Capitalized terms shall have the meanings assigned to them in these Terms unless the context requires otherwise.
In order to use the Services, you must first register an Account. To be eligible to access and use the Services, you must:
INDEFI may accept or reject applications to create an Account at its sole discretion. The Services are not available where prohibited by law or by INDEFI’s AML policy, as updated from time to time.
Due to regulatory considerations and interpretations in Digital Assets markets, INDEFI may refuse to provide the Services in certain jurisdictions and/or close, freeze, or suspend Accounts where INDEFI, in its sole and absolute discretion, has determined that regulatory or policy reasons prevent INDEFI from being able to offer its Services.
INDEFI has AML and KYC policies and procedures in place. INDEFI maintains certain information about you, including User records and transaction history, for five years, or a longer period as may be required under applicable laws. Under certain circumstances, INDEFI may be required to report to the competent authorities of any unusual transactions, or of any suspicion it may have that any User might be involved in any financial crime or illicit activity.
KYC procedures are carried out by a designated service provider.
When you register an Account, we will ask for documentation and information, including but not limited to copies of your government-issued identification document (e.g. Passport, driver’s license). For corporate Accounts, we may require identification information related to the directors, officers, authorized representatives, or equity owners of the business. The service provider may also gather and use information about you from third parties (i.e. independent or governmental databases), to help us confirm your identity. If any such information changes, it is your obligation to provide the new information to us as soon as practicable following such change.
Your Account allows you to keep control of your use of the Services. You can access the Services, view your balances and conduct certain transactions online. You are solely responsible for the activities under your Account and for securing your Account IDs, passwords, hints, or any other codes that you use to access your Account and the Services. INDEFI is not responsible for any loss or compromise of your access information and/or your personal information, or for any loss that you may sustain due to compromise of your access information and/or personal information. We will not be responsible for an unauthorized use of your account by third parties, even if the Account was used by mistake. We, or the designated service provider, may require your signature or identification in any form we deem necessary to confirm that you are the person using the account. You agree to reimburse us (and we may charge you or deduct from the balance of your Account) for all claims, costs, losses, and damages, including reasonable attorneys’ fees, that result from our following instructions we receive through your Account to take any action related to your Account. INDEFI may suspend or terminate your Account at any time in its sole discretion, including if INDEFI suspects your involvement in any fraudulent activity of any kind or other misuse of the Services, or your involvement in any money laundering or other financial crime. YOUR ACCOUNT IS NOT A BANK ACCOUNT, DEPOSIT ACCOUNT, SAVINGS ACCOUNT, CHECKING ACCOUNT, OR ANY OTHER TYPE OF ASSET ACCOUNT AND SHOULD NOT BE CHARACTERIZED AS A BANKING PRODUCT OR SERVICE. THE USE OF TERMS SUCH AS “ACCOUNT,” “ACCOUNT BALANCE,” “WITHDRAW” AND SIMILAR LANGUAGE IN CONNECTION WITH THE INDEFI SERVICE DOES NOT IMPLY OR ESTABLISH, AND SHALL NOT BE TAKEN TO SUGGEST, ANY FORM OF CUSTODY RELATIONSHIP, AND SUCH LANGUAGE IS USED HEREIN AS TERMS OF CONVENIENCE ONLY IN REFERRING TO USERS’ LENDING OF DIGITAL ASSETS TO INDEFI, AND INDEFI OBLIGATION TO TRANSFER DIGITAL ASSETS TO USERS UPON THE REPAYMENT OF SUCH LOANS.
If you believe that your INDEFI Account has been used by an unauthorized party, or if your Service Activity Statements reflect activity or transactions that you did not conduct or authorize, you must notify us IMMEDIATELY via email to help@indefi.io. YOU ARE SOLELY RESPONSIBLE FOR MAINTAINING THE SECURITY AND CONFIDENTIALITY OF YOUR LOGIN DATA, AND YOU ACCEPT ALL RISKS OF UNAUTHORIZED ACCESS AND USE OF YOUR INDEFI ACCOUNT.
