These Terms of Service (the "Agreement") constitute a legally binding contract between you (the "User," "you," or "your") and the founding team members of VELO (collectively, "VELO," "we," "us," or "our"). Notice of Pre-incorporation and Automatic Assignment: You acknowledge that VELO is currently an early-stage venture pilot operated by its individual founding team members and is not yet a registered legal entity. By entering into this Agreement, you agree that: This Agreement is signed by the founding team members on behalf of a legal entity to be incorporated in the future. Upon the formal legal incorporation of VELO, all rights, benefits, duties, and legal liabilities under this Agreement shall automatically assign and transfer from the individual team members to the newly formed legal entity. Following such incorporation and assignment, the individual team members shall be fully released from any personal liability arising under this Agreement, and the new legal entity shall be the sole party responsible for the Services. You acknowledge that you are not required by law to provide your personal information to VELO, but do so of your own free will and consent for the purposes of the Service.

Your access to and use of the Services are strictly conditioned upon your acceptance of and compliance with this Agreement. You expressly acknowledge and agree that any of the following actions constitute your legally binding acceptance of these terms: • Accessing or utilizing the VELO website; • Submitting a transfer request through our platform; or • Initiating a manual transfer of funds from your personal account to any VELO-designated Local Payment Method ("LPM") account. If you do not agree to be bound by all the provisions of this Agreement, you must immediately cease all use of the VELO website and refrain from initiating any transfer requests or sending any funds to VELO.

By accepting this Agreement, you represent and warrant that: You are at least eighteen (18) years of age and possess the legal capacity, right, and authority to enter into this binding legal contract; and You are lawfully permitted to access and utilize financial services under the applicable statutes, regulations, and legal frameworks of both the United States and the State of Israel. If you do not meet these requirements, you are expressly prohibited from using the Services.

You acknowledge and agree that VELO is currently operating as an early-stage, experimental Minimum Viable Product ("MVP") pilot program. The Services are executed as a manual, "concierge-style" process, requiring VELO personnel to manually receive funds from your personal LPM account and manually execute the subsequent transfer to your designated recipient. The Services are provided strictly on an "AS IS" and "AS AVAILABLE" basis.

Due to the experimental nature of this pilot program, VELO expressly reserves the unilateral right, in its sole and absolute discretion, to: • Modify, update, or alter the mechanics of the Services; • Pause, suspend, or restrict your access to the Services; or • Permanently shut down or terminate the MVP pilot program in its entirety. Any such modifications, suspensions, or terminations may be executed at any time, for any reason, with or without prior notice to you, and without VELO incurring any liability, penalty, or obligation to you or any third party.

VELO operates strictly as a manual, concierge-style intermediary service (the "Service"). VELO functions solely as an independent facilitator coordinating transfer instructions on behalf of the User and does not operate as, nor does it provide the functionalities of, an integrated payment gateway.

The execution of any transaction through the Service is strictly governed by the following required operational flow: (a) Transfer Request Submission: The User must first submit a formal transfer request via the VELO website, specifying the intended recipient and the requested transfer amount. (b) Independent Funding via Third-Party LPM: Upon completing the request on the VELO website, the User must independently exit the VELO platform. The User is solely responsible for utilizing a third-party Local Payment Method ("LPM") of their choosing—such as Venmo, Bit, PayBox, or similar independent services—to manually remit the requested funds to a designated VELO receiving account. (c) Manual Execution and Condition Precedent: VELO's obligation to initiate the final outward transfer to the User's designated recipient is strictly contingent upon VELO's affirmative, internal verification that the User's complete funds have been successfully received in VELO's designated account. Under no circumstances will VELO initiate the outward transfer prior to confirming the receipt of the User's funds.

VELO is a completely independent entity. VELO is not affiliated with, associated with, endorsed by, or sponsored by any third-party LPM (including, without limitation, Venmo, Bit, or PayBox). The User expressly acknowledges that VELO maintains no official partnerships, direct software connections, or integrated infrastructure with any third-party LPM or banking institution utilized by the User to fund the initial transfer request. The User's interaction with any LPM is governed entirely by the independent terms and conditions of that specific third-party provider.

The User expressly acknowledges and agrees that the Service is fundamentally reliant upon manual, human intervention. VELO explicitly disclaims any expectation of instantaneous execution. All transfer requests, fund verifications, and subsequent outward remittances are subject to manual review, manual processing by VELO personnel, standard operational business hours, and potential delays inherent in human-operated workflows. VELO makes no warranties, representations, or guarantees regarding specific delivery timeframes for the completion of any transfer to the recipient.

