Fyer
These terms are the agreement between you and New Frontier Labs LLC ("we", "us") for the Fyer app and anything you do through it. By creating an account you accept them. If you do not accept them, do not use Fyer.
- 01 What Fyer does
- 02 Who can use it
- 03 Your account
- 04 Deposits and conversion
- 05 Vouchers
- 06 Spending and balances
- 07 Refunds
- 08 Expiry
- 09 Fees and rates
- 10 What you must not do
- 11 Suspension and closure
- 12 What we are and are not responsible for
- 13 Third parties
- 14 Changes
- 15 Governing law
- 16 Contact
01What Fyer does
Fyer lets you send supported stablecoins and receive Korean tourism vouchers denominated in Korean won. You spend those vouchers at participating merchants in Korea by showing a code.
Fyer is a way to pay. It is not an investment product, a savings account or a trading venue. We do not give investment, tax or legal advice, and nothing in the app should be read as advice.
02Who can use it
- You must be at least 19 years old.
- You must hold a valid passport and complete the identity check in the app.
- You must be using Fyer for yourself, not on behalf of someone else.
- You must not be a person or entity subject to economic sanctions administered by the United States, the United Nations, the European Union or the Republic of Korea, and you must not be acting for anyone who is.
- You must not be barred from using a service like this under any law that applies to you.
03Your account
You complete an identity check before Fyer issues any value to you. You are responsible for giving us accurate information and for telling us if it changes.
Your PIN and your device protect your account. Keep the PIN to yourself. If you think someone else has reached your account, tell us at once — until you do, we have no way to know.
04Deposits and conversion
- Fyer accepts the stablecoins listed in the app. Sending any other asset, or using a network we do not support, may put it permanently out of reach — we cannot recover it.
- Send only from a wallet you control. Deposits from third parties may be reversed or held.
- A deposit is credited after the network confirms it. Confirmation time depends on the network, not on us.
- The rate applied is the one shown in the app at the moment of conversion.
05Vouchers
Vouchers are issued by a Korean tourism voucher issuer, not by us. We arrange the issuance and show it to you in the app.
- Vouchers are denominated in Korean won and can be used only in Korea, at participating merchants.
- A voucher has a validity period. Section 08 covers what happens at the end of it.
- Vouchers are for you. Do not sell them, trade them or pass them to anyone else.
- Where the issuer applies limits — per transaction, per day, per month — those limits apply to you as well. Current figures are shown in the app.
06Spending and balances
You spend by showing the code in the app at the counter. The amount is taken from your balance and the remainder stays available for next time.
The issuer's record is the one that counts. The app shows what the issuer has confirmed. If the two ever disagree, we investigate and correct our side; the issuer's figure decides the outcome.
07Refunds
You can ask to convert an unused balance back to stablecoin before you leave Korea.
- Refunds return to a wallet address you control.
- Amounts already spent cannot be refunded.
- Processing time and any fee are shown before you confirm.
- A refund may be delayed while a fraud or compliance check is open.
- You can refund an unused balance for 30 days after the voucher is issued.
- A refund fee of 1.00% of the refunded amount applies.
- The refund converts back at the rate in effect when you request it, not the rate you originally paid. If the rate moved against you, you receive less than you put in.
Purchases you make at merchants are between you and that merchant. Take those up with the merchant, not with us.
08Expiry
Vouchers expire at the end of their validity period. The app shows the date on each one and warns you as it approaches. Refund an unused balance before it expires.
Vouchers are valid for 365 days from issue. We rotate vouchers that are approaching expiry into fresh ones automatically, so a balance you are still holding does not lapse because we let it sit. If a balance does expire unused, it cannot be refunded or reinstated — the issuer treats an expired voucher as spent. Refund before the date shown on the voucher.
09Fees and rates
Every fee is shown before you confirm the action that incurs it. We do not take fees that were not on screen at that moment.
Rates move. The rate you see when you convert is the rate you get. Network fees charged by a blockchain are set by that network and are not ours.
| What | Fee |
|---|---|
| Converting stablecoin to a voucher balance | 0.30% of the amount converted |
| Exchange rate spread | 0.50%, already included in the rate you are shown |
| Refunding an unused balance | 1.00% of the refunded amount |
| Spending a voucher at a merchant | No fee |
| Blockchain network fee on your deposit | Set by the network, not by us |
If we change these we will tell you in the app before the change applies to you.
10What you must not do
- Use someone else's identity, or let anyone else use your account.
- Use Fyer to launder money, to move the proceeds of crime, or to fund anything illegal.
- Resell or transfer vouchers.
- Break, probe or overload the service, or work around its limits.
- Use Fyer for a business or to process payments for other people.
11Suspension and closure
We may suspend or close your account if:
- we are required to by law or by a competent authority;
- we reasonably suspect fraud, misuse or a breach of section 10;
- the identity check fails or turns out to be false;
- you ask us to.
We will tell you when we suspend an account unless the law prevents us. A balance that is lawfully yours will be returned once any investigation ends.
12What we are and are not responsible for
We are responsible for running the service with reasonable care and for our own mistakes. We are not responsible for:
- a blockchain network being congested, delayed, reorganised or unavailable;
- an asset you sent that we do not support, or a transfer sent to the wrong address;
- the value of any stablecoin changing;
- a merchant refusing a voucher, or the goods and services you bought;
- the voucher issuer's or the identity provider's own systems being unavailable;
- losses caused by someone using your PIN or device.
Where we are liable to you, our total liability for all claims arising in any 12-month period is limited to the greater of (a) the fees you paid us in that period and (b) the value of the transaction the claim relates to. We are not liable for indirect or consequential loss, or for lost profits.
Nothing here limits liability for fraud, for wilful misconduct or gross negligence, for death or personal injury, or for anything else that the law where you live does not allow to be excluded. If a part of this section is unenforceable where you live, the rest still applies.
13Third parties
Fyer depends on other companies: the voucher issuer, the identity verification provider, blockchain networks, and cloud infrastructure. Their terms apply to their part of what happens. We choose them with care but we do not control them.
14Changes
We may change these terms. The effective date at the top tells you which version is current. If a change materially affects you, we will notify you in the app before it takes effect, and you may close your account and withdraw your balance if you do not accept it.
15Governing law
These terms are governed by the laws of the State of Delaware, United States, without regard to its conflict-of-laws rules, because that is where New Frontier Labs LLC is formed.
Talk to us first. If something goes wrong, email contact@fypherusd.com and give us 30 days to put it right. Most problems are a reconciliation error and are fixed faster this way than through a court.
If that does not resolve it, a claim may be brought in the state or federal courts located in Delaware. This does not take away any right you have under the consumer law of the country you live in, including the right to bring a claim where you live if that law gives it to you.
16Contact
New Frontier Labs LLC · a Delaware limited liability company
Delaware State File Number 10363007
16192 Coastal Highway, Lewes, Delaware 19958, United States
contact@fypherusd.com
How we handle your data is set out in the Privacy Policy.