These General Terms and Conditions of Sale (the "GTC") govern access to the Fipto.com platform (the "Platform") and the use of:
crypto-asset services provided by Fipto France in its capacity as a crypto-asset service provider (the "Crypto Services"); and
the Fipto Payment Account and associated payment services provided by Fipto PI SAS, an ACPR-approved payment institution (the "Payment Services").
The GTC are intended exclusively for professional customers who are legal entities (the "Customer") acting within the scope of their professional needs.
2. Legal notices
Fipto.com is an online platform developed by Fipto PI, a simplified joint stock company, registered in the Nanterre Trade and Companies Register (RCS) under number 929 508 893, with its registered office at 65 Rue de la Croix, 92000 Nanterre, France ("Fipto").
Main hosting: Amazon Web Services EMEA SARL (Luxembourg), a simplified joint stock company registered in the Luxembourg Trade and Companies Register under number B 186284, with its registered office at 38 Avenue John F. Kennedy, Luxembourg 1855, Luxembourg.
2.1 Fipto - Crypto-asset service provider
Fipto is a crypto-asset service provider authorised by the French Financial Markets Authority (Autorité des marchés financiers, AMF) under number A2026-009 for the following services:
Custody and administration of crypto-assets on behalf of clients;
Execution of orders on crypto-assets on behalf of clients;
Exchange of crypto-assets for funds;
Exchange of crypto-assets for other crypto-assets;
Transfer of crypto-assets on behalf of clients
In accordance with applicable law, Fipto's PSCA authorisation can be verified at any time on the amf-france.org website.
2.2 Fipto - Payment service provider
Fipto is a payment institution authorised by the French Prudential Supervision and Resolution Authority (Autorité de Contrôle Prudentiel et de Résolution, ACPR) under bank code 17908 and REGAFI identifier 742839.
Fipto's authorisations to operate can be viewed in the register of financial agents maintained by the ACPR at the following address: www.regafi.fr.
3. Definitions
Unless otherwise specified and without altering the other definitions contained in the T&Cs, the terms and expressions defined below shall, whenever they begin with a capital letter, whether used in the singular or plural, masculine or feminine, have the meaning given to them below:
ACPR: refers to the Prudential Control and Resolution Authority located at 4 place de Budapest in Paris (75009).
Strong Customer Authentication: refers to the authentication method based on the use of two or more elements belonging to the categories of "knowledge" (something only the Customer knows), "possession" (something only the Customer possesses) and "inherence" (something the Customer is) and independent in the sense that the compromise of one does not compromise the reliability of the others, and which is designed to protect the confidentiality of authentication data, within the meaning of Article 4, 30 of Directive 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.
CDC: refers to the Caisse des dépôts et consignations (Deposits and Consignments Fund).
Client(s): refers to any independent professional client or company considering opening a payment account with Fipto for its professional needs.
CMF: refers to the Monetary and Financial Code
Fipto Payment Account: refers to the Payment Account opened in Fipto's books.
Conversion or Conversion Operation: refers to the service offered by Fipto which consists of exchanging a quantity of one type of Crypto-asset for a quantity of another Crypto-asset; a quantity of fiat currency (FIAT) for a quantity of Crypto-asset or vice versa; or one fiat currency for another fiat currency.
Crypto-asset(s) : refers to one or more Crypto-assets within the meaning of Regulation (EU) MiCA 2023/1114.
Value date: refers to the date on which a payment transaction is debited or credited to the Payment Account by Fipto.
Personal data: refers to any data and/or other information defined as such by the applicable French and European regulations on the protection of personal data.
Personalised security data: refers to the data provided by Fipto to the Customer for authentication purposes. This includes, in particular, the Identifier and any other data that may be related to the Customer's strong authentication procedure.
PSD 2: refers to Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.
FGDR (Fonds de Garantie des Dépôts et de Résolution): refers to the Deposit Guarantee and Resolution Fund.
Relationship Form: refers to the document entitled "Relationship Form", to be completed by the Customer when entering into a relationship for access to the Services.
Conversion Fees: refers to the fees charged by Fipto for performing a Conversion.
Prohibited Jurisdictions: refers to high-risk jurisdictions listed by the French, European and international authorities and Fipto.
Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT): refers to the fight against money laundering and terrorist financing.
Sanctions Lists: refers to lists established by governmental and/or regulatory authorities for the purposes of Sanctions or any similar list maintained by any of the Sanctions authorities or any public announcement of the designation of Sanctions made by any of them.
Eckert Law: refers to Law No. 2014-617 of 13 June 2014 on dormant bank accounts and unclaimed life insurance policies.
Tax Identification Number (TIN): refers to the tax identification number
Order: refers to a Customer's consent to the execution of a Transaction or Conversion.
Partner(s): refers to the service providers used by Fipto in the provision of Services.
Parties: refers to Fipto and Users or Customers, including their respective affiliated entities.
Prohibited Persons: refers to residents of prohibited jurisdictions and Sanctioned Persons.
Sanctioned Persons: means a person (i) listed on a Sanctions List, or owned or controlled by a person listed on a Sanctions List, or acting on behalf of a person listed on a Sanctions List (ii) located or incorporated under the laws of a country or territory that is thesubject to country-wide or territory-wide Sanctions, or owned or controlled (directly or indirectly) by a person located or incorporated under the laws of a country or territory that is subject to country-wide or territory-wide Sanctions, or acting on behalf of such a person, or that is otherwise subject to Sanctions. i.e. a person with whom a US Person or other national of a Sanctioning Authority would be prohibited or restricted by law from engaging in trade, business or other activities.
Platform: refers to the Fipto.com website, including all its subdomains, and any website on which the Services are available.
External Wallet: refers to the Client's personal, non-hosted wallet containing the Client's Crypto-assets, not held by Fipto but identified as available to receive deposits.
Internal Wallet: refers to the hosted wallet containing the Crypto-assets held by Fipto on behalf of the Client.
Bank details: refers to the Customer's bank account details provided following the opening of the Payment Account.
Sanctions: refers to any law, regulation, embargo or restrictive measure relating to economic or trade sanctions administered, promulgated or enforced by (i) the United States (ii) the United Nations (UN) (iii) the European Union; and/or any sanctions regulations or laws administered by other governmental or regulatory bodies that are applicable to the Parties or their Partners.
Services: refers collectively to the Payment Services and Crypto Services provided by Fipto.
