Global Currency Organization User Agreement

Global Currency Organization User Agreement
Last updated: August 2019 

This User Agreement (hereinafter “Agreement”) is a binding contract governing your use of the Global Currency Organization services at www.gcodigital.com, any associated APIs and any mobile applications (collectively, the “GCO Sites”) operated by Global Currency Organization Pte. Ltd., a Singapore private limited company (“GCO”). By signing up to use an account through the GCO Sites, you agree that you have read, understood, and accept all of the terms and conditions contained in this User Agreement, as well as our Privacy Policy and E-Sign Consent. If you do not agree to or accept all of the terms of this Agreement, please immediately discontinue access to, and use of, the GCO Sites. 



1. Eligibility.

To be eligible to use the GCO Services (as defined below), you must be at least 18 years old. You must also not be a resident of one of the following states: Connecticut, Florida, Hawaii, Maine, Mississippi, New Jersey, New York, North Carolina, North Dakota, Ohio, South Dakota, Texas, Vermont, and Washington (each, a “Restricted State”). The list of Restricted States is subject to change at any time. In the event a state becomes a Restricted State, GCO will provide users residing in that state with notice via email, a notification on GCO's site, or other means deemed necessary regarding terminating their access to the GCO Services. The GCO Services are limited to users who meet the Anti-Money Laundering and Counter Terrorism Financing customer due diligence requirements outlined below.


2. GCO Services. 

2.1. GCO Services. GCO provides to its users access to and use of GCO Sites where the user can create her GCO account and then use it to purchase USDD (a 1:1 pegged stablecoin) for US Dollars and other supported stable cryptocurrency coins for other fiat currencies respectively (hereinafter referred to as “Digital Asset”). Digital Asset is not money, legal tender, and is not monetary instruments. Once you obtain Digital Asset, you may keep it, redeem it for fiat currency, or use it in transactions with individuals or entities who agree to accept your Digital Asset, all in accordance with the terms and conditions of this Agreement.

2.2. Digital Asset is fully backed by the fiat currency used to purchase it at issuance, cash equivalents, or short-term government securities denominated in the same underlying currency. Digital Asset holders can purchase or redeem tokens for their respective fiat currencies held in escrow accounts managed by our independent fiduciary network - third party trust companies (“Trust Companies”) - through the GCO Sites. The GCO Sites are only intended to facilitate such purchases and redemptions. The Company utilizes Digital Asset tokenization smart contracts and escrow accounts managed by Trust Companies in order to maintain 1 to 1 parity between Digital Asset and the fiat currencies, cash equivalents, or short-term government securities held in escrow accounts for the benefit of our users. The Company itself does not guarantee any right of redemption or exchange of Digital Asset for fiat currency. 

2.3. The Company reserves the right to refuse to issue or redeem Digital Asset, without limiting the generality of the foregoing, if any act, conduct, transaction, omission, or misrepresentation, or the party requesting the issuance or redemption, violates, attempts to violate, causes, aids, or abets the violation of any applicable laws, statutes, ordinances, or regulations; is suspected or believed to be blocked property, frozen assets, or economic resources, or the proceeds of any crime, terrorist financing, or corruption related to any person or government official under any applicable laws; or exposes the Company to sanctions, restrictions, or penalties.


3. Anti-Money Laundering and Counter-Terrorist Financing.

3.1. We are committed to providing you with safe, compliant, and reputable services through the GCO Sites. Accordingly, we insist on a comprehensive and thorough customer due diligence process and implementation and ongoing analysis and reporting. This includes monitoring of and for suspicious transactions and mandatory reporting to international regulators.

3.2. We reserve the right to refuse registration to, or to bar transactions from or to, anyone from or in jurisdictions that do not meet international AML–CTF standards as set out by the FATF; to anyone that is a Politically Exposed Person within the meaning of the FATF’s 40 Recommendations; or, that fails to meet any of our customer due diligence standards, requests, or requirements. In lieu of refusing registration, we may perform enhanced customer due diligence procedures. At all times, you may be subject to enhanced customer due diligence procedures in your use of the Platform and any related service. The GCO will validate and verify your identity based on the information provided. As part of our Know Your Customer (KYC) policy and ongoing monitoring of account activity, we may request additional information and documentation from you in the future. If we are unable to contact you and verify your identity in the future, we may need to close your account.

3.3. The GCO will cooperate with applicable law enforcement and regulatory authorities where it is required to do so and will share information if there are reasonable grounds to believe that a Digital Asset is being used for illegal purposes.


4. Creating a GCO Account.

4.1 Registration of GCO Account. To use the GCO Services, you will need to register for a GCO Account. During the registration process, we will ask you for information, including your name and other personal information to verify your identity.  We may, in our sole discretion, refuse to open a GCO Account for you, or suspend, revoke or terminate your account after opening. 

