These terms are entered into between you and AnchorCoin LLC and any and all of its subsidiaries and affiliates (“Company,” “AnchorCoin”, “we”, “our”, “us”), concerning your utilization of our website and its corresponding software platform (the “Platform”).
Only adults aged eighteen (18) years of age and older may use the Platform. You may not use the Platform in any way if you are below eighteen (18) years of age.
The Platform facilitates the purchase and redemption of AnchorUSD. Using the Platform, AnchorUSD can be purchased for US dollars, or redeemed for US dollars. All US dollars are held in trust for the benefit of holders of AnchorUSD by Prime Trust LLC (“Trustee”), and are not held by AnchorCoin. You must provide the Trustee with identifying information through our Platform, and have that information verified, prior to using the Platform.
AnchorUSDs themselves are not a monetary instrument, a legal tender, a money, a currency, or a repository of stored value. You acknowledge and agree that AnchorUSD is not a security and the sale of AnchorUSD to you and the information contained on this website does not constitute an offer to sell a security, a solicitation of an offer by you to purchase a security, or a recommendation by us to buy or sell any securities. You are not purchasing AnchorUSD as a security or for investment purposes. Your purchase of AnchorUSD does not grant you any equity, ownership, or other financial interest in AnchorCoin, our financial partners, our affiliates, or any other entity or venture.
When you purchase AnchorUSD using our Platform, we provide you with instructions on how to transfer your US dollars to one of the accounts managed by our Trustee. Upon our Trustee confirming receipt of your US dollars, you will be issued AnchorUSD at a rate of 1 AnchorUSD to 1 US dollar, subject to our fees.
When you redeem AnchorUSD using our platform, we provide you with instructions on how to transfer our AnchorUSD to a specialized redemption address. Upon confirmation that AnchorUSDs were successfully received at this redemption address, the Trustee will transfer US dollars to the bank account of your specification, at a rate of 1 US dollar per AnchorUSD, subject to our fees.
The Company reserves the right to refuse to process any requests to issue or redeem AnchorUSD when complying with such a request would result in a violation of an applicable law, ordinance, statute, or regulation, or when the Company reasonably believes that complying with such a request would constitute such a violation. Furthermore, the company reserves the right to refuse the issuance or redemption of AnchorUSD due to a subpoena or request from any government official, government entity, or law enforcement authority of competent jurisdiction.
The Platform also facilitates the earning of interest on your stablecoin or cryptocurrency deposits (“Interest Account”). You may make use of the Interest Account by directly sending accepted cryptocurrency or stablecoin to an AnchorCoin wallet. In addition, upon sending US Dollars to the Trustee using the Platform, you have the option of directing your AnchorUSD to an AnchorCoin wallet to participate in the Interest Account.
Note that you will never deposit US Dollars with AnchorCoin; you will only ever deposit US Dollars in an account managed by the Trustee.
Funds Protection and Security
All standard USD balances are held as cash in pooled custodial accounts operated by the Trustee, which is a chartered, qualified custodial trust company. The Trustee holds the funds at one or more banks insured by the Federal Deposit Insurance Corporation (“FDIC”) and/or in US Treasury instruments. The custodial accounts have been established in a manner to provide eligibility for pass-through FDIC insurance up to the depositor coverage limit, which is currently $250,000 per individual. The purpose of FDIC pass-through insurance is to protect customer funds held by the Trustee against the risk of loss if any of the insured depository institutions where the Trustee maintains custodial accounts were to fail.
AnchorCoin’s insurance policies do not cover any losses resulting from unauthorized access to your AnchorUSD account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access AnchorUSD.
AnchorCoin LLC is not a bank and does not provide banking services. Interest rates shown on this page, in other marketing materials, or within the AnchorUSD App may change at any time.
Anti-Money Laundering and Counter-Terrorist Financing
The Company reserves the right to refuse to issue, redeem, or allow transfer of AnchorUSD to individuals or entities who do not meet the international AML-CTF standards specified by the FATF, to Politically Exposed Persons as defined by the FATF’s 40 Recommendations, and to individuals or entities found present on a sanctions list or watchlist in a competent jurisdiction.
