Cryptocurrency Terms of Use

IYap Liquid Cash Cryptocurrency

 

Terms and Conditions

 

LAST UPDATED

April 20, 2021

 

BEFORE YOU START: BUYING AND SELLING CRYPTO ASSETS IS INHERENTLY RISKY

CRYPTO ASSETS ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC), THE SECURITIES INVESTOR PROTECTION CORPORATION (SIPC) OR ANY OTHER PUBLIC OR PRIVATE INSURER, INCLUDING AGAINST CYBER THEFT OR THEFT BY OTHER MEANS. CRYPTOCURRENCY ACTIVITY IS NOT A REGULATED ACTIVITY IN MANY STATES, INCLUDING CALIFORNIA. THE VALUE OF CRYPTO ASSETS CAN BE EXTREMELY VOLATILE AND UNPREDICTABLE, WHICH CAN RESULT IN SIGNIFICANT LOSSES IN A SHORT TIME, INCLUDING POSSIBLY A LOSS OF TOTAL VALUE. THE PRICE AND LIQUIDITY OF CRYPTO ASSETS HAS BEEN SUBJECT TO LARGE FLUCTUATIONS IN THE PAST AND MAY BE SUBJECT TO LARGE FLUCTUATIONS IN THE FUTURE. BUYING AND SELLING CRYPTO ASSETS IS INHERENTLY RISKY, AND YOU SHOULD CONSIDER THE RISKS BEFORE DECIDING TO BUY OR SELL CRYPTO ASSETS, INCLUDING THOSE PROVIDED IN OUR RISK DISCLOSURES AND STATE DISCLOSURES SECTIONS BELOW.

IF YOU HAVE QUESTIONS OR CONCERNS REGARDING YOUR CRYPTOCURRENCIES HUB, YOUR CRYPTO ASSETS, OUR SERVICE PROVIDER(S), OR RELATED TRANSACTIONS OR ACCOUNT ACTIVITY, PLEASE CONTACT IYAP LIQUID CASHCUSTOMER SERVICE HERE.

These IYap Liquid Cash Cryptocurrency terms and conditions will be effective as of April 20, 2021.

These terms and conditions (“Cryptocurrency Terms”) are between you and IYap Crypto LLC. and govern your use of the portion of your IYap Liquid Cash account (in either case, your “IYap Liquid Cash Account”) where you can buy, sell, hold and learn about cryptocurrency (your “Cryptocurrencies Hub”) and the services available in your Cryptocurrencies Hub.

You must be an individual and resident of the United States or one of its territories and at least 18 years old, or the age of majority in your state or territory of residence, to access the Cryptocurrencies Hub within your IYap Liquid Cash Account and use the related services. If you are a Hawaii resident, you are not permitted to access the Cryptocurrencies Hub at this time.

By accessing and using the Cryptocurrencies Hub, you agree to comply with all aspects of these Cryptocurrency Terms. Your Cryptocurrencies Hub is subject to the Agreement to Arbitrate on an individual basis that governs your entire IYap Liquid Cash account relationship. You also agree to comply with the following additional policies:

IYap Liquid Cash User Agreement

Privacy Policy

Acceptable Use Policy

Electronic Communications Delivery Policy (E-Sign Disclosure and Consent)

Please read carefully all of these Cryptocurrency Terms and each of the other agreements and policies that apply to you, including our Privacy Policy, which applies to the transaction and activity data we collect involving your Cryptocurrencies Hub. As your Cryptocurrencies Hub is part of your IYap Liquid Cash Account, the IYap Liquid Cash User Agreement applies to your Cryptocurrencies Hub, except as described in these Cryptocurrency Terms. If there is any conflict between the IYap Liquid Cash User Agreement and these Cryptocurrency Terms, these Cryptocurrency Terms will govern and apply.

We may revise these Cryptocurrency Terms and any of the agreements and policies listed above from time to time. The revised version will be effective at the time we post it, unless otherwise noted. If our changes to these Cryptocurrency Terms reduce your rights or increase your responsibilities, we will provide you at least 21 days’ advance notice, or such longer period as required by law. By continuing to use our services, including by holding Crypto Assets (as defined below), after any change to these Cryptocurrency Terms, you agree to abide and be bound by those changes. If you do not agree with any changes to these Cryptocurrency Terms, you must sell your Crypto Assets and stop accessing your Cryptocurrencies Hub. Please note that there may be tax consequences from any gain or loss you incur when you sell your Crypto Assets.

