Effective Date: June 1, 2021
AS WITH ANY ASSET, THE VALUE OF CURRENCY AS WELL AS GOLD CAN GO UP OR DOWN AND THERE CAN BE A SUBSTANTIAL RISK THAT YOU LOSE MONEY BUYING, SELLING OR HOLDING SUCH ASSETS. YOU SHOULD CAREFULLY CONSIDER WHETHER TRADING OR HOLDING GOLD AND ANY ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. CORO IS NOT REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION AND DOES NOT OFFER SECURITIES SERVICES IN THE UNITED STATES OR TO U.S. PERSONS.
1. ACCOUNT SETUP
1.1 Eligibility. To be eligible to use Coro Services, you must be at least 18 years old, and reside in a jurisdiction where Coro is licensed to operate. For a list of US States and/or Countries where Coro is licensed to operate, please see Available Jurisdictions.
1.2 Terms. We may amend or modify this Agreement at any time by posting the revised agreement on the Coro website (User Agreement) (the “Coro Website”) accessible through a link on the Coro app and providing a notification on the Coro App (a “Revised Agreement”). The Revised Agreement shall be effective as of the time it is posted but will not apply retroactively. You agree and understand that by accessing or using the Coro App following the posting of the Revised Agreement, you are agreeing to enter into the Revised Agreement with Coro, and to be legally bound by its terms and conditions, including any of its changes. You should, therefore, read this Agreement from time to time. You agree and understand that we have the right to require your affirmative assent and continuing acceptance of this Agreement, from time to time, as a condition of logging into the Coro App. If you do not agree to be legally bound by this Agreement and all of its terms and conditions (as amended from time to time), you should not access or use the Coro App. If you do not agree with any such modification, your sole and exclusive remedy is to terminate your use of the Services and close your account.
1.3 Registration of Coro Account. You must register for a Coro account to use the Coro Services (a “Coro Account”). By using a Coro Account you agree and represent that you will use Coro only for yourself, and not on behalf of any third party, unless you have obtained prior written approval from Coro. You are limited to one Coro Account per user and you are fully responsible for all activity that occurs under your account. We may, in our sole discretion, refuse to open a Coro Account. Coro can set transactional limits on your Coro Account and may freeze, suspend or terminate your Coro Account in its sole discretion. You agree that you will not allow any other person to access your Coro Account.
1.5 Access. To access the Coro Services, you must have the necessary equipment (such as a smartphone or tablet) and the associated telecommunication service subscriptions to access the Internet. The Coro Services can be accessed directly using the Coro App. Access to Coro Services may become degraded or unavailable during times of significant volatility or volume. This could result in the inability to exchange and send for periods of time and may also lead to support response time delays. Although we strive to provide you with excellent service, we do not represent that the Coro App or other Coro Services will be available without interruption or delays and we do not guarantee that any order will be executed, accepted, recorded, or remain open. Coro shall not be liable for any losses resulting from or arising out of transaction interruptions or delays.
2. WALLET AND CUSTODIAL SERVICES.
2.1 Wallet Services. As part of your Coro Account, Coro will provide qualifying users access to: (a) a digital wallet(s) for holding gold XAU units (the “XAU Wallet”), and (b) a US Dollars digital wallet for holding USD (a “USD Wallet”).
2.2 XAU Wallet. Your XAU Wallet allows you to store, track, transfer, and manage your balances of gold displayed in XAU units, each corresponding to 1 troy ounce of gold. Your XAU Wallet is intended solely for the proper exchange and transfer of gold as designed on the Coro App and cannot be used for any other purpose.
2.3 USD Wallet. Your USD Wallet allows you to store, track, transfer, and manage your balances of US currency displayed in USD units, each corresponding to 1 U.S. dollar. Your USD Wallet is intended solely for the proper exchange and transfer of US currency as designed on the Coro App and cannot be used for any other purpose.
2.4 Operation of the Hashgraph Protocols. Our Services platform utilizes Hedera Hashgraph’s Distributed Ledger technology. We have a license to use the Hedera Hashgraph platform. Our platform operates on a closed private permissioned network on our own nodes and nodes operated by third-party providers. We assume no responsibility for the operation of the nodes that are outside of our control and we are no able to guarantee the functionality or security of such network operations. You acknowledge that Coro will not be responsible for any loss of data you may experience or any liabilities arising from operations of nodes that are outside of our control.
2.5 Gold Custody and Title. All physical gold held at by the gold custodian is a custodial assets held by the Custodian for your benefit, in a bailor/bailee relationship.
2.5.1 Ownership. Coro users have direct ownership of their allocated gold. Gold ownership is effected contractually through bailment with the vault custodian. Bailment is the act of placing property in the custody and control of another, by an agreement in which the holder (bailee) is responsible for the safekeeping and return of the property. In bailment law, ownership and possession of the gold are split and they merge at the moment of delivery. Coro’s users have a bailor/bailee relationship with the custodian for the storage of their physical gold. Coro users (bailors) have ownership of the gold and the gold vault custodian (bailee) has authorized possession of the gold.
Coro users only buy allocated gold with direct ownership. Gold bars are allocated and identifiable for Coro users inside independent custody vault. The gold belongs to the users and is their absolute property. This is evidenced by:
Customer gold is neither an asset nor liability on Coro’s balance sheet;
The gold vaulting custody agreement is under bailment;
Payment of a custody fee;
User’s gold in custody is fully insured for theft or loss (Lloyds of London);
Full allocation of Coro users’ property is documented each day by daily reconciliation and verified by the monthly custodial audit and quarterly independent 3rd-party audit;
All transactions and users’ balances are recorded on a distributed ledger which improves accuracy, transparency and security; and
Coro users can monitor the total weight of gold they own on the Coro mobile app in real time.
