Terms and conditions

Last modified: 15 April, 2025

Introduction

Welcome to the AvDar mobile application (hereinafter "App", "AvDar", or "Platform"), owned and operated by "Mongol DeFi" LLC (hereinafter "Service Provider").

These Terms of Service (hereinafter "Terms") govern the relationship arising from the provision of services of the AvDar App and its related functions by the Service Provider to the CUSTOMER (as defined below).

Using the App signifies that you have fully read, understood, and accepted these Terms. If you do not agree to these Terms, please refrain from using the App.

These Terms of Service:

  1. Govern only the relationship arising between the Service Provider and the entity being the Customer (as defined below).
  2. The Virtual Asset (Digital Asset), related relationships, and the rights granted to the Customer under these Terms may be limited by the applicable laws of Mongolia and the Customer's country of residence.
  3. Shall not apply to any entity that has not accepted these Terms.
  4. May be updated or amended depending on the applicable laws of Mongolia or decisions of the Service Provider. The Service Provider shall notify of the updated terms by posting them within the App and/or on its website (if available) and will update the "Revised" date at the beginning. Your continued use of the App constitutes acceptance of the updated Terms effective as of the revised date.
  1. DEFINITIONS

The following terms used in these Terms shall be understood as defined below:

1.1 “AvDar” or “App” shall mean the mobile application operated by the Service Provider, which provides a peer-to-peer (P2P) blockchain-based wallet service enabling Customers to send, receive, save into a decentralized pool, borrow, and lend virtual assets.

1.2 “Virtual Asset” or “Digital Asset” shall mean a digital representation of value that can be digitally transferred or traded, being a non-physical asset.

1.3 “Customer” shall mean the entity that accepts these Terms and uses the App.

1.4 “Service Provider” shall mean Mongol DeFi LLC.

1.5 “Customer Registration” shall mean the unique registration (Account) created in the App by accepting the terms of service, potentially verified through a related financial application.

1.6 “E-wallet” or “Wallet” shall mean the digital account within the App designated for managing the Customer's virtual assets and executing transactions, which the Customer controls. It possesses non-custodial characteristics.

1.7 “Service” shall mean sending and receiving virtual assets, saving into a decentralized pool, borrowing, lending, and other related functions provided to the Customer through the AvDar App.

1.8 “Fee” or “Commission” shall mean the charges established by the Service Provider for specific services and transactions within the App, as well as fees dependent on the blockchain network.

  1. DECLARATIONS AND WARRANTIES

2.1. The Customer hereby declares and warrants the following, and the Service Provider provides the Service to the Customer based on these declarations and warranties:

2.1.1 That the Customer has fully read, understood, and accepted these Terms;

2.1.2 That the information provided by the Customer upon registration in the App (including full name, phone number, etc.) is true and accurate;

2.1.3 That the Customer is at least 18 years old, or the legal age of majority in their jurisdiction, and possesses full legal capacity to enter into agreements;

2.1.4 That the Customer is not a resident of any jurisdiction where the use of the App is prohibited by law;

2.1.5 That the Customer understands that the App's service is non-custodial, meaning the Service Provider does not hold the private keys to the wallet, and the Customer (even if indirectly) retains control;

2.1.6 Consequently, that the Customer fully understands and accepts the risks arising from losing their access credentials and confidentiality, including the possibility of losing assets, and assumes sole responsibility for such risks;

2.1.7 That the Service Provider does not provide financial, investment, legal, or tax advice, and the Customer uses the App at their own risk;

2.1.8 That the Customer understands that virtual asset transactions may be irreversible and accepts sole responsibility for losses arising from erroneous transactions;

2.1.9 That the Customer will not use the App for any illegal, fraudulent, or unauthorized purpose;

2.1.10 That the Customer will not violate the Law on Combating Money Laundering and Terrorism Financing or other relevant laws and regulations;

2.1.11 That the Customer agrees to pay the applicable Fees for relevant services and transactions performed;

2.2. The Service Provider hereby declares and warrants the following:

2.2.1 That the Service Provider is a limited liability company duly established under the laws of Mongolia;

2.2.2 That the Service Provider only provides the App services specified in these Terms and does not possess, manage, or hold the Customer's virtual assets (non-custodial);

2.2.3 That the Service Provider does not provide investment, financial, legal, or tax advice;

2.2.4 That the Service Provider will protect the Customer's data in accordance with the Privacy Policy and applicable laws.

  1. SERVICE PROVIDER'S RIGHTS AND OBLIGATIONS

3.1. The Service Provider shall have the following rights:

3.1.1 The right to modify, update, temporarily suspend, or permanently discontinue the App's services, functions, or technology used, without prior notice.

