Security14. It is important that you safeguard your Account details and any passwords, equipment or software required for operation of the Account, for example, your mobile device. If you do not, then you may be liable for unauthorised transactions and other amounts as explained further in the Terms & Conditions.
15. Your use of blockchain technology and digital assets, including Stablecoins, involves risk of hacks, security breach, viruses, malicious computer code or other forms of interference which may result in loss of digital assets, data and/or damage your own computer systems or device. You should also remain vigilant of the risk of fraud and scams when it comes to interacting with financial services, payment and blockchain based systems.
16. In certain circumstances, the Issuer’s liability in respect of unauthorised or mistaken transactions is limited, meaning that you may be liable for the transaction and may not be able to get your funds back. In some circumstances the Issuer may not be liable for losses caused by equipment or system failure (including consequential losses), meaning that you may still be liable for the transaction and consequential losses.
Counterparty risk
17. As an issuer of NCP products, the Issuer must comply with the financial requirements imposed under our AFSL as set out in ASIC Regulatory Guide 166 and other regulatory financial obligations. The goal of these requirements is to ensure that we meet the minimum level of financial resources required by law to conduct business and meet any liabilities as and when they may arise.
18. Counterparty risk is the risk that another party may default on their contractual obligations. In the event of a default due to bankruptcy, fraud, or liquidation of a company you may recover less than the amounts owing to you. When you use Send, you have a counterparty risk with the Issuer and you rely on our financial ability to fulfill our obligations to you. There is a risk that we may become unable to meet our obligations to you at the time they fall due.
19. The ability to use Send is also dependent on the Stablecoins in your Stables Account being transferred. Accordingly, if Stables becomes insolvent or if there is otherwise a delay in the transfer of the amount, there is a risk you may not be able to use, send and/or receive Stablecoins using Send.
20. Your Stables Account is not a bank account and the balance amount in your Stables Account available for Send is not held on deposit. You do not have any depositor protection under the Financial Claims Scheme or any government guarantee, which means you may lose all or part of your remaining balance of your Stables Account in the event of an insolvency of Stables.
Stablecoin and currency risks
21. The Send feature currently supports the USDC Stablecoin only. USDC is issued by Circle. Circle represents USDC is backed and redeemable 1:1 for US dollars. The Issuer and Stables do not issue or redeem USDC and do not hold fiat currency reserves. Accordingly, dealing or holding Stablecoins like USDC involves counterparty risk in the issuer of the Stablecoin.
22. The value of Stablecoins (like other digital currencies) can fluctuate relative to fiat currencies and there is a material risk of economic loss when buying, selling, holding or investing in Stablecoins. For example, a Stablecoin may not trade, or be redeemable for fiat currency from its issuer or wholly backed by liquid reserves held by the stablecoin issuer. The value of Stablecoins may also depend on the solvency or credibility of the issuer of a Stablecoin.
23. While the value of Stablecoins should not directly affect your ability to use Send, you should be aware of the risks that your Stablecoins’ value may fluctuate relative to fiat currency between the time you submit a Send request and the time your recipient receives the Stablecoins, which is outside of our control. The Issuers and Stables shall have no liability for fluctuations in the value of Stablecoins held in your Account or in which you transact relative to fiat currency.
Service availability
24. When you use Send and submit a valid request to transfer Stablecoins, we endeavor to execute the transfer in a reasonable period of time, usually within minutes. However, the speed of our service is dependent on the speed and reliability of the underlying technologies, including blockchain and telecommunication networks.
25. In some circumstances, there is a risk the Send product may not be available for an extended period of time. The Issuer is dependent upon the reliability and operational processes of technology and communications providers, with respect to computer and telecommunications network. It is also dependent on public blockchain networks which are not operated or controlled by the Issuer, Stables or their related parties. As a result, process and service disruptions or delays may occur periodically due to technological constraints, including blockchain congestion.
26. The operation of blockchain networks are also subject to a range of factors, for example, blockchain networks may go offline as a result of bugs, forks, or other unforeseeable reasons.
