You shall ensure that your use of our Services is compliant with the laws and regulations of your country of residence.
2. Legal Notice
The App’s editor is Spot, a SAS company with a share capital of EUR 1,180.50, registered with the Registry for Trade and Companies of Nanterre, France under the number 838 695 021 having its registered office at 163 Quai du Docteur Dervaux, 92600 Asnières-sur-Seine, France.
The publication director is Edouard Steegmann.
3. Description of Services
a. Cryptocurrency Wallet
When you launch the App for the first time, a cryptocurrency wallet is created automatically for you by Spot and a recovery phrase will be generated by Spot for you.
You may use your recovery phrase to send the supported cryptocurrencies via the relevant cryptocurrency network. The public receive address generated by Spot serves as your cryptocurrency wallet address and is stored on the App to identify you to the all the cryptocurrency blockchains supported by the wallet. The recovery phrase is stored directly in the App on your phone. Spot has no access to your recovery phrase and may not, under any circumstance, initiate a transaction using your recovery phrase on your behalf.
You are the only responsible party for saving your recovery phrase and you will not be able to access your wallet on the App without your recovery phrase.
You agree that you shall take the necessary precautions to ensure the safekeeping of your recovery phrase. The recovery phrase allows you, the sole owner of your recovery phrase, to recover your wallet in case your phone becomes unavailable for whatever reason including, but not limited to, the following: loss, theft, device damage or failure, forgotten PIN code, or any other circumstance that would prohibit you from accessing the App and your wallet.
In order to safekeep your recovery phrase, you shall make copies of your recovery phrase and shall securely store all copies. Proper storage of your recovery phrase is vital to prevent risk of damage from natural disasters or risk of unauthorized access to your cryptocurrencies.
In additional to any manual backup of your recovery phrase, we offer you the option to store an encrypted version of your recovery phrase in the cloud through iCloud on iOS devices and/or through Smart Lock on Android devices. You will be asked to choose a PIN code in order to protect this cloud backup. You agree that Spot is not responsible in case in case of hack of these cloud storage services which are maintained by third party, respectively, Apple and Google.
YOU FULLY UNDERSTAND THAT ANY FAILURE TO MAKE AND PROTECT YOUR RECOVERY PHRASE MAY LEAD TO TOTAL LOSS OF THE CRYPTOCURRENCIES.
In the case you lose access to your phone or setup a new phone, you can restore your wallet with your backup:
• If you used the cloud backup, you will be prompted to restore your wallet at the launch of the App provided you are connected to the same iCloud or Google account you used to perform your cloud backup. You will be asked to enter your PIN code in order to access this cloud backup.
• If you performed a manual backup, you can restore your wallet in the backup section of the settings page of the App. You will be asked to enter the recovery phrase in the right order.
b. Purchase of cryptocurrencies
Spot offers you the option to buy cryptocurrencies through third-party providers, Simplex and MoonPay.
and are incorporated by reference herein. You will enter into a direct contractual relationship with Simplex or MoonPay if you decide to buy cryptocurrencies through the App.
You agree and understand that the functionalities available in the App to buy cryptocurrencies are not provided directly by Spot and are the only responsibility of our third-party providers Simplex and MoonPay. We cannot and do not guarantee the fee rates applied by our providers, and it is of your responsibility to check them when you make the purchase.
Spot is not a cryptocurrency exchange and is not responsible for the transactions made through Simplex and MoonPay.
c. Tracker & Market data
Spot provides market data on cryptocurrencies which shall include, among others, prices, and volumes of trade of cryptocurrencies.
You agree that you will not rely on the market data provided by Spot to make purchase and/or trading decisions and that the market data are provided for information purposes only.
Spot cannot guarantee and will not guarantee the accuracy of the market data provided on the App.
d. Zero-fees program
• Spot may run the Zero-fees program for cryptocurrency purchase on specific time frames.
• While the Zero-fees program is active, the commission taken by Spot on top of the different payment providers (Simplex and MoonPay) for purchasing Bitcoin (the “Spot commission”) is lowered to 0% (zero percent).
• The fact that the Zero-fees program is active or not will be shown in the app.
• While the Zero-fees program is active, as the “Spot commission” is lowered to 0% (zero percent), and because the “fee commission percentage” of the Referral program is a part of this “Spot commission”, you will not earn fee commissions from the Referral program when your referee(s) makes purchases. All the information about the Referral program can be seen in part e. below.
• While the Zero-fees program is active, you will not earn the “new referee” rewards and the “new user” reward of the Referral program. All the information about the Referral program can be seen in part e. below.
• The duration of the Zero-fees program can be extended or shortened without prior notice, and its actual duration does not have to be disclosed beforehand.