4.2. Identity Verification. During registration of your GCO Account, you agree to provide us with the information we request for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud, or any other financial crime and permit us to keep a record of such information for a minimum of five years. You will need to complete certain verification procedures before you are permitted to use certain GCO Services. Your access to one or more GCO Services, and the limits that apply to your use of the GCO Services, may be altered as a result of information collected about you. The information we request may include certain personal information, including, but not limited to, your name, address, telephone number, e-mail address, date of birth, taxpayer identification number, a government identification, and information regarding your bank account (such as the name of the bank, the account type, routing number, and account number). In providing us with this or any other information that may be required, you confirm that the information is accurate, authentic and complete. You agree to keep us updated if any of the information you provide changes. You authorize us to make inquiries, whether directly or through third parties, that we consider necessary to verify your identity, to protect you and/or us against fraud or other financial crime, to comply with anti-money laundering and other legal requirements, and to take action we reasonably deem necessary based on the results of such inquiries. When we carry out these inquiries, you acknowledge and agree that your personal information may be disclosed to credit reference and fraud prevention or financial crime agencies and that these agencies may respond to our inquiries in full.


5. Digital Asset Wallet. 

5.1. In General. Upon verification of your identity, you will have the ability to transfer, deposit, withdraw, track and store supported Digital Assets by giving instructions through the GCO Sites (each such transaction, a “Digital Asset Transaction”). You must verify all transaction information prior to submitting transfer instructions to GCO.

GCO reserves the right to refuse to process or to cancel any pending Digital Asset Transaction as reasonably necessary to comply with laws and regulations or in response to a subpoena, court order, or other binding government order or to enforce transaction limits.

You assume full responsibility and liability for any loss resulting from intentional or unintentional misuse of GCO Services, including, without limitation, any loss resulting from depositing one type of Digital Asset to a wallet intended for another type of Digital Asset, regardless of whether the relevant Digital Asset network confirms the applicable Digital Asset Transaction or not. GCO assumes no responsibility or liability in connection with any such misuse.

5.2.Third Party Payments. GCO has no control over, or liability for, the delivery, quality, safety, legality or any other aspect of any goods or services that you may purchase or sell to or from a third party (including other users of GCO Services). GCO is not responsible for ensuring that a buyer or a seller you may transact with will actually complete the transaction or is authorized to do so. If you experience a problem with any goods or services purchased from, or sold to, a third party in connection with Digital Assets transferred using the GCO Services, or if you have a dispute with such third party, you must resolve the dispute directly with that third party.

5.3. Airdrops. You understand, acknowledge and agree that in the event that a third party or software protocol attempts to or does distribute a Digital Asset, whether or not supported by GCO (often known as an “airdrop” or “bootstrap”) to certain wallet addresses, we will treat such airdropped Digital Asset as we would treat any other unsupported Digital Asset. You agree and understand that airdropped Digital Assets do not create a relationship between us and the transferor, sender and/or the related network that created the airdropped Digital Asset, and further, that we are not subject to any obligation as it may relate to the transferor, sender or related network.

5.4. Operation of Digital Asset Protocols. GCO does not own or control any underlying software protocols which govern the operation of Digital Assets supported on our platform. In general, the underlying protocols are open source and anyone can use, copy, modify, and distribute them. By using the GCO Services, you acknowledge and agree (i) that GCO is not responsible for operation of the underlying protocols and that GCO makes no guarantee of their functionality, security, or availability; and (ii) that the underlying protocols are subject to sudden changes in operating rules (a/k/a “forks”), and that such forks may materially affect the value, function, and/or even the name of the Digital Asset you store in the GCO platform. In the event of a fork, you agree that GCO may suspend GCO operations (with or without advance notice to you) and that GCO may, in its sole discretion, decide whether or not to support (or cease supporting) either branch of the forked protocol entirely. You acknowledge and agree that GCO assumes absolutely no responsibility whatsoever in respect of an unsupported branch of a forked protocol.

5.5. We reserve the right to amend the GCO Sites, and any service or material we provide on the GCO Sites, in our sole discretion without notice. This includes, but is not limited to, replacing the existing Digital Asset smart contracts with new smart contracts or moving any Digital Asset to a new blockchain. In the event that a Digital Asset smart contract is replaced or moved to a new blockchain, balances will be transferred and the old Digital Asset will not be valid for any purpose and shall be frozen. 

5.6. Attacks and Other Malicious Activities. GCO does not have any ability to prevent or mitigate attacks on any Digital Assets or their underlying protocols and networks. GCO reserves the right to take any actions in the event of an attack as determined in its sole discretion, including but not limited to: (i) If GCO reasonably believes that a Digital Asset that it supports has been or may be compromised, or is or will be under attack, GCO may immediately halt trading, deposits, and withdrawals for such Digital Asset; and (ii) if it is determined that such an attack caused the Digital Asset to greatly decrease in value, GCO may discontinue operations on such Digital Asset partially or entirely.  GCO does not have any obligation to engage in any activities in relation to attacks on any Digital Assets or their underlying protocols and networks.  Resolutions for an attacked Digital Asset will be determined on a case-by-case basis by GCO in its sole discretion.  GCO makes no representation and does not warrant the safety of the GCO Services and is not liable for any lost value or stolen property, whether or not GCO was negligent in providing the proper security. 


