Here, you will find all of the public, legal policies that govern the operation of the Javvy website, products, services, and interactions with customers and partners.
Customers and Partners
Terms of Service
This Cryptocurrency Facilitation Agreement (the “Contract””) states the terms and conditions that govern the contractual agreement between Javvy Technologies Ltd having its principal place of business at Genesis Building, 5th Floor, Genesis Close, PO Box 446, Cayman Islands, KY1-1106 (the “Company”), any Geographically relevant Javvy subsidiaries, and you (the “Customer.”).
WHEREAS, the Company is, in part, in the business of providing consultation, software technology services, and customer assistance to persons owning or desiring to own Bitcoin or other Cryptocurrencies; and
WHEREAS, the Customer desires for the Company to provide information, technical assistance, and facilitation processes to assist the Customer in the buying and selling of Bitcoin and other Cryptocurrencies;
NOW, THEREFORE, In consideration of the mutual covenants and promises made by the parties hereto, the Company and the Customer (individually, each a “Party” and collectively, the “Parties”) covenant and agree as follows:
Due to the relative novelty and lack of public understanding of Cryptocurrencies, the Company sets forth the following disclaimers. By executing this Agreement, the Customer acknowledges that he or she has read the following disclaimers and is fully aware of the risk involved in the ownership of Cryptocurrencies and the inability of the Company to protect the Customer from the market, the customer’s own actions, or third parties.
A. Cryptocurrencies are not necessarily backed by any government or state sponsored treasury.
B. Cryptocurrencies are peer-to-peer transfers, having the value that the buyer or the seller ascribes to them at the time of transaction.
C. Cryptocurrencies (ownership and transfer) are not regulated by any governmental agency; however, Cryptocurrencies could be regulated by governmental agencies in the future.
D. The unregulated send, receive, and securely storing functions of the Javvy wallet do not require any ID verification, per the definition of accessing decentralized networks via software automated methods, and further by providing these services under the software services of the Company.
E. The buying and selling of Cryptocurrencies are regulated in certain jurisdictions, such as the United States, such that the Company is subject to certain restrictions and requirements to identify all persons or entities desiring to buy or sell. These requirements, PER COUNTRY, are still being defined by government authorities and are subject to change often.
1. Everyone in the world, who wishes to convert FIAT into crypto (i.e. a BUY order) or convert crypto into FIAT (i.e. a SELL order), must be identified by a minimum of facial recognition, approved country issued national ID, and a utility bill or otherwise acceptable proof that matches the address on the national ID.
2. The reason that everyone in the world must be identified is due to the United States demanding that cryptocurrency service providers retain proof of whether a customer is a United States citizen, for the stated purposes of “protecting” United States citizens from “risky investments.”
3. The United States has imposed this restriction on virtually every country in the world.
F. Cryptocurrencies are not held in banks.
G. Custodial services for Cryptocurrencies are not currently offered by the Company but will likely be offered in the future.
H. The value of Cryptocurrencies is determined only by the market at any given time.
I. The Company is not a bank. The Company does not have physical Bitcoins or other tokens or markers representing Cryptocurrencies or blockchains in its physical possession.
J. The Company account deposits are not currently FDIC insured, nor currently covered by any Company corporate umbrella insurance policy (to be covered once proper funding is obtained).
K. The Company cannot send you or deliver to you physical Bitcoin markers or other tokens of Cryptocurrency.
L. The Company does not buy or sell Bitcoin or other Cryptocurrencies as your agent or broker.
M. The Company will assist you, for the fees outlined below, to set up a Javvy account, known as a “crypto wallet” (cryptowallet), and to convert your U.S. or other country currency into Bitcoin or cryptocurrency or to convert your Bitcoin into cash (FIAT). Access to your Cryptocurrencies is always in your control, never in the control of The Company. We will discuss various cryptowallets with you, and upon your decision, assist you in setting up a cryptowallet with our recommended vendors.
N. In establishing an account, you will have two sets of account numbers: a private key, and a public key. These two sets of numbers, the seed phrase, or your email and password combination are the only things that will permit you to access your account and funds.
O. You acknowledge that The Company will not keep a copy of either your private key or your public key. Each time you wish for The Company to assist you in a transaction, the Javvy wallet will interact directly with the appropriate blockchain to send transactions to the network.
P. You acknowledge that you understand that if you lose your private key or public key, that you will not be able to either deposit or withdraw Cryptocurrencies from your selected cryptowallet, and that The Company, and most likely any cryptowallet vendor, will be unable to assist you in any recovery effort.
Q. The Company makes no recommendations and gives no advice as to the value of any Cryptocurrencies , its price volatility, future values, or whether owning Bitcoin or other Cryptocurrencies is a suitable commodity for Customer to own.
R. There is a minimum transaction, for each given currency, shown to each user at the time of purchase, sale, or exchange.
A. The Company shall perform the following duties for the Customer:
B. Assist the Customer in the creation of both public and private keys.
C. Assist the Customer in setting up the Javvy cryptowallet for the Customer’s use.
D. Facilitate the transfer of funds from the Customer’s bank to the cryptowallet.
E. Facilitate the exchange (buying or selling of Bitcoin or any other cryptocurrency) directly with The Company, from The Company’s own reserves (i.e. The Company as the buyer or seller; not an agent), or by using The Company’s decentralized software order book (matching engine) to facilitate unattended peer-to-peer trades.
F. The Company shall have no other duties.
A. There are no deposit or withdrawal fees, other than those charged to the customer by their respective financial institution.
B. A transaction fee of 1.25% is paid for each transaction, with which The Company assists in the facilitation of the exchange of current for Cryptocurrency or vice versa.
A. The Company shall not disclose to any third party any details regarding the business Customer, including, without limitation, the identity of the Customer, the Customer’s financial information, the customer’s private or public keys, the address of the Customer, or any other information of a similar nature.
V. CUSTOMER REPRESENTATIONS.
The Customer makes the following representations to Company:
A. Customer represents and warrants that he or she is fully informed as to the nature of Cryptocurrencies and has had the opportunity to consult with his or her legal, accounting, and financial planning representatives of Customer’s choosing prior to entering to this agreement.
B. Customer represents and warrants that he or she is either (a) a sophisticated investor, as defined in Reg D of the Rules and Regulations of the Securities and Exchange Commission, or (b) that after consultation with Customer’s legal, financial, and tax accounting professionals, has determined that the ownership of Bitcoin or any other Cryptocurrency is a proper use of the Customer’s funds, AND (c) that in the event that the total sum of U.S. or foreign currency used by the Customer to purchase either Bitcoin or other Cryptocurrency were lost and the purchased Bitcoin or Cryptocurrency were to have no market, value, or liquidity, that such total loss would not materially affect the Customer’s ability to maintain his or her current lifestyle.
These Terms were last updated on February 13, 2019.