Coinomo User Agreement
Updated on [07-Jun-2021]
Dear User, this User Agreement is between you (also referred to herein as “user”) and Coinomo & PT Tujuhbelas Media Indonesia and its affiliate companies (“Coinomo”, “we”, “us” and “our”). This Agreement governs your use of the services provided by Coinomo described below. By signing up to use an account through Coinomo mobile application or through www.coinomo.com (collectively, the “Site”), you agree that you have read, understand, and accept all of the terms and conditions contained in this Agreement (“Terms”).
We may make changes to the Agreement from time to time. If we do this, we will post the changed Agreements on the Site and will indicate at the top of this page the date the agreement was last revised. You understand and agree that your continued use of the Service or the Site after we have made any such changes constitutes your acceptance of the new Agreement.
- Acceptance of the Terms
1.2. Registration of Coinomo Account
You must register for a Coinomo account in order to use the Coinomo Services (“Coinomo Account”). By using a Coinomo Account, you agree and represent that you will use Coinomo only for yourself, and not on behalf of any third party unless you have obtained prior approval from Coinomo. You are fully responsible for all activity that occurs under your Coinomo Account. We may, in our sole discretion, refuse to open a Coinomo Account or limit the number of Coinomo Accounts that you may hold.
1.3 Identity Verification
2.1. Wallet Services.
As part of your Coinomo Account, Coinomo will provide qualifying users access to a hosted Digital Currency wallet(s) for holding Digital Currencies (“Digital Currency Wallet”) and earning interest in the form of certain digital currencies that are designed to be pegged in value to the US Dollar or other fiat currencies. Users of the Digital Currency Wallet may earn interest by depositing and transferring the value to Staking Digital Currencies (as listed below) as collateral in lending protocols for the purpose of receiving interest. Coinomo doesn't guarantee the amount of interest rates. The interest rates may change at any time.
Current Staking Digital Currencies supported include:
2.2. Hosted Digital Currency Wallet.
Your Digital Currency Wallet allows you to store, track, transfer, and manage your balances of Digital Currency. As used throughout, "Digital Currency" means only those particular digital currencies listed as available to trade or custody in your Coinomo Account (also referred to as “Supported Digital Currency”). Services and supported assets may vary by jurisdiction. By partnering with industry leading custodial vault providers, we securely store Digital Currency private keys, which are used to process transactions, in a combination of online and offline storage. As a result of our security protocols, it may be necessary for us to retrieve private keys or related information from offline storage in order to facilitate a Digital Currency Transfers in accordance with your instructions, and you acknowledge that this may delay the initiation or crediting of such Digital Currency Transfers.
2.3. Supported Digital Currencies.
Your Coinomo Account is intended solely for proper use of Supported Digital Currencies as designated on the Site and listed in this clause. Under no circumstances should you attempt to use your Digital Currency Wallet to store, send, request, or receive digital currencies we do not support. Coinomo assumes no responsibility in connection with any attempt to use your Digital Currency Wallet with digital currencies that we do not support. If you have any questions about which Digital Currencies we currently support, please send an email to email@example.com
Supported Digital Currencies currently include:
2.4 Digital Currency Custody and Title.
All Digital Currencies held in your Digital Currency Wallet are custodial assets held by Coinomo and our vault partners for your benefit, as described in further detail below.
Title to Digital Currency Wallet shall at all times remain with you and shall not transfer to Coinomo. As the owner of Digital Currencies in your Digital Wallet, you shall bear all risk of loss of such Digital Currencies. Coinomo shall have no liability for digital currency fluctuations. None of the Digital Currencies in your Digital Currency Wallet are the property of, or shall or may be loaned to, Coinomo; Coinomo does not represent or treat assets in User’s Digital Currency Wallets as belonging to Coinomo. Coinomo may not grant a security interest in the digital currency held in your Digital Currency Wallet. Except as required by a facially valid court order, or except as provided herein, Coinomo will not sell, transfer, loan, hypothecate, or otherwise alienate Digital Currency in your Digital Currency Wallet unless instructed by you.
You control the Digital Currencies held in your Digital Currency Wallet. At any time, subject to outages, downtime, and other applicable policies, you may withdraw your Digital Currency by sending it to a different blockchain address. As long as you continue to custody your Digital Currencies with Coinomo, Coinomo shall retain control over electronic private keys associated with blockchain addresses operated by Coinomo, including the blockchain addresses that hold your Digital Currencies.
2.4.3 Acknowledgement of Risk.
You acknowledge that Digital Currencies in your Coinomo Digital Currency Wallet are not subject to protections or insurance provided by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation.
2.4.4 Digital Currencies Not Segregated.
In order to more securely custody assets, Coinomo may use shared blockchain addresses, controlled by Coinomo and/or our vault technology partners, to hold Digital Currencies held on behalf of customers and/or held on behalf of Coinomo. Although we maintain separate ledgers for Client and Coinomo accounts, Coinomo shall have no obligation to segregate by blockchain address Digital Currencies owned by you from Digital Currencies owned by other customers or by Coinomo.