6. Fees.

All transactions on the GCO Sites are subject to fees as set out and updated in the fee schedule from time to time.


7. Digital Asset Risks.

7.1. Risks. 

(i) General risks. Your use of the services is entirely at your own risk. The risk of loss in trading or holding digital currency can be immediate and substantial. There is no guarantee against losses from using the services. You should therefore carefully consider whether purchasing, holding or using digital currency is suitable for you in light of your financial condition and needs. However, these descriptions are non-exclusive and do not disclose all such risks. Please consider these and other risks carefully before using the GCO Services. 

(ii) Market Risk. The market for digital currency is still new and uncertain. Despite being a digital representation of the underlying fiat currency, the market value for Digital Asset has been and is expected to continue to be subject to fluctuations. There is no guarantee of value of the Digital Asset, and the Digital Asset may lose all or substantially all of its value.  

(iii) Not a Bank Account. Your account with us (and any available assets held in such account) is not a bank account or a deposit account. Digital Assets are not financial instruments and the GCO may not be regulated as a financial institution in your jurisdiction. No interest will be paid on any funds or other assets held in your account and all assets directly held by the GCO are not insured by the GCO or, except as set forth below, any third party or any government agency. The GCO may collect interest on the fiat deposits held in the GCO escrow accounts. 

(iv) FDIC Coverage and Sweeps. The Company works with independent third-party financial institutions to provide cash management for the fiat deposits backing Digital Asset tokens so that each Digital Asset is backed by an equivalent amount of fiat deposits, cash equivalents, or short-term government treasuries.  To achieve this, a portion of the fiat deposits backing USDD are held in one or more depository accounts at our Trust Companies whose deposits may be insured by the Federal Deposit Insurance Corporation (“FDIC”). US Dollar depository accounts are generally protected by FDIC insurance up to $250,000 in each insured bank for each account ownership category.  However, since the depository accounts are large volume transaction accounts with balances exceeding this deposit insurance limit, the GCO has taken additional steps to provide protection for the funds. 

To provide additional protection, the independent third-party trust company may either: (1) deposit US Dollar funds in multiple FDIC-insured US banks to provide full insurance coverage, (2) utilize sweep accounts that can protect the deposits through overnight investments in US Government Treasuries, or (3) invest US Dollar funds in cash equivalents or short-term government treasuries. Due to the large amount of fiat deposits backing the USDD tokens, a portion of these deposits may be deposited in non-FDIC insured US bank accounts or depository accounts at non-US banks subject to the local laws, or invested in cash equivalents or short-term government treasuries. Therefore, there may be a risk of loss to these funds associated with the solvency of the US bank or non-US banks holding such funds or other factors.

FDIC insurance is not applicable to the fiat deposits backing non-USD Digital Asset. Non-USD Digital Assets are held at one or more depository accounts at our Trust Companies. To provide protection, the independent third-party trust company may utilize sweep accounts that can protect the deposits through overnight investments in government-backed securities. For example, UK Government Treasuries may be utilized for GBP deposits. 

(v) Theft and Loss. Any depository account maintained by an independent third-party financial institution for the benefit of Digital Asset holders may not be sufficient to cover all losses due to theft or fraud incurred by our Digital Asset holders. Transactions in Digital Asset may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable.

(vi) Technical and Operational Risk. We may experience cyberattacks, surges in activity, or other operational or technical difficulties that may cause interruptions to the Services. Blockchain networks may go offline because of bugs, hard forks, or other unforeseeable reasons.  Participants in any digital currency market should pay close attention to their position and holdings, and how they may be affected by sudden and adverse shifts in trading and other market or unforeseen activities. You agree to accept the risk of transaction failure resulting from any technical difficulties, including those resulting from malicious attacks from third parties. 

(vii) Services may Change. We reserve the right to amend any aspect of the Services, in our sole discretion, without prior notice. This includes replacing the existing Digital Asset smart contract with a new smart contract or moving Digital Asset to a new blockchain. In the event that the smart contract is replaced or moved to a new blockchain, balances will be transferred, and the old Digital Asset will not be valid for any purpose.

7.2. No Advice.

We do not provide any investment or tax advice or consultation on the advisability of purchasing Digital Asset, the timing of a purchase or redemption, or any other matters regarding the purchase or redemption of Digital Asset, such as trading techniques, models, algorithms, or any other schemes.


