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New Terms of Use and Privacy Policy

 1 likes    76 views    6 posts  
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Rank: Carlos Matos
32 posts
Joined 2021-07-13
By Gandalf on July 22, 2021, 12:07 ET Post #1

Celsius just released their new Terms of Use and Privacy Policy.

Details on this official Medium post:
https://celsiusnetwork.medium.com/celsius-community-update-july-22-2021-6a14f65dd618

Last month, Celsius announced its plans to migrate its core business operations from Celsius’ UK entity (Celsius Network Limited) to the US entity (Celsius Network LLC). As of July 22, 2021, we have updated our Terms of Use and Privacy Policy for all Celsius customers to reflect this migration.

The main changes to our Terms of Use include:
Your engagement will be with Celsius Network LLC, A Delaware company;
Your relationship with us will be subject to the governing laws of New York;
Disputes will be settled by arbitration;

To review and accept these updates, log in to your Celsius account on mobile or desktop. These are not all of the changes in the updated documents, and you are requested to carefully read and make sure you understand the new terms.

If you do not accept our updated Terms of Use and Privacy Policy by August 5, 2021, you will lose access to the services provided in the Celsius app, and withdrawals will only be processed by reaching out to our customer support team. You will continue to earn rewards as before, and any active loans will not be affected.

If you do not accept by August 19, 2021, your account will no longer be eligible to earn rewards.
You can always withdraw your funds at any time and without any fees, and you will still be able to accept the updates and regain normal access to your Celsius account.

If you do not agree to the updated Terms of Use or Privacy Policy, please contact our support team at app@celsius.network to withdraw your funds and close your account.

Reminder: Celsius will never ask you for confidential information such as passwords, private keys, seed phrases, or secret codes. You should store this information privately and securely and report any suspicious activity.

Made by Celsians for Celsians


Rank: Noob
15 posts
Joined 2021-07-15
By Douglas Johnson on July 22, 2021, 12:07 ET Post #2

Already approved!

CEL $100. Change my mind.


Rank: Carlos Matos
37 posts
Joined 2021-07-17
By South Texas Celsian on July 22, 2021, 04:07 ET Post #3

Done and Done. I recommend anyone that has helped out others connect with Celsius like any family and friends to reach out to them and just give them a heads up. I have a few that I know do not regularly check their Celsius so just to keep them up to date so no issues later when of course you will be the first one they come to LOL!

Make bank while you UNBANK


Rank: Noob
14 posts
Joined 2021-07-15
By CryptoInvestor on July 22, 2021, 09:07 ET Post #4

Hello Celsians,

I would like to get your thoughts on the following verbiages from the new ToU:

Quote:
8. Ownership of Digital Assets

You hereby represent and warrant to us that any Digital Asset delivered by you for the purpose of utilizing Celsius’ Services is owned by you or that you are fully permitted to carry out transactions using such Digital Assets without restriction or limitation, and that your use of the Services is solely for your own account and benefit, and not on behalf of any other person or entity. You further represent and warrant that all such Digital Assets are free from any claims, indebtedness, liens, or third-party interests.

ALL DIGITAL ASSETS TRANSFERRED TO CELSIUS AS PART OF THE SERVICES ARE OWNED AND HELD BY CELSIUS FOR ITS OWN ACCOUNT IN ACCORDANCE WITH THESE TERMS, AND UNDER NO CIRCUMSTANCES DOES CELSIUS HOLD DIGITAL ASSETS ON YOUR BEHALF AS PART OF THE SERVICES.


Quote:
13. Consent to Celsius’ Use of Digital Assets

In consideration for the Rewards payable to you on your Celsius Account and the use of our Services, you grant Celsius, subject to applicable law and for the duration of the period during which the Eligible Digital Assets are loaned to us through your Celsius Account, all right and title to such Digital Assets, including ownership rights, and the right, without further notice to you, to hold such Digital Assets in Celsius’ own Virtual Wallet or elsewhere, and to pledge, re-pledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer or use any amount of such Digital Assets, separately or together with other property, with all attendant rights of ownership, and for any period of time, and without retaining in Celsius’ possession and/or control a like amount of Digital Assets or any other monies or assets, and to use or invest such Digital Assets in Celsius’ full discretion. You acknowledge that with respect to Digital Assets used by Celsius pursuant to this paragraph:

(i) You will not be able to exercise rights of ownership;

(ii) Celsius may receive compensation in connection with lending or otherwise using Digital Assets in its business to which you have no claim or entitlement; and

(iii) In the event that Celsius becomes bankrupt, enters liquidation or is otherwise unable to repay its obligations, you may not be able to recover or regain ownership of such Digital Assets, and other than your rights as a creditor of Celsius under any applicable laws, you may not have any legal remedies or rights in connection with Celsius’ obligations to you.




Rank: Carlos Matos
37 posts
Joined 2021-07-17
By South Texas Celsian on July 23, 2021, 12:07 ET Post #5

Terms are always scary to read since it comes down to taking that RISK. I will say it seems a tad confusing when it says they will not hold on our behalf but are holding on our behalf in a way.

Quote:
CryptoInvestor wrote:Hello Celsians,

I would like to get your thoughts on the following verbiages from the new ToU:

[quote]8. Ownership of Digital Assets

You hereby represent and warrant to us that any Digital Asset delivered by you for the purpose of utilizing Celsius’ Services is owned by you or that you are fully permitted to carry out transactions using such Digital Assets without restriction or limitation, and that your use of the Services is solely for your own account and benefit, and not on behalf of any other person or entity. You further represent and warrant that all such Digital Assets are free from any claims, indebtedness, liens, or third-party interests.

ALL DIGITAL ASSETS TRANSFERRED TO CELSIUS AS PART OF THE SERVICES ARE OWNED AND HELD BY CELSIUS FOR ITS OWN ACCOUNT IN ACCORDANCE WITH THESE TERMS, AND UNDER NO CIRCUMSTANCES DOES CELSIUS HOLD DIGITAL ASSETS ON YOUR BEHALF AS PART OF THE SERVICES.


Quote:
13. Consent to Celsius’ Use of Digital Assets

In consideration for the Rewards payable to you on your Celsius Account and the use of our Services, you grant Celsius, subject to applicable law and for the duration of the period during which the Eligible Digital Assets are loaned to us through your Celsius Account, all right and title to such Digital Assets, including ownership rights, and the right, without further notice to you, to hold such Digital Assets in Celsius’ own Virtual Wallet or elsewhere, and to pledge, re-pledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer or use any amount of such Digital Assets, separately or together with other property, with all attendant rights of ownership, and for any period of time, and without retaining in Celsius’ possession and/or control a like amount of Digital Assets or any other monies or assets, and to use or invest such Digital Assets in Celsius’ full discretion. You acknowledge that with respect to Digital Assets used by Celsius pursuant to this paragraph:

(i) You will not be able to exercise rights of ownership;

(ii) Celsius may receive compensation in connection with lending or otherwise using Digital Assets in its business to which you have no claim or entitlement; and

(iii) In the event that Celsius becomes bankrupt, enters liquidation or is otherwise unable to repay its obligations, you may not be able to recover or regain ownership of such Digital Assets, and other than your rights as a creditor of Celsius under any applicable laws, you may not have any legal remedies or rights in connection with Celsius’ obligations to you.


[/quote]

Make bank while you UNBANK


Rank: Noob
14 posts
Joined 2021-07-17
By IonicInky on July 23, 2021, 10:07 ET Post #6

Approved already in the app; I am actually Bullish on this, I feel like these are great moves by Celsius.

I do admit thou it's scary to see it without warning on the app.




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