Terms and Conditions
1. Introduction
By clicking "Accept" on the website when presented with these Terms and/or by using our products and services and/or by holding USDM, you are agreeing to these Terms and Conditions ("Terms") that govern the relationship between you and Mountain Protocol Limited ("Mountain Protocol" or "we"), the issuer of the USDM (as defined below) and the operator of the Platform (as defined below).
Please read these Terms carefully before accessing or using our products and services or holding USDM.
Mountain Protocol is a Bermuda company limited by shares with registration number 202302512. Mountain Protocol's registered office is at Rosebank Centre, 5th Floor, 11 Bermudiana Road, Pembroke HM 08, Bermuda.
Mountain Protocol is regulated and licensed by the Bermuda Monetary Authority to conduct digital asset business activities in and from with Bermuda (as set out herein) under and in accordance with the Digital Asset Business Act 2018 (as amended) of Bermuda and related regulations, which can be found at https://www.bma.bm/legislation. Mountain Protocol holds a Class M license to (a) issue, sell or redeem virtual coins, tokens or any other form of digital asset and (d) to provide custodial wallet services.
By registering for an account, accessing or using the Platform, or purchasing, holding, or using USDM, you acknowledge that you have read, understood, and agreed to be bound by these Terms. If you do not agree with these Terms, you must not use the Platform or USDM.
These Terms may be updated, amended, varied or modified by Mountain Protocol from time to time. We will notify you of any significant update, amendment, variation or modification to these Terms by posting a notice on our website or through other appropriate means. In the event of a material update, amendment, variation or modification to these Terms, we will give you 30 days' notice in advance by posting a notice on the Platform or through other appropriate means. By clicking "Accept" on the Platform when presented with the Terms updated, amended, varied or modified in accordance with this paragraph or your continued use of the Platform or USDM after any such changes constitutes your acceptance of the updated, amended, varied or modified Terms. If you do not agree to any update, amendment, variation or modification to the Terms, you must stop using the Platform and USDM immediately.
We may in our sole discretion make any non-material update, amendment, variation or modification to these Terms, including, to the fullest extent permitted by applicable law, any amendment, change, variation or modification to these Terms that does not impact your use of the USDM, the Platform and our products and services. Any such update, amendment, variation or modification will become effective immediately upon our giving notice through the Platform or through other appropriate means.
We may make an update, amendment, variation or modification to these terms without prior advance notice to you in the event that it is required, as determined by us in our sole discretion, for reasons of security, legality or regulatory compliance, including but not limited to for reasons of compliance with any law, regulation, order from a court of competent jurisdiction or direction from our regulator. Such changes will become immediately effective and we will endeavor to notify you through the Platform or through other appropriate means as soon as possible thereafter.
We may update and change the Platform from time to time to reflect changes to our products and services, our user's needs and our business priorities. We will try to give you reasonable notice of any material changes.
If you have any questions or concerns about these Terms or our products services, please contact us at support@mountainprotocol.com.
2. Definitions
"Platform” is the portal accessible through our website that allows users to purchase and redeem USDM, as well as the API version with the same functionality.
"Primary Users" are persons who have registered for an account, are accessing or using the Platform, or are purchasing, holding, or using USDM and which have direct access to purchase and redeem USDM from Mountain Protocol. These users have access to the Platform, in the form of web access or API access, to purchase and redeem USDM.
"Secondary Users" are holders of USDM that do not have access to purchase or redeem USDM directly with Mountain Protocol until they open and are approved for a Mountain Protocol account.
"USDM" is a digital asset (being a rebasing ERC20 token), issued by Mountain Protocol that operates natively in the Ethereum, Polygon, Arbitrum, Optimism and Base blockchains (other blockchains may be added in the future, with due notice to users). USDM accrues rewards for holders of USDM in accordance with these Terms. USDM can be redeemed at a fixed $1 value by any user, as long as an account is opened and the transaction falls into the Terms and Conditions laid herein.
"USDM Reserves" are an equivalent amount of U.S. Dollar-denominated assets held by Mountain Protocol on behalf of, and for the benefit of, eligible users backing the USDM held by users, which are managed by a 3rd party Investment Manager in conjunction with a regulated broker and custodian. Such reserves are composed mostly by short term US treasuries and in smaller portions in the form of deposits in regulated banks and other low risk stablecoins that Mountain Protocol accepts as a means to purchase USDM (currently only USDC is accepted). Under no circumstance are USDM Reserves commingled with Mountain Protocol operational assets.
"user" or "you" are Primary Users and/or Secondary Users as the context requires.
"U.S. Person" means any of the following:
A U.S. Citizen or U.S. Resident, which includes:
U.S. citizens;
U.S. lawful permanent residents;
Individuals who meet the “substantial presence” test described in section 7701(b)(3) of the U.S. Internal Revenue Code of 1986 (as amended);
Protected individuals under section 1324b(a)(3) of the U.S. Immigration and Nationality Act; or
Individuals who hold a passport issued by the United States Government;
A corporation, partnership, or other entity established or organized in or under the laws of the United States;
Any estate of a decedent who was a citizen or a resident of the United States;
Any trust if:
A court within the United States is able to exercise primary supervision over the administration of the trust, and
One or more United States Persons have the authority to control all substantial decisions of the trust;
Any Person organized or incorporated outside the United States and its territories or insular possessions in which any of the foregoing, whether singularly or in the aggregate, directly or indirectly:
Holds a 50 percent or greater equity interest by votes or value;
Holds a majority of seats or memberships on the board of directors of the entity; or
Authorizes, establishes, directs, or otherwise controls the actions, policies, personnel decisions, or day-to-day operations of the Person.
