CRYPTO EARN & CREDIT T&Cs (CRYPTO EARN)

Last material update: 28 November 2019

These terms and conditions ("CE T&Cs" or " Agreement") constitute a legally binding agreement between you and MCO Digital Asset Group (" Crypto.com", " we", " us", " our"), a company incorporated in Cayman Islands, which governs your use of Crypto Earn (" Crypto Earn"), a feature within the Crypto.com Wallet App (" Wallet App"). Your “Crypto Earn Account” is the account with us in which you may transfer qualifying Digital Assets to earn interest as described in the “TRANSFER” section below.

References shall be made to the Crypto.com Wallet App T&Cs, unless otherwise stated, defined terms used in these CE T&Cs shall have the same meanings given to them in the Wallet App T&Cs.

You are only eligible to enter into this Agreement and use Crypto Earn if:

  1. You are an approved user of the Wallet App who has completed the registration process, received an approval email from us and agreed to the Wallet App T&Cs;
  2. you are not a citizen or resident of Bulgaria, Hong Kong, Malta or Switzerland; in the case of US citizen or resident, you are a resident in one of the states listed here;
  3. You are at least 18 years of age or of legal age to form a binding contract (whichever is later);
  4. You are not subject to any financial sanctions imposed by the United Nations, European Union, any EU country, UK Treasury or US Office of Foreign Assets Control (OFAC); and
  5. You have read, understood and agreed to our Privacy Notice and Cookie Policy.

By entering into this Agreement, you acknowledge and confirm that you satisfy all the conditions set out above (" Eligible User"). If we later become aware that you are not an Eligible User ("Ineligible User"), we may delete your Crypto Earn Account immediately and ban you from using any of our or our Affiliates' products or services. Crypto.com shall not be held liable for any legal or monetary consequences arising from the use of Crypto Earn or our services and products by an Ineligible User. Any Ineligible User shall indemnify and hold harmless Crypto.com and its Affiliates from any legal or monetary consequences arising from such use.

THE EARN PLANS

Crypto Earn offers different plans (each an "Earn Plan") in different cryptocurrency and holding periods ("Earn Term"), which may be flexible ("Flexi Plan") or fixed ("Fixed Plan"). Each Flexi Plan and each Fixed Plan you establish will be separate from each Flexi Plan or Fixed Plan you establish and will hold only one type of cryptocurrency. In that way, the interest calculation for each of these Earn Plans will be done separately based on the cryptocurrency in the specific Earn Plan. Additionally, if you stake MCO, you may enjoy a more favorable interest rate for your Earn Plan.

You are allowed to have multiple active Earn Plans at a given time provided that the total Principal (as defined below) for all of your Earn Plans shall not exceed the maximum Principal limit as displayed on the Wallet App. We may change this maximum Principal limit at any time by disclosing such change and the new limit in your Wallet App. In the event that the maximum Principal limit has been reduced to a threshold (“Reduced Threshold”) which falls below your existing total Principal, for users that have (i) only Flexi Plan(s), we will transfer the amount exceeding the Reduced Threshold, in whichever Digital Asset we choose, from your Flexi Plan back to your wallet; (ii) both Flexi and Fixed Plans, we will first transfer the amount exceeding the Reduced Threshold, in whichever Digital Asset we choose, from your Flexi Plan back to your wallet; if your total maximum Principal limit still exceeds the Reduced Threshold after the complete liquidation of your Flexi Plan, the Reduced Threshold will not be enforced until the expiration of the first Fixed Plan which brings your total Principal within the Reduced Threshold; (iii) only Fixed Plan, the Reduced Threshold will not be enforced until the expiration of the first Fixed Plan which brings your total Principal within the Reduced Threshold.

TRANSFER

You may transfer any cryptocurrency (a form of Digital Assets ) supported by Crypto Earn (as displayed on the Wallet App and as may be revised from time to time) from the relevant wallet in your Wallet App to your Crypto Earn Account as principal (the "Principal") to earn interest.

You understand and agree that during the Earn Term, Crypto.com may hold or convert the Principal into other cryptocurrencies for our investment purposes, which may include the making of loans to other Crypto.com customers. Those investments by Crypto.com are made in the name of Crypto.com only and you will have no benefits or liabilities from such investments.

INTEREST AND RELATED TERMS

Fixed Plan

General. If you obtain one or more Fixed Plans, each Fixed Plan will have a maturity date as disclosed to you when you establish the Fixed Plan. The interest rate and other terms disclosed to you for a Fixed Plan will apply to that Fixed Plan until the maturity date of that Fixed Plan; provided, however that we may amend the terms of any Fixed Plan if such changes are immaterial and do not impact your potential interest earnings or maturity date.