Operational risk
27. Operational risk is the risk of delay or loss resulting from inadequate or failed technological systems, internal processes or external events. We make our best efforts to avoid any problems caused due to technical or administrative reasons, but such problems may still occur. We are making our best efforts to make Send available at any time and accessible from different locations. However we cannot totally exclude the possibility that the access to Send will not be interrupted or restricted.
28. For example, there are risks related to processing your transactions/instructions and communicating through the internet. They could also include software errors and bugs, problems with internet access and data transfers, interrupted service, security breaches and other faults. As mentioned above, given the nascent nature of blockchain technologies, there are also enhanced risks related to bugs, forks, blockchain congestions, downtime, failures, attacks or other unforeseeable reasons.
Risk of cryptographic systems
29. Using the Send product involves inherent risks associated with cryptographic systems. You should only use the product if you have an understanding of the usage, risks, and potential bugs based on novel technology (where applicable), and intricacies of cryptographic tokens, smart contract based tokens such as those that follow the Ethereum Token Standard, including but not limited to ERC-20 tokens and Stablecoins, as well as any other blockchain-based or digital currency related system that you may encounter by or through your use of Send.
30. Cryptography is a progressing field. Advances in code cracking or technical advances such as the development of quantum computers may present risks to smart contracts and digital currencies which could result in the theft or loss of your cryptographic tokens or property, among other potential consequences.
Fees31. We will charge you fees and charges in accordance with the fees table on our website for the different scenarios in which you use Send.
32. Whenever you use Send to transfer Stablecoins to a third party Digital Wallet, your transaction will involve a transaction on a blockchain and gas fees in connection with processing transactions on the blockchain network. This fee may vary based on a number of factors (e.g. how many transactions the blockchain is processing during the same time period) and entirely outside the control of the Issuer, Stables or any related party. We will let you know the expected amount of gas fee and our fee when you submit your Send request. By authorising a transaction using Send, you accept our fee and the gas fee relating to your transaction which may vary from the gas fee quoted to you before authorising your transaction.
33. We may adjust the above fees and charges at our discretion and will inform you of any updated fees and charges via the Website and App. The fee will also be shown to you before authorising a transaction.
34. All fees or charges will be directly deducted from your Account as soon as they are incurred inaccordance with the Send Terms & Conditions.
Tax matters
35. The regulation and laws in respect of digital currencies and in respect of any tax actions in relation to your use of the Send product may change or be interpreted differently over time which may result in adverse tax or other consequences for you. The Australian Tax Office has issued guidance on a range of matters relating to digital currencies and were commend that you obtain tax advice in relation to your tax obligations arising from your use of the Services. Neither the Issuer nor Stables are liable for any taxes, duty or other charges payable by you or a third party through your use of the Send product. You are responsible for payment of all taxes(including GST) and other charges for which you become liable in relation to your use of Send.
Limitation of liability risks
36. The Global General Terms of Use and Send Terms & Conditions impose limits on the liability of the Issuer and Stables which may limit your ability to recover loss or damage in relation to the services. We must comply with our obligations as a financial services licensee to act efficiently, honestly and fairly and minimum requirements under consumer protection laws, among others.
Viewable by public
37. You are aware that due to the technological features of a blockchain, your transactions using Send may be stored on a blockchain and therefore may become public and viewable by anyone.
What happens if you have a complaint?
38. If you have a complaint about Send, please contact our authorised representative Stables by calling 1300 160 858 or sending an email to
[email protected].
39. We will acknowledge your complaint promptly, either verbally or in writing, and do our best to resolve it straight away. If we can’t resolve your complaint within 5 business days, we will provide you with a written response providing the final outcome within no later than 30 days. We aim to resolve all complaints within 21 days. However, in some cases it may take up to 30 days. Your complaint may take a little longer to assess if we need more information or if your complaint is complex. In all cases, we’ll keep you updated on the progress. You can ask for information about how we manage complaints.
40. If you are not satisfied with our response, you may lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA provides free and independent financial services complaint resolution and can be contacted on
website: www.afca.org.au
Email:
[email protected]Phone: 1800 931 678 (free call)
Mail: GPO Box 3, Melbourne VIC 3001.
Time limits may apply to complaints to AFCA so you should act promptly or otherwise consult the AFCA website to find out if or when the time limit relevant to your circumstances expires.