Terms of Service

MONEY CLIP CANADA INC. (“MoneyClip” / “We” / “Us”) OWNS AND MONEY TRANSFERRING PLATFORM (THE “PLATFORM”), MONEYCLIP MOBILE APPLICATIONS (THE “APP”) AND THE WEBSITE LOCATED AT https://www.moneyclip.io/ (THE “WEBSITE”). THESE TERMS OF USE APPLY TO ALL INDIVIDUALS WHO USE THE PLATFORM, APP, WEBSITE OR THE SERVICES, AS DEFINED BELOW (“USERS”).

PLEASE READ THESE TERMS OF USE CAREFULLY. BY USING THIS WEBSITE OR APP YOU INDICATE YOUR ACCEPTANCE OF THESE TERMS OF USE (“TERMS”). IF YOU DO NOT ACCEPT THESE TERMS OF USE, THEN DO NOT USE THE APP, WEBSITE OR ANY CONTENT OR SERVICES.

1. ACCOUNTS

1.1 Services. Money Clip Canada Inc. is the operator of the Platform and App which allows individuals to purchase, send and sell digital credits (“Digital Credits”) using a digital wallet (collectively, the “Services”). MoneyClip may also allow merchants (“Merchants”) to accept MoneyClip Digital Credits for payment of services. As part of the Services, MoneyClip may (a) initiate banking transactions at your request to facilitate Digital Credit purchases or redemptions; (b) hold funds in a segregated bank account equal to the issued and outstanding balance of the Digital Credits on the Stellar Network; (c) provide custody services for Digital Credit payments as well as reconciliation and other accounting reports; and (d) store Stellar Network and other personal or sensitive data in the form of a data file encrypted by the user.

1.2 Wallets. In order to use the Services, you must (a) be at least 16 years of age or older; and (b) provide a valid phone number. Your phone number is used to link Users to the MoneyClip App downloaded on the User’s device, which constitutes your digital Wallet (“Wallet”). MoneyClip’s collection of personal information is subject to our Privacy Policy, which is available at: https://www.moneyclip.io/privacy policy. Wallet addresses use public and private key pairs. The Services does not, at any time, have access to users’ private keys, and cannot perform transactions on users’ behalf.

1.3 Private Keys. Access to your Digital Credits requires a private key and other cryptographic data that is generated and stored in your hardware device and not shared with MoneyClip. MoneyClip allows Users to backup their app data (including a copy of all private keys) so that Digital Credits can be restored in the event of device or software failure or data deletion or corruption. A verified phone number, verified email address, and secret password you create is required to complete the backup process. Backing up is optional. The secret password is used to encrypt your backup file so that only you have access to it. Access to your Digital Credits resides solely in your hardware device and you are solely responsible for initiating a backup and storing the secret password only known to the user to encrypt the backup file. IF YOU FORGET YOUR ENCRYPTION PASSWORD OR LOSE ACCESS TO YOUR VERIFIED PHONE NUMBER OR EMAIL, YOU WILL NOT BE ABLE TO RESTORE YOUR APPLICATION AND RECOVER YOUR DIGITAL CREDITS. MONEYCLIP IS NOT RESPONSIBLE FOR ANY DAMAGES OR LOSSES FOR FAILURE TO BACKUP YOUR DIGITAL CREDITS OR THE LOSS OF YOUR ENCRYPTION PASSWORD.

1.4 Verification. A valid Canadian bank account is required if a User wants to purchase Digital Credits for their Wallet or sell Digital Credits from their Wallet balance for money to be deposited in their bank account. If you link a valid Canadian bank account to your Wallet, you agree that MoneyClip may verify your identity through a third-party service provider and you may be required to agree to the terms of service and/or privacy policy of such third-party service provider.

