Last updated: 1 February 2021
• The interest rate 1% per day
• Transfers out can take up to 7 business days
• Interest is paid out monthly
• Your crypto will be lent to a third party and is not 100% insured or guaranteed
1. ACCEPTANCE OF TERMS
These Terms constitute a legally binding agreement between you and Cif Money Ltd, which is a company incorporated under the laws of Lithuania. For further information on Cif Money Ltd, and its operating subsidiaries, please see the Company Information page on the Cif Money website. For the purposes of these Terms, any reference to “we” “us” “our” “Cif Money” and/or any similar term shall be construed as reference to Cif Money Ltd.
By utilizing the Investment Account, you unconditionally accept these Terms and agree to be bound by and act in accordance with them. You also accept and agree that you are solely responsible for understanding and complying with all laws, rules, regulations and requirements of the jurisdiction in which you live that may be applicable to your use of the Savings Wallet, including but not limited to, those related to taxation, export or import activity, or foreign currency transactions.
Please read these Terms carefully before using the Investment Account because they affect your legal rights and obligations.
2. AMENDMENT OF TERMS
Cif Money may amend these Terms from time to time. You should visit the Cif Money website regularly to check when these Terms were last updated and to review the current Terms. We will do our best to notify you of any amendments to these Terms that we consider likely to materially affect your rights and obligations. Any such notice will be posted on the Cif Money Site, or sent by email to the address associated with your Cif Money Account.
The continued use of your Cif Money Investment Wallet, after any amendment to these Terms, constitutes your acceptance of the Terms, as modified by such amendment. If you do not accept the Terms, or any amendment to them, you must immediately stop using the Investment Wallet.
3. THE INVESTMENT WALLET
The Cif Money Investment Wallet allows you to earn 1% interest per day on cryptocurrency deposited into a wallet which has been designated for this purpose. The Investment Account is expressly a lending product, and you should accordingly familiarize yourself with these Terms, in particular sections [4 and 5] below.
Any reference to “interest” in these Terms refers to interest earned on Supported Cryptocurrency which, for the avoidance of doubt, will itself be denominated in the same Supported Cryptocurrency as the relevant Investment Wallet.
Supported Investment Wallet Cryptocurrencies. The Cif Money Investment Wallet is currently only available in BTC but Cif Money may, in its sole discretion, decide to support additional cryptocurrencies from time to time (each a “Supported Investment Wallet Cryptocurrency” or, collectively, “Supported Investment Wallet Cryptocurrencies”). Under no circumstances should you attempt to transfer any cryptocurrency into your Investment Wallet other than a Supported Investment Wallet Cryptocurrency.
The Investment Wallet may not be available in jurisdictions which Cif Money determines that it would not be able to offer crypto based interest-bearing accounts for regulatory or policy reasons. Due to the dynamic nature of regulatory requirements and interpretations in the cryptocurrency market, we reserve the right to update the list of prohibited jurisdictions and/or reject applications to open Investment Wallets that we determine we will not accept, in our sole and absolute discretion.
Your Investment Wallet is not deemed to be opened, and we have no responsibility to you in connection therewith unless and until you have received confirmation from us that your Investment Wallet has been opened. We are not obliged to accept an application to open an Investment Account, and we reserve the right not to open an Investment Wallet for any applicant in our sole and absolute discretion.
4. CONSENT TO LEND AND APPOINTMENT OF CIF MONEY AS INTERMEDIARY
By utilizing the Investment Account, you acknowledge that Cif Money is able to generate a 1% daily return on cryptocurrency deposited into your Investment Account by placing your cryptocurrency with third party service providers (hereinafter a “Lending Partner”), who will in turn facilitate the entering into of loans from time to time, utilizing your funds. *You accordingly agree to appoint Cif Money as intermediary for this purpose, and expressly authorise Cif Money as agent, for and on your behalf, to place any cryptocurrency that is held in your Investment Wallet with its chosen Lending Partner(s). By doing so you acknowledge and understand that any cryptocurrency held in your Investment Wallet will be lent and advanced to third parties, at your own risk. You furthermore acknowledge that Cif Money may add or remove any such Lending Partner(s) from time to time, in its sole discretion, without providing notice to you thereof.