When a Coro user purchases gold through the Coro mobile payment application, the Coro user becomes the legal owner of the gold. Coro instantly routes gold purchase transactions through a gold dealer. Within the Coro app, customers’ dollars are exchanged for an equivalent amount of gold at the prevailing spot rate. Coro’s spot rate is derived from the CME and the LBMA, plus Coro’s fee. Gold purchased by the customer is identified and evidenced by a serial number, or otherwise identified and evidenced with a specific identifier in accordance with the methods used by the auditors of the independent gold vaulting custodian, such as with SKUs/bar codes, and then allocated within Coro’s custody account with the independent gold vaulting custodian. The independent vaulting custodian maintains a bailment arrangement with Coro’s customers, so that the customers have direct ownership of their gold at all times. The Coro customers gold is fully insured by the vaulting custodian. The vaulting custodian will have a daily record of each customer’s gold holdings. Allocated gold is, by definition, unencumbered. In the event of Coro’s dissolution or failure, Coro’s customers would not risk becoming creditors of the company since their ownership of their gold is direct. Coro and the independent vaulting custodian maintain an inventory list of the allocated customer gold which is updated in real time and reconciled daily. The Coro user’s gold inventory will be physically counted weekly and audited by an independent auditor on a quarterly basis. The customer’s gold ownership is also recorded, confirmed and evidenced on Coro’s accounting ledger and shared with the independent vaulting custodian.
2.5.2 Right of Substitution. Coro and the gold vaulting custodian have the right of substitution within the allocated gold. Right of substitution means that when a customer withdraws their gold, Coro and the gold vaulting custodian may choose which gold to provide the customer, thus the serial number at purchase may be different than the serial number at withdrawal. Right of substitution makes the logistics of gold storage, deposit and withdrawal more pragmatic and is the primary method used for the independent safe custody of all commodities.
2.5.3 Title. Title to your XAU balance and the physical gold it represents, shall at all times remain with you and shall not transfer to Coro. As the owner of the gold balance in your XAU Wallet, you shall bear all risk of loss of such balance. Coro shall have no liability for fluctuations of the price of gold. None of the physical gold displayed in your XAU Wallet is the property of, or shall or may be loaned to, Coro. Coro does not represent or treat the physical gold held by the Custodian as belonging to Coro. Coro may not grant a security interest in the gold held by the Custodian. Except as required by a facially valid court order, or except as provided herein, Coro will not sell, transfer, loan, hypothecate, or otherwise alienate the gold balance displayed in your XAU Wallet unless instructed by you.
2.5.4 Control. You control the gold displayed in your XAU Wallet and the physical gold it represents held by the Custodian. At any time - subject to outages, downtime, and other applicable policies - you may withdraw the physical gold held by the Custodian by accessing the proper section of the Coro App and choosing a preferred format for the physical gold to be delivered to your verified address. Coro shall not deliver, nor have any obligation to deliver, any physical gold to an address that has not been verified. Physical gold shall be delivered to you by Coro’s Preferred Gold Dealer (defined below), which is duly licensed and insured.
2.5.5 Acknowledgement of Risk. You acknowledge that gold is not a government-backed currency or a security and it is not subject to protections or insurance provided by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation.
2.6 USD Wallet. Your USD Wallet allows you to hold and transfer USD with your Coro Account as described below. In general, we will combine the balance of your USD Wallet with other customers’ balances and hold those funds in a custodial account at a U.S. FDIC-insured bank. Coro owns the interest that accrues on all funds held in such custodial account. Customer funds are held apart from Coro’s corporate funds and Coro will not use customer funds, other than the interest that accrues on such funds, for its operating expenses or any other corporate purposes.
3. PAYMENT SERVICES, PURCHASE & SALE TRANSACTIONS.
3.2 Purchase or Sale of gold. When you exchange USD into XAU on the Coro App, this transaction is intended to effect a purchase of physical gold from our gold dealer partner. If you wish to convert XAU into USD, this transaction effect a sale of physical gold back to our gold dealer partner. Your purchase/sale must follow the relevant instructions on the Coro App. Coro reserves the right to cancel any transaction not confirmed by you within 20 seconds after Coro quotes a transaction price.
3.3 Fees. In general, Coro makes money when you convert USD to and from XAU and when you hold XAU on the Coro App. A full list of Coro fees for your Coro Account can be found on our Pricing and Fees Disclosures page. By using Coro Services you agree to pay all applicable fees. Coro reserves the right to adjust its pricing and fees and any applicable waivers at any time. We will always notify you of the pricing and fees which apply to your transaction when you authorize the transaction and in each receipt we issue to you. Any bank fees charged to Coro are netted out of any transfers you have made to Coro or received from Coro. You are responsible for paying any additional fees charged by your financial service provider. We will not process a transfer if associated bank fees exceed the value of the transfer. You may be required to deposit additional USD to cover bank fees if you desire to complete such a transfer.
