terms & conditions
These Service Terms were last updated on September 9th, 2022
This page sets out the service terms for Peach accountholders. By creating a Peach account, you accept all of these terms and conditions.
When we speak of "Peach", "we", "us" or "our", we mean Peach S.A.R.L and its representatives. Peach Sàrl is a company registered, organized and existing under the laws of Switzerland, under company registration number CHE-158.025.408 whose registered office is at:
- Rue des Beaux-Arts 8
- c/o LEAX Avocats Sàrl
- 2000 Neuchâtel
By "Buyer", we mean the party creating an offer on the platform to receive bitcoin from another user in exchange for a transfer of their currency of choice.
By "Seller", we mean the party creating an offer on the platform to send bitcoin to another user in exchange for a transfer of their currency of choice.
By "you", we mean any Peach accountholder and/or user of our services and products.
Peach is a non-custodial peer-to-peer marketplace (native mobile application) that facilitates the connection of two persons in order to purchase and sale bitcoin (BTC). Peach provides the following services:
- a mobile application available to download for free from the App Store and the Google Play Store
- the infrastructure for a safe trade with a 2-out-of-2 multi signature escrow solution between Peach and the Seller
- a customer support and dispute management service with a Peach mediator employee to arbitrate and settle dispute between users
Peach does not facilitate any local currency payments in order to exchange fiat currency for a digital currency, and we do not provide a digital currency exchange service. Peach does not purchase cryptocurrencies from, or sell cryptocurrencies to, its account holders.
Nothing on our website is intended to constitute legal or financial advice. The information on our website, and the posting and viewing of any the information on our website, should not be construed as, and should not be relied upon for, legal, financial or taxation advice in any circumstance.
Throughout this document and within the Peach app and website we make use of the terms satoshis, sats, bitcoin and btc: they all represent BTC, the divisible and fungible asset on the Bitcoin Blockchain. This is the only ‘cryptocurrency’ for which Peach provides a matchmaking service. Everyone is free to trade what they want, but we are strong believers in Bitcoin only.
Peach does not:
- process payments - all liability for sending and receiving payment and confirming the validity of the transaction lies between the Buyer and the Seller.
- purchase cryptocurrencies from, or sell cryptocurrencies to, its account holders
- provide a digital currency exchange service
- accept responsibility for fiat transactions
- participate in any transaction
- provide legal or financial advice. The information on our website, and the posting and viewing of any information on our website, should not be construed as, and should not be relied upon for, legal, financial or taxation advice in any circumstance.
2. your account
When using the Peach application for the first time, you will be asked to chose a password in order to create an account. This account will allow your app to access the Peach platform to make use of the matchmaking services. The password you pick, will encrypt your private Peach data, including keys to identify your account to connect to Peach services.
You must maintain the confidentiality of your password and you are responsible for all activities that are conducted through your account, whether or not you have authorized such use.
You must remember your password. If you lose your password, you will not be able to access your encrypted communications or private data, and there is no way for Peach to recover access.
You must only create and be the holder of one account. In order to ensure that a user can only create one Peach account from his mobile device, Peach keeps a hash of the user’s unique device ID.
You must be at least 18 years old to sign up for a Peach account. If you sign up for an account, you affirm that you are at least 18 years old.
3. generating peach keys
When you create an account, a private and public keypair is created on your device which is unique to you. You hold the private key – we do not have a copy.
When a Seller doublematches an offer of a Buyer, a contract is created between both parties and their respective private keys are used to create a symmetrical key. This symmetrical key is used to encrypt communications between the involved parties for this specific contract/trade.
As such, we cannot read your communications with another user, unless you or your counterparty gives us the symmetrical key to decrypt these communications by raising a dispute as described in section 9.
4. creating offers
Peach users may create offers to buy or sell sats/bitcoin in exchange for local currencies. Offers on the marketplace are not made publicly available.
The Seller will post a Sell offer in which they indicate their accepted conditions to perform a trade:
- the amount of bitcoin
- the payment method(s) the Seller is willing to use (including the respective payment details to be used if a match results in a trade)
- the currencies the Seller is willing to accept
In the sell offer the Seller will indicate the premium he requires to be met. This is a percentage of the market price at moment that a matching buy offer is created. (see further in section 6.)
Payment details must not change from the time an offer was published and at the time of the contract. The moment the sell offer is published, a hash is created and this is linked to the sell offer.
