Cryptocurrency Risk Disclosure Statement

Cryptocurrencies are unregulated in Australia
Cryptocurrencies are not currently regulated as financial products under the Corporations Act 2001 (Cth) or under Australian law. Cryptocurrency markets are also not currently regulated by Australian law. Consumer protections are therefore minimal and you may not be protected if any cryptocurrency which you have invested in fails or any service provider involved in providing you with cryptocurrency fails.

Unlike other trading services offered by Syfe such as that in relation to stocks, the cryptocurrency trading services provided by Syfe are not covered under the corporate authorised representative arrangement with Sanlam Private Wealth Pty Ltd (AFSL 337927).

Laws and regulations relating to cryptocurrencies and other digital assets may change at any time. Such changes may affect the availability of our cryptocurrency trading services and our platform as well as the value of your investments.
Risks of cryptocurrencies
Cryptocurrencies are not securities and are not FDIC-insured or protected by SIPC. They are also not protected under any financial claims schemes or investment compensation or insurance schemes, whether administered in Australia or otherwise. Cryptocurrencies are speculative and highly volatile, can become illiquid at any time, and are for investors with higher risk appetite. It is possible for the value of cryptocurrency to decrease to zero or near zero in a very short amount of time. Transactions in cryptocurrency may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be revocable. The nature of cryptocurrency may lead to an increased risk of fraud or cyber-attack. Investors in cryptocurrencies could lose the entire value of their investment.

The nature of cryptocurrencies means that they are digital and not tangible. They are therefore at risk of being hacked or affected by technical problems. This could result in you losing your investments or delay your ability to transact with them.

Cryptocurrencies carry with them the risk of being delisted, removed, or cancelled from one or more exchanges or trading venues or otherwise unable to be supported by Syfe or its partners. In that event, Syfe or its partners may, but are not obliged to provide you with notice. You acknowledge that steps may have to be taken by you to preserve the value of your investment in that event. Syfe and its partners shall not be held responsible in any way whatsoever for any losses you may incur arising out of or in connection with any such event. 

The partners Syfe works with to provide cryptocurrency trading services (including the custody of the cryptocurrencies) to you may be from outside Australia. Cryptocurrencies and their related services may also not be regulated within those jurisdictions. Accordingly, you may not be afforded certain consumer protections in those jurisdictions in relation to cryptocurrencies than if you were investing in regulated financial products or securities of those jurisdictions.

The partners may also not be licensed or regulated under Australian law. If for any reason, the partners do not meet their obligations, whether due to negligence, hacking, insolvency, or otherwise, you may have little recourse to them. Syfe will not be responsible under any circumstances for any such damage or loss.

Our partner, Alpaca Crypto LLC, has released their cryptocurrency risk disclosure statement here. You are strongly advised to read and understand the statement fully before investing in cryptocurrencies.
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