Terms of service
[Last updated: May, 2020 and effective for all users as of May 18, 2020
MINDO USER AGREEMENT
This agreement (the "Agreement") is for customers who are based outside the United States of America.
In reviewing these terms you will see that some text is coloured in green. These clauses set out the detail of the FCA regulated services provided to you by CB Payments, Ltd. All clauses not coloured in green relate to the unregulated services provided to you by MINDO UK, Ltd.
This is a contract between you and each of:
MINDO UK, Ltd ("MINDO UK"), a private limited company incorporated in England and Wales with company number 09083955 and whose registered office is 5 Fleet Place London, EC4M 7RD; and
CB Payments, Ltd ("MINDO Payments") a private limited company incorporated in England and Wales with company number 09708629 and whose registered office is 5 Fleet Place London, EC4M 7RD, United Kingdom.
References in this Agreement to "MINDO", "we", "our" or "us", are to MINDO UK and/or MINDO Payments depending on the services being discussed, and references to "you" or "your" are to the person with whom MINDO enters into this Agreement.
We refer to the E-Money Services, Digital Currency Services and Additional Services (all defined below) collectively as the MINDO Services.
You should be aware that the risk of loss in trading or holding Digital Currencies can be substantial. As with any asset, the value of Digital Currencies can go up or down and there can be a substantial risk that you lose money buying, selling, holding, or investing in digital currencies. The Digital Currency Services and Additional Services are not currently regulated by the Financial Conduct Authority or any other regulator in the UK. The Digital Currency Services and Additional Services are not within scope of the jurisdiction of the UK Financial Ombudsman Service, and your Digital Currencies and E-Money are not subject to protection under the UK Financial Services Compensation Scheme. You should carefully consider whether trading or holding Digital Currencies is suitable for you in light of your financial condition.
To be eligible to use any of the MINDO Services, you must be at least 18 years old and reside in a country in which the relevant MINDO Services are accessible. Please note that not all MINDO Services are available in every country. The list of MINDO Services accessible by country can be found at https://www.MINDO.com/global.
2. E-MONEY SERVICES.
2.1 E-Money Services.
The following services (the "E-Money Services") may be provided to you by MINDO Payments:
a hosted digital wallet enabling you to store electronic money issued by MINDO Payments (the "E-Money Wallet" and "E-Money" respectively); and
certain payment services enabling you to send and receive E-Money.
The E-Money Services are regulated by the UK Financial Conduct Authority ("FCA"). MINDO Payments is an authorised electronic money institution authorised and regulated by the FCA with register number 900635.
2.2 Digital Currency Services.
The following services (the "Digital Currency Services") may be provided to you by MINDO UK:
one or more hosted digital currency wallets enabling you to store, track, transfer, and manage your balances of certain supported digital currencies like Bitcoin or Ethereum (the "Digital Currency Wallet" and "Digital Currency" respectively); and
a Digital Currency exchange service enabling you to obtain prices for your purchases and sales of Digital Currencies, and (subject to certain restrictions) carry out any such purchases or sales on the Site.
Unlike E-Money Services, Digital Currency Services are not regulated by the FCA. MINDO UK is not a regulated financial services provider. MINDO UK is based in, and provides its services from, the UK.
2.3 Additional MINDO Services.
In addition to the core services, the following services ("Additional Services") may be made available by MINDO UK to users that fulfil certain eligibility criteria:
an order book exchange platform for Digital Currencies (as further described in Appendix 4) ("MINDO Pro");
development applications provided by MINDO (as further described in Appendix 5) ("Developer’s Tools"); and
staking services, if available in your country, (as further described in Appendix 6)(“Staking Services”).
2.4. Fees. A full list of fees for MINDO Services can be found on the ‘Pricing and Fees Disclosures’ page of the Site.
2.5 MINDO Group. MINDO UK, MINDO Payments and all affiliated and other group companies of those companies (including MINDO, Inc.) shall together in this Agreement be termed the "MINDO Group".
