Last Updated: February 6, 2020
RISK STATEMENT. ALL INVESTMENTS INVOLVE SUBSTANTIAL RISK OF LOSS. ALL TRADING STRATEGIES ARE USED AT YOUR OWN RISK AND YOU ARE RESPONSIBLE FOR THE FINANCIAL RESOURCES YOU UTILIZE. IF THE MARKET MOVES AGAINST YOU, YOU MAY SUSTAIN A TOTAL LOSS OF THE INITIAL AMOUNT YOU ALLOCATED TO THE INVESTMENT. YOU SHOULD NOT ENGAGE IN TRADING UNLESS YOU FULLY UNDERSTAND THE NATURE OF THE TRANSACTION YOU ARE ENTERING INTO AND THE EXTENT OF YOUR EXPOSURE TO LOSS. IF YOU DO NOT FULLY UNDERSTAND THESE RISKS, YOU SHOULD SEEK INDEPENDENT ADVICE FROM YOUR FINANCIAL ADVISOR.
Eligibility and Agreement. If you use our Services, these Terms apply. If you do not agree to these Terms, you must not use our Services. You can use our Services only if you can lawfully enter into an agreement to these Terms under applicable law. If you use our Services, you agree to do so in compliance with these Terms and with applicable laws and regulations.
Changes to These Terms. We may make changes to these Terms, including when there are changes in our Services, technology, regulation or for other reasons. If we do, we will provide you with notice of such changes by posting the updated Terms on our website and changing the “Last Updated” date above. Any amended Terms will become effective no earlier than 5 days after they are posted and apply prospectively to use of the Services after such changes become effective, except that changes addressing new functions of the Abra PTPC Services or changes made for legal reasons will be effective immediately. Your continued use of the Services following the effective date of such changes will constitute your acceptance of such changes. If you do not agree to any amended Terms, you must discontinue using the Services.
The Abra PTPC Services. Abra PTPC provides a way to store, use, and manage cryptocurrencies that Abra PTPC has designated as supported by the Services (‘supported cryptocurrencies”), using our wallet service, which we call Abra PTPC Wallet. Our Services may evolve over time. This means we may make changes, replace, or discontinue (temporarily or permanently) our Services at any time for any reason with or without notice. In this case, you may be prevented from accessing or using our Services. If, in our sole discretion, we decide to permanently discontinue our Services, we will provide you with notice via our website.
Premium Services. Abra PTPC provides certain premium services as part of our Services for which a fee is charged. The fees described below apply in connection with the following services:
- Buy and Sell. You can buy supported cryptocurrencies using an eligible exchange partner via supported payment methods such as bank transfer or an eligible card (see “Visa and Mastercard purchases” below). Buying supported cryptocurrencies using an exchange partner via a bank account may require either proof of good funds by authenticating the details of your bank account, including the account balance at the time of purchase, or it may require you to pre-fund the exchange partner-hosted bank account by wiring funds using instructions provided in the Abra PTPC Application (the Abra PTPC App). Upon completion of the cryptocurrency purchase, via any payment method, the cryptocurrency will be automatically transferred to your Abra PTPC App using the public address (key) associated with your phone number in the Abra PTPC App. Selling supported cryptocurrencies using an exchange partner to a bank account will result in the funds being delivered to your bank account via a normal bank wire service, or Single Euro Payments Area (SEPA) transfer according to the normal business schedule in your country.
- Buy and Sell Fees. If you buy or sell supported cryptocurrencies in your Abra PTPC Wallet from an Abra PTPC exchange partner via either bank transfer or Eligible Card Purchase, there may be a fee associated with the transaction. The fee is specified in advance of your buy or sell transaction via the Abra PTPC App.
- Send and Receive. These services are limited to select supported currencies in the Abra PTPC Wallet. You may send and receive select currencies to another Abra PTPC user, or to an external account or wallet outside of your Abra PTPC Wallet. When looking to send funds from a wallet without the send-and-receive service privileges, you need to first convert from one currency to another currency that supports the sending or withdrawal of funds. All applicable fees will be displayed before you confirm any transaction.