3.4 Unauthorized and Incorrect Transactions. When a XAU or USD transaction occurs using your credentials, we will assume that you authorized such transaction, unless you notify us otherwise. If you believe you did not authorize a particular transaction or that a transaction was incorrectly carried out, you must contact us as soon as possible either by e-mail at email@example.com or by phone at (866) 806-CORO (international call charges may apply). Your notice must reference the specific transaction being disputed and the reason for such dispute. It is important that you regularly check your USD Wallet and XAU Wallet balances and your transaction history to ensure you detect any unauthorized or incorrect transactions as soon as possible. We are not responsible for any claim for unauthorized or incorrect transactions unless you have notified us in accordance with this section. Once Coro has been notified, it will review the disputed transaction and contact you for more information if necessary. Once Coro has reviewed all the information received and investigated the disputed transaction, it will make a determination as to the appropriate action to be taken.
3.5 Account Information. You will be able to see your balances in the USD Wallet and XAU Wallet of the Coro App. You can also see your transaction history using the Coro App, including (i) the amount of each USD and XAU Transfer (as defined below), (ii) a reference to the identity of the transferor/transferee (as appropriate), (iii) any fees charged, and (v) the date of each USD and XAU Transfer.
3.7 Identity Verification Services Partners. Coro may use a third party identity verification provider to process any information provided by you to Coro as required by our BSA/AML Compliance Program or in the event of any Enhanced Due Diligence (as defined below), in order to confirm your identity and comply with our BSA/AML Program.
3.9 Payment Services Partners. Coro may use a third party payment processor to process any US Dollar payment between you and Coro, including but not limited to payments in relation to deposits or withdrawals from your USD Wallet.
4. GOLD TRANSFERS.
4.1 In General. If you have sufficiently verified your identity, your XAU Wallet enables you to send XAU to, and request and receive XAU from, other users of the Coro App by giving instructions through the Coro App. Your transfer of XAU to and from other users of the Coro App is a “XAU Transfer”.
4.2 Pending Transactions. Once a XAU Transfer is submitted to Coro’s Hashgraph network, the transaction will be unconfirmed and remain in a pending state for a period of time sufficient to validate the transaction. A XAU Transfer is not complete while it is in a pending state. Pending XAU Transfers that are initiated from a Coro Account will reflect a pending transaction status and are not available to you for use on the Coro App or otherwise while the transaction is pending.
4.3 XAU Transfers. When you or another user of the Coro App sends XAU to another user’s XAU Wallet or to your XAU Wallet, as the case may be, such transfers are executed at your, or such other user’s instruction by Coro. The person initiating the transaction is solely responsible for executing the transaction properly, which may include, among other things, properly entering the recipients registered e-mail address linked to their XAU Wallet. You should verify all transaction information prior to submitting instructions to Coro. Coro shall bear no liability or responsibility in the event you enter an incorrect e-mail address. The entering of an incorrect e-mail address may cause a XAU Transfer to remain in a pending state and we are not responsible for delays or loss incurred as a result of an error in the initiation of the transaction. Any XAU erroneously transmitted to another user of the Coro App will be lost and Coro shall have no responsibility for such transfers or for reversing any such transfers. We may refuse to process or cancel any pending XAU Transfers as required by law or any court or other authority to which Coro is subject in any jurisdiction. Additionally, we may require you to wait a period of time determined by Coro after completion of a transaction before you are permitted to use further Coro Services and/or before you are permitted to engage in transactions beyond certain volume limits.
4.4 Transfers of XAU to a Non-Customer E-mail Address. Coro allows you to initiate a XAU Transfer to a third party by designating that third party’s e-mail address. If you initiate a XAU Transfer to an e-mail address, and the recipient does not have an existing Coro Account, we will invite the recipient to open a Coro Account. If the recipient does not open a Coro Account within 30 days, we will return the relevant XAU to your XAU Wallet.
4.5 Redemption of Physical Gold. At any time, subject to outages, downtime, and other applicable policies, you may redeem any of your units of XAU for physical gold by accessing your Coro App and choosing the preferred shape or format of the gold coins you wish to receive. Once the order has been sent, Coro shall communicate the order to our Dealer Partner who will prepare the physical gold in the shape or format requested and deliver it to your verified address. Coro, through its dealer partner, shall not deliver, nor have any obligation to deliver, any physical gold to an address that has not been verified. You acknowledge and agree that Coro will not be responsible for any loss if the address provided by you during the redemption process was incorrect or if you were not available to receive delivery of the package at the time specified by Coro.
4.6 Third Party Merchants. We have no control over, or liability for, the delivery, quality, safety, legality or any other aspect of any goods or services that you may purchase from a third party (including other users of Coro Services). We are not responsible for ensuring that a third party buyer or a seller you transact with will complete the transaction or is authorized to do so. If you experience a problem with any goods or services purchased from, or sold to, a third party using XAU transferred using the Coro Services, or if you have a dispute with such third party, you should resolve the problem or dispute directly with that third party. If you believe a third party has behaved in a fraudulent, misleading, or inappropriate manner, or if you cannot adequately resolve a dispute with a third party, you may notify Coro Support at firstname.lastname@example.org so that we may consider what action to take, if any.
4.7 Debts. In the event that there are outstanding amounts owed to us hereunder, including in your Coro Account, Coro reserves the right to debit your Coro Account accordingly and/or to withhold such amounts from funds you may transfer to your Coro Account.
5. DATA PROTECTION AND SECURITY.
5.2 Security Breach. If you suspect that your Coro Account or any of your security details have been compromised or if you become aware of any fraud or attempted fraud or any other security incident (including a cyber-security attack) affecting you and / or Coro (together a “Security Breach”), you must notify Coro Support as soon as possible by e-mail at email@example.com or by calling us at (866) 806-CORO and continue to provide accurate and up to date information throughout the duration of the Security Breach. You must take any steps that we reasonably require to reduce, manage or report any Security Breach. Failure to provide prompt notification of any Security Breach may be taken into account in our determination of the appropriate resolution of the matter.