VELO does not provide real-time, mid-market, or floating exchange rates. For the purposes of this manual transfer pilot, VELO sets a Fixed Daily Rate for each supported currency pair at a specific time of day (the "Rate Lock"). • Rate Validity: The Rate Lock applies to all transactions initiated within that 24-hour cycle, regardless of intra-day market fluctuations. • Waiver of Market Parity: By using the Service, you acknowledge that the Fixed Daily Rate may differ significantly from rates published by the Interbank market, Google, or other financial institutions. You hereby waive any claim against VELO for any perceived loss resulting from the difference between VELO's Fixed Daily Rate and the prevailing market rate at the time of your transaction.

To facilitate the efficiency of our manual concierge transfer model and cover the operational costs associated with small-value processing, VELO applies a flat-rate service fee via a "round-up" mechanism. For every transaction, the total amount charged to the User will be rounded up to the nearest whole integer in the applicable currency. You acknowledge and agree that the difference between the actual transaction cost and the rounded-up amount constitutes a non-refundable Flat-Rate Service Fee. The maximum Service Fee applied through this rounding mechanism shall not exceed $0.99 (or the equivalent in the transaction currency) per individual transfer.

Before initiating a transfer through your Local Payment Method (LPM), the VELO interface will display the final whole-number amount to be charged. • Binding Authorization: By clicking "Confirm," "Send," or otherwise initiating the transfer, you provide your express informed consent to (i) the Fixed Daily Rate then in effect, and (ii) the Whole Number Rounding Policy. • Finality: Once a transfer is initiated, the calculation is final. You agree that you have had the opportunity to review the final integer amount and have voluntarily chosen to proceed with the transaction under these specific terms.

To access or use VELO's services, you hereby represent and warrant that you are at least eighteen (18) years of age and a legal resident of either the United States or the State of Israel. Access to the service from or on behalf of residents outside of these approved jurisdictions is strictly prohibited.

To comply with the specific regulatory frameworks governing this United States-Israel pilot corridor—specifically the United States Bank Secrecy Act (BSA), regulations enforced by the Financial Crimes Enforcement Network (FinCEN), and the Israeli Prohibition on Money Laundering Law (IMPA)—VELO is legally obligated to collect and verify Customer Due Diligence (CDD) data. Prior to the manual execution of any transfer, you agree to provide complete and accurate information, which must include: (a) The legal identities of both the sender and the recipient; (b) The nature of the relationship between the sender and the recipient; (c) The verifiable source of the funds being transferred; and (d) The specific, lawful purpose of the transaction. VELO reserves the right, at its sole and absolute discretion, to request additional verification documentation at any time, including but not limited to a valid, government-issued photo identification. Please note that the successful submission of KYC/CDD documentation does not guarantee the approval or execution of a transfer.

To prevent the triggering of automatic Currency Transaction Reports (CTRs) in the United States and equivalent high-tier cross-border reporting thresholds in Israel, VELO imposes a strict, non-negotiable regulatory cap on all remittance volumes. Under no circumstances may a single transfer, nor the aggregate total of all transfers initiated by a single user within a rolling one-month (30-day) period, exceed $10,000.00 USD (or its exact equivalent in ILS).

You are strictly prohibited from engaging in "structuring" or "smurfing"—the practice of intentionally dividing a larger, single transaction into multiple smaller transfers for the purpose of evading the $10,000 USD maximum transfer limit or subsequent regulatory reporting requirements. If VELO, in its sole discretion, suspects that you are attempting to structure transactions, VELO will immediately suspend your account, halt any pending transfers, and may report your activities to the relevant US and/or Israeli authorities as required by applicable law.

Tell us AT ONCE if you believe your account access has been compromised or if an unauthorized transfer has been made. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account. If you tell us within two (2) business days after you learn of the loss or theft of your credentials, you can lose no more than $50 if someone used your account without your permission. If you do NOT tell us within two (2) business days after you learn of the loss or theft of your credentials, and we can prove we could have stopped someone from using your account without your permission if you had told us, you could lose as much as $500.

In case of errors or questions about your electronic transfers, contact us immediately via the support channels provided on the Platform. We must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared. You must provide: (i) your name and account information; (ii) a description of the error or the transfer you are unsure about, and an explanation of why you believe it is an error or why you need more information; and (iii) the dollar amount of the suspected error.

We will determine whether an error occurred within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. If we decide to do this, we will provisionally credit your account within ten (10) business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation.

VELO operates solely as an independent intermediary bridging separate local transactions. You expressly acknowledge and agree that VELO maintains no official partnership, technical integration, agency, joint venture, sponsorship, or affiliation with any third-party Local Payment Method ("LPM") network. This includes, but is not limited to, platforms such as Venmo, PayPal, Meta, PayBox, Bit, or any associated local or international banking institutions.

