General Terms and Conditions (GT&Cs)
Zug Alfa AG, Industriestrasse 24, 6300 Zug
The policy outlines the terms and conditions governing the use of the Company’s services, including User responsibilities, liabilities, and procedures for handling complaints and disputes.
Creator:
JayBee AG
Place and Date creation: Zug, 13th October 2024
Place and Date update: Zug, 10th March 2025
Executive Committee Approval:
Jürgen Kob
Table of Content
1 Scope 4
2 Service Offering 4
2.1 Stage one 4
2.2 Stage two 4
2.3 Partner 4
3 Onboarding 4
3.1 Eligibility 4
3.2 Disclosure Obligations 5
4 Account and Power of Attorney 5
4.1 Assets in FIAT 5
4.2 IBAN Number 5
4.3 Custody of Crypto Assets 5
5 General rules order execution 6
5.1 Instructions 6
5.2 Time of order execution 6
5.3 Right of refusal 6
5.4 Proof 7
6 Fees, Compensation, Conflicts of interests, and Tax 7
6.1 Principle or remuneration 7
6.2 Rate and fee schedule 7
6.3 Right to debit 7
6.4 Compensation 7
6.5 Conflicts of interest 7
6.6 Tax 8
7 Communication and transmission of information 8
7.1 Channels of communication and transmission 8
7.1.1 General 8
7.1.2 Communication via the Company’s portal, app or software 8
7.1.3 Communication via the website 8
7.2 Communication channels available to Users 8
7.3 General provisions 8
7.3.1 Diligence 8
7.3.2 Time of delivery 8
7.3.3 User’s special duties 9
7.3.4 Risk associated with communication channels and liability 9
8 Recording of communications 9
9 Limitations on the liability of the Company 9
10 Compliance with law, tax and regulatory provisions 10
11 Complaints, Dispute, Mediation, and Evidence 10
11.1 Complaints with the Company 10
11.2 Evidence and probative value 11
12 Data protection 11
13 Termination of the business relationship 11
14 Limitation, Restrictions, Forced transfer of assets 11
15 Miscellaneous provisions 12
15.1 Bank holidays 12
15.2 Outsourcing 12
15.3 Intellectual property 12
16 Legal provisions, Applicable law and Jurisdiction 12
16.1 Amendments of the GT&Cs 12
16.2 Interpretation 12
16.3 Partial nullity 13
16.4 Place of performance of obligations 13
16.5 Applicable law 13
- Scope
These General Terms and Conditions (“Terms”) govern the use of services provided to its customers (Users) by Zug Alfa AG (the Company) a Company established under Swiss law (Commercial Register Number: CH- 496.964.941), with its registered office in Zug, Switzerland.
Website of the Company: https://p8swiss.com/
Registration Platform: https://app.p8swiss.com/sign-up
Login Platform: https://app.p8swiss.com/sign-in
By accessing or interacting with the Platform, whether directly or indirectly, the User expressly acknowledges that they have read, understood, and agreed to be bound by these Terms. If the User does not accept these Terms in full, they are prohibited from accessing or using the Platform and must discontinue its use immediately.
The Terms are available at https://p8swiss/terms-and-conditions.html and may be amended or updated by the Company at its sole discretion without prior notice.
- Service Offering
The Company offers a number of services to its Users divided into two stages, one and two. The Company is free to adjust its service offering at any time within its regulatory status.
- Stage one
Payment Processing: Receiving customer funds for the purpose of forwarding to the payment recipient on behalf of the customer.
Currency Exchange in FIAT: Exchange of currencies, particularly CHF vs. EUR.
- Stage two
Currency Exchange in Crypto: Exchange of crypto currencies, particularly Crypto/ Crypto, Crypto/FIAT, FIAT/Crypto.
Crypto Payment Services: Receipt and forwarding of crypto assets based on clients’ payment instructions. Transactions are executed via regulated crypto partners in compliance with applicable regulatory requirements.
Crypto Custody: Custody of crypto funds through the established provider Fireblocks (https://www.fireblocks.com/).
- Partner
All FIAT transactions and currency exchanges are processed through a transaction account with the banking partner Maerki Baumann https://www.maerki-baumann.ch/de.
Crypto custody is offered via the crypto custodian partner Fireblocks www.fireblocks.com. Crypto exchange is performed via an established regulated crypto exchange.
