Terms & Conditions
Last updated: 9 September 2025
Company: Marvelpay LTD, trading as Marveltex (“Marveltex”, “we”, “us”, “our”)
Registered in: Bulgaria
Regulator: Bulgarian National Revenue Agency (NRA)
Registration No.: 207812725
Licence No.: BB-253 (crypto exchange and wallet services)
Registered address: Sredets district, “Tzar Ivan Asen II” Str. 12, Entrance B, fl. 2, ap. 4, Sofia, Bulgaria
Website: https://www.marveltex.com
Contact: support@marveltex.com
1. Overview
1.1. These Terms & Conditions (the Agreement) govern access to and use of Marveltex’s website and services, including digital-asset wallets, crypto–fiat exchange, payment processing, and related functions (the Services).
1.2. By registering an account, accessing, or using any Service, you agree to be bound by this Agreement and acknowledge the risks associated with virtual assets (cryptocurrencies, tokens, stablecoins, and related derivatives).
1.3. If you do not agree, do not use the Services.
2. Definitions
Account: The user profile created upon registration in the System, containing your data, permissions, and settings.
AML: Anti–money laundering and counter–terrorist financing, as required under applicable Bulgarian and EU laws.
Business Day: A day on which Marveltex provides Services. Unless notified otherwise, this excludes Saturdays, Sundays, and Bulgarian public holidays.
Client (“you”): A legal entity, sole trader/freelancer, or other organisation represented by an individual aged 18+ with authority and capacity to accept this Agreement.
Commission Fees: Fees and charges applicable to the Services as set out in the Pricing List.
Digital Currency: A cryptographic or virtual asset operating on decentralised networks.
Marveltex Account / E‑Wallet: Your payment and asset account within the System.
Payment Order / Payment Transaction: An instruction submitted via the System to transfer digital assets or to exchange digital assets to fiat (or vice versa) and settle to a recipient account.
Personal Data: Information relating to an identified or identifiable natural person.
PSP: A licensed payment service provider (e.g., bank, EMI, PI).
Recipient: The natural or legal person designated to receive a Payment Transaction.
Security Credentials: Passwords, 2FA/OTP, keys, and other authentication factors used to access the Account or authorise transactions.
Supplement: A specific set of terms governing a particular Service (e.g., OTC terms, Privacy Policy).
System: Marveltex’s web-based platform and software through which the Services are provided.
Unique Identifier: IBAN, account ID, wallet address, or other reference enabling unambiguous routing of a Payment Transaction.
Questionnaire: KYC/Onboarding forms and periodic reviews required to establish and maintain a business relationship.
3. Registration & Account
3.1. Registration requires accurate completion of the Questionnaire and submission of all requested information and documents for KYC/AML, risk assessment, and compliance.
3.2. You must maintain a single Account unless we approve otherwise. You must promptly update any information that becomes inaccurate or incomplete.
3.3. We may request originals, notarised/apostilled copies, and certified translations (at your cost), and may decline to open or maintain an Account at our discretion.
3.4. We will notify you about Account status and Service updates via the email linked to your Account. Qualified e‑signatures may be used where available.
4. Pricing
4.1. Fees are listed in the Pricing List on our website and/or in applicable Supplements. Additional charges may apply to specific Services.
5. Digital Asset Exchange & Payments
5.1. Services include crypto–fiat exchange, wallet services, payment initiation/processing, and related functions. Scope, availability, and terms may change; we will notify you as set out in Section 13.
5.2. You submit Payment Orders via the System following on-screen instructions. Submission constitutes your authorisation for Marveltex to execute the Payment Order.
5.3. Execution depends on our internal processes, Business Days, and cut‑off times, which may vary by Service.
5.4. Exchange rates are displayed in the System prior to execution. Unless specified otherwise, rates are derived from market data sources and refreshed periodically, plus any applicable Marveltex commission as agreed with you and shown in the Client Agreement and/or order flow.
