Risks associated with crypto-asset transactions

Scope of this warning

ClearFiat converts crypto-assets into fiat currency. You request a quotation, send crypto-assets to a deposit address of the operator, and the fiat amount is then paid to the receiving method you have chosen. This warning describes the risks specific to this transaction and does not replace the general terms and conditions, which it supplements. It does not restrict any of the rights that applicable law grants you as a customer. It concerns you regardless of your experience with crypto-assets.

• Accepted assets: BTC on the Bitcoin network, ETH on Ethereum, USDT and USDC with mandatory explicit network
• Available receipt methods: SEPA transfer, SWIFT transfer, PayPal
• Local rails not available: ACH, Pix, SPEI, UPI, Interac, Faster Payments, NPP, DuitNow, mobile money
• Minimum amount: equivalent of 70 EUR; maximum amount per transaction: equivalent of 50 000 EUR

Volatility and risk of total loss

The price of crypto-assets fluctuates sharply, without ceiling and without notice. A variation of several per cent within a few minutes is an ordinary situation and not an incident. The value of a crypto-asset may become zero and never recover. ClearFiat guarantees neither a price nor the maintenance of the value of the assets you hold before converting them. The fiat amount quoted in a quotation is firm only during its validity period of 120 seconds.

No deposit guarantee

The crypto-assets you send and the funds to be paid are not covered by any deposit guarantee scheme. They do not benefit from any investor compensation scheme. You do not have any protection equivalent to that attached to funds deposited in a bank account. In the event of the operator's insolvency, no guarantee fund will compensate you, irrespective of its contractual liability.

Irreversibility of transfers

A transfer of crypto-assets recorded on a public chain is final. Neither you, nor ClearFiat, nor any third party can cancel, recall or redirect it. An error made by the sender at the time of sending is therefore irreversible, and ClearFiat has no technical means of recovering the sums concerned. Check the deposit address, the network and the amount before confirming your transfer.

Network or address error

USDT and USDC circulate on several networks. You must choose the network explicitly: no fallback network is applied automatically. A transfer made on an unsupported network, or to an incorrect address, results in the definitive loss of the amounts sent. The same requirement applies to BTC, to be sent on the Bitcoin network, and to ETH, to be sent on Ethereum.

• BTC: Bitcoin network only
• ETH: Ethereum network only
• USDT and USDC: network must be selected explicitly, with no automatic fallback
• Copy the displayed deposit address rather than typing it manually.

Congestion and chain reorganisation

The time taken for a transaction to be processed depends on the network used, and not on ClearFiat. In times of congestion, a transaction may remain unconfirmed for an unpredictable period, including beyond the 30-minute deposit window. Deposits are detected by polling every 30 seconds, which adds a detection delay. Furthermore, a transaction that has already been observed may be invalidated by a chain reorganisation, which delays or prevents the payout.

Quotation, deposit window and price spread

A quotation is valid for 120 seconds. After this period, it expires and a new price must be requested. After acceptance, you have a 30-minute window to send the crypto-assets. The price is established from several providers, and a spread of more than 150 basis points between them may prevent a quotation from being established. A deposit received outside the window, of an amount different from the quoted amount, or outside the service limits, is not processed under the conditions of the initial quotation; the handling of such a deposit, whether a new quotation or a refund, is described in the general terms and conditions.

• Validity of a quotation: 120 seconds
• Deposit window: 30 minutes after acceptance
• Detection of deposits: polling every 30 seconds
• Maximum permitted spread between price providers: 150 basis points
• Beyond the equivalent of 12 000 EUR over 12 months, enhanced identity verification is required; this is an internal rule of the operator, and not the performance of a regulatory obligation, and the transaction is refused if it is not satisfied.

Counterparty and service provider risk

The fiat payment is triggered manually by the operator, after verification. No automatic reconciliation between the transaction received and your order is currently in place: a deposit may remain unallocated for a certain time and the payment depends on human intervention. The operator remains bound to the proper performance of the operation, and this warning neither limits nor caps its liability. You nevertheless remain exposed to its failure, with no supervisory authority to apply to and no compensation mechanism. The payment also depends on third parties over whom ClearFiat has no control.

• Delay, rejection or blocking decided by the beneficiary's bank or by the payment service provider
• Fees charged by intermediary banks on a SWIFT transfer
• Unallocated deposit, due to the absence of automatic reconciliation between the transaction and the order
• USDT and USDC depend on their issuer, over which ClearFiat exercises no control, and do not have the same status in the European Union: the issuer of USDC is authorised there, that of USDT is not.

Limited remedies

Complaints must be sent in writing to the contact address published in the legal notices. No consumer ombudsman has been appointed. No supervisory authority can be seized of a complaint relating to this service, since it is not authorised. This situation does not remove any of the rights that the applicable law grants you, but it makes their exercise more difficult in practice. Take these limitations into account before sending crypto-assets.

Final commitment and right of withdrawal

The amount offered to you is based on a market rate that the operator does not control. For this reason, once the quote is accepted and the crypto-assets are sent, the conversion transaction does not give rise to any right of withdrawal: you may not reverse the transaction on the grounds that the rate has changed. The general terms and conditions set out the exact rules on this point. The absence of a right of withdrawal does not deprive you of any other right, including the right to obtain performance of the transaction or compensation for any breach by the operator.

Exchange rate risk and actual cost

The service fees are 1,90 % of the converted amount, with a minimum per currency, for example 2,50 EUR or 3,00 USD. For small amounts, this minimum represents a proportionally higher share of the transaction. You will receive the currency you have selected among those offered; if your expenses are denominated in another currency, your bank may charge you an additional conversion. The fees charged by the blockchain network upon your remittance are set by that network and are beyond ClearFiat's control. The final fiat amount therefore depends on the exchange rate applied, the service fees, and deductions made by third parties.

Taxes are your responsibility

The conversion of crypto-assets into fiat currency may constitute a taxable event. The tax consequences depend on your country of residence and your personal circumstances. The declaration, calculation and payment of tax are entirely your responsibility. ClearFiat does not provide any tax advice and does not complete any formalities on your behalf.

Regulatory status of the operator

The operator identified in the legal notices is not authorised as a crypto-asset service provider under Regulation (EU) 2023/1114. The service is not supervised by the Autorité des marchés financiers or by any other competent authority of the European Union. You therefore do not benefit from any of the protections associated with that status. ClearFiat may not provide its services to clients established or located in the European Union until the operator is authorised.

• No regulatory segregation of client assets
• No regulatory capital requirements
• No complaint procedure enforceable before a supervisory authority
• No liability regime under Regulation (EU) 2023/1114 in the event of loss of crypto-assets, the operator's general liability remaining applicable
• No deposit guarantee scheme or investor compensation scheme

What ClearFiat does not do

ClearFiat carries out a one-off conversion of crypto-assets into fiat currency, and nothing else. No investment advice, no personalised recommendation and no financial analysis is provided to you. No return, no performance and no gain is promised, suggested or guaranteed. The operator does not offer any custody service and does not hold any balance at your disposal between two transactions: the crypto-assets received are received for the execution of the requested transaction.

• No investment advice or personalised recommendation
• No custody service or balance held between two transactions
• No promise of return or performance
• Neither a trading platform, nor execution of orders on behalf of third parties