1. Why this information is important
These terms and conditions govern the relationship between you and us. Some features of our crypto services may be available to different plan customers only or they may only be available in certain geographic locations. You can refer to our FAQs for more information. They apply when you: use the ExpressWallet app to buy, sell and withdraw cryptocurrency; or send cryptocurrency to other ExpressWallet accounts (sometimes called an “off-chain transfer”). They also set out other important things that you need to know. These terms and conditions, form a legal agreement (the agreement) between: you; and us, Flyingapp Limited. By entering into the agreement, you are appointing us as your agent to provide our crypto services (services that allow you to buy, sell, withdraw and transfer cryptocurrency). You are also appointing us to provide nominee services, which means that we will act as your ‘nominee’ for the purpose of holding your cryptocurrencies. If we see fit, we may appoint another person or organisation to hold your cryptocurrencies. That person or organisation would be referred to as a sub-custodian. If there is any inconsistency between these terms and conditions and our Personal Terms, these terms and conditions will apply. You can ask for a copy of these terms and conditions from one of our support agents through the ExpressWallet app. Please read these terms and conditions carefully. To use our crypto services, you must have a payment account with a company in the ExpressWallet group. We call this your “ExpressWallet account”. Your ExpressWallet account is used to make and receive payments for our crypto services.
2. The cryptocurrencies available
The cryptocurrencies available through our crypto services from time to time are shown in the app. We’ll let you know if we start offering any other cryptocurrencies. We’ll also let you know in advance if we decide to stop offering a cryptocurrency. To make sure you have safe access to our crypto services, download any updates for your device or the ExpressWallet app as soon as they become available. We call our services that allow you to buy, sell, withdraw and transfer cryptocurrency our crypto services.
3. How we set the exchange rate
Our exchange rate for buying or selling cryptocurrency is set by us, based on the rate that the crypto exchanges offer us. It is a variable exchange rate and, which means it is constantly changing. You can always see the current rate in the ExpressWallet app. Our exchange rate doesn’t include our fees. We charge you a small fee on crypto exchanges as set out in our Fees Page. We’ll show you this fee in the app before you make an exchange, as well as after you make an exchange in the transaction details. The exchange rate may change between the time you told us you wanted to buy or sell cryptocurrency and the time we actually buy or sell it on your behalf. This means that if you ask us to buy cryptocurrency, you may receive a little more or less cryptocurrency than what you had expected and if you ask us to sell cryptocurrency, you may receive more or less money than you expected. We are not responsible if you suffer any losses as a result of trading in cryptocurrency.
4. Risks of cryptocurrencies
Cryptocurrency carries significant risks. You should carefully consider whether it is appropriate for you to buy cryptocurrency. These risks include the following: unlike normal money, when you buy, sell or transfer cryptocurrency you are dealing with something digital, not something tangible. This means that, like any other digital system, cryptocurrencies are at risk of being hacked or affected by technical problems. This could result in you losing your cryptocurrency or delay your ability to sell, transfer or spend it; the regulation (or lack of regulation) of cryptocurrency or crypto exchanges can change at any time. Any change is likely to affect the value of any cryptocurrency we hold for you; and the value of cryptocurrency can fall (and is more likely to do so than normal money is). This could happen if, for example: a new, better cryptocurrency is created; software developers make unexpected changes to how the cryptocurrency works; or there is a change in cryptocurrency regulation. The price or value of cryptocurrencies can rapidly increase or decrease at any time. It may even fall to zero. Unlike normal money, no bank or government can stabilise the value of cryptocurrency if it changes suddenly. Legal bits and pieces
5. What happens if there’s a ‘fork’?
A fork is a sudden change in how a cryptocurrency works. A fork may seriously change the function, value or even the name of a cryptocurrency. If this happens, we’ll speak to our partnered cryptocurrency exchanges and work out the best approach for our customers. Unfortunately, for reasons beyond our control, a fork may cause a cryptocurrency we hold for you to be split into two cryptocurrencies. If this happens, the following may apply, as we see fit: you’ll get a balance in the one of those two cryptocurrencies that our partnered exchanges decide to support as the main cryptocurrency; and/or you won’t necessarily get any or all of the two new cryptocurrencies (for example, if our partnered exchanges decide not to support those cryptocurrencies). A fork can also affect the exchange rate.
You may have to pay taxes or costs on our crypto services. We are not responsible for collecting these from you, for making any payments on your behalf, or for providing any reports relating to tax.
7. Can you change these terms?
We can change these terms and conditions, but we’ll only do it for the following reasons: to make them easier to understand or more helpful to you; to reflect the way our business is run (for example, if the way a financial system or technology is provided changes); to reflect legal or regulatory requirements that apply to us; to reflect changes in the cost of running our business; or because we are changing our services or products, or adding new ones. Telling you about changes If we add a new product or service that doesn’t change our existing terms and conditions, we may add it immediately and let you know before you use it. Otherwise we’ll give you 30 days’ notice through the ExpressWallet app before we make any changes. If you don’t like the change, you can end your agreement with us. We’ll assume you’re happy with the change unless you tell us otherwise before the change is made.
8.Are you responsible if something goes wrong with your crypto service?
We’ll do as much as reasonably possible to make sure that our crypto services are not interrupted, are secure and virus-free, and are accessible at a reasonable speed. However, we can’t promise that this will always be the case. Sometimes we’ll suspend use of our crypto service so that we can make technical changes, add new features (such as new cryptocurrencies), make sure it runs smoothly or improve its security. We’ll try to give you notice before we do this, although we might not be able to do so in an emergency. We’ll also try to limit any suspension so it lasts as short a period as possible. We won’t be responsible to you for losses that arise: if our crypto service isn’t available; if we don’t meet our obligations under these terms and conditions because of a legal or regulatory requirement; or because there were unusual or unexpected events outside our control. We will only be responsible for foreseeable losses If we don’t meet our obligations under these terms and conditions, we will not be responsible for any loss that we couldn’t have thought you’d suffer at the time we entered into the agreement with you. Nothing in these terms and conditions removes our liability for death or personal injury resulting from our negligence or for fraud or fraudulent claims and statements.
9. When you might be responsible for our losses
You may be responsible to us for certain losses If you break these terms and conditions in a serious way, and this causes us to suffer a loss, the following will apply: you will be responsible for any losses we suffer as a result of your action (we will try to keep the losses to a minimum); if your actions result in us losing profits, you may also be responsible for those losses, unless this would mean that we are compensated twice for the same loss; and you will also be responsible for any reasonable legal costs that arise in connection with our losses
10. When could you end your crypto services?
We will try to give you two months’ notice if we need to end your crypto services. However, we may let you know that we are immediately ending this agreement if any of the following apply: we suspect that you are behaving fraudulently; you haven’t given us information we need, or we believe that information you have provided is incorrect; you’ve broken these terms and conditions regularly or in a serious way, and you haven’t put the matter right within a reasonable time of us asking you to; you have died; you’ve been declared bankrupt (or the equivalent in the country you live in); we have good reason to believe that your use of our crypto service could damage our reputation or business, or badly affect us or any of our services; or we have to do so by law. What happens if we end this agreement If we end this agreement we will sell all the cryptocurrency that we hold on your behalf and place the equivalent amount of fiat back to your account. We may also end your other agreements with us. You can speak to us through the ExpressWallet app or contact us for more information.