 

Establishing Your Cryptocurrencies Hub

If you establish and access the Cryptocurrencies Hub, you will be able to hold a Crypto Asset balance, buy Crypto Assets and sell Crypto Assets, among other benefits. You will not hold the digital Crypto Assets themselves in your Crypto Asset balance. All custody of and trading in Crypto Assets is performed for us by our licensed service provider, Coinbase, or other appropriately licensed provider of trading and/or custody services that we identify from time to time (“Service Provider”). If you are a New York resident, the Service Provider will be licensed or otherwise authorized by the New York State Department of Financial Services to the extent required to perform the activities described herein. You can only use the Cryptocurrencies Hub if you have a personal IYap Liquid Cash account in good standing and if we have verified the required identifying information you provide to us, and you can only use your Cryptocurrencies Hub by accessing it through your personal IYap Liquid Cash account. If you are a Hawaii resident, we will not allow you to establish a Cryptocurrencies Hub at this time.

We will automatically link your Cryptocurrencies Hub to your personal IYap Liquid Cash account. Your login credentials for your personal IYap Liquid Cash account act as the credentials to access your Cryptocurrencies Hub.

Before you are able to first access your Cryptocurrencies Hub, we must verify or have previously verified the required identifying information that you provide to us. The required identifying information is: name, physical address, date of birth and taxpayer identification number. We may require additional information from you from time to time in order to verify the required identifying information, such as a copy of your government issued photo ID or evidence of your residency, like a utility bill.

You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers, or any other codes that you use to access your Cryptocurrencies Hub and the IYap Liquid Cash services. You agree to keep your phone number, email address and other personal information current in your IYap Liquid Cash profile.

 

Closing Your Cryptocurrencies Hub

You must close your IYap Liquid Cash account in order to close your Cryptocurrencies Hub. Closing your personal IYap Liquid Cashaccount will automatically close your Cryptocurrencies Hub. You can view more information about what happens if IYap Liquid Cash closes your Cryptocurrencies Hub here.

Please note that there may be tax consequences from any gain or loss you incur when you sell your Crypto Assets. You can terminate your relationship with us at any time without cost, but you will remain liable for all obligations related to your Cryptocurrencies Hub and personal IYap Liquid Cash account even after those accounts are closed. You must sell any Crypto Assets in your Cryptocurrencies Hub before closing your IYap Liquid Cash account and Cryptocurrencies Hub. You will not be able to transfer Crypto Assets from your Cryptocurrencies Hub to another cryptocurrency wallet.

 

Available Features of Cryptocurrencies Hubs

As described in more detail below, here are some things you can do with the Cryptocurrencies Hub:

  • Buy Crypto Assets;
  • Hold Crypto Assets;
  • Sell Crypto Assets; and
  • View market information and educational content.

You currently are NOT able to send Crypto Assets to family or friends, use Crypto Assets to pay for goods or services, or withdraw Crypto Assets from your Cryptocurrencies Hub to an external cryptocurrency wallet. If you want to withdraw the value from your Cryptocurrencies Hub you will need to sell  your Crypto Assets and withdraw the cash proceeds from their sale.

 

Supported Crypto Assets

The term “Crypto Assets” means the particular digital assets that we support and that you may buy, sell and hold using your Cryptocurrencies Hub. The list of Crypto Assets we support at any given time can be found in your Cryptocurrencies Hub.

 

Holding Crypto Assets in your Cryptocurrencies Hub

Any balance in your Cryptocurrencies Hub represents your ownership of the amount of each type of Crypto Asset shown. We combine your Crypto Asset balance with the Crypto Asset balances of other IYap Liquid Cash accountholders and hold those Crypto Assets in an omnibus account through our custodial Service Provider. We keep a record of your interest in that omnibus account based on the amount of each type of Crypto Asset that is reflected in your balance. You do not own any specific, identifiable, Crypto Asset. These Crypto Assets are held apart from our corporate assets and we will neither use these assets for our operating expenses or any other corporate or business purposes, nor will it voluntarily make these Crypto Assets available to its creditors in the event of bankruptcy.

