The following Terms of Use (“Terms”) apply to our users (“you” or “User(s)” or “your”) are for the governance of your access to, and the use of cipherbank.xzy (the “Website”) and Cipher Bank products, services as well as our mobile application or any other online services we provide (collectively, the “Service(s)” or “Platform”). These Terms constitute a legally binding agreement between you and Cipher Bank. All use of the Services is subject to this Terms of Use. By applying for an Account on our Website, you have acknowledged that you have read, fully, understand, and agree to be bound and comply with the following Terms herein. The Services are provided solely for use by you, and your use of the Services is conditioned on your consent to, and compliance with these Terms. By accessing or using our Services, you agree to be bound by these Terms. If you do not agree to any of the provisions of these Terms you should not submit any information to, access information from, or otherwise use the Services. By accepting these Terms you hereby agree and acknowledge that the Services described herein are being provided by Cipher Bank based on the scope and nature of the Services, your jurisdiction, and applicable laws. In addition, you expressly acknowledge that you have read and agreed to be bound by the Privacy Policy is set forth here: Privacy Policy , which is part of these Terms. Products, Services, information and/or materials contained herein may not be legally available for residents of certain jurisdictions under applicable local laws, countries under embargoes or sanctions and/or other blacklisted countries. By using Cipher Bank, you expressly declare that such restrictions do not apply to you. If such restrictions do apply to you, you are prohibited from accessing the Website and/or consume any Services provided on this platform. If you are uncertain, please seek independent legal advice. WE DO NOT UNDER ANY CIRCUMSTANCES HOLD DIGITAL ASSETS ON YOUR BEHALF AS CUSTODY AS PART OF ANY SERVICES OFFERED BY THE COMPANY. ALL DIGITAL ASSETS WITHIN YOUR ACCOUNT SHALL NOT SUGGEST OR ESTABLISH ANY FORM OF CUSTODY RELATION. ALL USE OF LANGUAGE SUCH AS “ACCOUNT,” “ACCOUNT BALANCE,” ‘WITHDRAW,” AND SIMILAR WILL BE USED AS TERMS REFERRING TO THE OBLIGATIONS OF Cipher Bank TO TRANSFER DIGITAL ASSETS TO USERS ON THE REPAYMENT OF BORROWING OR TERMINATIONS OF LOANS AND USERS USE OF THEIR ACCOUNT AS PART OF OUR SERVICES.
BEFORE USING Cipher Bank AND ITS SERVICES, PLEASE TAKE THE TIME TO FULLY UNDERSTAND AND CONSIDER THE RISK INVOLVED ON OUR RISK DISCLOSURE PAGE, CONDITIONS OF WHICH CONSTITUTE A PART OF THESE TERMS. BY ACCEPTING THESE TERMS YOU ALSO ACCEPT THE TERMS OF THE RISK DISCLOSURE.
Cipher Bank reserves the right to make amendments to the Terms at any time including but not limited to the scope of services provided, rules and requirements, etc. It is your responsibility to review the Terms from time to time to see if modifications have been made. Your continued use of the Services after any modification of the Terms will conclusively indicate that you have acknowledged and fully accepted those changes.
“AML” stands for Anti-Money Laundering, which refers to the laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. “Blockchain” means a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems that is difficult or impossible to change, hack, or cheat the system “Digital Asset” means a digital representation of value in which encryption techniques are used to regulate the generation of digital units and verify the transfer of assets, operating independently from a central bank (also referred to as a “virtual asset”). “Eligible Digital Assets” means the Digital Assets chosen for the inclusion of one or more of the Services rendered through Cipher Bank. “Cipher Bank Account” or “Account” means the account a User has registered through our mobile application or Website for the purpose to access and use the Services. User's Accounts are not bank accounts, savings accounts, deposit accounts, checking accounts, or any other type of asset account characterized as a banking product or service. “KYC” stands for Know Your Customer (or Client), which is the mandatory process of identifying and verifying the client's identity when opening an account and periodically over time and assessing potential risks of illegal intentions for the business relationship. “Stablecoin” means a Digital Asset that is Pegged to a reserve asset. “Virtual Wallet” or “Virtual Wallet Address” means an electronic wallet in which Digital Assets can be held and transferred that utilizes an on-Blockchain virtual address.
