Coinbase has received an E-money license from the Financial Conduct Authority (FCA) in the UK.
. COINBASE USER AGREEMENT:
This User Agreement shall be effective immediately for all new customers who sign-up on or after March 14, 2018. For all customers who signed up prior to March 14, 2018, the previous version of our User Agreement will govern and control until March 21, 2018, when it will be superseded by this User Agreement.
The websites and the services offered by Coinbase are NOT addressed to persons who have their registered office or place of residence in Germany. For customers outside the EU, provisions related to the E-Money Services provided by CB Payments Ltd. shall not apply to your use of the services.
This is a contract between you and each of:
Coinbase UK, Ltd ("Coinbase UK"), a private limited company incorporated in England and Wales with company number 09083955 and whose registered office is 9th Floor, 107 Cheapside, London, EC2V 6DN; and
CB Payments Ltd ("Coinbase Payments") a private limited company incorporated in England and Wales with company number 09708629 and whose registered office is 9th Floor, 107 Cheapside, London EC2V 6DN, United Kingdom.
References in this Agreement to "Coinbase", "we", "our" or "us", are to Coinbase UK and/or Coinbase Payments depending on the context, and references to "you" or "your" are to the person with whom Coinbase enters into this Agreement.
You should be aware that the risk of loss in trading or holding Digital Currencies can be substantial. Digital Currency Services are not currently regulated by the Financial Conduct Authority or any other regulator. You should therefore carefully consider whether trading or holding Digital Currencies is suitable for you in light of your financial condition.
- COINBASE SERVICES.
1.1. Eligibility. To be eligible to use the Coinbase Services, you must be at least 18 years old.
Your eligibility to access certain Coinbase Services also depends on the country in which you reside. The list of Coinbase Services accessible by country can be found at https://www.coinbase.com/global.
1.2. E-Money Services. The following services (the "E-Money Services") are provided to you by Coinbase Payments:
A hosted digital wallet enabling you to store electronic money issued by Coinbase Payments (the “E-Money Wallet” and “E-Money" respectively).
Certain payment services enabling you to send and receive E-Money.
Coinbase E-Money Services are regulated by the FCA. Coinbase Payments is an authorised electronic money institution authorised and regulated by the UK Financial Conduct Authority (“FCA”) with register number 900635.
1.3. Digital Currency Services. The following services (the "Digital Currency Services") are provided to you by Coinbase 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);
A Digital Currency exchange service enabling you to obtain prices for your purchases and sales of Digital Currencies (a “DC Exchange”);
A Digital Currency conversion service enabling you to buy and sell Digital Currencies in transactions with Coinbase UK (the "Conversion Services").
Unlike Coinbase E-Money Services, Coinbase Digital Currency Services are not regulated by the FCA. Coinbase UK is not a regulated financial services provider. Coinbase UK is based in, and provides its services from, the UK.
1.4. Additional Coinbase Services. In addition to the core services, the following services ("Additional Services") may be made available by Coinbase UK to users that fulfil certain eligibility criteria:
GDAX Services (Appendix 4);
Developer's Tools (Appendix 5).
We refer to the Coinbase E-Money Services, Coinbase Digital Currency Services and Additional Services together as the "Coinbase Services".
1.5. Fees: A full list of Coinbase UK's fees can be found on Pricing and Fees Disclosures page.
- COINBASE ACCOUNTS AND ACCESS.
2.2. 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 and permit us to keep a record of such information. You will need to complete certain verification procedures before you are permitted to use the Coinbase Services and your access to one or more Coinbase Services, including certain transfers of E-Money and Digital Currency, and the limits that apply to your use of the Coinbase 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, e-mail address, date of birth, taxpayer identification number, government identification number, and information regarding your bank account (such as the name of the bank, the account type, routing number, and account number). In providing us with this or any other information that may be required, you confirm that the information is accurate and authentic. You agree to keep us updated if any of the information you provide changes. You authorise us to make the inquiries, 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 inquiries, 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 inquiries 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 Coinbase Services and/or before permitting you to engage in transactions beyond certain volume limits.
2.3 Access. To access the Coinbase Services, you must have the necessary equipment (such as a smartphone or tablet) and the associated telecommunication service subscriptions to access the Internet. The Coinbase Services can be accessed directly using the Coinbase Site.
- PAYMENT SERVICES
3.1. Loading. You can load funds into your E-Money Wallet using one of the payment methods available in the Coinbase Site, such as a credit or debit card, or bank transfer (your E-Money Wallet will show loaded funds once we have received them). When you "load" funds into the E-Money Wallet you will be issued with E-Money by Coinbase Payments. The E-Money Wallet is not a deposit account which means that you E-Money will not be protected by the Financial Services Compensation Scheme. However, Coinbase Payments will hold funds received 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.