2.5. USDC Wallets.
You may also elect to buy USD Coin from Coinomo, a Digital Currency fully collateralized by the US Dollar, which is issued by Circle Internet Financial (“Circle”) (“USDC”). You are the owner of the balance of your USDC Wallet. Coinomo is not the issuer of USDC, does not hold U.S. Dollars on reserve for USDC holders, and has no obligation to repurchase your USDC for USD. You can redeem your USDC with Circle, and Coinomo may also elect to repurchase your USDC in exchange for USD. You agree to be bound by the terms of the Circle USDC Agreement (located at https://support.usdc.circle.com/hc/en-us/articles/360001233386-Circle-USDC-User-Agreement), which provides additional obligations, undertakings, and limitations with respect to USDC.
2.6. Operation of Digital Currency Protocols
We do not own or control the underlying software protocols which govern the operation of Digital Currencies supported on our platform. Generally, the underlying protocols are open source, and anyone can use, copy, modify, and distribute them. We assume no responsibility for the operation of the underlying protocols and we are not able to guarantee the functionality or security of network operations. In particular, the underlying protocols may be subject to sudden changes in operating rules (including “forks”). Any such material operating changes may materially affect the availability, value, functionality, and/or the name of the Digital Currency you store in your Digital Currency Wallet. Coinomo does not control the timing and features of these material operating changes. It is your responsibility to make yourself aware of upcoming operating changes and you must carefully consider publicly available information and information that may be provided by Coinomo in determining whether to continue to use a Coinomo Account for the affected Digital Currency. In the event of any such operational change, Coinomo reserves the right to takes such steps as may be necessary to protect the security and safety of assets held on the Coinomo platform, including temporarily suspending operations for the involved Digital currency(ies), and other necessary steps; Coinomo will use its best efforts to provide you notice of its response to any material operating change; however, such changes are outside of Coinomo’s control and may occur without notice to Coinomo. Coinomo’s response to any material operating change is subject to its sole discretion and includes deciding not to support any new digital currency, fork, or other actions. You acknowledge and accept the risks of operating changes to digital currency protocols and agree that Coinomo is not responsible for such operating changes and not liable for any loss of value you may experience as a result of such changes in operating rules. You acknowledge and accept that Coinomo has sole discretion to determine its response to any operating change and that we have no responsibility to assist you with unsupported currencies or protocols.
2.7. Purchase of Digital Currency
Coinomo allows users to purchase certain Digital Currencies through a valid credit card issued by Visa or Mastercard or wire transfer. Your purchase must follow the relevant instructions on the site or app. Coinomo will not reserve, maintain, transfer, or exploit your information from anything related to your credit cards or bank information in any way. However, for the sake of confirming the fidelity of the information you provide, and the credit card balance lasts in your credit card, our cooperating payment company, Circle Internet Financial Inc. (“Circle”) will have the right to check with your credit card issuer. You must not use credit cards or bank account that are not owned by yourself. Your payments must not involve fraud or illegal activities in any country. Coinomo has the right to refuse your payments or freeze your purchased USDC.
2.8. Lending Protocol
We do not own or control the underlying software protocols which govern the operation of the underlying lending protocols currently integrated with the Digital Currency Wallet to generate interest. Currently, our integrated protocols include Compound, Aave. Coinomo reserves the right to add or remove the supported lending protocols in the future. Both Compound and Aave are DeFi lending protocols that enable users to lend and borrow a diverse range of Digital Currency using variable interest rates.
2.9 Crypto-to-crypto Trading
Upon completion of the registration and identity verification for your Coinomo Account, you may conduct Crypto-to-crypto Trading on Coinomo platform in accordance with the provisions of these Terms:
Upon sending an instruction of using Coinomo Services for Crypto-to-crypto Trading (an “Order”), your account will be immediately updated to reflect the open Orders, and your Orders will be sent to our exchange partners to match with other orders. If one of your Orders fully or partially matches another user’s Order, our exchange partner will execute an exchange (a “Transaction”). Once the Transaction is executed, your account will be updated to reflect that the Order has been fully executed and closed, or the Order has been partially executed. The Order will remain uncompleted until it is fully executed or cancelled under paragraph (2.6.2) below. To conclude a Transaction, you authorize Coinomo to temporarily control the Digital Currencies involved in your Transaction.
For Orders initiated through Coinomo Services, you may only cancel them before they have been matched with our exchange partners’ Users’ Orders. Once your Order has been matched with our exchange partners’ Users’ Orders, you may not change, revoke or cancel Coinomo’s authorization to complete the Order. For any partially matched Order, you may cancel the unmatched part of the Order unless such portion has been matched. Coinomo reserves the right to reject any cancellation request related to the Order you have submitted. If your account does not have sufficient amount of Digital Currencies to execute an Order, Coinomo may cancel the entire Order, or execute part of the Order with the amount of Digital Currencies you have in your account (in each case, any Transaction related fees payable to Coinomo are deducted as stated in paragraph (2.6.3) below).
