MagicBeanz Terms of Service

Last Updated: April 9, 2025

These Terms of Service (this “Agreement” or “Terms”) govern your access to and use of the MagicBeanz mobile application and related services (collectively, the “Service” or “Services”), provided by Permission Labs Inc. (referred to as “Permission Labs,” “we,” “us,” or “our”). Permission Labs Inc. is a company incorporated under the laws of the Republic of Korea. By downloading, accessing, or using MagicBeanz, you acknowledge that you have read, understood, and agree to be bound by this Agreement. If you do not agree to these Terms, you must not use the Service.

1. Acceptance of Terms

By creating an account, installing or using the MagicBeanz app, or otherwise accessing the Services, you accept and agree to these Terms and all policies referenced herein (such as our Privacy Policy). This Agreement constitutes a legally binding contract between you and Permission Labs. You represent that you have the authority to enter into this Agreement. If you are using the Service on behalf of an organization or entity, you represent and warrant that you are authorized to bind that entity to this Agreement, in which case “you” or “User” will refer to that entity.

Please read these Terms carefully before using MagicBeanz. This Agreement contains important provisions, including disclaimers of warranties, limitations of liability, and indemnification obligations by you. It also specifies the applicable law and jurisdiction for disputes. If you do not agree with any part of this Agreement, do not use the Service.

2. Eligibility

You must meet the following eligibility criteria to use MagicBeanz:

• Age and Capacity: You must be at least the age of majority in your jurisdiction (e.g. 18 years old in most U.S. states) and have the legal capacity to enter into this Agreement. By using the Service, you represent and warrant that you are of legal age and capacity to form a binding contract with us. If you are under 18 (or the age of legal majority where you live), you are not permitted to use MagicBeanz.
• No Prohibited Persons or Regions: You represent that you are not (a) subject to any trade or economic sanctions, or identified on any list of prohibited or restricted parties (including, but not limited to, the U.S. Treasury Department’s list of Specially Designated Nationals), and (b) not a citizen or resident of any country or region that is subject to comprehensive U.S. sanctions (e.g., currently Crimea, Cuba, Iran, North Korea, Syria, or any other territory designated by the U.S. government). We may restrict or refuse access to the Service in certain jurisdictions as required by law. You agree that you will not use or attempt to use the Service if any of the above restrictions apply to you.
• U.S. Users: The Service is directed towards users in the United States. By using MagicBeanz, you acknowledge that you are using a service targeted at U.S. users and you agree to comply with all applicable U.S. federal and state laws and regulations. If you access the Service from outside the United States, you do so on your own initiative and are responsible for compliance with any local laws that apply to you.
• Compliance with Law: You represent and warrant that your use of MagicBeanz will fully comply with all laws and regulations applicable to you. You will not use the Service to conduct, promote, or facilitate any illegal activity.

If you do not meet these eligibility requirements, you must not use the Service. We reserve the right to refuse access to the Service (or any portion thereof) to anyone who does not meet the eligibility criteria, or who otherwise violates these Terms.

3. Description of Services

MagicBeanz is a mobile self-custody blockchain wallet that utilizes smart accounts to enable users to manage digital assets on supported blockchain networks. The Service allows you to store, send, receive, and otherwise interact with cryptocurrencies, tokens, and other blockchain-based assets and features. Key characteristics of our Service include:

• Self-Custody Wallet: MagicBeanz is a non-custodial application. This means we do not hold or store your private keys, backup phrases (seed phrases), or any assets on your behalf. You retain full control over your blockchain wallets and assets at all times through the App’s interface.
• Smart Accounts: MagicBeanz may use smart contract-based accounts (“smart accounts”) to provide enhanced functionality (such as multi-signature authorization, account recovery options, or transaction batching). These smart accounts operate on blockchain networks via smart contracts. While we provide the interface to interact with them, the actual execution of transactions is carried out on the blockchain and not by Permission Labs.
• Supported Networks and Services: The App may support multiple public blockchain networks (such as Ethereum or others) to facilitate your transactions. MagicBeanz may also integrate or provide access to third-party decentralized applications (“dApps”), decentralized exchanges, NFT marketplaces, or other blockchain services for your convenience. Important: Any such third-party services accessible through MagicBeanz are not operated by Permission Labs, and we do not control or assume responsibility for them (see Section 7 and Section 8 for more on third-party disclaimers and limitations of liability).
• User Responsibility: Because MagicBeanz is a self-service tool, all transactions initiated through the App are executed by you (the user). We simply provide software to facilitate those user-initiated transactions. Permission Labs is not a broker, exchange, custodian, or advisor. We do not execute trades or transfers on your behalf; when you use MagicBeanz to transact, you are instructing the relevant blockchain network yourself via your device and keys.
• No Key Storage: We do not have access to your private keys or seed phrases. The App may help you generate and store your keys locally on your device (or a storage mechanism you choose), but those keys are encrypted and under your control. We cannot recover your keys or access your accounts. You are solely responsible for safely backing up and storing your wallet credentials.