1.5 Compliance and Monitoring. You agree that MoneyClip may share your personal information with banks, regulatory agencies, and other third parties in order to provide the Services, verify identification, monitor transactions for fraud or illegal activities, and comply with regulatory requirements. MoneyClip reserves the right to monitor all transactions on the Platform and institute any protocol it deems necessary to reduce compliance risks, such as placing limits on deposits and requiring additional ID verification. Without limiting the foregoing, pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “Proceeds of Crime Act”), MoneyClip may be required, from time to time, to disclose to the Financial Transactions and Reports Analysis Centre of Canada (“ FINTRAC ”) and other law enforcement authorities certain information about users and their transactions that MoneyClip, FINTRAC or other law enforcement authorities believe may be linked to money laundering or terrorist financing. MoneyClip shall not have any responsibility or liability whatsoever for any losses or damages incurred by you or any other person arising from or in connection with any such disclosure.

1.6 Representations and Warranties. You represent and warrant that you: (a) are of legal age to form a binding contract; (b) have not previously been suspended or removed from using our Services; (c) have full power and authority to enter into this agreement and in doing so will not violate any other agreement to which you are a party; (d) are resident in Canada; (e) will not use our Services if any applicable laws in your country prohibit you from doing so in accordance with these Terms; and (f) you will comply with all terms and conditions of these Terms.

2. DIGITAL CREDIT TRANSACTIONS

2.1 Purchasing and Selling Digital Credits. Users can purchase Digital Credits to the MoneyClip Wallet using VISA debit, MasterCard debit, or any other payment method approved by MoneyClip. Purchasing Digital Credits requires identification verification and sales are final. MoneyClip offers to buy back Digital Credits but does not offer refunds or returns for Digital Credit purchase transactions and/or card charges. For each Digital Credit issued by MoneyClip and outstanding, MoneyClip will hold the value associated in Canadian dollars in a segregated account. Users may sell Digital Credits in exchange for the dollar value amount to be sent to the User by electronic funds transfer (ACH) to a Canadian bank account. MoneyClip shall attempt to process purchases and redemptions of Digital Credits in a timely manner but MoneyClip makes no guarantee pertaining to the timing those transfers. MoneyClip is not responsible for losses and liabilities induced by delayed transfers. Users are required to reimburse MoneyClip for any fees or penalties resulting from disputes or charge backs initiated by the User.

2.2 Transfers between Users. Users can transfer Digital Credits in their Wallet to other MoneyClip Users. You acknowledge and agree that such transactions are performed using a public and distributed network. MoneyClip did not develop and does not maintain the network. MoneyClip shall have no liability for any losses arising from your use of the network, including any service interruptions, errors or other limitations of the network. All transactions between Users (including Merchants) are peer-to-peer transactions. MoneyClip does not facilitate or intervene in User transactions. Accordingly, all transfers confirmed by you are deemed final and are non-reversible. MoneyClip will not be responsible for losses incurred by mistyped or otherwise wrongly identified transfers.

2.3 Daily Limits. MoneyClip reserves the right to limit the amount of credits purchased, sold or transferred each day or month.

3. MERCHANT TERMS

3.1 Merchant Fees. Merchants can accept Digital Credits for payment of goods or services using the Services. MoneyClip charges Merchants a percentage of the total transaction value to process any Merchant transactions using the Services, which percentage is quoted to you at the time of registration. (collectively “Transaction Fee”). MoneyClip reserves the right to change the Transaction Fee at any time with notice to the Merchant. By completing transactions through the Platform, Merchant agrees to pay all Transaction Fees.

3.2 Merchant Payouts. Digital Credit payments received by Merchants are automatically transferred to MoneyClip and not deposited directly into a digital Wallet controlled by the Merchant. MoneyClip shall automatically redeem Digital Credits for Merchants and reimburse via electronic funds transfer (ACH) to its bank account on a periodic basis. .

3.3 Taxes. Transaction Fees and other fees for purchases made through the Platform do not include any direct or indirect local, state, provincial, federal or foreign taxes, levies, duties or similar governmental assessments of any nature, including sales, value-added, goods and services, harmonized, use or withholding taxes (collectively, “Taxes”). Merchants responsible for paying all Taxes associated with it’s the Transaction Fees and its activities under this Agreement, excluding taxes based on MoneyClip’s net income. Merchants are also responsible for calculating, collecting, withholding and/or paying all Taxes associated with its transactions with other Users.