If properly compelled by a law enforcement or a court of competent distinction, the Company reserves the right to prevent specific cryptocurrency wallet addresses from utilizing the Platform, receiving AnchorUSD tokens, or transferring AnchorUSD tokens. The Company will cooperate with applicable law enforcement and regulatory authorities where it is required to do so and will share information if there are grounds to believe that AnchorUSD is being used for illegal purposes.
The Company reserves the right to prohibit specific cryptocurrency exchanges from accessing the Platform, receiving AnchorUSD tokens, or transferring AnchorUSD tokens if the exchange has not been preapproved by the Company or the Company is properly directed to do so by law enforcement or a court of competent jurisdiction. We reserve the right to restrict or prohibit the listing or trading of AnchorUSD on any exchange in our sole and absolute discretion. Any exchange that lists AnchorUSD represents and warrants to the Company that by doing so it is duly organized, registered, licensed, and shall comply with all applicable laws and rules in every jurisdiction in which it operates. Furthermore, any exchange listing AnchorUSD represents and warrants to the Company that by doing so it has Anti-Money Laundering ("AML") and Counter Terrorist Financing controls meeting the requirements in every jurisdiction in which it operates. The Company will make reasonable efforts to notify and inform exchanges in advance of any such restriction or prohibition, unless the Company is prohibited from doing so by law or under an order from a court of competent jurisdiction or authority.
Accessing the Platform
Fees may apply to all transactions on the platform, as described and updated in the fee schedule from time to time. The fee schedule as it stands today is located here.
In any way that violates any applicable federal, state, local, or international law or regulation (including, without limitation, any laws regarding the export of data or software to and from the US or other countries).
For the purpose of exploiting, harming, or attempting to exploit or harm minors in any way by exposing them to inappropriate content, asking for personally identifiable information, or otherwise.
To transmit, or procure the sending of, any advertising or promotional material, including any “junk mail”, “chain letter,” “spam,” or any other similar solicitation.
To impersonate or attempt to impersonate the Company, a Company employee, another user, or any other person or entity.
In any way that infringes upon the rights of others, or in any way is illegal, threatening, fraudulent, or harmful, or in connection with any unlawful, illegal, fraudulent, or harmful purpose or activity.
To engage in any other conduct that restricts or inhibits anyone’s use or enjoyment of the Platform, or which, as determined by us, may harm or offend the Company or users of the Platform or expose them to liability.
By means of any bot or other automatic device or process, or by any manual process, intended to monitor or copy any of material on the Website or for any other unauthorized purpose.
In order to disguise the proceeds of, or to further, any breach of applicable laws or regulations, or to deal in any contraband AnchorUSD tokens, other digital tokens, funds, or proceeds.
To use any funds or other value on the Platform, or use any services, with anything other than funds, keys, AnchorUSD tokens, or other digital tokens that have been legally obtained by you and that belong to you.
To interfere with or subvert our rights or obligations or the rights or obligations of any other Platform customer or any other third party/
To engage in conduct that is detrimental to us or to any other Platform customer or any other third party.
To falsify any account registration details provided to us.
To falsify or materially omit any information or provide misleading information requested by us in the course of, directly or indirectly relating to, or arising from your activities on the Platform or the use of any services, including at registration.
To reverse-engineer, decompile, or disassemble any software running on the Platform; or, attempt to harm us through your access to the Platform or any services, except that nothing in this subparagraph shall be construed as limiting your free speech rights under applicable law.
Reliance on Information Posted
We do not warrant the accuracy, completeness, or usefulness of any information on the Platform. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to the Platform, or by anyone who may be informed of any of its contents.The Platform includes content provided by third parties, including materials provided by other users, attorneys, third-party licensors, syndicators, aggregators, and/or reporting services. All statements and/or opinions expressed in these materials, other than the content provided by the Company, are solely the opinions and the responsibility of the person or entity providing those materials. We are not responsible, or liable to you or any third party, for the content or accuracy of any materials provided by any third parties.