3.2. Purchase of Digital Currency. To purchase Digital Currency using E-Money, you must follow the relevant instructions on the Coinbase Site. A purchase of Digital Currency using E-money should occur on the business day we receive your instructions.
3.3. 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.
3.5. Revocation. When you give us instructions to purchase Digital Currency using E-Money, you cannot withdraw your consent to that purchase unless the purchase is not due to occur until an agreed date in the future e.g. this may occur if you set up a recurring purchase of Digital Currency (+a "Future Transaction"). 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 Coinbase Site.
3.6. Account Information. You will be able to see your E-Money Wallet balance and your transaction history using the Coinbase 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).
3.7. 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 Coinbase 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 Coinbase 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.
3.8. 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 you did not authorise a particular transaction or that a transaction was incorrectly carried out, you must contact us as soon as possible and in any case no later than 13 months after the relevant transaction occurred, either by email free of charge at [email protected] or by phone on +1 (888) 908-7930 (international call charges may apply). It is important that you regularly check your E-Money Wallet balance and your transaction history regularly to ensure any unauthorised or incorrect transactions are identified and notified to us at the earliest possible opportunity. We are not responsible for any claim for unauthorised or incorrect transactions unless you have notified us in accordance with this section.
3.9. Refund rights. If an unauthorised transaction occurs, we will refund you the amount of that transaction within one business day 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 use of your E-Money Wallet or if we have failed at any time to provide you with the means for notifying us; however:
If you are fraudulent or you intentionally or negligently fail to carry out your obligations under this Agreement, you will be liable for all resultant losses incurred by you or us.
You will be liable for the first EUR 50 of any losses you incur in respect of an unauthorised transaction which arises from the use of a lost or stolen credentials (for example when you have failed to keep the personalised features of your Coinbase E-Money Account safe).
Where there is a dispute between us and you regarding an unauthorised transaction, we may 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. You will also be liable to us for any E-Money you have transferred which was temporarily credited to your E-Money Wallet.
Where a transaction is made incorrectly (e.g. through our 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 transaction not have taken place, although we will 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 or incomplete transaction.
Irrespective of our liability, on your request, we shall try to trace any incorrect or incomplete transaction initiated by you free of charge. However, we cannot guarantee that we will be able to trace such transactions.
3.10. Appointment of Regulated Third Parties. You may appoint appropriately regulated third parties to access your E-Money Wallet. If you do, you should be aware that by virtue of such access, that third party may access your transactional and other data, and / or may initiate transfers from your E-Money Wallet.
3.11. Refusing to deal with Regulated Third Parties. We may refuse access to regulated third parties 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 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.
- DIGITAL CURRENCY SERVICES.
4.1. In General. Your Digital Currency Wallet enables you to send Digital Currency to, and request, receive, and store Digital Currency from, third parties by giving instructions through the Coinbase Site (each such transaction is a "Digital Currency Transaction").
4.2. Digital Currency Transactions. We will process Digital Currency Transactions in accordance with the instructions we receive from you. You should verify all transaction information prior to submitting instructions to us. We do not guarantee the identity of any user, receiver, requestee or other party. Digital Currency Transactions cannot be reversed once they have been broadcast to the relevant Digital Currency network.
If you initiate a Digital Currency Transaction by entering the recipient's email address and the recipient does not have an existing Coinbase Account, we will invite the recipient to open a Coinbase Account. If the recipient does not open a Coinbase Account within 30 days, we will return the relevant Digital Currency to your Digital Currency Wallet.
Once submitted to a Digital Currency network, a Digital Currency Transaction will be unconfirmed for a period of time pending sufficient confirmation of the transaction by the Digital Currency network. A Digital Currency Transaction is not complete while it is in a pending state. Digital Currency associated with Digital Currency Transactions that are in a pending state will be designated accordingly, and will not be included in your Digital Currency Wallet balance or be available to conduct Digital Currency Transactions.
We may charge network fees (miner fees) to process a Digital Currency Transaction on your behalf. We will calculate the network fee in its discretion, although we will always notify you of the network fee at or before the time you authorise the Digital Currency Transaction. A full list of Coinbase UK's fees can be found on our Pricing and Fees Disclosures page.
We may refuse to process or cancel any pending Digital Currency Transaction as required by law or any court or other authority to which Coinbase is subject in any jurisdiction.
4.3. Supported Digital Currencies. Our Digital Currency Services are available only in connection with those digital currencies that Coinbase supports, and this may change from time to time. Under no circumstances should you attempt to use your Digital Currency Wallet to store, send, request, or receive digital currencies in any form that we do not support (although we will use reasonable efforts to help you move or sell Digital Currency that we no longer support). We assume no responsibility or liability in connection with any attempt to use your Digital Currency Wallet for digital currencies that we do not support.