3. ACCOUNT SETUP.
3.1. Registration of MINDO Account. To use the MINDO Services, you will need to register for a MINDO account (a "MINDO Account") by providing your name, email address and a password and accepting the terms of this Agreement. By using a MINDO Account, you agree and represent that you will use the MINDO Services only for yourself, and not on behalf of any third party, unless you have obtained prior approval from MINDO in accordance with Section 3.2 and 4.10 of this Agreement. You are fully responsible for all activity that occurs under your MINDO Account. We may, in our sole discretion, refuse to open a MINDO Account for you, or limit the number of MINDO Accounts that you may hold or suspend or terminate any MINDO Account or the trading of specific Digital Currency in your account.
3.2 Third party Access. If, to the extent permitted by Section 4.10, or as otherwise permitted by MINDO from time to time, you grant express permission to a third party to access or connect to your MINDO Account(s), either through the third party's product or service or through the Site, you acknowledge that granting permission to a third party to take specific actions on your behalf does not relieve you of any of your responsibilities under this Agreement. You are fully responsible for all acts or omissions of any third party with access to your MINDO Account(s) and any action of such third party shall be considered to be an action authorised by you. Further, you acknowledge and agree that you will not hold MINDO responsible for, and will indemnify MINDO from, any liability arising out of or related to any act or omission of any third party with access to your MINDO Account(s).
You may change or remove permissions granted by you to third parties with respect to your MINDO Account(s) at any time through the tabs on the ‘Settings’ page on the Site.
3.3 Identity Verification. You agree to provide us with the information we request for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud, or any other financial crime, including as set out in Appendix 2 (Verification Procedures and Limits) and permit us to keep a record of such information. You will need to complete certain verification procedures before you are permitted to start using the MINDO Services and to access specific MINDO Services, including certain transfers of E-Money and Digital Currency, and the limits that apply to your use of the MINDO Services may be altered as a result of information collected on an ongoing basis.
The information we request may include certain personal information including, but not limited to, your name, address, telephone number, email address, date of birth, taxpayer identification number, government identification number, information regarding your bank account (such as the name of the bank, the account type, routing number, and account number) network status, customer type, customer role, billing type, mobile device identifiers (IMSI and IMEI) and other subscriber status details. In providing us with this or any other information that may be required, you confirm that the information is accurate and correct and you agree to keep us updated if any of the information you provide changes. We will treat this information in accordance with Section 11 (Data Protection).
*You authorise us to make enquiries, whether directly or through third parties, that we consider necessary to verify your identity or protect you and/or us against fraud or other financial crime, and to take action we reasonably deem necessary based on the results of such inquiries. When we carry out these enquiries, you acknowledge and agree that your personal information may be disclosed to credit reference and fraud prevention or financial crime agencies and that these agencies may respond to our enquiries in full. This is an identity check only and should have no adverse effect on your credit rating. Additionally, we may require you to wait some amount of time after completion of a transaction before permitting you to use further MINDO Services and/or before permitting you to engage in transactions beyond certain volume limits. *
4. PAYMENT SERVICES
4.1 Loading. You can load funds into your E-Money Wallet using one of the payment methods available on the Site, such as a credit or debit card or bank transfer (your E-Money Wallet will show loaded funds once we have received them). Loading of funds may be done manually, or as part of a recurring transaction that you set up on your MINDO Account (see Section 5.10 below for more details). When funds are loaded into the E-Money Wallet you will be issued with E-Money by MINDO Payments that represents the funds you have loaded. The E-Money Wallet is not a deposit or investment account which means that your E-Money will not be protected by the Financial Services Compensation Scheme. MINDO Payments will only hold funds received from users in a designated safekeeping account with a regulated financial institution. E-Money held in an E-Money Wallet will not earn any interest. Your E-Money Wallet may hold E-Money denominated in different currencies and we will show the E-Money balance for each currency that you hold.