You agree to pay Coinomo the fees specified at https://dapppocket.zendesk.com/hc/en-us/articles/4401997926553-Fee-Structures-%E6%94%B6%E8%B2%BB%E6%A8%99%E6%BA%96
Coinomo may, in its discretion, update the fees at any time. Any updated fees will apply to any sales or other Transactions that occur following the effective date of the updated fees. You authorize Coinomo to deduct from your account any applicable fees that you owe under these Terms.
For the liquidity safety and avoidance of money laundering, you are only allowed to withdraw the Digital Currency after 14 days since your payment was confirmed. After this period of liquidity safety, you can withdraw your Digital Currency to another valid digital wallet address at any time. Coinomo doesn't provide you to withdraw to any fiat currencies.
- Fees and Taxes
By using the Coinomo Services you agree to pay all applicable fees. Coinomo reserves the right to adjust our pricing and fees and any applicable waivers at any time. We will notify you of the pricing including fees which apply to your transaction when you authorize the transaction and, in each receipt, we issue to you.
You can check out our fee structures at https://dapppocket.zendesk.com/hc/en-us/articles/4401997926553-Fee-Structures-%E6%94%B6%E8%B2%BB%E6%A8%99%E6%BA%96
It is your sole responsibility to determine whether, and to what extent, any taxes apply to any interest received through the Coinomo Services, and to withhold, collect, report and remit the correct amount of tax to the appropriate tax authorities.
You understand and acknowledge that the blockchain technology is a field of innovation where the laws and regulations are not fully established. You may be faced with material risks including instability of technology or failure for token exchange. You also understand that tokens have much higher volatility comparing to other financial assets.
4.2. No Insurance
Digital currency is not legal tender, is not backed by the government, and Digital Currency accounts and value balances on Coinomo are not subject to Financial Supervisory Commission R.O.C. Coinomo is not a bank and does not offer fiduciary services.
4.3. Risk of Reliance on Third Parties
The Coinomo Services rely on in whole or partly, on third party software and the continued development and support of third parties. There is no assurance or guarantee that those third parties will maintain their support of their software, which might have a material adverse effect on the Coinomo Services.
- Consent to Electronic Disclosures and Signatures
Because Coinomo operates only on the Internet, it is necessary for you to consent to transact business with us online and electronically. As part of doing business with us, therefore, we also need you to consent to our providing you certain disclosures electronically, either via our site or to the email address you provide to us. You agree to receive electronically all documents, communications, notices, contracts, and agreements arising from or relating to your use of the Site and Service.
5.2. Scope of Consent
Your consent to receive disclosures and transact business electronically, and our agreement to do so, applies to any transactions to which such disclosures relate, whether between you and Coinomo or a third party by and through the Service. Your consent will remain in effect for so long as you are a user and, if you are no longer a user, will continue until such a time as all disclosures relevant to the Services received through the Site.
5.3. Change in Your Contact Information
You must keep Coinomo informed of any change in their email so that you can continue to receive all agreements and disclosures in a timely fashion. If your registered email address changes, you must notify us of the change by sending an email to firstname.lastname@example.org or calling 886-901-017-309.
- Intellectual Property
Coinomo is a mobile application developed and owned by PT Tujuhbelas Media Indonesia & its affiliate companies and protected by international copyright, patent, and other intellectual property or proprietary rights laws. All contents, including trademarks, logos, graphics, videos, audios, articles, archives, information and this agreement, displayed in Coinomo are owned by the PT Tujuhbelas Media Indonesia or the third-party licensors. No one shall use, reproduce, modify, decompile, distribute, or issue the above-mentioned application and contents without prior written consent from the Coinomo or the third-party licensors.
- Notifications of Changes
The company reserves the right to modify or replace these conditions at any time. Your continued use of the service signifies your acceptance of any adjustment to these Terms. If you do not agree with the modifications, you shall cease to use Coinomo immediately. The use of Coinomo by you after any modification to this agreement constitutes your acceptance of this agreement as modified.
- Disclaimer and Limitation of Liability
This site and its components are offered for informational purposes only; this site shall not be responsible or liable for the accuracy, usefulness or availability of any information transmitted or made available via the site and shall not be responsible or liable for any error or omissions in that information.
Due to the decentralized feature of blockchain and the safety of User’s Digital Currency, Coinomo does not have any responsibility for any loss of Digital Currency caused by the flaw or hacking of the underlying infrastructures including but not limited to the blockchain, lending protocols, smart contracts. Coinomo shall not be liable for any investment loss during your use of the Service.