Eligibility to access and use Cipher Bank and Services, you warrant through proper identity and represent that:
Cipher Bank is committed to protecting our users and has established Anti-Money Laundering (“AML”), and Know Your Client (“KYC”) policies under applicable AML and OFAC rules. We are obligated to maintain, for a minimum of five years or more as may be required under applicable laws, User records and transaction history, and other personal or corporate identification. Suspicious identities and/or unusual transactions and other certain circumstances will require Cipher Bank to report to the competent authorities any User that might be involved in any financial crime or illicit activity. All users registering for our Services are required to adhere to applicable AML and KYC requirements. In order for Cipher Bank to stay compliant with the applicable AML and OFAC rules, we will ask you to provide relevant information and documentation that we consider necessary to verify and confirm your personal information, verify and authenticate your personal information and take any action we need necessary based on the results. You also acknowledge that you will not be authorized to access certain functions of our Services until your KYC registration has been successfully completed. We may also gather information from third parties that may aid us to perform our AML/KYC checks more effectively. After you have completed the requirements successfully, you are required to maintain the information associated with your Account on Cipher Bank, and you agree to update any personal information to reflect any changes that you previously provided and all relevant information by you to us is true, accurate and not misleading in any respect.
After successfully registering your Account, you will be permitted to use the Services provided to you by Cipher Bank and be able to view your balances and conduct transactions online. You agree and understand that certain activities in Cipher Bank Services will not be available if you do not have a certain or sufficient Digital Asset balance in the virtual wallet provided by Cipher Bank Services. All activities conducted within and under your Cipher Bank Account, as well as the security of your passwords, account information, or any other codes required to access your Cipher Bank Account and the Services, will solely be your responsibility. Cipher Bank is not liable for any loss or compromise of your Account and personal information, or for any loss or damages that may occur due to a compromise of your Account and personal information. Any instructions we receive through your Cipher Bank Account, even if it was not authorized by you, or if it was entered by mistake or is otherwise inaccurate, will be treated by us as a true and honest instruction and Cipher Bank cannot be held liable for following them. To verify the authenticity of any instruction we receive through your Cipher Bank Account, we may require your signature or identification in any form we deem necessary, at our sole discretion, and we may accept digital images and electronic signatures for documents that need to be signed. If for any reason the result of following your instructions of any actions related to your Cipher Bank Account incurs claims, losses, costs, and damages, including reasonable attorneys’ fees, you agree to reimburse us (and we are allowed to deduct any costs from the balance of your Cipher Bank Account). When using your Cipher Bank Account, you hereby agree and acknowledge that it is not a bank account, savings account, deposit account, checking account, or any other type of asset account characterized as a banking product or service. All Digital Assets transferred as part of the Services offered by Cipher Bank are held by third-party custodians. We do not under any circumstances hold Digital Assets on your behalf as custody as part of any Services offered by the Company. All Digital Assets within your Account shall not suggest or establish any form of custody relation. Cipher Bank reserves the right to suspend, terminate, or limit your right to use your Account at any time at its sole discretion. You agree that the Company shall not be held liable to you for any loss or damages resulting from such suspension or limitation. Cipher Bank will seek remedy and take action that may be entitled to in law or in equity, any suspicion involvement of you in any kind such as the misuse of the Services, misleading information provided by you, fraudulent activities, or any money laundering or other financial crime related to you or your Account.
Within our Yield Farming feature, users stake their Eligible Digital Assets through their Cipher Bank Account to a third-party yield farming protocols and enter into an open-ended staking of your Eligible Digital Asset where they may be able to receive “Rewards” that are in the form of Digital Assets or other tokens where permitted. By staking the Eligible Digital Assets through their Cipher Bank Account users grant all rights of possession over such Digital Assets to Cipher Bank. Through administering the Digital Assets, Cipher Bank stakes the deposited Digital Assets to decentralized yield farming protocols, at Cipher Bank’s discretion. This arrangement enables Cipher Bank to return Digital Assets to users with a Reward under these Terms. Any rewards or balance of Eligible Digital Assets staked by you through your Cipher Bank Account will be visible to you via your Cipher Bank Account. Cipher Bank Accounts are not an investment program, rather you are earning Rewards, in accordance with the rates published by us, on the stake of Digital Assets you have transferred through your Account. At any time, you may request that Cipher Bank transfers the staked Eligible Digital Assets back to you and any Rewards accrued from the Yield Farming back to your Virtual Wallet, subject to the conditions of these Terms.