If you have any questions about which Digital Currencies we currently support, please visit https://support.coinbase.com.
4.4. Digital Currency Storage & Transmission Delays. We securely store Digital Currency private keys, which are the means by which you can securely approve a Digital Currency Transaction. We securely store private keys in our control in a combination of online and offline storage. As a result, it may be necessary for us to retrieve certain information from offline storage in order to facilitate a Digital Currency Transaction in accordance with your instructions, and you acknowledge that this may delay the initiation or crediting of such Digital Currency Transaction.
4.5. Third Party Payments. We have no control over, or liability for, the delivery, quality, safety, legality or any other aspect of any goods or services that you may purchase or sell to or from a third party (including other users of Coinbase Digital Currency Services). We are not responsible for ensuring that a third party buyer or a seller you transact with will complete the transaction or is authorised to do so. If you experience a problem with any goods or services purchased from, or sold to, a third party using Digital Currency transferred using the Coinbase Digital Currency Services, or if you have a dispute with such third party, you should resolve the dispute directly with that third party. If you believe a third party has behaved in a fraudulent, misleading, or inappropriate manner, or if you cannot adequately resolve a dispute with a third party, you may notify Coinbase Support at [email protected] so that we may consider what action to take, if any.
4.6. Coinbase Vaults. You may elect to use the Coinbase Vault to store Digital Currency and to set withdrawal time-delays.
If you are an existing Multisig Vault customer, we may offer you the option to view, control, and distribute Digital Currency private keys to multiple third parties whose majority approval will be required to transfer associated Digital Currency. We cannot restore encrypted private keys or otherwise recover private keys which have been distributed and are not within our control. If you use the Multisig Vault you acknowledge that we are not responsible for transferring, safeguarding, or maintaining private keys and/or Digital Currency associated with the Vault. If you and/or your co-signing authorities lose, mishandle, or have stolen associated Digital Currency private keys, or if your co-signers refuse to provide requisite authority, you acknowledge that you may not be able to recover associated Digital Currency, and that we are not responsible for such loss.
4.7 Advanced Protocols. Unless specifically announced on the Coinbase Site or other official public statement of Coinbase, we do not support metacoins, coloured coins, side chains, or other derivative, enhanced, or forked protocols, tokens, or coins which supplement or interact with a Digital Currency we support (collectively, “Advanced Protocols”). You should not use your Coinbase Account or GDAX account to attempt to receive, request, send, store, or engage in any other type of transaction involving an Advanced Protocol. Our platform is not configured to detect and/or secure Advanced Protocol transactions. You acknowledge and agree that we have no responsibility whatsoever in respect of an unsupported Advanced Protocol.
4.8. Operation of Digital Currency Protocols. We do not own or control the underlying software protocols which govern the operation of Digital Currencies supported on our platform: generally, the underlying protocols are open source and anyone can use, copy, modify, and distribute them. We assume no responsibility for the operation of the underlying protocols and we are not able to guarantee their functionality, security, or availability.
You acknowledge and accept the risk that underlying software protocols relating to any Digital Currency you store in your Digital Currency Wallet may change.
In particular, the underlying protocols are likely to be subject to sudden changes in operating rules (“forks”), and such forks may materially affect the value, function, and/or the name of the Digital Currency you store in your Digital Currency Wallet. Where possible, we may provide you with notices or alerts on forks in accordance with Section 11.11 (Contact Information) below and you must read such notices or alerts received from us in order that you may consider how to deal with upcoming forks. However, it is your responsibility to make yourself aware of, and consider how to deal with, upcoming forks. In the event of a fork, there is a risk that we may need to temporarily suspend operations in relation to that fork without providing advance notice to you. We may, in our reasonable discretion, decline to support either or both branches of a fork.
You acknowledge the risks presented by forks and you accept that we have no responsibility to assist you to move or sell an unsupported branch of a forked protocol.
- DIGITAL CURRENCY EXCHANGE SERVICES.
5.1. In General. The Digital Currency Exchange Service enables you to buy Digital Currency using:
E-Money from / into your E-Money Wallet; and / or
Central bank issued currency (such as GBP or EUR) supported by Coinbase.
Conversely, when you sell Digital Currency you may elect to receive:
E-Money into your E-Money Wallet; and / or
Central bank issued currency (such as GBP or EUR) supported by Coinbase.
5.2. E-Money Transactions. You may purchase supported Digital Currency by using E-Money credited to your E-Money Wallet. 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.