As a security measure against malicious actors, Peach implements “account signing”. Peach keeps the user’s payment details’ hash (encryption) and considers an account trusted if the trade was completed successfully for this specific Payment Method (with unchanged details). If the users changes or add a new payment details, the verification will have to start again.
To make this offer available the Seller will fund the escrow.
The Seller will be charged a fee by the Bitcoin network to fund an escrow as any standard Bitcoin transaction. Cancelling an offer will again result in the Bitcoin network charging a fee. When a Peach escrow is released (to Buyer or Seller) the fee is calculated automatically based on the mempool dynamics.
The Buyer will post a Buy offer, in which they indicate their preferred conditions to find a matching Sell offer:
- the amount of bitcoin
- the payment method(s) the Buyer is willing to use
- the currencies the Buyer is willing and able to send
The Buyer will provide a Bitcoin address to which they can receive Bitcoin/Satoshis should this buy offer result in a trade.
Sell offers will only be shown to Buyers that placed a Buy offer which is eligible to match; meaning at least the same amount of Satoshis and the same Payment Method.
It is possible for an offer to be offered in a different currency then the preferred one, if the payment method is available for this currency and the payment method allows conversion to this requested currency. The Buyer is then informed before matching that specific offer. The Buyer is responsible to assure that the amount and currency requested by the Seller is made available to the Seller: any exchange costs by the provider of the payment method is to be paid by the Buyer.
The Peach service will offer the Buyer all eligible Sell offers matching their preferences. By accepting (matching) a Seller’s offer, the Buyer agrees to be bound by the terms and conditions of that offer (Currency and Payment method). When the offers match with more than one currency and or Payment Method the Buyer can indicate which match they would like to match.
The price of the trade, the currency and the payment method used for the trade are locked at the moment that the Buyer matches a specific sell offer, based on market price and premium set in the Sell offer. The matching Buy offer for that specific Sell offer is then communicated to the user that placed that respective Sell offer.
Payment details entered in Peach are only shared to the Buyer in a contract (Offer matched by Buyer and Double matched by Seller). This communication is end-to-end encrypted and for the Buyer only.
Offers displayed on the Peach app have a Peach fee (see section 7) priced into them by default, which is why Buyers will receive a slightly different amount of sats then described in a bucket ( the bucket amount minus the Peach fee and transaction fee).
In accordance with Swiss law, trades without KYC are regulated to a limit of CHF1000/day and CHF100’000/year. Once this limit has been reached, you will not be able to take or make any further buy and/or sell offers.
As a security measure, the first two trades are limited to CHF 50.
Peach reserves the right to delete offers at its discretion. Generally, it will delete offers if they appear to be unlawful, non-genuine, fraudulent, or are otherwise incorrect.
As described in section 4: The Seller is presented with a matched Buy offer. Only when the Seller Double Matches that matched Buy offer, agreeing with the fixed payment amount, a contract is created using the criteria that were fixed in the matching Buy Offer. Both, sell and buy offers, are taken then out of the marketplace.
By matching (as Buyer) and doublematching (as Seller), both parties agree to be bound by the terms and conditions of that offer, which includes dispute resolution as described in section 9.
The Buyer is responsible to assure that the amount and currency requested by the Seller is made available to the Seller via the Payment method specified in the matched offer.
We do not have any bank accounts that hold users’ funds, nor do we facilitate or escrow any local currency payments between Buyers and Sellers.
Bitcoin (BTC) trades are conducted via the Bitcoin protocol and network, which we cannot and do not control. When a Seller sends BTC to fund a sell offer, the Seller transfers BTC directly to an escrow script on the public Bitcoin blockchain. The escrow transaction output can only be redeemed by the Buyer or Seller. Peach cannot access BTC held in escrow as per the code of the Bitcoin escrow script.
6. communication between parties
Peach users can communicate over the Peach platform when there is a double match and thus a contract created.
All communication made between Buyers and Sellers on Peach is end-to-end encrypted with a symmetrical key specific to the contract that has been created (as described in section 3). No third parties, including us, have the technical ability to decipher and/or read these messages unless we are given the shared secret to do so by one party by raising a dispute as described in section 9. The history of the chat will be made available for arbitration only. Once a dispute is settled the chat is once again made private between the two parties.
It is the responsibility of a user to make and keep adequate records of communications, details of transactions and financial history to the extent that they are required to do so in their jurisdiction.
Once a user loses the shared secret used to encrypt the messages, that conversation inaccessible and considered lost.
