1.2 Paysafe Financial Services Limited is a company incorporated under the laws of England and Wales with registration number 4478861. We are authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 for the issuance of electronic money. Our FCA e-money register number is 900015.
2.1 You may only access the Cryptocurrency Service if:
2.1.1 you are a NETELLER Member;
2.1.2 your NETELLER Account has not been locked or suspended by NETELLER.
2.1.3 you are resident in a Supported Country.
2.2 Eligible NETELLER Members can use the Cryptocurrency Service by logging into your NETELLER Account and selecting “Crypto”.
2.4 In certain circumstances, we may ask certain questions or request additional information from you in order to check/verify your identity so that we can continue to meet our legal obligations.
2.4.1 We may need to do those checks before or after you can use the Cryptocurrency Service.
2.4.2 We may require you to provide us with information if we reasonably need it in order to complete our checks.
2.5 By using the Cryptocurrency Service, you confirm that:
2.5.1you have read and understand the Cryptocurrency Service Risk Statement; and
3. The Cryptocurrency Service
3.1 The Cryptocurrency Service enables you to:
3.1.1 buy interests in one or more Supported Cryptocurrencies using e-money in your NETELLER Account; and
3.1.2 sell your interests in one or more Supported Cryptocurrencies in exchange for e-money.
3.2 We may elect to treat additional cryptocurrencies as “Supported Currencies” from time to time. We will notify you by email when any additional cryptocurrencies are added to the service.
3.3 Upon receipt of each “buy” order, you authorise us (in accordance with your Order Instructions) to:
3.3.1 debit the Buy Price from the e-money balance in your NETELLER Account;
3.3.2 buy the Supported Cryptocurrency via our partner cryptocurrency exchange(s) (each a “Cryptocurrency Exchange”); and
3.3.3 assign to you our beneficial interest (including any rights, title and benefits arising therefrom) in the Supported Cryptocurrency which we have purchased for you under this section 3.3, which shall be held on your behalf in a pooled account with the Cryptocurrency Exchange.
3.4 Note. Following fulfilment of a buy order, the Cryptocurrency Exchange may continue to hold the Supported Cryptocurrency for you on an “omnibus” basis, which means that it may be held alongside cryptocurrency belonging to other Cryptocurrency Exchange customers (as well as cryptocurrency belonging to the Cryptocurrency Exchange itself). For more information on this, please see our Risk Statement.
3.5 If you do not have sufficient funds in your NETELLER Account to support a “buy” order, we will require you to upload sufficient funds to complete the Cryptocurrency Transaction.
3.6 The value of your interest in the Supported Cryptocurrency/ies will be displayed on your NETELLER Account dashboard alongside your other e-money balances denominated in Fiat Currency.
3.7 Upon receipt of each “sell” order, you authorise us (in accordance with your Order Instructions) to:
3.7.1 sell the Supported Cryptocurrency back to the Cryptocurrency Exchange; and
3.7.2 credit the Sale Price for your beneficial interest to the e-money balance in your NETELLER Account.
3.8 By using the Cryptocurrency Service, note that:
3.8.1 you will have no relationship, contractual or otherwise, with the Cryptocurrency Exchange;
3.8.2 you will not have a personal cryptocurrency wallet with the Cryptocurrency Exchange; and
3.8.3 we will only update your NETELLER Account to reflect your interest in Supported Cryptocurrency/ies once we have received confirmation of the completed purchase or sale from the Cryptocurrency Exchange.
3.9 No Financial Advice. As part of the Cryptocurrency Service, we may provide information on the price, range, or volatility of the Supported Cryptocurrencies and events that have affected the price of cryptocurrencies. We will not however provide you with any advice in connection with the Cryptocurrency Service therefore you should not rely on any information provided (whether provided directly by us or via the Cryptocurrency Exchange) - any decision to buy or sell an interest in a Supported Cryptocurrency rests with you. Any such information provided is solely for your personal use and you may not redistribute it to any third party. If you are unsure about whether a transaction involving Cryptocurrency is suitable for you and your circumstances you should contact an independent financial adviser.
4. Placing an Order; No Cancellation
4.1 You will be able to place an Order by:
4.1.1 logging into your NETELLER Account in the usual way and selecting “Crypto”;
4.1.2 selecting your chosen Supported Cryptocurrency and Fiat Currency (as relevant); and
4.1.3 selecting the amount you wish to buy or sell;
4.1.4 reviewing the applicable fees; and
4.1.5 pressing the “Confirm” button.
4.2 When you press the “Confirm” button, we will immediately submit a buy/sell order to the Cryptocurrency Exchange, which means that you won’t be able to cancel an Order once you’ve submitted your instructions to us.
4.3 We may execute any Cryptocurrency Transaction on the terms of the Order received by us. This means that:
4.3.1 you cannot cancel, change or reverse a Cryptocurrency Transaction once it has been accepted by us; and
4.3.2 we are not obliged to modify, suspend or reject any Orders that we have received.