The Site may contain links to third-party websites and services (collectively, “Third-Party Links”). Such Third-Party Links are not under the control of Company, and Company is not responsible for any Third-Party Links. Company provides access to these Third-Party Links & Ads only as a convenience to you, and does not review, approve, monitor, endorse, warrant, or make any representations with respect to Third-Party Links. You use all Third-Party Links at your own risk, and should apply a suitable level of caution and discretion in doing so. When you click on any of the Third-Party Links, the applicable third party’s terms and policies apply, including the third party’s privacy and data gathering practices. You should make whatever investigation you feel necessary or appropriate before proceeding with any transaction in connection with such Third-Party Links.
Users Outside the U.S.
The Platform is controlled and operated from the United States and is subject to its laws. If you choose to access the Platform outside of the United States, you do so at your own risk and are responsible for complying with all applicable laws, rules, and regulations.
No Class Action
Neither you nor we shall pursue any claims arising under this Agreement on a class or other representative basis and will not seek to coordinate or consolidate any arbitration hereunder with any other proceeding.
THE PLATFORM IS PROVIDED ON AN “AS-IS” AND “AS AVAILABLE” BASIS, AND COMPANY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES AND CONDITIONS OF ANY KIND, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING ALL WARRANTIES OR CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, QUIET ENJOYMENT, ACCURACY, OR NON-INFRINGEMENT. WE MAKE NO WARRANTY THAT THE PLATFORM WILL MEET YOUR REQUIREMENTS, WILL BE AVAILABLE ON AN UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE BASIS, OR WILL BE ACCURATE, RELIABLE, FREE OF VIRUSES OR OTHER HARMFUL CODE, COMPLETE, LEGAL, OR SAFE. IF APPLICABLE LAW REQUIRES ANY WARRANTIES WITH RESPECT TO THE PLATFORM, ALL SUCH WARRANTIES ARE LIMITED IN DURATION TO NINETY (90) DAYS FROM THE DATE OF FIRST USE.SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES, SO THE ABOVE EXCLUSION MAY NOT APPLY TO YOU. SOME JURISDICTIONS DO NOT ALLOW LIMITATIONS ON HOW LONG AN IMPLIED WARRANTY LASTS, SO THE ABOVE LIMITATION MAY NOT APPLY TO YOU.
Limitation on Liability
TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL THE COMPANY BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY LOST PROFITS, LOST DATA, COSTS OF PROCUREMENT OF SUBSTITUTE PRODUCTS, OR ANY INDIRECT, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES ARISING FROM OR RELATING TO THESE TERMS OR YOUR USE OF, OR INABILITY TO USE, THE PLATFORM, EVEN IF THE COMPANY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. ACCESS TO, AND USE OF, THE PLATFORM IS AT YOUR OWN DISCRETION AND RISK, AND YOU WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR DEVICE OR COMPUTER SYSTEM, OR LOSS OF DATA RESULTING THEREFROM. TO THE MAXIMUM EXTENT PERMITTED BY LAW, NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, OUR LIABILITY TO YOU FOR ANY DAMAGES ARISING FROM OR RELATED TO THIS AGREEMENT (FOR ANY CAUSE WHATSOEVER AND REGARDLESS OF THE FORM OF THE ACTION), WILL AT ALL TIMES BE LIMITED TO A MAXIMUM OF FIFTY US DOLLARS (U.S. $50). THE EXISTENCE OF MORE THAN ONE CLAIM WILL NOT ENLARGE THIS LIMIT. YOU AGREE THAT OUR SUPPLIERS WILL HAVE NO LIABILITY OF ANY KIND ARISING FROM OR RELATING TO THIS AGREEMENT. SOME JURISDICTIONS DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE LIMITATION OR EXCLUSION MAY NOT APPLY TO YOU.
