1 Introduction
1.1 Scope
The General Terms and Conditions of Orange Gateway ehf. (hereafter the Terms/these Terms) apply to transactions between Orange Gateway ehf. (hereafter Orange Gateway or ORANGEGATEWAY.COM) and a customer. In addition to these Terms, contract provisions, terms and rules may apply to specific products or services provided by Orange Gateway. Such provisions shall take precedence over these Terms, in the case of any discrepancies. Orange Gateway’s terms are published on its website and are available in Orange Gateway branches.
1.2 Changes to these Terms
Orange Gateway may at any time alter these Terms unilaterally and without notice. Changes to the Terms are communicated to customers through messages sent via Orange Gateway or with a general notice on Orange Gateway’s website or in another manner chosen by Orange Gateway.
Notices of amendments to such provisions of the Terms call attention to the fact that customers may notify Orange Gateway of the termination of the master contract before the changes enter into effect. The customer is considered to have approved changes unless he/she notifies Orange Gateway otherwise before the date of entry into force. If a customer terminates a master agreement before the two months’ notice is up yet continues to use the payment account in question or a payment instrument linked to the account after the two months’ notice has lapsed, the customer is considered to have approved the changes.
1.3 About Orange Gateway
Orange Gateway provides individuals, corporations and investors with cryptocurrency services, on its website Orange Gateway, based on long term business relationships. Orange Gateway is licensed to operate as a virtual assets service provider and is subject to supervision by the Financial Supervisory Authority of the Central Bank of Iceland, Kalkofnsvegur 1, 101 Reykjavík (see the Financial Supervisory Authority’s website, www.fme.is).
Orange Gateway ehf., Icelandic LLC Reg. No. 550819-1200
E-mail address: support@orangegateway.com,
Website: WWW.ORANGEGATEWAY.COM.
2 General provisions on the business relationship
2.1 Processing of personal data
Orange Gateway processes its customers’ personal data based on these Terms and, as the case may be, agreements, terms and conditions and rules applying to individual products or services Orange Gateway may provide to the customer. Orange Gateway processes and stores all information derived from or submitted in relation to any contracts between the customer and Orange Gateway. Orange Gateway may also process personal data based on the customer’s consent, law, administrative provisions or based on legitimate interest, as detailed in Orange Gateway Privacy Policy, published on Orange Gateway’s website. The processing of personal data is necessary for Orange Gateway to provide customers with financial services and for customers to undertake transactions with Orange Gateway, as well as to conclude or execute related contracts. See further details in Orange Gateway privacy policy.
2.2 Establishment of a business relationship
A customer establishes a business relationship with Orange Gateway through its website, its app or in a Orange Gateway branch. The customer must undergo due diligence upon the establishment of a business relationship. Upon establishing a business relationship, a customer selects products and/or services and gets access to Orange Gateway. Orange Gateway performs due diligence on new customers by requesting verification of identity and information about them, cf. details in the chapter on Measures against money laundering and terrorist financing. A new business relationship must meet the conditions of these Terms and, as the case may be, agreements, terms and conditions or rules that apply to individual products and/or services. The customer attests, as the case may be, the application, agreement and/or terms in question in accordance with Orange Gateway’s requirements at each time. Orange Gateway may, without providing specific grounds, reject an application to establish a business relationship and/or for a product or service, if information is insufficient, the application does not meet Orange Gateway’s requirements or for other reasons, as determined by Orange Gateway.
2.3 Measures against money laundering and terrorist financing
Orange Gateway operates in accordance with the Act on Measures Against Money Laundering and Terrorist Financing, as subsequently amended. Orange Gateway is required to perform due diligence on customers, upon the establishment of a business relationship, as part of regular control and/or for individual transactions. To perform due diligence, Orange Gateway calls for, among other details, personal information about a customer, including name, Id. No., legal domicile, job title/position, telephone number, email address, place of birth and nationality, in addition to financial information. Legal entities shall provide information about name, Reg. No., legal address, legal form, board of directors, executive board and person authorized to sign, as well as information about the beneficial owners of the legal entity and persons authorized to oblige the entity. Orange Gateway also gathers information about the origin of the funds customers intend to use in transactions with Orange Gateway, whether transactions are undertaken on behalf of a third party and information about the nature and purpose of the intended business relationship and/or transaction.