- Onboarding
- Eligibility
The Company shall determine the criteria for eligibility to open an account and reserves the right to expand or restrict the categories of eligible individuals or entities at any time. Eligibility assessments will be conducted as part of the onboarding process.
- Disclosure Obligations
The User is required to provide accurate and complete information to the Company, including, but not limited to, their full name, company designation (if applicable), address, domicile or registered office, tax residency, and nationality, as well as details of any person authorized to act on their behalf regarding the account.
During the onboarding process, all Users will be subject to identity verification and Know Your Customer (KYC) procedures to ensure compliance with applicable anti-money laundering (AML) and counter-terrorist financing (CFT) regulations.
The User shall bear any losses or damages arising from unrecognized deficiencies in their identification, including forged signatures, falsified documents, or tampered electronic transmissions, provided the Company has exercised the standard level of diligence expected in such circumstances.
The User is solely responsible for ensuring compliance with all applicable tax obligations, including reporting, filing, and payment, in accordance with the laws of their tax jurisdiction.
- Account and Power of Attorney
The Company does not provide bank accounts opened in the name of its Users.
- Assets in FIAT
All FIAT assets are processed with the Company’s banking partner.
The Company does not offer holding FIAT currencies. For all FIAT assets transferred to the Company, the User provides an instruction with regards to the service to be used at the time of transfer.
Shall such instruction be unenforceable, withdrawn or be missing, the Company is entitled to return any FIAT currencies to the account the assets were sent from.
The User bears, in proportion to his share in the assets of the Company held with banking partner, all the economic and legal consequences that may affect all the Company’s holdings in the country of the currency or in the state in which the deposits (funds) are held, as a result of (i) measures taken by these countries or by other countries, (ii) unforeseen events or force majeure events, or (iii) any other acts beyond the Company’s control.
If the currency in question is unavailable, the Company may elect to remit the equivalent value of the funds in the national currency, with all foreign exchange losses and other losses borne by the User but has no obligation to do so.
Amounts in foreign currency will be credited or debited in Swiss Francs (CHF) unless the Company has an account in the foreign currency concerned.
The Company issues account statements to the User at least on an annual basis as agreed with the User and provides it on a digital basis only.
- IBAN Number
No personal IBAN number (International Bank Account Number) is assigned to the account.
- Custody of Crypto Assets
The Company receives and/or holds Crypto Assets of Users.
Crypto Assets held in custody are fully segregated and held by the crypto custodian partner of the Company.
“Segregated Custody” refers to the holding of Crypto Assets in segregated wallets within the platform of the crypto custodian partner. The Company agrees to maintain such Crypto Assets in the specified type and quantity, ensuring they are always available to the User and attributable to the User’s specific addresses.
- General rules order execution
- Instructions
In principle, the Company will execute instructions and orders when they are given by the User or on its behalf in a written form. The parties may agree to an exception to this rule and allow the execution of instructions or orders given orally, by fax or by other electronic communications methods, whatever the amount in question, up to the limits accepted by the Company.
The User shall assume liability, alone and without contest, for any harmful consequences of fraud or errors in the transmission or comprehension of the message, including mistakes regarding the User’s identity, unless the User can prove that the Company or its personnel perpetrated the fraud. If a third party executes a Users order, the Company does not accept liability in that regard if the User itself chose the third party.
If the User sends the Company a written instruction or order without specifying that it is confirming or modifying a directive or order given orally, the Company shall be entitled to consider that the written instruction or order is a new instruction or request.
- Time of order execution
User orders will be executed within the time it takes for the Company to perform its verification and processing procedure and per the conditions of the market on which they are to be processed.
The Company reserves the right to postpone the execution of such instructions, to demand additional information or even written confirmation if it considers the instructions to be incomplete, ambiguous or lacking sufficient proof of authenticity. The Company will not accept liability for delayed execution under these circumstances.
The User must alert the Company in writing in each particular instance in which payments linked to meeting a deadline and delays in execution could cause a loss. These payment instructions must, however, always be provided sufficiently in advance and will be subject to the usual execution terms and conditions. When the Company is unable to execute these instructions within the required time, its liability towards the User will be limited to the loss of interest related to the delay.