You agree to indemnify and hold the Company (and its officers, employees, and agents) harmless, including costs and attorneys’ fees, from any claim or demand made by any third party due to or arising out of (a) your use of the Platform, (b) your purchase or redemption of any AnchorUSD, (c) your violation of these Terms or (d) your violation of applicable laws or regulations. The Company reserves the right, at your expense, to assume the exclusive defense and control of any matter for which you are required to indemnify us, and you agree to cooperate with our defense of these claims. You agree not to settle any matter without the prior written consent of the Company. The Company will use reasonable efforts to notify you of any such claim, action or proceeding upon becoming aware of it.
The rights granted to you in these Terms are subject to the following restrictions: (a) you shall not license, sell, rent, lease, transfer, assign, distribute, host, or otherwise commercially exploit any of the material on the Platform, whether in whole or in part, or any content displayed on the Platform; (b) you shall not modify, make derivative works of, disassemble, reverse compile or reverse engineer any part of the Platform; (c) you shall not access the Platform in order to build a similar or competitive Platform, product, or service; and (d) except as expressly stated herein, no part of the materials on the Platform may be copied, reproduced, distributed, republished, downloaded, displayed, posted or transmitted in any form or by any means. Unless otherwise indicated, any future release, update, or other addition to functionality of the Platform shall be subject to these Terms. All copyright and other proprietary notices on the Platform (or on any content displayed on the Platform) must be retained on all copies thereof.Governing Law
These Terms constitute the entire agreement between you and us regarding the use of the Platform. Our failure to exercise or enforce any right or provision of these Terms shall not operate as a waiver of such right or provision. The section titles in these Terms are for convenience only and have no legal or contractual effect. The word “including” means “including without limitation”. If any provision of these Terms is, for any reason, held to be invalid or unenforceable, the other provisions of these Terms will be unimpaired and the invalid or unenforceable provision will be deemed modified so that it is valid and enforceable to the maximum extent permitted by law. These Terms, and your rights and obligations herein, may not be assigned, subcontracted, delegated, or otherwise transferred by you without Company’s prior written consent, and any attempted assignment, subcontract, delegation, or transfer in violation of the foregoing will be null and void. Company may freely assign these Terms. The terms and conditions set forth in these Terms shall be binding upon assignees.
Last Updated: 08/18/2018
WHAT WE COLLECT
We get information about you in a range of ways.
Information You Give Us. We collect your name, postal address, email address, phone number, username, password, demographic information (such as your gender and occupation) as well as other information you directly give us on our Site.
Information We Get From Others. We may get information about you from other sources. We may add this to information we get from this Site.
Information Automatically Collected. We automatically log information about you and your computer. For example, when visiting our Site, we log your computer operating system type, browser type, browser language, the website you visited before browsing to our Site, pages you viewed, how long you spent on a page, access times and information about your use of and actions on our Site.
Cookies. We may log information using "cookies." Cookies are small data files stored on your hard drive by a website. We may use both session Cookies (which expire once you close your web browser) and persistent Cookies (which stay on your computer until you delete them) to provide you with a more personal and interactive experience on our Site. This type of information is collected to make the Site more useful to you and to tailor the experience with us to meet your special interests and needs.
USE OF PERSONAL INFORMATION
We use your personal information as follows:
We use your personal information to operate, maintain, and improve our sites, products, and services.We use your personal information to respond to comments and questions and provide customer service.We use your personal information to send information including confirmations, invoices, technical notices, updates, security alerts, and support and administrative messages.We use your personal information to communicate about promotions, upcoming events, and other news about products and services offered by us and our selected partners.We use your personal information to protect, investigate, and deter against fraudulent, unauthorized, or illegal activity.We use your personal information to provide and deliver products and services customers request.
SHARING OF PERSONAL INFORMATION
We may share personal information as follows:
INFORMATION CHOICES AND CHANGES
Our marketing emails tell you how to “opt-out.” If you opt out, we may still send you non-marketing emails. Non-marketing emails include emails about your accounts and our business dealings with you.
You may send requests about personal information to our Contact Information below. You can request to change contact choices, opt-out of our sharing with others, and update your personal information.
You can typically remove and reject cookies from our Site with your browser settings. Many browsers are set to accept cookies until you change your settings. If you remove or reject our cookies, it could affect how our Site works for you.