When you view your Cryptocurrencies Hub balance, we will show you the amount of each type of Crypto Asset you own, as well as a U.S. dollar equivalent value of those Crypto Assets. The price of Crypto Assets will rise and fall over time, and the price may sometimes change quickly and dramatically. So, even if the number of each type of Crypto Assets you hold remains the same, the U.S. dollar equivalent value will change as the market price of each Crypto Asset fluctuates. The U.S. dollar value we display is an estimate based on market data from our trading Service Provider. The value we show is the midpoint between the lowest recent sale price at which the applicable cryptocurrency was offered for sale and the highest recent price at which that same cryptocurrency was purchased, as reported by the Service Provider. This estimate does not represent the value you will receive if you actually sell your Crypto Assets or the price you will pay to buy more Crypto Assets and does not include our spread or fees.

 

Buying Crypto Assets

You may use your Cryptocurrencies Hub to buy Crypto Assets using the following funding sources:

  • a balance held in your IYap Liquid Cash account;
  • a bank account in your name linked to your personal IYap Liquid Cash account; or
  • a debit card in your name linked to your personal IYap Liquid Cash account.

We do not currently allow use of a credit card or other credit products (including, without limitation, those we offer) to purchase Crypto Assets. When you buy Crypto Assets, you agree that you have enough available funds in your selected funding source to complete your purchase. If we are not able to collect the required funds to complete your purchase from your selected funding source, you authorize us to:

  • stop your purchase so that you are not able to buy Crypto Assets in that transaction,
  • debit any other balance you hold in your IYap Liquid Cash account,
  • debit any other funding source you have linked to your personal IYap Liquid Cash account,
  • remove the Crypto Assets from your account for which did not receive payment; and/or
  • take any other action that we deem necessary to collect payment for your transaction, as allowed or required by relevant laws and regulations.

To buy Crypto Assets, we will first show you the amount of Crypto Assets you would receive in exchange for the amount of money that you wish to spend. Because the price of Crypto Assets fluctuates, the price we provide will only be valid for a limited time. If the price we provided expires, you won’t be able to complete your transaction at that price. If you still want to buy Crypto Assets, we will provide you with updated pricing information. The updated price you see may be much higher than a price that just expired. This is because Crypto Assets are inherently volatile. Please read the RISK DISCLOSURES for more information. Once you confirm your transaction, we will then execute your purchase with our trading Service Provider.

Once you confirm your purchase, your transaction is not reversible. If we cannot complete your purchase for any reason, we will notify you. Once your transaction is complete, we will email you a receipt. You may also see your transaction history in your Cash Account.

 

Selling Crypto Assets

When you use your Cryptocurrencies Hub to sell your Crypto Assets, we will deliver the proceeds from the sale into your IYap Liquid Cash account balance. The timing of transfers of proceeds may be affected by holds or limitations we place on your IYap Liquid Cash account, including specific holds or limitations with respect to the proceeds of the sale of your Crypto Assets.

To sell Crypto Assets, we will first show you the amount of money for which the Crypto Assets would be sold. Because the price of Crypto Assets fluctuates, the price we provide will only be valid for a limited time. If the price we provided expires, you won’t be able to complete your transaction at that price. If you still want to sell your Crypto Assets, we will provide you updated pricing information. The updated price you see may be much lower than a price that just expired. This is because Crypto Assets are inherently volatile. Please read the RISK DISCLOSURES for more information. Once you confirm your transaction, we will execute your sale with our trading Service Provider.

Once you confirm your sale, your transaction is not reversible. If we cannot complete your sale for any reason, we will notify you. Once your transaction is complete, we will email you a receipt. You may also see your transaction history in your Cash Account.

 

Information on Fees and Pricing

We make money when you buy and sell Crypto Assets. We will charge a spread (or margin) between the market price we receive from our trading Service Provider and the exchange rate between USD and Crypto Assets displayed to you. The amount that we make and the exchange rate provided may be different than what you would pay on other cryptocurrency platforms. You will also be charged a fee when you buy or sell Crypto Assets. More information on pricing and fees can be found on the IYap Liquid Cash Fees page.