• Spot may change, amend, delete or add to the terms of the Zero-fees program, at any time and at its sole discretion, due to changing market conditions, risk of fraud, or any other factors we deem relevant, without prior notice. You will be notified of the changes directly in the App and shall accept and consent to the changes to continue using the App and the Services.
e. Referral program
The Referral program will be effective as of 2019/08/15 0:00 AM (UTC) until 2020/05/15 0:00 AM (UTC). We will review the decision to renew the Referral program at the end of this nine (9) months period.i. Referees
• When someone downloads the app through your Spot referral link or enters your Spot referral code in the app, this person is defined as one of your referees.
• There is no limit to the number of referees you can have.ii. Fee commissions
• The fee commission accumulates as your referee(s) purchase cryptocurrency through the app while the Referral program is active.
• The fee commission will be paid to you in whatever cryptocurrency the original purchase fee was paid in. For Bitcoin purchases, our commission is in Bitcoin (BTC), so will be your commission.
• The converted value of your commission in your default fiat currency (dollar, euro or any other fiat currency available in the app for displaying values) is displayed for information purpose and is only indicative.
• Fee commissions are sent at the end of every month.
• The fee commission you receive from the Referral program is a percentage (the “fee commission percentage”) of the commission taken by Spot (the “Spot commission”) on top of the different payment providers. The Spot commission may vary in time. For information purposes, on 2020/01/06, the Spot commission is 3% (three percent) if the Zero-fees program is not active, and 0% (zero percent) if the Zero-fees program is active.
• The fee commission is calculated at the moment the purchase is made.
• After the end of the Referral program, you will not earn commissions when your referee(s) makes purchases anymore.
• Spot will check for duplicate or fake accounts and will not pay out referral bonuses on these accounts. Duplicate or shared finances will result in disqualifications.iii. Rewards for new referees
• Each time you have a new referee in the app, you will receive a locked “new referee” reward.
• The value of the “new referee” reward is fixed to €1 (one euro). This reward amount may vary in time.
• The value in Bitcoin of “new referee” rewards is displayed for information purpose and is only indicative.
• In order to unlock a “new referee” reward, the corresponding referee must buy cryptocurrencies within Spot while the Referral program is active and the Zero-fees program is not active. This payment done by the referee is called the “referee payment”.
• When the Referral program ends, you will lose all your locked “new referee” rewards.
• All your “new referee” rewards which are unlocked are sent to your wallet at the end of every month.
• A “new referee” reward cannot be paid multiple times.
• All your “new referee” rewards which are unlocked are paid in Bitcoin. The fiat currency value of the reward will be converted to Bitcoin when the reward is unlocked, at the same market rate as the corresponding “referee payment”. At this market rate, the value of the reward when it is unlocked will be equal to €1 (one euro).
• Spot will check for duplicate or fake accounts and will not pay out “new referee” rewards on these accounts. Duplicate or shared finances will result in disqualifications.iv. Reward for new user
• All users receive a unique locked “new user” reward.
• The value of the “new user” reward is fixed to €1 (one euro). This reward amount may vary in time.
• The value in Bitcoin of your “new user” reward is displayed for information purpose and is only indicative.
• In order to unlock your “new user” reward, you must buy cryptocurrencies within Spot while the Referral program is active and the Zero-fees program is not active. The first payment you do after you receive your locked “new user” reward and the Zero-fees program is not active is called the “new user payment”.
• When the Referral program ends, you will lose your “new user” reward if it is locked.
• If you unlocked your “new user” reward, it will be sent to your wallet at the end of the month you unlocked it.
• Your “new user” reward is unique and, if you unlock it, will be paid one time only.
• Your unlocked “new user” reward will be paid in Bitcoin. The fiat currency value of the reward will be converted to Bitcoin when the reward is unlocked, at the same market rate as your “new user payment”. At this market rate, the value of the reward when it is unlocked will be equal to €1 (one euro).
• Spot will check for duplicate or fake accounts and will not pay out “new user” rewards on these accounts. Duplicate or shared finances will result in disqualifications.
Spot may change, amend, delete or add to the terms of the Referral program, at any time and at its sole discretion, due to changing market conditions, risk of fraud, or any other factors we deem relevant, without prior notice. You will be notified of the changes directly in the App and shall accept and consent to the changes to continue using the App and the Services.
a. General Accessibility
Spot shall make its best effort, as far as possible, to keep the App accessible 7 days a week and 24 hours a day. However, you agree and acknowledge that the access to the App may be suspended due to technical maintenance, migration or updates, or due to breakdowns or constraints in relation with the operation of internet network or the blockchain.
