Terms of Service
Last updated: April 4, 2016
This User Agreement ("Agreement" or “General Use Agreement”) is a contract between you ("you," "your" or "user") and Clark, Sharp, and Reynolds, LLC, DBA CoinSource a limited liability company incorporated in Texas ("CoinSource," "we", "us" or "our") and applies to your use of the CoinSource website, Bitcoin Transaction Machine (BTM) and all services described herein (collectively, the "CoinSource Services").
Part 1: General Use
By signing up to use the CoinSource Account through the CoinSource website located at CoinSource.net or a Coinsource BTM, the CoinSource API, and/or any associated CoinSource-hosted websites or mobile applications (collectively the "CoinSource Site"), you agree to comply with and be legally bound by this Agreement. If you do not agree to any of the terms set forth in this Agreement, or any subsequent modification to the Agreement, you may not access or use any of the CoinSource Services and must cancel your CoinSource Account, free of charge, in the manner set forth below.
We may amend or modify this Agreement by posting on the CoinSource Site or emailing to you the revised Agreement. Any revised Agreement shall be effective immediately upon your express approval, or one month after the date of posting except where the changes and modifications are required by law or on the instruction of a competent governmental agency. By continuing to access or use the CoinSource Services once the revised Agreement is effective, you agree to be bound by the Agreement. We may (a) modify or discontinue any portion of the CoinSource Services, and (b) suspend or terminate your access to the CoinSource Services, at any time, and from time to time, without notice to you in certain, limited circumstances described herein. You agree that we shall not be liable to you or any third party for any modification or termination of the CoinSource Services, or suspension or termination of your access to the CoinSource Services, except to the extent otherwise expressly set forth herein.
To be eligible to use the CoinSource Services, you must be at least 18 years old. By accessing or using the CoinSource Services you represent and warrant that you are 18 or older.
Please note the following risks of using CoinSource Services:
- Once submitted to the Bitcoin network, a Bitcoin Transaction (defined below) will be unconfirmed for a period of time (usually less than one hour, but up to one day or more) pending sufficient confirmation of the transaction by the Bitcoin network. A transaction is not complete while it is in a pending state. Bitcoin associated with transactions that are in a pending state will be designated accordingly.
- The risk of loss in trading or holding bitcoin can be substantial. You should therefore carefully consider whether trading or holding bitcoin is suitable for you in light of your financial condition. In considering whether to trade or hold bitcoin, you should be aware that the price or value of bitcoin can change rapidly, decrease, and potentially even fall to zero. If you use a CoinSource product which allows you and/or third parties to access and hold bitcoin private keys, you acknowledge that CoinSource is not responsible for safeguarding such keys and that CoinSource is not responsible for any loss of bitcoin resulting from theft, loss, or mishandling of bitcoin private keys outside its control.
1. Basic CoinSource Services.
Your CoinSource account ("CoinSource Account") encompasses the following basic CoinSource Services, among others:
- One or more hosted bitcoin wallets that allows users to store bitcoin private keys, and to track, transfer, and manage their bitcoin and account information and through which CoinSource can facilitate Bitcoin Transactions pursuant to instructions submitted by a user or authorized entity to CoinSource (the "Bitcoin Wallet");
- A bitcoin conversion service through which users can buy bitcoin from, and sell bitcoin to, CoinSource (the "Conversion Service"); and each of these CoinSource Services is described in detail below.
2. Creating a CoinSource Account.
2.1. Registration of CoinSource Account. In order to use any of the CoinSource Services, you must first register at a BTM by providing your name, phone number, identity document (if required) and affirming your acceptance of this Agreement. Upon successful completion of the registration process, CoinSource will establish your CoinSource Account. CoinSource may, in our sole discretion, refuse to allow you to establish a CoinSource Account, or limit the number of CoinSource Accounts that a single user may establish and maintain at any time.
2.2. Identity Verification. In order to use certain features of the CoinSource Services, including certain transfers of bitcoin and/or currency, you may be required to provide CoinSource with certain personal information, including, but not limited to, your name, address, telephone number, e-mail address, date of birth, taxpayer identification number, and government identification number. CoinSource may also require you to answer certain questions or take actions in order to verify your identity, provide the CoinSource Services to you, or comply with applicable law. In submitting this or any other personal information as may be required, you verify that the information is accurate and authentic, and you agree to update CoinSource if any information changes. You hereby authorize CoinSource to, directly or through third parties make any inquiries we consider necessary to verify your identity and/or protect against fraud, including to query identity information contained in public reports (e.g., your name, address, past addresses, or date of birth), to query account information associated with your identity (e.g., name or account balance), and to take action we reasonably deem necessary based on the results of such inquiries and reports. You further authorize any and all third parties to which such inquiries or requests may be directed to fully respond to such inquiries or requests.
3. Bitcoin Wallet.
3.1. Sending and Receiving Bitcoin.
3.1.1. As part of the services offered in connection with your CoinSource Account, CoinSource can help you send bitcoin to, and request and receive bitcoin from, third parties pursuant to instructions you provide through the CoinSource Site (each such transaction is a "Bitcoin Transaction"). You may initiate a Bitcoin Transaction by going to the CoinSource Site, choosing to send or request, and entering the requisite information regarding the sender or recipient and the amount of bitcoin to be transferred. CoinSource will then communicate with the Bitcoin network on your behalf, as necessary, to facilitate each Bitcoin Transaction in accordance with these instructions.