Signatory: means the natural person authorised to represent the Customer and accept the GTC on behalf of and for the account of the legal entity.
Transactions: refers to the action of transferring or withdrawing funds in FIAT or Crypto-assets to or from a Payment Account, Internal Wallet, External Wallet and/or bank account.
4. Scope of application
The GTC, the Relationship Entry Form, and any special conditions that may have been signed constitute the entire agreement between the Customer and Fipto.
5. Acceptance of risks inherent in the Services
Access to the Services requires a thorough understanding of blockchain technologies, Crypto-assets and digital wallets, as well as a good knowledge of the Crypto-assets market. If Clients have any doubts and/or additional questions about how the Services work and the associated risks, they are invited to contact Fipto by sending an email to the address indicated in the legal notice. If the Client does not understand how these technologies work, they must refrain from using the Services.
By accepting these T&Cs, the Customer warrants that they are aware of the consequences and risks associated with the crypto-asset sector and blockchain technologies, which are described below.
5.1 Availability risk
We do not guarantee that Fipto Services will be available at all times or that they will not be subject to unexpected service interruptions or network congestion. You may not be able to buy, sell, store, transfer, send or receive Crypto-assets or FIAT when you wish.
5.2 Technology Risk (Security)
Customers must be aware of the technical risks associated with the Services, which include, in particular, risks arising from an error or security breach associated with the blockchain, which may result in the loss of data or loss of access to their Crypto-assets.
This technological risk may result from an error or security breach associated with the blockchain, enabling and/or leading to hacking and data theft on the Platform, including, but not limited to, Sybil attacks, smurfing malware attacks, or other known or unknown new methods.
5.3 Economic risk (volatility)
Clients should be aware of the economic risks associated with the Services. They acknowledge that Crypto-asset markets are decentralised and unregulated.
The Service is not suitable for many Clients and presents a high risk of capital loss, particularly due to the extreme volatility of the markets.
Consequently, although the risk of loss does not exceed the amount invested, Clients undertake not to invest funds that they cannot afford to lose. Furthermore, they acknowledge that past performance is not indicative of future performance, which may rise or fall.
As such, Fipto does not provide any advice on regulatory, compliance or tax matters and cannot be held liable for decisions made by the client on these grounds. It is the client's responsibility to seek their own independent professional advice where necessary.
5.4 Legal and regulatory risk
Clients are advised that the legal framework for Crypto-assets varies depending on the jurisdiction in which they are located and that Crypto-assets may be prohibited or subject to a regulatory framework that could result in a significant or total decline in their value.
Clients should be aware of the risk resulting from the lack of regulation and the subsequent absence of any guarantees associated with this type of asset on regulated markets.
In addition, the Platform is subject to AML/CFT requirements, which may change in the future. Such a change could result in additional obligations for Fipto and thus limit the effective use of the Services.
Finally, future legislation and case law could also have an impact on the existence and legality of Crypto-assets and related technologies.
6. Eligibility
The Services are intended for clients acting exclusively for professional purposes.
The Services enable companies and entrepreneurs operating as micro-enterprises and/or sole traders, limited liability companies, single-member limited liability companies, simplified joint stock companies, and single-member simplified joint stock companies to access Fipto's Services.
Fipto accepts all sectors of industry and commerce with the exception of the following areas (non-exhaustive list subject to change): activities of a sexual nature, the sale of tobacco (including electronic cigarettes), activities related to cannabis-based products and derivatives, the sale of weapons, military vehicles, private security activities, fortune telling, clairvoyance, astrology, trading/brokerage platforms, activities related to energy saving certificates ("ESC"), the sale of goods/services likely to damage the image or reputation of third parties, and any illegal activity.
To access the Services, the user must:
have full legal capacity;
be of legal age;
where applicable, be the legal representative of the company for which they wish to open an account;
have a company with its registered office in France;
have a valid identity document from a European country or, for foreign nationals, a residence permit that meets the same conditions;
be a French tax resident, or, in the case of other tax residences abroad, have a valid tax identification number (NIF);
not be a US tax resident within the meaning of US FATCA tax regulations;
have your telephone number, email address, identity document and smartphone with a camera to hand.
meet the identification requirements for the prevention of money laundering and terrorist financing. Consequently, Prohibited Persons, whether they are Sanctioned Persons or persons domiciled in a Prohibited Jurisdiction, are not authorised to use Fipto's Services.
Fipto may, where appropriate, make full access to Fipto's Services subject to additional checks and requests.
Fipto may, at its sole discretion and without having to justify its decision, refuse any request to open a Payment Account. This decision shall in no event give rise to any damages. It shall be notified by email or directly in the Customer's secure personal area on the Website.
7. Payment account
7.1 Fipto Payment Account
The Fipto Payment Account is a payment account in euros held by Fipto. The Fipto Payment Account does not allow overdrafts.
The Fipto Payment Account is identified and recognised by the bank account number.
The Fipto Payment Account is reserved for professional customers (legal entities).
The Fipto Payment Account can be accessed from the Website via a web browser.
From the secure personal area of the Website, the Customer can access the Fipto Payment Account by entering a personal and confidential username and password. Once authenticated, and subject to strong authentication where applicable, the Customer can:
view transactions linked to their Fipto payment account;
view and share their bank details;
initiate payment transactions from the Fipto payment account;
update their personal information by contacting Customer Service;
obtain answers to any questions;
obtain Customer Service contact details
7.2 Use the Payment Account
The Fipto Payment Account can only be opened by the Customer. The Customer is responsible for all transactions recorded on the Fipto Payment Account.
The Fipto Payment Account can be accessed from the personal space using the Website via an internet browser.
Access to the Fipto Payment Account is available 24 hours a day, 7 days a week (24/7), except in cases of maintenance or updates.
To access the Fipto Payment Account securely, the Customer must enter their username and password, which are strictly personal and confidential. The Customer must not disclose their username and password in any way whatsoever.
The Customer is entirely responsible for the use of these and is, until proven otherwise, deemed to be the author of all operations initiated on the Fipto Payment Account, all instructions given, and more broadly, all events and changes that have occurred on the Fipto Payment Account.
Entering the username and password allows the Customer's secure access to their Fipto Payment Account to be recognised and authenticated.
In the event of loss of the username and/or password, or suspicion of fraudulent use (in particular identity theft), the Customer must inform Fipto as soon as possible by any means of communication at their disposal, so that access to the Fipto Payment Account can be blocked. Fipto will provide the Customer with new usernames and passwords.
