Last Modified: 5th of May 2016

Effective Date: 1st of June 2016


  1. General Provisions
    • This agreement (the “Terms of Use”) is between You (the “Customer”) as user of Electronic Money System (the “System”) and LRG Service Ltd., a company registered in the Republic of Latvia with registration nr. 41203027776 (the “COINFIDE”), which issues Electronic Money (“E-Money”) and offers Electronic Money Payment Services (the “Services”) Terms of Use apply to your use of the Services.
    • LRG Service Ltd. is registered as Electronic Money Institution and operates under supervision of the Financial and Capital Market Commission of the Republic of Latvia.
    • These Terms of Use describe Customer’s rights and obligations when using the Services. Please read it carefully before accepting it. If you do not agree to accept and be bound by the Terms of Use then you must not open an Account (the “Account”) in our System or continue to use the Services. Your continuation of the Services constitutes acceptance of the Terms of Use.
    • The Terms of Use represent the complete, final and exclusive agreement between the parties and supersede and merge all prior agreements, representations and understandings between the parties.
    • Customer acknowledges that Terms of Use are subject to amendment, modification and deletion if required by, or found to be in conflict with, applicable law or regulation or otherwise without affecting the validity or enforceability of the remaining terms and conditions.
    • COINFIDE reserves the right to amend the Terms of Use at any time by posting amended Terms of Use on the COINFIDE website.
    • References in the Terms of Use to “us”, “our,” “we” or the “Company” are references to the party with whom you are contracting with, as specified above.


  1. Definitions
    • In these Terms of Use, the following words have the meaning set out beside them:

    • “Account” means your online stored value account with COINFIDE, which holds electronic money.
    • “COINFIDE” in the context of these Terms of Use it means LRG Services Ltd., company registered in the Republic of Latvia with registration nr. 41203027776, which issues Electronic Money and offers Electronic Money and Payment Services.
    • E-money” – online stored value of digital currency equivalent to specified actual currency.
    • “Fees” means any and all fees and charges levied by LRG Services Ltd for your use of the Service.
    • “Customer” means any person who meets all eligibility requirements set out in these Terms of Use and who opens a COINFIDE Account, thereby agreeing with these Terms of Use.
    • Payment Services – provision of payment services through payment methods other than issuing and utilizing Electronic Money.
    • Seller” – online merchant selling goods and/or services using COINFIDE Services.
    • Services” – issuing Electronic Money and provision of payment services utilizing Electronic Money.
    • System” – Electronic Money System operated by COINFIDE.
    • “Transfer” means, as the context indicates, either:
      • the debiting of an amount of electronic money from your Account and the concurrent crediting of such amount to a Merchant account or other User account, as designated by you, or;
      • the crediting of an amount of electronic money to your Account and the concurrent debiting of a Merchant account or other User account, in each case less any applicable Fees.
    • “Website” means the website branded as COINFIDE at
  1. Description of the Services
    • Customer acknowledges that (1) COINFIDE is not a bank; (2) COINFIDE is not subject of banking regulations.
    • COINFIDE’s main business is the issuance of e-money and the provision of payment services utilizing issued e-money. COINFIDE operates e-money payment services offering online financial services for individuals allowing to send and receive payments whereby Customer is granted to use COINFIDE account, which is used to add, store and withdraw funds.
    • Customer funds are stored in COINFIDE Account. Customer may subsequently access those funds to carry out payments and transfers to third parties.
    • COINFIDE account is valid for one year from the date of activation. It will be automatically renewed except in cases when your Registered Account status changes to dormant type (as defined in clause 5) and there will be insufficient balance to cover dormancy fees.
    • Funds stored in COINFIDE Account have no expiration date.
    • Customer agrees that COINFIDE has the right to monitor its network electronically in order to operate the System properly.
    • Customer acknowledges and agrees that COINFIDE operates solely as E-Money issuer and/or Payment Service provider and that COINFIDE (1) under no circumstances functions as a seller, dealer, retailer, buyer, auctioneer, middleman, distributor, broker, manufacturer, supplier, agent or merchant of any product or service being order, obtained or procured by any funds processed through its services; (2) makes no representations or warranties and does not ensure the quality, safety or legality of any product or service purchased and paid with COINFIDE e-money.