At the time you buy or sell Crypto Assets, we will disclose to you the applicable exchange rate and the amount of fees that you will be charged for that transaction. The exchange rate may include an estimated spread of one-half of one percent (0.50%), provided, however, that the actual spread may be higher or lower based on market conditions. We will not separately calculate or disclose the spread we earn on each transaction. By using your Cryptocurrencies Hub, you agree to pay all applicable exchange rates (including spread) and fees.

If you use a linked bank account or debit card as a funding source to buy Crypto Assets, your bank may charge you its own fees, including overdraft fees or insufficient fund fees, if applicable. We are not responsible for any fees that may be charged to you by your bank.

 

Reversals / Cancellations

You cannot reverse, cancel or change any transaction once it has been authorized. If your payment method has insufficient funds, you reverse the payment transaction, or we otherwise do not receive payment for your transaction, you authorize us, in our sole discretion, to (i) debit any other balance you hold in your IYap Liquid Cash account, (ii) debit any other funding source you have linked to your personal IYap Liquid Cash account (iii) remove the Crypto Assets from your account for which did not receive payment and/or (iv) take any other action that we deem necessary to collect payment for your transaction, as allowed or required by relevant laws and regulations.

We also reserve the right to not process, to cancel or, to the extent possible, to reverse a transaction, if (i) we believe that the transaction relates to any Restricted Activities, (ii) we have placed a hold or limitation on your IYap Liquid Cash account, (iii) we have suspended your Cryptocurrencies Hub, (iv) we believe the transaction involves money laundering, terrorist financing, fraud or any other type of crime or (v) in response to a subpoena, court order, or other government order. In such instances, regardless of the reason we have blocked, cancelled or reversed your transaction and regardless of the reason we have lifted or reversed that restriction, we do not guarantee you will be able to reinitiate your transaction at the same price or on the same terms as the transaction that we did not process, or that was cancelled or reversed.

 

Risk Disclosures

While we will try to complete purchases and sales of Crypto Assets that you authorize and that comply with these Cryptocurrency Terms, we do not guarantee your ability to buy or sell Crypto Assets. Your ability to buy or sell Crypto Assets may be delayed or unavailable due to the availability of the Crypto Asset or funds from your funding source, issues with the trading network or our ability to interface with our Service Provider(s), system downtime, limitations or suspensions we impose on your Cryptocurrencies Hub in our sole discretion, for required safety, security, or legal reasons, or for other reasons outside our or any Service Provider’s control, and we are not liable to you if we are unable or delayed in executing your transactions.

 

Your access to the Cryptocurrencies Hub or your ability to hold, buy or sell Crypto Assets, including the price for buying and selling, can also change or be limited by extraordinary circumstances outside our control (for example, fire, flood, accident, riots, war, terrorist act, epidemic, pandemic, quarantine, civil commotion, breakdown of communication facilities, breakdown of web host, breakdown of internet service provider, natural catastrophes, governmental acts or omissions, changes in laws or regulations, national strikes, fire, explosion, generalized lack of availability of raw materials or energy, or extreme financial market conditions), which we either did not reasonably foresee or that happened despite our reasonable precautions (“Extraordinary Circumstances”). We will not be liable to you for limits, suspension, delay, or change to your Cryptocurrencies Hub or your inability to transact in Crypto Assets because of Extraordinary Circumstances, including any changes in the buy or sell price of Crypto Assets because of Extraordinary Circumstances.

 

We may buy and sell cryptocurrency through an affiliate of Coinbase acting as a market maker to provide liquidity (the “Coinbase Affiliate”). The Coinbase Affiliate may in turn buy and sell cryptocurrency through Coinbase’ cryptocurrency exchange, provided, however, that (a) Coinbase Affiliate trading will always be designed to be revenue-neutral over the long term (i.e. the Coinbase Affiliate will not profit from these transactions as a whole), and (b) the Coinbase Affiliate will not use earlier or different access to information about exchange trading from what is available to other participants on the Coinbase exchange.

 

The value of virtual currency may be derived from the continued willingness of market participants to exchange fiat currency for virtual currency, which may result in the potential for permanent and total loss of a value of a particular virtual currency should the market for that virtual currency disappear.

 

There is no assurance that a person that accepts virtual currency as payment today will continue to do so in the future.