5.3 Consumer Fraud Warning. Consumers are warned to be aware of fraud and potential scams. If you think you have been the victim of fraud, please contact us immediately by telephone at (866) 806-2676 to report fraud or suspected fraud. For more information on how to protect yourself from fraud, visit http://www.stopfraud.gov.
6. GENERAL USE, PROHIBITED USE, DEATH OF ACCOUNT HOLDER AND TERMINATION.
6.1 Limited License. We grant you a limited, nonexclusive, nontransferable license, subject to the terms of this Agreement, to access and use the Coro Services, Coro App, Coro Website and related content, materials, information (collectively, the “Content”) solely for purposes approved by Coro from time to time. Any other use of the Coro App or Content is expressly prohibited and all other right, title, and interest in the Coro Services, Coro App, Coro Website or Content is exclusively the property of Coro and its licensors. You agree you will not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the Content, in whole or in part without the prior written consent of Coro. “www.coro.global”, “Coro”, “XAU”, and all logos related to the Coro Services or displayed on the Coro App or the Coro Website are either trademarks or registered marks of Coro or its licensors. You may not copy, imitate or use them without Coro’s prior written consent.
6.2 Website Accuracy. Although we intend to provide accurate and timely information on the Coro Website, the Coro Website (including, without limitation, the Content) may not always be entirely accurate, complete or current and may also include technical inaccuracies or typographical errors. In an effort to continue to provide you with as complete and accurate information as possible, information may be changed or updated from time to time without notice, including without limitation information regarding our policies, products and services. Accordingly, you should verify all information before relying on it, and all decisions based on information contained on the Coro Website are your sole responsibility and we shall have no liability for such decisions. Information provided by third parties, including historical price and supply data for physical gold, is for informational purposes only and Coro makes no representations or warranties to its accuracy. Links to third-party materials (including without limitation websites) may be provided as a convenience but are not controlled by us. You acknowledge and agree that we are not responsible for any aspect of the information, content, or services contained in any third-party materials or on any third-party sites accessible or linked to the Coro Website.
6.3 Promotions. From time to time, Coro may make available special offers or conduct promotions for qualifying customers. Subject to applicable laws, Coro may establish qualifying criteria to participate in any special promotion its sole discretion. Coro may revoke any special offer at any time without notice. Coro shall have no obligation to make special offers available to all customers. Promotions are void where prohibited by law.
6.4 Third-Party Applications. You hereby agree that you will not grant or permit any other person or third party to access or connect to your Coro Account, either through a third party’s product or service or through the Coro App. You hereby acknowledge that granting permission to a third party to access your Coro Account is a violation of this Agreement and you are fully responsible for all acts or omissions of any other party or third party with access to your Coro Account. Further, you acknowledge and agree that you will not hold Coro responsible for, and will indemnify Coro from, any liability arising out of or related to any act or omission of any third party with access to your Coro Account.
6.6 Transaction Limits. The use of all Coro Services is subject to a limit on the amount of volume, stated in U.S. Dollar terms, you may transact or transfer in a given period (e.g., daily). To view your limits, login to your Coro Account(s) through the Coro App. Your transaction limits may vary depending on your payment method, verification steps you have completed, and other factors. Coro reserves the right to change applicable limits as we deem necessary in our sole discretion. If you wish to raise your limits beyond the posted amounts, you may submit a request to firstname.lastname@example.org. We may require you to submit additional information about yourself or your business, provide records, and speak with Coro staff (such process, “Enhanced Due Diligence”). Coro reserves the right to charge you costs and fees associated with Enhanced Due Diligence, provided that we notify you in advance of any such charges accruing. In our sole discretion, we may refuse to raise your limits or we may lower your limits at a subsequent time even if you have completed Enhanced Due Diligence.
If Coro suspends or closes your account or terminates your use of Coro Services for any reason, we will provide you with notice of our actions unless a court order or other legal process prohibits Coro from providing you with such notice. You acknowledge that Coro’s decision to take certain actions, including limiting access to, suspending, or closing your account, may be based on confidential criteria that are essential to Coro’s risk management and security protocols. You agree that Coro is under no obligation to disclose the details of its risk management and security procedures to you.
You will be permitted to transfer funds or physical gold associated with your XAU Wallet and/or your USD Wallet for thirty (30) days after Account deactivation or cancellation unless such transfer is otherwise prohibited under (i) the BSA, AML laws or any other applicable laws, including but not limited to applicable sanctions programs, or (ii) by a facially valid subpoena or court order. You may cancel your Coro Account at any time by withdrawing all balances through, and deleting, the Coro App. You will not be charged for canceling your Coro Account, although you will be required to pay any outstanding amounts owed to Coro. You authorize us to cancel or suspend any pending transactions at the time of cancellation.