    • Customer acknowledges and agrees that any dispute or any transaction related to any product or service purchased or sold using COINFIDE E-Money is solely between the sender and receiver of E-Money and/or the supplier/seller and receiver of the goods or services. Any transaction in connection with the products and services offered by seller lies within sole responsibility of a Seller. COINFIDE shall not be a party to any disputes including, but not limited to disputes over performance and liability issues related to the delivery, quantity, quality or use of the products and services offered by Seller. Customer shall fully indemnify COINFIDE against any claims by Third parties related to the use of the products and services offered and shall reimburse COINFIDE in full for the costs of any legal defense caused by direct negligence and/or misconduct of the Customer.
  1. Opening the Account
    • In order to use the Services Customer should open a COINFIDE Account (“Account”) by completing the online application form. Customer must maintain an active residential address and email address to become a Customer. Customer may not provide any false, incomplete, inaccurate or misleading information. Customer is not allowed to provide or use any third party name, bank account or credit card information.
    • Customer must maintain their Account and keep Account details correct and up-to-date.
    • COINFIDE reserves the right to request further information pertaining to Customer‘s account at any time. Failure to supply such requested information may result in limitation on usage of the Services or suspension of the Account.
    • COINFIDE reserves the right to refuse new account registration and is not obliged to provide exact reason on such decision.
    • In order to use the COINFIDE Service, you must:
      • be at least 18 years of age and of the age of majority in your country of residence. We may require at any time that you provide evidence of your age;
      • open an Account in accordance with the instructions set out on the registration page of our Website;
      • not be in default of any Terms of Use or otherwise have had access limited to your Account, or have had your Account closed by us; and
      • not be a resident of any country to which COINFIDE does not provide the Service.
  1. Login and Password Protection
    • After opening Account, Customer must not disclose (whether deliberately or accidentally) Customer’s username and password to anyone else.
    • In case of losing or forgetting password, the Customer has possibility to reset for new password by clicking on the “Forgot Password?” link within the login page.
    • Customer agrees that COINFIDE will treat any person accessing Customer’s account using correct Customer’s login and password as authorized access by that Customer and all transactions where login and password have been entered correctly will be considered as valid.
    • Customer commits to change password or, if change of password is not possible, to inform COINFIDE (via communication channels defined in this Agreement section 19 and no later than one calendar day) regarding the loss of password and/or any possibility of Account usage by third parties.
    • COINFIDE shall not be responsible for any consequences related to the failure to send notification.
    • After receiving notification in cases described in Section 4 COINFIDE immediately suspends the usage of Customer’s account until new password is issued to the Customer.
    • Customer agrees that the only way to recover access to a COINFIDE Account where user name or password have been lost is by following the Password Recovery procedure as instructed by COINFIDE Customer Support Team. COINFIDE will not be responsible in any way for any Customer’s losses due to Customer’s failure to follow Password Recovery requirements and procedure.
    • COINFIDE will not store password in plain text. None of the employees of COINFIDE will ever ask password for your COINFIDE Account and you must not provide your password to employees of COINFIDE.
  1. Funding Account
    • In order to top up the Account, Customer may choose one of the payment options available to Customer depending on Customer’s country of residence. Customer must also complete and provide requested information and documents including passing all data for identity verification and security validation.. Customer authorizes COINFIDE first to charge funds on his/her behalf from Customer’s chosen payment source, including applicable fees, and then issue E-Money to the Account.
    • Bank transfer received by COINFIDE which (1) was sent from a bank account held in the name different from Customer’s name or (2) does not contain enough information to allow identify the Account to be appended, will not be credited to the Customer’s COINFIDE Account, but returned to the sender if sufficient details are provided to return the payment. In such case administration fee (according to the fees published on the COINFIDE Website) will be deducted from the original deposit amount.
    • Customer acknowledges that deposits may be subject to limits due to security and legal requirements. These limits are set based on your verification status and chosen deposit method. Please note that deposit limits may be higher than your withdrawal or spending limits.
    • Deposits are subject to fees depending on deposit method and payment instrument chosen.
