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Electronic Money Terms

Last updated Sep 15, 2021

  • Through our partnership with Optimus Cards UK Limited which is authorised and regulated by the Financial Conduct Authority to issue e-money (FRN: 902034) pursuant to the Electronic Money Regulations 2011 (“Optimus”), we collectively provide electronic money accounts for fiat currencies and related payment services. 

    Uphold Europe Limited (“Uphold”) is an EMD agent of Optimus. 

    The e-money services enable you to hold fiat balances in various fiat currencies (e.g., GBP and USD) in e-money accounts (“E-Money Account”) and transfer fiat funds to other users of the Platform and third parties using funds held in your E-Money Account. The currencies available are set out on the Platform. 

    Please read these Terms and Conditions (the “Terms”) carefully before you agree to use an E-Money Account or any related services provided by or through Optimus.

    Terms not defined in these Terms have the same meaning given to them in the Agreement. 

    References to “we” and “us” in the Terms refer to Uphold and Optimus (as the case may be).

Uphold Europe Limited, Reg No. 09281410, Registered Office: Eastcastle House, 27/28 Eastcastle Street, London, United Kingdom, W1W 8DH

Uphold (FRN: 938277) is registered with the Financial Conduct Authority (FCA) for AML purposes and complies with the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer).

Uphold is also an EMD agent (FRN: 938277) of Optimus Cards UK Limited (FRN: 902034) which is authorised and regulated by the Financial Conduct Authority to issue e-money pursuant to the Electronic Money Regulations 2011.

The purchase, sale and custody of cryptoassets are regulated by the FCA for anti-money laundering purposes but this does not indicate any approval by the FCA of Uphold’s cryptoasset activities. Cryptoassets are very high risk and speculative.  When purchasing, selling and/or holding cryptoassets, you will not have access to the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS) if something goes wrong. You should be aware and prepared to potentially lose some or all of your money. You should carefully consider whether trading or holding cryptoassets is suitable for you in light of your financial circumstances.

Fiat money payments and balances (fiat is another name for traditional currencies, such as GBP, USD and EUR) constitute regulated e-money and payment services. In providing fiat balances, you are being issued with e-money by Optimus and Uphold is acting as its agent. See specific e-money terms. E-money is not a deposit or investment account which means that your e-money will not be protected by the FSCS. Your funds will be held in a designated safeguarding account with a regulated financial institution. E-money will not earn any interest.

Additional risk warnings are contained in Uphold’s Terms & Conditions