4.2 Purchase or Sale of Digital Currency. You may purchase supported Digital Currency by using E-Money credited to your E-Money Wallet. To carry out a Digital Currency Transaction using E-Money, you must follow the relevant instructions on the Site. A Digital Currency Transaction using E-money should normally be settled no later than one business day after we receive your instructions. You authorise us to debit E-Money from your E-Money Wallet. Although we will attempt to deliver Digital Currency to you as promptly as possible, E-Money may be debited from your E-Money Wallet before Digital Currency is delivered to your Digital Currency Wallet.
You may sell Digital Currency in exchange for E-Money. You authorise us to debit your Digital Currency Wallet and credit your E-Money Wallet with the relevant amount of E-Money.
4.3 Receipt of Instructions. If we receive instructions from you to purchase Digital Currency using E-Money on a non-business day or after 4:30 pm (London time) on a business day, we may treat those instructions as if they were received by us on the following business day.
4.4 Revocation. When you give us instructions to carry out a Digital Currency Transaction using E-Money, you cannot withdraw your consent to that Digital Currency Transaction unless the Digital Currency Transaction is not due to occur until an agreed date in the future e.g. if you have set up Future Transactions (see Section 5.10 below for more details). In the case of a Future Transaction, you may withdraw your consent up until the end of the business day before the date that the Future Transaction is due to take place. To withdraw your consent to a Future Transaction, follow the instructions on the Site.
4.5 Unsuccessful Payments. If a payment to load funds into your E-Money Wallet is not successful, you authorise MINDO, in its sole discretion, either to cancel any related Digital Currency Transactions or to debit your other payment methods, including MINDO balances or other linked accounts, in any amount necessary to complete the Digital Currency Transactions in question. You are responsible for maintaining an adequate balance and/or sufficient credit limits in order to avoid overdraft, or similar fees charged by your payment provider.
4.6 Account Information. You will be able to see your E-Money Wallet balance and your transaction history using the Site, including (i) the amount (and currency) of each Digital Currency Purchase, (ii) a reference to identify the payer and / or payee (as appropriate), (iii) any fees charged (including a breakdown of the fees), (iv) where there has been a currency exchange, the rate of exchange, and the amount (in the new currency) after exchange (where you are the payer) or the amount (in the original currency) before the exchange (where you are the payee), and (v) the debit or credit date of each Digital Currency Purchase (as appropriate).
4.7 Redeeming E-Money. You may redeem all or part of any E-Money held in your E-Money Wallet at any time by selecting the relevant option in the Site and following the instructions. Unless agreed otherwise, funds will be transferred to the bank account you have registered with us. If this Agreement is terminated, we will redeem any E-Money remaining in your E-Money Wallet and transfer funds to the bank account you have registered with us. Prior to redeeming E-Money from your E-Money Wallet, we may conduct checks for the purposes of preventing fraud, money laundering, terrorist financing and other financial crimes. This may mean you are prevented or delayed from withdrawing E-Money until those checks are completed to our reasonable satisfaction in order to comply with our regulatory requirements.
4.8 Unauthorised and Incorrect Transactions. Where a purchase of Digital Currency and / or redemption of E-Money is initiated from your E-Money Wallet using your credentials, we will assume that you authorised such transaction, unless you notify us otherwise.
If you believe that a transaction using your E-Money Wallet has been carried out that you did not authorise (an "Unauthorised Transaction"), or if you have reason to believe that a transaction using your E-Money Wallet has been incorrectly carried out or is not complete (an "Incorrect Transaction"), you must contact us as soon as possible, and in any case no later than 13 months after the Unauthorised Transaction or Incorrect Transaction occurred.
It is important that you regularly check your E-Money Wallet balance and your transaction history to ensure any Unauthorised Transactions or Incorrect Transactions are identified and notified to us at the earliest possible opportunity.
We are not responsible for any claim for Unauthorised Transactions or Incorrect Transactions unless you have notified us in accordance with this Section 4.8, in which case Section 4.9 below sets out our respective responsibilities. As further described in Section 4.9 below, we are not responsible for any claim for Unauthorised Transactions or Incorrect Transactions if you have acted fraudulently, intentionally or with gross negligence and this has resulted in the Unauthorised Transactions or Incorrect Transactions.