6.8 Death of Account Holder. For security reasons, if we receive legal documentation confirming your death or other information leading us to believe you have died, we will freeze your Coro Account and during this time, no transactions may be completed until: (i) your designated fiduciary has opened a new Coro Account, as further described below, and the entirety of your Coro Account has been transferred to such new account, or (ii) we have received proof in a form satisfactory to us that you have not died. If we have reason to believe you may have died but we do not have proof of your death in a form satisfactory to us, you authorize us to make inquiries, whether directly or through third parties, that we consider necessary to ascertain whether you have died. Upon receipt by us of proof satisfactory to us that you have died, the fiduciary you have designated in a valid Will or similar testamentary document will be required to open a new Coro Account. If you have not designated a fiduciary, then we reserve the right to (i) treat as your fiduciary any person entitled to inherit your Coro Account, as determined by us upon receipt and review of the documentation we, in our sole and absolute discretion, deem necessary or appropriate, including (but not limited to) a Will, a living trust or a Small Estate Affidavit, or (ii) require an order designating a fiduciary from a court having competent jurisdiction over your estate. In the event we determine, in our sole and absolute discretion, that there is uncertainty regarding the validity of the fiduciary designation, we reserve the right to require an order resolving such issue from a court of competent jurisdiction before taking any action relating to your Coro Account. Pursuant to the above, the opening of a new Coro Account by a designated fiduciary is mandatory following the death of a Coro Account owner, and you hereby agree that your fiduciary will be required to open a new Coro Account and provide the information required under Section 1 of this Agreement in order to gain access to the contents of your Coro Account.
6.9 Unclaimed Property. If Coro is holding funds (whether fiat currency or physical gold) in your account, and Coro is unable to contact you and has no record of your use of the Services for several years, applicable law may require Coro to report these funds (including fiat currency or physical gold) as unclaimed property to the applicable jurisdiction. If this occurs, Coro will try to locate you at the address shown in our records, but if Coro is unable to locate you, it may be required to deliver any such funds to the applicable state or jurisdiction as unclaimed property.
6.10 Relationship of the Parties. Coro is an independent contractor for all purposes. With the exception of when Coro acts as an agent for the user in the purchase, sale, or custody of gold, nothing in this Agreement shall be deemed or is intended to be deemed, nor shall it cause, you and Coro to be treated as partners, joint ventures, or otherwise as joint associates for profit, or either you or Coro to be treated as the agent of the other.
6.11 Privacy of Others; Marketing. If you receive information about another user through the Coro Services, you must keep the information confidential and only use it in connection with the Coro Services. You may not disclose or distribute a user’s information to a third party or use the information except as reasonably necessary to effectuate a transaction and other functions reasonably incidental thereto such as support, reconciliation and accounting unless you receive the user’s express consent to do so. You may not send unsolicited e-mail to a user through the Coro Services.
6.12 Password Security; Contact Information. You are responsible for creating a strong password and maintaining adequate security and control of any and all IDs, passwords, hints, personal identification numbers (PINs), or any other codes that you use to access the Coro Services. Any loss or compromise of the foregoing information and/or your personal information may result in unauthorized access to your Coro Account by third-parties and the loss or theft of any XAU and/or funds held in your Coro Account and any associated accounts, including your linked bank account and credit card. You are responsible for keeping your e-mail address and telephone number up to date in your Account Profile in order to receive any notices or alerts that we may send you. You should never allow remote access or share your mobile device or tablet with someone else when you are logged on to your Coro Account. Coro will never under any circumstances ask you for your IDs, passwords, or 2-factor authentication codes. We assume no responsibility for any loss that you may sustain due to compromise of account login credentials due to no fault of Coro and/or failure to follow or act on any notices or alerts that we may send to you. In the event you believe your Coro Account information has been compromised, contact Coro Support immediately at email@example.com, or report your claim by phone at (866) 806-CORO.
6.13 Taxes. It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions you conduct through the Coro Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities. Your transaction history is available through your Coro Account(s).
6.14 No Investment Advice or Brokerage. For the avoidance of doubt, Coro does not provide investment, tax, or legal advice, nor does Coro broker trades on your behalf. All Coro trades are executed automatically, based on the parameters of your order instructions and in accordance with posted trade execution procedures, and you are solely responsible for determining whether any related transaction is appropriate for you based on your personal objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. Coro may provide educational information about gold in order to assist users in learning more about such assets. Information may include, but is not limited to, blog posts, articles, links to third-party content, news feeds, tutorials, and videos. The information provided on our website or any third-party sites does not constitute investment advice, financial advice, trading advice, or any other sort of advice, and you should not treat any of the website’s content as such. Coro does not recommend that any asset should be bought, earned, sold, or held by you. Before making the decision to buy, sell or hold gold or any other assets, you should conduct your own due diligence and consult your financial advisors before making any decision. Coro will not be held responsible for the decisions you make to buy, sell, or hold gold or any other assets, whether or not based on the information provided by Coro.
7. COMPLIANCE WITH BSA, AML AND OTHER LAWS.
7.1 BSA/AML Compliance. Our BSA/AML Program is guided by the BSA, specifically, the AML and Counter-Terrorist Financing (“CTF”) provisions, as mandated by U.S. federal law, the USA Patriot Act, and all other rules and regulations regarding AML and CTF. These standards are designed to prevent the use of the Coro Services for money laundering or terrorist financing activities. We take compliance very seriously and it is our policy to take all the necessary steps to prohibit fraudulent transactions, report suspicious activities, and actively engage in the prevention of money laundering and any related acts that facilitate money laundering, terrorist financing, or any other financial crimes.
7.2 Background Checks. In furtherance of our BSA/AML Program, we reserve the right to require you to provide us with additional information and/or require you to undergo a background check prior to being authorized to use the Coro App, or at any point thereafter, in accordance with applicable laws and regulations.