 

Cryptocurrency assets in a given address are controlled by the private key of the holder of the address. If the private key is compromised or lost, the cryptocurrency assets in that address may be stolen or lost and otherwise unrecoverable.

 

Crypto Assets are not insured by FDIC, the Securities Investor Protection Corporation (SIPC) or any other public or private insurer, including against cyber theft or theft by other means. Cryptocurrency activity is not a regulated activity in many states, including California. The value of Crypto Assets can be extremely volatile and unpredictable, which can result in significant losses in a short time. Buying and selling Crypto Assets is inherently risky, and you should consider the risks before deciding to buy or sell Crypto Assets, including those provided in our STATE DISCLOSURES section below.

 

Market Data & Educational Content

Within your Cryptocurrencies Hub, you’ll find educational content on cryptocurrency generally, the cryptocurrency market and the particular Crypto Assets available to buy and sell through the Cryptocurrencies Hub. The educational information available through your Cryptocurrencies Hub is provided as general educational background. The information is not tailored to individual IYap Liquid Cash users and therefore, is not provided based on your individual financial, investment, tax, legal or educational needs and circumstances. The information is not investment, financial, tax, legal or trading advice. The information may include content provided by third parties; we take no responsibility for third-party educational materials.

 

Within the Cryptocurrencies Hub you will also find information on the market price of the Crypto Assets based on the data shared with us by our trading Service Provider. The market price for Crypto Assets may be different on different marketplaces. The market data that we provide to you is from an external source that we believe to be reliable. However, we do not control the external sources or the data they provide, and we do not always independently verify that the information provided is complete and accurate. Therefore, we cannot and do not guarantee that the information is accurate, complete, timely, or suitable for use, and it may be inaccurate, incomplete or out of date. You should verify all information that you receive before relying upon it, and we have no liability to you if you make decisions based on the market information that you receive from or through us.

 

No Investment Advice

Neither we nor our Service Provider(s) provide investment advice to you. You are solely responsible for all decisions to buy or sell Crypto Assets through your Cryptocurrencies Hub, and we do not manage your Cryptocurrencies Hub on your behalf. Our sole responsibility is to execute trades and hold Crypto Assets on your behalf through our Service Provider, in each case based on your instructions and these Cryptocurrency Terms.

 

While we provide certain educational content, it is provided for general background information and is not specifically tailored to you and your individual needs and circumstances. You must determine if any particular purchase or sale or Crypto Assets is appropriate for you, based on your own investment objectives, financial circumstances and risk tolerance.

 

Crypto Asset Software Protocols and Forks

The technology that creates cryptocurrency, including your Crypto Assets, is typically governed by underlying software protocols that are open source, which means that anyone can use, copy, modify or distribute them. We do not currently own or control the underlying software protocols and these software protocols can change suddenly and unexpectedly in a way that has a significant impact on your Crypto Assets. Because we don’t control this technology, We are not responsible for the operation of the underlying software protocols and cannot guarantee the continued functionality, security or availability of any Crypto Asset. We, however, will only support those assets for which we have performed the necessary due diligence.

Software protocols governing a Crypto Asset can experience sudden changes in operating rules that are outside our control, called “forks.” A fork can have a material change on the operation, functionality, value or even name of a Crypto Asset. A fork may result in multiple versions of a Crypto Asset, and each version could have a very different, and possibly lower, value than your Crypto Asset before the fork.

We may or may not support the fork of a Crypto Asset, whether or not the forked Crypto Asset holds any value. In the event of a fork, we may temporarily suspend trading of Crypto Assets in order to determine whether or not it will support any particular fork. In the event of a fork, we will evaluate the feasibility of supporting the fork and determine whether and to what extent any new assets resulting from the fork may be supported and/or allocated. This evaluation will take into account factors such as, but not limited to, the technical issues around supporting a fork, Service Provider dependencies, and legal and regulatory considerations.

You agree that we are not responsible or liable to you for any losses or damages, including lost profits, which may occur as the result of a change in the underlying software protocol of a Crypto Asset, our determination to support or not support any particular fork or modified software protocol, and any interruption of trading while we make such determination. If we determine not to support a fork or modified software protocol, you may never get access to the assets governed by that fork or software protocol.