During any investigation of any actual or potential Unauthorised Transactions or Incorrect Transactions, we reserve the right to suspend your MINDO Account to avoid further losses.
4.9 Refund Rights.
If an Unauthorised Transaction occurs as a result of our failure, we will refund you the amount of that transaction by no later than the end of the next business day after becoming aware of the Unauthorised Transaction and restore your E-Money Wallet to the state it would have been in had the Unauthorised Transaction not taken place. Generally, you will not be liable for losses incurred after you have notified us of the Unauthorised Transaction or if we have failed at any time to provide you with the means for notifying us.
You will be liable for the first £35 of any losses you incur in respect of an Unauthorised Transaction which arises from the use of lost or stolen credentials (for example when you have failed to keep the login details for your MINDO Account secure), and if you are fraudulent, or you intentionally or negligently fail to carry out your obligations under this Agreement and this results in Unauthorised Transactions (for example, if you deliberately share your email and password with a third party, or are grossly negligent in keeping your email and password secure, in both cases other than in accordance with Sections 3.2 and/or 4.10), you will be liable for all resultant losses incurred as a result of any such Unauthorised Transactions, not just the first £35.
Where there is a dispute between us and you regarding whether or not a transaction is an Unauthorised Transaction, we may (but are not obliged to) temporarily credit your E-Money Wallet whilst we settle the dispute. Where we determine that the transaction was authorised, we may reverse that credit and correct errors made in any statement of E-Money Wallet without prior notice to you, although please note that during this period your E-Money Wallet may be temporarily locked to avoid further Unauthorised Transactions. You will also be liable to us (as a debt) for any E-Money you have transferred which was temporarily credited to your E-Money Wallet.
Where an Incorrect Transaction is made as a result of our action or error we shall refund to you the amount of that transaction without undue delay and restore your E-Money Wallet to the state in which it would have been had the Incorrect Transaction not taken place. We will also endeavour to provide you with reasonable notice where possible. We will also pay any charges for which we are responsible, and for any interest which you can show that you have had to pay as a consequence of any Incorrect Transaction. Irrespective of our liability, on your request, we shall try to trace any Incorrect Transaction initiated by you free of charge. However, we cannot guarantee that we will be able to trace such transactions.
4.10 Appointment of Regulated Third Parties. You may, as set out in Section 3.2, appoint appropriately regulated third parties to access your E-Money Wallet ("Regulated Third Parties"). If you do, you should be aware that by virtue of such access, that Regulated Third Party may access your transactional and other data, and / or may initiate transfers from your E-Money Wallet. You will be liable for any actions that any Regulated Third Parties take on your MINDO Account, as further set out in Section 3.2 above. We reserve the right to refuse access to any Regulated Third Parties, as set out in Section 4.11 below.
4.11 Refusing to deal with Regulated Third Parties. We may refuse access to Regulated Third Party for objectively justified and duly evidenced reasons relating to unauthorised or fraudulent access to your E-Money Wallet. In such cases, unless we are prohibited by applicable law, we will inform you that that Regulated Third Party's access has been denied and the reasons why. We will permit access again once we are satisfied that the reasons for refusing access no longer exist.
4.12 Consent. By opening a MINDO Account with us you provide your explicit consent to us providing payment services (i.e. the E-Money Services) to you. You can withdraw this consent at any time by closing your MINDO Account.
4.13 Financial Ombudsman Service. If you have a complaint relating to the E-Money Services provided to you by MINDO Payments, and that complaint cannot be resolved through the dispute process set out in Section 10.2, you may then be able to take unresolved complaints to the Financial Ombudsman Service ("FOS"). You agree that you will not raise a complaint with the FOS until the dispute process set out in Section 10.2 has been completed. You can find further information about the FOS and the types of complainants eligible to submit matters to the FOS using the following details:
Address : Financial Ombudsman Service, Exchange Tower, London, E14 9SR.
Telephone : 0800 023 3327 or 0300 333 9 123.