Skrill Cryptocurrency Terms of Use

Scroll down

Skrill Cryptocurrency

1. Scope of these Cryptocurrency Terms of Use

1.1. These terms and conditions (the “Cryptocurrency Terms of Use”) govern your use of the Cryptocurrency Service (as defined below at section 13). Together with any other terms and conditions referred to in these Cryptocurrency Terms of Use, they constitute the entire agreement between you and Skrill Limited (“us”, “we”, “our”) regarding the Cryptocurrency Service. You are advised to print or download and keep a copy of these Cryptocurrency Terms of Use for future reference. You can always view the current Cryptocurrency Terms of Use on our Website.

1.2. Skrill Limited is a company incorporated under the laws of England and Wales with registration number 4260907. We are authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 for the issuance of electronic money. Our FCA e-money register number is 900001.

1.3. Please note that – unlike the e-money and payment services which we provide under the Skrill Account Terms of Use – cryptocurrencies are not currently regulated by the FCA. The Cryptocurrency Service provided to you under these Cryptocurrency Terms of Use is therefore not regulated by the FCA.

1.4. The Cryptocurrency Service is an additional service which permits eligible Skrill Account holders to buy and sell interests in certain Supported Cryptocurrencies. These Cryptocurrency Terms should therefore be read together with your Skrill Account Terms of Use which govern your Skrill Account.

1.5. By accessing and using the Cryptocurrency Service you are agreeing to these Cryptocurrency Terms of Use.

1.6. In the event of any conflict or inconsistency between the Skrill Account Terms of Use and these Cryptocurrency Terms of Use, these Cryptocurrency Terms of Use shall, to the extent of this conflict or inconsistency, prevail.

2. Eligibility

2.1. You may only access the Cryptocurrency Service if:

2.1.1. you are a Skrill Account holder;

2.1.2. your Skrill Account has not been locked or suspended by Skrill; and

2.1.3. you are resident in a Supported Country.

2.2. Eligible Skrill Account holders can use the Cryptocurrency Service by logging into your Skrill Account and selecting “Crypto”.

2.3. If you do not have a Skrill Account, you can register by following the instructions on our Website, as set out in section 4 of the Skrill Account Terms of Use.

2.4. In certain circumstances, we may ask certain questions or request additional information from you in order to check/verify your identity so that we can continue to meet our legal obligations.

2.4.1. We may need to do those checks before or after you can use the Cryptocurrency Service.

2.4.2. We may require you to provide us with information if we reasonably need it in order to complete our checks.

2.5. By using the Cryptocurrency Service, you confirm that:

2.5.1. you have read and understand the Cryptocurrency Service Risk Statement and

2.5.2. you will not use the Cryptocurrency Service in a manner which is contrary to the general prohibitions regarding your Skrill Account according to the Skrill Account Terms of Use.

3. The Cryptocurrency Service

3.1. The Cryptocurrency Service enables you to:

3.1.1. buy interests in one or more Supported Cryptocurrencies using e-money in your Skrill Account; and

3.1.2. sell your interests in one or more Supported Cryptocurrencies in exchange for e-money.

3.2. We may elect to treat additional cryptocurrencies as “Supported Currencies” from time to time. We will notify you by email when any additional cryptocurrencies are added to the service.

3.3. Upon receipt of each “buy” order, you authorise us (in accordance with your Order Instructions) to:

3.3.1. debit the Buy Price from the e-money balance in your Skrill Account;

3.3.2. buy the Supported Cryptocurrency via our partner cryptocurrency exchange(s) (each a “Cryptocurrency Exchange”); and

3.3.3. assign to you our beneficial interest (including any rights, title and benefits arising therefrom) in the Supported Cryptocurrency which we have purchased for you under this section 3.3, which shall be held on your behalf in a pooled account with the Cryptocurrency Exchange.

3.4. Note. Following fulfilment of a buy order, the Cryptocurrency Exchange may continue to hold the Supported Cryptocurrency for you on an “omnibus” basis, which means that it may be held alongside cryptocurrency belonging to other Cryptocurrency Exchange customers (as well as cryptocurrency belonging to the Cryptocurrency Exchange itself). For more information on this, please see our Risk Statement.

3.5. If you do not have sufficient funds in your Skrill Account to support a “buy” order, we will require you to upload sufficient funds to complete the Cryptocurrency Transaction.

3.6. The value of your interest in the Supported Cryptocurrency/ies will be displayed on your Skrill Account dashboard alongside your other e-money balances denominated in Fiat Currency.

3.7. Upon receipt of each “sell” order, you authorise us (in accordance with your Order Instructions) to:

3.7.1. sell the Supported Cryptocurrency back to the Cryptocurrency Exchange; and

3.7.2. credit the Sale Price for your beneficial interest to the e-money balance in your Skrill Account.