 

Transaction Limits

From time to time, we may, in our discretion, impose limits on the amount of Crypto Assets you can buy or sell, which may include limits on the cash value or number of transactions in which you can engage over particular periods of time. Standard transaction limits are as follows:

  • Weekly purchase limit: $20,000
  • Rolling annual purchase limit: $50,000

We may change the above limits for safety, security or other lawful reasons. You can view your current limits on iYap Liquid Cash’s Fee Limits page.

 

Transaction History and Account Statements

You can view your Cryptocurrencies Hub transaction history by logging into your IYap Liquid Cash account. Your IYap Liquid Cash account statement will also include information on your purchase of Crypto Assets and the proceeds from the sale of your Crypto Assets, as well as your beginning and ending Crypto Asset balance and the fees you paid to buy and sell Crypto Assets. Your IYap Liquid Cash account statement may not include all of the details regarding your purchase and sale of Crypto Assets that are available in your IYap Liquid Cash account transaction history.

 

Sharing Transactions

IYap Liquid Cash Crypto Asset transactions are set to private by default, but you can choose to share individual IYap Liquid Cash Crypto Asset transactions with other users on the IYap Liquid Cash feeds. For more information, review Payment Activity & Privacy.

 

Restricted Activities

In addition to the other “Restricted Activities” identified in your IYap Liquid Cash User Agreement, you must not engage in the following “Restricted Activities”:

  • Breach these Cryptocurrency Terms;
  • Use what we reasonably believe to be fraudulent funds in order to buy Crypto Assets;
  • Initiate any transaction that is not intended to be completed, or is intended to abuse, manipulate, mislead or default other participants in the Crypto Asset market;
  • Engage in any activity that operates to defraud us, other IYap Liquid Cash users, or any other person; or
  • Control an account that is linked to another account that has engaged in any of these restricted activities.

 

Actions We May Take if You Engage in Any Restricted Activities

If we believe that you’ve engaged in any Restricted Activities, we may take a number of actions to protect ourselves, our customers and others at any time in our sole discretion. In addition to the remedies identified in your IYap Liquid Cash User Agreement, the actions we may take include, but are not limited to, limiting your access to or use of the Cryptocurrencies Hub, and/or suspending your Cryptocurrencies Hub, immediately and without penalty to us, including limiting your ability to buy or sell Crypto Assets. You authorize us to seize your Crypto Assets if we believe a transaction relating to those Crypto Assets involves money laundering, terrorist financing, fraud or any other type of crime.

If we close your Cash Account and Cryptocurrencies Hub or terminate your use of the IYap Liquid Cash services for any reason, we’ll provide you with notice of our actions. You can find more information on what happens if we close your Cryptocurrencies Hub here. If you believe we have taken any action in error, please contact IYap Liquid Cash customer service here. You can also write to: iYap, Attn: IYap Liquid Cash Cryptocurrency Support, 7076 Peachtree Industrial Blvd Peachtree Corners GA 30071.

You are responsible for all reversals, chargebacks, claims, fees, fines, penalties and other liability incurred by us, any IYap Liquid Cash customer, or a third party caused by or arising out of your breach of these Cryptocurrency Terms, and/or your use of the IYap Liquid Cash services.

 

Taxes

It is your responsibility to determine what taxes, if any, apply to transactions you make using your Cryptocurrencies Hub. You can access your transaction history and account statements through your IYap Liquid Cash account for purposes of determining any required tax filings or payments. However, we will provide you any required Internal Revenue Service (IRS) forms 1099 with respect to the sale of any Crypto Assets for your tax records, and we will report any necessary form 1099 filings to the IRS.

 

Liability for Unauthorized Transactions, Errors and Support

Unauthorized Transactions

We will protect you from unauthorized activity involving the purchase or sale of Crypto Assets in your Cryptocurrencies Hub. When this protection applies, We will cover you for the full amount of unauthorized activity, as long as you cooperate with us, follow the procedures described in the unauthorized transaction process of your IYap Liquid Cash account terms, and follow the additional requirements described below related to your Cryptocurrencies Hub.

If you claim there has been an unauthorized purchase of Crypto Assets, you may not sell those unauthorized Crypto Assets before you report the unauthorized purchase to us or while we investigate your claim. If you sell any Crypto Assets that you claim you did not purchase, we will deny your claim for those sold Crypto Assets. You will not be able to recover any funds used to purchase the sold Crypto Assets. We will continue to address your claim for any disputed Crypto Assets that you did not sell.

