Terms and conditions

Welcome to El Dorado!

These terms and conditions describe the contractual relationship between El Dorado Trade S.A.S., a simplified stock company, identified with NIT 901.709-033-6 (hereinafter referred to as 'El Dorado'), and You, our User.

By using the platform, accessing or utilizing our Services, and/or expressly accepting these terms and conditions electronically, you express your consent and acceptance of them.

If you do not acceptthe terms and conditions of use extracted here, do not access this site and do not use the services offered by El Dorado.

What is El Dorado?

El Dorado is a platform dedicated to the exchange of crypto assets, operating under a peer-to-peer (P2P) model, which allows registered users to buy, sell, or donate crypto assets to each other through the Platform. The practical applications vary from buy and sell transactions between users to the free transfer of crypto assets from sending Users to beneficiary Users, who may or may not sell them to convert them into legal tender.

Definitions

The following definitions will be helpful for you to better understand these Terms and Conditions:

Agreement:is the agreement between You and El Dorado, under which El Dorado may provide the Services.
Consideration: is the commission in crypto assets that You will pay to El Dorado for the Services.
Crypto Assets:are tokens, cryptocurrencies, or other encrypted digital assets with a certain value based on blockchain and cryptographic technologies, issued and managed in a decentralized manner.
P2P:is the model of Cryptocurrency exchange through which You negotiate and conduct your transactions directly with other Users and not with the Platform.
Platform:is the website, application, or computer development, regardless of its denomination, that allows you to access El Dorado's Services. The name of the Platform, its format, and functionality may vary as El Dorado deems appropriate.
PQRSFD:stands for Petitions, Complaints, Claims, Suggestions, Compliments, and Reports.
Services:refer to the intermediation services between buyers and sellers, which facilitate the exchange of Crypto Assets and thereby safeguard buy, sell, or free transfer transactions.
User:refers to the natural or legal person who seeks other Users to execute buy, sell, or transfer operations with Crypto Assets.
Advertiser:User responsible for creating buy and sell ads within our P2P market.
User or You:refers to the natural or legal person who seeks other Users to execute buy, sell, or transfer operations with Crypto Assets.
Identity Validation:refers to the process of validating your identity conducted by El Dorado, ensuring that there is a real person behind the intended transaction and verifying that this person is who they claim to be, preventing the creation of false identities or fraud.

What do you need to use the Services?

In order for you to give your consent and enter into this Agreement, you must meet the following requirements:

Be over 18 years of age.
Have the legal capacity to enter into a contract.
Create an account on the Platform.
Have read and accepted these Terms and Conditions.
Have a bank account or similar account in order to pay for the Crypto Assets you purchase or receive fiat money as consideration for the Crypto Assets you sell.
Have successfully completed the Identity Validation process.

What is the purpose of the Agreement?

Our objective is to ensure that you carry out your Crypto Asset buying, selling, and transfer operations safely. For this reason, once you create your account on the Platform, successfully complete the Identity Validation process, and accept these terms and conditions, you will be able to conduct your Crypto Asset operations through the Platform in exchange for Consideration payable to El Dorado.

You understand that El Dorado does not provide you with investment advice or any kind of consultancy, and it is not responsible for the use or interpretation of the information provided by the Platform. Additionally, El Dorado does not act as a direct buyer or seller of the Crypto Assets, nor does it serve as an intermediary in the foreign exchange market. You declare and acknowledge that you understand the inherent risks involved in Crypto Asset operations.

How do you create an account and what are the implications?

Upon accessing the Platform, you must complete the registration form in all its fields with valid and truthful information to be able to use all the Services provided by the Platform. The Platform may request, at any time, additional information it deems necessary to verify the provided information. Your account will enable you to view the details of each transaction you have made and the balance of Crypto Assets you hold.

Please consider the following rules:

You shall guarantee and be responsible, in any case, for the truthfulness, accuracy, validity, and authenticity of the personal data you provide. Furthermore, you will be held accountable for any damages, harm, or inconvenience resulting from the supply of false, incorrect, or inaccurate information. You acknowledge and accept that accounts created may be disabled or restricted if El Dorado determines that incorrect, false, or inaccurate information has been provided.

If any changes in your information may affect any of the Services offered by the Platform, you must update it through the means provided for that purpose.