3.8. By using the Cryptocurrency Service, note that:

3.8.1. you will have no relationship, contractual or otherwise, with the Cryptocurrency Exchange;

3.8.2. you will not have a personal cryptocurrency wallet with the Cryptocurrency Exchange; and

3.8.3. we will only update your Skrill Account to reflect your interest in Supported Cryptocurrency/ies once we have received confirmation of the completed purchase or sale from the Cryptocurrency Exchange.

3.9. No Financial Advice. As part of the Cryptocurrency Service, we may provide information on the price, range, or volatility of the Supported Cryptocurrencies and events that have affected the price of cryptocurrencies. We will not however provide you with any advice in connection with the Cryptocurrency Service therefore you should not rely on any information provided (whether provided directly by us or via the Cryptocurrency Exchange) - any decision to buy or sell an interest in a Supported Cryptocurrency rests with you. Any such information provided is solely for your personal use and you may not redistribute it to any third party. If you are unsure about whether a transaction involving Cryptocurrency is suitable for you and your circumstances you should contact an independent financial adviser.

4. Placing an Order; No Cancellation

4.1. You will be able to place an Order by:

4.1.1. logging into your Skrill Account in the usual way and selecting “Exchange”;

4.1.2. selecting your chosen Supported Cryptocurrency and Fiat Currency (as relevant); and

4.1.3. selecting the amount you wish to buy or sell;

4.1.4. reviewing the applicable fees; and

4.1.5. pressing the “Confirm” button.

4.2. When you press the “Confirm” button, we will immediately submit a buy/sell order to the Cryptocurrency Exchange, which means that you won’t be able to cancel an Order once you’ve submitted your instructions to us.

4.3. Note. We may execute any Cryptocurrency Transaction on the terms of the Order received by us. This means that:

4.3.1. you cannot cancel, change or reverse a Cryptocurrency Transaction once it has been accepted by us; and

4.3.2. we are not obliged to modify, suspend or reject any Orders that we have received.

5. Restrictions/limitations on your use of the Cryptocurrency Service

5.1. You may only use your e-money balance in your Skrill Account to buy and sell interests in cryptocurrency via the Cryptocurrency Exchange. You may not buy interests via any cryptocurrency exchange that we do not partner with.

5.2. You may not use the Cryptocurrency Service to:

5.2.1. transfer any interest in Supported Cryptocurrencies to other Skrill customers;

5.2.2. use interests in Supported Cryptocurrencies to transact with merchants;

5.2.3. spend your interests in Supported Cryptocurrencies directly on any Skrill Prepaid Mastercard you may have;

5.2.4. transfer any interest in Supported Cryptocurrency held outside of a Skrill Account (e.g. in a cryptocurrency wallet you may hold with another provider) into a Skrill Account; or

5.2.5. transfer any interest in Supported Cryptocurrency from your Skrill Account to any other account (e.g. a cryptocurrency wallet you may hold with another provider).

5.3. We may apply limits to the number or value of Cryptocurrency Transactions you are able to undertake (e.g. limiting the amount of the interest in Supported Cryptocurrency you are able to buy in a single transaction) if we reasonably think it would help to manage any risk in a proportionate way.

5.4. Any limits as described in section 5.3 above will be communicated to you within your Skrill Account while using the Cryptocurrency Service prior to any proposed transaction being confirmed by you.

6. Transaction Records

6.1. Each time you effect a Cryptocurrency Transaction, we will:

6.1.1. send you a receipt to the primary email address registered to your Skrill Account, including details about the transaction; and

6.1.2. display the transaction details in your transaction history (which you can access by clicking the “Transactions” tab, which shall include the date of transaction, the Fees charged and, where applicable, the exchange rate applied.

6.2. Each Cryptocurrency Transaction is given a unique transaction ID and shown in the transaction history. We will not alter or amend information displayed in your online transaction history.

6.3. You should check your transaction history regularly and you should report any irregularities or clarify any questions you may have as soon as possible by contacting Customer Service.

7. Availability of Cryptocurrency Service

7.1. We make no guarantee that you will be able to buy or sell an interest in a Supported Cryptocurrency at the time of your request. We will only reflect the purchase or sale of your interest in your Skrill Account if we have been able to fulfil the underlying Cryptocurrency Transaction with the Cryptocurrency Exchange.

7.2. We cannot guarantee the value of any Supported Cryptocurrency at the point you submit your Order. We will use reasonable efforts to fulfil your Order at the price offered but in some circumstances the Cryptocurrency Exchange may not allow us to do so (and may not tell us why). If this happens, we will notify you and ask you to re-authorise the Cryptocurrency Transaction (which may be at a different Buy Price/Sell Price).