You must not be engage in communication with other Peach users which is offensive, abusive, unlawful, defamatory, indecent or inappropriate.
You acknowledge that we are unable to provide you with any other information about the identity of another Peach user other than what is made available to you via the Peach application.
7. terms of the transaction
Once a trader and Seller match their offers, the trade should proceed in accordance with the terms as both Buyer and the Seller matched. This will normally involve the following steps:
- The Buyer makes the payment in the matched currency,
- the Buyer claims the payment is made by pressing the Payment Made button,
- once the payment is received in full, the Seller confirms this by clicking the confirm payment button,
- the bitcoin is then automatically released from the escrow and sent to the bitcoin address that the Buyer indicated in their Buy Offer,
- both users rate their counterparty
If the Buyer does not claim that the payment is made within the defined time period, the escrow may be cancelled by the Seller. The Buyer may cancel the escrow at any time.
Sales between Buyers and Sellers are subject to:
- the payment of Peach’ fee
- the process for resolving disputes
- the terms of the match, which constitute an agreement between the Buyer and the Seller in regards to: amount of bitcoin, price, payment method and currency
You must comply with all reasonable security requirements prescribed from time to time by Peach.
The contract of sale is between the Seller and the Buyer. Accordingly, the parties are required to 1st try their best efforts to resolve the dispute between themselves. If the parties can not agree on a resolution, either party may raise a dispute and thus involve a Peach arbitrator.
Raising a dispute and the outcome of a dispute will impact the users Peach reputation, as an incentive to ‘play fair’ and not harassing other users by raising disputes lightly.
A Buyer can raise a dispute for many reasons, including, but not limited to:
- Escrow not released by the Seller - the Buyer has made the payment, but the Seller claims they didn’t receive the payment or that there are issues with the payment and refuses to release the escrow
- Unresponsive Seller – the Seller does not respond to the Buyer's messages
- Inappropriate behavior - the Seller is rude, abusive or shows signs of being a malicious actor
A Seller can raise a dispute for many reasons, including, but not limited to:
- No payment received – The Buyer claims the payment is made, but the Seller has not received the payment
- Received wrong payment amount – the Buyer sent a payment, but not the agreed upon amount
- Other payment errors – the Buyer sent a payment, but not with the agreed upon details, on the correct payment method or in the proper timeframe
- Buyer is unresponsive – the Buyer does not respond to the Seller's messages
- Inappropriate behavior – the Buyer is rude, abusive or shows signs of being a malicious actor
The party that opens a dispute will share their digital signature with Peach, allowing the mediator to decrypt the communication between the Buyer and the Seller.
By using the Peach application, you agree that, in case a dispute is raised, Peach gains access to your conversation and all other information required, including the payment details for the disputed contract by Peach to resolve the dispute for as long as the Dispute takes. You agree to provide any evidence of payment or proof that payment has not been received correctly by showing the overview for the matched Payment method, for the period in which the payment was claimed to be made.
Peach will determine a winner of the dispute at its own discretion, based on the evidence provided by both parties. The escrow will be released to this party after at most 30 days.
Parties must respond to Peach’ requests for information promptly, at most within 24 hours. If a party does not respond to a request within this timeframe, Peach may decide at any point to resolve the dispute in favor of the other party.
The parties agree that, except in cases of gross negligence or fraud, Peach’ decision is conclusive, final and binding on both parties and there is no appeal from such decision. Peach will have no liability to either a Buyer or a Seller in connection with its decisions.
Once a dispute is logged, a hash of the IP and other data will temporarily be stored for as long as the dispute is open. When an arbitrator regards the behavior of one of both parties as an attempt to defraud the counterparty, or as showing unwanted behavior, the dispute might result in a ban for the offending user. To this end a hash of the data will be stored, in order to avoid the possibility of the banned user to create another account.
This process for resolving disputes is incorporated in all contracts between buyers and sellers arranged through Peach.
10. peach fees
Note: as long as the Peach application is in the beta phase, no fees will be charged by Peach. Bitcoin on-chain fees will still apply
Any contract successfully finished through an escrow that Peach is party to will be subject to a fee. 1.5% of the total amount sent out of the escrow will be sent to a bitcoin address controlled by Peach. The remaining funds will be sent to the address indicated by the Buyer, minus any bitcoin transaction fees.
Peach does not assume responsibility for any taxes due. Buyers and Sellers are fully responsible for determining which taxes apply to the transaction and paying them.
