Welcome to El Dorado!

These terms and conditions describe the contractual relationship between El Dorado Trade S.A.S., a simplified stock company, registered in Bogot√°, Colombia, identified with NIT 901.709-033-6 (hereinafter, "El Dorado"), and You, our User.

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

If you do not accept the terms and conditions of use outlined 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, under a peer-to-peer (P2P) model, which allows registered users to buy, sell, or donate crypto assets among themselves, through the Platform, with practical applications ranging from purchase and sale operations between users, to the free remission of crypto assets by sending Users in favor of beneficiary Users, who may or may not sell them to convert them into legal tender.


The following definitions will help you understand these Terms and Conditions more easily:

  1. Agreement:It is the agreement that You and El Dorado enter into so that El Dorado can provide the Services.
  2. Consideration: It is the commission in crypto assets that You will pay to El Dorado for the Services.
  3. Crypto Assets: Are tokens, cryptocurrencies, or other digital assets encrypted with a certain value based on blockchain and cryptography technologies that are issued and managed in a decentralized manner.
  4. P2P: It is the model of Cryptocurrency exchange through which you negotiate and conduct your operations directly with other Users and not with the Platform.
  5. Platform: It is the website, application, or computer development, regardless of its name, that allows you to access the Services of El Dorado. The name of the Platform, its format, and operation may vary as El Dorado deems appropriate.
  6. PQRSFD: Stands for Requests, Complaints, Claims, Suggestions, Compliments, and Reports.
  7. Services: Are the intermediary services between buyers and sellers, which facilitate the exchange of Crypto Assets and by which the purchase and sale operations or free remission are safeguarded.
  8. User: Refers to the natural or legal person who seeks other Users to execute purchase or remission operations with Crypto Assets.r
  9. Advertiser: User in charge of creating purchase and sale advertisements within our P2P market.
  10. User or You: Refers to the natural or legal person who seeks other Users to execute purchase or remission operations with Crypto Assets.
  11. Identity Validation:refers to the process of validating your identity carried out by El Dorado, which ensures that there is a real person behind the intended operation and verifies that this person is who they claim to be, preventing the creation of fake identities or the commission of 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:

  1. Be over 18 years of age to enjoy all the services offered by the El Dorado platform.
  2. Have the ability to enter into a contract.
  3. Create an account on the Platform.
  4. Have read and accepted these Terms and Conditions.
  5. Have a bank account or similar, in order to pay for the Crypto Assets you purchase or receive fiat money as consideration for those Crypto Assets you sell.
  6. Have successfully passed the Identity Validation.
  7. To have the selected identity document in original and physical form.
  8. To reside in one of the countries where El Dorado operates publicly and openly.

What is the purpose of the Agreement?

We want you to carry out your purchase and remission operations of Crypto Assets safely. For this reason, once you create your account on the Platform, have successfully passed the Identity Validation, and have accepted these terms and conditions, you will be able to carry out your operations with Crypto Assets through the Platform in exchange for a Consideration that is paid in favor of El Dorado.

You understand that El Dorado does not provide you with investment advice or consultancy of any kind, and is not responsible for the use or interpretation of the information provided by the Platform, nor is it an entity that directly buys or sells you the Crypto Assets, nor does it act as an intermediary in the foreign exchange market. You declare and acknowledge that you understand the risks inherent in operations with Crypto Assets.

How do you create an account and what implications does it have?

When accessing the Platform, you must fill out the registration form in all its fields, with valid and truthful data, in order to use all the Services provided by the Platform. The Platform may require, at any time, the information it deems necessary to verify the information provided. Your account will help you know the details of each transaction you have made and the balance of Crypto Assets you have.

Keep the following rules in mind:

  1. You will guarantee and be responsible, in any case, for the truthfulness, accuracy, validity, and authenticity of the personal data you provide. Likewise, you will be responsible for any harm, damage, or inconvenience caused by the provision of false, erroneous, and inaccurate information and you accept and acknowledge that the accounts created may be disabled or limited if El Dorado determines that incorrect, false, or inaccurate information has been provided.
  1. If your information undergoes any change that may affect any of the Services offered by the Platform, you must update it through the means provided for this purpose.
  1. Remember that your account is personal, unique, and non-transferable, and you will access it by entering the email registered on the Platform and the chosen personal security password, which you must keep completely confidential, since El Dorado will not be responsible for any loss or damage arising as a result of the insecurity of your account.
  1. Your account cannot be assigned or transferred to others.
  1. You commit to notifying El Dorado immediately, by suitable and reliable means, of any unauthorized use of your account, as well as unauthorized third-party access to it.

