Transacting with Instacoin Direct - Our Terms and Conditions

1. Who We Are

Instacoin Capital Inc. ("Instacoin Capital") is a member of the Instacoin Group. The Instacoin Group includes, among others, Instacoin ATM Quebec Inc. ("Instacoin Quebec") and Instacoin ATM Canada Inc. ("Instacoin Canada"). When we refer to Instacoin Capital, we may use "we", "our", "us" and similar terms, and when we do, we mean Instacoin Capital carrying on business as "Instacoin Direct", an Internet-based services firm.

We are a Canadian federal corporation. Because our activities involve "dealing in virtual currencies," we have registered under, and comply with, Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the "PCMLTFA"). Businesses such as ours are sometimes referred to as "money services businesses" or "MSB's". MSB's must monitor, record and report activities and transactions in accordance with the PCMLTFA, laws governing sanctions, restrictions on dealings with Politically-exposed Persons, Canada's Criminal Code, and other relevant law relating to money laundering ("Anti-Money Laundering Law"). Reports and other information are given to the Financial Transactions and Reports Analysis Centre of Canada ("Fintrac").

2. What We Do

We buy selected virtual currencies from our customers, for our own account. Our transactions are concluded on our website. Some transactions and account enquiries will include operations performed in person or using kiosks (Bitcoin Teller Machines) operated by Instacoin Canada or Instacoin Quebec. In payment, we register you as a holder of a prepaid card product, selected by you from the products listed on our website, made available to us by qualified card issuers, retailers and intermediaries, and we deposit the proceeds of your transaction to your prepaid card account.

We may refer to a customer who visits our website or contacts us, or who concludes a transaction with us, as "you" or "your", or using similar terms.

3. You Agree to our Terms and Conditions

When you access our website, use any of our services, contact us, or transact any business with us, you agree to our terms and conditions. Our terms and conditions are explained in this document. These terms and conditions govern all our interactions with you. If any information on our website or otherwise made available to you conflicts with these terms and conditions, these terms and conditions prevail.

Titles in these terms and conditions are for reference only and do not form part of any agreement with you. Capitalized terms used in our terms and conditions are defined where they are first identified in quotation marks (" ").

Our terms and conditions may change from time to time. We endeavour to alert you of any material change. Regardless of any notice given to you, our terms and conditions, including any changes, will govern.

Any agreement with you is subject to the law of the jurisdiction in Canada where you reside. Your agreement with any issuer of a prepaid card is governed by the terms and conditions of the issuer. We are not a party to any agreement between you and a card issuer. It is your responsibility to verify the terms and conditions of any card you accept when you sell us Eligible Crypto. WE DO NOT GUARANTEE OR WARRANT YOUR ELIGIBILITY TO RECEIVE OR USE A CARD PRODUCT NOR THE AVAILABILITY, VALIDITY OR VALUE OF ANY CARD PRODUCT OR THE LOCATIONS OR MERCHANTS WHERE A CARD PRODUCT MAY BE ACCEPTED.

If you are a resident of Quebec and have chosen to use our English-language website, you agree that you wish to receive all documents and communications from us and card issuers in English.

4. Do You Qualify to Sell Us Crypto?

We buy Eligible Crypto from qualified sellers only. To qualify to transact with us:

  1. You must be an individual (physical person)
  2. You must be a Canadian resident
  3. You must be at least 18 years of age
  4. You must be transacting for yourself and not for any other person or entity
  5. You must have submitted, and we must be satisfied with, all information required as a condition of any transaction, as listed on our website
  6. You must not be subject to any restrictions under Anti-Money Laundering Law as determined by us under our AML-CTF Policy

When you contact us about any transaction or conclude any transaction, you agree and warrant to us that you are a qualified seller. You agree that we may make enquiries of third parties, including credit bureaus, to verify the information that you give us, and you acknowledge that we will report any information required by law to competent authorities, including Fintrac.

5. Eligible Crypto and Transaction Limits

Our website lists the virtual currencies we are willing to buy ("Eligible Crypto"). Only virtual currencies on the list of Eligible Crypto will be purchased. We may change our list of Eligible Crypto at any time and from time to time at our entire discretion.

We will fix the minimum and maximum amount of Eligible Crypto you may sell, and the daily limits on your transactions. These amounts will be dictated by market conditions and by the policies we have implemented to comply with Anti-Money Laundering Law (our "AML-CTF Policy"). All amounts will be determined by reference to the price of the Eligible Crypto we are willing to pay, denominated in Canadian currency.

If we receive an amount in Eligible Crypto that exceeds the maximum we are willing to buy or your transaction limits, we will return the excess to you after deducting transactions fees provided that the amount is more than the transaction fees.

If you deliver less than the minimum amount of Eligible Crypto required to execute a transaction, we may process your transaction for the lesser amount or refuse to process your transaction and return your Eligible Crypto to you less transaction fees.

6. Prepaid Card Products

When you sell Eligible Crypto, you will be asked to select a prepaid card product form the list of card products on our website. This list may change from time to time. It is your responsibility to verify the terms and conditions of the card product you select. When we have received your Eligible Crypto and deposited the proceeds with the issuer of the card you selected, or the issuer's authorized agent, our obligations to you will be satisfied in full. WE MAKE NO REPRESENTATION OR WARRANTY CONCERNING THE SUITABILITY, USES, TRANSFERABILITY OR VALUE OF ANY CARD PRODUCT AND EXPRESSLY DISCLAIM ALL LIABILITY FOR CARD PRODUCTS OR THE ACTS OR OMISSIONS OF CARD ISSUERS.

7. Value of Eligible Crypto (Pricing)

When you sell Eligible Crypto to us, you agree to accept a prepaid card product in exchange, from the prepaid card products available on our website. Our obligations to you are paid and satisfied in full when we deposit a sum in Canadian currency equal to the transaction amount you have selected with the card issuer or the card issuer's authorized agent. You agree that the transaction amount you have selected corresponds to the value or price of the Eligible Crypto you have sold and that no additional amount is payable despite any difference between the transaction amount and the price or prices of the Eligible Crypto on any market or from any third party.

Additional Details

  1. This card is owned and issued by DirectCash Bank pursuant to license by Visa International.
  2. See Cardholder Agreement for Terms and Conditions by logging into your TruCash account.
  3. The maximum sale is based on a 24-hour rolling period.
  4. The maximum balance of the TruCash Prepaid Visa® card is $7,500. Any settlement amount that exceeds the maximum balance of the card is kept on reserve by the prepaid card issuer and released at a maximum rate of $2,500 per business day as your card balance decreases below $7,500.