While Cif Money takes steps to vet its chosen Lending Partners, it is ultimately at your own risk and benefit that cryptocurrency is loaned. Accordingly please carefully read the ‘Risk Warning and Indemnity’ section of these Terms, and familiarize yourself with the Investment Wallet product.
For purposes of its Investment Wallet, Cif Money has created and chosen Cif Money Games, backed by Cif Money Estate, (collectively “Cif Money Community”) as its preferred Lending Partner. Cif Money Community operates an institutional lending platform, which employs a sophisticated risk mitigation framework in order to assess the creditworthiness of its clients. By utilizing the Cif Money Investment Wallet, you expressly agree that any cryptocurrency deposited into your Investment Wallet may be placed with Cif Money Community, for Cif Money Community to lend to third parties, in order to generate a 1% return per day. Should you wish to understand how Cif Money Community operates, more detail can be found on Cif Money Community at https://cifmoney.com/community/.
Except where prohibited or limited by applicable law, you grant Cif Money the right, without further notice to you, to hold the cryptocurrency held in your Investment Account in Cif Money’s own name or in another name, and to lend, pledge, repledge, hypothecate, rehypothecate, or otherwise transfer or use any amount of such cryptocurrency, separately or together with other property, with all attendant rights of ownership, and for any period of time and without retaining in Cif Money’s possession and/or control a like amount of cryptocurrency, and to use or invest such cryptocurrency. You acknowledge that, with respect to assets used by Cif Money pursuant to this section: (1) you may not be able to exercise certain rights of ownership; and (2) Cif Money will earn a commission in connection with lending or otherwise using cryptocurrency in its business, to which you will have no entitlement.
5. RISK WARNING AND INDEMNITY
Your Investment Account is not a checking account nor a traditional bank account, and it is not covered by insurance against losses. We will lend, sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of cryptocurrency assets to counterparties, in order to invest and generate a return.
As explained in section  above, any cryptocurrency held in your Investment Wallet will be lent to third parties, through our chosen Lending Partner(s). While Cif Money takes steps, in conjunction with its Lender Partner(s), to protect your cryptocurrency, you acknowledge that since the Investment Wallet is a lending product, there is an inherent risk of counterparty default, and that this risk is for your own account. *By utilizing the Investment Wallet you indemnify Cif Money, its operating entities or any other affiliates (including their respective directors, members, employees or agents), to the maximum extent permitted by law, against any loss, liability action, cost, claim, damages, proceedings or expense that you may suffer, directly or indirectly, in connection with the Investment Wallet, including (without limitation) the loss of cryptocurrency deposited into your Investment Account (whether in whole or in part), and you accordingly hereby waive any claim that you may have against Cif Money arising therefrom (including in respect of any claim for direct, indirect, consequential or pecuniary damages). You understand and agree that should a counterparty become insolvent, or otherwise fail to repay any amounts lent and advanced to it, then this may impact upon your investment.
Before using the Investment Wallet, you should ensure that you understand the risks associated with cryptocurrencies. Cryptocurrency markets can be volatile and prices can fluctuate significantly, which could result in sudden and significant increases or decreases in the value of your cryptocurrency assets. This market volatility and other risks involved in buying, selling or trading cryptocurrencies are explained on the risk warning page of the Cif Money website. There may be additional risks not identified in these Terms or in the risk warning.
You should carefully assess whether your financial situation and risk tolerance is suitable for buying, selling or lending cryptocurrency. You accept and agree that Cif Money does not guarantee the 1% daily return on investment that you may earn on cryptocurrency held in your Investment Account.
6. COMPLIANCE AND ‘KNOW YOUR CUSTOMER’
Cif Money implements and maintains the highest standards of Know Your Customer (“KYC”) processes and controls and is committed to combating fraud and assisting in the prevention of money laundering and terrorist financing. This is explained more fully on the Compliance page of the Cif Money website. In order to ensure that we meet these standards, we may require you to provide certain additional documentation and/or personal details when utilizing the Investment Wallet (“Identity Verification”).