Similarly, when an incorrect username and/or password has been entered, Fipto may temporarily block the Fipto Payment Account.
In order to carry out certain transactions, particularly payments, Fipto may require strong customer authentication. In order to carry out certain transactions, particularly payments or logins to the Website, Fipto has implemented strong customer authentication in accordance with the requirements of PSD2, with a view to combating fraud and enhancing customer security.
In addition, the Fipto Payment Account has limited withdrawal limits, which may be adjusted according to the Customer's activity and risk classification. Details of these limits and the conditions for their application can be found in the price list available on the website [https://www.fipto.com].
7.3 Payment transactions on the Fipto payment account
Only the transactions listed exhaustively in this article may be carried out on the Fipto Payment Account.
It is hereby reiterated that Fipto does not provide the Customer with any means of withdrawal or payment, such as cheques or withdrawal or payment cards.
7.3.1 Credit transactions
The sums credited to the Customer's Fipto Payment Account relate to: the receipt of transfers to which they are the beneficiary, i.e. the transaction whereby Fipto credits the Customer's Fipto Payment Account with a sum of money originating from a transfer order given by a third party for their benefit or by the Customer themselves for their benefit.
7.3.2 Debit transactions: the execution of transfers
The sums debited from the Customer's Fipto Payment Account relate to: The execution of a transfer, i.e. the operation whereby the Customer instructs Fipto to transfer a sum of money from their Fipto Payment Account to another of their accounts or to a third party's account, whether it be a SEPA transfer or a non-SEPA transfer (SWIFT transfer in particular).
7.4 An account without an authorised overdraft
The Fipto Payment Account must always have a credit balance.
The Customer must never attempt to spend or withdraw more cash than the balance shown on the Fipto Payment Account, otherwise the account will be blocked.
Before making any transfer transactions, the Customer must therefore ensure that the Fipto Payment Account has a sufficient available balance, taking into account any transactions that the Customer has already authorised.
The Fipto Payment Account must never be overdrawn, otherwise Fipto will be entitled to use any means necessary to recover the amounts due, or even to close the Fipto Payment Account.
7.5 Obligation to combat money laundering and terrorist financing
Pursuant to the provisions of Articles L. 561-2 et seq. of the CMF relating to the participation of financial institutions in AML/CFT, Fipto is subject to certain obligations.
In particular, Fipto may take all necessary steps to identify the Customer and the beneficiary or beneficiaries of their payment transactions, and may also ask the Customer for information to identify the purpose, origin and destination of the funds received.
The Customer undertakes to take all necessary steps to enable a thorough review of transactions, to inform Fipto of any transactions that are unusual compared to those normally recorded on the Customer's Fipto payment account, and to provide any required documents or information.
The Customer acknowledges that Fipto may be required to implement monitoring systems for the purposes of AML-CFT.
The Customer acknowledges that Fipto may terminate, block or postpone at any time the opening of the Customer's Fipto Payment Account or the execution of one or more payment transactions in the absence of sufficient information on its purpose or nature.
Thus, no legal proceedings based on Article 226-13 of the Criminal Code and no civil liability action may be brought against Fipto, its directors and/or their respective employees who have made, in good faith, the declarations referred to in Articles L. 561-15 et seq. of the CMF.
In this respect, Fipto identifies the Client and verifies the identification details collected upon presentation of any written document of a probative nature, collects and keeps up to date all relevant information relating to the purpose and nature of the relationship established with the Client.
7.6 Value date of transactions and execution time
All transactions carried out by the Customer are recorded on the Fipto Payment Account at the time of execution.
Any difference between the transaction date and the date on which it is recorded on the Fipto Payment Account corresponds solely to the time required to transmit the information and record the transaction.
In the event of suspected fraud or atypical transactions, Fipto may defer the recording of transactions on the Customer's Fipto Payment Account. The execution of transactions on the Fipto Payment Account may be suspended pending information from the Customer or any other third party concerned.
The execution time may not exceed 72 hours from receipt of the transaction.
The Customer agrees that recall requests sent to and accepted by Fipto in strict compliance with SEPA rules shall be binding on them, without the need for prior consent.
7.7 Closure of the Payment Account
The Customer may, at any time, free of charge and without cause, request the closure of the Fipto Payment Account. This request must be made by email or via the personal space on the Website and will take effect on the day following the end of the month in which the request was made. The Customer will be informed of the consequences of closure, in particular with regard to any credit balance on the Fipto Payment Account. This balance may be returned to the Customer at the end of the month in which the closure takes effect, by transfer to the bank account that the Customer has previously indicated to Fipto.
In the event of closure on the initiative of Fipto due to misuse of the Fipto Payment Account and/or suspicion of illegal activities, the funds available on the Fipto Payment Account will be returned according to Fipto's instructions and may therefore be returned to the accounts from which the funds received by the Customer originated.
Fipto may, at any time and without having to justify its reasons, close the Customer's Fipto Payment Account by sending a letter or email to the address provided by the Customer in their personal space. However, unless the Customer has engaged in serious misconduct, the Payment Account will be closed subject to one (1) month's notice.
The Customer will have one (1) month to recover their funds. Any remaining credit balance on the Fipto Payment Account will be returned to the Customer at the end of the one (1) month notice period, or in accordance with Fipto's instructions.
The death or legal incapacity (placement under guardianship or trusteeship) of a Customer will result in the closure of the Fipto Payment Account. Fipto will close the Customer's Fipto Payment Account as soon as it is notified of this information. Fipto will return any credit balance on the Fipto Payment Account to a person authorised to receive it.
In all cases, the Fipto Payment Account will be permanently closed.
8. Payment transactions
A payment transaction is a transaction carried out between the Customer and the payment beneficiary. Fipto therefore remains uninvolved in any civil or commercial dispute that may arise between the Customer and the beneficiary.
A payment transaction may be initiated by the Customer, who directly issues a payment order (transfer).
8.1 Payment Account Security
The Customer shall take all reasonable measures to preserve the security of Personalised Security Data. This refers to all personalised data provided by Fipto for the purpose of authenticating the Customer.
If the Customer becomes aware of the loss, theft, misappropriation or any unauthorised use of their Fipto Payment Account or the data associated with it, the Customer may block the Fipto Payment Account.