Minimum Balance to Open. Each Fixed Plan will have a minimum balance that is required to open the Fixed Plan, which will be disclosed to you when you request the Fixed Plan.

Interest Accrual. The Principal will start accruing simple daily interest on the day after you establish the Fixed Plan and fund the Fixed Plan with Digital Assets from the relevant wallet in your Wallet App. Interest will not be compounded. Accrued interest will be paid in the same Digital Assets as the Principal and credited to the relevant wallet in your Wallet App every seven days. This account requires the distribution of interest and does not allow interest to remain in the account. If you close your Fixed Plan before interest is credited, you will not receive the accrued interest.

Balance Computation Method. We use the daily-balance method to calculate the interest on your Fixed Plan. This method applies a daily periodic rate to the Principal in the Fixed Plan each day (which is credited to your relevant wallet in your Wallet App every seven days).

Early Withdrawal. You are not allowed to close a Fixed Plan or withdraw funds before the maturity date of the Fixed Plan.

No Automatic Renewal. On the maturity date of your Fixed Term, you understand and agree that the Principal will be transferred automatically to your respective crypto wallet.

Flexi Plan

Interest Rate. A variable rate of interest applies to Flexi Plans, so your interest rate may change. For the interest rate applicable to the Flexi Plan, please refer to the details of the Flexi Plan set out in the Wallet App. We may change the interest rate on your Flexi Plan at any time in our discretion. If we do change the interest rate, we will notify in your Wallet App of such new interest rate in writing.

Minimum Balance to Earn Interest. You must maintain a minimum balance each day in your Earn Plan to earn interest for that Earn Plan. For the applicable minimum balance, please refer to the details of the Flexi Plan set out in the Wallet App. If there is any change in such minimum balance, we will notify you in writing.

Interest Accrual. The Principal in your Flexi Plan will start accruing simple daily interest on the day after you establish the Flexi Plan and fund the Flexi Plan with Digital Assets from the relevant wallet in your Wallet App. Interest will not be compounded. Accrued interest will be paid in the same Digital Assets as the Principal and credited to the relevant wallet in your Wallet App every seven days. This account requires the distribution of interest and does not allow interest to remain in the account. If you close your Flexi Plan before interest is credited, you will not receive the accrued interest.

Balance Computation Method. We use the daily-balance method to calculate the interest on your Flexi Plan. This method applies a daily periodic rate to the Principal in the Flexi Plan each day.

Withdrawals. You may withdraw Principal from your Flexi Plan at any time by making a transfer to your wallet using the Wallet App.

OUR RIGHTS

We expressly reserve the right to and at any time, without liability to you to:

  1. refuse your request to open a Crypto Earn Account;
  2. change the eligibility criteria for registration or use of Crypto Earn at any time;
  3. close, suspend, limit, restrict or terminate your access to Crypto Earn; or
  4. change, update, remove, cancel, suspend, disable or discontinue any features, component, content, incentive or referral plan of Crypto Earn; provided, however, that we may not change the interest rate, maturity date or any other terms that impact your interest earnings during the current term of any Fixed Plan you have.

TAXES

You are responsible for your own tax obligation regarding your use of Crypto Earn. It is your responsibility to determine what kind of filing or reporting is required of you by the competent tax authority, which taxes and to what extent you are obliged to pay and which tax exemptions you are eligible to. Crypto.com shall not be required to compensate you for your tax obligation or advise you in relation to your tax issues. Notwithstanding the foregoing, Crypto.com will make any tax withholdings or filings that we are required to make by law.

RESTRICTED ACTIVITIES

You shall use Crypto Earn and our services in good faith. Without limiting the foregoing, you agree that you shall not: (i) violate or breach any terms in these CE T&Cs, Privacy Notice or Cookies Policy or any applicable laws and regulations in any jurisdiction; (ii) provide false, inaccurate, incomplete, out-of-date or misleading information; (iii) commit, conduct or perform any misrepresentation, fraud, malicious act or criminal activities; (iv) interfere, intercept, or expropriate our network, system, data, or information; (v) transmit or upload any virus, or other malicious software or program; (vi) attempt to gain unauthorized access to other users' accounts, website, network or systems relating to our services; (vii) decompile, reverse engineer or disassemble the Crypto Earn or any of our programme, system or product, or in any way infringe our intellectual properties rights; (viii) cause or launch any programs or scripts for the purpose of scraping, indexing, surveying, or otherwise data mining any portion of the Crypto Earn or any of our programme, system or product; or unduly burdening or hindering the operation and/or functionality of any aspect of Crypto Earn.