3.1.2. CoinSource reserves the right to refuse to process or to cancel any pending Bitcoin Transaction as required by law or in response to a subpoena, court order, or other binding government order. CoinSource cannot reverse a Bitcoin Transaction which has been communicated to and confirmed by the Bitcoin network.
3.1.3. CoinSource processes Bitcoin Transactions according to the instructions received from its users and we do not guarantee the identity of any user, receiver, requestee or other party. You should verify all transaction information prior to submitting instructions to CoinSource as the relevant Bitcoin Transaction may not be cancelled or reversed once initiated.
3.1.4. If you initiate a Bitcoin Transaction by entering the recipient's bitcoin address, CoinSource will confirm that the bitcoin address is valid; however, CoinSource cannot confirm that the bitcoin address belongs to the intended recipient. In the event you initiate a Bitcoin Transaction by entering the recipient's email address and the recipient does not have an existing CoinSource Account, CoinSource will email the recipient and invite them to open a CoinSource Account. If the designated recipient does not open a CoinSource Account within 30 days, CoinSource will return the bitcoin associated with the transaction to your CoinSource Account.
3.2 Bitcoin Storage & Transmission Delays. CoinSource does not hold any of private keys for its users. As such, you accept the risk that a Bitcoin Transaction facilitated by CoinSource may be delayed and you agree not to hold CoinSource responsible for any damages or injury arising out of or related to such delay.
3.3. Your Bitcoin Transactions.
3.3.1 Third Party Transactions. CoinSource has no control over, or liability for, the delivery, quality, safety, legality or any other aspect of any goods or services that you may purchase or sell to or from a third party (including other users of CoinSource Services). CoinSource is not responsible for ensuring that a buyer or a seller you are dealing with will actually complete the transaction or is authorized to do so. If you experience a problem with any goods or services purchased from, or sold to, a third party in connection with bitcoin transferred using the CoinSource Services, or if you have a dispute with such third party, you must handle it directly with that third party. Due to the nature of bitcoin, any Bitcoin Transaction conducted using the CoinSource Services is final regardless of any defects in or non-delivery of any goods or services purchased in connection with such Bitcoin Transaction, or any other aspect of your transaction or relationship with the relevant third party. If you believe a third party has behaved in a fraudulent, misleading, or inappropriate manner, or if you cannot adequately resolve a dispute with a third party, you may notify CoinSource Support at firstname.lastname@example.org so that we may consider whether to take any action.
3.3.2. Refunds. CoinSource is not responsible for issuing refunds and will only do so on a case-by-case basis. If a refund is issued it may be issued at either the Bitcoin fair market value of the transaction at the time of transfer, or the same Bitcoin amount. As a result, you may receive less (or more) bitcoin via a refund than you initially used to pay the Merchant.
3.3.3. Taxes. It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions associated with your receipt or transfer of bitcoin, and/or to the Bitcoin Transactions you conduct through the CoinSource Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities. Your transaction history is available through your CoinSource Account.
3.4 Limits. CoinSource reserves the right to change the buy/sell, transfer, trading, storage and velocity limits applicable to your Bitcoin Wallet in our sole discretion. We may require you to provide us with information about yourself and/or your Bitcoin Transactions if your transactions exceed certain government reporting thresholds, such as thresholds regarding financial recordkeeping and tax reporting.
4. Conversion Service.
4.1. Transactions with CoinSource. When buying or selling bitcoin through the Conversion Service, you are buying from, or selling to, CoinSource directly. In this capacity, CoinSource does not act as an intermediary or marketplace between other buyers and sellers of bitcoin. The Conversion Service is subject to the CoinSource "Conversion Rate." "Conversion Rate" means the liquidity adjusted price of a given bitcoin amount in terms of local currency as quoted to you on the CoinSource Site at the time you begin a Conversion transaction. The Conversion Rate is stated either as a "Buy Price," the price in terms of local currency at which you purchase bitcoin from CoinSource, or as a "Sell Price," the price in terms of local currency at which you sell bitcoin to CoinSource. For the purpose of any transaction which incorporates the Conversion Rate, you agree, as a condition of using any CoinSource Services, to accept the Conversion Rate as the sole conversion metric.
4.2. Bitcoin Purchases. After successfully completing the verification steps described in the Verification Procedures set forth below, you may purchase bitcoin from CoinSource, subject to applicable limits. If your bitcoin purchase is marked as complete or pending in your Bitcoin Wallet, you cannot cancel, reverse, or change the order, although CoinSource reserves the right to cancel the order as stated herein. In connection with any purchase of bitcoin from CoinSource, CoinSource will use good faith efforts to fulfill such purchase order at the applicable Buy Price Conversion Rate quoted on the CoinSource Site at the time that you place such order. However, from time to time, it may be necessary for CoinSource to delay fulfillment of a purchase order until such time as we are able to execute the transaction. In such cases, we will notify you through the CoinSource Site prior to the completion of your purchase order that the amount of bitcoin that you will receive will be determined based on the applicable Buy Price Conversion Rate quoted on the CoinSource Site at the subsequent point at which CoinSource, with your further approval, may execute your transaction.
4.3. Sale Transactions. After successfully completing the verification steps described in the Verification Procedures, you may sell bitcoin to CoinSource, subject to the above-referenced limits, by instructing CoinSource accordingly at any of its BTM locations. Upon any sale of bitcoin to CoinSource, all settlements or payments by CoinSource for such transaction shall be paid in local currency (e.g., Euros) at the applicable Sell Price Conversion Rate quoted on the CoinSource Site at the time that you approved the transaction.
