1. Services and Account

1.1. Definitions

“Affiliates”: with respect to a person, a person that controls, is controlled by or under common control with such person; and “control” means the right to exercise, directly or indirectly, more than 50% of the voting securities of such person or the power to direct the management or policies of such person (and the terms “controlled by” and “under common control with” shall be construed accordingly).

“Annex”: annexures to these Terms, which may be in the form of hyperlinked documents, setting out provisions applicable for the relevant jurisdictions in which XREX provides its Services, XREX’s product and fee schedules.

“Applicable Law”: any applicable constitution, treaty, statute, rule, regulation, ordinance, order, directive, code, judgment, decree, injunction, or any interpretation, determination, award, permit, license, authorization, directive requirement, ruling or decision of, or agreement with, or by, a government authority, including Singapore Sanctions Laws.

“Business Day”: a day other than a Saturday, Sunday or public holiday in Singapore.

“AML/CFT”: anti-money laundering / combating the financing of terrorism.

“Communications”: includes announcements, agreements, disclosures, documents, mail (electronic) messages, notices and receipts.

“Conversion” and “convert”: an exchange between one type of Token to another type of Token, or between Token and Fiat Money.

“Cryptocurrencies” and “Digital Payment Tokens (DPTs)”: only blockchain-based fungible coins or tokens supported by XREX Pay and available on the Site. "DPTs" are used interchangeably with "Cryptocurrencies" under these Terms.

“Fee Schedule”: the schedule of fees for our Services as outlined in XREX Pay Help Center.

“Fiat Money”: government-issued currency.

“Feedback”: this term is defined in 4. Proprietary Rights relating to our proprietary rights.

“Formal Complaint” and “Formal Complaint Process”: these terms are defined in 9. Governing Law and Dispute Resolution relating to the resolution of any disputes with XREX.

“Funds”: the deposit of Tokens and/or Fiat Money from an e-wallet and/or bank account under the user’s name (and only their name) into his/her XREX Wallet and the Safeguarding Account (as the case may be) on the Site.

“Indemnified Parties”: XREX Pte. Ltd. and its Affiliates and their respective shareholders, directors, officers, employees, attorneys, agents, representatives, suppliers, and contractors.

“KYC”: know your customer.

“Parties”: you and XREX Pte. Ltd.

“Relevant Money”: any money that is received by XREX from, or on account of, you in respect of the provision of our payment services and which we continue to hold at the end of each Business Day, but does not include the following (1) any money paid to us to reduce the amount owed to us by you, (2) any money that is repaid by us to you, (3) any money which is paid to us, or which we have informed you, will be used to defray any fee or charge imposed by us for providing our payment services to you, (4) any money that is paid to a recipient in accordance with your instructions to us, (5) any money that is paid to any other person that is entitled to the money.

“Safeguarding Account”: designated trust bank account that XREX maintains with a bank in Singapore in accordance with Applicable Laws.

“Services”: all the features, functions, and services provided by XREX on the Site, XREX Pay and any APIs.

“SIAC” and “SIAC Rules”: these terms refer to the Singapore International Arbitration Centre and the rules which it publishes to regulate arbitration proceedings, respectively, and apply to the resolution of any disputes with XREX, as set out in 9. Governing Law and Dispute Resolution.

“Singapore Sanctions Laws”: the Terrorism (Suppression of Financing) Act 2002 and the respective regulations promulgated under the Monetary Authority of Singapore Act 1970, as amended, supplemented or replaced from time to time.

“Third-Party Content”: this term is defined in 4. Proprietary Rights relating to our proprietary rights.

“User Content”: this term is defined in 4. Proprietary Rights relating to our proprietary rights.

“XREX Account”: any user account provided by XREX for the purpose of using the Services, including but not limited to the XREX Wallet, Individual Accounts, Corporate Accounts, and Advanced Accounts (all as set out in section 1.4 herein).

“XREX Wallet”: the e-wallet address that XREX provides to you as part of the Services.