3. Account Registration
3.1 Eligibility
To be eligible to open an account with Mountain Protocol and use our services, including the USDM token, you must meet the following criteria:
Supported Jurisdictions: Both your institution and the ultimate beneficial owners must be located in one or more of the jurisdictions supported by Mountain Protocol. A list of supported jurisdictions can be found on our website or obtained by contacting our support team (support@mountainprotocol.com).
Restricted jurisdictions: Abkhazia, Afghanistan, Angola, Belarus, Burundi, Central African Republic, Congo, Cuba, Ethiopia, Guinea-Bissau, Iran, Iraq, Ivory Coast (Cote D’Ivoire), Lebanon, Liberia, Libya, Mali, Burma (Myanmar), Nagorno-Karabakh, Nicaragua, North Korea, Northern Cyprus, Russia, Sahrawi Arab Democratic Republic, Somalia, Somaliland, South Ossetia, South Sudan, Sudan, Syria, Ukraine, United States and Venezuela, Yemen, Zimbabwe.
Institutional Accounts Only: Only institutions are eligible to create an account with Mountain Protocol. Individual accounts are not supported.
Institution Existence: Your institution must be a legally established and recognized entity in one of the supported jurisdictions.
Authorized Representative: The representative opening the account on behalf of the institution must have the legal authority to act on behalf of the institution and bind it to these Terms.
No Previous Suspension: The institution or its representative must not have had a previous account with Mountain Protocol that was suspended or terminated for any reason. If you would like to reactivate a suspended account, get in touch with the support team. Reactivations are subject to company review.
Age requirement: The representative opening the account must be at least 18 years of age.
No existing sanctions: Neither the institution nor its representative must appear on any eligible sanctions lists, as determined by Mountain Protocol.
Legal Use Only: The institution and its representative/s agree that the Mountain Protocol account and USDM token will not be used for any illegal activity, including but not limited to, illegal gambling, money laundering, fraud, blackmail, extortion, ransoming data, terrorism financing, other violent activities, or any prohibited market practices.
Restrictions for U.S. Persons: Mountain Protocol restricts access to and usage of its Services, including but not limited to the USDM token, by U.S. Persons. By using the Services, you represent and warrant that you are not a U.S. Person, as defined in our Terms and Conditions.
Mountain Protocol reserves the right to monitor and investigate any transactions or activities involving USDM tokens to ensure compliance with this eligibility restriction.
In the event that Mountain Protocol determines, in its sole discretion, that a user is a U.S. Person or has knowingly facilitated the sale or transfer of USDM tokens to a U.S. Person, Mountain Protocol may take appropriate action, including but not limited to address blocking, account suspension or termination, or other actions that the company sees fit.
All accounts are subject to review and approval by Mountain Protocol. We reserve the right to deny, suspend, or terminate an account if we determine that an institution or its representative does not meet the eligibility criteria outlined above or for any other reason at our sole discretion.
3.2 Restricted Locations, Access and Services
You may not use the products and services if you are located in, or a citizen or resident of any state, country, territory or other jurisdiction where your use of the products and services would be illegal or otherwise violate any applicable law or regulation.
You may not use the products and services if you are located in, or a citizen or resident of, any state, country, territory or other jurisdiction where we have determined, at our discretion, to prohibit use of the products and services.
Products and services offered by us are only available to users in countries where they are permitted to be offered.
We may implement controls to restrict access to the products and services from any jurisdiction prohibited pursuant to these Terms, including automatically blocking a user from accessing or viewing such products and services.
If you are a user in a jurisdiction referenced in these Terms, you accept and agree that you shall not attempt to access or otherwise engage in any products and services that have been restricted in accordance with these Terms. A breach of this restriction constitutes a breach of these Terms and we may at our sole discretion terminate your account in accordance with these Terms.
3.3. Account Information: Upon registering for an account with Mountain Protocol, the institution and its representative will be required to provide accurate, complete, and up-to-date information. This information may include, but is not limited to, the institution's name, address, contact details, tax identification number, incorporation documents, and information about the authorized representative, such as their name, title, and contact information. The institution and its representative agree to promptly update any account information if there are changes or if Mountain Protocol requests it.
3.4. Account Security: The institution and its representative are responsible for maintaining the confidentiality of their account credentials, including their username and password. They must take reasonable steps to protect the security of their account and prevent unauthorized access or use. This includes, but is not limited to, using strong and unique passwords, enabling two-factor authentication (2FA), and securing the devices used to access the account. The institution and its representative agree to notify Mountain Protocol immediately of any unauthorized access or use of their account, or any other security breach they become aware of. Mountain Protocol will not be liable for any loss or damage resulting from the institution's or representative's failure to comply with these account security requirements.
4. Privacy Policy
4.1 Overview: Mountain Protocol is committed to protecting the privacy and security of your personal and institutional information. Our Privacy Policy explains how we collect, use, store, and disclose your information when you access or use the Platform or the USDM token. By agreeing to these Terms, you also agree to the terms of our Privacy Policy, which is incorporated herein by reference.
4.2. Information Collection: When you register for an account, access, or use our services, we may collect various types of information, including personal information, institutional information, and transactional information. This may include, but is not limited to, your name, contact details, identification information, information about your institution, and details about your transactions on the Platform.
4.3. Information Use: We use your information to provide, maintain, and improve our services, to communicate with you, to comply with legal and regulatory requirements, and for other purposes as described in our Privacy Policy.
4.4. Information Sharing: We may share your information with third parties in certain circumstances, such as vendors who help us provide our services, when required by law, to protect our rights or the rights of others, or with your consent. We may also share your information with our service providers, who are required to protect your information in accordance with our Privacy Policy.
4.5. Data Security: We take reasonable measures to protect your information from unauthorized access, use, or disclosure. This includes implementing technical, administrative, and physical security measures designed to safeguard your information.