If we determine the Crypto Assets were purchased without your authorization and provides you a refund of the money used to purchase the Crypto Assets, or if you have disputed the transaction and received a refund from any other source such as your bank or card issuer, you agree that we will take back the Crypto Assets and will remove them from your account. You agree not to sell the Crypto Assets prior to our removing the Crypto Assets.

If you sell the Crypto Assets for which you have received a refund (whether from us or any other source such as your bank or card issuer) before we remove the Crypto Assets from your Account, we may recover from you the greater of (i) any sales proceeds from your sale of those Crypto Assets and (ii) the amount of any refund we provided to you.

If you believe there has been an unauthorized purchase or sale of Crypto Assets in your Cryptocurrencies Hub, please contact IYap Liquid Cash customer service immediately here or write: iYap, Attn: IYap Liquid Cash Error Resolution Department, 7076 Peachtree Industrial Blvd Peachtree Corners GA 30071.

Error Resolution

Except as it relates to the sale of Crypto Assets that you claim have been purchased without authorization as described above, we will apply the same error resolution processes we apply to your IYap Liquid Cash account, as provided in your IYap Liquid Cash User Agreement.

If you claim an error has caused you to receive additional Crypto Assets that you did not purchase, you may not sell such additional Crypto Assets before you report the error to us or while we investigate your claim. If you sell any Crypto Assets that you claim you did not purchase, we will deny your claim for those sold Crypto Assets. If you receive Crypto Assets in error and sell such Crypto Assets, we may recover the amount of any sale proceeds from you.

If you believe there has been an error with respect to your Cryptocurrencies Hub, contact us here; or write us at iYap, Attn: IYap Liquid Cash Error Resolution Department, 7076 Peachtree Industrial Blvd Peachtree Corners GA 30071.  You must follow the procedures provided in the IYap Liquid Cash User Agreement in order to report an error. The IYap Liquid Cash User Agreement explain the process we follow to investigate and resolve errors. To the extent we determine that an error occurred, and such error is attributable to us or our Service Provider, we remain responsible for resolving such error.

Support

If you have other questions or concerns regarding your Cryptocurrencies Hub, your Crypto Assets, our Service Provider(s), or any related transactions or account activity, please contact IYap Liquid Cash customer service here.  You can also write to: IYap, Attn: IYap Liquid Cash Cryptocurrency Support, 7076 Peachtree Industrial Blvd Peachtree Corners GA 30071

 

Suspension and Account Closure

We may, in our sole discretion and without liability to you, not allow you to establish or access the Cryptocurrencies Hub or suspend, close or terminate your Cryptocurrencies Hub, or place a limitation on the type or amount of activities in which you can engage using your Cryptocurrencies Hub. This may occur if we are unable to verify your identity, you engage in Restricted Activities, pursuant to a court order or other legal process, you violate these Cryptocurrency Terms or another agreement between you and us, we are no longer offering Cryptocurrencies Hubs in your state of residence, or our service provider is no longer supporting the Cryptocurrencies Hubs, among other reasons.

Your Cryptocurrencies Hub will also be suspended or terminated if we suspend or terminate your IYap Liquid Cash account pursuant to the IYap Liquid Cash User Agreement. If your Cryptocurrencies Hub is suspended, the Crypto Assets in your account may fluctuate in value and we are not liable for any losses you may incur as a result of those fluctuations.

If we close your Cryptocurrencies Hub, and your account holds Crypto Assets, you authorize us, in our discretion and at any time, to liquidate the Crypto Assets in your account into U.S. dollars at the price that otherwise applies to the sale of Crypto Assets, or another reasonable price determined by us in our reasonable discretion. You understand that the value of Crypto Assets may rise or fall quickly and that we have no obligation to sell at a time that provides the best price for you. While we will notify you that your account has been closed, regardless of how quickly we sell your Crypto Assets, we have no obligation to give you notice before we sell.

If we liquidate your Crypto Assets, we will credit any unrestricted funds to your IYap Liquid Cash account. Please note that there may be tax consequences from any gain or loss you incur if we liquidate your Crypto Assets.

