Common use of Reversals; Cancellations Clause in Contracts

Reversals; Cancellations. You cannot cancel, reverse, or change any conversion transaction marked as complete or pending. If your payment is not successful or if your Account has insufficient funds, you authorize Bank, in its sole discretion, to cancel the transaction. You are responsible for maintaining an adequate balance in your Account in order to avoid overdraft, NSF, or similar fees. Bank reserves the right to refuse to process, or to cancel or reverse, any purchases or sales of digital currency in its sole discretion, even after funds have been debited from your Account, if Bank suspects the transaction involves (or has a high risk of involvement in) money laundering, terrorist financing, fraud, or any other type of financial crime; in response to a subpoena, court order, or other government order; if Bank reasonably suspects that the transaction is erroneous; or if Bank suspects the transaction relates to Prohibited Use or a Prohibited Business as set forth below. In such instances, Bank will reverse the transaction and we are under no obligation to allow you to reinstate a purchase or sale order at the same price or on the same terms as the canceled transaction.

Appears in 2 contracts

Sources: Digital Currency Custody Account Agreement, Digital Currency Custody Account Agreement