    • Customer receives notification as described in the section 19 of this Terms of Use for any attempt when crediting his Account. Payment details of a successful operation are available in Customer’s Account reports section. Payment reference which allows to find detailed information about the payment is sent in notification.
  1. Transfer Funds
    • Customer must provide recipient’s valid email address to enable transfer within the System (i.e. to send E-Money to other COINFIDE Accounts).
    • When Customer sends E-Money, COINFIDE will debit Customer’s Account in the amount including any commission. Customer is not able send E-Money if there is insufficient balance to cover transfer amount and applicable fee.
    • COINFIDE immediately sends e-mail notification to the recipient about the incoming transfer. If recipient does not have a COINFIDE account, COINFIDE will send him/her an email requesting to register and activate an Account in order to receive funds sent by Customer.
    • Any transfer sent must be either accepted or rejected by recipient. During the period when transfer is not accepted/rejected, COINFIDE holds those funds as Agent; Customer is not able to use those funds unless initial transaction is cancelled. Customer may cancel transfer if recipient did not accept incoming funds within 14 days. If transferred funds are not accepted by recipient or have not been cancelled by the Customer after 14 days from the day of transfer initiation, the funds will be sent back to the Customer’s Account automatically.
    • Customer acknowledges that Transfer Funds operation is subject to Fees and Limits depending on Customer’s account verification status. Customer receives notification as described in the section 19 of this Terms of Use for the operation. Payment details for successful operation is available in the Customer’s Account Reports section. Payment reference which allows to find detailed information is sent in notification about this Transfer.
  1. Paying Invoices
    • Customer may spend COINFIDE E-Money by paying invoices using COINFIDE Service. The list of invoices issued to the Customer is available in the Customer’s Invoice section.
    • When new invoice is issued, the Customer receives e-mail notification.
    • If Customer’s balance is not sufficient to carry out payment in full, COINFIDE will obtain remaining funds per Customer’s instruction by debiting a bank account that Customer designates, charging Customer’s bankcard or any other available method of payment. COINFIDE reserves the right to limit an account holder’s choice of funding sources for any individual payment at its discretion.
    • Customer acknowledges that invoice payment operation is subject to Fees and Limits depending on Customer’s account verification status.
    • Upon invoice payment Customer receives notification with payment reference. Payment details on any transaction can be found in the Customer’s Account Reports section.
  1. Receiving Funds
    • Payment received through the Service is credited to the Customer’s Account balance until further instructions from the Customer.
    • If an individual who is not registered in COINFIDE receives incoming payment notification from COINFIDE Service, then such individual will be given an option to accept or reject incoming funds. COINFIDE will not issue electronic money unless individual registers in the System as a Customer and accepts incoming funds.
    • Customer may receive funds into Account as a result of funds Transfer from another Customer registered in the System, or Refund of a Paid Invoice.
    • Customer receives notification with reference on transaction to the registered email when funds are credited to Customer’s Account. Payment details on any transaction are available in the Customer’s Account Reports section.
  1. Prohibited Activities
    • COINFIDE strictly prohibits sending or receiving funds as consideration for the sale or supply of any service or goods that violates any law, statute, ordinances or regulations.
    • If Customer conducts or attempts to conduct any transaction in violation of the prohibitions as stated above, COINFIDE reserves the right to:
      • Reverse the transaction; and/or
      • Close or suspend Customer’s Account; and/or
      • Report the transaction to the relevant law enforcement agency; and/or
      • Claim damages from Customer.
    • It is a sole responsibility of a Customer to ensure that transactions in which Customer participates are in compliance with laws and regulations applicable to the Customer. Customer should not proceed with the payment if there is doubt as to the legality of transaction.
  1. Withdrawing E-money
    • Customer can request a withdrawal of e-money balance at any time by logging into Account in COINFIDE System and following the instructions in the “Withdraw” section. Customer may withdraw either to the Customer’s verified bank account or Customer’s linked and verified payment card. The withdrawal request to the Bank Account has to be made in the same currency as Customer’s COINFIDE Account.
    • COINFIDE may review Customer’s withdrawal transaction to mitigate any risks and/or prevent money laundering as per COINFIDE Anti-money Laundering Procedure and to ascertain whether any Restricted Activity (as set out in section 10) is taking place.
