PLEASE READ THESE TERMS OF SERVICE CAREFULLY, AS THEY CONTAIN AN AGREEMENT TO ARBITRATE AND OTHER IMPORTANT INFORMATION REGARDING YOUR LEGAL RIGHTS, REMEDIES, AND OBLIGATIONS. THE AGREEMENT TO ARBITRATE REQUIRES (WITH LIMITED EXCEPTION) THAT YOU SUBMIT CLAIMS YOU HAVE AGAINST US AND OTHER INDEMNIFIED PARTIES TO BINDING AND FINAL ARBITRATION, AND FURTHER (1) YOU WILL ONLY BE PERMITTED TO PURSUE CLAIMS AGAINST US AND INDEMNIFIED PARTIES ON AN INDIVIDUAL BASIS, NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY CLASS OR REPRESENTATIVE ACTION OR PROCEEDING, (2) YOU WILL ONLY BE PERMITTED TO SEEK RELIEF (INCLUDING MONETARY, INJUNCTIVE, AND DECLARATORY RELIEF) ON AN INDIVIDUAL BASIS, AND (3) YOU MAY NOT BE ABLE TO HAVE ANY CLAIMS YOU HAVE AGAINST US RESOLVED BY A JURY OR IN A COURT OF LAW.
Disclosure of Material Risks of the Services
Cryptocurrency is not legal tender, is not backed by any government or financial institution, and accounts and value balances are not subject to FDIC or 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 cryptocurrency
Transactions in Cryptocurrency are irreversible, and, accordingly, losses due to fraudulent or accidental transactions are not recoverable;
Cryptocurrency transactions shall be deemed to be made when recorded on the network’s public ledger, which is not necessarily the date or time that the customer initiates the transaction;
The value of cryptocurrency may be derived from the continued willingness of market participants to exchange fiat currency – such as US dollars – for cryptocurrency, which may result in the potential for permanent and total loss of value of Bitcoin or cryptocurrency should the market for Bitcoin or cryptocurrency fall;
There is no assurance that any person who accepts cryptocurrency as payment today will continue to do so in the future;
The volatility and unpredictability of the price of cryptocurrency relative to fiat currency may result in significant or total loss;
The nature of cryptocurrency as an Internet-based protocol may lead to an increased risk of fraud or cyber-attack;
The Company does not guarantee the Service’s availability.
Risk of Loss
A Customer assumes all risk of loss associated with the holding of Bitcoin(s) or any other cryptocurrency and acknowledges that Bitcoin is a volatile asset and that cryptocurrency is a volatile asset class. The Company is not an investment advisor and does not provide any person advice or guidance on the suitability of holding Bitcoin or similar cryptocurrencies. The Company is not in any way responsible if the price of cryptocurrency decreases following a Customer’s purchase.
The Company is not in any way responsible for the safekeeping of a Customer’s cryptocurrency following purchase (nor of a Customer’s currency if selling bitcoins). Though the Company has taken all reasonable precautions to ensure that the “paper wallets” printed from its Bitcoin kiosks are not compromised at the time of printing, the Company is not in any way responsible for the safekeeping or security of the Bitcoins or cryptocurrency on these “paper wallets”. If a Customer loses his “paper wallet”, it will be impossible for the Company to retrieve those Bitcoins or cryptocurrency as the Company shall for security reasons not retain a copy of the private key to any “paper wallet”; the Company shall not reimburse that Customer if they lose their “paper wallet”. The Company is not a custodian of the paper wallets nor a custodian of the Customer’s funds and has no ability to access customer funds on “paper wallets” or on any cryptocurrency wallet.
The Company is not a provider of cryptocurrency wallets. In order to access our Service, you may be required to use a cryptocurrency wallet provided by a third-party. You must use your own cryptocurrency wallet. You are not permitted to use the cryptocurrency wallet of any other person or any third party. If the Company recommends or requires that the Customer use third-party wallet applications for the storage of Bitcoins and other cryptocurrency, it is solely that Customer’s responsibility to conduct his or her own due diligence on those applications before using them. We have no control of or responsibility for any such wallets provided by a third-party, and cannot provide support these wallets. The Company cannot provide any technical or customer support for any malfunction or other issue that may arise in connection with your use of such wallets. You are wholly responsible for maintaining the security of any wallet you may use in connection with the Service. The Company is not responsible in any way for the functionality of such wallets or the safekeeping or security of cryptocurrency sent by the Company to or from a third-party wallet, or any cryptocurrency stored in a third-party wallet. Customer acknowledges and agrees that they will only use a wallet they own to conduct transactions using the Service, and will not use the Service to send cryptocurrency to or from a third-party or third-party wallet address. Customer acknowledges and agrees that they will only use a wallet that the Customer personally has custody of, and will not send cryptocurrency to or from any wallet hosted on an exchange.
Customer Eligibility to Use the Service
To help the government fight the funding of terrorism and money laundering activities, federal law may require us to obtain, verify, and record information that identifies each Customer who uses or seeks to use the Service. What this means for you: When you request a transaction at any ATM, we may ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. This required identifying information may change at any time for any reason.
You may be required to complete this identity verification process to the satisfaction of iCoin Mart in order to access and use an ATM or certain features of the Service. You agree to provide true, accurate, current and complete information about yourself. Even if you have previously verified your identity with us, we may ask for additional information to allow us to verify your identity again. This may occur at any time, for example, if you request to make a transaction in a larger amount than your prior transactions, or if we believe there may be suspicious activity on your account. We may refuse to open an account for you, or restrict or close your existing account if we cannot verify your information, or if you do not provide identifying information and documents as requested.
If you are under 18 years of age, or the age of majority in your state, province, or territory, you are not authorized to use the Service. The Company does not accept incorporated or organized entities as Customers of the Service. The Service is for personal use only. We reserve the right to reject any person as a Customer of the Service for any lawful reason.