Your Account balance visible through the platform shall indicate the balance of Digital Assets loaned to INDEFI and the amount of interest earned. INDEFI is obliged to deliver Digital Assets back to you upon the termination of the applicable Service. INDEFI reserves the right to withhold or delay the transmission of assets to you if you fail to comply with these Terms. It is your sole responsibility to make sure that Digital Assets you wish to transfer to INDEFI are Eligible Digital Assets, and that your transfer of Eligible Digital Assets on the Blockchain is directed over the correct Blockchain and to the correct Virtual Wallet Address as provided to you by INDEFI (which may differ from time to time and between different Digital Assets).
You can transfer Digital Assets to INDEFI by transferring the same to the Virtual Wallet Address(es) provided in your Account (or as otherwise notified by us to you). Any Digital Asset received will be treated by us as being transferred to your Account beginning on the date and at the time stamped on the Blockchain confirmation. If you do not carefully follow these instructions, your Digital Assets may be irrevocably lost, and INDEFI may not be able to assist you in retrieving them. INDEFI will not be liable to you for any such loss and shall not be under any obligation to retrieve such Digital Assets. We are not responsible for consequences of any error in the initiation of any transaction and have no obligation to assist in the remediation of such transactions. By initiating any transfer or using INDEFI Services in any way, you attest that you are transacting in an Eligible Digital Asset which conforms to the particular Virtual Wallet into which assets are directed. For example, if you select an Ethereum Virtual Wallet Address to receive assets, you shall be solely responsible to assure that you are initiating a transfer of Ethereum alone, and not any other currency such as Bitcoin or Ethereum Classic. INDEFI incurs no obligation whatsoever with regard to non-Eligible Digital Assets sent to INDEFI, or for Eligible Digital Assets sent to an incompatible Virtual Wallet Address. Erroneously transmitted assets will be lost. We recommend users send a small amount of Digital Asset as a test prior to initiating a transfer of a significant amount of Digital Assets.
You may demand immediate, complete or partial repayment of any loan at any time through complete or partial withdrawal of Digital Assets at any time. Such repayment will terminate in whole or in part your loan to INDEFI and you shall no longer accrue Earnings on the amount of loans as of the time of the withdrawal. The withdrawal is effected immediately following a withdrawal request when possible; however, we may require up to three (3) days after you submit your withdrawal request to process the withdrawal. For every withdrawal request, you will be required to provide the details of the Virtual Wallet to which you wish to receive your repayment of Digital Assets. You may request repayment in the same type of Eligible Digital Assets loaned by you only. You may not request repayment of the actual same Digital Assets originally transferred by you. In the event that the details you provide are inaccurate, incomplete, or misleading, your Digital Assets may be permanently lost. We will not be liable for any loss that results from inaccurate, incomplete, or misleading details that you may provide for such transfer. If the transfer address you specify is one to which we are unable to process transfers, we will have no liability for any resulting failure or delay in processing your requested withdrawal. Withdrawal limits based on amounts and/or frequency may apply from time to time. Our policies and procedures may require additional security and/or compliance checks that require additional time to complete. Any individual request to exceed withdrawal limits set by INDEFI must be sent via email to help@indefi.io.
Upon registration, INDEFI may offer a Welcome Bonus of $50 (the "Welcome Bonus") to new users. This Welcome Bonus is subject to the following terms and conditions:
Withdrawal limits based on amounts and/or frequency may apply from time to time. Our policies and procedures may require additional security and/or compliance checks that require additional time to complete. Any individual request to exceed withdrawal limits set by INDEFI must be sent via email to help@indefi.io.
Your right to close an Account
If you want to terminate your Account, you may do so via the platform or by notifying INDEFI at
help@indefi.io. Once your Account is closed, you agree to immediately stop using the Services.
We reserve the right (but have no obligation) to delete all of your information and Account data stored
on our servers. We shall not be liable to you or any third party for termination of access to the
Services or for deletion of your information or Account data.
Our right to close an Account
We have the right to suspend, freeze or close your Account at any time for any reason without advance
notice, including by blocking your access to the Account or the Services.