4.6. Data Retention: We retain your information for as long as necessary to fulfill the purposes for which it was collected, to comply with legal and regulatory requirements, and to resolve disputes and enforce our agreements.
4.7. Your Rights: You have certain rights regarding your personal information, subject to applicable law. These may include the right to access, update, correct, or delete your information, as well as the right to object to, restrict, or withdraw your consent for certain processing activities. To exercise your rights or to learn more about our Privacy Policy, please contact us at support@mountainprotocol.com.
4.8. International Transfers: Your information may be transferred to, stored, and processed in countries other than your own, where data protection laws may differ. By using our services, you consent to the transfer of your information to countries outside of your jurisdiction.
4.9. Changes to Privacy Policy: We may update our Privacy Policy from time to time. We will notify you of any significant changes by posting a notice on our website or through other appropriate means. Your continued use of our services after any such changes constitutes your acceptance of the updated Privacy Policy. If you do not agree to any changes in the Privacy Policy, you must stop using our services.
5. Services
USDM: Mountain Protocol issues the USDM, which is a digital asset designed to facilitate transactions within the blockchain ecosystem. Users can purchase, hold, and redeem USDM on the Platform. Primary users can redeem USDM at a $1 price in The Platform.
USDM Rewards: The reward rate set for USDM (as may be changed from time to time by Mountain Protocol at its sole discretion) will be set out on the Platform. The reward increases the number of USDM in the wallet in which it is held. The USDM smart contract rebases daily, tallying user balances using the concept of “shares” and the formula below:
balanceOf(account) = shares[account] * rewardsMultiplier
“rewardsMultiplier” is a global variable controlled by an oracle solely managed by Mountain Protocol. You will not be entitled to receive any interest or other fees on any USDM held in your account other than the rewards as set out in this paragraph 5.2., even if we receive interest or other amounts from any third parties on the USDM Reserves held. You acknowledge and agree that interest or other amounts earned in respect of the USDM Reserves that do not form part of the rewards as set out in this paragraph 5.2 is paid to Mountain Protocol as a management fee and no USDM holder has an entitlement to such amounts.
Bridged USDM: Mountain Protocol does not offer bridged USDM on other blockchains. Users will be informed when new blockchain or bridge support are added.
Custody services: Mountain Protocol provides access to hosted digital asset wallet(s) ("Hosted Wallet"). Your Hosted Wallet allows you to store, track, transfer, and manage your balances of USDM. We store the private keys of said wallets, which are used to process transactions, using industry-standard security procedures and controls in a combination of online and offline storage. Based on our use of our security controls, it may be necessary for us to retrieve private keys or related information from offline storage in order to facilitate certain transactions in accordance with your instructions, and you acknowledge that this may delay the initiation or crediting of such transactions. You own the digital assets held in your Hosted Wallet. As long as you custody your digital assets which are supported by the Platform ("Supported Digital Assets") in a Hosted Wallet with Mountain Protocol, we maintain control over the private keys associated with the blockchain addresses holding your Supported Digital Assets. While you may generally withdraw your Supported Digital Assets by sending it to an external blockchain address at any time, your ability to do so is subject to outages and downtime of the Mountain Protocol website and our policies. When using the Platform, you will have access to an account containing information regarding your balances, type and amount of your Supported Digital Assets in your Hosted Wallet, individual transactions, and fees. Title to all Supported Digital Assets in your Hosted Wallet shall at all times remain with you and shall not transfer to Mountain Protocol. All interests in digital assets held in your Hosted Wallet are held for you, are not property of Mountain Protocol and are not subject to the claims of the Mountain Protocol’s creditors. As owner of the Supported Digital Assets in your Hosted Wallet, you shall bear all risk of loss of such supported digital assets. Mountain Protocol shall have no liability for Supported Digital asset fluctuations or loss. None of the Supported Digital Assets in your Hosted Wallet are the property of, or shall or may be loaned to, Mountain Protocol. Mountain Protocol does not represent or treat digital assets in your Hosted Wallet as belonging to Mountain Protocol. Mountain Protocol may not grant any security interest in the Supported Digital Assets held in your Hosted Wallet. Except as required by law, or except as provided herein, Mountain Protocol will not sell, transfer, loan, hypothecate, or otherwise alienate Supported Digital Assets in your Hosted Wallet unless instructed by you.
Digital asset transfers: When you or a third party sends Supported Digital Assets to a Hosted Wallet from an external wallet not hosted on Mountain Protocol ("Inbound Transfers"), the person initiating the transfer is solely responsible for executing the transaction properly, which may include, among other things, payment of sufficient network fees for the transaction to be successful. Failure to pay such fees may cause an Inbound Transfer to remain in a pending state outside of Mountain Protocol's control, and we are not responsible for delays or losses incurred as a result of an error in the initiation of the transaction and have no obligation to assist in the remediation of such transactions. By initiating an Inbound Transfer, you attest that you are transacting in a Supported Digital Assets which conforms to the particular Hosted Wallet into which funds are directed. For example, if you select an Ethereum wallet address to receive funds, you attest that you are initiating an Inbound Transfer of Ethereum alone, and not any other digital asset. Mountain Protocol incurs no obligation whatsoever with regard to unsupported digital assets sent to an incompatible Hosted Wallet. Erroneously transmitted funds will be lost. You agree, represent, and warrant that all Inbound Transfers are not the direct or indirect proceeds of any criminal or fraudulent activity. You further agree, represent, and warrant with respect to any digital asset you sell, transfer or deliver to Mountain Protocol, (i) you are the lawful owner of such digital asset with good and marketable title thereto, and you have the absolute right to sell, assign, convey, transfer and deliver such digital asset. Such digital asset is free and clear of any and all security interests, liens, pledges, claims (pending or threatened), charges, escrows, encumbrances or similar rights, (ii) you are the lawful owner of each wallet address you provide to us and have good title thereto and (iii) each of your wallets is owned and operated solely for your benefit, and no person, other than you, has any right, title or interest in any wallet.