4. USER RESPONSIBILITIES AND RESTRICTIONS

4.1 Restrictions. You are responsible for all of your activity on the Services and for the compliance with these Terms. Without limiting the generality of the foregoing, You agree that You will not:

MoneyClip reserves the right to terminate, limit, or suspend User access to the Platform or App for any User breach of these restrictions or any other violation of any other term of these Terms.

5. MONEYCLIP INTELLECTUAL PROPERTY AND LICENSE

5.1 License. The Website, App, Platform and Services and the information and materials contained therein (except for information and material provided by Users of the Services), are the property of MoneyClip and its licensors, and are protected from unauthorized copying and dissemination by copyright law, trademark law, and other intellectual property laws. Subject to these Terms of Use, we grant you a non-transferable, non-exclusive, license to use the Website and App for your individual use, and not for the use of any other person or individual. The App is licensed to you and not sold. Nothing in the Terms of Use gives you a right to use the brand names, trademarks, logos, domain names, and other distinctive brand features we provide the Services under without our prior written consent. You shall not attempt to override or circumvent any of the usage rules or restrictions on the Website, Platform or App. Any future release, update, or other addition to functionality of the Website, Platform or App and Services shall be subject to the terms of these Terms of Use.

5.2 Feedback. If you provide MoneyClip with any suggestions, comments or other feedback (“Feedback”) relating to the Website, App or Services, MoneyClip may use such Feedback in the Website or in any other MoneyClip products or services (collectively, “MoneyClip Offerings”). Accordingly, you agree that: (i) MoneyClip is not subject to any confidentiality obligations in respect to the Feedback, (ii) the Feedback is not confidential or proprietary information of you or any third party and you have all of the necessary rights to disclose the Feedback to MoneyClip, (iii) MoneyClip (including all of its successors and assigns and any successors and assigns of any of the MoneyClip Offerings) may freely use, reproduce, publicize, license, distribute, and otherwise commercialize Feedback in any MoneyClip Offerings; and (iv) you are not entitled to receive any compensation or re-imbursement of any kind from MoneyClip or any of the other users of the Website or App.

6. TERM; TERMINATION

6.1 Termination by MoneyClip. MoneyClip retains the right to terminate these Terms and/or your ability to access the Platform, App and Services at any time without notice to you if any of the following occur: (i) material breaches or violations of these Terms of Use; (ii) request by law enforcement or other government agencies; (iii) discontinuance or material modification to the Website and/or App and Services (or any part thereof); (iv) unexpected technical, security or legal issues or problems, and/or participation by you, directly or indirectly, in fraudulent or illegal activities (including, but not limited to falsification of your credentials). Without limiting the generality of the foregoing, in the event the MoneyClip or any of its affiliates incurs any losses or damages as a result of a user’s unlawful or unauthorized use of the Platform or Services, MoneyClip shall have the right to freeze such User’s Wallet and, upon notice to the user, recover such losses or damages by withdrawing the Digital Credits and applying same toward remedying the losses and damages.

6.2 Effect of Termination. In the event of termination, MoneyClip reserves the right to delete any information in the User Account that it is not required by law to retain. You will have the opportunity to sell back to MoneyClip any outstanding Digital Credits unless your Wallet is suspected to be associated with fraud or any illegal activities.

7. IMPORTANT DISCLAIMERS

7.1 Internet Security Disclaimer. MoneyClip is not responsible for any User data which is delayed, lost, altered, intercepted or stored during the transmission of any data whatsoever across public networks not owned or operated by MoneyClip, including, the Internet and your local network. You agree that MoneyClip is not in any way responsible for any interference with your use of or access to the Services or security breaches arising from or attributable to the Internet and You waive any and all claims against MoneyClip in connection therewith.