As part of due diligence, the customer shall provide proof of identity by showing valid identification issued or attested by a competent authority, e.g. a passport, driver’s license, Icelandic identity card or valid electronic ID. For underage customers, who do not have own personal identification, legal guardians can show their ID. If a business relationship is established on behalf of a legal entity, trust fund or comparable party, all board members, managing directors, authorized signatories and beneficial owners must verify their identity by showing valid identification. The same applies to all owners in a residents’ association when property holdings in multi-family dwellings number six or less. Legal entities prove their identity by providing a certificate from the Enterprise Register of the Directorate of Internal Revenue or equivalent registry as proof of their registration. An assessment shall be made on a case-by-case basis whether to request a copy of a company’s Articles of Association and/or audited annual financial statements.
Orange Gateway uses risk-based monitoring of contractual relationships with customers and gathers updates to information as and when necessary, at any time during a business relationship. Under certain circumstances and in addition to the above, Orange Gateway is required to apply enhanced due diligence in certain sensitive cases. In such cases, Orange Gateway reserves the right to request additional information, including personal data, about the customer to carry out enhanced due diligence. If Orange Gateway suspects that the funds the customer intends to funnel into Orange Gateway’s systems are earnings from illegal activity and/or linked to terrorist financing, Orange Gateway reserves every right to halt requested transactions without any notice. If Orange Gateway has legitimate grounds or reason to suspect certain transactions of being suspicious with regard to money laundering and/or terrorist financing, Orange Gateway is obliged to report the transaction to the relevant law enforcement authorities and provide all necessary information in connection with the case. Customers are obligated to inform Orange Gateway of any changes to the details submitted to Orange Gateway in relation due diligence.
2.4 Information provision
Orange Gateway sends messages to customer, information and notifications about Orange Gateway through Orange Gateway website or an app or via other communication channels determined by Orange Gateway at each time. Orange Gateway may also use physical post/email in exceptional cases. Orange Gateway sends push notifications to the customer via Orange Gateway or a app. If the customer wishes to change his/her contact details, i.e. phone number or email address, he/she shall update this information on Orange Gateway, the app, with Orange Gateway’s Customer Service Centre or at a local branch.
To log in to Orange Gateway, the customer shall always do so through Orange Gateway’s website or open the app through means provided by Orange Gateway and identify/authenticate in a secure manner, in accordance with Orange Gateway’s requirements. The customer shall show enhanced precaution as regards false messages, such as text messages or emails that include links to purported log-in pages for Orange Gateway /the app, which the customer may receive from a third party, for such purposes as gaining access to personalized security credentials and/or defraud the customer. Orange Gateway does not send customers messages with links to log in to Orange Gateway. Orange Gateway may send to customers messages that include links following customers’ requests to access certain of Orange Gateway’s services. The message from Orange Gateway will refer to the requested service. If the customer receives a message that includes a link, without having previously requested a specific service from Orange Gateway, the message is fraudulent and the customer shall not click on the link, reply to the message or authenticate him-/herself as the message requests.
2.5 Transactions
Orange Gateway shall bear no responsibility for possible mistakes or negligence resulting from its customer’s choice of foreign business partners and their reliability. The same applies to mistakes or negligence on behalf of foreign financial undertakings. The customer is advised to familiarize him-/herself with the terms and conditions of the foreign financial undertaking, as well as current legislation and business conventions of the state in question. Orange Gateway’s exchange rates apply to all foreign currency transactions, unless expressly agreed otherwise. The nature of the transaction determines the rate used, be it spot rate, closing rate or a special rate determined by Orange Gateway. Any risk of resulting trading gains/losses shall be borne by the customer, unless otherwise expressly agreed.
In these Terms, the section on payment accounts contains special provisions for payment accounts and foreign currency payments.
2.6 Tariff
The customer pays charges for Orange Gateway’s products and services and other expenses linked to services rendered in accordance with Orange Gateway’s tariff at each time. Should other terms or Orange Gateway’s agreements with the customer provide for charging fees, those terms shall take precedence over Orange Gateway’s tariff. Orange Gateway is authorized to debit fees and costs from the customer’s payment account with Orange Gateway and such direct debit shall appear on account statements. Orange Gateway may change its tariff without notice. Orange Gateway’s tariff is available on Orange Gateway’s website.