If your Account has a balance when we close it, we will repay and return the remaining Digital Assets to
you, including accrued interest earned (if applicable) until the close date, less any applicable
Obligations, withholding tax and other applicable deductions, unless prohibited by applicable law.
In the event of irregular activity, we may hold assets until we close your Account. Any Digital Assets
that INDEFI returns to you will be sent to the designated withdrawal addresses in your user profile on
the platform for each respective Digital Asset you hold.
Our Earn Service allows you to enter into open-ended loan agreements with INDEFI and earn interest, referred to as “Earnings,” in the form of Digital Assets (in the same Digital Asset you transfer). Under a loan agreement, you lend your Digital Assets to INDEFI for a chosen period of time, and INDEFI returns you the amount of the loan and the Earnings earned at the end of such period. By entering into a loan agreement, you grant INDEFI all rights and title to such Digital Assets, for INDEFI to use in its sole discretion while using the Earn Service. The balance of Digital Assets loaned by you to INDEFI, and any Earnings gained thereon are visible via your Account. Once such Digital Assets are received by INDEFI into your Earn balance, they shall be INDEFI’s property, in every sense and for all purposes, and you will immediately start accruing Earnings on such Digital Assets in accordance with the terms hereof. The corresponding amount of Earnings shall be reflected in your Account balance. INDEFI may refuse to enter into any loan transaction on its own discretion. You may terminate any loan agreement at any time via your Account and request that INDEFI return the borrowed Digital Assets. In such case, such Digital Assets and any Earnings accrued will be transferred to your external Virtual Wallet. You earn Earnings as interest on the loan of Digital Assets you have transferred to INDEFI in accordance with the rates published by INDEFI from time to time and pursuant to these Terms. Earn Service is not an investment program.
All Digital Assets that you loan to INDEFI entitle you to Earnings. Earnings are accrued for the period of the loan. Loan rates are published and periodically updated by INDEFI. Earnings will be payable in arrears and added to the principal amount loaned by you to INDEFI, reflected in your Account balance daily. We calculate the Earnings on loaned Digital Assets based on market demand for each Digital Asset. Earnings are payable based on a daily periodic rate applicable to the Loaned Digital Assets. The daily periodic rate is calculated by dividing the then-applicable annual reward rate by three hundred sixty-five (365) days; then it is further divided down to the hour, minute, and second of that day. Loaned Digital Assets, including those received as Earnings from previous weeks, will begin gaining Earnings according to the hour, minute, and second on the timestamp verifying the completion of the applicable transaction and shall cease and/or decrease the amount paid as Earnings at the moment when the User has entered an external transmission or withdrawal request. Therefore, any loaned Digital Asset that you elect to utilize as a loan to INDEFI will receive Earnings with no distinction, based on the rates calculated for the relative time within the allocation period. Your Account shall be active on the date the Earnings are payable for you to receive the applicable Earnings. To make Reward payments as accurate as possible, INDEFI rounds non-integer, rational numbers to the sub-cent, which is the smallest possible decimal available for the applicable Digital Asset. In case Reward rates have to be limited in accordance with applicable regulations, we may offer you the Earnings limited accordingly. Based on our reasonable interpretation of legal requirements, without prior notice, we may limit the Earnings to which you will be entitled. If, at any time, for legal or other reasons, your Account is suspended or frozen by us, Digital Assets connected to such Account shall not be eligible to earn Earnings.
You hereby acknowledge and agree that INDEFI have the right to disclose and share your Data with any person/in any circumstances defined below:
The risks listed below are intended to provide you with a general outline of the risks involved but cannot capture all such risks. These Terms and your use of any of our Services do not create a fiduciary relationship between us and you; your INDEFI Account is not a checking or savings account, and it is not covered by insurance against losses.
DIGITAL ASSETS ARE NOT LEGAL TENDER. INDEFI IS NOT A BANK OR DEPOSITORY INSTITUTION. DIGITAL ASSETS REPRESENTED IN YOUR ACCOUNT ARE NOT HELD BY US AS A FIDUCIARY. YOUR ACCOUNT DOES NOT CONSTITUTE AN INVESTMENT CONTRACT OR A SECURITY, IS NOT TRANSFERABLE AND MAY NOT BE TRADED, EXCHANGED OR SOLD TO ANY THIRD PARTY UNDER ANY CIRCUMSTANCES.