- Right of refusal
The Company may refuse to execute an order or suspend its execution when this order concerns transactions or products that the Company does not handle, or the order violates the Company’s policies or code of ethics or is likely to involve a risk for the Company. The same applies in case such instruction constitutes a violation of anti-money laundering regulations or prevention of sanctions violations.
It is in the sole discretion of the Company to decide whether such situation is given.
- Proof
The record of the transaction will adequately establish proof of order execution in the statement of account.
For operations in which the handwritten signature has replaced a personal and confidential means of electronic access, such as providing an electronic signature, typing an identification number on a keyboard, electronically communicating a password or any other technical procedure implemented by the Company, the use of such means by the User will have the same binding force as the use of a handwritten signature.
- Fees, Compensation, Conflicts of interests, and Tax
- Principle or remuneration
The Company will receive remuneration in exchange for the services it provides to the User based on prevailing rates and according to the nature of the transactions. The User agrees to pay the Company all the interest, commissions, costs and charges (the “Costs”) and incidental expenses that he may owe it, as well as any expenses incurred or committed by the Company in the interest of the User or his beneficiaries while providing services.
- Rate and fee schedule
The Company’s rate and fee schedule and any changes to these rates and fees shall be provided to the User upon account opening. The Company reserves the right to amend its charges by timely notification to the User.
In cases where the rate and fee schedule does not provide the User with information regarding the cost of a transaction or order that he wishes to execute, the User must take care to inquire as to the applicable fee from his usual contact before giving his order or concluding his transaction.
In any case, when the User transmits an order and/or transaction to the Company, the Company’s rates are deemed accepted.
- Right to debit
The Company is authorised to debit from the User’s account any sums that it is required to deduct by law or according to these GT&Cs in connection with transactions, income received and other distributions relating to the account.
- Compensation
The Company does not have agreements on cooperation with product and service providers that may pay, receive and keep for its own account, fees, commissions or non-monetary benefits to or from third parties.
- Conflicts of interest
The Company manages potential and established conflict-of-interest situations based on ethical principles, like integrity, fairness, impartiality, respect for professional secrecy and the primacy of the User’s interests.
The Company separates relevant functions if deemed appropriate to ensure an independent operation.
- Tax
The Company does neither offer nor perform any tax advise. It is in the sole responsibility of the User to ensure proper taxation within the law of its home country. The Company does not bear any liability with regards to the tax situation of its Users and their potential violation of tax regulations.
- Communication and transmission of information
- Channels of communication and transmission
- General
The User agrees that all information to be provided to him/her by the Company will be provided in electronic form, by messages sent via the Company’s online platforms (incl. App, Portal, Software, mobile applications), email, information posted on the Company’s website or other electronic communication and transmission.
- Communication via the Company’s portal, app or software
Messages from the Company are considered received when they have been made available to the User in the Company portal. The date of the log entry in the Company system, which was created when the message was sent to the User account, is considered the time of sending.
- Communication via the website
Where communications from the Company are made available on the Company’s website, they will be considered to have been received by the User the day after they are uploaded to the site. Where communications from the Company are made by referring in any of its documents to a website on which they are displayed, they will be deemed to have been received by the User on the date indicated on the relevant material.
- Communication channels available to Users
The main communication channels offered by the Company to its User are:
If the User does not transmit information, or instructions to the Company in a manner provided for in the GT&Cs, the information and instructions shall be deemed not to have been received. The Company does not have to process such instructions on its own initiative or match them with other information and instructions from the User.
- General provisions
- Diligence
The Company will exercise due care and take the usual measures to detect and prevent fraudulent activities when using communication channels and when handling and processing incoming and outgoing orders, instructions and notifications by the User or his authorised representatives.
- Time of delivery
Communications from the Company, be it through regular postal mail or electronic communication that the Company considers appropriate, will be deemed to have been delivered as soon as dispatched to the last address notified by the User. The Company may not be held liable for any loss or damage resulting from the User’s failure to receive communications from the Company.
- User’s special duties
The User is obliged to keep in writing the Company up to date regarding the contact data required by the Company, e.g. last name, first name(s}, company name, address, domicile, e-mail address, telephone number, etc. The User is alone liable for any consequences that may result from his failure to do so.