RISK DISCLOSURE

Legal and Regulatory: The regulatory status of Digital Assets is currently unsettled, varies among jurisdictions and subject to significant uncertainty. It is possible that in the future, certain laws, regulations, policies or rules relating to Digital Assets, blockchain technology, or blockchain applications may be implemented, which would directly or indirectly affect or restrict the services we provide to you.

YOU ARE RESPONSIBLE FOR DETERMINING WHETHER THE USE OF CRYPTO EARN OR ANY OF OUR SERVICES IS LEGAL IN YOUR JURISDICTION AND YOU SHALL NOT USE CRYPTO EARN OR ANY OF OUR SERVICES SHOULD SUCH USE BE ILLEGAL IN YOUR JURISDICTION. IF YOU ARE UNCERTAIN, PLEASE SEEK INDEPENDENT LEGAL ADVICE.

We may be forced to suspend or discontinue or to change aspects of Crypto Earn or any of our services in any jurisdictions if demanded by the regulators without notice and for whatever reason. In such instance, Digital Assets in your Crypto Earn Account may be frozen for an indefinite period of time until the matter is resolved.

Theft, Hacking and Cyber Attack: Digital Assets may be subject to expropriation, theft and/or fraud; hackers or other malicious groups or organizations may attempt to interfere with our system/network in various ways, including malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing, and spoofing which may result in the loss of your Digital Assets, or the loss of your ability to access or control your Digital Assets. In such event, there may be no remedy, and holders of Digital Assets are not guaranteed any remedy, refund, or compensation.

Source Code Weakness: There is a risk that the Wallet App or any of our products may unintentionally include weaknesses or bugs in the source code which may adversely affect Crypto Earn.

Tax: The uncertainty in tax legislation relating to Digital Assets may expose you to any currently unknown or future tax consequences, associated with your holding of Digital Assets and the use of our service.

Insurance: The Digital Assets held in your account including your Crypto Earn are not protected by any third party or government-backed insurance scheme.

Force Majeure: Crypto.com shall not be liable for any delay, error, interruption or failure to perform any obligation under this CE T&Cs where the delay or failure is directly or indirectly resulting from any cause beyond our control, including but not limited to (i) acts of God, nature, court or government; (ii) failure or interruption in public or private telecommunication networks, communication channels or information systems; (iii) acts or omissions of acts of a party for whom we are not responsible; (iv) delay, failure or interruption in, or unavailability of, third party services and sites; (v) strikes, lockouts, labour disputes, wars, terrorist acts and riots; and (vi) viruses, malwares, other malicious computer codes or the hacking of any part of the Crypto.com Wallet App Services or Crypto Earn.

You understand and agree that you use the Wallet App and Crypto Earn at your own risk. This section is not exhaustive and does not disclose all the risks associated with Digital Assets and the use of our services. You should, therefore, carefully consider whether such use is suitable for you in light of your circumstances and financial resources.

LIMITATION OF LIABILITY

NOTWITHSTANDING ANY PROVISIONS IN THESE CE T&CS, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY TYPE OF INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES, INCLUDING, BUT NOT LIMITED TO, LOST REVENUE, LOST PROFITS, REPLACEMENT GOODS, LOSS OF TECHNOLOGY, LOSS OF DATA, OR INTERRUPTION OR LOSS OF USE OF SERVICE OR EQUIPMENT, EVEN IF SUCH PARTY WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND WHETHER ARISING UNDER THEORY OF CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

Except as expressly provided in these CE T&Cs, to the extent permitted by law, we disclaim all other representations or warranties, express or implied, made to you, your affiliates or any other person, including without limitation, any warranties regarding quality, suitability, merchantability, fitness for a particular purpose or otherwise (regardless of any course of dealing, custom or usage of trade) of any service or any goods provided incidental to the Wallet App Services provided under these CE T&Cs.

Our liability in respect of representations and warranties that cannot be excluded under these CE T&Cs, at our option, is limited to any one of re-supplying, replacing or repairing, or paying the cost of the re-supplying, replacement or repairing, or paying the cost of supplying again the services in respect of which the breach occurred.

IN NO EVENT WILL OUR AGGREGATE LIABILITY FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH CRYPTO EARN EXCEED THE FEES YOU PAID US FOR YOUR USE OF THE SERVICES DURING THE 12 MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM FOR LIABILITY. THE FOREGOING LIMITATIONS OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION.