8. General Use, Prohibited Use, and Termination. 

8.1. Limited License. We grant you a limited, nonexclusive, nontransferable license, subject to the terms of this Agreement, to access and use the GCO Sites, and related content, materials and information (collectively, the “Content”) solely for approved purposes as permitted by GCO from time to time. Any other use of the GCO Sites or Content is expressly prohibited and all other right, title, and interest in the GCO Sites or Content is exclusively the property of GCO and its licensors. You agree you will not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the Content, in whole or in part. “Global Currency Organization”, “GCO” and all logos related to the GCO Services or displayed on the GCO Sites are either trademarks or registered marks of GCO or its licensors. You may not copy, imitate or use them without GCO's prior written consent. 

8.2. Website Accuracy. Although we intend to provide accurate and timely information on the GCO Sites, the GCO Sites (including, without limitation, the Content) may not always be entirely accurate, complete or current and may also include technical inaccuracies or typographical errors. To continue to provide you with as complete and accurate information as possible, information may be changed or updated from time to time without notice, including information regarding our policies, products and services. Accordingly, you should verify all information before relying on it, and all decisions based on information contained on the GCO Sites are your sole responsibility and we shall have no liability for such decisions. Links to third-party materials (including without limitation websites) may be provided as a convenience but are not controlled by us. You acknowledge and agree that we are not responsible for any aspect of the information, content, or services contained in any third-party materials or on any third-party sites accessible or linked to the GCO Sites. 

8.3. Third-Party Applications. If, to the extent permitted by GCO from time to time, you grant express permission to a third party to access or connect to your GCO Account, you acknowledge that granting permission to a third party to take specific actions on your behalf does not relieve you of any of your responsibilities under this Agreement. You are fully responsible for all acts or omissions of any third party with access to your GCO Account. Further, you acknowledge and agree that you will not hold GCO responsible for, and will indemnify GCO from, any liability arising out of or related to any act or omission of any third party with access to your GCO Account. 

8.4. Prohibited Use. In connection with your use of the GCO Services, and your interactions with other users, and third parties you agree and represent you will not engage in any Prohibited Business or Prohibited Use, as defined herein. We reserve the right at all times to monitor, review, retain and/or disclose any information as necessary to satisfy any applicable law, regulation, sanctions programs, legal process or governmental request. We reserve the right to cancel and/or suspend your GCO Account and/or block transactions or freeze funds immediately and without notice if we determine, in our sole discretion, that your Account is associated with a Prohibited Use and/or a Prohibited Business. 

8.5. Transactions Limits. The use of all GCO Services is subject to a limit on the amount you may tokenize or redeem in a given period (e.g., daily, weekly and monthly). To view your limits, login to your GCO Account. Your transaction limits may vary depending on your identity verification level and other factors. GCO reserves the right to change applicable limits as we deem necessary in our sole discretion. If you wish to raise your limits beyond the posted amounts, you may submit a request at service@gcodigital.com. We may require you to submit additional information about yourself or your business, provide records, and arrange for meetings with GCO staff (such process, “Enhanced Due Diligence”). GCO reserves the right to charge you costs and fees associated with Enhanced Due Diligence, provided that we notify you in advance of any such charges accruing. In our sole discretion, we may refuse to raise your limits or we may lower your limits at a subsequent time even if you have completed Enhanced Due Diligence. 

8.6. Suspension and Termination. GCO may: (a) suspend, restrict, or terminate your access to any or all of the GCO Services, and/or (b) deactivate or cancel your GCO Account if: 

We believe, in our sole discretion, that you have breached this Agreement; We are unable to verify or authenticate any information you provide to us; We believe, in our sole discretion, that your information, lack of information or actions may cause legal liability for you, us or our other users; We believe someone is trying to gain unauthorized access to your account; We believe there is unusual activity in your account; We are so required by a facially valid subpoena, court order, or binding order of a government authority; We are required to do so by applicable law or regulation; We reasonably suspect you of using your GCO Account in connection with a Prohibited Use or Prohibited Business; Use of your GCO Account is subject to any pending litigation, investigation, or government proceeding and/or we perceive a heightened risk of legal or regulatory non-compliance associated with your Account activity; Our service partners are unable to support your use; You take any action that GCO deems as circumventing GCO’s controls, including, but not limited to, opening multiple GCO Accounts or abusing promotions which GCO may offer from time to time; OR Any other reason in our sole and absolute discretion. 

If GCO suspends or closes your account, or terminates your use of GCO Services for any reason, we will provide you with notice of our actions unless a court order or other legal process prohibits GCO from providing you with such notice. You acknowledge that GCO’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 GCO's risk management and security protocols. You agree that GCO is under no obligation to disclose the details of its risk management and security procedures to you. 

