromise results directly from gross negligence on the part of the Company.
Customers agree not to interfere with, manipulate, or exploit the functionality of the Platform. Activities such as hacking, reverse engineering, automated data scraping, or exploiting system errors are strictly prohibited.
The Company reserves the right to monitor all Account activity, communications, and transactions to ensure compliance with this Agreement and applicable laws.
Customers must promptly notify the Company of:
Any errors, technical failures, or discrepancies that may affect transactions.
Compromise or theft of login credentials.
Failure to adhere to security obligations may result in suspension of the Account, financial liability for losses, and possible reporting to authorities.
The Platform and Services are provided on an "as is" and "as available" basis. The Company makes no guarantees that Services will be uninterrupted, error-free, secure, or continuously available.
To the fullest extent permitted by law, the Company shall not be liable for:
Interruptions, delays, or failures of telecommunications, internet providers, blockchain networks, or third-party payment systems.
Unauthorized access resulting from Customer negligence, such as weak passwords or unsecured devices.
Errors, bugs, or technical failures inherent to distributed ledger technology or the cryptocurrency ecosystem.
The Company shall not be held liable for indirect, incidental, punitive, or consequential damages, including but not limited to: loss of profits, business opportunities, goodwill, or reputational harm.
If a regulatory body, court, or authority mandates actions affecting Customer Accounts (such as freezes, seizures, or reporting obligations), the Company shall not be liable for any resulting financial impact.
The Customer agrees to indemnify, defend, and hold harmless the Company, its officers, employees, contractors, and
affiliates from any claims, damages, or expenses (including legal costs) arising out of:
Misuse of the Platform.
Violation of applicable laws, including AML/CTF obligations.
The Customer represents that they are of legal age, mentally competent, and not subject to restrictions preventing them from entering into this Agreement.
The Customer warrants that all information provided during registration or later updates is truthful, complete, and accurate. False or misleading information may result in Account suspension.
The Customer confirms that they do not have separate agreements or side arrangements with Company employees, agents, or third parties promising guaranteed profits or reduced risks.
If the Customer becomes aware of a system error, technical malfunction, or discrepancy affecting their Account, they must immediately notify the Company and must not exploit such errors for personal gain.
The Customer acknowledges that they are solely responsible for calculating, reporting, and paying taxes related to their transactions or holdings, as required by the laws of their jurisdiction. The Company shall not provide tax advice or assume liability for tax obligations.
The Customer confirms that they understand the risks of cryptocurrency trading and accepts full responsibility for all financial outcomes.
All copyrights, trademarks, designs, trade names, software, databases, and other intellectual property associated with the Platform remain the exclusive property of the Company.
The Company grants Customers a non-exclusive, revocable, and non-transferable license to use the Platform for personal purposes in accordance with this Agreement.
Customers may not:
Modify, reverse-engineer, or attempt to extract source code.
Use the Company's branding for personal or commercial gain without prior written consent.
This limited license shall automatically terminate if the Customer's Account is suspended, terminated, or otherwise closed.
Customers may close their Account at any time by providing written notice, provided there are no outstanding liabilities or ongoing investigations.
The Company may suspend or terminate an Account immediately and without prior notice if:
The Customer engages in fraudulent or illegal activity.
The Company suspects involvement in money laundering, terrorist financing, or sanctions evasion.
Continued service poses regulatory, reputational, or operational risk to the Company.
Pending transactions may be cancelled at the Company's discretion.
The Customer remains liable for obligations arising before termination.
Funds lawfully belonging to the Customer may be returned, subject to compliance checks and applicable laws.
If an Account remains inactive for more than 12 months, the Company reserves the right to classify it as dormant and may impose administrative fees until reactivation or closure.
The Company does not provide Services to Customers residing in jurisdictions that are:
Subject to international sanctions, embargoes, or restrictions.
Where cryptocurrency trading is explicitly prohibited by law.
The Company uses technical and administrative measures (such as IP blocking, identity checks, and payment restrictions) to prevent access from restricted jurisdictions.
The Customer must not attempt to circumvent geographical restrictions using VPNs, proxies, or false information. If discovered, the Company may close the Account and report the Customer to regulators.
Unless expressly authorized, the Company does not process transactions involving U.S.-incorporated banks, financial institutions, or residents, in order to comply with regulatory requirements.
The Company shall not be liable for delays, failures, or interruptions in Services caused by events beyond its reasonable control ("Force Majeure Events").
Force Majeure Events may include, but are not limited to:
Armed conflicts, wars, terrorism, civil unrest, or political instability.
Acts of government, regulatory restrictions, sanctions, or law enforcement orders.
Failures of internet providers, payment networks, or blockchain protocols.
Cyber-attacks, denial-of-service (DoS) attacks, or catastrophic system failures.
During a Force Majeure Event, the Company may suspend Services, freeze Accounts, or delay processing until normal operations can resume.