4.4. Limits. CoinSource imposes limits on the number of bitcoin that you may buy, sell, or trade in a given day, and that you may hold in your Wallet, as further described in the Verification Procedures. CoinSource reserves the right to change posted limits as we deem necessary or appropriate from time to time, and CoinSource posts the limits which apply to you in your account’s Limits page. CoinSource does not guarantee the availability of its Conversion Service, and the act of purchasing bitcoin from CoinSource does not result in a guarantee that you may sell your bitcoin to CoinSource. If you wish to raise your limits beyond the highest-posted amounts, you may submit a request tosupport@CoinSource.net. We may require you to submit additional information about yourself or your business, provide records, and arrange for meetings with CoinSource staff (such process, "Enhanced Due Diligence"). CoinSource reserves the right to charge you costs and fees associated with Enhanced Due Diligence, provided that we notify you in advance of any such charges accruing. In our sole discretion, we may refuse to raise your limits or we may lower your limits at a subsequent time even if you have completed Enhanced Due Diligence.
4.5. Conversion Fee. Each Conversion Service transaction is subject to a fee (the "Conversion Fee", sometimes also referred to as an "Exchange Fee") charged by CoinSource which consists of: (a) a fee for the conversion of local currency (e.g., Euros) for bitcoin (or vice versa) which is calculated as a percentage of the local currency to be converted, plus (b) either of: (i) a fixed transfer fee which may be applied to cover applicable bank fees, if any, or (ii) a convenience fee. CoinSource will not process a conversion if a fixed transfer fee exceeds the value of your transaction. The applicable Conversion Fee will be displayed to you on the CoinSource Site prior to you confirmation of a Conversion Service transaction.
4.6.1. You agree to deliver payment for any bitcoin purchase made through the Conversion Service upon confirmation of an order, regardless of changes in the applicable Buy Price Conversion Rate prior to completion of the purchase transaction, with such payment to be made in good funds in the amount calculated in the manner specified herein.
4.6.2. We reserve the right to refuse to process, or to cancel or reverse, any purchases or sales of bitcoin or transfers to or from your Wallet(s) in its sole discretion, even after funds have been debited from your account(s), including but not limited to instances where CoinSource suspects the transaction involves (or has a high risk of involvement in) money laundering, terrorist financing, fraud, or any other type of financial crime, in response to a subpoena, court order, or other government order, or if CoinSource suspects the transaction relates to Prohibited Use or a Prohibited Business as set forth below. In such instances, CoinSource will reverse the transaction and we are under no obligation to allow you to reinitiate a purchase or sale order at the same price or on the same terms as the cancelled transaction.
4.6.3. You do not have a statutory right to withdraw from a transaction to buy or sell bitcoin once you have instructed CoinSource because the price of bitcoin fluctuates in accordance with the financial market for bitcoin which is outside the control of CoinSource.
6. General Use, Prohibited Use, and Termination.
6.1. General Use.
6.1.1 Limited License. We grant you a limited, nonexclusive, nontransferable license, subject to the terms of this Agreement, to access and use the CoinSource Site, and the content, materials, information and functionality available in connection therewith (collectively, the "Content") solely for informational, transactional, or other approved purposes as permitted by CoinSource from time to time. Any other use of the CoinSource Site or Content is expressly prohibited. All other rights in the CoinSource Site or Content are reserved by us and our licensors. We reserve all rights in the CoinSource Site and Content and you agree that this Agreement does not grant you any rights in or licenses to the CoinSource Site or the Content, except for this express, limited license. You will not otherwise copy, transmit, distribute, sell, resell, license, de-compile, reverse engineer, disassemble, modify, publish, participate in the transfer or sale of, create derivative works from, perform, display, incorporate into another website, or in any other way exploit any of the Content or any other part of the CoinSource Site or any derivative works thereof, in whole or in part for commercial or non-commercial purposes. Without limiting the foregoing, you will not frame or display the CoinSource Site or Content (or any portion thereof) as part of any other web site or any other work of authorship without our prior written permission. If you violate any portion of this Agreement, your permission to access and use the CoinSource Services may be terminated pursuant to this Agreement. In addition, we reserve the right to all remedies available at law and in equity for any such violation. "CoinSource.com", "CoinSource", and all logos related to the CoinSource Services or displayed on the CoinSource Site are either trademarks or registered marks of CoinSource or its licensors. You may not copy, imitate or use them without CoinSource's prior written consent.
6.1.2. Website Accuracy. Although we intend to provide accurate and timely information on the CoinSource Site, the CoinSource Site (including, without limitation, the Content) may not always be entirely accurate, complete or current and may also include technical inaccuracies or typographical errors. In an effort to continue to provide you with as complete and accurate information as possible, information may be changed or updated from time to time without notice, including without limitation information regarding our policies, products and services. Accordingly, you should verify all information before relying on it, and all decisions based on information contained on the CoinSource Site are your sole responsibility and we shall have no liability for such decisions.
