VIRTUAL CURRENCY TERMS OF SERVICE
Last Updated: August 22, 2018
These Virtual Currency Terms of Service (the “Virtual Currency Terms”) govern your use as an individual of the Virtual Currency (as defined below) services offered by Glance Pay Inc. (“Glance,” “we,” “our,” or “us”). By accessing or using any services provided by Glance, including the Virtual Currency services (collectively, the “Services”), you agree to be bound by these Virtual Currency Terms of Service, the General Terms of Service, and all other terms, policies, and guidelines applicable to the Services (collectively, the “Agreement”).
If you have any question regarding the use of the Services, please contact our Support Center.
Value of virtual currency can change quickly and dramatically, and can result in sudden and substantial losses including loss of entire value of virtual currency. You should therefore carefully consider whether transacting or holding Virtual Currency is suitable for you in light of your financial condition.
Capitalized terms not otherwise defined in these Virtual Currency Terms will have the following meanings:
“Conversion Price” means the price of Virtual Currency in terms of Fiat currency as listed on Coinbase at the time Glance receives your Virtual Currency in exchange for your purchase of Glance Dollars. You agree, as a condition of buying Glance Dollars through the Glance Pay App, to accept the Conversion Rate as the sole conversion metric.
“Glance Dollars” represent a credit that can be used at Glance Pay merchants.
“Glance Pay App” means the Glance Pay Application which provides a mobile payments solution and is available for download on the App Store for iOS devices and Google Play for Android devices.
“External Wallet” means the third party digital wallet that You are using to store, send, and receive Virtual Currency.
“Virtual Currency” means virtual currencies accepted as by Glance, which currently only includes Bitcoin, in exchange for the purchase of Glance Dollars.
2. The Services – Buying Glance Dollars with a Virtual Currency
2.1 The Glance Pay App is a payment gateway and is not intended for the use of exchanging cash or cash equivalents. By providing the Services, Glance allows you to purchase a credit in the form of “Glance Dollars” which can be used at certain merchants within the Glance Pay App. We are not a crypto exchange, wallet, or a place to purchase or sell cryptocurrencies, or a money services business. The sale and/or exchange of currencies using our services is prohibited.
2.2 Funding. In order to complete a purchase transaction via the Services, you must first have a Glance Pay Account. A “Buy” transaction is a sale of Glanced Dollars from Glance to you in exchange for the amount of Virtual Currency transferred by You to Glance at the Conversion Price. Once complete, your Glance Dollar Balance will reflect the amount of Glance Dollars that You own. All right to and title in the Virtual Currency used for the purchase of Glance Dollars will pass from You to Glance. A transaction will not necessarily result in Glance broadcasting any transaction to the Virtual Currency network.
2.3 Cancellations. You may not cancel any purchase, sale or transfer requests via the Services. Once you have submitted a request, you may not change, withdraw, or cancel your authorization for us to complete such transaction.
2.4 Transfer Settlement Risk of Loss. You bear the risk of loss of value once you have initiated a transfer transaction from your External Wallet in the event that the receipt of virtual currency is delayed and the value of virtual currency decreases during the period of delay.
2.3 Conditions and Restrictions. We may, at any time and in our sole discretion, refuse any transaction, including any purchase or sale request submitted via the Services, impose limits on the amount of Glance Dollars you can purchase via the Services or impose any other conditions or restrictions upon your use of the Services, without prior notice. We may also make the purchase of Glance Dollars in the Glance PayApp unavailable at any time, in our sole discretion. If the Services are unavailable, any purchase or sale requests you may have submitted for such Glance Dollars will be cancelled. The act of purchasing Glance Dollars from Glance does not result in a guarantee that you may purchase Glance Dollars using Virtual Currency from Glance at a later time.
2.5 Transaction Settlement. We will use commercially reasonable efforts to complete transactions within two days of the date upon which you have initiated a “Buy” transaction via the Services.
3. Rights and Obligations
Glance provides the Services solely on the terms and conditions set forth in the Agreement and on the condition that You accept and comply with them. By using the Services You (a) accept this Agreement and agree that You are legally bound by its terms; and (b) represent and warrant that You are of legal age to enter into a binding agreement.