Peach must be reimbursed for any claim, loss or damage arising from your failure to pay applicable taxes.
12. account suspension
We may deny any user access to our services for any reason, including but not limited to:
- You are using the Peach platform to scam other users, or for any other unlawful purpose
- You are sending offensive, abusive, unlawful, defamatory, indecent or otherwise inappropriate messages to other users
- Any change in law that adversely affects Peach’ operating model or would make it unlawful to continue the service
If a user is suspended as a result of losing a dispute raised by another user, Peach will keep encoded references (hashes) of the suspended user's data. These hashes will be used to deny any account that is using the same data access to the Peach app.
The hashed data includes all of the user's payment data and their device ID. This hash is a reference to the data, but not the data itself. It allows the system to flag users using the same data, without knowing the actual data itself.
After suspension of your account, you are entitled to access to the local data on your phone, however you may not use the Peach platform to interact with any other user.
13. compliance with laws
Although our website and services may be accessed outside of Switzerland, we make no claim that our services comply with the laws of any other country. All users of our services from outside Switzerland, are solely responsible for ensuring compliance with their local laws.
By using any of our services or products, the user warrants that this use is in compliance with all applicable laws and regulations of both Switzerland and the jurisdiction that he is in.
14. risks associated with dealing with other users
Bitcoin transfers are irreversible. If a user sends bitcoin to an incorrect address or otherwise makes a mistake in transfering funds over the bitcoin network, they, nor Peach, can reverse the transaction, and the funds will be lost. As such, any transfers made via the Peach platform are at the risk of the user.
15. disclaimer of warranties
Peach is only a matchmaking service, and, to the maximum extent permissible by law, is not responsible for any actions of its users. This includes, without limitation, representations by any users regarding funds (bitcoin or local currency) having been transferred or any claims of ownership of funds.
To the maximum extent permitted by law, Peach does not guarantee the quality or fitness for purpose of its services. Our services and products are provided on an "as is" and "as available" basis and their use is at the user's sole risk. Although we strive to make our services available at all times, we do not make any claims as to the availability of the services.
To the maximum extent permitted by law, we make no guarantees to the safety, reliability, availability or longevity of any of the data we store. The user's private data will be stored locally on their own phone, while the publically available data (e.g. buy or sell offers) will be stored on the Peach servers. The user is solely responsible for their own data.
16. third party integrations
The Peach may incorporate, reference or provide access to third-party services. Peach is not the owner, operator or licensor of these third-party services, and Peach shall not be responsible for any consequences stemming from the use of a third-party service.
The use of any third-party service is subject to separate terms and conditions issued by the respective third-party service provider. It is each users’ responsibility to review the terms and policies of a third-party service provider before deciding to use such a service.
17. limitation of liability and indemnity
You indemnify Peach and hold Peach unaccountable for all loss, claims, actions, liability, damage, costs, expenses and penalties resulting directly or indirectly from:
- any actions performed not following these terms of service
- any unauthorized use of your Peach account
- act or omission (including any negligence, unlawful conduct, willful misconduct or fraud) by you in relation to your use of any products or services provided by Peach
- any third party claim against us in relation to your use of any products or services provided by Peach
- any action taken by Peach as a result of a request made by you, in respect of your account, trade or dispute
- any lack of action or delay on your part in respect of any dispute, including not responding to a request for information by us within the timeframe laid out in clause 9 (Disputes)
- any failure by you to comply with any reasonable recommendation made by Peach
- any actions or inactions of third party service providers
18. applicable law and language
These Service Terms are governed by the laws of Neuchâtel, Switzerland. These Service Terms may be translated into other languages, however the official language of these terms is English. Translations may not accurately represent the information communicated in the English language. The English version of these terms takes precedent over any translations.
19. changes to these terms
We reserve the right to update, replace or otherwise change any part of these Service Terms at our sole discretion, by posting updates and changes to our website. If you do not agree to the changes, your only remedy is to discontinue the use of our products and services.
While we will strive to notify our users of any changes, it is your sole responsibility to check our website periodically for changes. Your continued use of the services following the posting of any changes to these Service Terms constitutes acceptance of those changes.
These Service Terms were last updated on the 9th of September, 2022.
20. entire understanding
These Service Terms contain the entire understanding between the parties as to the subject matter of this terms.
If you have any questions, comments, concerns or other correspondence, Peach can be contacted via email on [email protected]