1.2. Eligibility for XREX Account application:

1.2.1. Any applicants located in, or of citizenship of, any countries or regions listed on this page will be denied for AML/CFT or other regulatory purposes. This list of the restricted and prohibited jurisdictions will be updated and revised from time to time at the sole discretion of XREX. If you change your residence or nationality, or both, to any jurisdiction on the list, you must notify XREX immediately and cease your use of our Services unless you receive written permission from XREX.

1.2.2. In order to use the Services, you must be at least 18 years of age, and you must have the authority to enter into and execute an agreement to these Terms. In order to leverage any part of the Services, you are required to provide personal information. You hereby warrant that any information provided by you is accurate, complete, and current and you accept that any inaccuracies may lead to XREX, in its sole discretion, ceasing its Services, freezing your XREX Account, assets, and access at any time and without prior notification.

1.2.3. You are not a designated individual or entity as defined or set out in the Singapore Sanctions Laws.

1.3. Relationship of the Parties:

1.3.1. XREX is an independent contractor for all purposes. Nothing in this Agreement is intended to or shall operate to create a partnership, joint venture, or employment relationship between you and XREX, or authorize you to act as agent of XREX.

1.4. XREX Account:

1.4.1. In order to access some of the Services, you must complete our identity verification questionnaire and provide accurate and truthful details and documentation as required by our policies and procedures. You agree that XREX may share the relevant data with certain third parties contracted by XREX to perform verification of the data and documentation provided by you and to ascertain your status as required by the Applicable Laws of the jurisdiction(s).

1.4.2. Individual Account: Each individual shall apply and control only one single account. Any requests for additional accounts will not be granted. Using a nominee account may result in the termination of your account.

1.4.3. XREX may, at our discretion and without liability to you, with or without prior notice and at any time, temporarily suspend or permanently terminate your access to all or a portion of any Services.

1.4.4. Corporate Account: Individuals with the intent to use the Services on behalf of an enterprise or legal entity must request a Corporate Account when such accounts are made available on our platform. If you use the Services on behalf of an enterprise or legal entity without registering for a Corporate Account, you do so at your own risk and you agree and accept that your XREX Account may be restricted, access to your XREX Account may be prevented, and access to your Funds may be withheld pending a full investigation of your background and the enterprise or legal entity on whose behalf you are accessing the Services. You also agree that your details and the results of such an investigation will be shared with the relevant regulatory authorities.

1.4.5. Advanced Account: At its sole discretion, XREX may grant additional benefits, rewards, or features for qualified users (either incorporated with their Individual Account or Corporate Account) as Advanced Account holders (such as premium accounts). Notwithstanding the foregoing, Advanced Account holders are still users under these Terms, not contractors, representatives, or agents of XREX, and you shall contact XREX directly to confirm the information regarding any benefits or rewards when using the Services for an Advanced Account.

1.4.6. Access to your Account: You must not sell or otherwise make your Account accessible to any unauthorised person. You are fully responsible for maintaining the security and confidentiality of your username, password and any other access credentials to use and/or access your Account, and all activities that occur in connection with your Account.

1.5. Responsibility for Actions

1.5.1. Authorized Actions: Any instruction or Communication sent from or is otherwise referable to your Account (e.g., an email sent from the email address that you have registered with us in setting up your Account), or any of your contact information, shall be deemed to be authorised and is binding on you. XREX is not obliged to verify the identity or authority of any persons using your Account and we shall be entitled to accept and place full reliance on any instruction or Communication sent from or is otherwise referable to your Account.

1.5.2. Unauthorized Actions:

1.5.2.1. Any unauthorised use of your Account will constitute a breach of this Agreement and in case of such breach, XREX has the right, without prejudice to any of our rights or remedies under Applicable Laws, to terminate, suspend or restrict your access to your Account, terminate the provision of all or part of the Services to you, as well as take any other action as we deem fit, whether for a specified period of time or indefinitely.

1.5.2.2. If you notice any unauthorised or suspicious log in or activity in your Account or in the event of any breach of security, loss, theft or unauthorised use of your username, password, security information or any other access credentials to access or use our Services, you must notify us immediately via the Customer Service portal at our Intercom chat and provide us with a police report and any other information and documents as we may require. You shall also immediately take steps to restrict access to your Account, which can be done via the Services or other means.

1.5.3. No Liability: You acknowledge and agree that none of the Indemnified Parties shall not be liable to you or any other person or entity for any direct, indirect, special or consequential losses (including loss of profits, business or opportunities), damages or costs by reason of, or arising from, or as a consequence of, your Account being used by a third-party, whether authorised or unauthorised by you.

1.6. Account Funding

1.6.1. Deposits:

1.6.1.1. Only users who have passed the KYC checks (including identity verification) can deposit Cryptocurrencies and Fiat Money from their e-wallet and/or bank account under their name (and their name only) into its XREX Wallet and its/their Safeguarding Account. You can view your balance of Tokens and Fiat Money from your XREX Account. If you send Cryptocurrencies to the incorrect e-wallet address or if you send unsupported token types, these may be lost forever, and XREX will not accept responsibility for such lost Funds or digital assets. Any funds you send to the XREX Wallet addresses or Safeguarding Account will not receive any interest unless specifically stated otherwise on the Site or the XREX Pay.

1.6.1.2. Deposit amounts may be subject to limits depending on the level to which you have verified your identity and/or provided additional information requested by us.

1.6.2. Withdrawal

1.6.2.1. Only users who have passed the KYC checks can withdraw Fiat Money and Tokens from XREX. You will be required to maintain enough Funds in your XREX Wallet or Safeguarding Account to cover any pending transactions and fees to be incurred. Any Funds in excess of those committed to your transactions may be withdrawn to an external e-wallet, in the case of Tokens, or to an external bank account under your name (and your name only), in the case of Fiat Money.

1.6.2.2. XREX may require you to verify your ownership of any external wallets or bank accounts prior to approving your withdrawal requests. Please note that XREX is unable to reverse any withdrawal transactions and therefore accepts no responsibility for amounts sent to incorrect, improperly formatted, or erroneous addresses, or addresses of a different type of Token than the one stipulated in the withdrawal request.

1.6.2.3. XREX has the right to impose such conditions and limits to the amounts that you can transfer in or out of your XREX Wallet and Safeguarding Account at any time, depending on third-party requirements such as those of financial institutions, or in accordance with our internal policies.

1.6.2.4. You hereby authorize XREX to deduct from the Funds in your XREX Account the fees charged by XREX before XREX sends the amounts to any approved external wallet address and/or bank account specified by you when using the Service.

1.6.3. Other Account Funding Terms

1.6.3.1. You hereby accept to bear any fees charged by third parties when making transfers to external wallet addresses or bank accounts, in addition to the fees charged by XREX when executing transfers on your behalf.

1.6.3.2. You also accept responsibility for ensuring that any transfer request, whether inbound or outbound, complies with XREX’s requirements under these Terms, with the requirements of any third-party service providers or Token requirements for processing such a request. For Token transfers, you accept all responsibility for ensuring e-wallet addresses are properly formatted, correct, and suitable for the type of Token being transferred.

1.6.3.3. You further accept responsibility for ensuring that there are no errors in your transfer instructions when using the Services. You hereby agree and accept that if you do not comply with any of the above requirements, your Tokens may be permanently lost and you agree to hold XREX harmless and waive any and all claims against XREX under such circumstances.

1.6.3.4. The timing of completion of transactions is contingent on the availability of third-party networks and XREX provides no guarantees as to how long it takes for a transaction to be completed.

1.6.3.5. XREX may suspend or even terminate your ability to make transfers into or from either your XREX Wallet or Safeguarding Account or both, in order to comply with Applicable Laws or at XREXʼs own discretion if XREX has reasonable grounds to suspect any wrong-doing on your part.

1.6.4. Notice relating to your Safeguarding Account

1.6.4.1. Your Relevant Money will be held by XREX in the Safeguarding Account together with, and commingled with, the relevant monies that we receive from other customers.

1.6.4.2. The risks of the commingling of your Relevant Money with those of other customers include (1) in the event of any loss of records of transactions of the Safeguarding Account, it may be difficult to identify or earmark your Relevant Money from those of other customers and (2) in the event of any misappropriation of funds in the Safeguarding Account, you may suffer loss of your Relevant Money.