Your Cipher Bank Account balance will be made available and visible to you within our Platform that shall reflect the amounts of Eligible Digital Assets you are entitled to receive by Cipher Bank under these Terms. Lending additional Eligible Digital Assets through your Cipher Bank Account can be completed by transferring these Assets to the provided Virtual Wallet Address within your Cipher Bank Account. Cipher Bank reserves the right to return any Digital Assets and eligible Rewards (if any) and/or reject any transaction at your expense. All Eligible Digital Assets received by Cipher Bank shall be in the possession of a third-party custodian for all intents and purposes to which you will generate Rewards on such Digital Assets according to the terms herein, and any amount (of any kind) shall be reflected in your Cipher Bank Account balance of such Eligible Digital Assets. Transferring Digital Assets for the purpose to stake to Cipher Bank on the Blockchain shall be your sole responsibility to ascertain that all Digital Assets are Eligible Digital Assets under these Terms, and all transfers made to Cipher Bank are addressed to the precise Virtual Wallet Address as issued to you by Cipher Bank (which may differ from time to time relative to Digital Asset) within its platform and Services. Cipher Bank reserves the right to change the incoming addresses for the assets offered on the platform. Please carefully follow these instructions to prevent Digital Assets from becoming irrevocably lost, to which Cipher Bank shall not be liable to you for such loss and may not be able to assist you in retrieving them.
Each User that is registered with full authorization on behalf of their Individual hereby represents and warrants to Cipher Bank that any Digital Asset delivered to us by you is and shall at all times be owned by you and/or full permission has been granted to you to execute any transactions using such Digital Assets without restriction or limitation and that all use of Cipher Bank and the Services by you is solely for your own benefit and account, and not on behalf of any other person or entity. Furthermore, you represent and warrant that there are no claims, liens, indebtedness, or third-party interests on all such Digital Assets delivered to us by you. Cipher Bank POSSESSES AND DISPOSES OF DIGITAL ASSETS TRANSFERRED TO OUR PLATFORM AS PART OF THE SERVICES IN ITS OWN ACCORD UNDER THE TERMS HEREIN. Your Cipher Bank Account and your use of any of our Services under these Terms do not imply or create a fiduciary or any trust relationship between us and you. Your Cipher Bank Account is not a checking, saving, deposit, or any other type of asset account characterized as a banking product or service, nor constituted as an investment contract or security, or transferable and may not be traded, exchanged, or sold to any third-party under any circumstances. The Eligible Digital Assets represented in your Cipher Bank Account are not held by us as a trust, custodian or fiduciary, legal tender, and are not insured by any governmental insurance plan but by our third-party insurance partner. Subject to our own discretion, your Digital Assets may be commingled or otherwise be disposed off to counter-parties or held with counter-parties including, but not limited to, lending, selling, rehypothecation, investing, and pledging, in which with our best operation efforts to impede losses.
In all cases where all or part of Eligible Digital Assets being loaned to Cipher Bank by you or otherwise deposited to your Cipher Bank Account has incurred liabilities, debts, or amounts owed by you or any of your Authorized Representatives to us, you shall grant us a security interest to such Eligible Digital Asset of your Account (“Obligations”). Included in these Obligations may be both secured and unsecured debts, or any you may owe individually or together with another party to us, including, but not limited to any agreements and transactions between you and us. Your acceptance of these Terms serves as your consent to Cipher Bank’ asserting its security interest or exercising its right of set-off should any laws governing your Cipher Bank Account require your consent. If the law restricts our ability to take, transfer, or setoff from any obligations to you, or if your Cipher Bank Account balance is protected from attachment, levy, or legal process, you waive those conditions and limits to the full extent that you may do so by contract, and you authorize us to take any actions to offset your Obligations in any or all of your Cipher Bank Accounts. If in any circumstances the law restricts Cipher Bank from the ability to take, transfer, or setoff from any Obligations to you, or your Account and the balance therein has been protected from attachment, levy, or legal process, you shall waive those limits and conditions to the full extent permitted by contract, and you authorize any actions taken by us to offset your Obligations within all or any of your Cipher Bank Accounts. The acceptance of these Terms by you is your consent to Cipher Bank exercising its right of setoff and asserting its security interest of your Account should any laws governing require your consent. We hereby agree that, to the extent permitted by applicable law, in the event that Cipher Bank breaches its obligation under these Terms, you may set off assets or amounts we owe you with respect to your Cipher Bank Account, against your Obligations. If the law restricts your ability to take, transfer, or setoff our obligations to you, or if they are protected from attachment, levy, or legal process, we waive those conditions and limits to the full extent that we may do so by contract, and we authorize you to apply our obligations to you to your Obligations.