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. Such reviews may delay the settlement of these funds.
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, but is not limited to, returning them to the destination of their origin.
When you send Supported Digital Assets from your Hosted Wallet to an external wallet ("Outbound Transfers" and together with Inbound Transfers, "Digital Asset Transfers"), such transfers are executed at your instruction by Mountain Protocol. You should verify all transaction information prior to submitting instructions to us. Mountain Protocol shall bear no liability or responsibility in the event you enter an incorrect blockchain destination address. We do not guarantee the identity or value received by a recipient of an Outbound Transfer.
Digital Currency Transfers cannot be reversed once they have been broadcast to the relevant blockchain, although they may be in a pending state and designated accordingly, while the transaction is processed by network operators. Mountain Protocol does not control any blockchain or digital asset network and makes no guarantees that a Digital Asset Transfer will be confirmed by a digital asset network. Mountain Protocol may refuse to process or cancel any pending Outbound Transfers as required by law or any court or other authority to which Mountain Protocol is subject in any jurisdiction. Additionally, Mountain Protocol may require you to wait some amount of time after completion of a Digital Asset Transfer before permitting you to use further products and services of Mountain Protocol and/or before permitting you to engage in transactions beyond certain volume limits.
By using any of the products and services provided by Mountain Protocol, you acknowledge and agree that the availability and functionality of these products and services may be subject to limitations, delays, and other issues inherent in the use of blockchain technology and digital assets. Mountain Protocol is not responsible for any losses or damages arising from such issues, and your use of our products and services is at your own risk.
Limitations: By using the services provided by Mountain Protocol, you acknowledge and agree that the availability and functionality of these products and services may be subject to limitations, delays, and other issues inherent in the use of blockchain technology, digital assets, compliance and speed of services of vendors, especially financial partners. Mountain Protocol is not responsible for any losses or damages arising from such issues, and your use of our products and services is at your own risk.
Availability: Mountain Protocol strives to provide consistent and reliable access to our products and services. However, we cannot guarantee that our products and services will be available at all times, without interruption, or that they will always function as intended. By using our products and services, you acknowledge and accept the risk of potential service disruptions or unavailability.
6. Fees and Charges
6.1. Fee Structure: Mountain Protocol provides transparency in its fee structure by ensuring that all fees, including those charged by the company and any applicable partners, are netted from the yield quoted to users. By using our services, you acknowledge and agree that the yield displayed to you already accounts for these fees, providing a clear understanding of the net yield you can expect.
6.2. Fee Changes: Mountain Protocol reserves the right to change fees on a daily basis, in line with market conditions.
6.3. Third-Party Fees: Mountain Protocol pass-through transactional fees to users. This can include transfer fees related to blockchain transactions, as well as banking fees.
7. Transactions
Transaction Limits: To ensure the security and compliance of our platform, Mountain Protocol imposes basic weekly transaction limits for users. Higher transaction limits can be requested by submitting an application through the platform. Please note that any increase in transaction limit is subject to further due diligence by Mountain Protocol. We reserve the right to approve or deny such requests at our sole discretion, based on the results of our assessment and compliance with our internal policies and applicable regulations By using our services, you acknowledge and agree to abide by these limitations.
Transaction Processing: Mountain Protocol is committed to providing efficient transaction processing for our users. However, processing times may vary depending on various factors, including the blockchain network's congestion, transaction complexity, and required confirmation or settlement. While we strive to facilitate transactions promptly, we cannot guarantee immediate processing or completion of transactions.
Withdrawal and Liquidity SLA: Mountain Protocol keeps liquidity to facilitate 24/7 redemptions. This liquidity is sized to support business as usual redemptions. In case of large redemption flows, users would default to a T+2 business day withdrawal SLA. This SLA does not supersede delays required for Mountain Protocol to comply with regulatory or compliance obligations and also depends on the uptime of our financial partners.
Transaction Errors: Users are responsible for ensuring the accuracy of transaction details, including recipient addresses, amounts, and digital asset types. Mountain Protocol is not liable for any losses or damages resulting from user errors or inaccurate transaction information. Once a transaction has been initiated, it cannot be reversed or modified. Please verify all transaction details before submitting them for processing.
Compliance Checks: Mountain Protocol monitors and may review transactions to ensure compliance with our policies, as well as applicable laws and regulations. We reserve the right to delay, suspend, or cancel transactions that we suspect may involve illegal or fraudulent activities or that violate our terms and conditions. In such cases, we may be required to report the transaction to the relevant authorities.
8. Account Termination and Suspension
Termination by User: Users may terminate their account with Mountain Protocol at any time by following the account closure process provided on the platform. Upon termination, it is the user's responsibility to withdraw or transfer all digital assets from their own wallets.
Suspension by Mountain Protocol: We reserve the right to suspend or restrict access to your account and our services at any time, without notice, for reasons including but not limited to suspected violation of our terms and conditions, non-compliance with applicable laws and regulations, or involvement in any illegal or fraudulent activities. During the suspension period, you may not be able to access or manage your account or digital assets.
Termination by Mountain Protocol: Mountain Protocol reserves the right to terminate your account and access to our services at our sole discretion. Reasons for termination may include, but are not limited to, breach of our terms and conditions, failure to comply with applicable laws and regulations, or involvement in any illegal or fraudulent activities.
Consequences of Termination: Upon account termination, whether by the user or Mountain Protocol, users will lose access to all services and features provided by the platform. Mountain Protocol will not be liable for any losses, damages, or consequences resulting from account termination.
9. User Responsibilities
Compliance with local laws: Users are responsible for complying with all local laws in their specific jurisdiction, including financial, tax, and other legal obligations related to your use of our services.