Can El Dorado cancel or suspend your account?

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

  1. False, incorrect, inaccurate, or erroneous information is found.
  1. You breach any of your obligations regarding the Platform.
  1. You engage in or participate in an illegal operation. In this case, we will notify the competent authorities of the irregularity presented so that the relevant actions can be initiated.
  1. 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 which your account was suspended has been resolved, and you can use them again when your account is reactivated.

El Dorado reserves the right to suspend any account that is under investigation for suspicious transactions until it conducts the relevant investigations, to safeguard the security of all our users.

If your account is canceled, suspended, or disabled, El Dorado will have a maximum of up to ninety (90) working days to send your Crypto Assets to an external wallet, on the corresponding networks, unless you have conducted an illegal operation, in which case you authorize El Dorado to freeze the Crypto Assets you have and deliver them to the competent authority. We clarify that you can only withdraw your Crypto Assets balance once El Dorado has deducted any amount you owe to other Users or to El Dorado as Consideration. For more information, see Annex A: Fund Interoperability Agreement.

Unless the suspension or cancellation of the account is due to illegal operations, the user has the option to appeal the decision within 12 business days, where 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 ID and any other data that El Dorado deems pertinent, in order to ensure that all our transactions are safe and are executed with the people who claim to be. Through the Identity Validation process, we ensure that the person trying to open an account on the Platform actually exists and is who they say they are. At the same time, through this process, we ensure that the person trying to open an account has no link to illegal activities, and in this way, we prevent fraudulent transactions or that you can be instrumentalized to commit crimes.

Remember that the photo of your identity document is sensitive personal data and that in some cases, we will perform biometric processing on it. Therefore, you are not obligated to share it, but if you do not, 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, you will not be able to access our Services, and if this happens, we will promptly notify you.

For more information, please refer to our Privacy Policy, available here

What operations can you perform through the Platform?

On the Platform, you can sell and buy Crypto Assets in the P2P format, as well as simply send them to the wallets of other Users without receiving anything in return. In this section, we explain how:

  1. When you want to sell or buy Crypto Assets, you must first choose the Crypto Asset you want to buy or sell, according to 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.
  1. Then you must choose the amount you want to buy or sell.
  1. Once these data are confirmed, the Platform will show you the price of the Crypto Asset you want to buy or sell and will show you the conversion of it to the fiat currency you want to use as a means of payment. You accept and acknowledge that the price may vary at any time.
  1. The Platform will ask if you are sure about performing this operation.
  1. Once you have confirmed it, a chat will open where you can communicate with the buyer or seller, as applicable, and finalize the transaction details.
  1. At this point, El Dorado will freeze the Crypto Assets subject to the operation, in order to ensure that the seller transfers them and the buyer pays for them in order to receive them.
  1. If you are the seller, once you have been paid, you must mark the transaction as paid so that El Dorado releases the frozen Crypto Assets. If you are the buyer and the seller does not mark the transaction as paid, you can write to us at the email address soporte@eldorado.io or other official customer service channels, in order for El Dorado to verify the information and proceed to release the Crypto Assets.
  1. Once the operation has been successfully completed, both Users will have the option to rate the counterparty.
  1. Finally, Users will see the new balance reflected on the Platform.

"Except from the moment when the offered price is accepted by one of the parties and the start of a transaction is formally confirmed, as the Platform temporarily blocks the tradability of the Crypto-assets and sets the price during the time span that elapses between the acceptance and the verification of the payment in fiat money."

For remittance operations, the process will operate in the same way, but without configuring a purchase and sale operation with payment of fiat money in exchange. In other words, the asset is simply sent free of charge to the wallet of another User, who can then choose to keep it in their

wallet, transfer it to another wallet they own, or finally, sell it to another User if they are interested in liquidating it and obtaining fiat money in return.