The User may make a complete or partial withdrawal of Eligible Digital Assets from his User Account(s) at any time. Cipher Bank initiates the withdrawal process following a withdrawal request and will typically require up to twenty-four (24) hours after such withdrawal request to process the withdrawal. However, there may be instances where the withdrawal process takes a long time such as up to seven (7) days after a withdrawal request. Withdrawals of Eligible Digital assets can be completed at any time. Users can make partial or complete withdrawals using the Virtual Wallet provided in their Account. Each withdrawal request will require specific details of the wallet to which the User wishes to transfer his or her Digital Assets. Any information provided by the User to Cipher Bank that is inaccurate, misleading, or incomplete may result in the User’s Digital Assets becoming permanently lost. Cipher Bank shall not be held liable for any loss that occurs resulting from inaccurate, misleading, or incomplete information that the User provided for such transfers. Cipher Bank shall have no liability for any information provided by the User for the transfer of Digital Assets to which Cipher Bank is unable to process, resulting in a delay or failure of requested withdrawal. All Eligible Digital Assets withdrawn from Cipher Bank Account shall no longer generate Rewards. If in any event that Cipher Bank and/or any of its third-party partners experience technical or operational difficulties, cyber-attacks, or market volatility, which could result in a temporary or permanent suspension of deposits and/or withdrawals, Cipher Bank shall not be held responsible or liable for any loss or damage incurred by the User as a result. Every withdrawal request shall be deemed pending until accepted by Cipher Bank. Cipher Bank may refuse to accept such request, or delay the processing of an approved request for any reasonable reason, including but not limited to insufficient Digital Assets in a User Account, inaccurate or misleading information provided by the User, or any doubt or suspicion of money laundering or other financial crime related to the User Account. For every withdrawal request, you will be required to provide the details of the Virtual Wallet to which you wish to receive your reward of Digital Assets. For the avoidance of doubt, any reward shall be in-kind (i.e. in the same type of Eligible Digital Assets loaned by you, but not the actual same Digital Assets originally transferred by you). In the event that the details you provide are inaccurate, incomplete, or misleading, your Digital Assets may be permanently lost. We will not be liable for any loss that results from inaccurate, incomplete, or misleading details that you may provide for such transfer. If the transfer address you specify is one to which we are unable to process transfers, we will have no liability for any resulting failure or delay in processing your requested withdrawal. Cipher Bank and our third-party partners may experience cyber-attacks, extreme market conditions, or other operational or technical difficulties which could result in the immediate halt of transactions either temporarily or permanently. Cipher Bank is not and will not be responsible or liable for any loss or damage of any sort incurred by you as a result of such cyber-attacks, operational or technical difficulties or suspensions of transactions. Withdrawal limits based on amounts and/or frequency may apply from time to time, based on legal, regulatory, AML, and/or security considerations. Our policies and procedures may require additional security and/or compliance checks that require additional time to complete. Any requests to exceed withdrawal limits set by Cipher Bank must be sent via email to [email protected]
Cipher Bank is able to calculate the Rewards on staked Digital Assets through analytical research on each Eligible Digital Asset in the market. Rewards are paid out into your Cipher Bank Account towards the principal staked amount as part of the Yield Farming feature which is reflected in your balance. Your rewards start accruing once your assets have been deemed eligible by Cipher Bank to earn rewards. Deposits may be required to go through security and compliance check and verification procedures to determine eligibility, which is part of our transaction monitoring process. Your deposits may be rejected if they are not eligible and returned to you without rewards. Cipher Bank at its sole discretion determines the eligibility of any digital assets and may update rates from time to time. The rewards Cipher Bank pays users for transferring their Digital Assets are determined based on a variety of considerations, including market conditions, demand, and supply of a particular Digital Assets are not determined based on Cipher Bank income or profit generated. While Cipher Bank strives to maintain stable reward rates over time, any change in circumstances may bring about changes to such rates. Users will be updated on any change to reward rates and may choose to discontinue using the ‘earn’ service at any time. If, at any time, for legal or other reasons, a Cipher Bank Account is suspended or frozen by Cipher Bank, staked Digital Assets connected to such a Cipher Bank Account shall not be eligible to earn Rewards.