6.1.3. Third-Party Materials. From time to time, the CoinSource Site may contain references or links to third-party materials (including without limitation websites) and third-party applications which are not controlled by us. Such information, links, and third-party applications are provided as a convenience to you. Such links should not be considered endorsements and such reference does not imply our recommendation, approval, affiliation, or sponsorship of that respective property, product, service, or process. You acknowledge and agree that we are not responsible for any aspect of the information, content, or services contained in any third-party materials or on any third party sites accessible or linked to the CoinSource Site, including without limitation content, property, goods or services available on the linked sites or services.
6.1.4. Third-Party Applications. If, to the extent permitted by CoinSource from time to time, you grant express permission to a third party to access or connect to your CoinSource Account, either through the third party's product or service or through the CoinSource Site, you acknowledge that granting permission to a third party to take specific actions on your behalf does not relieve you of any of your responsibilities under this Agreement. You are fully responsible for all acts or omissions of any third party using your CoinSource Account credentials. Further, you acknowledge and agree that you will not hold CoinSource responsible for, and will indemnify CoinSource from, any liability arising out of or related to any act or omission of any third party using your CoinSource Account credentials. You may change or remove permissions granted by you to third parties with respect to your CoinSource Account at any time through the Account Settings (Integrations) page on the CoinSource Site.
6.1.5. Developer’s Tools. Any person or entity who uses CoinSource's Developer’s Tools (as defined in Part 4 of this Agreement) must comply with the terms of this General Use Agreement, including Part 4, and/or any other conditions as CoinSource may put into place in its sole discretion from time to time. The Developer’s Tools are owned by CoinSource and are licensed to Developer’s Tools users on a limited, non-exclusive, non-transferable, non-sublicensable basis. CoinSource reserves the right to restrict or limit use when, in its sole discretion, we identify abusive, burdensome, or prohibited use of the Developer’s Tools. Developer’s Tools users shall comply with all applicable laws, rules and regulations, including those relating to privacy, and shall not use the Developer’s Tools or related licensed material to facilitate or partake in any illegal, unauthorized, or improper activity, including any Prohibited Use or Prohibited Business as set forth herein.
6.1.6. Fiduciary Accounts/Custodial Assets. You hereby certify to us that any funds used by you in connection with the CoinSource Services are either owned by you or that you are validly authorized to carry out transactions using such funds. In particular, you acknowledge that CoinSource may not be a qualified custodian under applicable law, and represent that your use of the CoinSource Services is in compliance with any applicable requirements governing the maintenance and use of fiduciary accounts and custodial assets.
6.2. Prohibited Use. In connection with your use of the CoinSource Services, and your interactions with other users, and third parties you agree and represent you will not engage in any Prohibited Business or Prohibited Use defined herein. We reserve the right at all times to monitor, review, retain and/or disclose any information as necessary to satisfy any applicable law, regulation, legal process or governmental request. We reserve the right to cancel and/or suspend your CoinSource Account immediately and without notice if we determine, in our sole discretion, that your Account is associated with Prohibited Use and/or a Prohibited Business.
6.3. Export Controls & Sanctions. The supply of bitcoin and the CoinSource Services through the CoinSource Site is subject to international export controls and economic sanctions requirements. By acquiring any such items through the CoinSource Site, you represent and warrant that your acquisition comports with and your use of the item will comport with those requirements. Without limiting the foregoing, you may not acquire bitcoin or any of the CoinSource Services through the CoinSource Site if: (1) you are in, under the control of, or a national or resident of Cuba, Iran, North Korea, Sudan, or Syria or any other country subject to United States embargo, UN sanctions, HM Treasury's financial sanctions regime, or if you are on the U.S. Treasury Department's Specially Designated Nationals List or the U.S. Commerce Department's Denied Persons List, Unverified List, Entity List HM Treasury's financial sanctions regime; or (2) you intend to supply the acquired bitcoin or CoinSource Services to Cuba, Iran, North Korea, Sudan or Syria or any other country subject to United States embargo or HM Treasury’s financial sanctions regime (or a national or resident of one of these countries), or to a person on the Specially Designated Nationals List, Denied Persons List, Unverified List, Entity List, or HM Treasury's financial sanctions regime.
6.4. Suspension, Termination, and Cancellation. CoinSource may: (a) suspend, restrict, or terminate your access to any or all of the CoinSource Services, and/or (b) deactivate or cancel your CoinSource Account if:
- We are so required by a facially valid subpoena, court order, or binding order of a government authority; or
- We reasonably suspect you of using your CoinSource Account in connection with Prohibited Business or Prohibited Use; or
- Use of your CoinSource Account is subject to any pending litigation, investigation, or government proceeding and/or we perceive a heightened risk of legal or regulatory non-compliance associated with your Account activity; or
- Our service partners are unable to support your use; or
- You take any action that CoinSource deems as circumventing CoinSource's controls, including, but not limited to, opening multiple CoinSource Accounts or abusing promotions which CoinSource may offer from time to time.
You will be permitted to transfer bitcoin or funds associated with your Bitcoin Wallet(s) (defined below) for ninety (90) days after Account deactivation or cancelation unless such transfer is otherwise prohibited (i) under the law, or (ii) by a facially valid subpoena or court order. Merchant users are subject to additional cancellation policies set forth below. You may cancel your CoinSource Account at any time by transferring or exchanging all bitcoin, closing all open Orders (defined below), and withdrawing all funds associated with your Bitcoin Wallet(s) and your Currency Wallet(s).