5.5. We may delay or refuse execution if: (a) your Account balance is insufficient; (b) the order breaches our risk/security policies; (c) additional verification is required; (d) execution would breach law or sanctions; or (e) the order is erroneous, incomplete, or suspicious.
5.6. We monitor transactions and Account activity for compliance. We may suspend Services and/or report to competent authorities where required.
5.7. We rely on third‑party providers (banks, PSPs, networks). Delays, interruptions, or errors caused by third parties are outside our control and liability.
5.8. You are responsible for accurate Payment Order details. We will process based on the data you provide; errors are at your risk.
6. Transaction Flow
6.1. You specify the desired amount (in fiat or digital asset) when creating a Payment Order.
6.2. Due to market volatility, final verification occurs upon receipt of your digital assets to the address we provide.
6.3. Indicative rates shown on the website may differ at execution.
6.4. Services are performed immediately after approval; once executed, transactions are irreversible. Distance‑contract withdrawal rights do not apply after full performance with your prior express consent.
6.5. Purchased digital assets are credited to your designated wallet promptly after execution.
6.6. We and our intermediaries apply security measures to protect transactions and funds; settlement normally completes no later than the next Business Day after execution, subject to cut‑off times and compliance checks.
7. Receipt, Execution & Rejection of Payment Orders
7.1. We execute properly authorised and complete Payment Orders that meet our specifications.
7.2. You must submit clear, unambiguous, and executable instructions.
7.3. We may request source‑of‑funds documentation and other AML/KYC evidence before execution. Failure to provide it may lead to refusal, suspension, or additional checks.
7.4. If your documents are deficient or authenticity is doubtful, we may refuse execution and request additional documentation.
7.5. Internet orders must be confirmed with Security Credentials. Once processing has begun, cancellation is no longer possible (see Section 8).
7.6. Orders to third‑party recipients are routed by Unique Identifier (e.g., IBAN). If you provide an incorrect identifier, we are deemed to have fulfilled the order and will not refund the amount. We will take reasonable steps to trace and attempt to recover funds; recovery is not guaranteed.
7.7. Time of receipt: orders received outside Business Hours are deemed received on the next Business Day.
7.8. Target execution times (indicative): intra‑System transfers—near‑instant; SEPA EUR—within 1 Business Day; non‑EUR within EEA—up to 4 Business Days; international or non‑EEA—up to 5 Business Days. Times exclude delays due to compliance, intermediaries, or errors.
7.9. We may reject or suspend orders for inaccurate data, doubt as to the true originator, suspected fraud/illegality, missing documents, or risk appetite concerns.
7.10. If funds are returned due to reasons outside our control (e.g., closed recipient account), we will credit your Account less non‑refundable fees and any return costs.
7.11. Misapplied or mistakenly credited funds must be reported immediately; you authorise us to reverse such entries without prior notice.
7.12. We may freeze or reject payments and/or funds where required by OFAC, EU, UK, UN, FATF guidance, or other applicable sanctions.
8. Consent, Data Sharing & Cancellations
8.1. A Payment Order is authorised when confirmed using your Security Credentials or other agreed means. Such consent has the same legal effect as a signed paper document.
8.2. You consent to the transfer of necessary personal and transaction data to card schemes, processors, system operators, intermediaries, and recipients to execute the order.
8.3. After receipt by Marveltex, a Payment Order cannot be cancelled except as permitted by law or by mutual agreement before execution commences.
8.4. If you submitted an incorrect order that is still cancelable, contact us immediately to request cancellation or correction.
9. Security Measures
9.1. You must use Security Credentials to authorise operations and keep them secure.
9.2. Do not disclose credentials to third parties. You are liable for losses resulting from intentional or negligent compromise.
9.3. If you suspect loss, theft, or compromise, change credentials (if possible) and notify us within 1 calendar day. We will suspend access and re‑issue credentials where appropriate.
9.4. You must secure your devices against malware and keep your Account email/phone up to date. We may prompt you to change passwords periodically.