3.1.2 The right to limit, temporarily suspend, or close the Customer's access to the Service or registration if the Customer breaches these Terms, engages in illegal activities, or as required by law.

3.1.3 The right to collect, store, and use the Customer's registration information (name, phone number), transaction history, and wallet activity data for the purposes of service provision, legal compliance, and internal analytics (within the scope of the Privacy Policy).

3.1.4 The right to disclose Customer information in accordance with applicable laws and requests from competent authorities.

3.2. The Service Provider shall undertake the following obligations:

3.2.1 To strive for the continuous and error-free operation of the App, but provides no guarantee thereof.

3.2.2 To protect the Customer's information in accordance with the Privacy Policy and applicable laws of Mongolia and take measures to ensure its security.

3.2.3 To execute transactions according to the Customer's instructions.

3.2.4 To clearly disclose applicable service Fees to the Customer before a transaction is executed.

  1. CUSTOMER'S RIGHTS AND OBLIGATIONS

4.1. The Customer shall have the following rights:

4.1.1 The right to use the App's Services in accordance with these Terms.

4.1.2 The right to maintain full control and ownership of their virtual assets.

4.1.3 The right to demand that the Service Provider fulfill its obligations as set forth in these Terms.

4.1.4 The right to request the deletion of their data or opt-out of certain uses as specified in the Privacy Policy.

4.2. The Customer shall undertake the following obligations:

4.2.1 To meet the conditions set forth in the "Eligibility" section of these Terms.

4.2.2 To provide true and accurate information during registration and use of the App.

4.2.3 To be responsible for the veracity of the Declarations and Warranties made in section 2.1 of these Terms.

4.2.4 To be solely responsible for maintaining the confidentiality and security of their login credentials (username, password) and other authentication information for the App. To note that the Service Provider will never ask for private keys, seed phrases, or passwords.

4.2.5 Not to use the App for illegal, fraudulent, or unauthorized purposes; not to attempt unauthorized access to the system; not to distribute malicious software.

4.2.6 To pay the applicable service Fees.

4.2.7 To solely bear responsibility for any damages or risks arising from the failure to fulfill the obligations set forth in these Terms.

  1. CUSTOMER REGISTRATION AND REQUIREMENTS

5.1. Customer Registration

5.1.1 The Customer is required to register through a related financial application to use the App.

5.1.2 By doing so, the Customer authorizes the Service Provider to collect and store their full name, phone number, transaction history, and wallet activity data.

5.1.3 Creating a registration constitutes the Customer's acceptance of these Terms and the Privacy Policy.

5.1.4 The Customer shall have one primary registration.

5.2. General Requirements for the Customer

5.2.1 The Customer must be at least 18 years old, or the legal age of majority in their country of residence, and possess full legal capacity.

5.2.2 The Customer must provide their true name, phone number, and other requested information accurately.

5.2.3 The Customer must not be a resident of a jurisdiction where the use of the App is prohibited by law.

  1. SERVICE

6.1. Service Description

6.1.1 AvDar is a peer-to-peer (P2P), blockchain-based e-wallet providing the following main services: a) Sending and receiving Virtual Assets; b) Saving assets into a decentralized pool; c) Borrowing and lending assets within the pool.

6.1.2 These services are non-custodial in nature, and the Customer retains full control and ownership of their virtual assets. No third-party financial intermediaries are involved.

6.1.3 Transactions are initiated by the Customer, and the Service Provider executes them according to the Customer's instructions.

6.2. License

6.2.1 By accepting these Terms, the Customer is granted a limited, non-transferable, non-exclusive right to use the Service solely in accordance with these Terms.

6.3. Restrictions The Customer is prohibited from performing the following actions while using the Service:

6.3.1 Using the App for any illegal, fraudulent, or unauthorized purpose;

6.3.2 Attempting to gain unauthorized access to other Customers' wallets, registrations, or the system;

6.3.3 Uploading or distributing malicious software, viruses, or harmful code;

6.3.4 Copying, modifying, distributing, selling, or licensing any part of the App or its intellectual property without the prior written consent of the Service Provider.

  1. RISKS

7.1. The Customer acknowledges and accepts that the following risks may arise due to the nature of Virtual Assets and the App. These include:

7.1.1 Risk of Loss of Access (Non-Custodial): As the App is non-custodial, if the Customer loses their access credentials or compromises their security, they may become unable to access their wallet and permanently lose the virtual assets within. The Service Provider cannot recover lost assets and bears no responsibility.

7.1.2 Transaction Risk: Blockchain transactions can be irreversible. Transactions sent to the wrong address or network may result in the loss of assets, for which the Customer is solely responsible. Transactions may be delayed or fail due to network congestion or fees.