Exchange Services. Currencies inside the Abra PTPC Wallet may be exchanged from one currency to another currency. When you exchange a partial or full amount of a currency, you accept the applicable exchange rate and any applicable fees that will be displayed to you prior to conversion. Abra PTPC reserves the right to modify the terms and conditions of the exchange services, including but not limited to, the addition, modification and/or removal of any supported cryptocurrency.
Refunds; Reversals. Once a transaction has been initiated, it cannot be reversed. Purchases using a bank account, debit card, or credit card may be reversed or may be subject to a chargeback or related claim. All payment transactions processed through the Services are non-refundable. You may have additional refund or charge-back rights under your agreement with the recipient of such funds, your bank, or applicable law. You should periodically review statements from your bank, which should reflect all applicable payment transactions made using that payment method. You can also always access the record of your transactions by logging into your Abra PTPC App.
Wallet Address and Private Key. When you create an Abra Wallet, the Services generate and store a cryptographic private and public key pair that you may use to send and receive bitcoin and/or other supported cryptocurrencies via the relevant cryptocurrency Network. The public key generated by the Services serves as your cryptocurrency wallet address and is stored along with your phone number on the Abra Service in order to identify you to the network of Abra users. The private key uniquely matches the wallet address and must be used in connection with the wallet address to authorize the transfer of cryptocurrency from or to that wallet address. The private key is stored directly in the Abra Wallet on your phone. Abra has no access to your private key and may not, under any circumstance, initiate a transaction using your private key on your behalf.
Wallet Recovery Phrase. You agree that you are solely responsible for your Abra PTPC Wallet Recovery Phrase and shall take the necessary precautions to ensure its safekeeping. The Wallet Recovery Phrase allows you, the sole owner of your Abra PTPC Wallet’s private key, to recover your Abra PTPC Wallet in case your phone becomes unavailable for whatever reason including, but not limited to loss, theft, device damage or failure, forgotten PIN, or any other circumstance that would prohibit you from accessing the Abra PTPC Wallet. In order to safekeep your Wallet Recovery Phrase, you shall make copies of your Wallet Recovery Phrase and shall securely store all copies. PROPER STORAGE OF YOUR WALLET RECOVERY PHRASE IS VITAL TO PREVENT RISK OF DAMAGE FROM NATURAL DISASTERS OR RISK OF UNAUTHORIZED ACCESS TO YOUR FUNDS. ANY FAILURE TO MAKE AND PROTECT YOUR ABRA WALLET RECOVERY PHRASE MAY LEAD TO TOTAL LOSS OF THE FUNDS ASSOCIATED WITH YOUR ABRA WALLET PRIVATE KEY.
Ownership of Intellectual Property Rights. We retain all right, title, and interest (including all copyright, trademark, patent, trade secrets, and all other intellectual property rights) in our Services and all content on our Services, including our trademarks, service marks, designs, logos, URLs, and trade names that are displayed on our Service, which we refer to in these Terms, collectively, as the Abra PTPC Materials. We hereby grant you a limited, nonexclusive, and non-sublicensable license to access and use the Abra PTPC Materials for your personal or internal business use. Such license is subject to these Terms and does not permit any resale of the Abra PTPC Materials; the distribution, public performance or public display of any Abra PTPC Materials; modifying or otherwise making any derivative uses of the Abra PTPC Materials, or any portion thereof; or any use of the Abra PTPC Materials other than for their intended purposes. The license granted under this Section will automatically terminate if we suspend or terminate your access to the Services. We will own exclusive rights, including all intellectual property rights, to any feedback, suggestions, ideas or other information or materials regarding Abra PTPC or our Services that you provide, whether by email, posting through our Services or otherwise, which we refer to in these Terms as Feedback. Any Feedback you submit is non-confidential and will become the sole property of Abra PTPC. We will be entitled to the unrestricted use and dissemination of such Feedback for any purpose, commercial or otherwise, without acknowledgment or compensation to you. You may not use, copy or retransmit anything on our website without our permission. We reserve all rights not expressly granted herein.
Using SMS/Text. To use the Abra PTPC Services, you must provide a valid mobile phone number. This number is used as part of the authentication process. As part of using the Abra PTPC Services, you agree to receive SMS/text messages from us. Please note that while we do not charge you for SMS/text messages, your mobile carrier’s standard messaging rates will apply. Failure to provide a valid mobile phone number may result in restriction of your use of the Abra PTPC Services.