By registering for a Cipher Bank Account, the use of the Services, and the deposit of Digital Assets to the Platform, you grant Cipher Bank, subject to these Terms, applicable laws, and for the duration of the period to which the Eligible Digital Assets are Loaned to Cipher Bank by you, all rights of possession for the use of lending, rehypothecation, pledging, or otherwise transferring to use any amount of such Digital Assets, separately or together, by Cipher Bank to invest at the full discretion of Cipher Bank. You agree and acknowledge with respect to the use of Digital Assets by Cipher Bank pursuant to the following: Digital Assets for lending or other transferring purposes by Cipher Bank may receive compensation to which you have no claim or entitlement; Cipher Bank may transfer Digital Assets to and/or with such other facilities or third-parties as Cipher Bank considers appropriate, separately or together with other property; You will not be able to exercise certain rights of ownership that you might otherwise have before over the Digital Assets; You may not have any legal remedies or rights in connection with Cipher Bank’s obligations to you, and regain or recover possession of such Digital Assets in the event that Cipher Bank is unable to repay its obligations.
Any blockchain may undergo software updates from time to time, which will result in a permanent divergence in the blockchain (a “Hard Fork”). The result is that such a blockchain will split into two separate and distinct blockchains, and any Digital Asset on that original blockchain may entitle its holders to a new type of Digital Asset (the “New Currency”). Due to the administrative complexity of being the repository for a hard-forked Digital Asset, the support of any New Currency in a User Account is solely at the discretion of Cipher Bank. Unless otherwise announced in writing by Cipher Bank, Cipher Bank will not support any New Currencies (“Unsupported Currencies”), in which case all User Accounts will be denominated in the legacy Digital Asset and all interest will accrue in the legacy Digital Asset. The User agrees that Cipher Bank assumes no responsibility whatsoever with respect to those Unsupported Currencies and the User will not be able to recover the Unsupported Currencies from Cipher Bank. In the event of a Hard Fork or other network disruption, Cipher Bank may not be able to support activity related to your Digital Asset, and; the transactions may not be completed, completed partially, incorrectly completed, or substantially delayed. Cipher Bank is not responsible for any loss incurred by you caused in whole or in part, directly or indirectly, by a Hard Fork or other network disruption. Cipher Bank may at its discretion support the New Currency and discontinue its support of the legacy Digital Asset. In such an event, the User is advised to withdraw the applicable Digital Assets from his User Account(s) prior to the date of the Hard Fork. Cipher Bank is not obligated in any way to monitor or maintain balances of New Currency issued to holders of the applicable Digital Assets upon a Hard Fork, or to credit Users for the value of such New Currency. In the event a User wishes to receive New Currency issued upon a Hard Fork, the User is advised to withdraw the applicable Digital Assets from his User Account(s) prior to the date of the Hard Fork. All determinations regarding Hard Forks shall be made by Cipher Bank in its sole and absolute discretion and in accordance with applicable laws.
Cipher Bank and its Services will create and maintain a log of records of activities by you related to the use of the Services. The Services by Cipher Bank will not create statements for our users showing activities conducted through the Platform. It is your sole responsibility to review and notify Cipher Bank of any discrepancies, unauthorized logins, irregularities, or errors with respect to the log of records of your use of the Services immediately.
Cipher Bank, at any time, with or without cause and any advance notice to you, reserves the right to close your Cipher Bank Account if deemed necessary; including blocking your access to the Platform and the Services. If your Account has accrued any Rewards or has a balance at the time of closing, we will return and refund the remaining balance of Digital Assets to a requested Virtual Wallet address or designated withdrawal address at our request. Cipher Bank may withhold Digital Assets or any other assets in your account in the event of irregular transactions, activities, or errors until such time as needed according to laws; or at the discretion of the Company. Cipher Bank may be required by law to turn over any Digital Assets in Accounts that have been unclaimed or abandoned to the jurisdiction of the User's last known residence. According to each jurisdiction, escheatment may vary, it is the Users responsibility to determine the applicability of such laws in your place of residence. Cipher Bank reserves the right, on any unclaimed or abandoned Accounts, as permitted by the applicable law to collect any administrative payments, charges, or fees that may incur. All Cipher Bank Accounts, in whole or in part, are not transferable or assignable. You agree that we shall not be liable to you due to or by reason of our termination of your right to use the Platform or the automatic termination of your right to use your Account for non-compliance set forth above.
