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Cryptocurrency Payment Terms and Conditions

Flippa has recently updated its Cryptocurrency Payment Terms and Conditions (Terms​)

LAST UPDATED: October 7, 2022

Cryptocurrency Payment Terms and Conditions

PLEASE NOTE: These Cryptocurrency Payment Terms and Conditions (“Crypto Payment Terms”) govern the payment for a listed asset from a buyer to a seller using cryptocurrency, as set out below, (“Crypto Payment Method”) for transactions using the Flippa.com platform.

For payments conducted using the Escrow.com service, the Escrow.com Terms of Use can be found here.  For payments using the Flippa.com x AscendantFX payment service, the Flippa.com x AscendantFX Capital USA Payment Service Terms can be found here. 

Your use of the Crypto Payment Method is subject to these Crypto Payment Terms, and the Flippa.com general Terms of Service and Privacy Policy.  In the event of a conflict between the Crypto Payment Terms and the Flippa.com Terms of Service, the Crypto Payment Terms shall prevail.

Introduction and Acceptance

These terms and conditions (“Terms”) are entered into between Flippa.com Pty Ltd ABN 12 135 570 713 (“we, us or our”) and you, together the “Parties” and each a “Party”. 

We provide a platform where sellers who wish to sell their listed assets (“Sellers”) and buyers who wish to buy the Seller’s listed assets (“Buyers”) can connect and transact (“Platform”). In these Terms, “you” means (as applicable) the person or entity registered with us as either a Buyer or a Seller or the individual accessing or using the Platform on behalf of the Buyer or Seller.

You accept these Terms by selecting the Crypto Payment Method when making an offer to purchase the listed asset.

When you can use the Crypto Payment Method

The Buyer must register on the Platform and create an account on the Platform as a Buyer (“Account”) to access the Platform’s features, and make an offer on a listed asset, by clicking ‘Make Offer’ on the Platform listing for the listed asset (“Offer”). 

Once the Seller has agreed to accept the Offer of the Buyer, the Seller and the Buyer must agree in writing that they are both willing to accept the Crypto Payment Method as the form of payment for the “Transaction,” being the sale of the listed asset. This agreement can be made in writing in the ‘deal room’ on the Platform. The Buyer and the Seller must also agree in writing which cryptocurrency that they wish to transact with, chosen from the options set out below, or as otherwise set out on the Platform. 

The Crypto Payment Method accepts payment in the following cryptocurrencies, or as otherwise updated by us from time to time on the Platform:

  • Bitcoin (BTC); 
  • Ethereum (ETH); or
  • USD Coin (USDC).  

Note that the Crypto Payment Method cannot currently be used to fund a Seller’s listing fee, or any ancillary services fees payable to us.

Cryptocurrency Wallet

The Buyer and the Seller must hold a cryptocurrency wallet, which is capable of sending/ receiving the chosen cryptocurrency for the Transaction, in order to use the Crypto Payment Method. Any account you hold with your cryptocurrency wallet provider (Your Wallet Provider) will be subject to the terms and conditions of Your Wallet Provider, and we are not responsible for the acts or omissions of Your Wallet Provider. 

IMPORTANT: We are not responsible for any incorrect cryptocurrency wallet information provided to us by the Buyer or the Seller, and shall have no liability for the Transaction funds which are delivered to the cryptocurrency wallet address as provided to us by the Buyer or the Seller. 

You must ensure that you do the following when dealing with any cryptocurrency wallet information using the Crypto Payment Method:

  • As a Buyer, you must use the correct cryptocurrency wallet, which is able to hold and send the agreed cryptocurrency relating to the Transaction, and you must enter our cryptocurrency wallet address correctly.
  • As a Seller, you must provide us with the correct cryptocurrency wallet address, which is eligible to receive the chosen cryptocurrency. 

Once you have informed us of the chosen cryptocurrency for the Transaction, you must not change the cryptocurrency due to interoperability risk. Any change may result in your loss of the Transaction amount.