 

Our Rights

IYap Liquid Cash suspension and termination rights

We, in our sole discretion, reserve the right to suspend or terminate these Cryptocurrency Terms, access to or use of its websites, software, systems (including any networks and servers used to provide any of the IYap Liquid Cash services) operated by us or on our behalf or some or all of the IYap Liquid Cash services.

Security Interest

Except where prohibited by law or regulation, as security for the performance of your obligations under these Cryptocurrency Terms, you grant to us a lien on, and security interest in and to, your Crypto Assets.

Amounts owed to Us

If the balance in your IYap Liquid Cash account (including your Cryptocurrencies Hub) becomes negative for any reason, that negative balance represents an amount that you owe to us. In addition to any rights we have under the IYap Liquid Cash User Agreement, you authorize us to sell your Crypto Assets and use the proceeds to pay a negative balance you owe to us in any IYap Liquid Cash account you own.

If we sell your Crypto Asset to pay amounts you owe to us, we will value the Crypto Assets using the price that otherwise applies to the sale of Crypto Assets, or another reasonable price determined by us in our reasonable discretion. You understand that the value of Crypto Assets may rise or fall quickly and that we have no obligation to sell at a time that provides the best price for you. While we will notify you if you have a negative balance, regardless of how quickly we sell your Crypto Assets, we have no obligation to give you notice before we sell.

No waiver

Our failure to act with respect to a breach of any of your obligations under these Cryptocurrency Terms by you or others does not waive our right to act with respect to subsequent or similar breaches.

No Other Encumbrances

Other than our lien and security interest described above (which we will take on or in your Crypto Assets only if doing so is not prohibited by law or regulation), we will not pledge, hypothecate, assign or otherwise encumber your Crypto Assets.

 

State Disclosures

California Disclosures

  • The cryptocurrency services are not regulated by the California Department of Business Oversight.

New York Disclosures

  • Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC or Securities Investor Protection Corporation (SIPC) protections.
  • Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange and value of virtual currency.
  • Transactions in virtual currency may be irreversible, and accordingly, losses due to fraudulent or accidental transactions may not be recoverable.
  • Some virtual currency transactions shall be deemed to be made when recorded on the public ledger, which is not necessarily the date or time the customer initiates the transaction.
  • The volatility and unpredictability of the price of virtual currency relative to fiat currency may result in significant loss over a short period of time.
  • The nature of virtual currency may lead to an increased risk of fraud or cyberattack.
  • The nature of virtual currency means that any technological difficulties experienced by us may prevent the access or use of a customer’s virtual currency.
  • Any bond or trust account maintained by us for the benefit of its customers may not be sufficient to cover all losses incurred by customers.

Rhode Island Disclosures

  • Information on fees and pricing can be found on the IYap Liquid Cash Fees Page.
  • Your Crypto Assets are not insured or guaranteed by the FDIC, Securities Investor Protection Corporation (SIPC) or any other public or private insurer, including against cyber theft or theft by other means.
  • The transfer, purchase and sale of cryptocurrency is irrevocable.
  • Information about unauthorized transactions and error-resolution can be found in the Liability for Unauthorized Transactions and Errors section of these terms and conditions.
  • You may update your contact information through your personal IYap Liquid Cash account.
  • The date or time when a transaction is executed, and your funding device is charged may differ from the date or time when you provided the instruction to authorize the transaction.
  • You will receive an email receipt with respect to your purchase and sale of Crypto Assets.
  • You have the right to at least thirty (30) days’ prior notice of a change in our fee schedule or changes to these terms and conditions.
  • Cryptocurrency is not legal tender

Washington Disclosures

  • Information on fees and pricing can be found on the IYap Liquid Cash Fees Page.
  • Your Crypto Assets are not insured or guaranteed by the FDIC, Securities Investor Protection Corporation (SIPC) or any other public or private insurer, including against cyber theft or theft by other means.
  • The transfer, purchase and sale of cryptocurrency is irrevocable.
  • Information about unauthorized transactions and error-resolution can be found in the Liability for Unauthorized Transactions and Errors section of these terms and conditions.
  • The nature of cryptocurrency may lead to an increased risk of fraud or cyber-attack and your cryptocurrency value may be irretrievably stolen.

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