Fipto may proceed with a full refund of the unauthorised transaction, particularly in cases where the payment was made without Strong Authentication or the use of Personalised Security Data being required. However, in other cases (for example, when Strong Authentication measures have been applied by the Customer), a maximum excess of 50 euros may be deducted from the refunded amount.
8.2 Guarantee of funds received
Money deposited in the Fipto Payment Account is secure: the Customer's funds are held in a segregated account with ClearBank Europe N.V. and are completely separate from Fipto's cash reserves. This means that in the event of Fipto's bankruptcy, the funds deposited in the Fipto Payment Account and held in a credit institution will be returned to the Customer in full. In the event of ClearBank Europe N.V. going bankrupt: the Customer's funds are guaranteed up to €100,000. This €100,000 guarantee is the same for all French credit institutions.
8.3 Disputing a payment transaction
The Customer and Fipto agree to use the exemption provided for in the second paragraph of Article L. 133-24 of the CMF as follows:
The Customer is required to report any unauthorised or incorrectly executed transfer to Fipto without delay, using the form available at Complaints, within a maximum of eight (8) weeks of the debit date.
The Customer shall be reimbursed immediately, and at the latest on the first working day following receipt of the dispute of a transaction, for the total amount debited. However, in accordance with legal provisions, Fipto shall not proceed with the reimbursement within the aforementioned period if it has good reason to suspect fraud on the part of the Customer or negligence on their part. In this case, Fipto shall inform the Bank of France.
Finally, the said amount will not be refunded if the Customer has acted fraudulently or has intentionally or through gross negligence failed to fulfil their obligations under the GTC.
8.4 Statement of payment transactions
A monthly statement of transactions is sent each month to all of the Customer's users. Only this monthly statement shall be binding between the Parties. The statement shall detail the transactions recorded in the Payment Account and include the following information:
the amount of the payment transactions;
the amount of fees;
the balance of the Fipto Payment Account.
9. Crypto Services
The Services offered by Fipto are detailed on the Platform and summarised in the sections below.
Fipto may modify the list of Services offered at any time, in particular for legal or security reasons.
In particular, the list of Crypto-assets offered, available on the Platform, may be modified at any time. Fipto may also cease to provide a Service on one or more given Crypto-assets.
In this case, Fipto shall inform Customers by any means, as soon as possible, and shall allow Customers to withdraw their Crypto-assets to their External Wallet, convert them to other Crypto-assets still supported by the Services, or convert them into Euros.
Changes to the Services shall not give rise to any compensation for Customers. However, Fipto shall remain liable for any loss of Crypto-assets resulting from the provision of the Services, unless it establishes that such loss is due to an external event beyond its reasonable control and whose consequences could not have been avoided despite the implementation of all reasonable efforts.
In particular, Fipto shall not be liable to compensate Clients for any loss in value of Crypto-assets at the time of their sale or exchange, or for any loss of Crypto-assets resulting from their non-transfer prior to their cancellation, provided that such losses are not attributable to a breach of Fipto's obligations.
9.1 Internal Wallet
By subscribing to the Services, Clients will be able to:
Transfer Crypto-assets from an External Wallet to their Internal Wallet;
Withdraw Crypto-assets from their Internal Wallet to their External Wallet; and
Store Crypto-assets purchased or converted through the Platform in their Internal Wallet.
Clients expressly authorise Fipto to operate on the Crypto-assets held in their Internal Wallet, throughout the entire storage period, in order to fulfil the obligations set out in the GTC.
Fipto will only operate on the Crypto-assets held with the express consent of the Customer.
Fipto uses the services of a Partner for the technical infrastructure of Internal Wallets (Fireblocks). Fipto is fully responsible for any defect or failure of Fireblocks affecting the Client's Internal Wallet and undertakes to compensate the Client for any resulting damage.
As stated above, Fipto is not liable for any losses, damages or consequences, financial or otherwise, caused by the improper or unauthorised use of the Internal Wallet and Account credentials.
Fipto shall not be liable for fluctuations or loss in value of Crypto Assets.
Fipto shall retain the Crypto-assets in the Internal Wallet until the Customer expressly requests their return or until the T&Cs are terminated.
In the event of a request for return or termination of the GTC, Fipto shall, at the Customer's discretion, transfer the Crypto-assets to the External Wallet identified by the Customer or convert the Crypto-assets into Euros for transfer to the Customer's bank account.
Before any access or Transaction from a Wallet, Customers may be required to provide two-factor authentication in order to secure access and/or the Transaction. Depending on the characteristics of the Transaction, other information and validations may be requested by Fipto.
Fipto will return the funds as soon as possible, except in cases where Fipto is not responsible, such as when:
The Customer's Account has been blocked, suspended or closed for reasons related to Fipto's AML-CFT obligations;
Fipto must carry out checks, in particular related to AML/CFT obligations;
A competent authority refuses the refund;
An event beyond Fipto's control occurs, such as a problem inherent in the functioning of the blockchain or the underlying smart contract.
In this case, the delay in returning the Client's Crypto-assets shall not give rise to any compensation.
Fipto has put in place an appropriate organisation to minimise the risk of loss of the Client's Crypto-assets or rights related to these Crypto-assets, due to abuse or fraud of these Crypto-assets, poor administration, incorrect registration or negligence. In addition, in order to prevent any disaster that may occur to the stored Crypto Assets, Fipto has implemented a set of security measures provided by its partner Fireblocks. Further information on Fipto's custody policy may be requested by the Client.
9.2 Performing an Automated Conversion
On the Platform, Clients may request and carry out the following automated Conversions:
Cryptos/Cryptos;
Cryptos/Fiat;
Fiat/Cryptos.
A Customer may request a quote from Fipto via the Platform in order to execute a Conversion. The quote is immediately displayed to the Customer on the Platform. If the Customer agrees with the quote, they may accept it and proceed with the Conversion.
The Customer has 10 seconds to validate the proposal displayed on the screen by Fipto.
If the Conversion proposal is accepted, the Conversion is automatically carried out and the Customer can view all the information relating to the Conversion on their transaction screen available on the Platform.
If the Customer does not accept the proposed price, the Conversion is automatically cancelled.
Automated Conversion conditions:
The Customer is the sole decision-maker regarding their Conversion and is free to cancel their Conversion before it is validated. This cancellation will be free of charge.
Customers understand that once validated, the Conversion will be final and non-refundable.