Prohibited Activities: Users of Mountain Protocol's services are prohibited from engaging in any illegal, fraudulent, or malicious activities. This includes, but is not limited to, money laundering, financing of terrorism, illegal gambling, fraud, blackmail, extortion, ransomware, or any other activities that violate applicable laws, regulations, or our terms and conditions. Mountain Protocol reserves the right to monitor and investigate any suspicious activities and may take appropriate action, including account suspension or termination, and reporting to the relevant authorities.
User Responsibility for Account Security: Users are solely responsible for maintaining the security and confidentiality of their account information, including login credentials and any other sensitive information related to their Mountain Protocol account. You must promptly notify us of any unauthorized access to or use of your account or any other security breach. Mountain Protocol is not responsible for any losses or damages resulting from unauthorized access to your account or the use of our services by unauthorized parties.
9.4. Reliance: You will be bound by, and hereby authorise us, directly or through a third party, to accept and rely on, any agreements, instructions, orders, authorisations and any other actions made, provided or taken by anyone who has accessed or used your account regardless of whether the access is authorised or unauthorised.
10. Security and Fraud Prevention
Security: Mountain Protocol uses industry-standard measures to protect your accounts and assets, including encryption, multi-factor authentication, and regular security audits, to protect your account and digital assets from unauthorized access, loss, or theft.
Fraud Prevention: Mountain Protocol actively monitors for signs of fraud and suspicious activities on our platform. We may implement various tools and processes to detect and prevent fraudulent activities, such as transaction monitoring, user behavior analysis, and identity verification. If we detect any suspicious activities or transactions, we may take appropriate action, including freezing the affected accounts, blocking transactions, or reporting the incident to the relevant authorities.
11. Risk factors
USDM Reserves risk: USDM Reserves are held in short term US Treasuries. Defaults on these instruments could lead to loss of collateral value. USDM Reserves held to our account for and on behalf of eligible users equal in value to the USDM held by users, may be lost or inaccessible to users due to various factors including, without limitation, discovery of wrongful conduct, market manipulation, physical or digital attacks, insolvency of Mountain Protocol and other factors outside of our control.
Blockchain-Related risk: The use of blockchain technology entails inherent risks, such as irreversible transactions, which may lead to permanent loss of assets in cases of errors or unauthorized transactions.
Fork risk: The permissionless nature of blockchains means that existing supported blockchains may fork. Mountain Protocol will inform users in advance in case new forks are supported, so that users can track the blockchains where ownership of assets continues to be supported for redemptions.
Smart Contract Risk: Smart contracts used on the Platform may contain vulnerabilities or unforeseen issues that could result in asset loss or disruptions to our products and services. Mountain Protocol has taken steps to mitigate such risks, including audits and monitoring, but no smart contract is risk free.
Liquidity and Listing risk: Market fluctuations, changes in listing status, or other factors may impact the liquidity and value of digital assets held in your account.
Legal risk: Changes in laws or regulations in your jurisdiction or internationally may impact your ability to use our products and services or the legal status of your digital assets.
Regulatory Changes: Any digital asset such as USDM may decrease in value or lose all of its value due to legislative or regulatory activity, or other governmental or regulatory action. Governmental and regulatory authority regulation of digital assets is unsettled and rapidly evolving.
Exchange risk: The loss or compromise of digital asset exchanges may result in the loss of your assets or disruptions to our products and services.
Trading Risk: Trading digital assets involves inherent risks, including market volatility, and may result in the loss of some or all of your assets.
Banking Risk: Changes in banking relationships or regulations may impact the availability of our products and services, including the ability to deposit or withdraw fiat currency.
No Deposit Insurance: Mountain Protocol does not provide deposit insurance, and digital assets held in your account are not insured against loss.
Insurance: We have not obtained insurance coverage in respect of our business operations.
Third Party Platform risk: USDM’s permissionless feature enables 3rd party platforms to integrate without Mountain Protocol's consent. This may lead users to interacting with malicious contracts or contracts with security features that have not been assessed by Mountain Protocol. Mountain Protocol is not liable for losses related to the usage of 3rd party platforms.
Blocked addresses, Blacklisting and Forfeited funds: Mountain Protocol reserves the right to block certain USDM addresses and freeze associated USDM (temporarily or permanently) if it determines, in its sole discretion, that they may be associated with illegal activity or activity violating these Terms. If you send or receive USDM to/from a Blocked or Blacklisted Address, Mountain Protocol may freeze the USDM and take steps to suspend or terminate your USDM Account. In certain cases, Mountain Protocol may report suspected illegal activity to law enforcement agencies, which could result in the forfeiture of rights associated with your USDM, including redemption for USD. Mountain Protocol may also be required to freeze USDM or surrender associated USD if mandated by a legal order from a valid government authority.
Termination Risk: You may be unable to withdraw or transfer USDM prior to our termination of any products and services or your access to your account, in each case, resulting in the loss of any USDM remaining in your Hosted Wallet.
Inaccuracies Risk: Any USDM may be lost if sent to the wrong address (for example, but without limitation, if the address is improperly formatted contains errors, or is intended to be used for a different type of digital asset). Any USDM may be lost if sent to a correct address but the recipient does not act as intended. Your transaction request or email to us or via the Platform may be lost, intercepted or altered during transmission.
There are various risks you assume in relying on any text, graphics, user interfaces, information, data, tools, products, services, and other content (collectively, the "Content") provided by Mountain Protocol via the Platform, social media accounts of Mountain Protocol or its officers ("Social Media Accounts"), or any other means, including:
All Content provided by us is for informational purposes only. Nothing on the Platform or Social Media Accounts is a recommendation that you purchase, sell, withdraw, or hold USDM or that you pursue any strategy in respect of USDM. Nothing on the Platform or Social Media Accounts is intended to be, and you should not consider any of the Content provided to be, trading, investment, accounting, tax, legal, or professional advice of any kind.