5.3. Central Bank Currency Transactions. You may purchase supported Digital Currency by linking a valid payment method, such as a credit or debit card, to your Digital Currency Wallet. You authorise us to debit funds using your selected payment method(s) to complete your purchase. Although we will attempt to deliver Digital Currency to you as promptly as possible, funds may be debited from your selected payment method before the status of your Digital Currency transaction is shown as complete and is delivered to your Digital Currency Wallet.
You may sell Digital Currency in exchange for central bank issued currency (such as GBP or EUR) supported by Coinbase. In such circumstances, you authorise us to debit your Hosted Digital Currency Wallet and to send instructions to credit your selected payment method(s) in settlement of sell transactions. We will send these instructions as soon as reasonably possible. Any GBP or EUR should be credited to your selected payment method(s) by the end of the business day after we send such instructions.
5.4. Transaction Fulfilment. We will make best efforts to fulfil all purchases of Digital Currency, but in some circumstance we may be unable to. If this is the case, we will notify you and seek your approval to re-attempt the purchase at the current Exchange Rate (as defined below).
5.5. Availability of Payment Methods. The availability of a method of payment depends on a number of factors including, for example, where you are located, the identification information you have provided to us, and limitations imposed by third party payment processors.
5.6. Conversion Fees. Each purchase or sale of Digital Currency using E-Money or central bank issued currency is subject to a fee (a "Conversion Fee"). The applicable Conversion Fee will be displayed to you on the Coinbase Site prior to each transaction and is stated in each receipt we issue to you. We may adjust our Conversion Fees at any time. We will not process a transaction if the Conversion Fee and any other associated fees would, together, exceed the value of your transaction. A full list of Coinbase UK's fees can be found on our Pricing and Fees Disclosures page.
5.7. Exchange Rates. Each purchase or sale of Digital Currency using E-Money or central bank issued currency is also subject to the Coinbase "Exchange Rate" for the given transaction. The "Exchange Rate" means the price of a given supported Digital Currency in E-Money or central bank issued currency as quoted on the Coinbase Site. The Exchange Rate is stated either as a "Buy Price" or as a "Sell Price," which is the price at which you may buy or sell Digital Currency, respectively. You acknowledge that the Buy Price Exchange Rate may not be the same as the Sell Price Exchange Rate at any given time, and that we may add a margin or “spread” to the quoted Exchange Rate. You agree to accept the Exchange Rate when you authorise a transaction. You can learn more about Coinbase UK's Exchange Rates on our Pricing and Fees Disclosures page.
We do not guarantee the availability of any Exchange Rate. We do not guarantee that you will be able to buy and / or sell your Digital Currency on the open market at any particular price or time.
5.8. Authorisations; Reversals; Cancellations. By clicking the "Buy" or "Sell" button on the Coinbase Site, your are authorising Coinbase to initiate the transaction at the quoted Buy Price or Sell Price and agree to any associated Conversion and Exchange Fees. You cannot cancel, reverse, or change any transaction marked as complete or pending. If your payment is not successful or if your payment method has insufficient funds, you authorise us, in our sole discretion, either to cancel the transaction or to debit your other payment methods, including balances on your E-Money Wallet and/or Digital Currency Wallets, in any amount necessary to complete the transaction. You are responsible for maintaining an adequate balance and/or sufficient credit limits in order to avoid overdraft, insufficient funds, or similar fees charged by your payment provider.
- TRANSACTION LIMITS AND ENHANCED DUE DILIGENCE
6.1. Transactions Limits. The use of all Coinbase Services is subject to a limit on the amount of volume, stated in GBP or EUR, you may transact or transfer in a given period (e.g., daily). To view your limits, login to your Coinbase Account and visit https://www.coinbase.com/verifications or see the App. Your transaction limits may vary depending on your payment method, verification steps you have completed, and other factors. We reserve the right to change applicable limits as we deem necessary. If you wish to raise your limits beyond the posted amounts, you may submit a request at https://support.coinbase.com.
6.2 Enhanced Due Diligence. We may require you to submit additional information about yourself or your business, provide records, and arrange for meetings with Coinbase staff (such process, "Enhanced Due Diligence"). We reserve the right to charge you costs and fees associated with such Enhanced Due Diligence although if we intend to do so, we will notify you in advance. In our discretion, we may refuse to raise your limits or we may lower your limits at a subsequent time even if you have completed Enhanced Due Diligence.
- SUSPENSION, TERMINATION, AND CANCELLATION.
7.1 Suspension, Termination, and Cancellation. We may: (a) refuse to complete or block, cancel or reverse a transaction you have authorised (b) suspend, restrict, or terminate your access to any or all of the Coinbase Services, and/or (c) deactivate or cancel your Coinbase Account with immediate effect for any reason, including but not limited to where: