Terms of Service
Last Updated: March 15th, 2019
These Terms of Services (“Terms”) govern your access to and use of our services, including our website, and Bitcoin Transaction Machines (“BTM”), collectively, the “Nova Services”, or “Services”.
Please read these Terms carefully before using Nova Services. These Terms apply to all customers and others who access and use the Services. By accessing or using the Services you agree to be bound by these Terms. If you disagree with any part of these Terms, or subsequent modification to these Terms, you may not use any of the Nova Services.
We may amend these Terms by posting on the Nova Site or by sending, via electronic communication, revised Terms. Any revised Terms shall be effective immediately upon your express approval, or one month after the date of posting, except where the changes are required by law or on the instruction of a competent governmental agency. By continuing to use the Nova Services once the revised Terms are effective, you agree to be bound by the Terms. We may (a) modify or discontinue any portion of the Nova Services, and (b) limit or terminate your access to the Nova Services, at any time, without notice to you. You agree that Nova shall not be liable to you or any third party for any modification or termination of the Nova Services, or limitations or termination of your access to the Nova Services.
To be eligible to use the Nova Services, you must be at least 18 years old. By accessing or using the Nova Services you represent and warrant that you are 18 or older.
1. GENERAL USE
1.1 Nova Services allows customers to convert USD to Bitcoin and vice versa. Nova will take a certain percentage of each transaction as compensation for performing these Services. The price at which Nova buys and sells bitcoin will be provided to you on the Nova BTM screen, and you agree, as a condition of using any Nova Service, to accept this price. When buying or selling Bitcoin through the Service, you are buying from, or selling to, Nova directly. Nova does not act as an intermediary or marketplace between other buyers and sellers of Bitcoin.
1.2 Buying Bitcoin. After successfully completing the verification procedures, you may purchase Bitcoin from Nova, subject to applicable limits. To buy Bitcoin, you will input a Bitcoin address for the coins to be sent to, via any of the methods available at the BTM. You will then insert the desired amount of USD into the BTM. The appropriate amount of Bitcoin, minus any fees, will be sent to the specified address.
1.3 Buying Bitcoin Using the Paper Wallet Function. You also have the option of printing out a paper wallet. The paper wallet will show a QR code, which will contain the amount of Bitcoin purchased. Warning: Do not throw away or lose this paper wallet before scanning it to another wallet, as it contains Bitcoin. Nova will not repay you if you lose or throw away your paper wallet. For your security, Nova does not store the private keys for paper wallets generated by the BTM. Nova makes no warranties about the security of Bitcoin held on a paper wallet generated by the BTM.
1.4 Selling Bitcoin. After successfully completing the Verification Procedures, you may sell Bitcoin to Nova, subject to the above-referenced limits. To sell Bitcoin, you will be prompted to send the appropriate amount of Bitcoin to the address provided on the BTM screen. Once the bitcoin is confirmed received by Nova, you will be able to withdraw the appropriate amount of USD, minus any fees, at the BTM.
1.5 Delay in the Bitcoin Network. Confirmations on the Bitcoin Network take time, and in some rare instances could take days, if not more. By using these Services, you understand that it could take time for the transaction to be completed due to these delays in the Network. You also understand that these delays are caused by the Bitcoin Network itself, not associated with Nova or its licensors.
1.6 Miner Fees. To speed up the confirmation time, Nova recommends that you attach a larger miner fee to the transaction. Any miner fees that are attached will be your sole responsibility, and will be paid by you. Note: If a refund is necessary or requested, you understand that any miner fees can be subtracted, at Nova’s sole discretion, from the total refund amount.
1. 7 Refunds. Bitcoin transactions are irreversible. Therefore, Nova is not responsible for issuing refunds regardless of whether the customer was the victim of fraud, made a mistake, or the loss of a private key.
1.8 Taxes. It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions associated with your receipt or transfer of Bitcoin, and/or to the Bitcoin transactions you conduct through the Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities.
1.9 Limits. Nova imposes limits on the value of bitcoin that you may buy, or sell in a day. Nova reserves the right to change posted limits as we deem necessary or appropriate. Nova does not guarantee the availability of its services. If you purchase Bitcoin from Nova, we do not guarantee that you may sell your Bitcoin to Nova.
2. RISKS ASSOCIATED WITH BITCOIN.
2.1 The risks of loss in trading or holding Bitcoin can be substantial. Therefore, you should carefully consider whether trading or holding Bitcoin is suitable for you in light of your financial condition. The price or value of Bitcoin can change rapidly, decrease, and potentially even fall to zero. If you use a Nova product which allows you and/or third parties to access and hold Bitcoin private keys, you acknowledge that Nova is not responsible for safeguarding such keys and that Nova is not responsible for any loss of Bitcoin resulting from theft, loss, or mishandling of Bitcoin private keys outside its control.