WE ARE NOT RESPONSIBLE FOR ANY LOSS OF VALUE IN YOUR ACCOUNT, OR OF ANY DIGITAL ASSET, RESULTING FROM THE SUSPENSION OR CLOSING OF YOUR ACCOUNT FOR ANY OF THE REASONS LISTED ABOVE. YOU AGREE THAT NEITHER US NOR ANY THIRD PARTY ACTING ON OUR BEHALF SHALL BE LIABLE TO YOU FOR ANY TERMINATION OF YOUR ACCESS TO ANY PART OF THE GCO SITES.

8.7. Relationship of the Parties. GCO is an independent contractor for all purposes. Nothing in this Agreement shall be deemed or is intended to be deemed, nor shall it cause, you and GCO to be treated as partners, joint ventures, or otherwise as joint associates for profit, or either you or GCO to be treated as the agent of the other. 

8.8. Privacy of Others; Marketing. If you receive information about another user through the GCO Services, you must keep the information confidential and only use it in connection with the GCO Services. You may not disclose or distribute a user's information to a third party or use the information except as reasonably necessary to effectuate a transaction and other functions reasonably incidental thereto such as support, reconciliation and accounting unless you receive the user's express consent to do so. You may not send unsolicited email to a user through the GCO Services. 

8.9. Password Security; Contact Information. You are responsible for maintaining adequate security and control of any and all IDs, passwords, hints, personal identification numbers (PINs), API keys or any other codes that you use to access the GCO Services. Any loss or compromise of the foregoing information and/or your personal information may result in unauthorized access to your GCO Account by third-parties and the loss or theft of any Digital Asset and/or funds held in your GCO Account and any associated external wallets or accounts. You are responsible for keeping your email address and telephone number up to date in your Account Profile in order to receive any notices or alerts that we may send you. We assume no responsibility for any loss that you may sustain due to compromise of account login credentials due to no fault of GCO and/or failure to follow or act on any notices or alerts that we may send to you. In the event you believe your GCO Account information has been compromised, contact GCO Support immediately at service@gcodigital.com. 

8.10. Taxes. It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions you conduct through the GCO Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities. Your transaction history is available through your GCO Account.


9. Customer Feedback, Queries Complaints, and Dispute Resolution.

9.1. Contact GCO. If you have any feedback, questions, or complaints, contact us via our Customer Support webpage at or write to us at service@GCO.com. When you contact us please provide us with your name, address, and any other information we may need to identify you, your GCO Account, and the transaction on which you have feedback, questions, or complaints. If you believe your account has been compromised, you may also report your claim by contacting service@GCO.com. 

9.2. Arbitration; Waiver of Class Action. If you have a dispute with GCO, we will attempt to resolve any such disputes through our support team. If we cannot resolve the dispute through our support team, you and we agree that any dispute arising under this Agreement shall be finally settled in binding arbitration, on an individual basis, in accordance with the American Arbitration Association's rules for arbitration of consumer-related disputes (accessible at https://www.adr.org/sites/default/files/Consumer%20Rules.pdf) and you and GCO hereby expressly waive trial by jury and right to participate in a class action lawsuit or class-wide arbitration. The arbitration will be conducted by a single, neutral arbitrator and shall take place in New York City, or another mutually agreeable location, in the English language. The arbitrator may award any relief that a court of competent jurisdiction could award, including attorneys' fees when authorized by law, and the arbitral decision may be enforced in any court. At your request, hearings may be conducted in person or by telephone and the arbitrator may provide for submitting and determining motions on briefs, without oral hearings. To the extent permitted by law, the prevailing party in any action or proceeding to enforce this Agreement shall be entitled to costs and attorneys' fees. If the arbitrator(s) or arbitration administrator would impose filing fees or other administrative costs on you, we will reimburse you, upon request, to the extent such fees or costs would exceed those that you would otherwise have to pay if you were proceeding instead in a court. We will also pay additional fees or costs if required to do so by the arbitration administrator's rules or applicable law. Apart from the foregoing, each Party will be responsible for any other fees or costs, such as attorney fees that the Party may incur. If a court decides that any provision of this section 6.2 is invalid or unenforceable, that provision shall be severed and the other parts of this section 6.2 shall still apply. In any case, the remainder of this Agreement will continue to apply.


10. General Provisions.

10.1. Computer Viruses. We shall not bear any liability, whatsoever, for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect your computer or other equipment, or any phishing, spoofing or other attack. We advise the regular use of a reputable and readily available virus screening and prevention software. You should also be aware that SMS and email services are vulnerable to spoofing and phishing attacks and should use care in reviewing messages purporting to originate from GCO. Always log into your GCO Account through the GCO Sites to review any transactions or required actions if you have any uncertainty regarding the authenticity of any communication or notice. 