There are significant risks associated with Digital Assets, and you are solely responsible to make sure you understand such risks and assess whether such risks are appropriate for you. INDEFI does not offer any recommendations, or invitations for you to deal in Digital Assets or use any Services. Before making any financial decision, you should carefully assess your financial situation and capacity, and only use funds that you can afford to lose. The risks associated with Digital assets are:
You should carefully consider whether holding or trading Digital Assets in general and/or using our Services is suitable for you in light of your financial condition.
All determinations regarding Assets forked as a result of a Blockchain fork will be made by INDEFI in its sole and absolute discretion and in accordance with applicable law.
For the purpose of entering into any loan agreement, and the use of our Services, you grant INDEFI, subject to applicable law and for the term of each Loan all right and title to Digital Assets, loaned to INDEFI. Such right and title including ownership rights, and the right, without further notice to you, to hold such Digital Assets in INDEFI own Virtual Wallet or elsewhere, and to pledge, re-pledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer or use any amount of such Digital Assets, separately or together with other property, with all attendant rights of ownership, and for any period of time, and without retaining in INDEFI possession and/or control a like amount of Digital Assets or any other monies or assets, and to use or invest such Digital Assets in INDEFI full discretion.
You acknowledge that with respect to Digital Assets used by INDEFI pursuant to this paragraph:
You acknowledge that:
We will make all logs and records of activities concerning your use of the Services available to you through our platform only. We do not generate periodic statements showing the activity conducted through your use of the Services. You must examine these logs and records and notify us of any unauthorized use of your INDEFI Account or credentials, or any error or irregularity with respect to the records of your use of the Services, within fourteen (14) calendar days after the error occurs. If notice is not received within the fourteen (14) calendar-day period, you will not be able to raise any further claim in this respect.
Contents of the Eligible Digital Assets list may change from time to time. We will do our best to notify users in advance thereof. In the event any Digital Asset ceases to be an Eligible Digital Asset, you will no longer be able to utilize it to use the Services. Certain Users or groups of users may be disallowed to use certain Eligible Digital assets.
We may disclose information to third parties about you, your INDEFI Account, or the transactions you make:
We are not liable to you for errors that may result in a financial loss to you. If third parties make claims on your INDEFI Account, or if we receive conflicting instructions from you, or if we become involved in or concerned about a dispute between you and any third party, we reserve the right to react in ways that we believe in good faith to be appropriate, including by closing, suspending or freezing your INDEFI Account, delivering the Digital Assets available therein to you or to any third party, or interpleading assets to court, all as we reasonably deem appropriate under the circumstances. You are liable for all expenses and fees we incur for such conflicts or disputes, including internal costs and attorneys’ fees, and we may charge or deduct them directly from your INDEFI Account balance.
Our total aggregate liability to you for any claim is limited to the face value of the applicable item or transaction, or the actual value of any assets not properly credited or debited by us.
THE INDEFI SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT ANY WARRANTY UNDER THESE TERMS AND TO THE EXTENT ALLOWED BY APPLICABLE LAW ALL EXPRESS OR IMPLIED CONDITIONS, REPRESENTATIONS, AND WARRANTIES INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OR CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, SATISFACTORY QUALITY, OR ARISING FROM A COURSE OF DEALING, USAGE, OR TRADE PRACTICE, OR WARRANTY OF NON-INFRINGEMENT ARE DISCLAIMED.
IN NO EVENT SHALL INDEFI, ITS AFFILIATES AND SERVICE PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES OR REPRESENTATIVES, BE LIABLE (A) FOR ANY AMOUNT GREATER THAN THE VALUE OF THE BALANCE OF YOUR INDEFI ACCOUNT(S) OR (B) FOR ANY LOST PROFITS, DIMINUTION IN VALUE OR BUSINESS OPPORTUNITY, ANY LOSS, DAMAGE, CORRUPTION OR BREACH OF DATA OR ANY OTHER INTANGIBLE PROPERTY OR ANY SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES, WHETHER BASED IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH AUTHORIZED OR UNAUTHORIZED USE OF THE INDEFI SERVICES OR THE INDEFI ACCOUNT, OR THESE TERMS, EVEN IF AN AUTHORIZED REPRESENTATIVE OF INDEFI HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES.