    • COINFIDE deducts the applicable fee for withdrawal from the Customer’s Account in base currency (EUR).
    • If Customer requests a withdrawal to bank account, COINFIDE makes best efforts to ensure that the funds reach Customer’s bank account within seven business days from the day Customer requested a withdrawal. COINFIDE shall not be held responsible for transfer delays caused by any activity, which is outside of COINFIDE’s control.
    • All fees for Withdrawals are set forth in Fees and Limits page published on the Website. COINFIDE reserves the right to review and change Fees and Limits on its own discretion. Customer must ensure to enter correct and complete payment details upon withdrawal request. COINFIDE will not be liable for withdrawn funds being sent to the wrong payment instrument, which was due to receiving incorrect payment information from the Customer. Customer must ensure that the account number, sort codes, IBAN and/or BIC/SWIFT are correct. COINFIDE reserves the right to charge a correction fee of up to 50 EUR if wrong or incorrect payment details were provided or if a Withdrawal transfer has failed or was impeded due to any other reason not caused by COINFIDE (e.g. payment returned by recipient’s bank). COINFIDE is not responsible for reimbursing the difference lost on the fees charged by correspondent banks in case of bounced back transfers, which were due to providing incorrect bank details, by Customer. In case Customer withdraws funds to the wrong payment instrument, COINFIDE is not obliged but will do its best to assist in reclaiming such
    • Customer receives e-mail notification upon withdrawal request and once request has been processed. Payment reference provided in notification allows to find detailed information about the transaction. Payment details of the operation are available in the Customer’s Account Reports section. Payment reference which allows to find detailed information about the payment is sent in notification.
  1. Closing Account
    • Customer may request to close COINFIDE Account at any time by contacting COINFIDE Customer Support. . Upon Account closure, any pending transactions will be cancelled. Transactions and fees for transaction undertaken before the closure of the COINFIDE Account (including those that are not revocable and have been initiated but not completed before account closure) will not be refunded. Customer must withdraw funds from account balance prior to closing Account. Based on internal procedures Customer may be requested to provide identification documents prior to withdrawal of Account balance.
    • Customer will remain liable for all obligations related to COINFIDE Account even after the Account has been closed.
    • COINFIDE at its sole discretion, reserves the right to limit Account access or withdrawals and the right to suspend an Account of any Customer at any time for any or no reason with no prior notice and payment of any unrestricted funds held in custody, if there are valid grounds. Valid grounds are assumed under, but not limited to the following circumstances:
      • Violation of any applicable law or regulation.
      • Breach of any of these Terms of Use.
      • If there are reasons to believe that the Account has been used in connection with unauthorized or unusual credit/debit card or bank account use, including without limitation, notice of the same by Customer’s bank or credit/debit card issuer.
      • In case of abuse of the reversal or charge back process provided by Customer’s bank or credit/debit card issuer.
      • Using COINFIDE Account to facilitate fraudulent activity.
      • Receipt of potentially fraudulent funds.
      • Opening more than one Account of the same type.
      • Using an anonymous proxy.
    • COINFIDE will use reasonable efforts to investigate Accounts that are subject to Account access limitations and to reach a final decision on such limitations. Should your Account be limited, all funds will be held for a period of time until the issue is resolved. However, it may be held for a shorter period, which COINFIDE determine. By following this Agreement, you can help protect your Account from becoming limited.
    • If you do not use your Account for financial transactions for a period of 12 consecutive months, it will be considered as dormant (inactive). Once your Account becomes dormant COINFIDE will attempt to notify you using the last contact details you have provided. 30 days after your Account becomes dormant COINFIDE will charge monthly dormancy fee as defined in the Fees and Limits section on the Website. In the event your Account balance is insufficient to cover monthly dormancy fee your Account will be closed.
    • COINFIDE is obliged by law to store all personal data of the Customer, including transaction history for at least 5 years even after the Account closure.
  1. Applicable Fees
    • Fee structure depends on the Account type.
    • All fees are set forth in the Fees and Limits section published in Your COINFIDE Account unless different fees schedule has been defined and accepted under separate addendum to these Terms of Use.