The Customer must have or create at least one Internal Wallet for the Crypto-assets and/or Fiat they wish to trade before clicking on "Get final rate".
The Customer must have sufficient funds in their Internal Wallet that they wish to sell/exchange before clicking on "Get final rate".
The Customer may use the automated Conversion service subject to compliance with the minimum and maximum limits set by Fipto, for example for certain Conversions and for certain types of Crypto-assets. These limits are detailed directly on the Platform and may be modified at any time.
Fipto cannot be held liable for any consequences, financial losses or loss of opportunity resulting from the non-execution or lack of response to a request or RFQ made or received.
If the conditions for automated conversion are not met, or if a customer prefers to perform a manual conversion, a manual conversion is offered. The conditions are defined in the following section.
9.3 Performing a Manual Conversion (RFQ)
On the Platform, Clients may request and perform the following Conversions:
Cryptos/Cryptos;
Fiat/Cryptos.
A Customer may request a quote (Request For Quote - RFQ) from Fipto via the Platform in order to execute a Conversion. After receiving the quote request, Fipto will contact the Customer by telephone in order to:
Validate the quote;
Propose the price of the Crypto-asset or Fiat to be paid to execute the requested Conversion. The Price of the Crypto-asset or Fiat is set and communicated by Fipto to the Customer during the telephone call with the Customer.
If the Customer agrees to the price communicated during the telephone conversation, Fipto will execute the Transaction. The Customer's representative in charge of the Conversion will validate the Conversion during the telephone call.
Once the Conversion has been executed, the Customer will receive the amount in their Internal Wallet minus the Conversion fees as described in the Pricing Terms.
Conversion Conditions:
The Client is solely responsible for deciding on their Conversion and is free to cancel their RFQ or Conversion before it is validated. This cancellation will be free of charge, except for any intervention fees in the event of abuse or inappropriate behaviour on the part of the Client.
The Client must have or create at least one Internal Portfolio for the Crypto-assets they wish to trade before clicking on "Request a Quote".
The Client must have sufficient funds in their Internal Portfolio for the Crypto-asset they wish to sell/exchange before clicking on "Request a Quote".
The Client may use the Conversion service subject to compliance with the minimum and maximum limits set by Fipto, for example for certain Conversions and for certain types of Crypto-assets. These limits are detailed on the Platform and may be changed at any time. Fipto will use its best efforts to inform Clients of such changes before they take effect.
Conversion can only be carried out during business hours and when a member of Fipto is available to perform the Conversion.
Fipto reserves the right not to execute or respond to any request made, any Order sent or confirmed by any means (Platform, email, telephone, etc.) outside normal business hours.
Fipto cannot be held liable for any consequences, financial losses or loss of opportunity resulting from the non-execution or non-response to a request or RFQ made or received.
The Customer is informed that their conversations with Fipto during the Conversion are recorded and may be listened to by Fipto for evidentiary purposes, fraud detection and/or to be studied in order to improve the quality of the Service. For more information on the personal data protection framework, please refer to the Privacy Policy available on the Platform.
Subject to the completion of security and compliance checks, the Service Provider shall execute transfers without undue delay. The Customer acknowledges that the finalisation of the transfer depends on the rules of the DLT network (confirmation time, network fees). A transfer is considered to have been executed when the instruction has been transmitted to the DLT network and a transaction ID has been generated. The Service Provider provides an indicative estimate of the usual irreversibility times.
After each transfer has been executed, Fipto shall provide the Customer with at least the following information in electronic form:
the identification of the initiator and the beneficiary (if applicable),
the DLT address of origin and/or destination (or account identifier),
the transaction reference,
the amount, asset and DLT network,
the date and time of receipt of the instruction and the value date (if applicable),
details of the costs.
This information is continuously available via the Platform and can be exported.
9.4 Best execution of orders
When Fipto executes or receives/transmits an order on crypto-assets on behalf of the Client (in particular Automated Conversions or RFQs), Fipto implements all sufficient measures to obtain, on a consistent basis, the best possible result for the Client, in accordance with applicable regulations and its execution policy.
In assessing this result, Fipto takes into account, in particular, the price/rate, costs, speed, likelihood of execution and settlement, size of the order and available liquidity.
In the event of specific instructions from the Client, Fipto executes the order in accordance with those instructions; the Client acknowledges that such instructions may limit the best execution measures for the aspects covered. The execution policy is available on the Platform or on request.
9.5 Payment Links
On the Platform, Customers may use the "Payment Links" feature. The Payment Links feature allows Clients to be paid in Crypto Assets by an external third party ("External Counterparty") via a Payment Link generated on the Platform, in order to subsequently and automatically receive Fiat currencies directly into their Payment Account.
This means that as soon as the Customer receives the amount in Crypto-assets sent by the External Counterparty, Fipto will immediately proceed with a Crypto to Fiat Conversion on behalf of the Customer and send the Fiat either to the Customer's Payment Account or to their external bank account.
In order to benefit from this feature, the Customer must request the creation of a Payment Link via the Platform. The Payment Link is strictly reserved for the Customer and has a limited duration.
To do so, the Customer must provide all the necessary information requested by Fipto, including (i) information on the destination of the funds (Customer's Payment Account or Customer's external IBAN), (ii) the amount ("Requested Payment Amount") and (iii) the expiry date ("Payment Link Expiry Date"). Once the Payment Link has been created, the Customer may send it to their External Counterparty.
By clicking on the Payment Link received from the Customer, the External Counterparty may (i) select the Crypto-asset they wish to use and (ii) confirm the price offered by Fipto for the selected Crypto-asset. They may then proceed with the payment.
The Client may track the progress of the payment at any time using the payment status available on the Platform.
Once the External Counterparty's Crypto-assets have been received in the Client's Internal Wallet, Fipto proceeds with the Conversion by selling all of the Crypto-assets received in Fiat currency. Once the Conversion has been completed, the Customer will receive the amount in their Payment Account or external bank account, as they choose, minus the Conversion fees as described in the Pricing Terms.
The Payment Links feature is also subject to these GTC.
The following specific conditions apply:
In order to use this feature, the Customer must have at least one Internal Wallet and one Payment Account, under the conditions set out above.
Currently, the Payment Links feature only supports USDC on the Ethereum and Polygon networks. No additional currencies are offered at this time. This may change over time at Fipto's sole discretion.