You may close your account by emailing Cipher Bank at [email protected] or within the platform. Before requesting to close your account, please be sure to withdraw your assets from Cipher Bank. Your account can only be closed if your asset balance is less than $10.00. When your Cipher Bank Account has been deactivated, you acknowledge and agree that we reserve the right to any remaining balance to be used at our sole discretion and to delete all of your information if necessary and shall not be liable to you for any information deleted. After Account deactivation and the termination of access to our Services, you continue to adhere to these Terms and immediately discontinue the use of Cipher Bank Services. It is imperative that these Terms and any such other agreements between Cipher Bank and you governing the use of our Services; and the legal obligations herein, will not in any way be affected by the deactivation of your Account; and that any agreement will continue to be in effect in accordance with these Terms.
You must notify Cipher Bank immediately if you find any suspicious activity or transactions; unauthorized logins; or has been used by an unauthorized person. YOU AGREE THAT YOU ARE RESPONSIBLE FOR MAINTAINING THE SECURITY AND CONFIDENTIALITY OF YOUR LOGIN PASSWORD, AND YOU ACCEPT ALL RISKS ASSOCIATED WITH UNAUTHORIZED ACCESS AND USE OF YOUR Cipher Bank ACCOUNT.
Cipher Bank will provide a list of Eligible Digital Assets and in our sole discretion, from time to time, may add/or remove certain Digital Assets. Any new Digital Asset(s) added will be announced through a notice whereas any Digital Asset(s) removed will no longer be available to be used in connection with our Services. Such Digital Assets that have been removed may, under certain circumstances, be removed immediately without prior notice. All Digital Assets that cease to exist in our Services will no longer generate Rewards or be able to be used in conjunction with our Services and no longer qualify as an Eligible Digital Asset for a certain group of Users or Users at our sole discretion.
It may be imperative that we disclose your information to third parties about you and any information and activities under your Account registered with us:
We are not liable to you for errors that may result in a financial loss to you. We may take any action that is authorized or permitted by these Terms or applicable laws without liability to you, even if such action causes you to incur fees, expenses, or damages. If third parties make claims on your Cipher Bank Account, or if we receive conflicting instructions from you, or if we become involved in or concerned about a dispute between you and any third party, we reserve the right to react in ways that we believe in good faith to be appropriate, including by closing, suspending or freezing your Cipher Bank Account, delivering the Digital Assets available therein to you or to any third party, or interpleading assets to the court, all as we reasonably deem appropriate under the circumstances. You are liable for all expenses and fees we incur for such conflicts or disputes, including internal costs and attorneys’ fees, and we may charge or deduct them directly from your Cipher Bank Account balance. We are not responsible for delays or losses incurred as a result of an error in the initiation of any transaction and have no obligation to assist in the remediation of such transactions. By initiating any transfer or using Cipher Bank’s Services in any way, you attest that you are transacting in an Eligible Digital Asset which conforms to the particular Virtual Wallet into which assets are directed. For example, if you select an Ethereum Virtual Wallet Address to receive assets, you shall be solely responsible to assure that you are initiating a transfer of Ethereum alone, and not any other currency such as Bitcoin or Ethereum Classic. Cipher Bank incurs no obligation whatsoever with regard to non- Eligible Digital Assets sent to Cipher Bank, or for Eligible Digital Assets sent to an incompatible Virtual Wallet Address. Erroneously transmitted assets will be lost. We recommend users send a small amount of Digital Asset as a test prior to initiating a transfer of a significant amount of Digital Assets. We reserve the right to limit access to your Cipher Bank Account, which can include temporarily or permanently removing your Cipher Bank Account access via the internet, and/or restricting your Cipher Bank Account, and/or closing your Cipher Bank Account without prior notice to you (unless prior notice is required by law), and we shall have no liability for such actions. In addition, Cipher Bank reserves the right to withhold or delay the transmission of assets to you if you fail to comply with these Terms. In any case, however, our total aggregate liability to you for any claim, should such claim become successful, is limited to the face value of the applicable item or transaction or the actual value of any assets loaned through the Cipher Bank Account.
Cipher Bank may refuse to permit the withdrawal or transfers from your Cipher Bank Account if any legal action is brought against or in connection with your Account by any competent authority in any jurisdiction until all legal proceedings have been satisfied. Cipher Bank reserves the right, regardless of the terms of any legal proceedings against you, to have the first claim to any or all assets in your Cipher Bank Account. Any legal proceedings shall not be contested by Cipher Bank on your behalf and, without liability to you, may take actions to comply with the law provided that we reasonably believe any such action is appropriate. Cipher Bank may charge your Account without prior notice for any expenses and fees accrued from any legal proceedings in connection with your Cipher Bank Account. If any levy or garnishment has been placed against your Cipher Bank Account, we have the right of set-off and security interest.
