Prohibited Businesses and Prohibited Use

Last updated Feb 9, 2020

  • The following categories of businesses, business practices, and sale items are barred from using our services (“Prohibited Businesses”). By opening a Cryptoasset Account with UPE and/or an E-Money Account (in partnership with Optimus) (your “Account”), you confirm that you will not use the Uphold Platform to transact in connection with the following businesses, activities, practices, or items:

    • Operating as an unlicensed money transmitter, money service, payment service provider, e-money, or any other financial services business which requires licensure, including but not limited to exchanges of virtual currencies, sales of money orders or traveller's checks, and escrow services
    • Counterfeit products or any product or service that infringes upon the copyright, trademark, or trade secrets of any third party
    • Stolen goods
    • Narcotics, controlled substances, prescription and pharmaceutical services, drug paraphernalia, or any substances designed to mimic illegal drugs
    • Gambling, except where permitted by and with our prior written permission
    • Sports forecasting or odds making
    • Prostitution
    • Violent acts towards self or others, or activities or items that encourage, promote, facilitate or instruct others regarding the same
    • Funding any of the items included on this Prohibited Businesses list
    • Extortion, blackmail, or efforts to induce unearned payments
    • Unlicensed sale of firearms and weapons
    • Deceptive marketing practices
    • Any business that violates any law, statute, ordinance or regulation
    • Acting in concert with others or through multiple accounts that you control in order to circumvent per account trading limits

    You may not use your Account or the Uphold Platform to engage in the following categories of activity (“Prohibited Use”). You confirm that you will not use your Account to do any of the following:

    • Violate or assist any party in violating any law, statute, ordinance, regulation or any rule of any self-regulatory or similar organisation of which you are or are required to be a member (for example, those laws, rules, or regulations governing financial services, controlled substances, or consumer protections)
    • Partake in a transaction which involves the proceeds of any unlawful activity
    • Partake in any transaction involving online gambling except where permitted and with our prior written permission
    • Defraud or attempt to defraud us or our users
    • Infringe our or any third party's intellectual property
    • Provide false, inaccurate or misleading information
    • Take any action that imposes an unreasonable or disproportionately large load on our infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information
    • Interfere with another individual's or entity's access to or use of any part of the Uphold Platform
    • Defame, abuse, harass, stalk, threaten or otherwise violate or infringe the legal rights of others
    • Publish, distribute or disseminate any unlawful material or information
    • Transmit or upload any viruses, Trojan horses, worms, or any other malicious programs
    • Access the Uphold Platform through programmatic means
    • Act as a payment intermediary or aggregator or otherwise resell the Uphold Platform, unless authorised by us in writing
    • Transfer any rights granted to you by us to another party
    • Use another user’s password for any purpose
    • Compromise Accounts, computer systems or networks connected to the Uphold Platform through any means
    • Use any Account other than the single Account created with your real identity

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