5. Restrictions/limitations on your use of the Cryptocurrency Service
5.1 You may only use your e-money balance in your NETELLER Account to buy and sell interests in cryptocurrency via the Cryptocurrency Exchange. You may not buy interests via any cryptocurrency exchange that we do not partner with.
5.2 You may not use the Cryptocurrency Service to:
5.2.1 transfer any interest in Supported Cryptocurrencies to other NETELLER Members;
5.2.2 use interests in Supported Cryptocurrencies to transact with merchants;
5.2.3 spend your interests in Supported Cryptocurrencies directly on any Net+ Prepaid Mastercard you may have;
5.2.4 transfer any interest in Supported Cryptocurrency held outside of a NETELLER Account (e.g. in a cryptocurrency wallet you may hold with another provider) into a NETELLER Account; or
5.2.5 transfer any interest in Supported Cryptocurrency from your NETELLER Account to any other account (e.g. a cryptocurrency wallet you may hold with another provider).
5.3 We may apply limits to the number or value of Cryptocurrency Transactions you are able to undertake (e.g. limiting the amount of the interest in Supported Cryptocurrency you are able to buy in a single transaction) if we reasonably think it would help to manage any risk in a proportionate way.
5.4 Any limits as described in section 3 above will be communicated to you within your NETELLER Account while using the Cryptocurrency Service prior to any proposed transaction being confirmed by you.
6. Transaction Records
6.1 Each time you effect a Cryptocurrency Transaction, we will:
6.1.1 send you a receipt to the primary email address registered to your NETELLER Account, including details about the transaction; and
6.1.2 display the transaction details in your transaction history (which you can access by clicking the “History” tab, which shall include the date of transaction, the Fees charged and, where applicable, the exchange rate applied.
6.2 Each Cryptocurrency Transaction is given a unique transaction ID and shown in the transaction history. We will not alter or amend information displayed in your online transaction history.
6.3 You should check your transaction history regularly and you should report any irregularities or clarify any questions you may have as soon as possible by contacting Customer Service.
7. Availability of Cryptocurrency Service
7.1 We make no guarantee that you will be able to buy or sell an interest in a Supported Cryptocurrency at the time of your request. We will only reflect the purchase or sale of your interest in your NETELLER Account if we have been able to fulfil the underlying Cryptocurrency Transaction with the Cryptocurrency Exchange.
7.2 We cannot guarantee the value of any Supported Cryptocurrency at the point you submit your Order. We will use reasonable efforts to fulfil your Order at the price offered but in some circumstances the Cryptocurrency Exchange may not allow us to do so (and may not tell us why). If this happens, we will notify you and ask you to re-authorise the Cryptocurrency Transaction (which may be at a different Buy Price/Sell Price).
7.3 The underlying protocols of the Supported Cryptocurrencies are subject to sudden changes in operating rules (‘forks’). If a fork occurs within the underlying system, we will liaise with the relevant Cryptocurrency Exchange in order to determine the best approach for NETELLER Members in relation to such event. Any decision made on behalf of NETELLER Members will be made at NETELLER’s sole discretion.
7.4 The Cryptocurrency Service is provided without warranty of any kind, either express or implied. We do not represent that the Cryptocurrency Service will be available all of the time to meet your needs. We will use reasonable endeavours to provide you with the Cryptocurrency Service as soon as possible but we do not guarantee that access will not be interrupted, or that there will be no delays, failures, errors, omissions or loss of transmitted information.
7.6 We may suspend use of the Cryptocurrency Service for maintenance and we will make reasonable efforts to give you notice of any such suspensions. Where this isn’t possible, we’ll provide you with notice as soon as possible after the fact.
8.2 Each Cryptocurrency Transaction will be subject to a Fee, which we will also display on the “Crypto” page prior to each Cryptocurrency Transaction.
8.3 Fees may vary depending upon the currency in which your NETELLER Account is denominated.
8.4 Fees payable by you will be incorporated within the Buy Price or Sell Price (as applicable) and will be deducted from your NETELLER Account balance and you hereby authorise us to do the same. Fees will be charged when the Cryptocurrency Transaction is executed. If your NETELLER Account balance is insufficient to cover the Fees, we may refuse to execute the Cryptocurrency Transaction. Reversal or chargeback Fees will be deducted when incurred.
9. Termination and suspension
9.1 You may terminate your access to the Cryptocurrency Service with us at any time by sending us notice in writing.
9.2 We may terminate your access to the Cryptocurrency Service at any time by giving you notice, which may take effect immediately or on such later date as may be specified in the notice.
9.3 We may at any time suspend or terminate your use of the Cryptocurrency Service without notice if:
9.3.1 we are required to take such action by the Cryptocurrency Exchange;
9.3.3 you violate or we have reason to believe that you are in violation of any law or regulation that is applicable to your use of the Cryptocurrency Service;
9.3.4 we have reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity; or
9.3.5 it is reasonably necessary for us to do so to prevent you or us contravening any applicable law or regulatory requirement.