You agree to indemnify and hold harmless Cipher Bank, its affiliates, contractors, licensors, and their respective directors, officers, employees, and agents (collectively, the “Indemnified Parties”) from and against any claims, actions, proceedings, investigations, demands, suits, costs, expenses and damages (including attorneys’ fees, fines or penalties imposed by any regulatory authority) arising out of or related to (i) your use of, or conduct in connection with, the Services, (ii) your breach or our enforcement of these Terms, or (iii) your violation of any applicable law, regulations of any jurisdiction, or rights of any third party during your use of the Services. If you are obligated to indemnify the Indemnified Parties, pursuant to this clause, we will have the right, in our sole discretion, to control any action or proceeding and to determine whether we wish to settle, and if so, on what terms. To the maximum extent permitted by applicable law, in no event will Indemnified Parties be liable for any incidental, indirect, special, punitive, consequential, or similar damages or liabilities whatsoever (including, without limitation, damages for loss of data, information, revenue, profits or other business or financial benefit) arising out of or in connection with the services, any performance or non-performance of the services, or any other product, service or other item provided by or on behalf of the Services and the Company, whether under contract, statute, strict liability or other theory, except to the extent of a final judicial determination that such damages were a result of the Company’s gross negligence, fraud, willful misconduct or intentional violation of the law. Notwithstanding the foregoing, in no event will the liability of the Indemnified Parties arising out of or in connection with the Services, any performance or nonperformance of the Services, or any other product, service, or other item provided by or on behalf of Cipher Bank whether under contract, statute, strict liability or other theory, exceed the amount of the fees paid by you to Cipher Bank under this agreement in the twelve-month period immediately preceding the event giving rise to the claim for liability. We are not liable to you for claims, costs, losses, or damages in the following circumstances:
Except for any setoff permitted by applicable law and Section 8 of these Terms, any obligations of ours may be satisfied solely from the assets of Cipher Bank. Without limiting the generality of the foregoing, in no event shall you have any recourse, otherwise, with respect to our obligations, to or against any assets of any person or entity other than Cipher Bank, including, without limitation, any User, shareholder, Affiliate, investor, employee, officer, director, agent or advisor of Cipher Bank. For the avoidance of doubt, the foregoing shall not limit any setoff permitted by applicable law and Section 10 of these Terms.
Cipher Bank AND THEIR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SUPPLIERS, CONTRACTORS, AND LICENSORS (COLLECTIVELY, “INDEMNIFIED PARTIES'') MAKE NO WARRANTIES OR REPRESENTATIONS ABOUT THE SERVICE AND ANY CONTENT AVAILABLE ON THE SERVICE, INCLUDING, BUT NOT LIMITED TO, THE ACCURACY, RELIABILITY, COMPLETENESS, TIMELINESS, OR RELIABILITY THEREOF. INDEMNIFIED PARTIES WILL NOT BE SUBJECT TO LIABILITY FOR THE TRUTH, ACCURACY, OR COMPLETENESS OF ANY CONTENT OR ANY OTHER INFORMATION CONVEYED TO ANY USER, FOR ERRORS, MISTAKES, OR OMISSIONS THEREIN, OR FOR ANY DELAYS OR INTERRUPTIONS OF THE DATA OR INFORMATION STREAM FROM WHATEVER CAUSE. TO THE FULLEST EXTENT PERMITTED BY LAW, AS A USER, YOU AGREE THAT YOU USE THE SERVICE AND ANY CONTENT AT YOUR OWN RISK. INDEMNIFIED PARTIES DO NOT WARRANT THAT THE SERVICE WILL OPERATE ERROR-FREE, OR THAT THE SERVICE AND ANY CONTENT ARE FREE OF COMPUTER VIRUSES OR SIMILAR CONTAMINATION OR DESTRUCTIVE FEATURES. IF YOUR USE OF THE SERVICE OR ANY CONTENT RESULTS IN THE NEED FOR SERVICING OR REPLACING EQUIPMENT OR DATA, NO INDEMNIFIED PARTIES WILL BE RESPONSIBLE FOR THOSE COSTS. THE SERVICE AND ALL CONTENT ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT ANY WARRANTIES OF ANY KIND AND TO THE FULLEST EXTENT PERMITTED BY LAW, INDEMNIFIED PARTIES DISCLAIM ALL WARRANTIES, INCLUDING, BUT NOT LIMITED TO, THE WARRANTIES OF TITLE, MERCHANTABILITY, NON-INFRINGEMENT OF THIRD PARTY RIGHTS, AND FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT WILL ANY INDEMNIFIED PARTIES BE LIABLE FOR ANY SPECIAL, INDIRECT, PUNITIVE, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, LOST PROFITS, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION RESULTING FROM, OR IN CONNECTION WITH, THE USE OR INABILITY TO USE THE SERVICE AND ANY CONTENT, WHETHER BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), OR ANY OTHER LEGAL THEORY, EVEN IF SUCH Cipher Bank PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Cipher Bank AND ANY OTHER INDEMNIFIED PARTIES SHALL NOT BE LIABLE FOR ANY LOSSES OR DAMAGES WHICH MAY INCUR AS A RESULT OF ANY DELAY IN THE PROVISION OF THE SERVICES.