In the case of an exception, from the moment the offered price is accepted by one of the parties and the start of an operation is formally confirmed, the Platform temporarily blocks the traceability of the Crypto Assets and fixes the price during the time that elapses between acceptance and verification of payment in fiat money.

Remember that you can cancel the transaction until before you have paid or been paid. Once the transaction has been marked as paid, you cannot cancel or modify it.

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

What should I consider when posting ads?

To post a purchase or sale ad on El Dorado, you must complete identity verification on our platform and have read and accepted its terms and conditions. With that in mind, these are the considerations to take into account:

  1. Respect and honor the publication price established in the ad.
  2. Always keep the negotiation within the platform.
  3. Be clear and concise with payment methods, as well as negotiation conditions.
  4. Maintain exchange rates that go hand in hand with market reality.
  5. Respect your counterparty during the negotiation.

El Dorado reserves the right to remove or pause ads that it considers to be involved in fraudulent activities or that violate the stated considerations.

What do I have to take into account to publish ads as a seller or market maker?

To post an ad for sale on El Dorado you must:

  1. Complete at least 10 transactions as a buyer.
  2. Trade with at least 5 different sellers or market makers.
  3. Have transacted a volume of at least 250 USDT.
  4. Reach compliance level 2 (See Annex B).

Similarly, sellers or market makers will be able to use a filter within the application that will allow them in a discretionary way to filter with which other user to make a P2P transaction according to their level of compliance or KYC.

What is the dispute resolution criteria?

Users in El Dorado can activate the dispute process when they believe they disagree with a current operation.

When activating the dispute process, the user must communicate with the support team to inform them about it and explain their case.

The Dispute Resolution team will diligently request: payment evidence, static and/or moving screenshots, chat messages, and any other form of verification that allows the resolution of the conflict.

Resolution criteria for the advertiser:

  1. The advertiser made the payment correctly to the agreed account and with the instructions provided by the one who activated the dispute.
  2. The one who activated the dispute does not provide convincing evidence that they did not receive the payment.
  3. The one who activated the dispute does not respond.

El Dorado can resolve a disputed operation in favor of the one who activated the dispute if the following criteria are met:

  1. The advertiser has not made the full payment for the crypto assets.
  2. The advertiser sent a fake receipt.
  3. The payment was made without following the terms and conditions previously established by both parties.
  4. If a payment method is used that is not supported by El Dorado, or was not the one established in the exchange.

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

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

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

El Dorado you can also find the following services:

  1. Management of buying and selling crypto assets to fiat money, and fiat money to crypto assets in larger volumes through legally endorsed electronic payment processors with high-quality standard compliance systems.
  1. Withdrawal of crypto assets from the wallet created in El Dorado to any other external wallet, whether or not owned by the user. The withdrawal of crypto assets must be made on the networks accepted and operational on the El Dorado platform. The User will bear the responsibility of withdrawing their crypto assets to external wallets. These transactions are NOT REVERSIBLE.
  1. Deposit of crypto assets from an external wallet to the wallet created in El Dorado. The deposit must be made on the network corresponding to the wallet in El Dorado to guarantee the deposit, as well as the sending of the corresponding crypto asset to the wallet. El Dorado is not responsible for the origin wallets and The User will bear the responsibility of making the deposits. These transactions are NOT REVERSIBLE.

What happens if you make a withdrawal from your El Dorado wallet to a wallet that is not your property?

Transactions executed directly over the network are irreversible, and El Dorado is not responsible for the withdrawal of funds to wrong wallets or not owned by the user.

What happens if you deposit a different crypto asset into your El Dorado wallet?

If you make a deposit to your wallet, but it corresponds to a crypto asset different from those supported by El Dorado, the transaction will not be considered effective. El Dorado is not responsible for the deposit of different crypto assets than those allowed.

What if my withdrawal/deposit transaction is in review?

If your deposit or withdrawal through the blockchain appears with the status "Under Review" it is because El Dorado must investigate further about the transaction and you should contact us through the support chat so we can within the App follow up on your case. Some reasons may be:

  1. Errors with the corresponding blockchain provider.
  2. Internal errors with our App and should be reviewed in detail.
  3. Considerable risk levels with the origin or destination wallet.

What if the transaction is linked to a wallet with a considerable level of risk?