Prohibited Activities. You agree that you will not use the Abra PTPC Services to perform any type of illegal activity of any sort or to take any action that negatively affects the performance of the Abra PTPC Services. You may not engage in any of the following activities via the Services, nor may you help a third party in any such activity: (1) attempt to gain unauthorized access to our Services or another user’s account, (2) make any attempt to bypass or circumvent any security features, (3) violate any law, statute, ordinance, or regulation, (4) reproduce, duplicate, copy, sell or resell our Services for any purpose except as authorized in these Terms, (5) engage in any activity that is abusive or interferes with or disrupts our Services. If you are blocked by Abra PTPC from accessing the Abra PTPC Services (including by blocking your IP address), you agree not to implement any measures to circumvent such blocking (e.g., by masking your IP address or using a proxy IP address). Use of our Services in connection with any transaction involving illegal products or services is prohibited. Abra PTPC reserves the right to temporarily or permanently suspend your account or otherwise restrict your use of the Abra PTPC Services if any violation of this section occurs.
Export Controls. The Abra PTPC Services may be subject to export control regulations under applicable law, including in the United States. By using the Abra PTPC Services you represent that you are not an individual or entity that is, or an entity owned or controlled by persons or entities that are, (i) the subject of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, the Swiss government, or any other governmental authority with jurisdiction over Abra PTPC or the Abra PTPC Services; (ii) identified on the Denied Persons, Entity, or Unverified Lists of the U.S. Department of Commerce’s Bureau of Industry and Security; or (iii) located, organized or resident in a country or territory that is, or whose government is, the subject of U.S. economic sanctions, including, without limitation, Cuba, Iran, North Korea, Crimea, South Sudan, Sudan, or Syria. You further represent that you will not use the Abra PTPC Services to conduct any transaction with or on behalf of any person or entity listed in clauses (i) through (iii) above or otherwise in violation of law. Abra PTPC may cease to provide the Abra PTPC Services to you for any reason, and with no notice, if it determines that you have violated any of the above representations. You understand and consent that Abra PTPC may be legally required to detain, to deny your access to, and to report to one or more governmental authorities, such of your property or property interests as are in Abra PTPC’s possession or control in the event of certain sanctions imposing these obligations. These representations, covenants, and obligations are continuing, and you agree to notify Abra PTPC immediately in writing if your status under any of the above covenants changes.
Trademarks. Abra and the Abra logo are our trademarks, registered trademarks or service marks. Any other trademarks mentioned in our website or mobile apps are the property of their respective owners.
Disclaimer of Warranties. OUR SERVICES ARE PROVIDED “AS IS” WITH NO WARRANTY OF ANY KIND. Your use of our Services is at your sole risk. We and our licensors, service providers or subcontractors (if any) make no representations or warranties about the suitability of the information, software, products and services contained in our Services for any purpose or their compliance with any accounting rules, principles or laws, and expressly disclaim any representation or warranty that the Services will be free from errors, viruses or other harmful components, that communications to or from the Services will be secure and not intercepted, that the services and other capabilities offered from the Services will be uninterrupted, or that their content will be accurate, complete or timely. EXCEPT AS EXPRESSLY STATED IN THESE TERMS, WE DISCLAIM ALL WARRANTIES AND CONDITIONS, EXPRESS, IMPLIED, OR STATUTORY, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY, AND FITNESS FOR A PARTICULAR PURPOSE. YOU ACKNOWLEDGE THAT YOU HAVE NOT ENTERED INTO THIS AGREEMENT IN RELIANCE UPON ANY WARRANTY OR REPRESENTATION EXCEPT THOSE SPECIFICALLY SET FORTH IN THESE TERMS. Some jurisdictions do not allow the disclaimer of implied terms in contracts with consumers, so some or all of the disclaimers in this section may not apply to you.
Force Majeure. Abra PTPC shall not be liable for delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control and shall not affect the validity and enforceability of any remaining provisions.
No Advice. Abra PTPC is not acting and cannot act as an advisor, including as to any financial, legal, investment, insurance and/or tax matters. Any information provided by Abra PTPC is for general information only. You are solely responsible for determining whether any contemplated transaction is appropriate for you.