Remember that your account is personal, unique, and non-transferable. You will access it by entering the email address registered on the Platform and the chosen personal security password, which you must keep strictly confidential, as El Dorado will not be liable for any loss or damage arising from the insecurity of your account.

Your account cannot be assigned or transferred to others.

You commit to promptly notify El Dorado through appropriate and reliable means of any unauthorized use of your account or any unauthorized access to it by third parties.

Can El Dorado cancel or suspend your account?

El Dorado may cancel, suspend, or disable any account when any of the following events occur:

False, incorrect, inaccurate, or erroneous information is found.

You fail to comply with any of your obligations regarding the Platform.

You engage in or participate in an illegal operation. In this case, we will notify the relevant authorities of the irregularity so that appropriate actions can be taken.

You use inappropriate language in your interactions. Inappropriate language refers to language that is disrespectful or defamatory towards individuals.

If your account is suspended, El Dorado will freeze your Crypto Assets balance until the reason for the suspension is resolved, and you will be able to use them again when your account is reactivated.

El Dorado reserves the right to suspend any account under investigation for suspicious transactions until appropriate inquiries are conducted to safeguard the security of all our users.

If your account is canceled, you will have three (3) business days to withdraw your Crypto Assets balance unless you have engaged in any illegal operations.In such cases, you authorize El Dorado to freeze the Crypto Assets you hold and deliver them to the competent authority. Please note that you can only withdraw your Crypto Assets balance once El Dorado has deducted any amounts you owe to other Users or to El Dorado as Consideration.

In cases that do not involve account suspension or cancellation due to illegal operations, the user has the possibility to appeal the decision within a period of 12 business days, during which they must provide sufficient evidence. El Dorado will have 15 business days from the receipt of the appeal to respond to it.

Why do we validate your identity?

To create an account on the Platform, we will ask you to send us a photo of your identification document and any other information that El Dorado deems necessary. The purpose of this is to ensure that all our transactions are secure and carried out with legitimate individuals. Through the Identity Validation process, we verify that the person attempting to open an account on the Platform truly exists and is who they claim to be. Simultaneously, this process helps us ensure that the person attempting to create an account has no links to illegal activities, thereby preventing fraudulent transactions or potential involvement in criminal activities.

Please be aware that the photo of your identification document is sensitive personal data, and in some cases, we may perform biometric processing on it. You are not obligated to share this information, but if you choose not to do so, we will not be able to validate your identity, and you will not be able to access our services.

If you do not successfully pass the Identity Validation process, you will not be able to access our Services, and if this occurs, we will notify you promptly.

For more information, please refer to our Privacy Policy, available <a class='btn-link' href='/legal/privacy-policy'>here</a>.

What operations can you perform through the Platform?

On the Platform, you can engage in buying and selling Crypto Assets in the P2P format, as well as simply transferring them to other Users' wallets without receiving anything in return. In this section, we explain how it works:

When you want to sell or buy Crypto Assets, you must first choose the Crypto Asset you wish to buy or sell, based on the offer made by another User through the Platform, which you accept and acknowledge may vary at any time in terms of price, payment method, among others.

Next, you must select the quantity you want to buy or sell.

Once these details are confirmed, the Platform will display the price of the Crypto Asset you want to buy or sell and show its conversion into the fiat currency you wish to use as a means of payment. You accept and acknowledge that the price may vary at any time.

The Platform will ask if you are sure about proceeding with the transaction.

Once you confirm, a chat will be opened where you can communicate with the buyer or seller, as applicable, and finalize the transaction details.

At this point, El Dorado will freeze the Crypto Assets subject to the operation to ensure that the seller transfers them and the buyer pays for them to receive them.

If you are the seller, once you have been paid, you must mark the transaction as paid for El Dorado to release the frozen Crypto Assets. If you are the buyer and the seller does not mark the transaction as paid, you can contact us at the email address support@eldorado.io, or through other official customer service channels, with the payment proof so that El Dorado can verify the information and proceed to release the Crypto Assets.

Once the operation is successfully completed, both Users will have the option to rate the counterparty.

Finally, Users will see the updated balance reflected on the Platform.