If your transfer is a withdrawal of funds to a wallet with a considerable level of risk, the corresponding department will proceed to request an Intensified verification process in which you will have to justify the origin of the funds. If the verification is approved, the withdrawal will proceed. If it is not approved, an external wallet without a considerable level of risk not linked to El Dorado will be requested to withdraw your assets.

If your transfer is a deposit of funds from a wallet with a considerable level of risk, the corresponding department will proceed to request an Intensified verification process, in which you will have to justify the origin of the funds. If the verification is approved, we will proceed with the deposit to the wallet of our App. If not approved, an external wallet without a considerable level of risk not linked to El Dorado will be requested to withdraw your assets.

If the transfer manages to be linked to illicit activities, the money will be sent to the origin wallet of the network to be managed by the provider.

What happens if you make a deposit to your El Dorado wallet with a listed crypto asset, but on a network different from those supported by the app?

If you make a deposit to your wallet, but it was done on a network not supported in our app, the transaction will not be considered effective. El Dorado is not responsible for deposits of crypto assets that are not allowed.

How much will You pay El Dorado?

If you are an advertiser, you will pay El Dorado a Fee of 0.6%, payable in Crypto Assets on the total value of the transaction. Keep in mind that you will pay the Fee only if you are an Advertiser User, if you are an Offeror User or beneficiary of a remittance, you will not have to pay anything to El Dorado.

In order for El Dorado to secure the Fee for the Services rendered, when concluding an operation, we will deduct the Fee from your account, and you will see this discount automatically reflected on the Platform.

El Dorado reserves the right to update the value of the Fee, and we will let you know through the Platform if this happens. If we update the value of the Fee, it will only apply to operations carried out after the update.

What happens if the operation is not completed?

El Dorado will only charge the Fee if an operation is successfully concluded through the Platform; if it is not concluded, it will not charge you anything.

What obligations do You acquire with the acceptance of these Terms and Conditions?

  1. Have legal capacity to carry out purchase, sale, and remittance operations of Crypto Assets.
  2. Allow El Dorado to deduct the Fee from each successful sale operation.
  3. Directly respond to Users with whom you celebrate contracts for the sale or donation of Crypto Assets for obligations derived from them.
  4. Fill in the Platform forms with true and reliable information.
  5. Do not violate any law, regulation, decree, or circular according to applicable law.
  6. El Dorado is not a financial services or consultancy platform, so you commit to evaluating the risks of each of the operations you carry out through the Platform and making an informed decision about them.
  7. Have no links to illegal activities, money laundering, or terrorism financing.
  8. Your resources must come from legitimate activities.

What obligations does El Dorado acquire with the acceptance of these Terms and Conditions?

  1. Provide the infrastructure for the proper functioning of the Platform.
  2. Unfreeze and transfer 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.
  3. Promptly respond to your PQRSFD.
  4. Make their best efforts to guarantee the security of transactions through the Platform.
  5. Maintain the confidentiality of your information until the purchase, sale, or donation contract has been celebrated.
  6. Inform the corresponding authorities of any irregularity that occurs or that Users commit with the use of the Platform.

What is El Dorado's responsibility under this Agreement?

El Dorado will not be responsible for the breaches of Users to the purchase, sale, or donation contracts of Crypto Assets that may arise with the use of the Platform. Likewise, El Dorado is not responsible for fluctuations in the value of Crypto Assets and does not assure you stability in its value, nor returns on the Crypto Assets you acquire.

Similarly, you accept and acknowledge that El Dorado is not responsible for the suitability of your counterpart and only provides the buyer and seller with the space and technological infrastructure to carry out the operation. You cannot claim El Dorado for any damage or harm you suffer from using the Platform.

Users accept that the Services provided by the Platform is an "as is" service, meaning that there is no express or implied guarantee about the provision of the Services.

No type of information that Users have received by any means from El Dorado or any of its representatives or officials, in addition to these terms and conditions, will compromise El Dorado's responsibility or represent any guarantee about the Services.

For this reason, the only recourse Users will have concerning the Services provided by the Platform will be not to use the Platform again.