10.2. Release; Indemnification. You agree to indemnify and hold GCO, its affiliates and service providers, and each of its or their respective officers, directors, agents, joint venturers, employees and representatives (collectively, the “Indemnified Parties”), harmless from any claim or demand (including attorneys' fees and any fines, fees or penalties imposed by any regulatory authority) arising out of or related to (i) your use, misuse, or inability to use the GCO Sites and the GCO Services; (ii) your breach of this Agreement, or (iii) your violation of any law, rule or regulation, or the rights of any third party. To the maximum extent permitted by applicable law, you hereby discharge, acquit, and otherwise release the Indemnified Parties, from any claim or demand (including attorneys’ fees and any fines, fees or penalties imposed by any regulatory authority) arising out of or related to the use of the GCO Sites and the GCO Services, including, but not limited to, claims relating to the following: negligence, gross negligence, intentional interference with contract or advantageous business relationship, defamation, privacy, publicity, misrepresentation, any financial loss not due to the fault of GCO or the GCO Sites, false identities, fraudulent acts by others, invasion of privacy, release or misuse of personal information, disputes with other users of the GCO Services, failed transactions, purchases or functionality of the GCO Sites, unavailability of the GCO Sites, its functions and/or the GCO Services and any other technical failure that may result in inaccessibility to the GCO Sites or the GCO Services, or any claim based on vicarious liability for torts committed by users encountered or transacted with or through the GCO Sites or the GCO Services, including, but not limited to, fraud, computer hacking, theft or misuse of personal information, assault, battery, stalking, rape, cheating, perjury, manslaughter, or murder. The above list is intended to be illustrative only, and not exhaustive of the types or categories of claims released by you. This release is intended by the parties to be interpreted broadly in favor of GCO, and thus any ambiguity shall be interpreted in a manner providing release of the broadest claims. This release is intended to be a full release of claims, and the parties acknowledge the legally binding nature of this provision, and the nature of the rights given up in connection therewith. If you are a California resident, you hereby waive California Civil Code Section 1542, which states: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY HIS OR HER SETTLEMENT WITH THE DEBTOR.” If you are a resident of another jurisdiction with a comparable statute or doctrine, you hereby waive such statute or doctrine to the extent permissible under applicable law. 

10.3.  Prohibited Jurisdictions. GCO does not accept customers from the Restricted States. 

10.4. Limitation of Liability; No Warranty. IN NO EVENT SHALL GCO, ITS AFFILIATES AND SERVICE PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES OR REPRESENTATIVES, BE LIABLE (A) FOR ANY AMOUNT GREATER THAN THE VALUE OF THE SUPPORTED DIGITAL ASSET ON DEPOSIT IN YOUR GCO ACCOUNT AT THE TIME OF THE RELEVANT TRANSACTION (EXCLUDING ALL AMOUNTS NOT CREDITED OR LATER CREDITED TO YOUR GCO ACCOUNT) OR (B) 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 GCO SITES OR THE GCO SERVICES, OR THIS AGREEMENT, EVEN IF AN AUTHORIZED REPRESENTATIVE OF GCO HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES SO THE ABOVE LIMITATION MAY NOT APPLY TO YOU. THE GCO SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, GCO SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND/OR NON-INFRINGEMENT. GCO DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO THE GCO SITES, ANY PART OF THE GCO SERVICES, OR ANY OF THE MATERIALS CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, OR ERROR-FREE. GCO IS NOT RESPONSIBLE FOR ANY DIGITAL ASSET MARKET, AND GCO MAKES NO REPRESENTATIONS OR WARRANTIES CONCERNING THE VALUE OF ANY DIGITAL ASSET. IF YOU ARE A NEW JERSEY RESIDENT, the provisions of this Section 10.4 are intended to apply only to the extent permitted under New Jersey law. 

10.5. Entire Agreement. This Agreement, the Privacy Policy, E-Sign Consent, and Appendices incorporated by reference herein comprise the entire understanding and agreement between you and GCO as to the subject matter hereof, and supersedes any and all prior discussions, agreements and understandings of any kind (including without limitation any prior versions of this Agreement), and every nature between and among you and GCO. Section headings in this Agreement are for convenience only, and shall not govern the meaning or interpretation of any provision of this Agreement. 

10.6. Amendments. We may amend or modify this Agreement by posting on the GCO Sites or emailing to you the revised Agreement, and the revised Agreement shall be effective at such time. It is your responsibility to review the GCO Sites and this Agreement on a regular basis. If you do not agree with any such modification, your sole and exclusive remedy is to terminate your use of the Services and close your account. You agree that we shall not be liable to you or any third party for any modification or termination of the GCO Services, or suspension or termination of your access to the GCO Services, except to the extent otherwise expressly set forth herein.

10.7. Assignment. You may not assign any rights and/or licenses granted under this Agreement. We reserve the right to assign our rights without restriction, including without limitation to any GCO affiliates or subsidiaries, or to any successor in interest of any business associated with the GCO Services. Any attempted transfer or assignment in violation hereof shall be null and void. Subject to the foregoing, this Agreement will bind and inure to the benefit of the parties, their successors and permitted assigns.