10. AML/KYC & Travel Rule
10.1. We implement AML/CTF controls consistent with applicable laws and industry standards, including client identification, ongoing monitoring, record‑keeping, and reporting.
10.2. We use automated blockchain analytics (e.g., AMLEX 365) to screen deposits and wallet addresses, generating risk scores to help identify illicit activity. Use of Services constitutes your consent to such monitoring and to providing additional information on request.
10.3. We comply with the Travel Rule. For covered transfers, we collect and exchange originator/beneficiary information with counterparty VASPs via supported protocols or secure alternatives.
10.4. We may suspend transactions, freeze funds, or report suspicious activity to authorities without prior notice.
10.5. Required onboarding documents for companies typically include: incorporation documents, constitutional documents, proof of address, board resolution, shareholder/director registers, IDs and proofs of address for controllers/UBOs, certificates of good standing/incumbency, business plan, and any other documents we reasonably require.
10.6. We will identify ultimate beneficial owners and controllers to a practicable extent and keep dossiers up to date.
11. OTC (Over‑the‑Counter) Deals
11.1. Definition. High‑value transactions executed off‑book with personalised handling.
11.2. Threshold. OTC is available for transactions above USD 25,000 (or crypto equivalent).
11.3. Hours. Monday–Friday, 09:30–17:00 Cyprus local time (EET/EEST).
11.4. Timing. Subject to all conditions being met, execution typically completes within 1 hour.
11.5. Rates. Indicative at initiation and may vary at execution due to market depth, liquidity, and volatility. Final rate is disclosed post‑execution in your portal.
11.6. Compliance. All OTC deals are subject to KYC/AML and other checks.
11.7. We may amend OTC terms with notice consistent with Section 15.
12. Client Duties & Prohibited Activities
12.1. You must promptly (within 3 calendar days) update information previously provided, including contact details, business activities, corporate structure, and beneficial ownership.
12.2. You must periodically review Account statements and notify us within 3 months of any unauthorised or incorrect transactions.
12.3. You must cooperate with investigations into unauthorised or incorrect transactions.
12.4. Prohibited: violating laws or this Agreement; infringing IP rights; providing false or misleading information; disseminating false information about Marveltex; using proceeds of crime; accessing from non‑approved countries; distributing malware; disrupting the System; running unlicensed or illegal gambling; offering regulated financial services without appropriate licences and our prior written consent; registering with fictitious or anonymised identities; unethical or unlawful services; using proxies/VPNs to mask location; sharing credentials or permitting third‑party use of your Account.
12.5. We may reverse transactions, suspend or close Accounts, notify relevant parties, and pursue damages if we suspect or detect a breach. You must indemnify us for direct losses, penalties, and costs arising from your breach.
13. Notices & Communications
13.1. We may notify you via website postings, email, System messages, or SMS. Notices are deemed received within 24 hours of dispatch/posting.
13.2. You must check your email and the System regularly and keep contact details current.
13.3. We may change technical integration requirements on 7 days’ notice; you bear your own adaptation costs.
13.4. Formal complaints follow Section 20.
14. Risk Disclosure
14.1. Digital assets are volatile and may lose value rapidly. You may lose some or all of your investment.
14.2. We do not provide investment, financial, or legal advice. You are solely responsible for your decisions.
14.3. We are not liable for losses arising from market movements, cyber incidents, or regulatory changes, except where liability cannot be excluded by law.
15. Changes to this Agreement
15.1. We may modify or supplement this Agreement for clarity, legal or regulatory compliance, security, Service improvements, partner alignment, or fee changes.
15.2. For material changes, we will give 60 days’ advance notice via the website and email.
15.3. You may terminate the Agreement on 30 days’ notice if you do not agree to changes. Continued use after the effective date constitutes acceptance.