Validation of payment by the External Counterparty via Fipto is subject to AML/CFT obligations. Furthermore, Fipto may refuse or block a payment in the event of suspected fraud, without cause, which shall not give rise to any compensation.
Once the Crypto-assets have been selected and validated, the External Counterparty will have 15 minutes to initiate payment from its own external platform. If payment is not made after the mandatory 15 minutes, the payment will be refused. This will not give rise to any compensation to the Customer by Fipto in any way whatsoever.
If the External Counterparty sends an amount less than the requested Payment Amount or after the Payment Link Expiry Date, the payment will be refused and returned to the External Counterparty's wallet used to make the payment. In this case, a fee of EUR 10 will be applied by Fipto.
If the External Counterparty sends an amount greater than the requested payment amount, the difference will be returned to the External Counterparty's wallet used to make the payment. In this case, a fee of EUR 10 will be applied.
Fipto is not liable in the following cases:
Any error in the information provided by the Customer for the creation of the Payment Link and/or the transfer of fiat currency;
Any delay, blockage or refusal of the payment made, due to the application of Fipto's regulatory obligations;
Any error or delay on the part of the External Counterparty affecting the validation of the payment;
Any other delay or failure in the provision of this functionality due to force majeure.
10. Pricing conditions
The pricing conditions are made available to the Customer directly on the Website and are brought to the Customer's attention before the Customer places the payment order, including the costs relating to foreign currency conversion. Fipto assumes no responsibility for the costs incurred by the Customer as a result of the exchange rate used for foreign currency conversion.
11. Changes in the Customer's situation
If the information provided by the Customer when opening the Fipto Payment Account changes, the Customer undertakes to modify it as soon as possible via their personal account and to provide Fipto with any supporting documentation upon request.
If regulations require Fipto to update or collect additional information about the Customer's personal situation, the Customer undertakes to provide this information as soon as possible via their personal account and to provide Fipto with any supporting documents upon request.
If the Customer fails to comply with these commitments, Fipto shall have the option of closing their Fipto payment account.
In view of its regulatory obligations, Fipto is required to carry out investigations with Customers.
12. Liability of the Parties
12.1 Customer Liability
The Customer indemnifies Fipto against any breach, fraudulent use or use in bad faith of the Services.
The Customer undertakes to indemnify, defend and hold Fipto harmless against any claim made against it resulting from the Customer's use of the Services.
In particular, Fipto is not responsible for the Customer's choices and decisions regarding the use of the Services, including the execution of Transactions or Conversions involving Crypto-assets, including, in particular, any erroneous decision relating to a Transaction or Conversion, the execution by the Customer of incorrect or inappropriate Transactions, or an error concerning the External Wallet address. As such, and given the risks inherent in the use of the Services, Fipto is not liable for any financial losses incurred by the Customer and resulting from the Customer's use of the Services.
Clients further agree to indemnify and hold Fipto harmless from any liability, loss, damage, cost, claim and/or expense, including, but not limited to, legal fees, that Fipto may incur or be required to pay as a result of such claims.
Fipto is not responsible for the functioning (or malfunctioning) of the Customer's computer equipment, nor for their access to the Internet or any network (Internet network, telecommunications or electronic communications network, etc.).
Fipto is not responsible for the malfunction or failure of third-party websites or service platforms.
12.2 Fipto's liability
Fipto undertakes to perform its obligations with the care normally expected of a professional in the same sector of activity and to comply with current professional practices. However, Fipto can only be held to an obligation of means.
With the exception of the guarantees associated with the Services mentioned above, Fipto declines all responsibility and any obligation to compensate any person whatsoever for any loss or damage caused by a Customer or a third party (with the exception of Partners).
Fipto does not guarantee continuous or uninterrupted access to the Services. Consequently, it cannot be held liable for any act or omission, non-performance, partial performance or delay in the performance of its obligations in relation to damage or loss suffered directly or indirectly by the Customer and resulting from factors beyond Fipto's reasonable control.
The Customer is informed that Fipto may occasionally interrupt access to all or part of the Services.
Fipto shall not be liable for any damage resulting from such suspensions. Upon normal resumption of service, Fipto shall make reasonable efforts to process pending Transactions and Conversions as soon as possible.
Furthermore, Fipto shall not be held liable for any damage resulting from:
the application of any applicable law;
the refusal of a bank transfer;
unauthorised or unlawful use of the Services;
any breach by a Customer of their obligations or any fault on their part;
failures or malfunctions of the Services for which Fipto is not responsible;
cyber attacks, provided that Fipto is not responsible for a security breach and has made every effort to limit the resulting damage;
indirect damages that may result from the Services provided by Fipto, such as an action brought by a third party against a Customer, commercial damage, loss of customers, commercial disruption, loss of earnings, loss of data not attributable to Fipto, loss of brand image suffered by a Customer or a third party;
any case of force majeure as defined by Article 1218 of the French Civil Code or any event beyond Fipto's control, including the failure or malfunction of any underlying blockchain or telecommunications network;
any measure taken or legislation adopted by French or foreign authorities.
Thus, Fipto can only be held liable if Fipto's fault has caused the Customer certain, personal, direct and reasonably foreseeable damage, unless otherwise provided by law or regulation.
If Fipto is liable for a poorly executed Transaction or Conversion, it shall immediately refund the corresponding amount to the Customer and restore the debited account to the position it would have been in.
Given that Clients are professionals within the meaning of the Consumer Code, Fipto shall in no event be held liable beyond the amounts invoiced to Clients during the twelve (12) months preceding the incident or series of incidents, unless otherwise provided by law or regulation.
13. Customer representations and warranties
The Signatory represents and warrants that:
The use of the Services has been duly authorised by the competent bodies in accordance with its articles of association or the regulations applicable to it. From the date of signature, all commitments resulting from these GTC shall constitute legal obligations that are valid and enforceable against the Customer.
By using the Services, the Customer does not, to its knowledge, violate any court decision, its articles of association, or any contract or other legal or contractual act, obligation or restriction relating to its capacity to contract or the funds it uses to subscribe.
The Customer is not subject to any legal or collective proceedings.
All documents and information provided to Fipto by the Customer prior to the commencement of the Services are authentic, and the Customer warrants that it has not omitted or altered any document that could mislead Fipto. Similarly, the Customer undertakes to report any new developments that could call into question the validity of this relationship.