For transfer operations, the process will operate in the same way, but without a buy-sell transaction involving fiat money. In other words, the Crypto Asset will be simply sent to another User's wallet as a gift, who can then choose to keep it in their wallet, transfer it to another wallet they own, or eventually sell it to another User if they are interested in liquidating it and obtaining fiat money in exchange.

In exceptional cases, from the moment the offered price is accepted by either party and the start of the operation is formally confirmed, the Platform temporarily locks the traceability of the Crypto Assets and fixes the price during the period between acceptance and verification of the payment in fiat money.

Please remember that you can cancel the transaction before you have paid or have been paid. Once the transaction is marked as paid, you cannot cancel or modify it.

El Dorado will not allow you to perform transactions that exceed your available balance.

What should I consider when posting announcements?

To post a buying or selling ad on El Dorado, you must complete identity verification on our platform and have read and accepted the corresponding terms and conditions. Considering these, the following considerations must be taken into account:

Respect and honor the established listing price in the announcement.
Keep the negotiation within the platform at all times.
Be clear and concise with payment methods and negotiation terms.
Maintain exchange rates that align with the market reality.
Treat your counterpart with respect during the negotiation.

El Dorado reserves the right to delete or pause ads that it deems to engage in fraudulent activities or violate the mentioned considerations.

What is the dispute resolution criteria?

Users on El Dorado can activate the dispute process when they believe they are in disagreement with an ongoing transaction.

Upon activating the dispute process, the user must contact the support team to inform them about the dispute and provide an explanation of their case.

The Dispute Resolution team will promptly request evidence of payment, static and/or motion screenshots, chat messages, and any other form of verification that facilitates the resolution of the conflict.

Resolution criteria for the advertiser:

The advertiser has duly made the payment to the agreed account following the instructions provided by the user who activated the dispute.
The user who activated the dispute fails to provide compelling evidence of not receiving the payment.
The user who activated the dispute does not respond.

El Dorado may resolve a disputed transaction in favor of the user who activated the dispute if the following criteria are met:

The advertiser has not made the full payment for the crypto assets.
The advertiser sent false proof of payment.
The payment was made without adhering to the terms and conditions previously established by both parties.

The process of collecting information and evidence for conflict resolution may take up to 48 hours, depending on the complexity of each case.

If you disagree with the dispute resolution, you may appeal it by contacting us via email at support@eldorado.io. You have a maximum of 3 business days to submit the information and evidence, and the team will have a maximum of 10 business days to verify the case.

What other operations and/or services can you access through El Dorado?

Through El Dorado, you can also access the following services:

Payroll processing.

Management of buying and selling of crypto assets to fiat money and fiat money to crypto assets in larger volumes through legally endorsed electronic payment processors with high-quality compliance systems.

How much will you pay to El Dorado?

If you are an advertiser, you will pay El Dorado a Consideration of 0.6%, payable in Crypto Assets, on the total value of the transaction. Please note that you will only pay the Consideration if you are an advertiser User. If you are an offering User or a beneficiary of a remittance, you will not have to pay anything to El Dorado.

To ensure the Consideration for the Services provided, El Dorado will deduct the Consideration from your account at the conclusion of a transaction, and this deduction will be automatically reflected on the Platform.

El Dorado reserves the right to update the value of the Consideration, and we will inform you through the Platform if this occurs. If we update the value of the Consideration, it will only apply to transactions conducted after the update.

How much will you pay El Dorado if you use the Express Exchange service?

If you are the one who accepts the ad through El Dorado Express Exchange service, you will pay El Dorado a Consideration of 0.4%, payable in Crypto Assets, on the total value of the transaction. Please note that you will only pay the Consideration if you are a buyer User through the Express Exchange service.

What happens if the transaction is not completed?

El Dorado will only charge the Consideration if a transaction is successfully concluded through the Platform. If the transaction is not completed, you will not be charged anything.

What obligations do you acquire by accepting these Terms and Conditions?

Having the legal capacity to carry out buying and selling or remittance operations of Crypto Assets.
Allowing El Dorado to deduct the Consideration from each successfully concluded sales transaction.
Being directly responsible to the Users with whom you enter into contracts for the buying, selling, or donation of Crypto Assets for the obligations arising from these transactions.
Providing accurate and truthful information on the Platform's forms.
Not violating any laws, regulations, decrees, or circulars according to applicable law.
Acknowledging that El Dorado is not a platform for financial services or advice, thus committing to evaluating the risks of each operation conducted through the Platform and making informed decisions regarding them.
Having no links to illegal activities, money laundering, or terrorist financing.
Ensuring that your resources come from legitimate activities.