You will not be charged for canceling your CoinSource Account and will only be required to pay for those CoinSource Services used that are subject to charges. If any transaction is in a pending state at the time your CoinSource Account is cancelled or suspended, such transaction may be cancelled and/or refunded as appropriate. You may not cancel your CoinSource Account to evade an investigation or avoid paying any amounts otherwise due to CoinSource. Upon cancellation of your CoinSource Account, you authorize CoinSource to cancel or suspend pending Conversion Service transactions and hold the funds associated with such transactions until CoinSource is certain that funding reversal windows are complete. In the event that you or CoinSource terminates this Agreement or your access to the CoinSource Services, or deactivates or cancels your CoinSource Account, you will remain liable for all amounts due hereunder. In the event that a technical problem causes system outage or Account errors, CoinSource may temporarily suspend access to your Account until the problem is resolved.
7. Our Relationship with You.
7.1. Relationship of the Parties. CoinSource is an independent contractor for all purposes. Nothing in this Agreement shall be deemed or is intended to be deemed, nor shall it cause, you and CoinSource to be treated as partners, joint ventures, or otherwise as joint associates for profit, or either you or CoinSource to be treated as the agent of the other.
7.2. Service Providers. From time to time, CoinSource may engage third parties to assist CoinSource in providing certain aspects of the CoinSource Services (each, a "Service Provider"). Service Providers may include, but are not limited to, CoinSource's banking partners and technology or engineering service providers.
7.4. Privacy of Others; Marketing. If you receive information about another user through the CoinSource Services, you must keep the information confidential and only use it in connection with the CoinSource Services. You may not disclose or distribute a user's information to a third party or use the information except as reasonably necessary to effectuate a transaction and other functions reasonably incidental thereto such as support, reconciliation and accounting unless you receive the user's express consent to do so. You may not send unsolicited email to a user through the CoinSource Services.
7.5. Password Security and Keeping Your Contact Information Current. You are responsible for maintaining adequate security and control of any and all IDs, passwords, hints, personal identification numbers (PINs), API keys or any other codes that you use to access the CoinSource Services. Any loss or compromise of the foregoing information and/or your personal information may result in unauthorized access to your CoinSource Account by third-parties and the loss or theft of any bitcoin and/or funds held in your CoinSource Account and any associated accounts. You are responsible for keeping your email address and telephone number up to date in your Account Profile in order to receive any notices or alerts that we may send you. We assume no responsibility for any loss that you may sustain due to compromise of your sensitive information or failure to follow or act on any notices or alerts that we may send to you. In the event you believe your CoinSource Account information has been compromised, contact CoinSource Support immediately at support@CoinSource.net.
7.6. Consent to Electronic Records. By using the CoinSource Services, you agree that CoinSource may provide you with any notices or other communications about your CoinSource Account and the CoinSource Services electronically: (a) via email (in each case to the address that you provide), SMS message, or telephone call (in each case to the phone number that you provide), or (b) by posting to the CoinSource Site. For notices made by email, the date of receipt will be deemed the date on which such notice is transmitted. If you do not wish to receive notices or other communications electronically, we will be unable to support your CoinSource Account and your CoinSource Account will be cancelled.
7.7. Notices to CoinSource. We prefer receiving notices to CoinSource electronically through our support system at support@CoinSource.net. Paper notifications can also be sent to CoinSource UK, Ltd., Unit 4655, Box 6945, London, W1A 6US, United Kingdom.
8. Customer Feedback, Queries, and Complaints
8.1. Contact CoinSource. If you have any feedback, questions, or complaints, contact us via our Customer Support webpage athttps://support.CoinSource.comor write to us at CoinSource Customer Support, Unit 4655, PO Box 6945, London, W1A 6US, United Kingdom. When you contact us please provide us with your name, address, and any other information we may need to identify you, your CoinSource Account, and the transaction on which you have feedback, questions, or complaints.
8.2. Complaints. In the event of a complaint, please set out the cause of your complaint, how you would like us to resolve the complaint and any other information you believe to be relevant. We will acknowledge your complaint within 24 hours of its receipt if you contact us via our Customer Support webpage or email us at support@CoinSource.net. A Customer Complaints officer (“Officer”) will consider your complaint. The Officer will consider your complaint without prejudice based on the information you have provided and any information provided by CoinSource. Within four weeks of our receipt of your complaint the Officer will address your complaint by sending you an e-mail (“Resolution Notice”) in which the Officer will: (i) offer to resolve your complaint in the way your requested; (ii) make a determination rejecting your complaint and set out the reasons for the rejection; or (iii) offer to resolve your complaint with an alternative solution. Upon receipt of the Resolution Notice, you will have 20 business days to accept or reject the offer or determination, which you must do by following the instructions set out in the Resolution Notice. Failure to respond to a Resolution Notice will be deemed to be a withdrawal of the complaint and an acceptance that we have no liability to you regarding the subject matter of the complaint. If you are late in responding to the Resolution Notice, CoinSource may treat your response as if it has been submitted on time.