The networks on which the data flows have different characteristics and capacities and can be saturated at certain times of the day, which can affect their downloading times and their accessibility. Spot will not be held liable for any malfunction or inability to access the App attributable to third parties, to a network congestion, to unsuitable your equipment, to a maintenance or update of the App or to any other circumstances not attributable to Spot.
Spot does not guarantee continuous, uninterrupted, error-free or secure access to any part of the App and/or the Services.
Your use of the App and Services provided through it is not guaranteed: Neither Spot, nor any third party owner, licensor or supplier of equipment, software, systems, services or facilities used or made available in connection with the App is liable for any representation, warranty or condition, whether express or implied, concerning the App or the Services provided through it, including, without limitation, that the App will meet your needs or that the App will be available for use at any particular time or for any particular purpose or will operate error-free. Without limiting the foregoing, all express or implied, direct or indirect, representations, warranties and conditions in respect of the App and the Services provided through it arising or implied by law, custom, usage of trade, course of performance, course of dealing or otherwise, including, but not limited to, any warranties on conditions of quality and fitness for a particular purpose are expressly excluded to the full extent authorized by the applicable laws and regulations.
Spot 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.
b. Specific Risks
i. Financial Risk
The information included on the App does not constitute legal, financial or investment advice and is not intended as a recommendation for buying, trading or selling cryptocurrencies.
You should be fully aware of the level of risk involved before trading any cryptocurrencies. Any loss of data, crypto assets or profit is your sole responsibility.
The information on the App does not constitute an offer or solicitation by anyone in any jurisdiction in which an offer or solicitation cannot legally be made, or to any person to whom it is unlawful to make a solicitation.
Links to other web sites and data extracted from other sources are for convenience only. No endorsement of any independent third-party products, services or information is expressed or implied by any information, material or content of a third party contained in, referred to, included on, or linked from or to the App.
Investing in Cryptocurrencies entails a significant capital risk, which you acknowledge and accept.
The value of cryptocurrencies may be subject to fluctuations, due to market forces and a varying balance of supply and demand.
You understand and agree that the value of cryptocurrencies may increase or decrease at any time after purchase. You further understand that cryptocurrencies liquidity may be markedly different depending on the considered jurisdiction or exchange used to perform the trade.
Spot is not responsible for such fluctuations and will not be held liable for any loss incurred owing to such volatility or default of liquidity, if any.
ii. Risks related to the Blockchain Protocols
Cryptocurrencies and the blockchain protocols are a new, relatively untested technology. In addition to the risks mentioned herein, there are other risks that Spot cannot yet identify or predict, and you should make your own enquiries, research and analysis thereof. Risks may also occur as unanticipated combinations or as changes in the risks stipulated herein.
Spot does not have any control over the underlying software protocol of the cryptocurrencies you are storing on your wallet.
Spot does not make any representation or guarantee and will to bear any liability regarding the quality, availability, or fitness for purpose of these cryptocurrencies or its continued support of the same.
From time to time, the underlying protocol of a given cryptocurrency may change, which may have consequences on its key characteristic including but not limited to its name, its valuation or the way it operates. These events are called “Forks”.There is an element of uncertainty attached to Forks, including but not limited to a risk that transactions initiated on a forking cryptocurrency may be misdirected or replicated. For this reason, Spot may decide, in certain circumstances, to suspend its support of such cryptocurrency ahead of the Fork and for as long as Spot deems necessary. When it does, Spot will endeavor to give you advance notice, but may not be able to. In any case, you shall make yourself aware of the risk attached to Forks and it is your responsibility to keep yourself appraised of such events and to make all necessary arrangements.
Cryptocurrencies are based on blockchain protocols. Malfunctions, breakdowns, forks or abandonments of the said protocols may have a material effect on the cryptocurrencies and you acknowledge that Spot is not responsible for any such incident and will have no liability whatsoever in relation thereto.
You acknowledge that the mining system of the blockchain protocols may be subject to attacks, including but not limited to double-spend attacks, majority mining power attacks, selfish-mining attacks and race condition attacks.
You understand and agree that, following such attacks, you may be unable to recover cryptocurrencies related amounts at a reasonable price or at all, and accepts that Spot shall bear no responsibility for such cybercriminal acts.
You acknowledge and agree that such risks may lead to the loss of cryptocurrencies and accepts that Spot will have no liability whatsoever in relation thereto.
You acknowledge and agree that Spot is not responsible for any errors or omissions that you make in connection with any cryptocurrency transaction initiated via the Services.
c. Data/Storage/Lost of Cryptocurrencies
Please note that you are solely responsible for the way you use, store, and backup your information and data (including your recovery phrase) relating to your cryptocurrencies in connection with the use of the App.