3 Online services
3.1 General information about Orange Gateway website
Orange Gateway is an Internet site customers log in to using verification/authentication approved by Orange Gateway in order to exchange, give payment orders or view account information, among other things. Orange Gateway is accessible from Orange Gateway’s website, through mobile and the app. In order to take advantage of Orange Gateway services, the customer must have equipment that is linked to the Internet. Orange Gateway reserves the right to unilaterally determine what services and communication channels are offered via Orange Gateway, and to alter those services/communication channels. Orange Gateway services may vary according to whether the customer logs in through Orange Gateway’s website, mobile or the app. Orange Gateway owns the software used on Orange Gateway. The customer is authorized to access and use it. The customer is completely prohibited from making alterations or having alterations made to software connected with Orange Gateway.
Personalized security credentials are personalized components, such as PIN, passwords, security codes, unique identifier numbers/codes sent to the customer to confirm transactions, approved by Orange Gateway at each time for customer verification/authentication. Verification/authentication is a method that allows Orange Gateway to verify the customer’s identity or confirm authority to use a specific payment instrument, including the use of personalized security credentials. Strong verification is verification based on two or more components classified as knowledge, possession and inherence. Orange Gateway reserves the right to amend its verification/authentication requirements without notice. Once the customer has logged in to Orange Gateway, the customer is responsible for and obliged by all actions carried out on Orange Gateway. The same applies if a third party gains access to information about access to Orange Gateway or is able to access it in another manner. The customer is responsible for adequately ensuring the safety of personalized security credentials he/she uses for verification/authentication. The customer is prohibited from granting third parties access to his/her personalized security credentials and shall at all times ensure that no-one can get their hands on, see or copy the customer’s personalized security credentials. The customer shall keep secret his/her personalized security credentials and all information relating to his/her verification/authentication for Orange Gateway and information linked to payment instruments (such as payment card numbers) and is responsible for ensuring that such information is neither divulged nor accessible to unauthorized parties. The customer shall show enhanced precaution as regards false messages, such as text messages or emails that include links to purported log-in pages for Orange Gateway /the app, which the customer may receive from a third party, for such purposes as gaining access such information, including to personalized security credentials and/or defraud the customer. Should the customer fail to safeguard personalized security credentials and other aforementioned information securely or in accordance with the above, such as fail to show precaution with respect to false messages from a third party, this shall constitute gross negligence by the customer. Should the customer become aware that an unauthorized party has attempted to gain or acquired knowledge of the customer’s personalized security credentials and other aforementioned information, the customer shall notify Orange Gateway without delay and, as the case may be, alter his/her personalized security credentials. The same applies if a customer becomes aware of loss, theft or misuse of a payment instrument or unauthorized use thereof. To ensure safety, the customer shall activate locking mechanisms on the equipment he/she uses to log in to Orange Gateway. Orange Gateway shall not be responsible for the customer’s use of Orange Gateway through the app, Orange Gateway’s website or mobile. Orange Gateway shall not be responsibility for damages caused by use of Orange Gateway or the use of connections to Orange Gateway. Nor shall Orange Gateway bear responsibility for loss the customer suffers as a result of a third party gaining access to personalized security credentials, access to accounts on Orange Gateway /the app, e.g. through the aid of false messages, or access to information about a payment instrument (such as payment card numbers). Orange Gateway shall not be liable for any direct or indirect damage which may be caused by the suspension of Orange Gateway, links or additions to Orange Gateway without prior notice, for instance, due to necessary maintenance actions, malfunction of software or hardware, system modifications, or other circumstances beyond its control. If the customer lends, sells or authorizes a third party to access a device on which the app has been installed, he/she is obliged to log out of the app first. If the device has been tampered with in a manner that compromises its security in any way, for instance, with the installation of insecure applications, use of the app on that device is no longer secure and thus prohibited. The customer shall show caution in the use of Orange Gateway. If the customer receives a unique identifier number/code from Orange Gateway for the purpose of confirming an electronic transaction, the customer shall not confirm the number/code without first verifying the validity of the payment (valid transaction). Failure by the customer to uphold precautionary obligations in accordance with the above is considered gross negligence on behalf of the customer.