8.3. Appeals. In the event that you reject an offer or determination (“Rejection”), please set out the reasons for the Rejection and include any additional information that you believe is pertinent to your complaint. Any Rejection will be treated as an application to appeal the offer or determination set out in the Resolution Notice. Our Customer Appeals committee (“Appeals Committee”) will impartially consider your complaint (including any additional information provided). We will acknowledge your Rejection within 24 hours of its receipt if you contact us in the prescribed electronic way, and within ten business days if you contact us in any other prescribed way. Within four weeks of our receipt of the Rejection the Appeals Committee will address your complaint by sending you an e-mail (“Final Notice”) in which the Appeals Committee will: (i) uphold the Resolution Notice; or (ii) reject the Resolution Notice. Notwithstanding its decision regarding the Resolution Notice, the Appeals Committee may also make a new offer to resolve the complaint. Upon receipt of the Final Notice, you will have 20 business days to accept or reject the offer or determination, which you must do by following the instructions set out in the Final Notice. CoinSource may extend the deadline for you to accept the offer. Failure to respond to a Final Notice will be deemed to be a withdrawal of the complaint and an acceptance that we have no liability to you regarding the subject matter of the complaint. For consumers only: if you fail to respond to a Final Notice and file a claim in a competent court, your failure may be used as evidence of your unwillingness to settle the issue and/or the vexatious nature of the complaint.
8.4. Offers. Any offer made under this Section 8 will only become binding on CoinSource if you accept the offer by following the instructions provided by CoinSource within the stated timeframe. Any offer under this Section 8 will not constitute any admission by CoinSource of any wrongdoing or liability regarding the subject matter of the complaint. Any acceptance of an offer by you will constitute an acceptance that the complaint is resolved and an undertaking that you will not file a claim in any competent court against CoinSource regarding the subject matter of the complaint.
8.5. Claims. This provision only applies to consumers. You agree to use the complaints procedure of this Section 8 before filing any claim in a competent court. Failure to comply with this provision may be used as evidence of your unwillingness to settle the issue and/or the vexatious nature of the complaint.
9. General Provisions.
9.1. Limitations of Liability. (A) IN NO EVENT SHALL COINSOURCE, ITS AFFILIATES AND SERVICE PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES OR REPRESENTATIVES, BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH THE COINSOURCE SITE, THE COINSOURCE SERVICES, OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE).
(B) FOR CONSUMERS ONLY: WHERE APPLICABLE CONSUMER PROTECTION LAW LIMITS THE EFFECTIVENESS OF SECTION 9.1(A) WITH RESPECT TO CONSUMERS, SECTION 9.1(A) ONLY APPLIES TO THE MAXIMUM EXTENT AS PERMITTED BY LAW.
9.2. Sanctions Compliance. Pursuant to the economic sanctions programs administered in the countries where CoinSource conducts business, CoinSource is prohibited from providing services or entering into relationships with certain individuals and entities. In the event that CoinSource is required to block assets associated with your CoinSource Account in accordance with a sanctions program, or other similar government sanctions programs, CoinSource may (i) deactivate or cancel your Bitcoin Wallet(s) or block user activity, (ii) transfer bitcoin or funds from your Bitcoin Wallet(s) to an originating source or to an account specified by authorities, or (iii) require you to transfer your bitcoin or withdraw your funds from your Bitcoin Wallet(s) within a certain period of time. CoinSource is not responsible for any losses, whether direct or indirect, that you may incur as a result of our complying with applicable law, the guidance or direction of any regulatory authority or government agency, or any writ of attachment, lien, levy, subpoena, warrant or other legal order.
9.3. Computer Viruses. We shall not bear any liability, whatsoever, for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect your computer or other equipment, or any phishing, spoofing or other attack. We advise the regular use of a reputable and readily available virus screening and prevention software. You should also be aware that SMS and email services are vulnerable to spoofing and phishing attacks and should use care in reviewing messages purporting to originate from CoinSource. Always log into your CoinSource Account through the CoinSource Site to review any transactions or required actions if you have any uncertainty regarding the authenticity of any communication or notice.
9.4. Release of CoinSource. If you have a dispute with one or more users of the CoinSource services, to the extent permitted by law, you release CoinSource, its affiliates and service providers, and each of their respective officers, directors, agents, joint venturers, employees and representatives from any and all claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes. In addition, to the extent permitted by law, in entering into this release you expressly waive any protections, that would otherwise limit the coverage of this release to include only those claims which you may know or suspect to exist in your favor at the time of agreeing to this release.
9.5. No Warranty. (A) THE COINSOURCE SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED, OR STATUTORY. COINSOURCE SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. COINSOURCE DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO ANY PART OF THE COINSOURCE SERVICES, OR ANY OF THE MATERIALS CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, ERROR-FREE OR SECURE. OPERATION OF THE COINSOURCE SITE MAY BE INTERFERED WITH BY NUMEROUS FACTORS OUTSIDE OF OUR CONTROL. WE ARE NOT RESPONSIBLE FOR THE BITCOIN MARKET, AND WE MAKE NO REPRESENTATIONS OR WARRANTIES CONCERNING THE REAL OR PERCEIVED VALUE OF BITCOIN AS DENOMINATED IN ANY QUOTED CURRENCY. ALTHOUGH WE MAY PROVIDE HISTORICAL AND/OR REAL-TIME DATA REGARDING THE PRICE OF BITCOIN, WE MAKE NO REPRESENTATIONS REGARDING THE QUALITY, SUITABILITY, TRUTH, USEFULNESS, ACCURACY, OR COMPLETENESS OF SUCH DATA, AND YOU SHOULD NOT RELY ON SUCH DATA FOR ANY REASON WHATSOEVER. YOU UNDERSTAND AND AGREE THAT THE VALUE OF BITCOIN CAN BE VOLATILE, AND WE ARE NOT IN ANY WAY RESPONSIBLE OR LIABLE FOR ANY LOSSES YOU MAY INCUR BY HOLDING OR TRADING BITCOIN, EVEN IF THE COINSOURCE SERVICES ARE DELAYED, SUSPENDED, OR INTERRUPTED FOR ANY REASON. FURTHER, COINSOURCE MAKES NO REPRESENTATIONS OR WARRANTIES AS TO THE QUALITY, SUITABILITY, TRUTH, USEFULNESS, ACCURACY, OR COMPLETENESS OF THE COINSOURCE SERVICES OR ANY MATERIALS CONTAINED THEREIN. COINSOURCE WILL MAKE REASONABLE EFFORTS TO ENSURE THAT REQUESTS FOR BUYS AND SELLS ARE PROCESSED IN A TIMELY MANNER BUT COINSOURCE MAKES NO REPRESENTATIONS OR WARRANTIES REGARDING THE AMOUNT OF TIME NEEDED TO COMPLETE PROCESSING BECAUSE THE COINSOURCE SERVICES ARE DEPENDENT UPON MANY FACTORS OUTSIDE OF OUR CONTROL, SUCH AS DELAYS IN THE BITCOIN BLOCKCHAIN OR INTERNATIONAL MAIL SERVICE.