Furthermore, the Signatory, the Client and its representatives warrant that:
they have not received any notification or are not aware of any claim, action, lawsuit, proceeding or investigation against them in relation to the Sanctions by any Sanctions Authority.
that they are not a Prohibited Person and are not subject to any limitations or restrictions applicable under the Sanctions.
they have never conducted their business in violation of Sanctions, applicable financial record-keeping requirements, money laundering and terrorist financing laws in any jurisdiction in which they operate.
has not engaged in any activity that may violate anti-corruption laws.
is not subject to any action, lawsuit or proceeding by or before any court, government agency, authority or body, or arbitrator in connection with any violation of anti-corruption laws or money laundering or terrorist financing laws.
is not subject to any prohibition on using the Services resulting, in particular, from legislative or regulatory provisions or an administrative or judicial decision, for example.
not be subject to restrictions on access to financial services adopted by the United Nations, the Council of the European Union, France, etc. in the context of the fight against terrorism, corruption or money laundering.
not be included on the list of specially designated nationals maintained by the Office of Foreign Assets Control (OFAC - US Department of the Treasury) or on the list of persons refused by the US Department of Commerce.
not be engaged in any illegal activity or behaviour, in particular in violation of any applicable law or regulation relating to embezzlement or anti-corruption. Furthermore, the Customer confirms that it has implemented and maintains policies and procedures designed to prevent and avoid violations of applicable laws and regulations relating to embezzlement or AML-CFT.
Any violation of the provisions of this article by the Customer constitutes a serious breach resulting in termination without notice at the sole fault of the Customer.
The Client declares that the funds used, whether in Crypto-assets or FIAT, are of lawful origin in accordance with applicable laws and regulations, in particular with regard to the applicable provisions on AML-CFT, in all jurisdictions in which the Client and its subsidiaries operate.
Furthermore, the Signatory confirms that it is not the subject of any legal action, lawsuit or proceedings before any court or governmental entity, authority or agency, and that it is not exposed to any such action, lawsuit or proceedings.
14. Availability of Services
The Services offered by Fipto are accessible remotely via the Website.
The Customer is personally responsible for setting up the IT and telecommunications equipment required to access the Website.
Fipto shall use its best efforts to ensure that the Website is accessible 24 hours a day, 7 days a week.
The Customer declares that they have been expressly warned of technical issues that may affect the internet network and cause slowdowns or unavailability, making connection impossible. Fipto cannot, under any circumstances, be held liable for difficulties in accessing the Services due to internet network disruptions.
Fipto reserves the right, without notice or compensation, to temporarily suspend access to the Website in the event of any breakdowns or any maintenance operations necessary for its proper functioning.
Fipto reserves the right to make any changes or improvements it deems necessary to the Customer's secure personal area of the Website.
15. Inactive accounts
In the event of inactivity of a Fipto payment account, in accordance with the provisions of the Eckert Law, the available balance of the Fipto payment account, provided that this balance is greater than €0, shall remain available to the Customer for a period of ten (10) years from the last transaction or the last communication from the Customer or their representative. This period is reduced to three (3) years after the date of death for an inactive account where the Customer has died.
Six (6) months before the expiry of the above-mentioned deadlines, Fipto shall inform the Customer or their known beneficiaries, by any means at its disposal, of the deposit of the balance of the inactive account with the CDC. This transfer will result in the closure of the Customer's Fipto Payment Account, without application of the provisions relating to termination provided for in these GTC.
In the absence of any claim by the Customer or, where applicable, their beneficiaries, the sums deposited will be acquired by the French State after a period of twenty (20) years from the date of their deposit with the CDC for an inactive account where the Customer is still alive. This period is extended to twenty-seven (27) years when the Customer of the inactive account is deceased. Until the expiry of one of these periods, the sums deposited with the CDC are held by the latter on behalf of the Customer or his/her beneficiaries.
In order to obtain the sums deposited, the latter must provide the CDC with information enabling it to verify their identity and determine the amount of the sums due to them.
16. Professional secrecy
Operations, Transactions, and personal data are covered by the professional secrecy to which Fipto is bound.
However, in order to comply with legal and regulatory obligations, Fipto is required to disclose information to legally authorised financial, judicial or administrative authorities (government agencies or public bodies). For example, certain information must be sent to the tax authorities or the Bank of France.
In addition, the Customer expressly authorises Fipto to share data concerning them and any updates thereto with the following third parties:
beneficiaries of fund transfers and their payment service providers for AML/CFT purposes and in compliance with regulations on international embargoes and sanctions;
Fipto's subcontractors involved in the management of the Fipto payment account, solely for the purposes of subcontracting work;
business partners, intermediaries or brokers, financial institutions, accepting merchants, in the context of: the implementation and management of a product or service subscribed to by the Customer, solely for the purpose of fulfilling their contractual obligations to Fipto or the Customer; or commercial prospecting
defending or responding to a case, action or proceeding;
to third-party payment service providers for the purposes of providing a payment initiation or account information service if the Customer has consented to the transfer of their data to this third party;
any regulated profession, such as solicitors, notaries and auditors, where necessary in certain circumstances (litigation, audit, etc.) within the limits of what is necessary for the handling of the dispute.
Professional secrecy may be waived at the express request of the Customer or with their express authorisation on a case-by-case basis, or, in accordance with the law, at the request of the supervisory authorities, the tax or customs authorities, as well as at the request of the criminal court or in the event of a court order notified to Fipto.
17. Banking and financial canvassing
Unless otherwise specified, these terms and conditions shall take effect upon acceptance by the Client.
The Customer has a period of 14 days to withdraw, without cost or penalty and without being required to give reasons for their decision, when solicitation precedes the conclusion of the contract. This period begins from the conclusion of these GTC. The commencement of performance does not deprive the Customer of the right to withdraw.
Exercising the right of withdrawal terminates these GTC.
If the right of withdrawal is exercised and the contract has already begun to be performed, the Customer shall be required to pay the price corresponding to the use of the service for the period between the date of commencement of performance of these GTC and the date of withdrawal, to the exclusion of any other sum.
The Customer shall, from the day on which they notify Fipto of their wish to withdraw, and within 30 days at the latest, return to Fipto any sums and any means of payment received in accordance with these GTC. The Customer may withdraw by any means, including by email to: support@fipto.com.
18. Force majeure
Fipto cannot be held liable in the event of force majeure as defined by Article 1218 of the Civil Code and by the French courts.