7.2 DISCLAIMER OF ALL IMPLIED REPRESENTATIONS, WARRANTIES AND CONDITIONS. THE SERVICES AND DIGITAL ASSETS PURCHASED VIA THE SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. MONEYCLIP EXPRESSLY DISCLAIMS ALL REPRESENTATIONS, WARRANTIES, COVENANTS, AND CONDITIONS OF ANY KIND, WHETHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, INCLUDING (1) ANY WARRANTY OF MERCHANTABILITY OR MERCHANTABLE QUAITY; (2) FITNESS FOR A PARTICULAR PURPOSE; (3) NON-INFRINGEMENT; (4) THAT THE SERVICES OR ANY DIGITAL ASSETS PURCHASED VIA THE SERVICES, WILL MEET YOUR REQUIREMENTS; (5) THAT THE SERVICES WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR FREE; AND (6) THAT ANY DEFECTS WITH THE SERVICES, IF ANY, WILL BE CORRECTED. YOU UNDERSTAND THAT ANY USE OF, MODIFICATION TO OR RELIANCE ON THE SERVICES, OR ANY DIGTAL ASSETS PURCHASED VIA THE PLATFORM OR SERVICES, IS AT YOUR OWN DISCRETION AND RISK.

8. LIMITATION OF LIABILITY

EXCEPT TO THE EXTENT REQUIRED BY LAW, MONEYCLIP SHALL NOT BE LIABLE TO YOU, WHETHER IN CONTRACT OR TORT, FOR ANY PUNITIVE, SPECIAL, INDIRECT, CONSEQUENTIAL, INCIDENTAL, OR SIMILAR DAMAGES IN CONNECTION WITH THESE TERMS OF USE, YOUR USE OR ATTEMPTED USE OF THE SERVICES OR TRANSACTIONS CONTEMPLATED BY THESE TERMS. MOREOVER, AND ALSO EXCEPT TO THE EXTENT REQUIRED BY LAW, MONEYCLIP SHALL NOT BE LIABLE TO YOU IN CONTRACT OR TORT, FOR ANY DIRECT DAMAGES OF ANY KIND (EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY THEREOF) IN CONNECTION WITH THIS USER AGREEMENT, YOUR USE OR ATTEMPTED USE OF THE SERVICES, OR ANY OF THE INFORMATION, SERVICES OR TRANSACTIONS CONTEMPLATED BY THIS USER AGREEMENT.

IN NO EVENT SHALL WE BE LIABLE TO YOU OR ANYONE ELSE FOR ANY LOSS OR INJURY RESULTING DIRECTLY OR INDIRECTLY FROM YOUR USE OF ANY SERVICES PROVIDED BY US INCLUDING, BUT NOT LIMITED TO, ANY LOSS CAUSED IN WHOLE OR IN PART BY ANY INACCURACIES OR INCOMPLETENESS, DELAYS, INTERRUPTIONS, ERRORS OR OMISSIONS, INCLUDING, BUT NOT LIMITED TO, THOSE ARISING FROM OUR OR CONTINGENCIES BEYOND OUR IN PROCURING, COMPILING, INTERPRETING, COMPUTING, REPORTING, OR DELIVERING THE SERVICES THEREON OR THE INFORMATION THEREIN.

MONEYCLIP DOES NOT GUARANTEE CONTINUOUS, UNINTERRUPTED, OR SECURE ACCESS TO THE SERVICES. IF THIS DISCLAIMER OF LIABILITY SECTION IS DEEMED TO CONFLICT WITH ANY OTHER SECTION OF THIS USER AGREEMENT, THIS DISCLAIMER OF LIABILITY SECTION SUPERSEDES THE OTHER SECTION.