10.8. Severability. If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law or regulation or any governmental agency, local, state, or federal, such provision will be changed and interpreted to accomplish the objectives of the provision to the greatest extent possible under any applicable law and the validity or enforceability of any other provision of this Agreement shall not be affected. 

10.9. Change of Control. In the event that GCO is acquired by or merged with a third party entity, we reserve the right, in any of these circumstances, to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control. 

10.10. Survival. All provisions of this Agreement which by their nature extend beyond the expiration or termination of this Agreement, including, without limitation, sections pertaining to suspension or termination, GCO Account cancellation, debts owed to GCO, general use of the GCO Sites, disputes with GCO, and general provisions, shall survive the termination or expiration of this Agreement. 

10.11. Governing Law. You agree that the laws of the State of New York, without regard to principles of conflict of laws, will govern this Agreement and any claim or dispute that has arisen or may arise between you and GCO, except to the extent governed by federal law.

10.12. Force Majeure. We 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. 

10.13. English Language Controls. Notwithstanding any other provision of this Agreement, any translation of this Agreement is provided for your convenience. The meanings of terms, conditions and representations herein are subject to definitions and interpretations in the English language. Any translation provided may not accurately represent the information in the original English.


APPENDIX A: PROHIBITED USE, PROHIBITED BUSINESSES AND CONDITIONAL USE 

You may not use your GCO Account to engage in the following categories of activity (“Prohibited Uses”). The specific types of use listed below are representative, but not exhaustive. If you are uncertain as to whether or not your use of GCO Services involves a Prohibited Use, or have questions about how these requirements apply to you, please contact us at contact@gcodigital.com. By opening a GCO Account, you confirm that you will not use your Account to do any of the following:

  • Unlawful Activity: Activity which would violate, or assist in violation of, any law, statute, ordinance, or regulation, sanctions programs administered in the countries where GCO conducts business, including but not limited to the U.S. Department of Treasury's Office of Foreign Assets Control (“OFAC”), or which would involve proceeds of any unlawful activity; publish, distribute or disseminate any unlawful material or information;
  • Abusive Activity: Actions which impose an unreasonable or disproportionately large load on our infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information; transmit or upload any material to the GCO Sites that contains viruses, Trojan horses, worms, or any other harmful or deleterious programs; attempt to gain unauthorized access to the GCO Sites, other GCO Accounts, computer systems or networks connected to the GCO Sites, through password mining or any other means; use GCO Account information of another party to access or use the GCO Sites, except in the case of specific authorizations by a user to access such user's GCO Account and information; or transfer your account access or rights to your account to a third party, unless by operation of law or with the express permission of GCO; 
  • Abuse Other Users: Interfere with another individual's or entity's access to or use of any GCO Services; defame, abuse, extort, harass, stalk, threaten, blackmail or otherwise violate or infringe the legal rights (such as, but not limited to, rights of privacy, publicity and intellectual property) of others; incite, threaten, facilitate, promote, or encourage hate, racial intolerance, or violent acts against others; harvest or otherwise collect information from the GCO Sites about others, including without limitation email addresses, without proper consent;
  • Fraud: Activity which operates to defraud GCO, GCO users, or any other person; provide any false, inaccurate, or misleading information to GCO;
  • Market Manipulation: Activities with the intention of manipulating the markets of any Digital Asset, including its price, liquidity, trading volume or other characteristics;
  • Gambling: Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy sports leagues with cash prizes; internet gaming; contests; sweepstakes; games of chance; 
  • Intellectual Property Infringement: Engage in transactions involving items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the law, including but not limited to sales, distribution, or access to counterfeit music, movies, software, or other licensed materials without the appropriate authorization from the rights holder; use of GCO intellectual property, name, or logo, including use of GCO trade or service marks, without express consent from GCO or in a manner that otherwise harms GCO or the GCO brand; any action that implies an untrue endorsement by or affiliation with GCO.
Prohibited Businesses In addition to the Prohibited Uses described above, the following non-exhaustive categories of businesses, business practices, and sale items are barred from GCO Services (“Prohibited Businesses”). By opening a GCO Account, you confirm that you will not use GCO Services in connection with any of following businesses, activities, practices, or items:

  • Restricted Financial Services: Check cashing, bail bonds; collections agencies;
  • Intellectual Property or Proprietary Rights Infringement: Sales, distribution, or access to counterfeit music, movies, software, or other licensed materials without the appropriate authorization from the rights holder;
  • Counterfeit or Unauthorized Goods: Unauthorized sale or resale of brand name or designer products or services; sale of goods or services that are illegally imported or exported or which are stolen;
  • Regulated Products and Services: Marijuana dispensaries and related businesses; sale of tobacco, e-cigarettes, and e-liquid; online prescription or pharmaceutical services; age restricted goods or services; weapons and munitions; gunpowder and other explosives; fireworks and related goods; toxic, flammable, and radioactive materials; products and services with varying legal status on a state-by-state basis;
  • Drugs and Drug Paraphernalia: Sale of narcotics, controlled substances, and any equipment designed for making or using drugs;
  • Pseudo-Pharmaceuticals: Pharmaceuticals and other products that make health claims that have not been approved or verified by the applicable local and/or national regulatory body;
  • Substances designed to mimic illegal drugs: Sale of a legal substance that provides the same effect as an illegal drug;
  • Adult Content and Services: Pornography and other obscene materials (including literature, imagery and other media); sites offering any sexually-related services such as prostitution, escorts, pay-per view, adult live chat features;
  • Multi-level Marketing: Pyramid schemes, network marketing, and referral marketing programs; Unfair, predatory or deceptive practices: Investment opportunities or other services that promise high rewards; Sale or resale of a service without added benefit to the buyer; resale of government offerings without authorization or added value; sites that we determine in our sole discretion to be unfair, deceptive, or predatory towards consumers; and
  • High risk businesses: any businesses that we believe poses elevated financial risk, legal liability, or violates card network or bank policies;


APPENDIX B: VERIFICATION PROCEDURES AND LIMITS

As a registered money services business, we are required to identify users on our platform. This ensures we remain in compliance with KYC/AML laws in the jurisdictions in which we operate, something that is necessary for us to be able to continue to offer GCO Services to our customers. GCO collects and verifies information about you in order to:

(a)protect GCO and the community from fraudulent users, and

(b)to keep appropriate records of GCO's customers. All customers who wish to use GCO Services are required to establish a GCO Account by providing KYC information that include, without limitation, name, email address, password, state of residence, date of birth, full address, tax identification number, proof of source of funds, employment information and explanation of activity. Depending on your verification level, your use of all GCO Services will be subject to a limit on the amount you may withdraw in a given period (e.g., daily, weekly and monthly). Notwithstanding these minimum verification procedures for the referenced GCO Services, GCO may require you to provide or verify additional information, or to wait some amount of time after completion of a transaction, before permitting you to use any GCO Services and/or before permitting you to engage in transactions beyond certain volume limits. You may contact us at contact@gcodigital.com to request larger limits. GCO may require you to submit to Enhanced Due Diligence. Additional fees and costs may apply, and GCO does not guarantee that we will raise your limits.


APPENDIX C: E-SIGN DISCLOSURE AND CONSENT

This policy describes how GCO delivers communications to you electronically. We may amend this policy at any time by providing a revised version on our website. The revised version will be effective at the time we post it. We will provide you with prior notice of any material changes via our website. Electronic Delivery of Communications You agree and consent to receive electronically all communications, agreements, documents, notices and disclosures (collectively, “Communications”) that we provide in connection with your GCO Account and your use of GCO Services. Communications include:

  • Terms of use and policies you agree to (e.g., the GCO Digital User Agreement and Privacy Policy), including updates to these agreements or policies;
  • Account details, history, transaction receipts, confirmations, and any other Account or transaction information;
  • Legal, regulatory, and tax disclosures or statements we may be required to make available to you; and
  • Responses to claims or customer support inquiries filed in connection with your Account. We will provide these Communications to you by posting them on the GCO website, emailing them to you at the primary email address listed in your GCO profile, communicating to you via instant chat, and/or through other electronic communication such as text message or mobile push notification.
Hardware and Software Requirements. In order to access and retain electronic Communications, you will need the following computer hardware and software:
  • A device with an Internet connection;
  • A current web browser that includes 128-bit encryption (e.g. Internet Explorer version 9.0 and above, Firefox version 3.6 and above, Chrome version 31.0 and above, or Safari 7.0 and above) with cookies enabled;
  • A valid email address (your primary email address on file with GCO); and Sufficient storage space to save past Communications or an installed printer to print them. Updating your Information It is your responsibility to provide us with a true, accurate and complete e-mail address and your contact information, and to keep such information up to date. You understand and agree that if GCO sends you an electronic Communication but you do not receive it because your primary email address on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic Communications, GCO will be deemed to have provided the Communication to you. You may update your information by logging into your account and visiting settings or by contacting our support team at service@GCO.com.


APPENDIX D: DISCLAIMERS AND LEGENDS

GCO IS NOT A BANK, SECURITIES BROKER-DEALER OR COMMODITY FUTURES COMMISSION MERCHANT.

Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and value of virtual currency.

Transactions in virtual currency may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable. 

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 the customer initiates the transaction.

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. 

There is no assurance that a person who accepts a virtual currency as payment today will continue to do so in the future.

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.

The nature of virtual currency may lead to an increased risk of fraud or cyber attack. 

The nature of virtual currency means that any technological difficulties experienced by GCO may prevent the access or use of a customer’s virtual currency.