Because VELO relies on third-party LPMs to facilitate the receipt and disbursement of funds, your ability to use VELO is strictly contingent upon your compliance with the external networks you choose to utilize. By using VELO's Services, you agree that you remain independently bound by, and solely responsible for complying with, the respective Terms of Service, Acceptable Use Policies, and User Agreements of your chosen LPM(s).

You acknowledge that relying on third-party, consumer-grade networks carries inherent operational and regulatory risks that are strictly outside the control of VELO. You agree to assume all risks associated with the use of these external networks. VELO expressly disclaims any and all liability for lost, delayed, or inaccessible funds resulting from the independent actions, automated algorithms, security protocols, or technical failures of these third-party platforms.

VELO operates as a manual transfer execution service. Users acknowledge and agree that the processing of transfer requests is not automated and transactions are not instantaneous. VELO shall use commercially reasonable efforts to manually review and process transfer requests during standard business hours, strictly contingent upon the confirmed receipt of cleared funds into VELO's designated Local Payment Method (LPM). VELO makes no representations, warranties, or guarantees regarding specific execution schedules or delivery dates.

A User may submit a request to cancel a pending transfer solely prior to VELO's execution of the outward transfer to the designated recipient. However, VELO does not warrant or guarantee that a cancellation request will be received, reviewed, or acted upon in sufficient time to halt a pending transaction. Irreversibility: Once a VELO representative successfully initiates the outward transfer from VELO's LPM to the User's designated recipient, the transaction reaches the point of no return. At this juncture, the transfer is legally final, irreversible, and strictly non-refundable. Return of Funds: In the event a cancellation request is successfully effectuated prior to the outward transfer, any returned funds shall be remitted to the User net of any applicable third-party banking, return, or reversal fees.

In the event that the actual funds remitted by a User to VELO's LPM do not precisely match the amount specified in the User's original transfer request ("Mismatched Funds"), VELO reserves the exclusive right, at its sole discretion, to execute either of the following remedies without prior notice to the User: • Adjusted Execution: Process the outward transfer based solely on the actual, cleared funds received by VELO, subject to VELO's standard exchange rate and mandatory rounding policy; or • Cancellation: Reject the transaction entirely and return the remitted funds to the User's originating account, less any applicable third-party reversal, transfer, or administrative fees.

The Services provided by VELO are offered strictly on an "As-Is" and "As-Available" basis. To the maximum extent permitted by applicable law, VELO expressly disclaims all warranties of any kind, whether express, implied, statutory, or otherwise, including but not limited to any implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement. VELO makes no representation or warranty that the Services will be uninterrupted, timely, secure, or error-free.

You agree to fully indemnify, defend, and hold harmless VELO, its founders, officers, directors, employees, agents, and affiliates from and against any and all claims, demands, disputes, liabilities, damages, losses, fines, penalties, and expenses (including, without limitation, reasonable attorneys' fees and legal costs) arising out of or in any way connected with: • Breach of Terms: Your breach or alleged breach of any provision of these Terms of Service; • Third-Party Violations: Your violation of the terms, conditions, or acceptable use policies of any third-party LPM; • Illegal Conduct: Your use of the Services to facilitate or engage in any fraudulent, unauthorized, prohibited, or illegal activities; or • Third-Party Harm: Your violation of any rights of another party, including other users or third-party institutions.

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL VELO, ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, OR AGENTS BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY INDIRECT, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL, SPECIAL, OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO LOST PROFITS, LOST REVENUE, LOSS OF DATA, LOSS OF GOODWILL, OR BUSINESS INTERRUPTION ARISING FROM OR RELATING TO YOUR USE OF OR INABILITY TO USE THE SERVICES. VELO'S MAXIMUM AGGREGATE LIABILITY TO YOU FOR ANY CAUSE WHATSOEVER WILL AT ALL TIMES BE STRICTLY CAPPED AT THE GREATER OF: (i) THE TOTAL PRINCIPAL AMOUNT OF THE SPECIFIC TRANSFER IN DISPUTE; OR (ii) THE TOTAL TRANSACTION FEES ACTUALLY PAID BY YOU TO VELO DURING THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM.

These Terms of Service, your use of the VELO platform, and any dispute, claim, or controversy arising out of or relating to these Terms shall be governed by and construed exclusively in accordance with the substantive laws of the State of Israel, without regard to its conflict of law principles.

VELO is committed to resolving disagreements amicably and efficiently. Prior to filing any formal legal claim or initiating any legal proceeding against VELO, the User agrees to participate in a mandatory, good-faith informal dispute resolution process for a minimum period of thirty (30) days.

In the event that a Dispute cannot be resolved through the Mandatory Informal Dispute Resolution process, the User agrees that any and all formal legal actions shall be instituted and litigated exclusively in the competent courts located within the Tel Aviv-Jaffa District, Israel. The User hereby irrevocably consents and submits to the personal and exclusive jurisdiction of such courts.