Payment using the Crypto Payment Method

  1. Once an Offer has been accepted by the Seller, and the Buyer and Seller have agreed to use the Crypto Payment Method, the Buyer will fund their cryptocurrency wallet with the Transaction amount, based on the conversion of the Transaction amount in USD to the chosen cryptocurrency, at the time of conversion.
  2. The Buyer will transfer the Transaction amount, in the agreed cryptocurrency, to our cryptocurrency wallet address, which our Flippa customer support team will make available to the Buyer at any time prior to the Buyer funding the Transaction amount to Flippa.
  3. The Buyer and Seller will exchange contracts and conduct due diligence regarding the Transaction during the required inspection period, as set out on the Platform (“Inspection Period”). 
  4. We will transfer the Transaction amount to the Seller’s nominated cryptocurrency wallet address, less our Flippa success fees owing to us by the Seller, at the earlier of:
  • the Buyer and Seller have agreed to the Transaction, and the Buyer has instructed us to release the Transaction amount to the Seller to complete the Transaction, using the Platform or via email; or
  • the Inspection Period has expired, and the Buyer has not submitted to us a ‘deficiency notice’ (as set out on the Platform), notifying us of a defect in the Transaction during the Inspection Period, in which case, the Buyer is taken to have instructed us to release the Transaction amount to the Seller. 

If, during the Inspection Period, the Buyer submits to us a ‘deficiency notice,’ Flippa will, within a reasonable time, refund the Transaction amount paid to Flippa for the Transaction to the Buyer’s cryptocurrency wallet, in the cryptocurrency that was originally transferred to us.

Your Wallet Provider’s Network Fees

When the Buyer sends the Transaction amount to our cryptocurrency wallet, Your Wallet Provider may charge additional fees to process the transaction amount (Network Fees). Note that the Network Fees are imposed and received by Your Wallet Provider, and we take no responsibility for any Network Fees payable by you. Any queries or disputes in relation to any Network Fees charged by Your Wallet Provider should be directed to Your Wallet Provider. 

Note that in the event where we issue to the Buyer a refund of the Transaction amount, as set out above, the Network Fees paid by the Buyer may not be refundable. 

Fluctuation in value of cryptocurrency

The Buyer and Seller agree that the Crypto Payment Method is subject to market fluctuations and volatility. We are not responsible or liable for any increase or decrease in the value of the cryptocurrency at any point during the Transaction, including while the cryptocurrency is held by us during the Inspection Period. For example, where 1 bitcoin is the Transaction amount transferred by the Buyer to our cryptocurrency wallet, we will transfer 1 bitcoin (less our Flippa success fees) to the Seller’s nominated cryptocurrency wallet address, notwithstanding any increase or decrease in the value of the bitcoin during the Inspection Period.

Where the Transaction amount is held by us during the Inspection Period, and we are instructed to transfer the Transaction amount back to the Buyer in the event of a deficiency, we will transfer the equivalent amount of the cryptocurrency which was paid to our cryptocurrency wallet. For example, where 1 bitcoin was transferred by the Buyer to our cryptocurrency wallet, we will transfer 1 bitcoin back to the Buyer.

Service Availability

The Crypto Payment Method may be modified, updated, interrupted, suspended or discontinued at any time, in our sole discretion. We will have no liability whatsoever for any losses, liabilities or damages you may incur as the result of any modification, suspension, or discontinuation of the Crypto Payment Method or any part thereof. This clause does not apply to an existing Transactions already underway using the Crypto Payment Method.

Disputes

We are unable to reverse any transfer of cryptocurrency to the Seller, after the transfer has been authorised by the Buyer.

For disputes between Buyers and Sellers, we encourage the parties to attempt to resolve disputes with the other Party directly and in good faith, either on the Platform or through external communication methods. Resolution of disputes will be governed by the Flippa.com general Terms of Service. In the event that a dispute cannot be resolved through these means, the Parties may choose to resolve the dispute in any manner agreed between the Parties in the contract for sale, or otherwise in accordance with applicable laws. 

This clause will survive the termination or expiry of these Terms.

Exclusions to liability 

Despite anything to the contrary, to the maximum extent permitted by law, we will not be liable for, and you waive and release us from and against, any Liability caused or contributed to by, arising from or connected with:  

  1. any aspect of the Buyer and Seller interaction including any aspect of the Transaction, or the listed asset the subject of the Transaction; 
  2. the use of a Coinbase wallet; 
  3. any fluctuation in the value of the cryptocurrency chosen for the Transaction; and 
  4. any event outside of our reasonable control, including any cybersecurity attack or incident, or compromise of our Platform, including any assets.

This clause will survive the termination or expiry of these Terms.

General

These Terms are governed by the laws of Victoria, Australia.  Each Party irrevocably and unconditionally submits to the exclusive jurisdiction of the courts operating in Victoria, Australia and any courts entitled to hear appeals from those courts and waives any right to object to proceedings being brought in those courts.

For any questions or concerns in relation to these Crypto Payment Terms please contact us via the Platform, or using the contact details set out below. 

For any questions or notices, please contact us at:

Flippa.com Pty Ltd ABN 12 135 570 713