The customer shall notify Orange Gateway without delay if he/she becomes aware of misuse or unauthorized use of Orange Gateway. The customer shall not suffer the damages caused by use of Orange Gateway if Orange Gateway fails to take appropriate steps as provided for in the Act on Payment Services, due to notification obligations linked to payment instruments that have been lost, stolen or misused. Orange Gateway may, without prior warning or notice, terminate the customer’s access to Orange Gateway or limit the customer’s access to Orange Gateway in part or in whole, temporarily or permanently, in the following instances: (a) if there is a suspicion of unauthorized or fraudulent use of Orange Gateway or services on Orange Gateway, (b) if there is a suspicion of breaches of Orange Gateway’s rules or terms and conditions, (c) if there is a suspicion that a third party may have gained access to the customer’s access information, with or without the customer’s consent, (d) due to file and system updates and changes or other technical or security reasons, or (e) if the customer enters into bankruptcy proceedings or the customer seeks composition, payment moratorium, or if other similar conditions exist. The customer is notified as soon as practicable. If the reasons for termination are removed, Orange Gateway shall grant access again. Orange Gateway is authorized to terminate the customer’s access to Orange Gateway if the customer’s account has been inactive over a 6-month continuous period or longer. Information about transactions, including the status of transaction orders, may be temporarily inaccessible in Orange Gateway due to a heavy load on the relevant computer and trading systems. Certain services or actions in Orange Gateway might determine device location based on GPS coordinates, network systems or phone company distribution systems, including information about service points. Access to such services can be controlled through each devices’ settings. Orange Gateway does not retrieve location information from the device without clear authorization. Orange Gateway shall not be responsible for invoices that appear on the list of unpaid invoices and where Orange Gateway is not the invoice. Any objections the customer may have to such invoices shall be directed at the registered invoicer.
4 Payment accounts
4.1 About payment accounts
The customer creates an account using Orange Gateway website or in a Orange Gateway branch. Orange Gateway is authorized to reject new accounts, for instance if information about the customer is insufficient, and will notify of such rejection as promptly as possible. Accounts may not be established on behalf of another financially competent party unless the customer has granted power of attorney to the effect, unless otherwise provided for by law. Upon establishing an account, the customer is obliged to provide proof of identity by showing valid identification, such as a passport, Icelandic identity card, driver’s license, valid electronic ID, through verification/authentication upon logging in to Orange Gateway or other means of identification that meat with Orange Gateway’s requirements at each time. Orange Gateway reserves the right to amend its security requirements without notice.
Accounts are in USD or EUR, unless otherwise expressly agreed. These Terms apply to accounts in all currencies.
Accounts can be indexed to a portfolio of currencies or virtual assets or traded accounts that Orange Gateway manages. All assets that customers deposit into their Orange Gateway account become assets of Orange Gateway. Orange Gateway owns all assets on its bank accounts and virtual wallets. Customers have no direct claim to any bank deposits on Orange Gateway bank accounts or virtual wallets or with other service providers that Orange Gateway utilizes.
4.2 Passwords and access to accounts
The customer holder chooses a password accompanied with an e-mail to use for authentication and confirmation of payments in communication with Orange Gateway. The customer agrees not to divulge the password to unauthorized parties. Unauthorized parties here refers to parties who are not authorized to issue payment orders for the customer’s account in accordance with these Terms. Should the customer have reason to believe that an unauthorized party may have become aware of the password, the customer agrees to change the password immediately and notify Orange Gateway without delay. The customer is responsible for all payments and actions carried out using his/her password or other personalized security credentials.
4.3 Deposits and withdrawals
When the customer gives trading or payment order, he/she shall verify his/her identity or provide other adequate means of authentication, such as the account’s password, by showing personal identification or other means that satisfy Orange Gateway’s requirements. The above applies whether or not the action is carried out by way of a payment instrument or not.