2.2 Every Bitcoin transaction is confirmed by the Bitcoin network. The confirmation takes a period of time, and will be unconfirmed during that period of time (usually less than one hour, but up to one day or more). A Bitcoin transaction is not complete while it is being confirmed. Bitcoin associated with transactions that are in a pending state will be designated accordingly.
3. NOVA ACCOUNT
3.1 Account setup. To be able to trade higher limits, it will be necessary for you to set up a Nova account. To set up an account, Nova may require you to, including, but not limited to, input your phone number, take a picture at the BTM, scan your government-issued ID, and/or submit your Social Security number.
3.2 Identity Verification. You hereby authorize Nova to directly, or through third-parties, make any inquires necessary to verify your identity and to take steps necessary to protect against fraud and other illegal activity based on the results of such searches.
3.3 Account Information. You hereby authorize Nova to store your account information. You also authorize Nova to use your account information to help protect against fraud and other illegal activity.
3.4 Termination or Suspension of Account. Nova may terminate or suspend access to its Services at any time, without prior notice or liability, for any reason whatsoever, including without limitation, if you breach these Terms. All provisions of the Terms, which by their nature survive termination, shall survive termination, including, without limitation, ownership provision, warranty disclaimers, indemnity and limitation of liability.
4. PROHIBITED USE
4.1 In connection with you use of these Services, you agree and represent that you will not engage in any Prohibited Use and/or a Prohibited Business. By using this BTM, you warrant that your use of this BTM complies with all applicable anti-money laundering laws and regulations, including the AML and CTF laws and associated rules and regulations, as well as any applicable state laws and associated rules and regulations. Nova reserves the right at all times to monitor, review, retain and/or disclose any information as necessary to satisfy any applicable law, regulation, sanctions programs, legal process, or government request. We reserve the right to cancel and/or suspend your Nova Account immediately and without notice if we determine, in our sole discretion, that your Account is associated with Prohibited Use and/or a Prohibited Business.
5. LIMITED LICENSE.
5.1 Nova grants you a limited, nonexclusive, non transferable license, subject to these Terms, to access and use the Nova BTM and its Services. Nova grants the right to use its Services solely for approved purposes as permitted by these Terms. Any other use of these Services is expressly prohibited and all other right, title, and interest in or arising out of these Services is exclusively the property of Nova and its licensors. You agree that you will not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale or, create derivative works from, or in any other way exploit any of the Services, in whole or in part. All logos related to Nova and its licensors or displayed on the BTM are either trademarks, registered marks, or associated with Nova or its licensors. You agree not to copy, imitate or use them without Nova prior written consent.
6. GENERAL PROVISIONS.
6.1 LIMITATION OF LIABILITY; NO WARRANTY. IN NO EVENT SHALL NOVA, ITS AFFILIATES, AND SERVICE PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURES, EMPLOYEES OR REPRESENTATIVE BE LIABLE A) FOR ANY AMOUNT GREATER THAN THE VALUE OF THE TRANSACTION AT THE BTM OR B) FOR ANY LOST PROFITS 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 SERVICES OR THIS AGREEMENT, EVEN IF AN AUTHORIZED REPRESENTATIVE OF NOVA HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES.
SOME JURISDICTIONS DO NOT ALLOW FOR THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES SO THE ABOVE LIMITATION MAY NOT APPLY TO YOU.
THE NOVA SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, NOVA SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND/OR NON-INFRINGEMENT. NOVA DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO THE SERVICES OR ANY MATERIALS CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, OR ERROR-FREE.
NOVA MAKES NO REPRESENTATIONS OR WARRANTIES ABOUT THE AMOUNT OF TIME NECESSARY TO COMPLETE THE TRANSACTION WHICH IS DEPENDENT UPON MANY FACTORS OUTSIDE OF NOVA’s CONTROL.
6.2 Amendments. From time to time, it may be necessary for Nova to amend or make changes to these Terms. As such, you should review these terms periodically.
6.3 Governing Law. Notwithstanding conflict of law principles, any dispute arising out of these Services will be governed by the laws of the state of California.
6.4 Assignment. You may not assign any rights and/or licenses granted under this Agreement. We reserve the right to assign our rights without restriction, including without limitation to any Nova affiliates or subsidiaries, or to any successor in interest of any business associated with the Services. Subject to the foregoing, these Terms will bind and inure to the benefit of the parties, their successors, and permitted assigns.
6.5 Customer Accounts and Assets. You hereby certify to us that any funds used by you in connection with the Services are either owned by you or that you are validly authorized to transfer such funds. In particular, you represent that your use of the Nova Services is in compliance with any applicable requirements governing the maintenance and use of fiduciary accounts and custodial assets.