The User will adopt and maintain with due diligence all reasonable security precautions concerning the communication channels used with the Company and besides will protect the equipment, systems, software and networks on its side, where applicable, against electronic attacks and unauthorised use.
In particular, when placing orders or instructions with the Company or other sensitive or time-sensitive communications, the User shall use reasonable care to take precautions and cause its authorised representatives to use such precautions to manage and mitigate the risk of interception, tampering or other fraudulent activities, including the use of communication channels with a higher level of protection, and shall promptly review executed orders, instructions or transactions.
- Risk associated with communication channels and liability
The use of communication channels permitted by the Company, including unencrypted or unprotected channels, entails increased risks such as transmission errors, delays, data loss, duplication, interception, or manipulation by unauthorized third parties. Additionally, such channels may compromise confidentiality, potentially exposing the User’s business relationship with the Company or sensitive information to third parties, particularly in jurisdictions with lower data protection standards.
The User acknowledges that unencrypted communication, such as email, is not suitable for confidential information and may be vulnerable to third-party access or manipulation. If the User requires encrypted or otherwise secured communication, they must notify the Company explicitly. The User accepts the risks associated with these communication methods and agrees to bear any resulting loss or damage, except were caused by the Company’s failure to meet its duty of care.
- Recording of communications
The User acknowledges and accepts that the Company conducts recordings of telephone, electronic and face-to-face communications. The purpose of these recordings is to provide proof, in the event of a dispute, of a transaction or commercial communication. The Company will retain these recordings for a period of ten (10) years, per current regulations.
Concerning order execution services, the Company shall record and store incoming and outgoing telephone and electronic communications with Users as well as written minutes of face-to-face conversations with Users, whether such communications result in transactions. A copy of such records is kept by the Company and is available to Users upon their request, for ten (10) years or longer if so, required by the competent authority.
- Limitations on the liability of the Company
The Company’s liability in relations with its Users is limited to its own conduct and that of its employees, auxiliary persons, or agents, and only in cases of intent or gross negligence, to the extent permitted by law. Liability for gross negligence is further restricted to the amount of typical and foreseeable damage. Any additional liability is excluded, and the User may not claim damages for defects existing at the contract’s conclusion or arising later due to events beyond the Company’s control.
The Company is not liable for losses or damages arising from specific circumstances, including but not limited to the legal incapacity of the User or their representatives, unnotified death of the account holder, estate disputes, or inaccurate representations by a deceased User’s representatives. Users or their legal representatives must notify the Company immediately in writing of any inability to act, as failure to do so transfers responsibility for resulting damages.
Additionally, the Company bears no liability for losses caused by political, economic, pandemic, or social events disrupting its services, such as interruptions to telecommunications or armed conflicts, nor for losses due to legal provisions, public authority measures, acts of war, revolutions, industrial actions, or similar events.
Users are liable for any costs or damages incurred by the Company due to infringement of third-party rights, including litigation and claim costs, without prejudice to the Company’s other rights and claims for damages.
- Compliance with law, tax and regulatory provisions
The User is responsible for complying with all applicable laws and regulations, including the obligation to declare, report, and pay taxes. The Company may require the User to provide confirmed documentation demonstrating compliance with these legal and regulatory requirements.
The Company reminds the User of their personal responsibility to adhere to the legal and regulatory obligations arising from their nationality or place of residence. This includes compliance with applicable tax laws and ensuring that any instructions or orders submitted to the Company align with these laws. The Company assumes no liability for any failure by the User to fulfill such obligations.
The User is responsible for requesting any statements or documents necessary to meet their tax obligations.
- Complaints, Dispute, Mediation, and Evidence
- Complaints with the Company
Any complaints may be filed, free of charge, in the manner provided for (see “Communication and transmission of information”) and/or at the following email:
Email: support@p8swiss.com
Complaints regarding defective or unexecuted orders or notifications must be submitted immediately, and no later than 30 days after the issue arises. Similarly, complaints about account statements or transactions must be made within 30 days of receiving the notification.
If errors are identified in reports, statements, or other documents provided by the Company, the User must notify the Company within 30 days of receipt. Failing to do so will result in the documents being deemed correct, except for obvious material errors. The Company reserves the right to rectify errors in debits or credits to a User’s account.