The contents and design of the Website, the Services, and any material e-mailed to you or otherwise supplied to you in conjunction with the Website and/or Cipher Bank and the Services (such contents, design, and materials being collectively referred to as the “Cipher Bank Content”), is copyright of Cipher Bank and its licensors. You may not use or reproduce or allow anyone to use or reproduce any trademarks (such as Cipher Bank name and logo or other trade names appearing on the Site or any Digital Application) for any reason without written permission from Cipher Bank. The software and Platform that operates the Website and all the Services are proprietary software and you may not use it except as expressly allowed under these Terms. You may not copy, reverse engineer, modify or otherwise deal with the software.
Failure or delay to enforce any of the terms or conditions of this Agreement shall not constitute a waiver, relinquishment, or modification of any of our rights of any such terms or conditions, or any other terms or conditions. If we somehow are deemed to have waived any of our rights or have delayed the exercise of our rights, you are still responsible for any or all Obligations required by you to us under these Terms. If we delay in any exercise of our rights, or if notwithstanding the foregoing Cipher Bank somehow is deemed to have waived any of our rights, you are still obligated to pay us Obligations you may owe us, remove any violation of these Terms and/or otherwise follow our instructions (as applicable). Any delay or waiver of our rights applies only to the specific instance in which we decide to delay or waive the provision and does not affect our other or subsequent rights in any way.
The User may not assign, delegate, sub-contract, or otherwise transfer all or part of his rights or obligations under the Terms of Use whether by operation of law or otherwise, without Cipher Bank’s express written consent, and any attempted assignment in violation of this prohibition shall be void ab initio and of no effect. Cipher Bank may assign, delegate, sub-contract, or otherwise transfer all or part of its rights and/or obligations under the Terms of Use without notifying the User or obtaining the User’s consent. Any permitted assignment or transfer of or under these Terms shall be binding upon, and inure to the benefit of the successors, executors, heirs, representatives, administrators, and permitted assigns of the parties hereto.
You are responsible for your own tax obligation arising out of your use of the Services. It is your responsibility to determine what kind of filing or reporting is required of you by the competent tax authority, which taxes and to what extent you are obliged to pay and which tax exemptions you are eligible to. Cipher Bank shall not be required to compensate you for your tax obligation or advise you in relation to your tax issues. Notwithstanding the foregoing, Fireblocks will make any tax withholdings or filings that we may be
The illegality, invalidity or unenforceability of any provision of the Terms of Use under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision. If any provision in the Terms of Use shall be held to be illegal, invalid or unenforceable, in whole or in part, the provision shall apply with whatever deletion or modification is necessary so that the provision is legal, valid and enforceable and gives effect to the commercial intention of the Parties. To the extent it is not possible to delete or modify the provision, in whole or in part, then such provision or part of it shall, to the extent that it is illegal, invalid or unenforceable, be deemed not to form part of the Terms of Use and the legality, validity and enforceability of the remainder of the Terms of Use shall, subject to any deletion or modification made under Clause 28.1, not be affected.
User confirms that they had the opportunity to seek independent legal advice relating to all the matters provided for in the Terms and agrees that there shall be no presumption that any ambiguity in the Terms should be construed against Cipher Bank solely as a result of the role of Cipher Bank in the drafting of the Terms, and the provisions of these Terms and all documents entered into pursuant to the Terms are fair and reasonable.