7.3 Source of Funds. You agree, represent, and warrant that all funds in your Coro Account, or funds exchanged or to be exchanged by you in the future on the Coro App, are not the direct or indirect proceeds of any criminal or fraudulent activity. You are not allowed to receive funds in your Coro Account from a sender other than yourself. Any funds you receive from a sender other than yourself will be considered unauthorized. We reserve the right to investigate the source of any funds in your account and determine, in our sole discretion, how to handle their disposition. Following our review of any funds in question and the circumstances by which you received them, we may determine that you are not the owner of such funds. If such a determination is made, we reserve the right to dispose of these funds in accordance with applicable laws and regulations and in our sole discretion, which may include, returning them to the destination of their origin.
7.4 Sanctions Program. Pursuant to the economic sanctions programs administered in the countries where we conduct business, including, but not limited to, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), we are prohibited from providing services or entering into relationships with certain individuals and institutions. In the event that we are required to block funds associated with your Coro Account in accordance with a sanctions program, or other similar government sanctions programs, we may: (i) suspend your Coro Account and freeze all assets; (ii) terminate your Coro Account; (iii) return funds to the destination of their origin or to an account specified by authorities; or (iv) require you withdraw funds from your Coro Account within a certain period of time. We are not responsible for any losses, whether direct or indirect, that you may incur as a result of our complying with applicable law and regulations, the guidance or direction of any regulatory authority or government agency, or any writ of attachment, lien, levy, subpoena, warrant, or other legal order.
8. CUSTOMER FEEDBACK, QUERIES, COMPLAINTS, AND DISPUTE RESOLUTION.
8.1 Contact Coro. If you have feedback, or general questions, contact our Customer Support via e-mail at firstname.lastname@example.org. When you contact us please provide us with your name, address, and any other information we may need to identify you, your Coro Account, and the transaction on which you have feedback or questions.
If you believe your account has been compromised, you may also report your claim by e-mailing email@example.com, or calling (866) 806-CORO. Coro requires that all legal documents (including civil subpoenas, complaints, and small claims) be served on our registered agent for service of process. Current contact information for our registered agent in each state can be found here.
Please note that our registered agent will accept service only if the entity identified as the recipient of the document is identical to the entity registered with the Secretary of State and for which our registered agent is authorized to accept service. By accepting service of a legal document, Coro does not waive any objections we may have and may raise in response to such document.
8.2 Formal Complaint Process. If you have a dispute with Coro (a “Complaint”), you agree to contact Coro through our support team to attempt to resolve any such dispute amicably. If we cannot resolve the dispute through the Coro support team, you and we agree to use the Formal Complaint Process set forth below. You agree to use this process before filing any arbitration claim or small claims action. If you do not follow the procedures set out in this Section before filing an arbitration claim or suit in small claims court, we shall have the right to ask the arbitrator or small claims court to dismiss your filing unless and until you complete the following steps.
8.2.1 Procedural Steps. In the event that your dispute with Coro is not resolved through your contact with Coro Support, you agree to use our Complaint form to describe your Complaint, how you would like us to resolve the Complaint, and any other information related to your dispute that you believe to be relevant. The Complaint form can be found here, on the Coro support pages, or can be requested from Coro Customer Support.
8.2.2 Coro Response. We will acknowledge receipt of your Complaint form after you submit it. A Coro customer relations agent (“Agent”) will review your Complaint. The Agent will evaluate your Complaint based on the information you have provided and information in the possession of Coro. Within 15 business days of our receipt of your Complaint form, the Agent will address the issues raised in your Complaint form by sending you an e-mail (“Resolution Notice”) in which the Agent will: (i) offer to resolve your complaint in the way you requested; (ii) make a determination rejecting your Complaint and set out the reasons for the rejection; or (iii) offer to resolve your Complaint with an alternative solution. In exceptional circumstances, if the Agent is unable to respond to your Complaint within 15 business days for reasons beyond Coro’s control, the Agent will send you a communication indicating the reasons for any delay in answering your Complaint, and specifying the deadline by which the Agent will respond to your Complaint, which will be no later than 30 business days from our receipt of your Complaint form.
8.3 ARBITRATION; WAIVER OF CLASS ACTION. If we cannot resolve the dispute through the Formal Complaint Process set forth in Section 8.2 above, you and we agree that any dispute arising out of or relating to this Agreement or the Coro Services, including, without limitation, federal and state statutory claims, common law claims, and those based in contract, tort, fraud, misrepresentation, or any other legal theory, shall be resolved through binding arbitration, on an individual basis, at the request of either party, in Miami-Dade County, Florida, before a single arbitrator (the “Arbitration Agreement”). Arbitration shall be conducted in accordance with the American Arbitration Association’s rules for arbitration of consumer-related disputes. Coro shall select, in its sole discretion, and present to you, three arbitrators that are currently serving as members of the American Arbitration Association’s National Roster of Arbitrators and Mediators. You shall select one of the three such arbitrators to preside over the arbitration.
This Arbitration Agreement includes, without limitation, disputes arising out of or related to the interpretation or application of the Arbitration Agreement, including the enforceability, revocability, scope, or validity of the Arbitration Agreement or any portion of the Arbitration Agreement. All such matters shall be decided by an arbitrator and not by a court or judge.
CLASS ACTION WAIVER: TO THE EXTENT PERMISSIBLE BY LAW, ALL CLAIMS MUST BE BROUGHT IN A PARTY’S INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE ACTION, OR REPRESENTATIVE PROCEEDING (COLLECTIVELY “CLASS ACTION WAIVER”). THE ARBITRATOR MAY NOT CONSOLIDATE MORE THAN ONE PERSON’S CLAIMS OR ENGAGE IN ANY CLASS ARBITRATION. YOU ACKNOWLEDGE THAT, BY AGREEING TO THESE TERMS, YOU AND CORO ARE EACH WAIVING THE RIGHT TO A TRIAL BY JURY AND THE RIGHT TO PARTICIPATE IN A CLASS ACTION.