7.3. The underlying protocols of the Supported Cryptocurrencies are subject to sudden changes in operating rules (‘forks’). If a fork occurs within the underlying system, we will liaise with the relevant Cryptocurrency Exchange in order to determine the best approach for Skrill customers in relation to such event. Any decision made on behalf of Skrill customers will be made at Skrill’s sole discretion.

7.4. The Cryptocurrency Service is provided without warranty of any kind, either express or implied. We do not represent that the Cryptocurrency Service will be available all of the time to meet your needs. We will use reasonable endeavours to provide you with the Cryptocurrency Service as soon as possible but we do not guarantee that access will not be interrupted, or that there will be no delays, failures, errors, omissions or loss of transmitted information.

7.5. We will however use reasonable endeavours to ensure that the Cryptocurrency Service can normally be accessed by you in accordance with these Cryptocurrency Terms of Use.

7.6. We may suspend use of the Cryptocurrency Service for maintenance and we will make reasonable efforts to give you notice of any such suspensions. Where this isn’t possible, we’ll provide you with notice as soon as possible after the fact.

8. Fees

8.1. The fees we charge for the Cryptocurrency Service (the “Fees”) are set out on the “Fees” section of our Website. For clarity, the "Fees" section forms part of these Cryptocurrency Terms of Use. Fees are subject to change in accordance with section 12 (Changes to these Cryptocurrency Terms of Use).

8.2. Each Cryptocurrency Transaction will be subject to a Fee, which we will also display on the “Crypto” page prior to each Cryptocurrency Transaction.

8.3. If your Skrill Account is denominated in a currency other than Euro, your Cryptocurrency Transactions will be subject to currency conversions. In this case, we will apply foreign exchange fees.

8.4. Fees payable by you will be incorporated within the Buy Price or Sell Price (as applicable) and will be deducted from your Skrill Account balance and you hereby authorise us to do the same. Fees will be charged when the Cryptocurrency Transaction is executed. If your Skrill Account balance is insufficient to cover the Fees, we may refuse to execute the Cryptocurrency Transaction. Reversal or chargeback Fees will be deducted when incurred.

9. Termination and suspension

9.1. You may terminate your access to the Cryptocurrency Service with us at any time by sending us notice in writing.

9.2. We may terminate your access to the Cryptocurrency Service at any time by giving you notice, which may take effect immediately or on such later date as may be specified in the notice.

9.3. We may at any time suspend or terminate your use of the Cryptocurrency Service without notice if:

9.3.1. we are required to take such action by the Cryptocurrency Exchange;

9.3.2. you breach any condition of these Cryptocurrency Terms of Use;

9.3.3. you violate or we have reason to believe that you are in violation of any law or regulation that is applicable to your use of the Cryptocurrency Service;

9.3.4. we have reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity; or

9.3.5. it is reasonably necessary for us to do so to prevent you or us contravening any applicable law or regulatory requirement.

9.4. We may suspend your use of the Cryptocurrency Service at any time:

9.4.1. for security reasons; or

9.4.2. if we reasonably suspect the Cryptocurrency Service has been or is being used without your authorisation or fraudulently; and we shall notify you either prior to the suspension or, if prior notification is not possible under the circumstances, promptly after the suspension unless we are prohibited by law to notify you.

9.5. We will try to give you advance notice of any suspension. Where advance notice is not possible, we will provide you with notice as soon as reasonably practicable thereafter. Unless we are prevented by law (or unless the Cryptocurrency Exchange does not provide us with details), we will try to provide you with details of the nature of the suspension, the anticipated duration and anything you have to do to remedy any error or circumstances which have led to the suspension.

9.6. On termination, unless prohibited by applicable law or by any court or other order to which we are subject in any jurisdiction, for a period of 60 days following the date of termination:

9.6.1. you will continue to be able to view the balance of your interest(s) in Supported Cryptocurrencies on your Skrill Account dashboard;

9.6.2. you will not be permitted to buy any further interests in Supported Cryptocurrencies; and

9.6.3. you may – at our discretion – sell your interests in Supported Cryptocurrencies back to us.

If at the end of the 60 day period you have not sold down all your interests in Supported Cryptocurrencies, you shall authorise us to buy back your interests at the best available price via the Cryptocurrency Exchange. The proceeds of such buy back will be credit to the e-money balance in your Skrill Account.

9.7. For the avoidance of doubt, if your Skrill Account is terminated or suspended your access to the Cryptocurrency Service will also be terminated or suspended (as applicable).