15.4. Supplements may specify their own amendment processes.
16. Temporary Suspension
16.1. We may, without prior notice, suspend orders, Services, or Account access; hold disputed funds; or freeze Payment Instruments where required by law, for security, or to protect you, us, or third parties.
16.2. We will notify you promptly unless prohibited by law or security concerns.
16.3. Suspensions for suspected criminal activity may last until investigations conclude.
16.4. We are not liable for losses arising from lawful suspensions.
17. Term & Termination
17.1. The Agreement is open‑ended from registration.
17.2. You may terminate with 30 days’ written notice.
17.3. We may terminate with 14 days’ notice without cause, or immediately for due diligence failures, risk changes, or material breaches.
17.4. On termination, we will deduct amounts owed and transfer remaining funds to your designated account; if you do not provide details, we will send periodic reminders. Certain provisions survive termination (e.g., liability, confidentiality, data retention).
18. Privacy & Data Protection
18.1. Each party must keep the other’s confidential information secret, except as permitted by law or with prior written consent.
18.2. We process Personal Data to provide Services; supply information on request; conduct marketing (including tailored content) where permitted; undertake analytics and product improvement; handle claims; comply with AML/KYC; and as otherwise consented by you.
18.3. We implement appropriate technical and organisational measures to secure Personal Data and may disclose data to service providers, partners, financial institutions, regulators, law enforcement, or courts where lawful and necessary.
18.4. Typical retention: transaction data 5 years after termination (or longer if required by law). Blockchain records may remain public indefinitely.
18.5. We may record communications. Such records may be used as evidence in disputes.
18.6. See our Privacy Policy (a Supplement) for full details.
19. Liability
19.1. Each party is liable for direct damages caused by its breach of the Agreement, subject to the limitations below.
19.2. We are not liable for indirect or consequential loss, loss of profits, business, or reputation, to the fullest extent permitted by law.
19.3. Our total liability for a single event or series of related events is capped at the average Commission Fees paid by you over the last 3 months prior to the event, or EUR 2,000 if not calculable, except where liability cannot be limited by law (e.g., fraud, wilful misconduct).
19.4. You bear losses resulting from compromised credentials, lost/stolen instruments, or failure to notify us promptly, where permitted by law.
19.5. Force majeure: neither party is liable for failure caused by events beyond its reasonable control, provided timely notice is given.
20. Complaints & Disputes
20.1. Please first contact us to resolve issues amicably.
20.2. How to complain. Email support@marveltex.com or use your Account to submit details, evidence, and a description of the issue.
20.3. We aim to respond within 15 Business Days (with a preliminary reply if more time is needed). In any event, final response within 35 Business Days.
20.4. If dissatisfied, you may request reconsideration; we will reply within 5 Business Days.
20.5. Unresolved disputes shall be brought before the competent courts where Marveltex is established, unless mandatory law provides otherwise.
21. Restricted Jurisdictions & Sanctions
21.1. You represent and warrant that you are not resident in, located in, or accessing the Services from the United Kingdom, United States, Canada, or any country/region subject to comprehensive economic sanctions administered by the EU, UN, OFAC, UK HMT/OFSI, or other relevant authorities.
21.2. We may suspend or terminate access if we reasonably believe you breach these restrictions.
21.3. We may update restricted lists without notice where required by law or sanctions policy.
22. Final Provisions
22.1. Headings are for convenience only and do not affect interpretation.
22.2. You may not assign or transfer rights or obligations without our prior written consent. We may assign with notice to you.
22.3. If any provision is invalid or unenforceable, the remainder remains in force.
22.4. Links or references to other documents (e.g., Supplements, Pricing List, Privacy Policy) are incorporated by reference and form part of this Agreement.
22.5. Governing Law. This Agreement and any non‑contractual obligations arising out of or in connection with it are governed by Bulgarian law and applicable EU law, unless mandatory consumer protection rules of your country of residence apply.
Acknowledgement: By creating an Account or using the Services, you confirm that you have read, understood, and agree to this Agreement and all incorporated Supplements.