What obligations does El Dorado acquire by accepting these Terms and Conditions?

Providing the infrastructure for the proper functioning of the Platform.
Unfreezing and transferring the Crypto Assets to the buyer once the seller marks the transaction as paid or when the remitting User gives the remittance order to the beneficiary.
Responding promptly to your PQRSFD (Petitions, Complaints, Claims, Suggestions, Congratulations, and Denunciations).
Making its best efforts to ensure the security of transactions through the Platform.
Maintaining the confidentiality of your information until the buying, selling, or donation contract has been concluded.
Reporting any irregularities or misuse of the Platform by Users to the corresponding authorities.

What is El Dorado's liability under this Agreement?

El Dorado will not be responsible for any breaches of the Users to the contracts of buying or donation of Crypto Assets that may eventually arise from the use of the Platform. Likewise, El Dorado is not responsible for the fluctuation in the value of the Crypto Assets and does not guarantee stability in their value nor any returns on the Crypto Assets you acquire.

You also accept and acknowledge that El Dorado is not responsible for the suitability of your counterpart, and it only provides the buyer and seller with the space and technological infrastructure to carry out the transaction. You cannot claim damages from El Dorado for any harm or losses you may suffer from the use of the Platform.

Users accept that the Services provided by the Platform are provided 'as is,' which means that there are no express or implied warranties regarding the provision of the Services.

No information that Users receive through any means from El Dorado or any of its representatives or officials, in addition to these terms and conditions, will incur any liability on the part of El Dorado or represent any warranties about the Services.

For this reason, the only remedy that Users will have regarding the Services provided by the Platform will be to no longer use the Platform.

El Dorado will not be liable:

When Users provide incorrect, inaccurate, outdated, or false identity information, and in particular, but not exclusively or limitedly, for damages of any nature that may result from identity theft of a third party, carried out by a User in any kind of communication or transaction conducted through the Platform. However, El Dorado undertakes to make its best efforts to prevent such situations from occurring.

When there is suspension, interruption, or discontinuation of the Services due to corrective or preventive maintenance of the Platform.

When urgent modifications are necessary on the Platform.

For the non-compliance of the Users to the contracts of buying or donation of Crypto Assets entered into among themselves.

For loss of profits due to transactions not conducted by the Users, loss of earnings, pecuniary losses, or loss of information.

For any cost, harm, or damage caused to Users as a result of the misuse of the Services.

Any errors, interruptions, or delays in data transmission.

For illegal actions committed by the Users.

For the loss of value of the Crypto Assets.

In any case, El Dorado's liability will be limited to COP$10,000,000.

What happens if the Platform fails?

If you encounter any issues with the Platform, you can communicate with us at support@eldorado.io, indicating the problem, and we will make our best efforts to assist you in resolving it.

El Dorado shall not be liable for any damage, harm, or loss caused by failures in the Platform derived from the server or the internet. El Dorado will also not be responsible for any viruses that may infect Users' equipment as a result of accessing or using the Platform or due to any data, files, images, texts, or audios contained therein. El Dorado does not guarantee continuous or uninterrupted access and use of the Platform.

The Platform may occasionally be unavailable due to technical difficulties, internet failures, or any other circumstances. In such cases, efforts will be made to restore it as quickly as possible, but El Dorado cannot be held liable for any such issues. El Dorado will not be responsible for any errors or omissions committed by Users within the Platform.

Do you have any guarantees for the Services?

Users accept and acknowledge that El Dorado is an intermediation Platform that has no other affiliation with the Users beyond these terms and conditions. Therefore, El Dorado cannot guarantee the suitability, accuracy, or effectiveness of the information provided by Users, and it cannot guarantee the suitability of your counterparty.

However, El Dorado will make its best efforts to validate the information provided by Users. Additionally, since Cryptoassets fluctuate constantly, El Dorado cannot guarantee that the Cryptoassets you have on the Platform will retain their value over time.

What is your responsibility under this Agreement?

You will be solely responsible for fulfilling the obligations you acquire through the contracts you enter into and by accepting these terms and conditions in relation to other Users.