You are not permitted to use the cryptocurrency wallet of any other person or any third party. As a Customer, you agree to use your own cryptocurrency wallet for any and all transactions. Further, you agree that you are a U.S. based Customer and that your cryptocurrency wallet is located in the U.S.
Transactions and Limitations
Subject to these Terms of Service, the Service is designed to allow you to purchase and sell Bitcoins and other cryptocurrency at any ATM location owned by the Company. You must be physically present at a iCoin Mart-owned and operated ATM in order to conduct a transaction. You may not use or access the Service or your account at any ATM, kiosk, or other location that is not owned and operated by the Company. The Service is not accessible via the Internet.
Transactions may be made only in Canadian Dollars, U.S. Dollars and the cryptocurrencies supported by the Company. Supported cryptocurrencies may change from time to time.
ALL TRANSACTIONS ARE IRREVERSIBLE AND NON-REFUNDABLE. You have no right to stop payment on any transaction. The ATM may provide you with a transaction receipt. Please keep this transaction receipt for your records.
The Company may at any time limit the amount of any transaction that may be conducted by a Customer, and institute daily, weekly and/or monthly transactional limits on a Customer’s use of the Service. These limits may be changed at any time for any reason by the Company in its sole discretion, with or without notice to you. Use of multiple wallets or another person’s identifying information to circumvent these limits is strictly prohibited and may result in suspension of your ability to use the Service. We have the absolute right to close or suspend your account at any time, and for any reason not prohibited by law. We also have the absolute right in our sole discretion to reject any transaction request for any reason.
If we are served with a subpoena, restraining order, writ of attachment or execution, levy, garnishment, search warrant, or similar order relating to your account or use of the Service (“Legal Action”), we will comply with that Legal Action. Or, in our discretion, we may freeze or place a hold on any assets you have tendered to us, a final determination has been made by a court or relevant regulatory authority regarding the Legal Action. We may do these things even if the Legal Action involves less than the amount on which the hold was placed. In these cases, we will not have any liability to you because we fail to complete your requested transaction, or because in any way restricted access to your funds, account, or use of the Service in accordance with the Legal Action. You may be responsible for any fees or expenses we incur in responding to any Legal Action (including attorneys’ fees and our internal expenses).
We may also place a hold on any assets you tender at an ATM if we believe, in our sole discretion, that the requested transaction is suspicious or is in violation of law or these Terms of Service. We may refuse to release the hold on any such funds for as long as we deem reasonably necessary to complete an investigation of the activity or source of the assets. Funds may be frozen, blocked, or delivered to a regulatory authority if required by applicable law, at the order, direction, or request of a regulatory authority, or as reasonably necessary to ensure the Company can comply with all of its legal obligations and cooperate with any investigation, subpoena, inquiry, request for information, examination, or similar request from a regulatory authority.
You agree that we may charge, and you will pay, a transaction fee and a flat fee for each transaction you make. The transaction fee is calculated as a percentage of your total transaction amount. The flat fee is a fixed fee that does not depend on the size of your transaction. The transaction fee and flat fee are included in the exchange rate applicable to your transaction. Before you make a transaction, we will tell you the exchange rate applicable to your transaction. By proceeding with the transaction, you agree to pay the exchange rate, including the transaction fee and flat fee, and you agree to the other terms applicable to the transaction as set forth in these Terms of Service. If you do not agree, you may not proceed with the transaction and must immediately discontinue your use of the ATM for that transaction.
iCoin Mart ATMs have low regularly advertised fees. iCoin Mart offers a price-matching program to ensure that our fees are low. If you have found a low regularly advertised fee for the same service on a cryptocurrency/Bitcoin ATM within 5 miles of the iCoin Mart ATM you intended to use, contact iCoin Mart at email@example.com. To take advantage of this program, you must provide: (1) the iCoin Mart ATM location you intended to utilize and (2) proof of the low fee (inclusive of all costs) for a competitor cryptocurrency/Bitcoin ATM located within 5 miles of the iCoin Mart ATM you intended to use. iCoin Mart reserves the right to deny the price-match if proof of a low fee is not provided, is fraudulent, or is otherwise inadequate.
It is the sole responsibility of the Customer to check the accuracy of information entered while using the Service, including, but not limited, to the amount of the requested transaction, the type of currency or cryptocurrency to be exchanged and transferred, and the account/cryptocurrency address to or from which the cryptocurrency will be transferred. Account/cryptocurrency address details displayed on the order summary page will be the final transfer destination. By submitting a transaction request at an ATM, you authorize us to complete the transaction according to the information you entered and was presented to you on the order summary page. In the case that this information is incorrect, and funds are transferred to an unintended destination, the company shall not reimburse the customer nor be liable for any loss. As such customers must ensure the cryptocurrency address that they enter or scan is correct. If we believe any error occurred with respect to a transaction you make at a iCoin Mart ATM, we may, but are not required to, charge your account or the wallet you presented at the ATM as needed to correct the error. You hereby authorize all such charges and agree to provide us with any information we need to conduct that transaction.
Customers agree that they will not use the Service to perform any type of illegal or illicit activity of any sort, including, but not limited to, money laundering, narcotics trafficking, human trafficking, tax evasion, or terrorism financing, or do anything to negatively affect the performance of the Service or violate these Terms of Service. Suspicion of using the Service for an unauthorized or illegal activity, or in violation of these Terms of Service, is cause for the Company to suspend all access of a Customer to the Service; whether this suspicion is warranted is exclusively within the absolute discretion of the Company.
Customers agree to respond to all inquiries from the Company regarding the Customer’s account or transactions; failure to diligently respond to the Company’s inquiries may result in a suspension of the account and future transactions.