9.4 We may suspend your use of the Cryptocurrency Service at any time:
9.4.1 for security reasons; or
9.4.2 if we reasonably suspect the Cryptocurrency Service has been or is being used without your authorisation or fraudulently; and we shall notify you either prior to the suspension or, if prior notification is not possible under the circumstances, promptly after the suspension unless we are prohibited by law to notify you.
9.5 We will try to give you advance notice of any suspension. Where advance notice is not possible, we will provide you with notice as soon as reasonably practicable thereafter. Unless we are prevented by law (or unless the Cryptocurrency Exchange does not provide us with details), we will try to provide you with details of the nature of the suspension, the anticipated duration and anything you have to do to remedy any error or circumstances which have led to the suspension.
9.6 On termination, unless prohibited by applicable law or by any court or other order to which we are subject in any jurisdiction, for a period of 60 days following the date of termination:
9.6.1 you will continue to be able to view the balance of your interest(s) in Supported Cryptocurrencies on your NETELLER Account dashboard;
9.6.2 you will not be permitted to buy any further interests in Supported Cryptocurrencies; and
9.6.3 you may – at our discretion – sell your interests in Supported Cryptocurrencies back to us.
If at the end of the 60 day period you have not sold down all your interests in Supported Cryptocurrencies, you shall authorise us to buy back your interests at the best available price via the Cryptocurrency Exchange. The proceeds of such buy back will be credit to the e-money balance in your NETELLER Account.
9.7 For the avoidance of doubt, if your NETELLER Account is terminated or suspended your access to the Cryptocurrency Service will also be terminated or suspended (as applicable).
10. Limitation of Liability
10.2 Subject to section 1, we shall not be liable for:
10.2.1 any disruption or impairment of our service or for disruptions or impairments of intermediary services on which we rely for the performance of our obligations hereunder, provided that such disruption or impairment is due to abnormal and unforeseeable circumstances beyond our reasonable control or the control of the intermediary affected;
10.2.2 any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputation;
10.2.3 any losses arising from our compliance with legal and regulatory requirements;
10.2.4 the assessment or payment of any taxes, duties or other charges that arise from your use of the Cryptocurrency Service;
10.2.5 any losses arising from the inaccuracy or incompleteness of any market data provided to you in the course of us providing the Cryptocurrency Service (whether such data is provided to us by the Cryptocurrency Exchange or otherwise);
10.2.6 any losses arising from any act or failure to act by the Cryptocurrency Exchange; and
10.2.7 any losses arising from incorrect instructions received by us from you.
11.1 Any complaints about us or the Cryptocurrency Service should be addressed to us in the first instance by contacting Customer Service. You should clearly indicate that you are wishing to make a complaint to us. This helps us to distinguish a complaint from a mere query. We send you a complaint acknowledgement by post or by email within 48 hours of receiving your complaint in accordance with our complaints procedure. A copy of our complaints procedure is displayed on our website.
11.2 We endeavour to provide you with an answer or resolution to your complaint within 15 days. Should this not be possible due to unforeseen circumstances or lack of information, we will contact you.
11.3 Please note that as the Cryptocurrency Service is not regulated by the FCA you will not have any recourse to the Financial Ombudsman Service in the event of a complaint.
12.2.1 because of a change in legal or regulatory requirements;
12.2.2 if the change benefits you, for example when introducing new products or services or improving existing ones;
12.2.3 to reflect a change in our costs of running the Cryptocurrency Service; or
12.2.4 to respond to any other change that affects us, if it's fair to pass on the effects of the change to you, for example to reflect developments in the cryptocurrency market.
12.3 We may also make changes for any other reason that we cannot foresee, for example to respond to changes in the cryptocurrency industry that affect how we wish to deliver the Cryptocurrency Service to you.
12.5 If you object to the changes, they will not apply to you. However, any such objection shall constitute a notice by you to terminate your access to the Cryptocurrency Service and you will no longer be able to use the Cryptocurrency Service.
“Buy Price” means the price payable by you to us (plus applicable Fees) for the purchase of interests in Supported Cryptocurrencies, the value of which shall be deducted from the e-money balance in your NETELLER Account.
“Cryptocurrency Service” means the functionality within your NETELLER Account which enables you to make Cryptocurrency Transactions.
“Cryptocurrency Transaction” means a purchase or sale of an interest in Cryptocurrency.
“Fee” shall have the meaning given in section 8.
“Fiat Currency” means a government-issued currency which is supported by the NETELLER Account.
“Order Instruction” means an instruction – submitted online – to buy or sell a specified quantity of interests in Supported Cryptocurrencies at a specified price.
“Sell Price” means the price (net of applicable Fees) payable to you by us for the sale of your nominated interests in Supported Cryptocurrencies, which we shall credit to the e-money balance in your NETELLER Account.
“Supported Country” means a country in which we currently offer the Cryptocurrency Service.
Supported Cryptocurrencies” means Bitcoin (“BTC”), Bitcoin Cash (“BCH”), Ether (“ETH”), Ethereum Classic (“ETC”), Litecoin (“LTC”), XRP and 0x (“ZRX”) or such other cryptocurrency as we may add to the Cryptocurrency Service from time to time by notice to you.