If complaints are not submitted within the required timeframe, the User will be considered to have accepted the execution or non-execution of transactions and will bear sole responsibility for any resulting damages. Additional details on the complaints process can be provided upon request when the Company acknowledges receipt of a complaint.
- Evidence and probative value
The records, books, documents and files of the Company, in any form whatsoever, will have evidential value unless proven otherwise.
The User may disprove micrographic reproductions and electronic data recordings made by the Company from original documents only by submitting material of the same nature or in writing.
The User accepts that the technical procedures implemented by the Company concerning financial products and services electronically subscribed in-house or remotely may be used and quoted by the Company in court and shall demonstrate by their contents:
- the identity of the User,
- his consent regarding the contents of the subscribed action,
- the indivisible link between the action and the User’s electronic signature,
- the integrity of the action.
The User accepts that these technical procedures will have the same binding force as the use of a handwritten signature.
- Data protection
The Company is obliged by law to treat data related to its business relationship with the User (“User Data”) as confidential. The Data Privacy Policy published on www.p8swiss.com.
- Termination of the business relationship
Either party may terminate the relationship at any time without stating a reason, unless there is a provision to the contrary in an exclusive agreement between the Company and the User.
In any cases, the User may not reclaim any fees already paid. Unsaved data may be lost upon termination. In addition, the Company may at any time call for immediate payment of credit balances, unless they are subject to special agreements or cancellation provisions applicable to specific products.
The legal relationships established by this agreement shall not expire in the event of death, incapacity or bankruptcy of the User.
- Limitation, Restrictions, Forced transfer of assets
To comply with legal or contractual obligations, maintain business diligence, or ensure proper management, the Company may limit or restrict its services at any time. This may include blocking the account relationship, restricting the execution of orders, or refusing to accept assets.
In the event of termination or if the Company can no longer hold the User’s deposited assets for legal, product-specific, or other reasons, the User must provide instructions on where to transfer the assets upon the Company’s request.
If the User fails to provide transfer instructions within a reasonable grace period set by the Company, the Company reserves the right to transfer or liquidate the assets without further notice. The Company may deposit the proceeds or remaining credit balances at a location designated by a judge or send them via cheque to the User’s last known address. In either case, the User’s claims will be considered fulfilled.
- Miscellaneous provisions
- Bank holidays
As between the User and the Company, Saturdays, Sundays, and public holidays of the Swiss Confederation and the Canton and City of Zug shall be treated as bank holidays. Depending on the jurisdiction involved in individual business transactions, further holidays may apply.
- Outsourcing
The User is aware and accepts that the Company may decide to outsource some of its operations in Switzerland or aboard. The Company outsources its activities only to approved financial sector professionals, in compliance with the laws in force. Within the scope of outsourcing, it may be necessary to transfer data to external third parties, who in turn commission further service providers (order data processing). All service providers involved are bound by appropriate confidentiality and data protection regulations.
- Intellectual property
All intellectual property rights remain with the Company or authorised third parties.
For the duration of the contract, the User receives a non-transferable, non-exclusive right to use the Company Services.
- Legal provisions, Applicable law and Jurisdiction
- Amendments of the GT&Cs
The Company is entitled to unilaterally amend and modify these GT&Cs at any time. The User will be notified in advance of any amendments by appropriate means, including as set forth in the section “Communication and transmission of information”.
Modifications to these GT&Cs are deemed approved if the User does not submit an objection in writing within thirty (30) days of the date of the amendment, but in any case, upon the next use of services provided by the Company.
The latest version of the GT&C is the only version applicable.
- Interpretation
In case of doubt, the English language version of the GT&Cs and other supplementary provisions of the Company shall prevail over translations into other languages.
- Partial nullity
Should any section of these GT&Cs or of any further agreement between the Company and the User be unlawful or unenforceable, all further sections and elements of the agreement shall remain in full force and effect.
- Place of performance of obligations
Unless stipulated otherwise, the registered office of the Company is the place of performance of the Company’s obligations towards the User and of the User’s obligations towards the Company.
- Applicable law
Unless expressly stipulated otherwise, relations between the Company and its Users will be exclusively governed by Swiss law, excluding the conflict of laws provisions. The courts of Zug (Switzerland) shall have sole jurisdiction in any dispute between the User and the Company.
The mandatory jurisdiction provisions of Swiss law shall remain reserved.