    • The currency for the Fees shall be in the currency of the payment.
    • All fees are due immediately and are subject to change or amendments.
    • Customer is in charge of covering all applicable fees for any transactions completed.
    • Payment fee is shown BEFORE Customer confirms the payment.
    • Customer must contact COINFIDE Customer Support Team in case of any questions in regards to applicable fees. 
  1. Errors and Unauthorized Transactions
    • Customer can review transaction history at any time in the Reports Section of its COINFIDE Account. It’s Customer’s responsibility to monitor its own COINFIDE Account closely on a regular basis. It is very important to immediately notify COINFIDE if Customer has a reason to believe any of the following activities (collectively called Improper Account Access) have occurred:
      • There has been an unauthorized transaction sent from your Account.
      • There has been unauthorized access to your Account.
      • Your password has been compromised.
      • Any device you have used to access the Services has been lost, stolen or deactivated.
      • Someone has transferred or may transfer funds from your Account without your permission.
      • Any other error has occurred on your Account.
    • Customer must notify COINFIDE Customer Support Team in writing in case Customer believes that there has been or will be an error, unauthorized transaction, and misappropriated or unauthorized use of its Account.
    • Customer will be advised by COINFIDE on the results of the investigation within 20 (twenty) Business Days after the notice is received from the Customer. If investigation requires more than 10 Business Days, COINFIDE provisionally will re-credit your Account for the amount you think is in error after 10 (ten) Business Days after receipt of your notice; so that you will have possibility to use E-Money during the time of investigation. After investigation has been completed, COINFIDE will notify you of the results within 3 (three) Business Days. If we determine that there was no error from COINFIDE, we will send you a written explanation and we may debit back any provisional credit previously credited to your Account in relation to the alleged error.
    • Notwithstanding any other term of this Agreement, COINFIDE will not be held liable for the non-execution or defective execution of a payment transaction if Customer has failed to notify COINFIDE of such incorrectly executed payment transaction without undue delay, or in any event no later than within 13 months after the debit date, on becoming aware of such incorrectly executed payment transaction.
  1. Chargebacks
    • Customer agrees not to conduct chargeback with its bank for any purchase of electronic money that you have made with your credit or debit card which has been credited to your Account other than on occasions where there was a non authorized use of the payment instrument or for a breach by COINFIDE in reference to these Terms of Use which would result in you having a right to refund the uploaded amount. Customer may not chargeback any upload transaction or allows a chargeback of any upload transaction for reasons, which COINFIDE is not responsible including disputes with merchants for non-delivery of goods or services or insufficient balance on the payment instrument account.
  1. Warranties, Liabilities and Disclaimers
    • Customer understands and accepts that it is strictly prohibited to use COINFIDE Service in order to pay for illegal material as well as illegal downloads or any other goods and services infringing intellectual property rights of a third party and/or any illegal purpose or criminal activity of any nature. COINFIDE will report any suspicious Account activity to the relevant law enforcement authority. COINFIDE reserves the right to apply at its sole discretion prevention and detection procedures and suspend accounts or refuse the execution of transaction if there are reasonable grounds to suspect that COINFIDE Account is being or may be used for illegal purposes.
    • Customer warrants that will not violate any law or regulation using COINFIDE Account, and indemnifies COINFIDE for any and all liability that might arise from usage of the Service.
    • COINFIDE shall make reasonable efforts to ensure that all transactions are processed in a timely manner. However, COINFIDE makes no representations regarding the amount of time needed to complete processing, nor shall COINFIDE be liable for any actual or consequential damages arising from any claim of delay.
    • COINFIDE will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations under the Terms of Use that is caused by events outside our reasonable control, including, without limitation, acts of God, war, civil commotion, interruption in public communications networks or services, industrial dispute or DDOS-attacks and similar Internet attacks having an adverse effect (“Force Majeure”). Usage of the Service could be suspended for the period that the Force Majeure Event continues, and COINFIDE will have an extension of time for performance for the duration of that period. COINFIDE will use our reasonable effort to bring the Force Majeure Event to a close or to find a solution by which our obligations may be performed despite the Force Majeure Event.