6.6 Export Controls & Sanctions. The supply of Bitcoin and the Nova Services through the Nova BTM’s is subject to United States laws and regulations. By acquiring any such items through the Services, you represent and warrant that your acquisition comports with and your use of the item will comport with those requirements. Without limiting the foregoing, you may not acquire Bitcoin or use the Services if: (1) you are in, under the control of, or a national or resident of Cuba, Iran, North Korea, Sudan, or Syria or any other country subject to United States embargo, UN sanctions, HM Treasury’s financial sanctions regime, or if you are on the U.S. Treasury Department’s Specially Designated Nationals List or the U.S. Commerce Department’s Denied Persons List, Unverified List, Entity List HM Treasury’s financial sanctions regime; or (2) you intend to supply the acquired Bitcoin or Services to Cuba, Iran, North Korea, Sudan or Syria or any other country subject to United States embargo or HM Treasury’s financial sanctions regime (or a national or resident of one of these countries), or to a person on the Specially Designated Nationals List, Denied Persons List, Unverified List, Entity List, or HM Treasury’s financial sanctions regime.
6.7 Suspension, Termination, and Cancellation. Nova may: (a) suspend, restrict, or terminate your access to any or all of the Nova Services, and/or (b) deactivate or cancel your Nova Account if:
We are so required by a valid subpoena, court order, or order of a government authority;
We have reason to believe you are using your Nova Account in connection with Prohibited Business or Prohibited Use;
We are notified that your Nova Account is subject of or to any pending litigation, investigation, or government proceeding and/or we perceive a heightened risk of legal or regulatory non-compliance associated with your Account activity;
We have reason to believe that you are circumventing Nova’s controls, including, but not limited to, opening multiple Nova Accounts or abusing promotions which Nova may offer from time to time.
6.8 Indemnification. You agree to indemnify and hold Nova, its affiliates and Service Providers, and each of their respective officers, directors, agents, joint venturers, employees and representatives, harmless from any claim or demand (including attorneys’ fees and any fines, fees or penalties imposed by any regulatory authority) arising out of or related to (i) your breach of these Terms, (ii) your use of Nova Services, or (iii) your violation of any law, rule or regulation, or the rights of any third party.
7. Our Relationship with You.
7.2 Consent to Electronic Records. By using the Nova Services, you agree that Nova may provide you with any notices or other communications about your Nova Account and the Nova Services electronically: (a) via email (in each case to the address that you provide), SMS message, or telephone call (in each case to the phone number that you provide), or (b) by posting to the Nova Site. For notices made by email, the date of receipt will be deemed the date on which such notice is transmitted. If you do not wish to receive notices or other communications electronically, we will be unable to support your Nova Account and your Nova Account will be cancelled.
7.3 Telephone Number. You certify that the phone number used for the creation of this Account is your own, and in your control, and to allow use of this phone number in your communication with Nova. You also agree to receive automated text messages in accordance with this transaction and your Account. As a reminder, normal cell phone charges may apply for delivery of these messages.
APPENDIX 1: PROHIBITED BUSINESSES AND PROHIBITED USE
The following categories of businesses, business practices, and sale items are barred from Nova Services (“Prohibited Businesses”). By opening a Nova Account, you confirm that you will not use Nova Services 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 traveler’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;
Narcotics, controlled substances, prescription and pharmaceutical services, drug paraphernalia, or any substances designed to mimic illegal drugs;
Sports forecasting or odds making;
Prostitution or illegal escort services;
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 certain weapons;
Engaging in deceptive marketing practice;
Any business that violates any law, statute, ordinance or regulation.
You may not use your Nova Account to engage in the following categories of activity (“Prohibited Use”).
By opening a Nova Account, 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 organization 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;
Defraud or attempt to defraud Nova or other Nova users;
Infringe upon Nova or any third party’s copyright, patent, trademark, or intellectual property rights;
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 of the Nova Services;
Defame, abuse, harass, stalk, threaten, or otherwise violate or infringe the legal rights (such as, but not limited to, rights of privacy, publicity and intellectual property) of others;
Publish, distribute, or disseminate any unlawful material or information;
Transfer any rights granted to you under this Agreement;
Use the Nova Account information of another party to access or use the Services;
Engage in transactions involving items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the law.
APPENDIX 2: VERIFICATION PROCEDURES AND LIMITS
Nova uses multi-level systems and procedures to collect and verify information about you in order to protect Nova from fraudulent users, and to keep appropriate records of Nova’s customers. Your daily limits on Bitcoin transactions are based on the identifying information and/or proof of identity you provide to Nova.
Users in Approved Countries who wish to buy and sell Bitcoin using Nova Service’s, at minimum, must:
Establish a Nova Account by providing your phone number, and accepting the Nova Terms of Service.
In addition, users in Approved Countries who wish to use Nova may be required to:
Submit a copy of your government-issued identification;
Submit Proof of Address;
Submit your Social Security Number.
Notwithstanding these minimum verification procedures for the referenced Nova Services, Nova may require you to provide or verify additional information, or to wait some amount of time after completion of a transaction, before permitting you to use any Nova Services and/or before permitting you to engage in transactions beyond certain volume limits.
If Nova cannot successfully verify your name, address, date of birth, and/or identification are authentic and accurate, Nova Services may not be available to you.