Terms of Service

What the Service is#

Peerlock is a marketplace that lets people find each other to trade crypto for payments made outside the Service. It provides a website, a trade chat, and access to an escrow program on the Solana blockchain that holds the crypto being sold during a trade.

• Peerlock is not a party to any trade. Trades are agreements between buyer and seller.
• Peerlock does not hold your funds. Crypto in escrow is controlled by the on-chain program according to its rules, and fiat payments go directly from buyer to seller.
• Peerlock is not a bank, payment provider, exchange, broker or investment adviser, and nothing on the Service is financial, legal or tax advice.

Eligibility#

You may use the Service only if:

• you are at least 18 years old and able to enter a binding agreement;
• using the Service and trading crypto peer to peer is legal where you live and where you trade from;
• you are not subject to sanctions, and you are not acting on behalf of anyone who is;
• you have not previously been banned from the Service.

You are responsible for complying with the laws, reporting obligations and taxes that apply to you.

Your wallet#

You access the Service with a self-custodial wallet. You alone control it and are responsible for its security. Peerlock never asks for your recovery phrase or private keys and cannot recover a lost wallet or reverse a transaction you signed.

How trades work#

• Offers. A seller locks crypto in the escrow program and sets the price, limits, payment method and terms. The seller is responsible for the accuracy of their offer and payment details.
• Opening a trade reserves the agreed amount for the buyer for the payment window shown in the trade. The price is fixed when the trade opens.
• Payment. The buyer pays the seller directly, in full, with the payment method of the offer, from an account in the buyer's own name, within the payment window.
• Confirming payment (“I've paid”) is a statement that the full payment has been sent. Confirming without paying is fraud.
• Release. The seller releases the crypto once the payment has been received. A release is final and cannot be reversed by anyone.
• Cancellation. An unpaid trade can be cancelled by the buyer at any time, and by anyone after the payment window has expired. The reserved crypto then returns to the seller's offer.

Disputes#

After a trade is marked paid, either party may open a dispute. A moderator reviews the information available, in particular the trade chat, receipts and payment references, and settles the trade by releasing the crypto to the buyer or returning it to the seller's offer. You agree to provide truthful information and to keep trade communication in the trade chat.

The moderator's decision settles the crypto held in escrow and is final as far as the Service is concerned. It does not decide any claim about the fiat payment itself, which remains between you and the other party and, where applicable, your payment provider.

Fees#

Peerlock currently charges no fee on trades. Solana network fees apply to on-chain actions. If a fee is ever introduced it will be announced in advance on the Service, and it will never apply to a trade that is already open.

Prohibited use#

You must not use the Service to:

• commit fraud, including confirming unpaid trades, using forged receipts, or reversing or charging back a payment after receiving crypto;
• launder money, finance terrorism, evade sanctions, or trade funds that come from crime;
• pay or receive money on behalf of third parties, or use accounts that aren't in your name;
• impersonate Peerlock, its moderators or another user;
• harass other users, or move trades off the Service to avoid its protections;
• interfere with the Service, the escrow program or other users' access, or use automated means that degrade it.

Peerlock may hide offers, refuse to open trades, restrict accounts and permanently ban wallets involved in prohibited use, and may share information with authorities where required by law.

Risks#

By using the Service you accept the risks of crypto and peer-to-peer trading, including:

• Payment reversals. Some payment methods let the sender reverse a payment after the seller has released crypto, which cannot be taken back.
• Counterparty risk. The other party may act dishonestly. The escrow and disputes reduce this risk; they don't remove it.
• Smart contract risk. The escrow program is software and may contain errors. It has not yet undergone an independent third-party audit. It can be upgraded by its upgrade authority.
• Blockchain risk. Solana may be congested, halted or changed, which can delay or prevent transactions.
• Price risk. Crypto prices are volatile.

Availability and changes#

The Service is provided “as is” and “as available”. Peerlock may change, pause or discontinue any part of it. The escrow program can be paused for new offers and trades; existing funds can always be withdrawn by their owners or settled according to the program's rules.

Disclaimer and limitation of liability#

To the maximum extent permitted by law, Peerlock disclaims all warranties, express or implied, and is not liable for any indirect, incidental or consequential damages, lost profits, or losses arising from trades between users, payment reversals, wallet compromise, blockchain failures, or errors in the escrow program. Nothing in these terms limits liability that cannot be limited by law.

Changes to these terms#

These terms may be updated from time to time. The date at the top shows the latest version. Continuing to use the Service after an update means you accept the new terms.

Contact#

Questions about these terms: @x402peerlock on X. See also the Privacy Policy and the documentation.