1.6.4.3. If the bank at which we maintain the Safeguarding Account becomes insolvent, you may not be able to recover any of your Relevant Money if the bank’s assets are insufficient to satisfy the claims of its creditors or it may take a long time for you to recover your Relevant Money as the process of liquidation and the distribution of proceeds could take a long time.

1.7. Prohibited Use and Activities

1.7.1. You will not violate any law, regulation, contract, intellectual property, or another third-party right, or commit a tort while using the Services; use the Services in any manner that could interfere with, disrupt, negatively affect, or inhibit other users from fully enjoying the Services, or that could damage, disable, overburden, or impair the functioning of the Services in any manner; engage in any type of market manipulation. Market manipulation activities include, but are not limited to, pump and dump schemes, wash trading, self-trading, front running, quote stuffing, and spoofing and layering, regardless of whether it is prohibited by law; use the Services to pay for, support, or otherwise engage in any illegal gambling activities, fraud, money-laundering, or terrorist activities, or other illegal activities; use any robot, spider, crawler, scraper, or other automated means or interface not provided by us to access the Services or to extract data; use or attempt to use another userʼs account without authorization; attempt to circumvent any content filtering techniques we employ, or attempt to access any service or area of the Services that you are not authorized to access, or attempt to access the Services from any location or jurisdiction in which you are prohibited from accessing the Services; introduce to the Services any malware, virus, trojan worms, logic bombs, or other harmful material; develop any third-party applications that interact with our Services without our prior written consent, or unless otherwise agreed; provide false, discriminatory, bigoted, abusive, inflammatory, fraudulent, deceptive or otherwise objectionable; post content containing unsolicited promotions, political campaigning, or commercial messages (SPAM) or any chain messages or user content designed to deceive or trick the user of the Service; post content containing private information of any third-party including, but not limited to, addresses, phone numbers, email addresses, Social Security numbers, and credit card numbers; promote, offer, use or otherwise exploit the Services or use or otherwise exploit any data related thereto in connection with the formation, operation or offering of any index fund or similar product or any data package or similar product or any other derivative product utilizing the Site or the Services; or encourage or induce any third-party to engage in any of the activities prohibited under this Section.

1.7.2. Copyright Violations: XREX has a policy of limiting access to our Services and terminating the accounts of users who infringe our or others’ intellectual property rights. If you believe that anything on the Services infringes any copyright that you own or control, you may notify us via email at [e-mail]. In addition, please note that if you knowingly misrepresent that any activity or material on our Services is infringing, we shall hold you liable for all of our costs and damages caused by your misrepresentation.

1.7.3. Remedies: If you violate any of these Terms, XREX may, as it determines reasonably necessary to remedy or mitigate your violation, delete all or part of such information transmitted by you, suspend or cancel your account, or confiscate Tokens owned by you without any prior notice to you. XREX shall in no event be responsible or liable for any damage incurred by the user as a result of an action taken by us pursuant to this paragraph. Any right or remedy of XREX set forth in these Terms is in addition to, and not in lieu of, any other right or remedy whether described in these Terms, under the statute, at law, or in equity.

1.8. Termination

1.8.1. In the event of discontinuation of any or all Services or other termination of your right to access all Services: (a) all amounts payable by you to us will immediately become due; (b) we may delete or deactivate your XREX Account and all related information and files in such account without liability to you; (c) we may cancel any transaction requests that are pending at the time of discontinuation or termination.

1.8.2. In the event of discontinuation or termination of any or all Services or discontinuation or termination of transfer or storage Services for all or some Tokens, we will, unless prohibited under Applicable Laws give you a reasonable period to remove the affected Tokens and any Fiat Money from your XREX Account.

1.9. Unclaimed Property

1.9.1. If your XREX Account has been inactive for a continuous period of 12 months and you have not responded to reasonable attempts by XREX to contact you using the contact information you provided, XREX may have an obligation to report and/or turn over any Funds in your XREX Wallet or Safeguarding Account (after deducting fees payable to XREX) to the applicable government entity as unclaimed property.