Last modified: January 2021
THESE SERVICE TERMS AND CONDITIONS TOGETHER WITH OUR USER TERMS AND CONDITIONS APPLY TO AND GOVERN YOUR ACCESS TO AND USE OF THE PAYAPP APP "WEB-APP" AND WEBSITE
IT IS IMPORTANT THAT YOU READ AND UNDERSTAND OUR TERMS AND CONDITIONS AS BY USING THE APP YOU INDICATE THAT YOU ACCEPT THESE TERMS AND CONDITIONS. IF YOU DO NOT AGREE TO THESE TERMS AND CONDITIONS THEN DO NOT MAKE USE OF THE APP
1. General Service description
PayApp is a network-based trading platform that allows you to buy and sell virtual currencies. In addition, PayApp provides virtual currency storage (the afore mentioned all together Service)
2. No Investment Advice or Brokerage
For the avoidance of doubt, PayApp does not provide investment, tax, or legal advice, nor does PayApp broker trades on your behalf. All PayApp trades are executed automatically, based on the parameters of your order instructions and in accordance with posted Trade execution procedures, and you are solely responsible for determining whether any investment, investment strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. PayApp may provide educational information about Supported Digital Currency, as well as Digital Currency not supported by PayApp, in order to assist users in learning more about such Digital Currency. Information may include, but is not limited to, blog posts, articles, links to to third-party content, news feeds, tutorials, and videos. The information provided on this website or any third-party sites does not constitute investment advice, financial advice, trading advice, or any other sort of advice, and you should not treat any of the website's content as such. PayApp does not recommend that any Digital Currency should be bought, earned, sold, or held by you. Before making the decision to buy, sell or hold any Digital Currency, you should conduct your own due diligence and consult your financial advisors before making any investment decision. PayApp will not be held responsible for the decisions you make to buy, sell, or hold Digital Currency based on the information provided by PayApp.
3. Investments
PayApp will from time to time invest in commodities other than Virtual currencies to ensure an assets base, assets such as Gold Bullion,Gold Krugerrands, USD or GBP, Cryptocurrencies, property or other assets may be traded. It is at the sole discretion of PayApp management as to the amount of funds and timing of funds invested bought and sold and kept in assets.
4. EXTERNAL ACCOUNTS
Responsibility. You are solely responsible for your use of any External Account, and you agree to comply with all terms and conditions applicable to any External Account. PayApp is not responsible for any External Account, for any fees charged in connection with any transaction or for the management and security of any External Account. If your External Account is subject to a breach, you understand this is outside of PayApp' s control and responsibility and you may only seek damages from the External Account provider based on your agreement with the External Account provider.
Sending Funds to an External Account. You may send your Funds from your PayApp Account to an External Account that you have linked or registered via the Services. The amount of Funds you may send will be limited to the total amount of Funds that are not in Reserve and in excess of any minimum balance requirements (including as necessary to satisfy open orders you have created), less any Fees.
Timing. The time needed to complete an External Account transaction will depend in part upon the performance of third parties (including the party responsible for maintaining the applicable External Account), and PayApp makes no guarantee regarding the amount of time it may take to complete such transactions.
Rejected Transactions. In some cases, the External Account may reject a transaction or may otherwise be unavailable. You agree that PayApp will not be responsible for such rejected transactions or unavailability.
5. IMPORTANT INFORMATION – KEY RISKS
This section of the Agreement highlights certain risks associated with virtual currency transactions, payments services and other risks that we would like you to consider before using our Services. By entering into this Agreement, you confirm having understood and accepted to entirely bear all of such risks. You are solely responsible for understanding and complying with any and all laws, rules and regulations of your specific jurisdiction that may be applicable to you in connection with your use of PayApp Services, including but not limited to, those related to taxes or foreign currency transactions, as well as reporting and disclosure obligations.
Please note the following risks and requirements applicable to your use of PayApp Services:
(i) Risk of Fiat Funds Not Being Immediately Available We may close, suspend, or limit your access to your Account or our Services, and/or limit access to
your funds to the extent and for so long as reasonably needed to protect against the risk of liability if you violate this Agreement.