(B) FOR CONSUMERS ONLY: WHERE APPLICABLE CONSUMER PROTECTION LAW LIMITS THE EFFECTIVENESS OF SECTION 9.5(A) WITH RESPECT TO CONSUMERS, SECTION 9.5(A) ONLY APPLIES TO THE MAXIMUM EXTENT AS PERMITTED BY LAW.
9.6. Indemnification. You agree to indemnify and hold CoinSource, its affiliates and Service Providers, and each of their respective officers, directors, agents, joint venturers, employees and representatives, harmless from any claim or demand (including attorneys' fees and any fines, fees or penalties imposed by any regulatory authority) arising out of or related to (i) your breach of this Agreement, (ii) your use of CoinSource Services, including the Developer’s Tools, or (iii) your violation of any law, rule or regulation, or the rights of any third party.
9.7. Entire Agreement. This Agreement sets forth the entire understanding and agreement between you and CoinSource as to the subject matter hereof, and supersedes any and all prior discussions, agreements and understandings of any kind (including without limitation any prior versions of this Agreement), and every nature between and among you and CoinSource.
9.8. Assignment. This Agreement, and any rights and licenses granted hereunder, may not be transferred or assigned by you, but may be assigned by CoinSource without restriction, including without limitation to any of its affiliates or subsidiaries, or to any successor in interest of any business associated with the CoinSource Services. Any attempted transfer or assignment in violation hereof shall be null and void. Subject to the foregoing, this Agreement will bind and inure to the benefit of the parties, their successors and permitted assigns.
9.9. Severability. If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law or regulation or any governmental agency, local, state, or federal, such provision will be changed and interpreted to accomplish the objectives of the provision to the greatest extent possible under any applicable law and the validity or enforceability of any other provision of this Agreement shall not be affected.
9.10. Change of Control. In the event that CoinSource is acquired by or merged with a third party entity, we reserve the right, in any of these circumstances, to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control.
9.11. Survival. All provisions of this Agreement which by their nature extend beyond the expiration or termination of this Agreement, including, without limitation, sections pertaining to suspension or termination, CoinSource Account cancellation, debts owed to CoinSource, general use of the CoinSource Site, disputes with CoinSource, and general provisions, shall survive the termination or expiration of this Agreement.
9.12. Governing Law and Jurisdiction. This Agreement will be governed by Texas law.
9.13. Force Majeure. We shall not be liable for delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control and shall not affect the validity and enforceability of any remaining provisions.
9.14. Section Headings. Section headings in this Agreement are for convenience only, and shall not govern the meaning or interpretation of any provision of this Agreement.
9.15. English Language Controls. Notwithstanding any other provision of this Agreement, any translation of this Agreement is provided for your convenience. The meanings of terms, conditions and representations herein are subject to definitions and interpretations in the English language. Any translation provided may not accurately represent the information in the original English.
APPENDIX 1: PROHIBITED BUSINESSES AND PROHIBITED USE
The following categories of businesses, business practices, and sale items are barred from CoinSource Services ("Prohibited Businesses"). By opening a CoinSource Account, you confirm that you will not use CoinSource Services to accept payments in connection with the following businesses, activities, practices, or items:
- Operating as an unlicensed money transmitter, money service, payment service provider, e-money, or any other financial services business which requires licensure, including but not limited to exchanges of virtual currencies, sales of money orders or traveler's checks, and escrow services
- Counterfeit products or any product or service that infringes upon the copyright, trademark, or trade secrets of any third party
- Stolen goods
- Narcotics, controlled substances, prescription and pharmaceutical services, drug paraphernalia, or any substances designed to mimic illegal drugs
- Gambling, except where permitted by CoinSource
- Sports forecasting or odds making
- Prostitution or illegal escort services
- Violent acts towards self or others, or activities or items that encourage, promote, facilitate or instruct others regarding the same
- Funding any of the items included on this Prohibited Businesses list
- Extortion, blackmail, or efforts to induce unearned payments
- Unlicensed sale of firearms and certain weapons
- Engaging in deceptive marketing practices
- Any business that violates any law, statute, ordinance or regulation
You may not use your CoinSource Account to engage in the following categories of activity ("Prohibited Use").