El Dorado will not be responsible:

  1. When Users provide incorrect, inaccurate, outdated, or false identity data or information, and in particular, but not limited to, for damages of any nature that may be due to the impersonation of a third party, carried out by a User in any communication or transaction made through the Platform. However, El Dorado commits to making its best efforts to prevent these types of situations from occurring.
  1. When there is a suspension, interruption, or cut of the Services due to corrective or preventive maintenance of the Platform.
  1. When urgent modifications must be made that are necessary on the Platform.
  1. For the breach of Users to the purchase, sale, or donation contracts of Crypto Assets celebrated between them.
  1. For loss of profits from transactions not made by Users, loss of profit, pecuniary losses, or loss of information.
  1. For any cost, damage, or harm caused to Users as a result of the misuse of the Services.
  1. Any error, interruption, or delay in data transmission.
  1. For illegal actions committed by Users.
  1. For the loss of value of the Crypto Assets.

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

What happens if the Platform fails?

If you have any problems with the Platform, you can send us a communication to soporte@eldorado.io, telling us what the problem is, and we will do our best to help you solve it.

El Dorado is not responsible 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 could infect the Users' equipment as a result of accessing or using the Platform or due to any data transfer, 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 or Internet failures, or any other circumstance; in such cases, efforts will be made to restore it as quickly as possible without thereby attributing any responsibility to El Dorado. El Dorado will not be responsible for any error or omission that Users make within the Platform.

Do you have any guarantee for the Services?

Users accept and acknowledge that El Dorado is an intermediation Platform that has no type of link with the Users, other than these terms and conditions, so it is not able to guarantee the suitability, truthfulness, or effectiveness of the information provided by the Users, so the Platform cannot guarantee the suitability of your counterpart.

However, El Dorado will do its best to validate the information sent by Users.

Additionally, Crypto Assets fluctuate constantly, and therefore El Dorado cannot guarantee that the Crypto Assets you have on the Platform will retain their value over time.

What is your responsibility under this Agreement?

You will be solely responsible to other Users for fulfilling the obligations you acquire with the celebration of the corresponding contracts and the acceptance of these terms and conditions.

What happens if El Dorado or You fail to meet their obligations?

Specifically, You will hold El Dorado harmless for any claim, administrative, judicial, or extrajudicial process that arises concerning your obligations derived from this Agreement. If El Dorado must assume any cost derived from any administrative, judicial, or extrajudicial claim initiated by a User or any other third party, El Dorado may deduct from your account the equivalent in Crypto Assets of these costs without requiring your prior authorization.

If You breach any of your obligations concerning El Dorado, you will be liable for the damages you cause to El Dorado, under the terms established by law. Likewise, in the event that El Dorado breaches any of its obligations concerning you, El Dorado will be liable for the damages it causes you, under the terms established by law.

What to do if you have a PQRSDF?

The PQRSDF related to the Services of the Platform can be filed through the email indicated in the notifications.

Users or a third party on their behalf, upon identification, may submit their direct claims free of charge.

El Dorado will register and individualize the claim, assigning a number to your claim, which we will inform you through any communication channel we consider suitable.

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

If the answer corresponds to El Dorado, we will respond within the next fifteen (15) business days from when we receive it.

How do we protect intellectual property?

The Platform, solutions, and designs, graphics, texts, images, distinctive signs, source code, and object code, and other content that you access on the Platform, are owned by El Dorado and are protected by intellectual and industrial property. The access El Dorado gives you to the Platform does not imply any transfer of industrial property rights and/or copyright rights on the Platform. You must refrain from modifying, disassembling, decompiling, or reverse engineering the Platform; if you do, you will indemnify El Dorado for the damages this generates.

How will we handle your personal data?

During the execution of the Services, El Dorado will ask you for certain personal data, for which you must accept El Dorado's personal data processing policy, available here.

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 relationship 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 checked against any criteria (e.g., authenticity, integrity, legality, etc.).

El Dorado is not responsible for any of these external websites linked from the El Dorado website concerning information, opinions expressed, advice or statements, advertising material, accessibility, and any potential consequence 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 the necessary precautions to ensure that anything you decide to use is free of viruses, worms, Trojan horses, and other destructive elements.

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

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

El Dorado may stop providing 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 will apply to this Agreement?

Colombian law.

Where will the Parties receive notifications?

You will receive notifications to the email or cell phone you registered on 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 submitted to a direct settlement phase between El Dorado and You for a period of thirty (30) calendar days counted from the notice of the existence of the dispute by one of the parties to the other.