4. Eligibility and Identity Verification
4.1 Eligibility. You must (a) be an individual person, not an entity, using the Services for personal use, (b) be a resident of Canada, (c) be at least 18 years, and the age of majority in your Province of residence, or older to use the Services, and (d) use the Services in Canada.
4.2 Identity Verification. In order to use certain features of the Services, including the purchase of Glance Dollars using Virtual Currency, you may be required to provide Glance with certain personal information, including, but not limited to, your name, address, telephone number, e-mail address, date of birth, social insurance number, and information regarding your bank account (e.g., financial institution, account type, routing number, and account number), source of funds and employment. In submitting this or any other personal information as may be required, you verify that the information is accurate and authentic, and you agree to update Glance if any information changes.
4.3 Availability. Glance may not make all of the Services available in all markets and jurisdictions, and may restrict or prohibit use of all or a portion of the Services from certain states, territories, or jurisdictions (“Restricted Locations”). At this time, Restricted Locations include, but are not limited to, the United States. You must not attempt to use our Services if you are located in any of those Restricted Locations. You must not attempt to circumvent any restrictions imposed via the Services, such as by obscuring your IP address or submitting any inaccurate information regarding your location.
5. Currency Availability
Glance retains the right, in its sole discretion, to determine the types of Virtual Currency that may be used to purchase Glance Dollars, and may add or remove the availability of any Virtual Currency from the Services at any time for any reason. Glance will not be liable to You for any losses, liability or expenses related to the removal of the ability to buy Glance Dollars with a Virtual Currency.
6. Daily Transaction Volume Limits
Glance imposes a daily transaction processing limit of Virtual Currency in the equivalent amount of CAD $500. At Glance’s discretion, and based on Glance’s risk assessment of Your transaction history and behaviours, transaction capabilities may not be enabled until additional documentation or information regarding You are collected and verified. Requests to increase your processing limit will not be approved unless and until we have reviewed your documentation to our satisfaction and have confirmed the accuracy and authenticity of the information therein.
7. Transaction History
Transaction information will be reflected in your Transaction History in the Glance Pay App. You agree that the failure of the Services to provide such confirmation shall not prejudice or invalidate the terms of such transaction.
Virtual Currency transactions are final. Once you send Virtual Currency funds to our account, the transaction cannot be reversed.
9. No functionality to sell Virtual Currency through the Glance Pay App
You understand and agree that you cannot sell Virtual Currency through the Glance Pay App.
10. Our Right to Reject
We reserve the right to decline to process a sale if we reasonably believe that it violates these Terms or would expose you, other merchants, Purchasers, or other parties to harm. If we decline your purchase or transfer, you will bear the costs related to any conversion or exchange fees. If we reasonably suspect that your Glance Pay account has been used for an illegal purpose, you authorize us to share information about you, your Glance Pay account, and your account activity with law enforcement.
It is your responsibility to determine what, if any taxes may apply to the transactions you complete under the Services and it is your responsibility to report and remit the appropriate tax to the relevant taxing authorities. You agree that we are not responsible for determining whether taxes apply to Your transactions under the Services. To the extent obligated by the relevant taxing authorities that we are required to deduct or withhold any amounts from payment, we will make the required payment net of such taxes. Any amounts so withheld will be treated as having been paid for all purposes of this Agreement. You certify the information provided to Glance is accurate and consent to Glance using such information as is necessary to fulfill Glance’s federal, provincial and local tax payment or withholding purposes and tax filing obligations.