9. INDEMNIFICATION

YOU SHALL INDEMNIFY, DEFEND AND HOLD MONEYCLIP AND ITS SUBSIDIARIES, AFFILIATES, OFFICERS, AGENTS, SERVICE PROVIDERS, AND EMPLOYEES, HARMLESS FROM ALL CLAIMS, THREATS, ACTIONS, PROCEEDINGS, DEMANDS, DAMAGES, LOSSES, OBLIGATIONS, COSTS, AND EXPENSES INCLUDING REASONABLE ATTORNEYS' FEES, MADE BY ANY THIRD PARTY DUE TO OR ARISING ANY VIOLATION BY YOU OF THESE TERMS OF USE, OR ANY VIOLATION BY YOU OF ANY RIGHTS OF ANOTHER (INCLUDING, WITHOUT LIMITATION, ALL INTELLECTUAL PROPERTY RIGHTS AND RIGHTS OF PUBLICITY, PERSONALITY OR PRIVACY), OR ANY VIOLATION BY YOU OF ANY APPLICABLE LAWS, RULES AND REGULATIONS.

10. THIRD PARTY CONTENT

This Website and App may contain advertisements and/or links to other websites that are not owned or controlled by MoneyClip. MoneyClip is not responsible for the content of any linked websites. Any third-party websites or services accessed from the Website or App are subject to the terms and conditions of those websites and or services and you are responsible for determining those terms and conditions and complying with them. The presence on the website of a link to any non-MoneyClip websites does not imply that MoneyClip endorses or accepts any responsibility for the content or use of such websites, and you hereby release MoneyClip from all liability and/damages that may arise from your use of such websites or receipt of services from any such websites.

11. GENERAL

11.1 Enforcement of these Terms. If any part of these terms of use is unlawful, void, or unenforceable, that part shall be deemed severable and shall not affect the validity and enforceability of the remaining provisions. The failure of MoneyClip to exercise or enforce any right or provision under these terms of use shall not constitute a waiver of such right or provision. Any waiver of any right or provision by MoneyClip must be in writing and shall only apply to the specific instance identified in such writing. No waiver by MoneyClip of any provision of these terms of use shall be deemed to be a further or continuing waiver of such provision or any other provision. You agree that any cause of action that you may have arising out of or related to this website or your use of this website must commence within one (1) year after the cause of action accrues, otherwise such cause of action shall be permanently barred.

11.2 Assignment. You may not assign the terms of use, or any rights or licenses granted hereunder, whether voluntarily, by operation of law, or otherwise without MoneyClip’ prior written consent. MoneyClip may assign the terms of use, or any rights or licenses granted hereunder, at any time without notice.

11.3 Survival. In addition to Sections 1.5, 3, 5, 6.2, 7, 8, 9, 11.1, 11.2, 11.3, 11.4, 11.5 and 11.6 all representations, warranties and conditions made by you in these Terms of use shall survive the termination of these Terms. Unless otherwise explicitly identified as terminating elsewhere in these Terms, all licenses granted by you in these Terms of use shall survive their termination. All payment obligations incurred by you prior to the termination of these Terms of use shall survive their termination.

11.4 Entire Agreement. These Terms of Use, together with MoneyClip Privacy Policy, constitute the entire agreement between the parties relating to the website and all related activities. These Terms of Use ay be modified by MoneyClip with notice to you.

11.5 Export. You acknowledge and agree that the App and Services may be subject to export and import controls, and you shall comply with all export and import control regulations of such countries. You shall not use the App or Services for any purposes prohibited by export laws, including, without limitation, nuclear, chemical or biological weapons proliferation. You shall be responsible for procuring all required permissions for any subsequent export, import or use of the App or Services.

11.6 Choice of Law. These Terms and any action related thereto shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein, without regard to conflicts of law principles. The Parties hereby irrevocably attorn to the exclusive personal jurisdiction and venue of the courts sitting in Ottawa, Ontario.

11.7 English Language. It is the express wish of the parties that these Terms and all related documents be drawn up in English. C’est la volonté expresse des parties que la présente convention ainsi que les documents qui s’y rattachent soient rédigés en anglais.

11.8 Contact. If you have any questions about these Terms of Use, or if you wish to make any complaint or claim with respect to the Website, App or Services please contact us at: info@moneyclip.io

Last Updated: October 21, 2019

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