After the aforementioned thirty (30) calendar days, without having reached an agreement, the dispute will be resolved by the ordinary jurisdiction judges of the Republic of Colombia.

How are these Terms and Conditions modified?

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

We will understand that you have accepted the modifications if you continue to use the Services.

This is a complete agreement!

These Terms and Conditions, as well as any of its annexes, will prevail over any other previous agreement, verbal or written, entered into regarding the subject of the Agreement.

Annex A: Interoperability Agreement for Fund Withdrawal

This interoperability agreement ("Agreement") is established between El Dorado ("The Company") and its registered users ("Users") to provide information on how Users can withdraw their funds from the El Dorado platform in accordance with different scenarios. This Agreement is an annex to the Terms and Conditions of El Dorado and should be read in conjunction with those terms.

Withdrawal of Funds by User's Own Decision

Users who request the definitive closure of their account have the option to withdraw their funds on their own. They can do so in the following ways:

Withdrawal of Funds Managed by El Dorado

When a User explicitly requests that El Dorado manages the withdrawal of their funds, the following conditions will apply:

Withdrawal of Funds due to User Incapacity

When a User has been suspended and requests that El Dorado manage the withdrawal of their funds, the following conditions will apply:

NOTE: In the event that the suspension is related to suspicions of fraud and it is determined by the El Dorado team that the User is involved in fraudulent activities, the User's funds may be used in whole or in part to cover potential losses caused by the scam. All details will be duly recorded by El Dorado.

When a User demonstrates that they do not have access to their account and cannot recover their login data, the following conditions will apply:

The purpose of this Interoperability Agreement is to provide clarity to Users on how they can withdraw their funds in different situations. The Company reserves the right to modify the terms of this Agreement, subject to notification to the Users as set forth in the Terms and Conditions of El Dorado.

Annex B: El Dorado Funds Movement Levels

Introduction to KYC and KYB

KYC, known by its English acronym "Know Your Customer", is a process through which financial institutions and other entities verify the identity of their customers, ensuring they are who they claim to be. This verification is essential to prevent fraud, money laundering, and other illicit activities.

KYB, or "Know Your Business", is a similar process but aimed at business entities. Through this process, the identity and legitimacy of a business are verified to ensure it operates according to legal and regulatory standards.

KYC Levels in El Dorado

  1. No Level: It is the initial state of a user upon registration.

    • Allowance: 0 stable cryptocurrency/month.
  2. Level 0: Basic access to the application.

    • Requirements: Report country and city of residence.
    • Allowance: 0 stable cryptocurrency/month.
  3. Level 1: Permission to move funds within the application.

    • Requirements: First name, last name, age, phone verification, and identity document verification.
    • Allowance: 100 stable cryptocurrency/month, referencing USDT.
  4. Level 2: Standard KYC.

    • Requirements: Complete the verification process through the third-party verification system (SumSub) (phone verification is not required again as it was done in Level 1).
    • Allowance: 10,000 stable cryptocurrency/month.
  5. Level 3: Enhanced KYC.

    • Requirements: As indicated by the El Dorado platform and/or the customer service team, complete a document called Intensified KYC. Completing these documents, and any other requested by El Dorado, is a mandatory requirement to move more than 10,000 stable cryptocurrency/month up to an amount of 250,000 stable cryptocurrency/month.
    • Allowance: 250,000 stable cryptocurrency/month, referencing USDT.
  6. Level 4: Full KYC.

    • Requirements: As indicated by the El Dorado platform and/or the customer service team, complete a document called Complete KYC. Completing these documents, and any other requested by El Dorado, is a mandatory requirement to move more than 250,000 stable cryptocurrency/month up to an amount of 1,000,000 stable cryptocurrency/month.
    • Allowance: Estimated at 1,000,000 stable cryptocurrency/month, referencing USDT.

Allowance and its Implications

The "allowance" refers to the maximum amount a user can move within the application in a calendar month. Any operation, whether it's a transfer, deposit, or offer creation, increases the allowance usage by the value of that operation. If a user closes an offer without completing it, the allowance will adjust by reducing the corresponding amount.

These levels and allowances are designed to ensure security and transparency in our operations, as well as to comply with current regulations.

Last modification: May 06, 2024.