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE USER AND VELO AGREE THAT EACH PARTY MAY BRING CLAIMS AGAINST THE OTHER STRICTLY ON AN INDIVIDUAL BASIS AND NOT AS A PLAINTIFF, CLASS MEMBER, OR PARTICIPANT IN ANY PURPORTED CLASS ACTION, GROUP ACTION, CONSOLIDATED ACTION, OR REPRESENTATIVE PROCEEDING.

VELO currently facilitates transaction requests that are fulfilled via third-party Local Payment Methods ("LPMs") such as WhatsApp, Bit, Venmo, or PayBox. You acknowledge that these LPMs are independent entities with their own Know Your Customer (KYC) and Anti-Money Laundering (AML) obligations. VELO does not currently store government-issued identification cards on its own servers for this pilot phase; however, VELO reserves the legal right to request and verify such documentation at any time.

By initiating a transaction, you agree to provide, and consent to VELO's processing of, the following "Transaction Metadata" required for AML monitoring: (a) Legal names and contact handles of the Sender and Recipient; (b) The stated purpose of the transfer and the source of the funds; (c) The nature of the relationship between the parties. Failure to provide accurate metadata may result in the immediate suspension of your access to the service.

In accordance with U.S. and Israeli AML statutes, VELO is required to maintain a record of all transaction metadata and communication logs for a period of no less than seven (7) years. This statutory retention requirement is mandatory. Even if you cease using the Service or request the deletion of your information, VELO is legally prohibited from erasing transaction-related data until the expiration of the required legal holding period.

The Service operates as a manual pilot using consumer-grade communication tools and third-party payment apps. VELO does not provide bank-grade encryption or proprietary secure storage for this MVP. You acknowledge that your data is subject to the privacy and security vulnerabilities inherent in these third-party platforms. VELO expressly disclaims all liability for data breaches, unauthorized interceptions, or privacy violations occurring within the systems of any third-party provider.

You represent and warrant that your use of the VELO concierge service shall be strictly for lawful purposes. Prohibited activities include, but are not limited to: • Financial Crimes: Money laundering, financing of terrorism, or participation in any scheme to conceal the origins of illicitly obtained funds. • Structuring: Attempting to bypass AML reporting requirements through multiple smaller transactions. • Tax Evasion: Utilizing the Service to evade tax obligations in any jurisdiction. • Illicit Commerce: Purchasing or facilitating the purchase of illegal drugs, weapons, stolen goods, or unauthorized adult content. • Fraud & Misrepresentation: Impersonating any person or entity, providing false identification, or engaging in "friendly fraud." • Network Interference: Attempting to disrupt VELO's manual concierge operations or introducing malicious code.

The Service relies entirely on the data provided by you. You acknowledge and agree that: • Sole Responsibility: You bear 100% of the liability for the accuracy, completeness, and validity of all recipient information. • No Duty to Verify: VELO is under no obligation to verify the identity of a recipient or the accuracy of the details provided by the User. • Irreversibility of Errors: If you provide incorrect recipient details and the funds are delivered to an unintended party, VELO shall have no liability for the lost funds.

VELO operates as a private concierge pilot and reserves absolute, unfettered discretion over its platform. • Right to Refuse: VELO reserves the unilateral right to reject any transfer request or freeze any pending transaction at any time, for any reason or no reason at all. • Instant Termination: VELO may permanently terminate, suspend, or limit your access to the Service immediately, without prior notice, and without the obligation to provide an explanation. • No Liability for Suspension: VELO shall not be liable for any losses, damages, or claims resulting from the delay, rejection, or termination of a transaction or account.

All content and methodology associated with the Service are the exclusive property of VELO. The VELO name, logo, website content, and our proprietary manual concierge transfer methodologies are protected by trademark, copyright, and trade secret laws in the United States and Israel. You are strictly prohibited from copying, modifying, distributing, or reverse-engineering any portion of VELO's operational model or digital interface.

You acknowledge that the Services are currently in a "Beta" or "Experimental" phase. The Services are provided on an "AS IS" and "AS AVAILABLE" basis for the purpose of evaluation and testing. You understand that the Services may contain errors, bugs, or inaccuracies and may not operate with the reliability of a fully commercialized product. Your use of the Services is at your sole risk.

You may, from time to time, provide suggestions, comments, ideas, improvements, or other feedback to VELO regarding the Services ("Feedback"). You hereby irrevocably assign to VELO all right, title, and interest in and to any and all Feedback, including all intellectual property rights therein. VELO shall be entitled to use, implement, and exploit any Feedback for any purpose, commercial or otherwise, without restriction, and without any obligation of confidentiality, attribution, or compensation to you.