Indemnification. You agree to indemnify, defend and hold us, our employees, agents, consultants, subsidiaries, partners, affiliates, and licensors, harmless against any and all claims, costs, losses, damages, liabilities, judgments and expenses (including reasonable fees of attorneys and other professionals) arising from or in any way related to your use of our Services, your violation of these Terms, or your violation of any rights of any other person or entity.
In no event will the aggregate liability of Abra PTPC, our licensors, service providers, subcontractors or exchange partners for any loss or damage that arises out of, or is connected with, any of the occurrences described above exceed, the greater of $100 or the service fees that you paid to us for the service we provide through the Services during the month during which the incident occurred. The limitation of liability reflects the allocation of risk between the parties. The limitations specified in this section will survive and apply even if any limited remedy specified in these Terms is found to have failed of its essential purpose. The limitations of liability provided in these Terms inure to the benefit of us, our licensors, service providers, subcontractors and exchange partners. Some jurisdictions do not allow certain warranty disclaimers or limitations on liability. Only disclaimers or limitations that are lawful in the applicable jurisdiction will apply to you and our liability will be limited to the maximum extent permitted by law.
Severability. If for any reason a court of competent jurisdiction finds any provision of these Terms invalid or unenforceable, that provision will be enforced to the maximum extent permissible and the other provisions of these Terms will remain in full force and effect.
Arbitration and Governing Law. PLEASE READ THE FOLLOWING PARAGRAPH CAREFULLY BECAUSE IT REQUIRES YOU TO ARBITRATE DISPUTES WITH US AND LIMITS THE MANNER IN WHICH YOU CAN SEEK RELIEF.
You and Abra PTPC agree to arbitrate any dispute arising from these Terms or your use of our Services, except for disputes in which either party seeks equitable and other relief for the alleged unlawful use of copyrights, trademarks, trade names, logos, trade secrets, or patents. ARBITRATION PREVENTS YOU FROM SUING IN COURT OR FROM HAVING A JURY TRIAL. You and Abra PTPC agree to notify each other in writing of any dispute within thirty (30) days of when it arises. Notice to Abra PTPC shall be sent to email@example.com. You and Abra PTPC further agree: (a) to attempt informal resolution prior to any demand for arbitration; (b) that any arbitration will occur in Makati City, Philippines; (c) that arbitration will be conducted confidentially by a single arbitrator in accordance with the Philippine Dispute Resolution Center, Inc. (PDRCI) Arbitration Rules as at present in force; and (d) that the courts in Makati City, Philippines have exclusive jurisdiction over any appeals of an arbitration award or over any suit between the parties not subject to arbitration. Other than class procedures and remedies discussed below, the arbitrator has the authority to grant any remedy that would otherwise be available in court. Any dispute between the parties will be governed by these Terms and the laws of the Philippines, without giving effect to any conflict of laws principles that may provide for the application of the law of another jurisdiction. WHETHER THE DISPUTE IS HEARD IN ARBITRATION OR IN COURT, YOU AND ABRA PTPC WILL NOT COMMENCE AGAINST THE OTHER A CLASS ACTION, CLASS ARBITRATION OR REPRESENTATIVE ACTION OR PROCEEDING.
Limitations. To the extent allowed by applicable law, you agree that you will bring any claim or cause of action arising from or relating to your access or use of our Services within two years from the date on which such claim or action arose or accrued or such claim or cause of action will be irrevocably waived.
Unclaimed Property. Under applicable law, after a specified period of inactivity by you with respect to your Abra PTPC account, Abra PTPC may be required to report and/or remit any supported cryptocurrency it is holding in custody for you in accordance with unclaimed property laws.
No Waiver. Our failure to exercise or enforce any right or provision of these Terms will not constitute a waiver of that right or provision.
Assignment; Entire Agreement. Abra PTPC may assign these Terms to its affiliate or subsidiary, or in connection with a merger, consolidation, or sale or other disposition of all or substantially all of its assets. These Terms, together with any other agreements that apply to you, constitute the entire and exclusive agreement between us and you regarding its subject matter, and supersede and replace any previous or contemporaneous written or oral contract, warranty, representation or understanding regarding its subject matter.