10. Limitation of Liability

10.1. Nothing in these Cryptocurrency Terms of Use shall operate to exclude liability for death or personal injury due to negligence or for fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended according to applicable laws.

10.2. Subject to section 10.1, we shall not be liable for:

10.2.1. any disruption or impairment of our service or for disruptions or impairments of intermediary services on which we rely for the performance of our obligations hereunder, provided that such disruption or impairment is due to abnormal and unforeseeable circumstances beyond our reasonable control or the control of the intermediary affected;

10.2.2. any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputation;

10.2.3. any losses arising from our compliance with legal and regulatory requirements;

10.2.4. the assessment or payment of any taxes, duties or other charges that arise from your use of the Cryptocurrency Service;

10.2.5. any losses arising from the inaccuracy or incompleteness of any market data provided to you in the course of us providing the Cryptocurrency Service (whether such data is provided to us by the Cryptocurrency Exchange or otherwise);

10.2.6. any losses arising from any act or failure to act by the Cryptocurrency Exchange; and

10.2.7. any losses arising from incorrect instructions received by us from you.

11. Complaints

11.1. Any complaints about us or the Cryptocurrency Service should be addressed to us in the first instance by contacting Customer Service. You should clearly indicate that you are wishing to make a complaint to us. This helps us to distinguish a complaint from a mere query. We send you a complaint acknowledgement by post or by email within 48 hours of receiving your complaint in accordance with our complaints procedure. A copy of our complaints procedure is displayed on our website.

11.2. We endeavour to provide you with an answer or resolution to your complaint within 15 business days. Should this not be possible due to unforeseen circumstances or lack of information, we will contact you.

11.3. Please note that as the Cryptocurrency Service is not regulated by the FCA you will not have any recourse to the Financial Ombudsman Service in the event of a complaint.

12. Changes to these Cryptocurrency Terms of Use

12.1. We may change these Cryptocurrency Terms of Use upon notice to you by sending an email to the primary email address registered with your Skrill Account. The change may take effect immediately or on such later date as may be specified in the notice.

12.2. We can change these Cryptocurrency Terms of Use for any of the following reasons:

12.2.1. because of a change in legal or regulatory requirements;

12.2.2. if the change benefits you, for example when introducing new products or services or improving existing ones;

12.2.3. to reflect a change in our costs of running the Cryptocurrency Service; or

12.2.4. to respond to any other change that affects us, if it's fair to pass on the effects of the change to you, for example to reflect developments in the cryptocurrency market.

12.3. We may also make changes for any other reason that we cannot foresee, for example to respond to changes in the cryptocurrency industry that affect how we wish to deliver the Cryptocurrency Service to you.

12.4. The proposed change may come into effect immediately (if required by law/regulation or because of requirements imposed on us) or upon such later date as may be stated in the notice, unless you have given us notice that you object to the proposed change before the change comes into effect. Changes that are required by law or make these Cryptocurrency Terms of Use more favourable to you shall come into effect immediately if so stated in the change notice. Changes to currency exchange fees shall come into effect immediately without notice and you shall not have the right to object to such a change.

12.5. If you object to the changes, they will not apply to you. However, any such objection shall constitute a notice by you to terminate your access to the Cryptocurrency Service and you will no longer be able to use the Cryptocurrency Service.

13. Definitions

Any capitalised terms which are not defined in these Cryptocurrency Terms of Use shall have the meaning given in the Skrill Account Terms of Use.

“Buy Price” means the price payable by you to us (plus applicable Fees) for the purchase of interests in Supported Cryptocurrencies, the value of which shall be deducted from the e-money balance in your Skrill Account.

“Cryptocurrency Service” means the functionality within your Skrill Account which enables you to make Cryptocurrency Transactions.

“Cryptocurrency Transaction” means a purchase or sale of an interest in Cryptocurrency.

“Fee” shall have the meaning given in section 8.

“Fiat Currency” means a government-issued currency which is supported by the Skrill Account.

“Order Instruction” means an instruction – submitted online – to buy or sell a specified quantity of interests in Supported Cryptocurrencies at a specified price.

“Sell Price” means the price (net of applicable Fees) payable to you by us for the sale of your nominated interests in Supported Cryptocurrencies, which we shall credit to the e-money balance in your Skrill Account.

“Supported Country” means a country in which we currently offer the Cryptocurrency Service.

Supported Cryptocurrencies” means Bitcoin (“BTC”), Bitcoin Cash (“BCH”), Ether (“ETH”), Ethereum Classic (“ETC”), Litecoin (“LTC”), XRP and 0x (“ZRX”) or such other cryptocurrency as we may add to the Cryptocurrency Service from time to time by notice to you.