Please note that although you may only have one account with PayApp, your account has two separate and distinct functionalities: the payment functionality and the reserve
functionality. Your ability to access funds in your account and to execute payment transactions from your account will depend upon which functionality the funds are subject to
at any given time. For the purposes of this Agreement:
The element of your account which constitutes the payment functionality will be known as the "Current account". The payment account is the operational part of your account
through which you have access to funds and which can be used for the execution of payment transactions.
The element of your account which constitutes the reserve functionality will be known as the "Reserve or Savings account". Your access to the Reserve is restricted and you have
no ability to access funds in the Reserve or to execute payment transactions with funds in the reserve account. Funds held in the Reserve account may be marked or categorized,
for example, as "Pending", "Under Review", "Risk Reserve" or similar. Examples of when funds may be temporarily held in the Reserve by PayApp are related to certain anti-money
laundering, fraud, financial and other regulatory risks.
Funds held in the Reserve may, in some instances, still be used to trade on the platform however, the Reserve amount shall remain at the same value until released from the Reserve.
Any losses you may suffer as a result of utilisation of Reserve funds shall be covered solely by you, the holder of the account.
(ii) Payment Execution Risks PayApp will endeavour to execute a valid Payment Order made by you through your payment Account and credit the Payment Service
Provider of the person to whom you are sending your payment within the timeframes set out in this Agreement. However, these timeframes may be exceeded in case of deficiencies
affecting the payment schemes and financial networks available to PayApp.
Please note that PayApp will endeavour to execute a valid Payment Order made by you through your payment account and credit the payment service provider of the person to whom you
are sending your payment as soon as the payment schemes and financial networks available to PayApp allow.
(iii) Price Change Risk Associated with Using Virtual Currencies Prices of virtual currencies fluctuate day by day. Your virtual currency trade or balance
could surge or drop suddenly. Please note that there is a possibility that the price of a virtual currency could drop to zero. Prices of virtual currencies are prone to
significant fluctuations, for example, due to announced proposed legislative acts, governmental restrictions, news related to cyber-crimes or other factors, causing
potentially excessive market enthusiasm or disproportionate loss in confidence. Prices of virtual currencies can be manipulated.
PayApp shall bear no liability for any losses sustained as a result of value fluctuation of any of the virtual currencies listed on the Exchange.
(iv) Liquidity Risk and the Nature of Virtual Currencies Virtual currency is not legal tender and is not backed by the government. Unlike fiat currencies,
which are regulated and backed by local governments and central banks, virtual currencies are based only on technology and user consensus. In cases of massive manipulations
or market panic, central governments will not take any corrective actions to guarantee stability, maintain liquidity or protect the value of a virtual currency.
There is a possibility that certain trades cannot be settled or may be difficult to settle, or can be traded only at significantly adverse prices depending on the market situation
and/or market volume for certain virtual currencies. Particularly during periods of high volume, illiquidity, fast movement or volatility in the marketplace, the execution price
received in connection with a completed transaction may differ from the quote first provided.
There is also no assurance that a person who accepts a virtual currency as payment today will continue to do so in the future.
You acknowledge and understand these risks and assume them as your own by continuing to utilise the PayApp platform. PayApp shall bear no responsibility in the event of any
losses suffered as a result of the volatility of the market.
6. CLASS ACTION WAIVER
TO THE EXTENT PERMISSIBLE BY LAW, ALL CLAIMS MUST BE BROUGHT IN A PARTY’S INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE ACTION, OR REPRESENTATIVE PROCEEDING (COLLECTIVELY “CLASS ACTION WAIVER”). THE ARBITRATOR MAY NOT CONSOLIDATE MORE THAN ONE PERSON'S CLAIMS OR ENGAGE IN ANY CLASS ARBITRATION. YOU ACKNOWLEDGE THAT, BY AGREEING TO THESE TERMS, YOU AND PAYAPP ARE EACH WAIVING THE RIGHT TO THE RIGHT TO PARTICIPATE IN A CLASS ACTION.