The Content speaks only as of the date indicated, if any.
We make reasonable efforts to provide accurate Content, but at times we may not promptly update or correct the Platform or Social Media Accounts, even if we are aware it is inaccurate, outdated, or otherwise inappropriate.
We may change all or any portion of the Platform at any time without notice to you.
You agree that we are not liable for any action you take or decision you make in reliance on any Content.
All or any portion of the Platform may not be available and may not function properly at any time.
We make reasonable efforts and employ appropriate safeguards to avoid technological problems, but at any time, the Platform may have and may cause technological problems such as viruses and other damaging computer programming routines or engines.
We are not liable for any problems or issues affecting the software, networks, protocols, systems, and other technology including, any blockchain which has not been created by or for us (“Third-Party Technology”) and used to create, issue, transfer, cancel, use or transact in USDM.
We take reasonable security precautions when using the Internet, telephone, or other means to transport data or other communications, but disclaim liability for any interception of data or communications.
We are not liable for damage or injury caused by the performance or failure of performance of all or any portion of the Site or App.
We are not liable for any defects, delays, or errors in or resulting from your use of the Platform.
12. Prohibited transactions
12.1 In connection with your holding or use of USDM, you agree not to engage in the following activities:
Violate any applicable law, statute, ordinance, or regulation.
Intentionally defraud Mountain Protocol or other users.
Provide false, inaccurate, or misleading information.
Participate in any transaction involving the proceeds of illegal activity.
Knowingly sell or transfer USDM to US persons, breaching the terms and conditions.
12.2 Using USDM for transactions related to the following is prohibited, and Mountain Protocol reserves the right to monitor and, if appropriate, block or otherwise prevent transactions that relate to:
Restricted Persons and US persons, as defined in the Terms and Conditions.
Weapons, controlled substances, gambling activities, adult content and pornography, or money-laundering/terrorist financing.
Ponzi schemes, pyramid schemes, or multi-level marketing programs.
Goods or services that infringe on copyright, trademark, or proprietary rights.
Credit repair services or other services that may present consumer protection risks.
Court-ordered payments, structured settlements, tax payments, or tax settlements.
Unlicensed money transmitter activity, layaway systems, or annuities.
Cash intensive businesses
Counterfeit goods or fraudulent activities, such as wash trading or market manipulation.
Purchasing goods from "Darknet" markets or any other service or website that acts as a marketplace for illegal goods.
12.3. If Mountain Protocol learns you are engaging in any Prohibited Transactions, it will be considered a violation of the Terms and may result in the suspension or termination of your account, potentially leading to the forfeiture of any USD funds otherwise eligible for redemption. The company may also be required by law to inform authorities about such transactions and follow court orders regarding information and assets held in the account.
12.4 .The USDM Tokens are not offered OR SOLD, and will not be offered OR SOLD, in the United States or to US persons. In addition, the USDM Tokens have not been registered under the Securities Act of 1933, as amended (the “Act”) or the securities laws of any other jurisdiction, and may not be offered, sold or otherwise transferred in the United States or to US persons unless the securities are registered under the Act, or an exemption from the registration requirements of the Act is available.
13. Insufficient Funds
13.1. If a payment made to tokenize USD for USDM is reversed after the tokenization is completed, Mountain Protocol reserves the right to: (i) retroactively cancel the tokenization and deduct the USDM from your account, (ii) deduct such amounts from future USDM issuances or receipts, (iii) suspend your account until resolved, and (iv) pursue legal action or any other means of recovery available. You grant Mountain Protocol the right to block transactions involving USDM from your account and set off any fees or amounts owed against funds held on your behalf.
13.2. In case Mountain Protocol engages a third party for recovery of funds owed by you, you will be responsible for any fees or expenses incurred, including collection fees, legal fees, or convenience fees charged by third parties. You agree that communication regarding funds owed or a delinquent account will be made by email or phone, either by Mountain Protocol or a third party acting on its behalf. Note that engaging third parties for debt recovery may negatively impact your credit.
14. Third-Party Services and Links
14.1. Use of Third-Party Services: Mountain Protocol's platform may integrate with or provide access to various third-party services, tools, or platforms to enhance the user experience and provide additional functionality. By using these third-party services, you agree to their respective terms and conditions, privacy policies, and any other applicable agreements.
14.2. No Endorsement: The integration or provision of access to third-party services does not constitute an endorsement, guarantee, or recommendation by Mountain Protocol. We are not responsible for the content, accuracy, reliability, or performance of these third-party services.
14.3. Risks and Liability: You acknowledge that the use of third-party services may involve risks, including security, data privacy, or other risks, and that Mountain Protocol shall not be liable for any losses, damages, or other consequences arising from your use of such services.
14.4. Third-Party Links: Our platform or communications may contain links to external websites or resources operated by third parties. These links are provided for your convenience and reference only, and Mountain Protocol is not responsible for the content, accuracy, or security of these external websites. Accessing and using these external websites is at your own risk, and Mountain Protocol shall not be liable for any losses or damages resulting from your use of these websites.
15. No investment advice
15.1. Please note that Mountain Protocol does not provide any investment advice or recommendations regarding the purchase, sale, or holding of USDM or any other digital assets.
15.2. All decisions to buy, sell, or hold digital assets are solely the responsibility of the user. Users should conduct their own research, seek professional advice, and carefully consider the risks associated with digital asset transactions before making any decisions.
16. Representations and Warranties
By using Mountain Protocol's services, you represent and warrant the following:
16.1. Legal Capacity: You have the legal capacity and authority to enter into and be bound by these Terms and Conditions, and if you are representing an institution, you have the authority to bind the institution to these Terms and Conditions.