The Company shall not be responsible for financial losses incurred by Customers as a result of Force Majeure.
Customers may file complaints with the Company by contacting support@toolyt.xyz. Complaints should include full details of the issue and any supporting evidence.
The Company shall review and respond to complaints within 30 business days, unless extended due to complexity or legal constraints.
Both parties agree to attempt to resolve disputes amicably through negotiation before pursuing formal legal action.
The Company may, at its discretion, propose resolving disputes through independent arbitration or mediation. The Customer may accept or decline such proposals.
If disputes cannot be resolved, they shall fall under the exclusive jurisdiction of the courts of British Columbia, Canada.
16.1 This Agreement shall be governed by and construed in accordance with the laws of Canada, and more specifically the laws of the Province of British Columbia, without regard to conflict-of-law principles. 16.2 Any legal proceedings arising from this Agreement shall be exclusively brought before competent courts in Vancouver, British Columbia. 16.3 The Customer irrevocably waives any right to object to proceedings being brought in such courts on the grounds of inconvenient forum or similar doctrine.
VAY Finance Remittance Ltd is committed to safeguarding the personal data of its Customers. We collect, store, and process personal information in compliance with the Personal Information Protection and Electronic Documents Act (PIPEDA), applicable provincial privacy laws, and where relevant, the General Data Protection Regulation (EU) 2016/679 (GDPR) for Customers residing in the European Union.
The Company may collect and process, among other things:
Contact information (address, phone number, email address).
Financial details (bank account information, source of funds, payment card data).
Transaction history and account activity.
Technical information (IP addresses, device identifiers, cookies, geolocation data).
Personal data is collected and processed for the following purposes:
To provide and improve the Services.
To secure the Platform against fraud and cyber threats.
To comply with tax, legal, and regulatory obligations.
To provide customer support and maintain communications.
The Company retains personal data for a minimum of five (5) years after the end of the business relationship, or longer where required by law.
Customer information may be shared with:
Law enforcement agencies when required by law.
Third-party service providers assisting with compliance, KYC, payment processing, or technical operations.
Subject to applicable law, Customers may have the right to:
Request correction of inaccurate or incomplete information.
Request deletion of data (where not legally required to be retained).
Withdraw consent to certain data processing activities.
Data may be transferred outside of Canada for processing or storage. In such cases, appropriate safeguards will be implemented to ensure adequate protection.
The Company shall treat all Customer information as confidential and will not disclose it to third parties except:
When disclosure is necessary to provide the Services.
When explicitly authorized by the Customer.
The Customer agrees not to disclose sensitive Company information, including trade secrets, proprietary algorithms, or non-public operational details, obtained in the course of using the Platform.
The Customer acknowledges that, in the event of legal proceedings, complaints, or dispute resolution, communications may be disclosed to courts, arbitrators, or regulators as necessary.
All official communications will be made electronically through the Customer's registered email address. Such communications are deemed received once sent by the Company, regardless of whether the Customer opens or reads the message.
Notices may also be delivered via the Customer's Account dashboard or through Platform pop-up messages.
The Customer is responsible for ensuring their contact information remains up to date. The Company is not liable for undelivered notices due to outdated or incorrect information.
All communications shall be in English, unless otherwise agreed in writing.
The Company reserves the right to amend, update, or modify this Agreement at any time to reflect changes in services, laws, regulations, or market conditions.
Updated versions of the Agreement will be posted on the Platform with a revised "Last Updated" date. Customers may also be notified via email or Platform announcements.
Amendments shall take effect one (1) business day after publication, unless otherwise specified. Continued use of the Platform constitutes acceptance of the updated Agreement.
If the Customer does not agree with updated terms, they must immediately discontinue use of the Services and request closure of their Account.
This Agreement constitutes the entire agreement between the Company and the Customer regarding the Services and supersedes all prior understandings.
If any provision of this Agreement is found to be invalid, illegal, or unenforceable, the remaining provisions shall remain in full force and effect.
The Company may assign or transfer its rights and obligations under this Agreement without prior consent. The Customer may not assign or transfer their rights without written approval from the Company.
The failure of the Company to enforce any right or provision of this Agreement shall not constitute a waiver of that right or provision.
Termination of this Agreement shall not affect provisions intended to survive, including but not limited to: liability limitations, indemnities, dispute resolution, and governing law.
The Company provides customer support through email and, where available, live chat on the Platform. Support hours may be limited and are published on the Platform.
Customers may contact the Company for questions, complaints, or assistance at:
The Company aims to acknowledge inquiries within 48 hours and provide full responses within 10 business days, though complex cases may require longer.
By registering an Account and using the Platform, the Customer confirms that they:
Understand the risks and responsibilities associated with cryptocurrency transactions.
Accept all terms, obligations, and limitations set forth herein. Continued use of the Services constitutes ongoing acceptance of this Agreement and any future amendments.