Terms of Use

1. Acceptance of Terms

1.1 You accept these Terms by creating or using a Cypra account (including via Telegram), initiating a transaction, or continuing to use the Services after we post an update.

1.2 If you use the Services on behalf of another person, you represent that you have authority to bind that person; otherwise you accept the Terms in your personal capacity.

1.3 Additional policies form part of these Terms by reference, including our Privacy Policy and AML Policy, and any KYC programme we publish or apply in product flows.

2. Definitions

In these Terms:

• “Account” means your Cypra user profile linked to a messaging platform identity (currently Telegram) and related records we maintain.
• “Digital Assets” means supported crypto-assets, currently including USDT and USDC (as enabled on supported networks), and any other assets we may enable.
• “Fiat” means government-issued currency (for example NGN, GHS, KES, ZAR, XOF, as supported from time to time).
• “Off-ramp” means converting Digital Assets to Fiat paid to a bank account or other supported payout method.
• “On-ramp” means converting Fiat (via supported payment methods) into Digital Assets delivered to a wallet you designate, where that product is available.
• “Order” means a request you submit through the Services to execute an on-ramp, off-ramp, or auto-off-ramp settlement.
• “Settlement Wallet” means a temporary wallet address provisioned for receiving Digital Assets in connection with an Order or auto-off-ramp feature.
• “Partners” means third parties we use to deliver the Services, including payment protocol operators, liquidity providers, banking rails, blockchain networks, identity verification providers, wallet infrastructure, hosting, and monitoring providers.
• “Platform Fee” means the fee we charge for the Services, currently expressed primarily as a margin on the exchange rate (see Section 8).

3. Eligibility

3.1 The Services are offered to individuals only. You must be at least 18 years old and have legal capacity to enter a binding contract.

3.2 You must be located in, and using the Services in connection with, a supported African corridor we enable from time to time. We may refuse or limit access based on residency, nationality, sanctions status, or risk.

3.3 You may not use the Services if you are subject to sanctions, appear on prohibited lists, or are otherwise barred under our AML Policy.

3.4 We may request proof of eligibility and identity at any time. Failure to provide satisfactory information may result in restriction or termination of your Account.

4. Services

4.1 Cypra provides technology that helps you buy or sell supported Digital Assets against Fiat through Partner rails, currently delivered primarily via Telegram.

4.2 Depending on availability, the Services may include:

• Off-ramp: send supported Digital Assets and receive Fiat to a bank account you designate.
• On-ramp: fund an Order and receive Digital Assets to a wallet you designate.
• Auto-off-ramp / deposit wallets: receive Digital Assets at a Settlement Wallet that we monitor so that qualifying deposits can be settled to Fiat under your saved preferences.

4.3 We are not a bank. We do not take deposits of Fiat for safekeeping. We do not operate a licensed deposit-taking institution. Fiat payouts are performed by licensed liquidity providers and banking Partners within the payment network we use.

4.4 We are not a traditional money transmitter licence holder for all jurisdictions in which a User may sit. Our role is to operate software, onboard Users, apply compliance controls, and initiate and route Orders through third-party infrastructure. Nothing in these Terms implies that Vela Labs is licensed as a bank, payment service bank, or money transmitter beyond what applicable law requires for our actual activities.

4.5 Features, corridors, assets, networks, limits, and Partner availability may change. We may enable, disable, or modify any part of the Services without converting Cypra into a custody or banking product.

5. Accounts

5.1 You access Cypra through a supported messaging platform (currently Telegram) or other channels we enable. Your Account is linked to that platform identity and any verification data you provide.

5.2 You are responsible for:

• securing access to your messaging account and devices;
• all activity conducted through your Account; and
• keeping bank and wallet details accurate.

5.3 You must not share, sell, or transfer your Account. You must not create Accounts to evade limits, sanctions, or enforcement actions.

5.4 We may refuse registration, merge Accounts, or require re-verification when we reasonably believe risk or abuse is present.

6. Wallet Services

6.1 For certain features (including auto-off-ramp), we or our wallet infrastructure Partner may create Settlement Wallets associated with your Account.

6.2 Settlement Wallets exist to facilitate transaction processing and settlement. They are not intended for long-term storage of Digital Assets. Leaving balances in a Settlement Wallet is at your own risk to the extent permitted by law.

6.3 You understand that:

• blockchain transfers are irreversible once confirmed;
• you must send only supported assets on supported networks;
• sending unsupported assets, wrong networks, or incorrect amounts may result in loss that we cannot recover; and
• we may apply minimums, maximums, and cooldowns.

6.4 Temporary control of keys or infrastructure for Settlement Wallets (via Partners such as embedded-wallet providers) does not mean we offer a general-purpose custodial savings product or that we hold Fiat on your behalf.

6.5 We may, where feasible and lawful, attempt to assist with misdirected transfers, but we have no obligation to recover assets lost due to user error, unsupported tokens, or third-party failures.

7. Transactions

7.1 An Order is an offer to transact on the terms shown in the bot or interface at the time you confirm (including amount, rate display, destination, and fees).

7.2 Orders may be subject to:

• KYC tier limits and identity checks;
• liquidity and Partner availability;
• sanctions and fraud screening;
• network confirmation times; and
• cancellation or expiry rules we communicate in product.

7.3 You authorise us and our Partners to take steps reasonably necessary to execute your Order, including creating deposit instructions, monitoring inbound transfers, initiating payouts, and applying compliance holds.

7.4 You are solely responsible for the accuracy of:

• bank account name, number, bank code, and currency;
• destination wallet addresses and networks; and
• amounts you send on-chain.

7.5 We may delay, block, reverse (where technically possible), or refuse an Order where required by law, our AML programme, Partner rules, or reasonable suspicion of fraud or prohibited use.

7.6 Status updates (for example “pending,” “processing,” “completed,” “failed”) are informational. Blockchain and banking settlement times are outside our exclusive control.

8. Fees

8.1 Our current Platform Fee is approximately 0.5%, generally applied as a margin on the exchange rate relative to the underlying provider rate (displayed to you as the user-facing rate where applicable).

8.2 Network (gas) fees, banking fees, Partner spreads, or third-party charges may apply in addition and may be borne by you directly or reflected in the quote.

8.3 We may change fees. Material changes to the Platform Fee will be published (for example on the website, bot notices, or in-product copy) before they take effect, except where a change is required immediately by law or a Partner.

8.4 Historical Orders remain subject to the fees applicable when those Orders were confirmed.

9. Quotes

9.1 Rates and receive amounts shown before confirmation are indicative until you confirm and, where relevant, until the Order is locked under Partner rules.

9.2 Markets move. Liquidity can change between quote and settlement. We do not guarantee that a displayed rate remains available indefinitely.

9.3 Where an Order fails after you have sent Digital Assets, we will handle residual value in accordance with product rules (for example refund to a Settlement Wallet or other recovery path we support), subject to compliance holds and technical feasibility. Refunds are not guaranteed in every failure mode.

10. Compliance

10.1 You agree to our compliance programme, including the AML Policy and KYC requirements we apply.

10.2 You agree to complete identity verification when requested, including government ID, biometrics or liveness checks (where used), proof of address, source-of-funds information, and similar data proportionate to risk and tier.

10.3 We may suspend Orders or Accounts pending review. Transactions may be delayed for compliance reasons. We may be prohibited from explaining the full reason for a hold (including tipping-off restrictions).

10.4 You represent that funds you use are not proceeds of crime and that you are not acting for an undisclosed third party in a manner that violates law or these Terms.

11. Prohibited Uses

You must not use the Services to:

• violate any law, regulation, or sanctions regime;
• launder money, finance terrorism, or evade taxes unlawfully;
• engage in fraud, scams, phishing, or social-engineering;
• trade on behalf of another person without authority while concealing that fact where disclosure is required;
• structure transactions to avoid limits or reporting;
• interfere with security, reverse engineer the Services except as permitted by law, or overload systems;
• use automated bots against our interfaces without permission (other than the official Cypra bot);
• misrepresent identity, residency, or beneficial ownership; or
• facilitate any activity we reasonably determine is abusive or high-risk under our policies.

12. Suspension

12.1 We may suspend, restrict, or terminate your Account or specific Orders, in whole or in part, with or without prior notice, where:

• fraud or prohibited use is suspected;
• required by law, court order, or regulator;
• sanctions screening or AML investigation so requires;
• a security incident affects your Account or our systems;
• you breach these Terms;
• Partners refuse to process your activity; or
• we discontinue a feature or corridor.

12.2 Suspension may include freezing Settlement Wallet withdrawals, blocking new Orders, or retaining data as required by law.

12.3 Where we terminate without a finding of wrongdoing and residual supported assets remain under our operational control, we will use reasonable efforts to allow a lawful off-boarding path, subject to compliance and technical limits.

13. Third Party Services

13.1 The Services depend on Partners, including (as applicable): payment protocol and liquidity providers, banks and payout rails, blockchain networks and stablecoin issuers, identity verification providers, wallet infrastructure, cloud hosting, monitoring, and messaging platforms (for example Telegram).

13.2 Third-party terms apply to those services. Outages, forks, de-pegs, bank downtime, Partner insolvency, or network congestion may delay or prevent Orders.

13.3 We are not responsible for failures of third parties beyond our reasonable control, except to the extent liability cannot be excluded under Nigerian law.

13.4 Messaging platforms are not operated by us. Loss of access to your Telegram account may prevent you from using Cypra until you recover that access.

14. Risks

You acknowledge and accept, among others:

14.1 Digital asset volatility — prices can change rapidly; losses can be significant.

14.2 Stablecoin risks — USDT, USDC, and similar assets may de-peg, freeze, or change issuer terms.

14.3 Blockchain irreversibility — confirmed transfers generally cannot be reversed.

14.4 Third-party and operational risk — Partners, networks, and software may fail.

14.5 Cybersecurity — phishing, malware, and account takeover can cause irreversible loss.

14.6 Regulatory uncertainty — rules for crypto and payments evolve; features may change or be withdrawn.

14.7 User error — wrong addresses, networks, banks, or amounts can cause permanent loss.

These risks are not exhaustive. You should only use funds you can afford to put at risk and seek independent advice if needed.

15. Intellectual Property

15.1 The Services, including software, APIs, websites, design, logos, trademarks, and content, are owned by Vela Labs or its licensors.

15.2 We grant you a limited, revocable, non-exclusive, non-transferable licence to use the Services for their intended purpose under these Terms.

15.3 You may not copy, modify, distribute, or create derivative works from our IP except as allowed by mandatory law or our written permission.

16. Privacy

16.1 We process personal data as described in our Privacy Policy.

16.2 By using the Services, you acknowledge that compliance, fraud prevention, and Order execution require processing of identity, financial, and transaction data, including sharing with Partners where necessary.

17. Warranty Disclaimer

17.1 THE SERVICES ARE PROVIDED “AS IS” AND “AS AVAILABLE.” TO THE MAXIMUM EXTENT PERMITTED BY LAW, WE DISCLAIM ALL WARRANTIES, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT.

17.2 We do not warrant uninterrupted or error-free operation, continuous Partner liquidity, or any particular settlement time.

17.3 Nothing in the Services is investment, legal, or tax advice.

18. Limitation of Liability

18.1 TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, VELA LABS AND ITS DIRECTORS, OFFICERS, EMPLOYEES, AND AGENTS WILL NOT BE LIABLE FOR INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES, OR FOR LOST PROFITS, LOST DATA, OR BUSINESS INTERRUPTION, ARISING OUT OF OR RELATED TO THE SERVICES OR THESE TERMS, WHETHER BASED IN CONTRACT, TORT, OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY.

18.2 Without limiting the foregoing, we are not liable for losses arising from:

• blockchain delays, congestion, reorgs, or gas spikes;
• third-party provider outages or errors;
• incorrect wallet addresses or bank details you provide;
• unsupported assets or wrong networks;
• stablecoin de-pegging or issuer actions;
• smart contract or protocol failures outside our control;
• your negligence or failure to secure your devices or messaging accounts;
• regulatory actions, court orders, or sanctions compliance;
• force majeure events (including war, natural disaster, epidemic, labour dispute, utility failure, or widespread internet disruption).

18.3 TO THE MAXIMUM EXTENT PERMITTED BY LAW, OUR TOTAL AGGREGATE LIABILITY FOR ALL CLAIMS RELATING TO THE SERVICES OR THESE TERMS WILL NOT EXCEED THE GREATER OF (A) THE PLATFORM FEES YOU PAID TO US FOR THE ORDERS GIVING RISE TO THE CLAIM IN THE THREE (3) MONTHS BEFORE THE EVENT, OR (B) USD 100 (OR LOCAL CURRENCY EQUIVALENT).

18.4 Some jurisdictions do not allow certain limitations; in those cases our liability is limited to the maximum extent permitted.

19. Indemnity

You will indemnify and hold harmless Vela Labs and its personnel from and against claims, losses, liabilities, costs, and expenses (including reasonable legal fees) arising out of:

• your breach of these Terms;
• your violation of law;
• your misuse of the Services;
• disputes between you and a third party relating to funds you send or receive; or
• inaccurate information you provide.

20. Termination

20.1 You may stop using the Services at any time.

20.2 We may terminate or suspend access as described in Section 12.

20.3 Provisions that by their nature should survive (including ownership, disclaimers, liability limits, indemnity, and governing law) survive termination.

21. Changes

21.1 We may update these Terms from time to time. The “Effective date” at the top will change when we do.

21.2 Material changes will be posted on the website and/or communicated through the Services. Continued use after the effective date constitutes acceptance, except where mandatory law requires a different method of consent.

22. Governing Law

22.1 These Terms are governed by the laws of the Federal Republic of Nigeria, without regard to conflict-of-law rules that would apply another law.

22.2 Subject to mandatory consumer protections, the courts of Lagos State, Nigeria have exclusive jurisdiction over disputes arising out of or relating to these Terms or the Services.

23. Contact Information

Vela Labs Ltd RC 9463024

Product support and product notices: Telegram — @usecyprabot Company: velalabs.iamphantasm0.xyz Website: cypra.iamphantasm0.xyz

For privacy-specific requests, see the Privacy Policy.

These Terms are a public draft published for Users of Cypra. They are not a substitute for personalised legal advice.