16.2. Compliance with Laws: You will comply with all applicable laws, regulations, and rules in your jurisdiction, including those related to financial transactions, taxes, and anti-money laundering.
16.3. Accurate Information: All information you provide to Mountain Protocol, including your registration and account information, is true, accurate, and complete, and you will promptly update any changes to this information.
16.4. No Conflicts: Your use of Mountain Protocol's services does not conflict with or violate any agreements, contracts, or obligations you have with any third parties.
16.5. No Illegal Activities: You will not use Mountain Protocol's services for any illegal or unauthorized activities, including, but not limited to, money laundering, terrorism financing, or other criminal activities.
16.6. No Infringement: You will not infringe upon any intellectual property rights, privacy rights, or other rights of Mountain Protocol or any third party in connection with your use of our services.
16.7. No Misrepresentation: You will not impersonate any person or entity, or falsely state or otherwise misrepresent your affiliation with any person or entity, in connection with your use of Mountain Protocol's services.
By using our services, you acknowledge that Mountain Protocol relies on these representations and warranties in providing our services to you, and that any breach of these representations and warranties may result in account suspension, termination, or other consequences as determined by Mountain Protocol at our sole discretion.
17. Disclaimer of Warranties, Limitation of Liability, and Indemnification
17.1. Disclaimer of Warranties: Mountain Protocol's services are provided on an "as is" and "as available" basis, without any warranties or representations, either express or implied, including but not limited to warranties of merchantability, fitness for a particular purpose, title, or non-infringement. Mountain Protocol does not warrant that our services will be uninterrupted, timely, secure, error-free, or free from viruses, bugs, or other harmful components. Your use of our services is at your own risk and discretion.
17.2. Limitation of Liability: To the fullest extent permitted by applicable law, Mountain Protocol and its affiliates, directors, officers, employees, agents, and licensors shall not be liable for any direct, indirect, incidental, special, consequential, or exemplary damages, including but not limited to damages for loss of profits, goodwill, use, data, or other intangible losses, resulting from your use of our services, even if Mountain Protocol has been advised of the possibility of such damages.
17.3. Indemnification: You agree to indemnify, defend, and hold harmless Mountain Protocol, its affiliates, directors, officers, employees, agents, and licensors from and against any and all claims, liabilities, damages, losses, or expenses, including reasonable attorneys' fees and costs, arising out of or in any way connected with your access to or use of our services, your violation of these Terms and Conditions, or your infringement of any intellectual property or other rights of Mountain Protocol or any third party.
By using Mountain Protocol's services, you acknowledge and agree to the disclaimers, limitations of liability, and indemnification provisions set forth in this chapter, and that they apply to the fullest extent permitted by applicable law.
18. Governing Law and Jurisdiction
18.1. These Terms and Conditions shall be governed by and construed in accordance with the laws of Bermuda, without regard to its conflict of laws principles. You agree to submit to the exclusive jurisdiction of the courts of Bermuda for the resolution of any disputes or claims arising out of or in connection with these Terms and Conditions or your use of Mountain Protocol's services.
18.2. Mountain Protocol is committed to complying with all relevant laws and regulations, including those pertaining to anti-money laundering (AML) and counter-terrorism financing (CTF). Our compliance efforts encompass guidelines and sanctions from various authorities, such as the Bermuda Monetary Authority (BMA), the US Treasury Department, the Office of Foreign Assets Control (OFAC), Her Majesty's Treasury (HM) List, CFSP (EU) Sanctions, the Financial Crimes Enforcement Network (FinCEN), the United Nations Security Council, the Financial Intelligence Agency (FIA), international regulators, and other applicable AML, anti-corruption, and economic sanctions laws. We have designed our policies and procedures to ensure adherence to these legal frameworks, maintaining the highest levels of transparency, security, and integrity. Users are also required to abide by these legal requirements and collaborate with Mountain Protocol in upholding a compliant and secure platform.
19. Dispute Resolution
19.1. Informal Resolution: If any dispute arises between you and Mountain Protocol in connection with these Terms and Conditions or your use of our services, both parties shall first attempt to resolve the dispute informally through good faith negotiations.
19.2. Arbitration: In the event that the parties cannot resolve the dispute informally, the dispute shall be settled by binding arbitration in accordance with the rules of the arbitration body selected by Mountain Protocol. The arbitration proceedings shall take place in Bermuda, and the language of the arbitration shall be English.
19.3. Class Action Waiver: You agree that any dispute resolution proceedings, including arbitration, will be conducted only on an individual basis and not in a class, consolidated, or representative action. You hereby waive any right to participate in any class action or class-wide arbitration against Mountain Protocol related to any claim or dispute.
20. Proprietary Rights
Ownership of Services
As between you and us, the products and services, the Platform and all technology, content, data and other materials used, displayed or provided or received by you in connection with the products and services and the Platform (collectively, the “MP Materials”) together with all intellectual property rights in any of the foregoing are owned by us.
Limitations
You may only use the MP Materials solely as authorised by us in connection with your use of the products and services for as long as we permit you to continue to access the products and services.
Without limiting the foregoing, you will not:
Resell, lease, lend, share, distribute or otherwise permit any third party to use the products and services, the Platform or MP Materials or use the the products and services, the Platform or MP Materials in any service bureau environment;
modify or create derivative works of the products and services, the Platform and MP Materials, or any portion thereof or any data or information received by you in connection therewith;
frame, display or incorporate the products and services, the Platform or MP Materials in any website or any other work of authorship;
decompile, disassemble, reverse engineer or attempt to discover the source code of the products and services, the Platform or MP Materials;
use the products and services, the Platform or MP Materials to design, develop or create any competing product or service; or
otherwise use the products and services, the Platform or MP Materials for any commercial or non-commercial purpose other than their intended purposes determined at our discretion.