INDEFI WILL MAKE REASONABLE EFFORTS TO ENSURE THAT REQUESTS FOR TRANSACTIONS ARE PROCESSED IN A TIMELY MANNER BUT INDEFI MAKES NO REPRESENTATIONS OR WARRANTIES REGARDING THE AMOUNT OF TIME NEEDED TO COMPLETE PROCESSING (WHICH IS DEPENDENT UPON MANY FACTORS, INCLUDING THOSE OUTSIDE OF OUR CONTROL), AND INDEFI SHALL NOT BE LIABLE FOR ANY LOSSES OR DAMAGES WHICH YOU MAY INCUR AS A RESULT OF ANY DELAY IN THE PROVISION OF THE SERVICES.
You agree to promptly notify us of any change in your contact information. Failure to notify us in a timely fashion may result in delay or non-receipt of notices or correspondence.
We may record and monitor any conversations with you and your electronic communications with us (telephone, chat, email, and other forms of electronic exchange). Unless the law requires otherwise, you consent in advance to such recording and monitoring and we do not need to remind you of these activities.
We may delay the exercise of any rights we have under these Terms, and any such delay shall not result in a waiver, relinquishment or modification of any of our rights. If we delay in any exercise of our rights, or if notwithstanding the foregoing INDEFI somehow is deemed to have waived any of our rights, you are still obligated to pay us any amounts you may owe us, remove any violation of these Terms and/or otherwise follow our instructions (as applicable). Any delay or waiver of our rights applies only to the specific instance in which we decide to delay or waive the provision and does not affect our other or subsequent rights in any way.
Please, be aware that we reserve the right to discontinue or make changes to any of the Services. We may change these Terms, and the updated version will supersede all prior versions. We will do our best to timely notify you thereof. If you do not agree with a change, you may close your INDEFI Account(s) and demand repayment of outstanding loans before the effective date of the change, which shall be your sole remedy. Usage of your INDEFI Account following the effective date of any change will constitute your acceptance of such change.
Any of the rights and/or obligations provided hereunder, may not be assigned or otherwise transferred by you to any other person or entity without INDEFI’s express written consent. INDEFI may assign or transfer these Terms and/or any or all of its rights and/or obligations hereunder at any time to any Affiliate of INDEFI, with or without providing you with prior notice of the same. INDEFI may assign or transfer these Terms and/or any or all of its rights and/or obligations hereunder at any time to any third party by providing prior notice.
The relationship between you and INDEFI is governed exclusively by the laws of Saint Vincent and the Grenadines, without regard to its conflict of law provisions. Any dispute arising out of, or related to, your INDEFI Account or relationship with INDEFI must be brought exclusively in the Eastern Caribbean Supreme Court; however, INDEFI may bring equitable relief or collections actions in any applicable jurisdiction.
We will not be liable for delays in processing or other non-performance caused by such events as fires, telecommunications, utility, or power failures, equipment failures, labor strife, riots, war, nonperformance of our vendors or suppliers, acts of God, pandemic or epidemic events, or other causes over which we have no reasonable control. INDEFI and our third-party partners may experience cyber-attacks, extreme market conditions, or other operational or technical difficulties which could result in the immediate halt of transactions either temporarily or permanently. Provided that INDEFI has taken reasonable commercial and operational measures to prevent such events in technical systems controlled by INDEFI, INDEFI is not and will not be responsible or liable for any loss or damage of any sort incurred by you as a result of such cyber-attacks, operational or technical difficulties or suspensions of transactions.
The provisions of Sections “Taxes”, “Indemnification”, “Disclaimer of Warranty”, “Our Ownership of the Services and INDEFI IP”, “Waiver” and “Governing Law and Venue” shall survive the termination of these Terms.