The arbitration will be conducted in the English language. The arbitrator may award any relief that a court of competent jurisdiction could award and the arbitral decision may be enforced in any court. The arbitrators shall issue a statement of findings of fact. An arbitrator’s decision and judgment thereon will not have a precedential or collateral estoppel effect. At your request, hearings may be conducted in person or by telephone and the arbitrator may provide for submitting and determining motions on briefs, without oral hearings. To the extent permitted by law, the prevailing party in any action or proceeding to enforce this Arbitration Agreement or any arbitration pursuant to this Agreement shall be entitled to costs, including reasonable attorneys’ fees.
9. GENERAL PROVISIONS.
9.1 Computer Viruses. We shall not bear any liability, whatsoever, for any damage or interruptions caused by any computer viruses or other malicious code that may affect your mobile device, computer or other equipment, or any phishing, spoofing or other attack. We advise the regular use of a reputable and readily available virus screening and prevention software. You should also be aware that SMS and e-mail services are vulnerable to spoofing and phishing attacks and should use care in reviewing messages purporting to originate from Coro. Always log into your Coro Account(s) through the Coro App to review any transactions or required actions if you have any uncertainty regarding the authenticity of any communication or notice.
9.2 Release of Coro; Indemnification. If you have a dispute with one or more users of the Coro Services, you release Coro, its affiliates and service providers, and each of their respective officers, directors, agents, joint venturers, employees and representatives from any and all claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes. You agree to indemnify and hold Coro, its affiliates, licensors and service providers, and each of its or 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 your breach of this Agreement or your violation of any law, rule or regulation, or the rights of any third party.
9.3 LIMITATION OF LIABILITY; NO WARRANTY. IN NO EVENT SHALL CORO, ITS AFFILIATES, LICENSORS 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 DEPOSIT OR PHYSICAL GOLD IN YOUR CORO 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 CORO APP OR THE CORO SERVICES, OR THIS AGREEMENT, EVEN IF AN AUTHORIZED REPRESENTATIVE OF CORO HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES, AND NOTWITHSTANDING THE FAILURE OF ANY AGREED OR OTHER REMEDY OF ITS ESSENTIAL PURPOSE, EXCEPT TO THE EXTENT OF A FINAL JUDICIAL DETERMINATION THAT SUCH DAMAGES WERE A RESULT OF CORO’S GROSS NEGLIGENCE, FRAUD, WILLFUL MISCONDUCT OR INTENTIONAL VIOLATION OF LAW. THIS MEANS, BY WAY OF EXAMPLE ONLY (AND WITHOUT LIMITING THE SCOPE OF THE PRECEDING SENTENCE), THAT IF YOU CLAIM THAT CORO FAILED TO PROCESS A BUY OR SELL TRANSACTION PROPERLY, YOUR DAMAGES ARE LIMITED TO NO MORE THAN THE VALUE OF THE XAU AT ISSUE IN THE TRANSACTION, AND THAT YOU MAY NOT RECOVER FOR LOST PROFITS, LOST BUSINESS OPPORTUNITIES, DIMINUTION IN VALUE OR OTHER TYPES OF SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES IN EXCESS OF THE VALUE OF THE XAU AT ISSUE IN THE TRANSACTION. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE LIMITATION MAY NOT APPLY TO YOU.
THE CORO 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, CORO SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND/OR NON-INFRINGEMENT. CORO DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO THE CORO APP, ANY PART OF THE CORO SERVICES, OR ANY OF THE MATERIALS CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, OR ERROR-FREE. CORO DOES NOT GUARANTEE THAT ANY ORDER WILL BE EXECUTED, ACCEPTED, RECORDED OR REMAIN OPEN. EXCEPT FOR THE EXPRESS STATEMENTS SET FORTH IN THIS AGREEMENT, YOU HEREBY ACKNOWLEDGE AND AGREE THAT YOU HAVE NOT RELIED UPON ANY OTHER STATEMENT OR UNDERSTANDING, WHETHER WRITTEN OR ORAL, WITH RESPECT TO YOUR USE AND ACCESS OF THE CORO SERVICES AND CORO APP. WITHOUT LIMITING THE FOREGOING, YOU HEREBY UNDERSTAND AND AGREE THAT CORO WILL NOT BE LIABLE FOR ANY LOSSES OR DAMAGES ARISING OUT OF OR RELATING TO: (A) ANY INACCURACY, DEFECT OR OMISSION OF GOLD PRICE DATA, (B) ANY ERROR OR DELAY IN THE TRANSMISSION OF SUCH DATA, OR (C) INTERRUPTION IN ANY SUCH DATA.
Coro makes no representations about the accuracy, order, timeliness or completeness of historical gold price data available on the Coro App or the Coro Website. Coro will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, credit cards, and check issuances are processed in a timely manner but Coro makes no representations or warranties regarding the amount of time needed to complete processing which is dependent upon many factors outside of our control.
9.5 Amendments. We may amend or modify this Agreement by posting on the Coro Website and providing a notification on the Coro App, or e-mailing to you the Revised Agreement, and the Revised Agreement shall be effective at such time. If you do not agree with any such modification, your sole and exclusive remedy is to terminate your use of the Services and close your account. You agree that we shall not be liable to you or any third party for any modification or termination of the Coro Services, or suspension or termination of your access to the Coro Services, except to the extent otherwise expressly set forth herein. If the Revised Agreement includes a material change, we will endeavor to provide you advanced notice via our website and/or e-mail before the material change becomes effective.