"Mountain Protocol", "MP” and any product or service names, logos, and other marks used on the Platform or in the MP Materials, or otherwise in connection with the products and services, are trademarks and service marks owned by us or our licensors, as applicable. You may not copy, imitate or use them without our prior written consent.
Feedback
You hereby assign to us all right, title and interest to any feedback, suggestions, ideas, or other information or materials regarding Mountain Protocol or the products and services that you provide, whether by email, posting through the products and services or otherwise (“Feedback”) together with all associated intellectual property rights.
We will own all Feedback.
You will not be entitled to, and hereby waive any claim for, acknowledgment or compensation based on any Feedback or any modifications made based on any Feedback.
User Content
You hereby grant a royalty-free, fully paid-up, sublicensable, transferable, perpetual, irrevocable, non-exclusive, worldwide license to use, copy, modify, create derivative works of, display, perform, publish and distribute, in any form, medium or manner, any text, information, data, materials, images, or other content you provide to us using the products and services or submit or post to the Platform and that is not Feedback owned by us (the “User Content”) to Mountain Protocol.
You represent and warrant that:
you own the User Content or have the right to grant the rights and licenses in these Terms; and
the User Content, and use of the User Content by us as licensed herein, does not and will not violate, misappropriate or infringe on the rights of any third party.
At our sole discretion, we may remove any User Content from the Platform for any reason.
21. Miscellaneous
Entire Agreement: These Terms and Conditions, along with any additional terms and policies referenced herein, constitute the entire agreement between you and Mountain Protocol with respect to your use of our services and supersede any prior agreements or understandings between the parties.
Severability: If any provision of these Terms and Conditions is found to be invalid or unenforceable by a court of competent jurisdiction, the remaining provisions shall remain in full force and effect, and the invalid or unenforceable provision shall be deemed modified to the minimum extent necessary to make it valid and enforceable.
Waiver: No waiver by Mountain Protocol of any breach or default under these Terms and Conditions shall be deemed a waiver of any subsequent breach or default.
Assignment: You may not assign or transfer any rights or obligations under these Terms and Conditions without the prior written consent of Mountain Protocol. Mountain Protocol may freely assign or transfer its rights and obligations under these Terms and Conditions.
Force Majeure: Mountain Protocol shall not be liable for any failure or delay in performance due to circumstances beyond its reasonable control, including but not limited to acts of God, natural disasters, war, terrorism, labor disputes, or governmental actions.
Notices: All notices or other communications required or permitted under these Terms and Conditions shall be in writing and shall be deemed given when delivered personally, sent by email, or mailed by certified or registered mail, postage prepaid, to the respective parties at the addresses provided during registration or as otherwise specified by the parties in writing.
Potential Conflicts of Interest: You acknowledge and agree that we and our affiliates, shareholders, founders, principals, directors, officers, employees, and representatives or their respective affiliates (collectively, “Related Persons”) may directly or indirectly use the products and services or engage in transactions involving USDM for ourselves and themselves. You acknowledge and agree that we and Related Persons may have potential conflicts of interest. To the extent permitted by law, you hereby waive any claim against us or Related Parties alleging breach of fiduciary duties, conflict of interest, or other similar cause of action, relating to, in connection with, or arising out of our and/or any Related Parties directly or indirectly using the Services or engaging in transactions involving USDM.
Changes to Products and Services: We may and at any time, modify or discontinue, temporarily or permanently, all or any portion of any products and services, at our discretion and without liability to you, with or without prior notice.
Any provision of these Terms that expressly or by implication is intended to come into or continue in force on or after termination of products or services to a user shall remain in full force and effect and will service any termination of your access to products and services.
22. Electronic Notices
Consent to Electronic Delivery
You consent to receive all communications, agreements, documents, receipts, notices, and disclosures (collectively, “Communications”) that we provide in connection with these Terms, your account or any products and services, including updates we make to these Terms electronically.
You agree that these Communications may be provided to you by us posting them via the Platform, by emailing them to you at the email address you provide, and/or by sending an SMS or text message to a mobile phone number that you provide. Your carrier's normal, messaging, data, and other rates and fees may apply to any mobile Communications.
You should maintain copies of electronic Communications by printing a paper copy or saving an electronic copy.
You may also contact us to request additional electronic copies of Communications by sending an email to support@mountainprotocol.com.
Withdrawal of Consent
You may withdraw your consent to receive electronic Communications by sending a withdrawal notice to us to support@mountainprotocol.com.
In such a case, you agree to be informed via the postings on the Platform and by reading the most up-to-date documentation available on the Platform. All of your transactions and balances can be reviewed in the Platform.
Under no circumstances will we provide paper copies of documents nor mail any documentation to you. If you decline or withdraw consent to receive electronic Communications, we may suspend or terminate your use of the products and services.
Updating Contact Information
It is your responsibility to keep your email address, mobile phone number and street address on file with us up to date.
If we send you an electronic Communication but you do not receive it because your email address or mobile phone number on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic Communications, we will be deemed to have provided the Communication to you.
You can update your email address, mobile phone number or street address at any time following the procedure for updating your profile on the Platform. We may require you to provide certain identity verification information in order to effectuate updates of your email address, mobile phone number or street address.
If your email address or mobile phone number becomes invalid such that electronic Communications sent to you by us are returned, we may deem your account to be inactive, and you may not be able to use our products and services until we receive a valid, working email address or mobile phone number from you.
23. Contact Information
If you have any questions or concerns regarding these Terms and Conditions, or if you require any assistance or support related to our services, please feel free to contact us at support@mountainprotocol.com.
Our team is available to address your inquiries and provide guidance as needed. Your feedback and satisfaction are important to us, and we look forward to serving you.
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