You are solely responsible for maintaining the confidentiality of your recovery phrase, PIN code and in general of any means to secure your personal and private access to your wallet and the Services using the App, as well as restrictions on access to your phone, and to the extent permitted by applicable law, you agree to be responsible for all activities that have been conducted from your account or with your PIN code or recovery phrase. You must take all necessary steps to ensure that your PIN code and recovery phrase remain confidential and secured. You understand and accept that the loss, unauthorized access, theft or destruction of your wallet, credentials or recovery phrase may result in the unrecoverable and permanent loss of the cryptocurrencies associated with the applicable wallet, and that neither Spot, nor anyone else will be able to access or use the related cryptocurrencies.
You hereby acknowledge that such loss may be incurred by errors or malfunctions of the wallet, the App, the Services or other third party equipment, network, software and/or services, resulting from technology errors or systems malfunction, as well as from actions taken or omitted by you or third parties, including but not limited to failure to properly maintain or use the wallet, to provide the correct wallet address, but also hacking and theft.
You acknowledge and agree that such risks may lead to the loss of cryptocurrencies and accepts that Spot shall have no liability whatsoever in relation thereto.
d. Risks related to Applicable Law
Services provided by Spot through its App are only available in jurisdictions where they may be lawfully offered. Therefore, some Services may only be available in certain jurisdictions.
You understand and agree that cryptocurrencies are currently in the process of being regulated. Some jurisdictions may apply existing regulations on cryptocurrencies or introduce new blockchain-technology-based rules, which may impact the use and/or value of cryptocurrencies or the availability of the Services. You understand and agree that Spot may be subject to orders, notices, requests or rulings, in particular from a regulatory authority, or may be required to suspend or discontinue the use of the Services. You understand and agree that such laws, regulations or orders may impact, limit or impede the ability of Spot to conduct business and provide the Services through the App, and that they may result in a local, partial or total cessation of activity. Such decision or the conduct of business in such circumstances is at the sole discretion of Spot and Spot shall not incur any liability of any kind because of it.
5. Limit of Liability
TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, SPOT SHALL NOT BE LIABLE FOR DAMAGES OF ANY TYPE, WHETHER DIRECT OR INDIRECT, ARISING OUT OF OR IN ANY WAY RELATED TO YOUR USE OR INABILITY TO USE THE SERVICES, INCLUDING BUT NOT LIMITED TO DAMAGES ALLEGEDLY ARISING FROM THE COMPROMISE OR LOSS OF YOUR LOGIN CREDENTIALS OR CRYPTOCURRENCIES, OR LOSS OF OR INABILITY TO RESTORE ACCESS FROM YOUR RECOVERY PHRASE AND PIN CODE OR FOR MISTAKES, OMISSIONS, INTERRUPTIONS, DELAYS, DEFECTS AND/OR ERRORS IN THE SERVICES, OR FOR DIMINUTION OF VALUE OF ANY CRYPTOCURRENCIES. SPOT SHALL NOT BE LIABLE UNDER ANY CIRCUMSTANCES FOR ANY LOST PROFITS OR ANY SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES, WHETHER BASED IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH AUTHORIZED OR UNAUTHORIZED USE OF THE SERVICES, EVEN IF AN AUTHORIZED REPRESENTATIVE OF SPOT HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES. SPOT SHALL NOT BE LIABLE UNDER ANY CIRCUMSTANCES FOR DAMAGES ARISING OUT OF OR IN ANY WAY RELATED TO SOFTWARE, PRODUCTS, SERVICES, AND/OR INFORMATION OFFERED OR PROVIDED BY THIRD-PARTIES AND ACCESSED THROUGH THE APP.
EXCEPT AS OTHERWISE REQUIRED BY LAW, IN NO EVENT SHALL SPOT’S TOTAL LIABILITY TO YOU FOR ALL DAMAGES (OTHER THAN AS MAY BE REQUIRED BY APPLICABLE LAW) EXCEED THE LESSER OF (I) FIVE HUNDRED EUROS (EUR 500) OR (II) THE AGGREGATE FEES YOU PAID DIRECTLY TO SPOT DURING THE TWELVE (12) MONTHS PRECEDING THE EVENT GIVING RISE TO THE LIABILITY.
YOU EXPRESSLY ACKNOWLEDGE AND AGREE THAT USE OF THE SERVICES (INCLUDING ANY RECOVERY PHRASE OR PIN CODE STORAGE SERVICE OFFERED AS PART OF THE SERVICES, WHETHER CLOUD OR HARDWARE-BASED) IS AT YOUR SOLE RISK AND THAT THE ENTIRE RISK AS TO SATISFACTORY QUALITY, PERFORMANCE, ACCURACY AND EFFORT IS WITH YOU. THE SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY.