You represent and warrant that any and all information provided to us is true, accurate and not misleading in any respect. If any such information changes, it is your obligation to update such information as soon as reasonably possible. Note that we may use credit reports or other information on you obtained from third parties to help us determine if we should open or maintain your Investment Wallet.
Cif Money reserves the right to, at any time:
• restrict or suspend the use of your Investment Wallet when we, in our sole discretion, consider it necessary to carry out further Identity Verification and/or enhanced due diligence (“EDD“); or
• terminate your Cif Money Account, and accordingly terminate your Investment Wallet, if you provide, or we suspect that you have provided, false or misleading information or refuse to provide information that we require for Identity Verification and/or EDD purposes.
You accept and agree that there may be delays in accessing your Investment Wallet, or in processing deposits or withdrawals through your Investment Wallet, while we undertake any Identity Verification and/or EDD procedures.
Retention of information. Cif Money is required to retain certain information and documentation obtained as part of the Identity Verification and EDD procedures. These requirements apply even when you have terminated your relationship with Cif Money. We reserve the right to keep such information and documentation for the required period and you accept and agree that information and documentation you provide to Cif Money may be retained by us, including following the closure of your Investment Wallet and/or Cif Money Account.
7. CALCULATION AND CREDITING OF INTEREST
The interest rate offered on the Investment Account is 1% per day, and accordingly may fluctuate from time to time. The applicable interest rate will be communicated to you via the Cif Money Site, but will vary depending on prevailing market conditions, and the interest rates offered by our Lending Partner(s). We will determine the applicable interest rates, in our sole discretion, and you acknowledge that such rates may not be equivalent to benchmark interest rates observed in the market for fiat currency bank deposits.
Interest will be payable in arrears and will be capitalized (i.e. credited) to the principal amount held in your Investment Account on the first day of each calendar month. Interest will be calculated by applying a daily effective rate to the principal amount in your Investment Account on each day, which is calculated by dividing the applicable effective interest rate by three hundred sixty-five (365) days, regardless of whether the relevant year is a leap year.
All interest will be denominated in the relevant Supported Investment Account (interest amount) Cryptocurrency (subject to section  below). Once interest has been credited to your Investment Account, it will not be compounded to the capital amount, where after you will only earn interest on your initial capital (interest exclusive) amount.
8. DEPOSITS AND WITHDRAWALS
You can utilize your Investment Account by depositing Supported Investment Account Cryptocurrency into your Investment Account from your Cif Money Account. As at the date of these Terms, there is no minimum amount required to open an Investment Account. Cif Money may however, in its sole discretion, choose to institute a minimum balance in future which would thereafter be required to open and/or maintain an Investment Account.
Please note however that Cif Money does not guarantee a time period for the processing of withdrawals, and expressly disclaims any loss, liability or damage, whether direct or indirect, which you may suffer as a result of any delay in processing a withdrawal request.
9. COMMISSION AND FEES
You acknowledge and agree that, as consideration for developing and making the Investment Wallet platform available to you, Cif Money will earn a commission on any cryptocurrency lent in connection with the Investment Wallet. This commission will be factored into the effective interest rate communicated to you, such that the effective interest rate offered to you will be net of any commission or fees.
The fees otherwise applicable to transactions undertaken on the Cif Money Site can be viewed on the Fees and Features page of the Cif Money website. Cif Money reserves the right to change our fees at any time and will update the Fees and Features page accordingly.
10. SERVICE AVAILABILITY
While we will do everything we can to provide continuous operations, Cif Money does not provide any warranty in relation to the availability of the Investment Wallet. Without limiting the generality of the foregoing, we do not guarantee continuous access to the Cif Money Site or to your Investment Wallet, and make no representation that the Cif Money Site, Cif Money API, your Cif Money Account and/or your Investment Wallet or services offered therein will be available without interruption; or that there will be no delays, failures, errors, omissions or loss of transmitted information.
11. RESTRICTION, SUSPENSION AND TERMINATION
Cif Money reserves the right to restrict, suspend or terminate your Investment Wallet where:
• we reasonably suspect that your Cif Money Account and/or Investment Wallet is the subject of an operational or other error, in which case we may be required to suspend access to your account until such time as the error is rectified;
• we reasonably suspect that you or your Cif Money Account and/or your Investment Wallet is or has been associated with, or poses a high risk of, money laundering, financing of terrorism, fraud, or any other financial crime;
• we reasonably suspect you of taking any action that Cif Money considers to be a circumvention of Cif Money’s controls, including but not limited to opening multiple Cif Money Accounts and/or Investment Wallets;
• we reasonably suspect your involvement in any attempt to gain unauthorized access to any Cif Money Account and/or Investment Wallet;
• your Cif Money Account and/or Investment Wallet is or appears to be the subject of any legal, regulatory or government process and/or we, in our sole discretion, consider there to be a heightened risk of legal or regulatory non-compliance;
• we are compelled to do so by a prima facie valid subpoena, court order, or other binding order of a government or regulatory authority; or
• your name appears on a government or international body sanctions list.
Cif Money will make all reasonable efforts to provide you with notice of any decision to restrict, suspend or terminate your Cif Money Account and/or Investment Wallet, unless we are prevented from doing so by any legal or regulatory process or requirement, or where doing so may compromise Cif Money’s security and/or risk management procedures. You accept and agree that Cif Money is under no obligation to disclose to you the fact of or reason for any decision to restrict, suspend or terminate your Cif Money Account, and shall have no liability to you in connection with the restriction, suspension or termination of your Cif Money Account.
12. FINANCIAL ADVICE
Under no circumstances does any information contained on the Cif Money Site, or provided to you through your Cif Money Account, or in relation to your Investment Wallet by any employee, agent or affiliate of Cif Money, constitute financial, investment or other professional advice.
You are solely responsible for any decision to invest cryptocurrency into an Investment Wallet, and such a decision should take into account your risk tolerance and financial circumstances. You should consult your legal or tax professional in relation to your specific situation.
You are solely responsible for determining whether, and to what extent, any taxes apply to any transactions you carry out through your Cif Money Account, and for withholding, collecting, reporting and remitting the correct amounts of tax to the appropriate tax authorities.
14. DISCLAIMER OF WARRANTIES
The Investment Wallet and any related products or services are offered on a strictly “as-is” and “where-available” basis and Cif Money expressly disclaims, and you waive, all warranties of any kind, whether express or implied. Without limiting the generality of the foregoing, the Savings Wallet and any related products or services are offered without any warranty as to merchantability or fitness for any particular purpose.
15. LIMITATION OF LIABILITY
In no event shall Cif Money, its operating entities or any other affiliates (including their respective directors, members, employees or agents) be liable to you for any direct, indirect, special, consequential, exemplary or punitive damages or any other damages of any kind, including but not limited to loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, whether in contract, tort or otherwise, arising out of or in any way connected with your use of, inability to use, or unavailability of the Cif Money Investment Wallet and/or your Cif Money Account, including without limitation any damages caused by or resulting from any reliance upon any information received from Cif Money, or that result from mistakes, omissions, interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission or any failure of performance, whether or not resulting from a force majeure event, communications failure, theft, destruction or unauthorized access to Cif Money’s records, programmes or services.
Without limiting the generality of the above, in no event will any liability of Cif Money, its operating entities or any other affiliates (including their respective directors, members, employees or agents) arising in relation to your use of the Investment Wallet or your Cif Money Account, exceed (in aggregate) the fees earned by Cif Money in connection with your use of your Cif Money Account in the six month period immediately preceding the event giving rise to the claim for liability.
The above limitations of liability shall apply to the fullest extent permitted by law in the applicable jurisdiction. Because some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages, some of the limitations in this section may not apply to you.
16. LIQUIDITY LOSS
It is recorded that in certain circumstances, where the market for a particular Supported Investment Wallet Cryptocurrency becomes illiquid, as defined below, Cif Money may in its sole discretion choose to process any customer withdrawals from their Investment Wallet in the fiat currency equivalent of such customer’s Investment Wallet balance as at the repayment date, rather than in the relevant Supported Investment Wallet Cryptocurrency.