19. Intellectual property
The systems, software, structures, infrastructure, databases and content of any kind (text, images, visuals, music, logos, trademarks, databases, etc.) used by Fipto on the Website are protected by all intellectual property rights or database producer rights in force.
Any disassembly, decompilation, decryption, extraction, reuse, copying and, more generally, any reproduction, representation, distribution or use of any of these elements, in whole or in part, are strictly prohibited, constitute an infringement and may be subject to legal proceedings.
Thus, the Customer only has a right to use the Website and shall refrain from any act that would infringe intellectual property rights.
20. Protection of personal data
Fipto undertakes to comply with European regulations ("GDPR") and French regulations on the protection of personal data.
To this end, the Customer is requested to consult Fipto's Privacy Policy, which is available on its Website.
21. Liquidation
The dissolution of the Customer shall result in the automatic termination of these GTC upon receipt by Fipto of such notification.
The Services shall remain accessible for the period necessary to settle the liquidation. Fipto shall transfer the balance of the Customer's Internal Portfolio with the written consent of the liquidator in charge of the proceedings.
If the liquidator has not contacted Fipto within one year of the Client's dissolution, the Crypto-assets held in the Internal Wallet and the balance of the Payment Account will be converted into euros and transferred to the French Caisse des Dépôts et Consignations.
22. Tax cooperation
Fipto may be required to transfer some of the Client's Personal Data to the Tax Authorities.
In order to comply with tax reporting obligations under the automatic exchange of information, the Client is required to declare his, her or their tax residence(s) via the Website. Any incomplete or incorrect declaration relating to tax residence (e.g. omission of the TIN code) must be corrected by the Customer as soon as possible and within a maximum of 10 days, at the risk of automatic closure of the Fipto Payment Account.
23. Acceptance of the GTC
The Signatory declares and guarantees that it has all the powers and legal capacity necessary to enter into these GTC and legally bind the Customer, either by acting as the Customer's legal representative or by having the necessary powers to enter into the GTC and perform the contractual obligations contained therein.
In particular, the Signatory declares and warrants that it has all the necessary powers to commit the cash and funds of the legal entity it represents.
The Signatory and the Customer expressly acknowledge that the Customer is validly bound by the Signatory's signature of the GTC. The various versions of the GTC are permanently available on the Platform.
These GTC constitute a legally binding agreement between Fipto and the Customer. The Customer acknowledges that they have read, understood and accepted them in their entirety.
Acceptance of these GTC is necessarily full and complete. Any acceptance subject to certain reservations shall be considered null and void.
24. Transfer of contract
Fipto shall be entitled to transfer all or part of the rights and obligations arising for it from the GTC to any subsidiary to be formed or any other entity of the Fipto Group, as well as following, in particular, a merger, demerger, partial contribution of assets or total or partial transfer of its business.
It is expressly agreed between Fipto and the Customer that any change in the capital structure of Fipto, including a change of control, shall have no effect on the performance of the contract.
The Customer is not authorised to transfer all or part of its obligations under the GTC in any way whatsoever.
25. Amendment of the GTC
The Customer is invited to regularly consult the latest version of the GTC, which is available on the Website.
Fipto reserves the right to modify the GTC at any time without notice.
In the event of a proposed amendment, Fipto shall inform the Customer by sending an email to the Customer's attention, in which the Customer will find a link to the new GTC and a message displayed in the Customer's secure personal area of the Website no later than 15 days before the proposed date of entry into force of the amendment.
The Customer is expressly informed that they are deemed to have accepted the amendment if they have not expressly notified Fipto before the proposed effective date that they do not accept it. In this case, the Customer has the right to terminate the GTC without charge before the effective date proposed in the amendment.
However, any amendment to all or part of the GTC due to a change in legislative or regulatory provisions shall be applicable, without notice, from its effective date.
26. Complaints and mediation
If the Customer encounters difficulties or is dissatisfied with the Services offered by Fipto, they are invited to first contact Fipto's customer service department by email: support@fipto.com. No action may be taken against Fipto without prior formal notice sent by registered letter with acknowledgement of receipt to the postal address indicated in the GTC.
Secondly, the Customer is invited to submit a complaint using the form available at the following address: Fipto, 65 rue de la Croix, 92000 Nanterre.
Information on the complaint procedure is available at Complaints.
Complaints shall be processed within two months of the date on which the first written expression of dissatisfaction was sent.
Without prejudice to other remedies, in the event of a dispute arising from the application of these GTC, and in the absence of an amicable agreement, the Parties may refer the matter to the business mediator (https://www.economie.gouv.fr/mediateur-des-entreprises), or to the mediator of the Autorité des Marchés Financiers (AMF): AMF Mediator - 17, place de la Bourse - 75082 Paris Cedex 02.
27. Evidence agreement and telephone recording
The Parties acknowledge that payment transactions transmitted in accordance with the above and recorded by Fipto are deemed to be authorised by the Customer and duly authenticated. Proof of this authentication may be provided by reproducing on a computer medium the use of the technical means assigned for this purpose by the website to the Customer.
The Customer is informed that telephone conversations with Fipto staff may be recorded by Fipto or any company appointed for this purpose in order to ensure a better quality of payment services.
28. Partners
Fipto uses the services of Fireblocks Ltd, a limited liability company located at Floor 25, Yizhak Sade 8, Tel Aviv, Israel 6777508, for the technical infrastructure of Internal Wallets. Information relating to storage is detailed in the Internal Wallet clause of the GTC. For more information, please refer to the documentation available on the Fireblocks website.
29. Disputes and applicable law
The GTC, drawn up in English and translated into French, and all matters relating thereto, are governed by and shall be interpreted in accordance with French law.
Unless otherwise required by law, any dispute or litigation that may arise in connection with the GTC, and in particular its existence, validity, formation, interpretation, its performance or termination, which cannot be resolved amicably within 15 days of sending a registered letter with acknowledgement of receipt, shall be subject to the exclusive jurisdiction of the Commercial Court of Paris, including for proceedings seeking emergency or protective measures, in summary proceedings or on request, with the exception of Customers who are self-employed professionals.
For the latter, any dispute or litigation that may arise in connection with these GTC, and in particular their existence, validity, formation, interpretation, performance or termination, which cannot be resolved amicably within 15 days of sending a registered letter with acknowledgement of receipt, shall be submitted to the French courts with territorial jurisdiction.