Orange Gateway will process trading or withdrawal requests on its website, given that it is not in maintenance mode or trading has been halted for other reasons. Deposits of currencies will be processed on opening hours of Icelandic banks on bank days. Withdrawals of currencies will be processed daily on banking days after 10:00, GMT. Deposits and withdrawals of virtual assets will be processed as soon as relevant blockchains show that payments are fully confirmed or Orange Gateway wallets or wallet providers are operational and relevant blockchains are operating normally.
Orange Gateway may delay, halt and/or refuse to execute payment orders, initiated by either payor or recipient, if the conditions of law, these Terms, other terms and conditions or Orange Gateway’s rules have not been met, e.g. of the balance on the account is insufficient, if withdrawals have been suspended for other reasons, for security reasons, if there is considered to be a risk of misuse or fraud, due to significantly heightened risk of the payor being able to make payment, if there is doubt concerning the payor’s authority to utilize the account or for regular monitoring of payments that involves gathering information about the connection between payor and recipient, origin of funds, purpose of a transaction, etc. Orange Gateway uses foreign intermediaries to send and receive international payments on behalf of customers. For that reason, Orange Gateway may request details about payments and share that information with foreign intermediaries.
The customer will be notified of Orange Gateway decision to reject payment orders, unless otherwise indicated by law. If the customer is the cause of Orange Gateway’s decision to reject payment orders, a fee may be charged for written notification. If payment orders are rejected by Orange Gateway, this is equivalent to such orders not having been received at all. Notwithstanding the above, Orange Gateway may postpone carrying out payment orders until sufficient funds are available on the customer’s account, including funds to cover fees and other expenses. Orange Gateway may attempt to debit the payment from the customer’s account to satisfy payment following reception of payment orders and until the orders have been carried out. If Orange Gateway receives multiple payment orders the same day, Orange Gateway is not responsible for the order in which the instructions are carried out or which payments are not carried out due to insufficient account balance.
A priori received payment orders will be carried out despite latterly occurring events that would have prevented their issuance, such as the revocation of power of attorney or death of the customer. The customer may only recall or halt payment orders if the relevant provisions of the Act on Payment Services have been met and provided the customer is a consumer. Orange Gateway may demand a fee for recalled payment orders. A priori received payment orders will not be carried out after the termination of an account. Orange Gateway is responsible for the payment being carried out in accordance with law until the recipient Orange Gateway has received the payment. After that time, the recipient Orange Gateway is responsible for the handling of the payment. The customer is responsible for ensuring the accuracy of payment instructions. Orange Gateway is not responsible for the customer’s mistakes, inter alia, the customer entering erroneous identification for the recipient. Such mistakes cannot be corrected one-sidedly by Orange Gateway without the approval of the recipient of the payment. If a customer can provide evidence to show that the amount of a payment, authorized by the customer and initiated by the recipient, was not specified in the issued authorization and that the customer’s account was debited for a higher amount than he/she could reasonably expect based on his/her spending patterns, these Terms and other circumstances of the case, the customer shall notify Orange Gateway and request refund within eight weeks of funds being debited from his/her account. These conditions being met, Orange Gateway shall refund the customer such payments within 10 bank days of receiving notice to the effect from the customer. Otherwise Orange Gateway will refuse repayment. The above does not apply when a customer, who is not a consumer as defined by the Act on Payment Services as subsequently amended, orally consents to a third party withdrawing funds from his/her account. In such cases, the customer is not entitled to a refund once he/she has directly authorized Orange Gateway to carry out payment and, if appropriate, Orange Gateway or the recipient provided a priori information about payments or transmitted such information to the payor at least four weeks prior to the date of payment. If payment orders have been revoked, Orange Gateway is neither responsible for paying interest nor other fees levied on overdue payments.
Payment services may be subject to limitations provided for in the Act on Foreign Exchange at each time and rules based on the Act. If regular payments have been agreed upon, the notice of termination shall factor in collection of payments following termination of a contract. Orange Gateway is authorized to charge a fee on transfers from the payment account. Orange Gateway may also charge a fee for assistance granted in recovering mistakenly paid funds, e.g. due to erroneous information about the recipient of payment issued along with instructions for payment. Fees are in accordance with Orange Gateway’s tariff of charges at each time.
