Navigating the Terms of Service for any financial application is crucial. This guide breaks down the key points of the OWNR Wallet Terms of Service to help you understand your rights, responsibilities, and the risks involved in using a non-custodial cryptocurrency wallet and exchange service.
Service Overview and Provider Entities
The OWNR Wallet service is provided by two distinct legal entities, depending on the specific service you are using:
- OWNR WALLET OÜ: This entity, registered in Estonia (Harju maakond, Tallinn, Kesklinna linnaosa, Väike-Ameerika tn 8-421, 10129) under license FVT000406, is responsible for providing virtual currency wallet services and services for exchanging virtual currency for fiat currency.
- OWNR WALLET LIMITED: This entity, registered in Hong Kong, provides the software application and the services for storing, sending, receiving, and exchanging digital assets with other digital assets.
When the terms "OWNR," "we," or "our" are used in the agreement, they refer to the applicable entity providing the specific service you are using. By accessing the website, downloading the software, or creating an account, you acknowledge that you have read, understood, and agreed to be bound by these Terms of Service.
Key Risks of Virtual Asset Transactions
Engaging with digital assets involves significant, inherent risks that every user must acknowledge.
- High Volatility: The value of cryptocurrencies can change dramatically in very short periods due to factors like market sentiment, regulatory news, technological developments, or statements from influential figures.
- No Government Backing: Cryptocurrencies are not issued by governments or central banks. There are no central institutions that can take measures to protect their value, making them a decentralized and largely unregulated system.
- Risk of Permanent Loss: Your access to your digital assets is secured by private keys, seed phrases, and other authentication methods. If you lose these credentials, you may permanently lose access to your assets, and OWNR cannot help you recover them.
- Technical and Regulatory Uncertainty: Underlying software protocols governing digital assets can change, potentially affecting the asset's value, functionality, or name. Governments may also impose new regulations that impact the use or value of digital assets.
It is your sole responsibility to safeguard your private keys and seed phrases. OWNR will never ask you for this information.
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Detailed Description of Services
OWNR provides a suite of services through its website and software applications.
1. The Software License
By downloading the OWNR software, you are granted a limited, non-exclusive, and non-transferable license to use it. The software allows you to interact with various blockchain networks to manage your cryptocurrency addresses.
- The software does not send, receive, or store fiat currency.
- Transactions made on blockchain networks are irreversible and cannot be cancelled or undone once initiated.
- OWNR does not control the underlying blockchain protocols and makes no guarantees about their security, functionality, or availability.
2. Non-Custodial Wallet Functionality
The core of the service is a non-custodial wallet for supported cryptocurrencies.
- Self-Custody Model: You alone control your private keys and seed phrases. OWNR does not store or have access to these credentials, meaning they cannot recover your assets if your access is lost.
- Transaction Responsibilities: You are solely responsible for verifying the accuracy of sending and receiving addresses. OWNR is not liable for funds sent to an incorrect address.
- Network Fees: Blockchain networks charge transaction fees (e.g., miner fees). You are responsible for these fees, and OWNR is not liable for losses due to incorrect fee settings.
3. Cryptocurrency Exchange Services
OWNR allows you to exchange one supported digital asset for another. This service is provided by OWNR WALLET LIMITED.
4. Fiat-to-Crypto On-Ramp Service
This service, provided by OWNR WALLET OÜ, allows you to purchase cryptocurrencies using fiat currency like Euros (EUR) or US Dollars (USD).
- Account Requirements: To use this service, you must create an account and complete a Know Your Customer (KYC) verification process by providing identification and other requested documents.
- Payment Methods: Purchases can be made via credit/debit card or SEPA bank transfer.
- Fees and Limits: Each transaction is subject to a fee (e.g., 4% + $3). Daily minimum and maximum deposit limits apply.
- Finality: All executed orders are final and cannot be canceled, reversed, or refunded, except under the specific refund policy terms.
5. Third-Party Services
The OWNR website and software may contain links to third-party websites or services. OWNR is not responsible for the content or actions of these third-party services. Your use of any third-party service is subject to their own terms and policies.
User Eligibility and Obligations
To use OWNR's services, you must meet the following criteria and agree to these obligations:
- You are at least 18 years of age or the age of legal majority in your jurisdiction.
- You will not use the services for any illegal activity, including fraud, money laundering, or terrorist financing.
- You ensure that any digital assets you use are lawfully obtained.
- You will provide accurate and truthful information during registration and KYC checks.
- You are responsible for maintaining the security of your account credentials and device.
- You are responsible for understanding and complying with all applicable laws in your country of residence regarding digital assets.
OWNR reserves the right to suspend or terminate your account if you violate these terms or if you pose an unacceptable fraud or regulatory risk.
Intellectual Property Rights
All intellectual property associated with OWNR—including its name, logo, website content, software code, and design—is the property of OWNR or its licensors. You are granted only a limited license to use the service. You may not copy, modify, reverse engineer, or create derivative works from the OWNR software or website without explicit written permission.
Disclaimer and Limitation of Liability
The services are provided on an "as is" and "as available" basis without any warranties, express or implied. OWNR does not guarantee that the services will be uninterrupted, secure, or error-free. OWNR shall not be liable for any losses or damages resulting from market volatility, loss of private keys, unauthorized access to your device, malware, phishing attacks, or any other factor outside its direct control.
Governing Law and Dispute Resolution
These Terms of Service are governed by the laws of Estonia and Hong Kong. Any disputes arising from these terms are to be resolved first through mediation. If mediation fails, the courts of Estonia shall have exclusive jurisdiction.
Frequently Asked Questions
What does "non-custodial wallet" mean?
A non-custodial wallet means you have full control and sole responsibility for your private keys and the digital assets in your wallet. The service provider (OWNR) does not hold your keys or assets on your behalf and cannot access or recover your funds if you lose your credentials.
Can I get a refund for a cryptocurrency purchase?
Refunds for fiat-to-crypto purchases are generally not permitted as transactions are final. However, OWNR has a discretionary refund policy within six months of order execution under specific circumstances, subject to a 7% refund fee. You would be required to return the purchased digital assets.
Which countries are supported for the fiat currency purchase service?
The availability of the fiat on-ramp service is subject to geographic restrictions. The list of supported countries can change, and it is the user's responsibility to check the most current list on OWNR's website or app before attempting a transaction.
What should I do if I suspect unauthorized access to my wallet?
Immediately use your wallet's security features to secure your funds, if possible. You should then contact OWNR's support team at once to report the incident. However, since it is a non-custodial wallet, OWNR's ability to assist may be limited.
Who is responsible if I send crypto to the wrong address?
You are solely responsible for verifying the accuracy of cryptocurrency addresses before confirming a transaction. Transactions on blockchain networks are irreversible. OWNR cannot reverse a transaction or recover funds sent to an incorrect address.
How does OWNR comply with regulations?
OWNR states that it follows strict Anti-Money Laundering (AML) and Know Your Customer (KYC) rules. This includes verifying user identities and monitoring transactions to prevent illegal activities on its platform, in compliance with applicable laws in Estonia and Hong Kong.