    • COINFIDE shall in no way, and under no circumstances, be liable for any damages or loses, including without limitation, consequential, direct, indirect, special, incidental or punitive damages deemed or alleged to have resulted from or caused by but not limited to the following scenarios:
      • Payment made to unintended recipients or payments made in incorrect amounts due to the input of incorrect information by the Customer.
      • Payment made by a third party who passes all identity and verification checks.
      • Any fraud, deception or misrepresentations by the Customer, whether or not the Customer is verified in any manner.
      • Any fraud, deception or misrepresentation by recipient.
      • Any damages or losses resulting from a recipient’s decision not to accept a payment made using the Services.
      • Any errors or omissions in the Website content.
      • Any misuse of the website content or the inability of any person to use the site.
      • Any results of any acts of Government or authority.
    • The Service is limited to providing Customer with a payment facility and does not ensure the quality, safety and legality of the transaction Customer is undertaking. COINFIDE is not responsible for any goods or services for which Customer pays using the Service and will not be liable for any charges, taxes or other duties in relation to such goods or services.
  1. Governing Law and Jurisdiction
    • This Agreement and the relationship between COINFIDE and the Customer shall be governed in accordance with the law of the Republic of Latvia (EU).
    • For disputes, claims or to report Account discrepancies, Customer shall contact COINFIDE Customer Support Team first.
    • Any controversy of claim arising under or related to this Agreement or the provision of the Services offered by COINFIDE that can’t be resolved by contacting the Customer Support Team shall be settled by arbitration in accordance with the International Arbitration Rules of the Republic of Latvia.
    • Customer and COINFIDE shall keep confidential and not use for any collateral or ulterior purpose the subject matter of any arbitration and all information, documents and materials produced for, or arising in relation to, any arbitration including any award arising out of it except in so far as is necessary to implement and enforce any award or otherwise as required by law.
  1. Customer’s Personal Information
    • COINFIDE is required by law to comply with data protection requirements and usage of any personal information collected from Customer. Therefore takes such obligations very seriously.
    • By providing COINFIDE with personal information, Customer consents to storing your personal information for the purposes set out in these Terms of Use, for operating the Website or to comply with a legal or regulatory obligation.
    • COINFIDE will not disclose any personal information to anyone other than employees of COINFIDE, which is required to fulfill responsibilities and provide Customer with the Services and/or Payment Services.
    • COINFIDE will retain copies of any communications that Customer sends to us (including copies of any emails) in order to maintain accurate records of the information that we have received from you.
    • More detailed information can be found in COINFIDE Privacy Policy, which is published on COINFIDE’s Website.
  1. Anti-Money Laundering Policy
    • Anti-Money Laundering Policy of COINFIDE is kept and maintained on the COINFIDE Website and it is an integral part of these Terms of Use.
    • Customer is required to keep COINFIDE Account and contact information up to date at all times. Any Account found to contain incorrect and/or outdated information would be suspended. Customer wishing to use certain features of the account will be required to verify the identity via government issued ID and other appropriate documentation as specified on the COINFIDE Website. All submitted documentation is held in confidence. However, in cases of intentional abuse, any Customer participating, abetting or assisting in fraudulent and/or attempted fraudulent activities relinquishes any and all rights to privacy of personal information.
    • COINFIDE will not be responsible in any way for any of Customer’s losses due to cancellation or rejection of payments in cases COINFIDE acts in accordance with Anti-money laundering policies of the Republic of Latvia.
  1. Complaints and Notices
    • If Customer wishes to make a complaint regarding the quality of the Service, a first step should be as soon as reasonably possible, to contact Customer Support Team and submit a complaint in writing.
    • All submitted complaints are processed in accordance with the COINFIDE’s complaints procedure.
    • COINFIDE will reply to the Customer within 10 (ten) days starting from the day a complaint has been received.
    • COINFIDE may send notices to Customer email address, postal address provided and marked as Primary or display notification in Your COINFIDE Account within the System. Any notices sent by email under this Terms of Use shall be deemed given on the day the email is sent, unless the sending party receives email delivery failure notification; if by mail, shall be deemed given six (6) business days after the date of mailing within EU countries. By logging into Your COINFIDE Account any notices displayed therein shall be deemed as read and accepted.