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Risk Warning - Notice to UK Users  

Estimated reading time: 2 mins

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

What are the key risks?

1.You could lose all the money you invest

The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in crypto assets.

The crypto asset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.

2.You should not expect to be protected if something goes wrong

The Financial Services Compensation Scheme (FSCS) doesn’t protect this type of investment because it’s not a ‘specified investment’ under the UK regulatory regime – in other words, this type of investment isn’t recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker here.

The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm. Learn more about FOS protection here.

3.You may not be able to sell your investment when you want to

There is no guarantee that investments in crypto assets can be easily sold at any given time. The ability to sell a crypto asset depends on various factors, including the supply and demand in the market at that time.

Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your crypto assets at the time you want.

4.Cryptoasset investments can be complex

Investments in crypto assets can be complex, making it difficult to understand the risks associated with the investment.

You should do your own research before investing. If something sounds too good to be true, itprobably is.

5.Don’t put all your eggs in one basket

Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.

A good rule of thumb is not to invest more than 10% of your money in high-risk investments. Learn more here.

If you are interested in learning more about how to protect yourself, visit the FCA’s website here.

For further information about cryptoassets, visit the FCA’s website here.

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Account & Profile

Why was my account was deactivated?

There are various circumstances that may necessitate the closure of your Tap account. Unfortunately, due to regulatory constraints, we are unable to disclose the specific reason for account deactivation. Please be advised that our Customer Support team does not have access to this information.

Here are various reasons why we may be compelled to close an account, which may include circumstances such as :

- Suspected account duplication
- Potential security breaches
- Unfulfilled transactions.

However, this list is not exhaustive, and additional reasons for account closure can be found in our Terms & Conditions.

It is important to emphasise that Tap approaches account deactivations with great care and attention. We understand that the process might cause inconvenience to you, and we are committed to facilitating this transition in the most efficient and seamless manner possible.
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‍Pending payments‍

In the event of account deactivation, any pending payments will be automatically canceled. Following a thorough account review, we will initiate the process of returning any funds that you may have previously transferred, utilizing the same method through which they were originally received.

Please be advised that refund processing timeframes are dependent on the payment method used for the transfer :

By card : 3 – 10 working days

By bank transfer: 2 – 10 working days
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Remaining balances & statements‍

In the event that funds remain in your Tap Balances upon the closure of your account, our team will initiate the process of returning the funds to your designated bank account.  Prior to initiating the refund process, please be advised that due diligence procedures must first be conducted to ensure compliance with relevant regulations and policies. During this period, rest assured that we will take all necessary steps to safeguard your funds and personal information during this process.

Following deactivation, you will no longer have access to your account information. Nevertheless, should you require balance statements for tax or other lawful purposes, please do not hesitate to contact our support team via email at support@withtap.com
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What can I do next?

Complaints may also be lodged for a review of your case. Please be aware that the complaint review does not involve reconsidering the account deactivation or expediting refunds or due diligence procedures.

We aim to review complaints within 15 business days. However, we must acknowledge that the complexity and geographic location of the matter may necessitate a longer review period. We appreciate your understanding and patience as we work to provide you with a fair and just resolution.

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