1. About Pegno
Pegno is a milestone-based payment escrow platform operated by Pegno UK Ltd (Company No. 17169218), registered at 167-169 Great Portland Street, London W1W 5PF.
Pegno UK Ltd has applied to be registered with the Financial Conduct Authority as a Small Payment Institution (FRN: 1056758) under the Payment Services Regulations 2017. Our application is currently in progress.
2. Acceptance of terms
By creating an account or using the Pegno platform, you agree to these Terms of Service and our Privacy Policy. If you do not agree, do not use the platform.
3. Eligibility
- You must be 18 years of age or older
- You must be a legal resident of a country where Pegno operates
- You must complete identity verification (KYC) before transacting
- You must not be subject to sanctions or have been convicted of financial crime
4. The escrow service
Pegno holds client funds in safeguarded accounts on behalf of both parties to a deal. Funds are released to the provider only when milestones are approved by the client. Pegno acts as an escrow agent and payment service provider, not as a party to the underlying service contract between client and provider.
5. Fees
Pegno charges a 2.5% platform fee on the value of each completed transaction. This fee is deducted at the time of payment release. All fees are displayed clearly before you fund a deal. Fees are non-refundable once a milestone has been released.
6. Prohibited use
You must not use Pegno for:
- Any illegal activity including money laundering, fraud, or terrorist financing
- Transactions involving prohibited goods or services
- Circumventing AML/CTF controls
- Creating false or misleading deal descriptions
- Harassing or threatening other users
7. Disputes
Pegno operates a three-tier dispute resolution process. Disputes should first be raised between the parties directly. If unresolved, either party may escalate to Pegno for review. Pegno's determination will be made within 15 business days. If dissatisfied with Pegno's determination, users may escalate to the relevant financial ombudsman.
8. Safeguarding
All client funds held in escrow are safeguarded in designated accounts at authorised credit institutions, separate from Pegno's own operational funds, in accordance with Regulation 23 of the Payment Services Regulations 2017.
9. Limitation of liability
Pegno is not a party to the service agreement between clients and providers. Pegno's liability is limited to the escrow funds held and the platform fee charged. Pegno is not liable for the quality, timeliness, or completion of the underlying services.
10. Governing law
These terms are governed by the laws of England and Wales. Any disputes shall be subject to the exclusive jurisdiction of the courts of England and Wales.
11. Contact
For questions about these terms: legal@pegno.app
Pegno UK Ltd, 167-169 Great Portland Street, London W1W 5PF