12. Risks Inherent to Virtual Currency
You acknowledge and agree to the following: (a) Virtual Currency transactions are irreversible, and, accordingly losses due to fraudulent or accidental transactions may not be recoverable and Glance shall not be held liable for any fraudulent or accidental transactions, (b) Virtual Currency is not legal tender and is not backed by a government or central bank and Glance is not a bank. As such, there is no protection, such as deposit insurance, to cover any losses associated with Virtual Currency, (c)legislative and regulatory changes or actions at the provincial, federal or international level may adversely affect the use, transfer, exchange, and value of Virtual Currency the Bitcoin public ledger blockchain is maintained by a vast unidentified private computer network spread around the world and choosing to participate in Virtual Currency is at your own risk and understanding of this network, (d) Virtual Currency is a target for fraud and the potential for fraud is especially likely when you engage in transactions with external Virtual Currency addresses, (e) Virtual Currency is a target for hackers and hacking can occur even when you use the strongest security settings and as such your Virtual Currency may be irretrievably stolen, (f) some Virtual Currency transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that you have initiated the transaction (g) the value of Virtual Currency may be derived from the continued willingness of market participants to exchange Fiat Currency for Virtual Currency, which may result in the potential for permanent and total loss of value of a particular Virtual Currency should the market for that Virtual Currency disappear, (h) there is no assurance that a person who accepts Virtual Currency as payment today will continue to do so in the future, (i) the volatility and unpredictability of the price of Virtual Currency relative to Fiat Currency may result in significant loss over a short period of time
13. Disruption Events
You agree that we are not liable for any price fluctuations in Virtual Currency. In the event of a market disruption or Force Majeure Event (as defined below), we may do one or more of the following: (a) suspend access to the Services; or (b) prevent you from completing any actions via the Services. We will not be liable for any losses suffered by you resulting from such actions. Following any such event, when Services resume, you acknowledge that prevailing market rates may differ significantly from the rates available prior to such event
You agree to indemnify Glance, its affiliated and related entities, and any of its officers, directors, employees and agents from and against any claims, costs, losses, liabilities, damages, expenses and judgments of any and every kind (including, without limitation, costs, expenses, and reasonable legal fees) arising out of, relating to, or incurred in connection with any claim, complaint, action, audit, investigation, inquiry, or other proceeding instituted by a person or entity that arises or relates to: (a) any actual or alleged breach of your representations, warranties, or obligations set forth in these Terms; (b) your wrongful or improper use of the Services; (c) the products or services sold by you through the Services, including but not limited to any claims for false advertising, product defects, personal injury, death or property damage; or (d) any other party’s access or use of the Services with your account information
15. Limitation of Liability
IN NO EVENT WILL WE BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES OR ANY LOSS, THEFT, DISAPPEARANCE, OR DAMAGES FOR LOST PROFITS, LOST REVENUES, LOST DATA OR OTHER INTANGIBLE LOSSES THAT RESULT FROM THE USE OF, INABILITY TO USE, OR UNAVAILABILITY OF THE SERVICES, REGARDLESS OF THE FORM OF ACTION AND WHETHER OR NOT WE KNEW THAT SUCH DAMAGE MAY HAVE BEEN INCURRED. IN NO EVENT WILL WE BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DAMAGE, LOSS OR INJURY RESULTING FROM HACKING, TAMPERING, VIRUS TRANSMISSION OR OTHER UNAUTHORIZED ACCESS OR USE OF THE SERVICES, YOUR GLANCE PAY ACCOUNT, OR ANY INFORMATION CONTAINED THEREIN. IN NO EVENT WILL OUR LIABILITY FOR ANY DAMAGES ARISING IN CONNECTION WITH THE SERVICES EXCEED THE FEES EARNED BY US IN CONNECTION WITH YOUR USE OF THE SERVICES DURING THE 6 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
16. Suspension; Termination; Discontinuance of Services
16.1 Suspension, Termination, Discontinuance of your Access. We may suspend your access to all or a portion of our Services. We may terminate your access to the Services in our sole discretion, immediately and without prior notice, and delete or deactivate your Glance Pay App Account and all related information and files in such account without liability to you, including, for instance, in the event that you breach any term of these Terms. In the event of termination, we will attempt to return any Virtual Currency to your External Wallet.
16.2 Notice. If we suspend or close your account, or terminate your use of the Services for any reason, we will provide you with notice of our actions unless a court order or other legal process prohibits us from providing you with such notice. You acknowledge that Glance’s decision to take certain actions, including limiting access to, suspending, or closing your account, may be based on confidential criteria that are essential to Glance’s risk management and security protocols. You agree that Glance is under no obligation to disclose the details of its risk management and security procedures to you.
17. Choice of Law
This Agreement, and its application and interpretation, shall be governed exclusively by the laws of the Province of British Columbia, without regard to its conflict of law rules. You consent to the exclusive jurisdiction of the courts located in or near Vancouver, British Columbia for any dispute arising under this Agreement.
In the event any court shall declare any section or sections of this Agreement invalid or void, such declaration shall not invalidate the entire Agreement and all other paragraphs of the Agreement shall remain in full force and effect.