7.1.3 Market Risk: The value of Virtual Assets can be highly volatile, and the Customer may suffer significant investment losses.

7.1.4 Operational Risk: Service disruptions may occur due to hardware or software failures, internet connectivity issues, or cyberattacks, potentially causing losses to the Customer.

7.1.5 P2P Service Risk: Services involving decentralized pools (saving, borrowing, lending) may carry additional risks such as smart contract bugs or counterparty risk (borrower/lender default).

7.1.6 Legal and Regulatory Risk: Changes or uncertainties in virtual asset regulation may affect the App's operations or the value of virtual assets.

7.1.7 The Customer acknowledges that Virtual Assets are not legal tender, are not guaranteed by any government or central bank, and are not covered by deposit or investor protection insurance schemes.

  1. DATA AND PRIVACY

8.1. Customer data shall be processed and protected in accordance with the applicable laws of Mongolia and the Service Provider's Privacy Policy.

8.2. Customer data is stored on secure, local servers in accordance with industry standards.

8.3. The Service Provider does not use cookies or tracking technologies and does not integrate third-party services.

8.4. The Service Provider does not knowingly collect information from users under the age of 13.

8.5. The Customer may exercise their rights regarding their data, such as requesting deletion or restricting processing, as outlined in the Privacy Policy. Please refer to the Privacy Policy for detailed information.

  1. LIMITATION OF LIABILITY

9.1. To the maximum extent permitted by law, the Service Provider and its affiliates, directors, and employees shall not be liable for any indirect, incidental, special, consequential, or punitive damages, or any loss of profits or revenues, whether incurred directly or indirectly, or any loss of data, use, goodwill, or other intangible losses, resulting from:

9.1.1 Loss of assets or damages arising from the Customer's own fault or negligence (e.g., loss of access credentials, erroneous transactions);

9.1.2 Loss of data, loss of profits, or damage to reputation;

9.1.3 Damages arising from service interruptions, errors, or delays in the App (unless directly caused by the Service Provider's gross negligence);

9.1.4 Actions or omissions of third parties (e.g., using third-party links);

9.1.5 Damages arising from the materialization of risks specified in Section 7 of these Terms;

9.1.6 Damages arising from the effects of force majeure events specified in Section 14 of these Terms;

9.1.7 Damages arising from other causes beyond the reasonable control of the Service Provider.  

  1. INDEMNIFICATION

10.1. The Customer agrees to indemnify, defend, and hold harmless the Service Provider, its directors, employees, and agents from and against any and all claims, liabilities, damages, losses, and expenses (including reasonable legal fees) arising out of or in any way connected with the Customer's access to or use of the App, the Customer's violation of these Terms, or the Customer's violation of any applicable law or the rights of any third party.

  1. SERVICE SUSPENSION AND TERMINATION  

11.1. The Service Provider reserves the right, without prior notice, to suspend or permanently terminate the Customer's access to the App if the Customer breaches these Terms, engages in fraudulent or illegal activities, or if required by law.

11.2. The Customer may stop using the App at any time.

11.3. Suspension or termination shall not affect the rights and obligations of the parties accrued prior to termination.  

  1. INTELLECTUAL PROPERTY

12.1. All trademarks, logos, graphics, content, and software within the App are the intellectual property of the Service Provider or its licensors.

12.2. The Customer shall not copy, modify, distribute, sell, or otherwise use any part of the App or its intellectual property without the prior written consent of the Service Provider.

  1. MISCELLANEOUS

13.1. Third-Party Links: The App may contain links to third-party websites or services. The Service Provider does not control and is not responsible for the content, terms, privacy policies, or practices of any third-party services.

13.2. Language: These Terms are provided in both English and Mongolian. In the event of any discrepancy in content, the Mongolian version shall prevail for legal interpretation within Mongolia.

13.3. Governing Law and Dispute Resolution: Any disputes related to these Terms shall be resolved in accordance with the applicable laws of Mongolia. The parties shall strive to resolve any disputes amicably through mutual negotiation. If no agreement can be reached, the dispute shall be resolved by the competent courts of Mongolia.

13.4. Changes to Terms: The Service Provider reserves the right to modify these Terms at any time. Changes will be notified by updating the "Revised" date at the beginning and by notice within the App or through other channels. Continued use of the App after any changes constitutes acceptance of the revised Terms.

  1. FORCE MAJEURE

14.1. Neither party shall be liable for any failure or delay in performing its obligations under these Terms due to events beyond their reasonable control, which could not have been foreseen or prevented, including but not limited to natural disasters, war, strikes, governmental actions, severe power or communication failures, or cyberattacks (Force Majeure Events).

  1. CONTACT

If you have questions or concerns about these Terms, please contact us at: 📧 mongoldefi@stablecoin.mn