INDEMNIFICATION

You will defend, indemnify, and hold harmless Crypto.com, its Affiliate, each of their respective employees, officers, directors, and representatives from and against any claims, damages, losses, liabilities, costs, and expenses (including reasonable legal fees) arising out of or relating to any third-party claim concerning these CE T&Cs or your use of Crypto Earn or any of our services in violation to these CE T&Cs or any laws and regulations.

TERMINATION, SUSPENSION OR CLOSURE

This Agreement will be terminated immediately by closing of your Crypto Earn Account and discontinuing use of Crypto Earn. The termination of this Agreement shall not prevent any Party from seeking any remedies against any other Party for any breach of this Agreement occurring prior to such termination.

If you have remaining balance in your Crypto Earn Account which has been suspended or closed, you are entitled to recover such balance in accordance with the Wallet App T&Cs, unless we are prohibited by law or a court order to release such assets or where we have reasonable grounds to suspect that such assets were obtained through fraud or any unlawful means or connected with any criminal activities. If you have any questions about or face any problems as a result of this Section, please contact us at [email protected].

GOVERNING LAW AND ARBITRATION

For non-US users, any dispute, controversy, difference or claim arising out of or relating to these CE T&Cs, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre under the Hong Kong International Arbitration Centre Administered Arbitration rules in force when the Notice of Arbitration is submitted. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

For US users, these CE T&Cs are governed by the laws of the state in which you reside when your Crypto Earn Account is opened, without regard to conflicts of law principles regarding laws of other states.

GENERAL

Notice: Any notice required or made under these CE T&Cs by us to you may be provided through: (i) posting a notice on our Site or Wallet App; or (ii) sending an email to your registered email address. Notices provided through posting on our website or app shall become effective upon posting; and (iii) notices we sent by email shall become effective upon sending the email.

Any notice required or made under these CE T&Cs by you to us shall only be made through email at [email protected] in English language.

Entire Agreement: This Agreement (together with the Privacy Notice and Cookie Policy) represents the entire agreement between you and us in relation to the use of the services provided by Crypto Earn. This Agreement supersedes all prior representations, understandings, agreements, or communications between you and us, whether written or verbal, including any statements published in our whitepaper, regarding the Crypto Earn platform.

Your use of other features of the Wallet App shall be governed by the Wallet App T&Cs.

Severability: The invalidity of the whole or part of any provision of these CE T&Cs shall not affect the validity of the whole or part of any other provision of this Agreement, the remaining portions of these CE T&Cs shall remain in full force and effect.

Waiver: The failure by us to exercise or enforce any right or provision of these CE T&Cs shall not constitute a present or future waiver of such right or provision.

Amendments: These CE T&Cs (including fees and charges) may be updated or amended from time to time. We will post any such updates on the Crypto.com Wallet App or Site. Such updated terms as posted will take effect immediately unless otherwise indicated. You should regularly check the Crypto.com Wallet App and Site to inform yourself of any such changes. By continuing to use Crypto Earn after any such changes have taken effect, you are indicating your acceptance of the updated or amended CE T&Cs. If you do not wish to be bound by any changes or amendments to the CE T&Cs, you should stop using CE immediately.

Relationship: By providing the Crypto Earn service to you does not make us your trustee or investment adviser and no fiduciary relationship exist between us. We have no trust or other obligations in respect of your crypto assets other than those expressly specified in these CE T&Cs.

Third Parties Rights: Other than the Affiliates of Crypto.com, a person who is not a party to this Agreement shall have no right under this Agreement.

Transfer and Assignment: You shall not assign, delegate or transfer any rights or obligations under this Agreement, without our prior written consent. Any such assignment, delegation or transfer made without our consent shall be void and invalid. Notwithstanding the foregoing, we reserve the right to assign, delegate or transfer this Agreement and the rights and obligations hereunder to any third party at any time without your notice or consent.

Conflicts: In the event that there are conflicts between these CE T&Cs and the Wallet App T&Cs on aspects relating to Crypto Earn, these T&Cs shall prevail; on aspects relating to the application of the Wallet App, the Wallet App T&Cs shall prevail.

NOTICE: Digital Currencies are NOT bank deposits, are NOT legal tender, are NOT backed by the government, and accounts and value balances are NOT subject to Federal Deposit Insurance Corporation or Securities Investor or any other governmental or government-backed Protection Corporation protections. Legislative and regulatory changes or actions at the State, Federal, or international level may adversely affect the use, transfer, exchange, and value of Digital Currencies.