9.6 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 Coro affiliates or subsidiaries, or to any successor in interest of any business associated with the Coro Services. Any attempted transfer or assignment in violation hereof shall be null and void. Subject to the foregoing, this Agreement will bind and inure to the benefit of the parties, their successors and permitted assigns.
9.7 Severability. If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law, or regulation of any local, state, or federal government agency, such provision will be changed and interpreted to accomplish the objectives of the provision to the greatest extent possible under any applicable law and the validity or enforceability of any other provision of this Agreement shall not be affected.
9.8 Change of Control. In the event that Coro is acquired by or merged with a third party entity, we reserve the right, in any of these circumstances, to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control.
9.9 Survival. All provisions of this Agreement which by their nature extend beyond the expiration or termination of this Agreement, including, without limitation, sections pertaining to suspension or termination, Coro Account cancellation, debts owed to Coro, general use of the Coro App, disputes with Coro, and general provisions, shall survive the termination or expiration of this Agreement.
9.10 Governing Law. You agree that the laws of the State of Florida, without regard to principles of conflict of laws, will govern this Agreement and any claim or dispute that has arisen or may arise between you and Coro, except to the extent governed by federal law.
9.11 Submission to Jurisdiction. Subject to Section 8.3 above, you and we irrevocably and unconditionally (i) agree that any suit, action, or other legal proceeding arising out of or relating to this Agreement shall be brought in a federal or state court located in Miami-Dade County, Florida; (ii) consent to the jurisdiction of each such court in any such suit, action or proceeding; and (iii) waive any objection which you may have to the laying of venue of any such suit, action, or proceeding in any of such courts.
9.12 WAIVER OF JURY TRIAL. YOU AND WE ACKNOWLEDGES AND AGREE THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, YOU AND WE IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT EITHER OF US MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT.
9.13 Force Majeure. We shall not be liable for 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, significant market volatility, 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 labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control and shall not affect the validity and enforceability of any remaining provisions.
9.14 Non-Waiver of Rights. This agreement shall not be construed to waive rights that cannot be waived under applicable state money transmission laws in the state where you are located.
APPENDIX 1: VERIFICATION PROCEDURES AND LIMITS
As a regulated Money Service Business registered with the Financial Crimes Enforcement Network (FinCEN) operating in the United States we are required to identify users on our platform to ensure we are in compliance with the BSA and AML laws in the jurisdictions in which we operate. Coro collects and verifies information about you in order to: (a) protect Coro and the community from fraudulent users, and (b) to keep appropriate records of Coro’s customers. Your daily or weekly XAU exchange limits, your USD deposit and withdrawal limits and XAU Wallet and USD Wallet transfer limits are based on the identifying information and/or proof of identity you provide to Coro.
All U.S. customers who wish to use Coro Services are required to establish a Coro Account by:
Providing your name and valid e-mail address, a password and your state of residence;
Certifying that you are 18 years or older;
Verifying your identity by submitting the following information:
Date of birth;
Physical address; and
Government issued ID.
Notwithstanding these minimum verification procedures for the referenced Coro Services, Coro 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 Coro Services and/or before permitting you to engage in transactions beyond certain volume limits.
You may contact us at firstname.lastname@example.org to request larger limits. Coro will require you to submit to Enhanced Due Diligence. Additional fees and costs may apply, and Coro does not guarantee that we will raise your limits.
APPENDIX 2: E-SIGN DISCLOSURE AND CONSENT
This policy describes how Coro delivers communications to you electronically. We may amend this policy at any time by providing a revised version on our website. The revised version will be effective at the time we post it. We will provide you with prior notice of any material changes via our website.
Electronic Delivery of Communications
You agree and consent to receive electronically all communications, agreements, documents, notices and disclosures (collectively, “Communications”) that we provide in connection with your Coro Account(s) and your use of Coro Services. Communications include:
Account details, history, transaction receipts, confirmations, and any other Account or transaction information;
Legal, regulatory, and tax disclosures or statements we may be required to make available to you; and
Responses to claims or customer support inquiries filed in connection with your Coro Account.
We will provide these Communications to you by posting them on the Coro website, e-mailing them to you at the primary e-mail address listed in your Coro profile, communicating to you via instant chat, and/or through other electronic communication such as text message or mobile push notification on any devices for which you have provided Coro with a telephone number or other contact information.
How to Withdraw Your Consent
You may withdraw your consent to receive Communications electronically by contacting us at email@example.com. If you fail to provide or if you withdraw your consent to receive Communications electronically, Coro reserves the right to immediately close your Account and return your assets. Coro does not provide paper copies.
Updating your Information
It is your responsibility to provide us with a true, accurate and complete e-mail address and your contact information, and to keep such information up to date. You understand and agree that if Coro sends you an electronic Communication but you do not receive it because your primary e-mail address on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic Communications, Coro will be deemed to have provided the Communication to you.
You may update your information by logging into your account and visiting settings or by contacting our support team at firstname.lastname@example.org.
APPENDIX 3: STATE LICENSE DISCLOSURES
Coro maintains licenses to engage in money transmission activities in many states, and these licenses may impact our provision and your use of certain Coro Services depending on where you live. Coro’s licenses and corresponding required disclosures can be found on the Coro Licenses page, which is incorporated by reference herein.