4.4 Information about an account and its use
Messages, information and notices about accounts, such as about changes to terms and conditions and costs, are communicated to customers via Orange Gateway’s website or the app or another manner chosen by Orange Gateway. Orange Gateway may also use mail in exceptional cases.
4.5 Closing of accounts and other services
A customer wishing to close an account may submit a written request to Orange Gateway, request it verbally over the phone or, as the case may be, close the account independently in self-service. Should the customer terminate these Terms, Orange Gateway reserves the right to terminate accounts and other services, including Orange Gateway, in part or in full, at its own initiative and without first informing the customer. The same applies if a customer is demonstrated to have committed an offence against law, Orange Gateway’s rules, its terms and conditions or other rules applying to the customer’s business with Orange Gateway, if the customer or a third party is demonstrated to have misused an account, the customer fails to comply with Orange Gateway’s request to update or submit information during regular monitoring of money laundering and terrorist financing, if transactions are considered by Orange Gateway to constitute a risk of fraud, money laundering and terrorist financing or if the business relationship might damage Orange Gateway’s reputation or does not confirm to Orange Gateway’s risk policy, in its estimation.
In such cases, Orange Gateway may deposit the balance of accounts to an account held by Orange Gateway. Orange Gateway further reserves the right to close an account that has been inactive for a period of 2 years or longer, following a notice to the effect to the customer, and deposit the balance to another account held by the customer or, if the customer does not own a second account, to an account held by Orange Gateway. Any fees or costs owed Orange Gateway by the customer for services rendered when an account is closed in accordance with the above, may be debited from the customer’s account prior to its closing. In the case of any negative balance on the customer’s account upon closing, e.g. charged fees, Orange Gateway reserves the right to enforce the claim through collection. The customer will be notified of the closing of the account as promptly as possible.
5 Final provisions
Unless otherwise specified by statute, contractual provisions, these Terms, other terms and conditions, Orange Gateway’s rules or according to the nature of the matter, Orange Gateway and the customers may end their mutual business relationship at any time without notice. Orange Gateway may terminate a framework agreement with two months’ notice, in accordance with these Terms. The customer shall notify Orange Gateway in writing of his/her decision to end the business relationship with Orange Gateway or revocation of authority to process personal data. Orange Gateway reserves the right to end a business relationship, in full or in part, of its own initiative with a unilateral notice to the customer if the customer is demonstrated to have committed an offence against law, Orange Gateway’s rules, its terms and conditions or other rules applying to his/her business with Orange Gateway, if the customer or a third party is demonstrated to have misused the business relationship, if transactions are considered by Orange Gateway to constitute a risk of money laundering or terrorist financing, if the business relationship might damage Orange Gateway’s reputation, or does not confirm to Orange Gateway’s risk policy, in its estimation.
If communications leading up to and the establishment of this Terms are solely telecommunications, the Terms shall be considered a distance contract as provided for in Act No. 33/2005, on Distance Sales of Financial Services. If the customer is a consumer he/she has the right, having regard for the limitations set out in the Act on Distance Selling of Financial Services, to abandon the Terms if they constitute a distance contract as defined in the aforementioned Act without specifying a reason, provided he/she verifiably notifies Orange Gateway thereof within 14 days of approving the Terms.
Any dispute which may arise as a result of these Terms and Conditions may be brought before the Reykjavík District Court. All disputes concerning business with Orange Gateway shall be resolved in accordance with Icelandic law, unless otherwise agreed.
Orange Gateway shall not be responsible for any direct or indirect loss which a customer may incur in connection with these Terms or transactions concluded on their basis if such loss can be attributed to events resulting from force majeure, such as natural catastrophes, wars, terrorist activity, epidemics, strikes, border closures, electricity disruption or failure, disruption of a settlement system, disruption of blockchains, telephone system or other communication routes, or other similar events. Nor shall Orange Gateway be responsible for any inconvenience, expense, missed investment opportunities or other direct or indirect financial loss resulting from the closure, failure, interruption or other disruption of Orange Gateway’s activities.
These Terms are originally published in Icelandic. The Icelandic language version shall be the sole valid version of these Terms and Conditions, regardless of whether Orange Gateway chooses to publish the Terms in another language. Icelandic law shall apply to these Terms.
These Terms shall apply as of and including 1st of April 2024.