The market for a particular Supported Cryptocurrency will be considered illiquid for the purposes of this section  if:
(i) the seven-day average daily trading volume across each of the three highest-volume cryptocurrency exchanges that report prices for the applicable Supported Investment Wallet Cryptocurrency (as measured by the 30-day average daily trading volume of the applicable Supported Investment Wallet Cryptocurrency) (these such exchanges, the “Liquidity Exchanges”) has decreased by 90% from the date of deposit into the relevant customer’s Savings Wallet; or
(ii) the Supported Savings Wallet Cryptocurrency ceases to be listed on the Liquidity Exchanges.
You and we agree to notify the other party in writing of any claim or dispute that arises in relation to the Investment Wallet, the Cif Money Site, your Cif Money Account or these Terms, within 30 days of such claim or dispute arising. You and we further agree to attempt informal resolution of any Dispute prior to bringing a claim in any court or other body.
Governing law and jurisdiction. This agreement shall be governed by and construed in accordance with Singapore law, subject to any local mandatory rights you may have. You and we agree to submit all disputes, claims or controversies (including non-contractual Disputes, claims or controversies) arising out of or in connection with these Terms, or the breach, termination, enforcement or interpretation thereof (together, Disputes), to the non-exclusive jurisdiction of the courts of Lithuania.
Class or representative action waiver. To the maximum extent permissible by law, you and Cif Money each agree that each may bring any Dispute against the other only in your or its individual capacity, and you and it waive any right to commence or participate in any class action or other representative action or proceeding against the other. Further, where permissible by law, unless both you and Cif Money agree otherwise, no court may consolidate any other person’s claim(s) with your Dispute, and may not otherwise preside over any form of representative or class proceeding.
For the avoidance of doubt, if this Class or representative action waiver is found by any court of competent jurisdiction to be invalid, void or unenforceable, the remainder of this Disputes section shall remain valid and enforceable.
Entire agreement. These Terms constitute the entire agreement and understanding between you and Cif Money with respect to their subject matter and supersede any and all prior discussions, agreements and understandings of any kind between you and Cif Money (including but not limited to any prior versions of these Terms).
Severability. If any provision of these Terms, as amended from time to time, is determined to be illegal, invalid or unenforceable, in whole or in part, under any law, such provision or part thereof shall to that extent be deemed not to form part of these Terms but the legality, validity and enforceability of the other provisions in these Terms shall not be affected and everything else in these Terms will continue in full force and effect.
In the event any provision or part thereof of these Terms is determined to be illegal, invalid or unenforceable, that provision or part thereof shall be replaced by the parties with a legal, valid and enforceable provision or part thereof that has, to the greatest extent possible, a similar effect as the illegal, invalid or unenforceable provision, given the content and purpose of these Terms.
Assignment. You may not assign or transfer any of your rights or obligations under these Terms without Cif Money’s prior written approval. You give Cif Money your approval to assign or transfer these Terms in whole or in part, including but not limited to: (i) a subsidiary or affiliate; (ii) an acquirer of Cif Money’s equity, business or assets; or (iii) a successor by merger.
Change of control. In the event that Cif Money is acquired by or merged with a third party, we reserve the right to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control.
Force Majeure. Cif Money shall not be liable for any delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labour dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, pandemic or other catastrophe or any other occurrence which is beyond our reasonable control.
Survival. All provisions of these Terms that by their nature extend beyond the expiry or termination of these Terms, including but not limited to, sections relating to the suspension or termination of your Cif Money Account, use of the Cif Money Site, disputes with Cif Money and general provisions, shall survive the termination of these Terms.
Headings. Section headings in these Terms are for convenience only, and shall not govern the meaning or interpretation of any provision of these Terms.
English language controls. Notwithstanding any other provision of these Terms, any translation is provided solely for your convenience. The meanings of terms, conditions and representations herein are subject to definitions and interpretation in the English language. Any translation provided may not accurately represent the information in the original English.