What happens if El Dorado or You fail to fulfill your obligations?

Specifically, you will indemnify El Dorado against any claims, administrative, judicial, or extrajudicial proceedings arising from your obligations under this Agreement. In case El Dorado incurs any costs resulting from any administrative, judicial, or extrajudicial claims initiated by a User or any other third party, El Dorado may deduct the equivalent in Cryptoassets from your account without requiring your prior authorization.

If you fail to fulfill any of your obligations regarding El Dorado, you will be liable for the damages caused to El Dorado as a result, in accordance with the law. Likewise, in the event that El Dorado fails to fulfill any of its obligations to you, El Dorado will be liable for the damages caused to you in accordance with the law.

What to do if you have any PQRSDF?

PQRSDF related to the Platform's Services can be submitted through the email address indicated in the notifications.

Users or a third party on their behalf, after identification, may file their claims free of charge.

El Dorado will register and individualize the claim by assigning a number to your claim, which will be informed to you through any appropriate communication channel.

El Dorado may transfer the PQRSDF to a third party when it concerns information or a service not directly provided by El Dorado.

If El Dorado is responsible for the response, we will reply within fifteen (15) business days from receiving the claim.

How do we protect intellectual property?

The Platform, solutions, designs, graphics, texts, images, trademarks, source code, object code, and other content accessible through the Platform are the property of El Dorado and are protected by intellectual property rights. Access granted to you by El Dorado to the Platform does not imply any assignment of industrial property rights and/or copyright over the Platform. You must refrain from modifying, disassembling, decompiling, or reverse engineering the Platform; if you do so, you will indemnify El Dorado for any resulting damages.

How will we handle your personal data?

During the provision of Services, El Dorado will request certain personal data from you, for which you must accept El Dorado's privacy policy, available <a class='btn-link' href='/legal/privacy-policy'>here</a>.

El Dorado is committed to complying with data protection regulations, including Law 1581 of 2012 of the Republic of Colombia and other complementary norms.

What relation does El Dorado have with external websites?

The El Dorado Site may contain external links to third-party websites on the Internet. El Dorado has no control over these external websites, and their content is not verified in any way (e.g., authenticity, integrity, legality, etc.).

El Dorado is not responsible for any of these external websites linked from the El Dorado Site, concerning information, expressed opinions, advice or statements, advertising material, accessibility, and any possible consequences of using these third-party sites, such as damages, losses, failures, and problems. You are solely responsible.

The external website has separate terms of use and policies. Before using their services, content, information, or any other material from these external websites, you must review their policies, rules, terms, and regulations, and you are solely responsible for taking necessary precautions to ensure that whatever you decide to use is free from viruses, worms, Trojan horses, and other destructive elements.

How long does this Agreement last, and when can it be terminated?

This Agreement will be in effect as long as you use the Services. If you wish to terminate it, you must stop using the Services and cancel your account on the Platform. If you want us to delete your information from our database, you must send us a communication expressing such request; however, we may not be able to delete some of your personal data due to legal requirements.

El Dorado may cease to provide you with its Services and suspend your access to the Platform if you breach these terms and conditions or if El Dorado identifies that you do not comply with its security policies.

What law applies to this Agreement?

Colombian law.

Where will the Parties receive notifications?

You will receive notifications at the email address or cellphone number you registered in the registration form.

El Dorado will receive notifications at support@eldorado.io.

How will we resolve disputes arising from this Agreement?

When there is a dispute between El Dorado and you regarding this Agreement, it will be subject to a direct settlement phase between El Dorado and you for a period of thirty (30) calendar days, starting from the notice of the existence of the dispute by one of the parties to the other.

After the aforementioned thirty (30) calendar days have passed without reaching an agreement, the dispute will be resolved by the ordinary jurisdiction courts of the Republic of Colombia.

How can these Terms and Conditions be modified?

El Dorado may make modifications to the terms and conditions when deemed necessary. El Dorado will communicate this through notification channels, five (5) business days before making the modifications.

By continuing to use the Services, it will be understood that you have accepted the modifications.

This is a complete agreement!

These Terms and Conditions, as well as any annexes, shall prevail over any previous agreement, verbal or written, made regarding the subject matter of the Agreement.

Last modification: July 14, 2023.