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VCOIN Terms

Last updated 17 Sept 2021

These terms, in addition to our User Agreement for Residents of the UK, govern your use of VCOIN on the Uphold Platform. Capitalised terms not defined herein shall have the meaning given to them in the User Agreement. By obtaining or using VCOIN, you understand and expressly agree to these VCOIN Terms, and you acknowledge that you have reviewed and understand each of the statements made in these Terms.

  1. In certain jurisdictions, the Uphold Platform allows you to hold, transfer and exchange VCOIN, a cryptographic digital asset built on the Ethereum Network and sold by IMVU, Inc. (“IMVU”) that is intended for use in connection with the virtual world platform operated by IMVU (“VCOIN”). Users wishing to transfer VCOIN onto the Uphold Platform from the IMVU virtual world platform must abide by the IMVU Terms of Service, available here, and a breach of such Terms of Service shall be deemed to be a breach of these Terms. IMVU is not affiliated with Uphold.

  2. VCOIN may only be exchanged on the Uphold Platform for the fiat currency of your home country. Any exchange into fiat currency is subject to any applicable exchange fees or spreads as generally charged to users of the Uphold Platform.

  3. All VCOIN purchased on the IMVU virtual world platform must be held for a minimum period of time as set by IMVU prior to it being transferred to the Uphold Platform. IMVU may set maximum daily and monthly amounts that you may transfer to the Uphold Platform and/or convert to fiat currency. IMVU may change these limits at its sole discretion.

  4. You acknowledge and agree that VCOIN is not intended by IMVU to be an investment opportunity of any kind and should not be perceived as one, consistent with the factual basis for the no-action relief that IMVU received from the Securities and Exchange Commission Staff with respect to the sale of VCOIN, available at: https://www.sec.gov/corpfin/imvu-111920-2a1. VCOIN is not intended to be treated as a “security” in any jurisdiction.

  5. In order to properly process and validate VCOIN transactions between the IMVU virtual world platform and the Uphold Platform, or to link your Uphold account to the IMVU virtual world platform, Uphold may share your Personal Data, including your Uphold account information and transaction history, with IMVU, and IMVU may share certain Personal Data gathered by IMVU with Uphold. All such processing of Personal Data by Uphold is subject to our Privacy & Data Policy as well as IMVU’s Privacy Notice.

  6. By obtaining or using VCOIN, you agree and understand that we are not responsible to any non-verified user that uses VCOIN or for any third-party that supports VCOIN, including IMVU. You also agree and understand that you will not make us, IMVU, or any of our third-party service providers a party to any dispute involving a non-verified user that uses VCOIN or a third-party that supports VCOIN. You further agree and understand that neither we nor IMVU nor any of our third-party service providers are responsible for your use (or misuse) of VCOIN on the Ethereum Network or otherwise and that you will not make us, IMVU and/or any of our third-party service providers a party to any dispute involving your use (or misuse) of VCOIN on the Ethereum Network or otherwise. In any event, you hereby agree to indemnify us, IMVU and/or any of our third-party service providers for any and all costs, including legal costs, which are reasonably incurred by us, IMVU and/or any of our third-party service providers and related to any such disputes.

  7. By obtaining or using VCOIN, you agree and understand that we are not responsible to any non-verified user that uses VCOIN or for any third party that supports VCOIN, including IMVU. You also agree and understand that you will not make us, IMVU, or any of our third-party service providers a party to any dispute involving a non-verified user that uses VCOIN or a third party that supports VCOIN. You further agree and understand that neither we nor IMVU nor any of our third-party service providers are responsible for your use (or misuse) of VCOIN on the Ethereum Network or otherwise, and that you will not make us, IMVU and/or any of our third-party service providers a party to any dispute involving your use (or misuse) of VCOIN on the Ethereum Network or otherwise. In any event, you hereby agree to indemnify us, IMVU and/or any of our third-party service providers for any and all costs, including legal costs, which are reasonably incurred by us, IMVU and/or any of our third-party service providers and related to any such disputes.
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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.

Cryptoasset services offered by Uphold Europe Limited are unregulated and not covered by the Financial Services Compensation Scheme as well as the FCA’s consumer protection regulations. Cryptoassets are very high risk and speculative. 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. Gains may be subject to Capital Gains Tax and there may be extra charges when paying via credit card from your provider. Geographic restrictions may apply.

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.

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