USE OF ANY RECOVERY PHRASE STORAGE SERVICE INCLUDED AS PART OF THE SERVICES IS OFFERED TO YOU AS A CONVENIENCE, SUBJECT TO THE LIMITATIONS ABOVE. TO BE SAFE, YOU SHOULD ALWAYS BACKUP YOUR RECOVERY PHRASE MANUALLY OR THROUGH ANY OTHER PROCESS THAT YOU CONSIDER SUFFICIENT TO ENSURE THE SAFE KEEPING OF YOUR RECOVERY PHRASE AND PIN.
YOU HEREBY ACKNOWLEDGE THAT SPOT CANNOT CONTROL THE QUALITY, SECURITY OR LEGALITY OF THE CRYPTOCURRENCIES INVOLVED IN YOUR WALLET (DEPENDING ON JURISDICTION), ADEQUACY OF THE TRANSACTION INFORMATION, OR CAPACITY OF THE PARTIES TO ANY TRADE (ESPECIALLY THROUGH THIRD-PARTY PROVIDER) TO PERFORM THEIR OBLIGATIONS UNDER APPLICABLE RULES.
6. Intellectual Property
Spot (and its licensors) owns and retains all intellectual property rights, interest and title to the full extent and without limitation in the App and the Services provided through it.
The user may not copy, imitate, modify, alter, amend or use any of such content subject to intellectual property rights protection without the prior written consent of Spot.
In order to operate and provide our Services, you grant us a worldwide, non-exclusive, royalty-free, sublicensable, and transferable license to use, copy, distribute, create derivative works of, display, and perform the content that you upload, submit, store, send, or receive on or through our Services. The rights you grant in this license are for the limited purpose of operating and providing our Services.
You can remove the content you have uploaded on the App by specifically deleting it. However, in certain instances, some of your content may not be completely removed and copies of your content may continue to exist on the Services.
7. Users’ Obligations and Restrictions
You are not authorized, under any circumstances, to use the App and the Services on behalf of third parties or provide such third parties access to the App.
You are not authorized to:
• infringe directly or indirectly our intellectual property right, our reputation, or any other of our right or interest, any other user of the App, or any other third party;
• perform an act related to, or similar to money laundering, a fraud, a crime, or otherwise all acts infringing public order;
• perform an act in breach of applicable law or regulation;
• perform an act which infringes the integrity or the operating of the App and Services;
• perform an act which constitutes or intends to constitute a double spending or duplicate transfer of cryptocurrencies;
• perform an act we otherwise deem inappropriate.
If you fail to comply with the above rules, the App may decide to terminate your account without notice.
You hereby agree that (i) all the activities that you carry out during the use of the App and the Services will be in compliance with the requirements of applicable laws, regulations, as well as the various guidelines of Spot, as applicable, and that (ii) you will not be in violation of public interests, public ethics or any other party’s legitimate interests.
By accessing the Service, you agree that Spot shall have the right to unilaterally determine whether you have violated any of the above covenants and take actions to apply relevant rules without receiving your consent or giving prior notice to you.
You acknowledge, understand and agree that the acquisition and withdrawal of cryptocurrencies may have tax consequences which vary depending on the applicable jurisdictions.
You are solely responsible for ensuring compliance with your tax obligations and shall declare, bear and pay all such taxes, duties, imposts, levies, tariffs and surcharges as may be imposed by applicable laws and regulations.
You are responsible for carrying out a legal and tax analysis concerning the purchase and ownership of cryptocurrencies under laws and regulation applicable to you in function of your status, nationality and place of residence, fiscal residence, etc.
9. Compliance and Investigation
The Services and the App may be subject to export control regulations under applicable law.
By using the 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 Spot or the 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, South Sudan, Sudan, or Syria.
Spot reserves the right to investigate suspected violations of
10. Specific Consumer Law
Where, under applicable law, you are deemed to be a “consumer”, in case of a dispute, pursuant to Article L. 611-2 of the French Consumer Code, you shall be able to file a complaint with the French Consumer Ombudsman.
In accordance with Article L. 221-28 13° of the French Consumer Code, if you are deemed to be a “consumer” you agree and acknowledge that you have been informed that your right of withdrawal cannot be exercised for the use of the Services, which you expressly acknowledge and accept.
c. Entire agreement
Spot may assign or transfer its rights hereunder to any entity, in whole or in part, without your prior notice or consent.