By opening a CoinSource Account, you confirm that you will not use your Account to do any of the following:
- Violate or assist any party in violating any law, statute, ordinance, regulation, or any rule of any self-regulatory or similar organization of which you are or are required to be a member (for example, those laws, rules, or regulations governing financial services, controlled substances, or consumer protections);
- Partake in a transaction which involves the proceeds of any unlawful activity;
- Partake in any transaction involving online gambling except where permitted by CoinSource;
- Defraud or attempt to defraud CoinSource or other CoinSource users;
- Infringe upon CoinSource's or any third party's copyright, patent, trademark, or intellectual property rights;
- Provide false, inaccurate, or misleading information;
- Take any action that imposes an unreasonable or disproportionately large load on our infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information;
- Interfere with another individual's or entity's access to or use of any of the CoinSource Services;
- Defame, abuse, harass, stalk, threaten, or otherwise violate or infringe the legal rights (such as, but not limited to, rights of privacy, publicity and intellectual property) of others;
- Publish, distribute, or disseminate any unlawful material or information;
- Transmit or upload any material to the CoinSource Site that contains viruses, Trojan horses, worms, or any other harmful or deleterious programs;
- Harvest or otherwise collect information from the CoinSource Site about others, including without limitation email addresses, without proper consent;
- Act as a payment intermediary or aggregator or otherwise resell any of the CoinSource Services, unless expressly authorized by CoinSource in writing;
- Transfer any rights granted to you under this Agreement;
- Use the CoinSource Account information of another party to access or use the CoinSource Site, except in the case of specific Merchants and/or applications which are specifically authorized by a user to access such user's CoinSource Account and information;
- Otherwise attempt to gain unauthorized access to the CoinSource Site, other CoinSource Accounts, computer systems or networks connected to the CoinSource Site, through password mining or any other means; or
- Engage in transactions involving items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the law.
APPENDIX 2: VERIFICATION PROCEDURES AND LIMITS
CoinSource uses multi-level systems and procedures to collect and verify information about you in order to protect CoinSource and the community from fraudulent users, and to keep appropriate records of CoinSource’s customers. Your daily or weekly Conversion limits, Trading limits, and limits on transactions from a linked account are based on the identifying information and/or proof of identity you provide to CoinSource.
Users in Approved Countries who wish to buy and sell bitcoin using CoinSource’s Conversion Service, at minimum, must:
- Establish a CoinSource Account by providing your name, phone number, and accepting the CoinSource User Terms
In addition, users in Approved Countries who wish to use CoinSource’s Buy and Sell functionality, at minimum, must:
- Submit a copy of your government-issued identification (in certain instances)
Notwithstanding these minimum verification procedures for the referenced CoinSource Services, CoinSource may require you to provide or verify additional information, or to wait some amount of time after completion of a transaction, before permitting you to use any CoinSource Services and/or before permitting you to engage in transactions beyond certain volume limits. You may determine the volume limits associated with your level of identity verification by visiting your account’s Limits page.
If CoinSource cannot successfully verify your name, address, date of birth, and/or identification are authentic and accurate, certain CoinSource Services may not be available to you. From time to time, CoinSource may impose limits on the balance you may store in your Wallet.
You may contact support@CoinSource.net to request larger daily limits. CoinSource will require you to submit to Enhanced Due Diligence. Additional fees and costs may apply, and CoinSource does not guarantee that we will raise your limits.
APPENDIX 3: E-SIGN DISCLOSURE AND CONSENT
This policy describes how CoinSource delivers communications to you electronically. We may amend this policy at any time by providing a revised version on our website. The revised version will be effective at the time we post it. We will provide you with prior notice of any material changes via our website.
Electronic Delivery of Communications
You agree and consent to receive electronically all communications, agreements, documents, notices and disclosures (collectively, "Communications") that we provide in connection with your CoinSource Account and your use of CoinSource Services. Communications include:
- Account details, history, transaction receipts, confirmations, and any other Account or transaction information;
- Legal, regulatory, and tax disclosures or statements we may be required to make available to you; and
- Responses to claims or customer support inquiries filed in connection with your Account.
We will provide these Communications to you by posting them on the CoinSource website, emailing them to you at the primary email address listed in your CoinSource profile, communicating to you via instant chat, and/or through other electronic communication such as text message or mobile push notification.
Hardware and Software Requirements
In order to access and retain electronic Communications, you will need the following computer hardware and software:
- A device with an Internet connection;
- A current web browser that includes 128-bit encryption (e.g. Internet Explorer version 9.0 and above, Firefox version 3.6 and above, Chrome version 31.0 and above, or Safari 7.0 and above) with cookies enabled;
- A valid email address (your primary email address on file with CoinSource); and
- Sufficient storage space to save past Communications or an installed printer to print them.
How to Withdraw Your Consent
You may withdraw your consent to receive Communications electronically by e-mailing us at support@CoinSource.net. If you fail to provide or if you withdraw your consent to receive Communications electronically, CoinSource reserves the right to immediately close your Account or charge you additional fees for paper copies.
Updating your Information
It is your responsibility to provide us with a true, accurate and complete e-mail address and your contact information, and to keep such information up to date. You understand and agree that if CoinSource sends you an electronic Communication but you do not receive it because your primary email address on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic Communications, CoinSource will be deemed to have provided the Communication to you.
You may update your information by logging into your account and visiting settings or by contacting our support team via e-mail at support@CoinSource.net.