XREX BitCheck Service Agreement

All capitalised terms used herein, unless otherwise defined, have the meanings ascribed to them in 1. Services and Account on the General Terms and Conditions governing this Agreement.

The terms herein (the “Terms”) govern your use of the BitCheck offered by our platform (the "Platform"). Before using the BitCheck, you agree to be bound by the following Terms:

1. Definitions

1.1. “BitCheck” is XREXʼs proprietary escrow function which locks users’ Funds for a transaction until the BitCheck Issuer and BitCheck Recipient have each fulfilled their respective obligations for a DPT transfer to take effect.

1.2. “BitCheck Contract” is an optional add-on feature based on a specific BitCheck transaction for the purpose of documenting such a transaction.

1.3. “BitCheck Issuer” means the BitCheck User who initiates a BitCheck transaction with another BitCheck Recipient. “BitCheck Issuer” and “Bitcheck Sender” are used interchangeably, as the context requires.

1.4. “BitCheck Recipient” means the BitCheck User who receives a BitCheck from the BitCheck Issuer. “BitCheck Recipient” and “Bitcheck Receiver” are used interchangeably, as the context requires.

1.5. “BitCheck User” means BitCheck Issuer, BitCheck Recipient, or both, as the context may require. Only users who have completed XREX’s KYC checks to XREX’s satisfaction can be BitCheck Users.

1.6. “Voucher BitCheck” means a BitCheck service which excludes an escrow service.

2. Escrow Service via BitCheck

2.1. BitCheck Users may send a certain amount of their DPTs to another user of XREX. Such an amount of DPTs will be locked on the Platform immediately after a BitCheck is issued until (1) both the BitCheck Recipient and the BitCheck Issuer agree to cancel the BitCheck, or (2) the BitCheck Issuer releases the locked DPTs and the BitCheck Recipient accepts the relevant DPTs, i.e., the BitCheck Recipient may withdraw the relevant DPTs, including transferring them to external e-wallets outside XREXʼs control, only if the BitCheck Issuer releases the BitCheck.

(a) If the BitCheck Issuer and the BitCheck Recipient have any dispute regarding the locked DPTs while using BitCheck, the BitCheck Issuer and the BitCheck Recipient must resolve the disputes on their own. Upon the BitCheck Userʼs request, XREX, at its sole discretion, may facilitate amicable communication to resolve such disputes. However, XREX shall not have the obligation to do so and does not guarantee or promise any result or any kind of dispute resolution to BitCheck Users.

(b) Should such a dispute occur between the BitCheck Users, the BitCheck Issuer is not obliged to the BitCheck Recipient to release the relevant DPTs until the BitCheck Users resolve such dispute. You agree that XREX has no liability or responsibility for such withholding of the relevant DPTs and/or Funds, or for your inability to withdraw DPTs or Fiat Money or to execute Trades for the duration of any such withholding.

3. BitCheck Contract

3.1. When BitCheck Issuer issues a BitCheck or a Voucher BitCheck, it has the option to purchase a BitCheck Contract, a product that provides electronic documentation for the specific BitCheck transaction.

3.2. To complete the documentation of a BitCheck Contract, (i) the BitCheck Users have to consent to share their personal information with the other BitCheck User. Upon such consent from both the BitCheck Users, XREX will incorporate the BitCheck Users' personal information into the BitCheck Contracts; (ii) the BitCheck Issuer must select the genuine purpose of the BitCheck transaction and provide correct transactional information accordingly, and the BitCheck Recipient must review the BitCheck Contract. If the BitCheck Recipient considers these contents of the BitCheck Contract fair, accurate, and complete, they may agree and approve the BitCheck Contract; (iii) both BitCheck Users approve the content of the BitCheck Contract via their electronic signatures respectively.

3.3. To use the add-on BitCheck Contract to your BitChecks, you agree to share your personal information with the other BitCheck Contract User for the current and all subsequent BitCheck Contract transactions. Should you decide to withdraw your permission, you agree to stop using BitCheck Contract and contact our customer service immediately.

4. Fee

Please note that XREX may charge a fee to BitCheck Users for BitCheck and BitCheck Contracts. XREX reserves the right to adjust the applicable fee schedule.

5. Limitation of Liability

To the fullest extent permitted by law, XREX’s liability in the provision of the BitCheck service shall be limited up to the amount of service or product fees you pay for the relevant BitCheck or BitCheck Contract service.

6. Disclaimer on BitCheck and BitCheck Contract

6.1. BitCheck and BitCheck Contract are provided on a “AS IS” and “AS AVAILABLE” basis. To the fullest extent permitted by law, XREX disclaims any representations and warranties of any kind, whether express, implied, or statutory, including, but not limited to, the warranties of merchantability and fitness for a particular purpose.

6.2. The nature of the BitCheck Contract is electronic documentation which is initiated, reviewed, and approved by both BitCheck Users. XREX does not verify nor endorse the agreement. Under no circumstances shall XREX be liable for any damages or loss related to or arising from the use of BitCheck, BitCheck Contract, or both.

6.3. Because the BitCheck Contract is a documentation tool, you agree to take full responsibility for the accuracy and completeness of your BitCheck Contract. XREX does not verify or endorse the BitCheck Contract you created or signed, nor does it offer legal advice. Because whether your BitCheck Contract is legally binding on both parties depends on a variety of factors, XREX highly recommends that you seek legal advice before entering into any BitCheck Contracts.

6.4. Every BitCheck Contract contains personal information automatically retrieved from our KYC database. Therefore, if you decide to create the BitCheck Contract for your BitCheck transaction, you and your BitCheck Receiver are each deemed to consent to: (i) the right for XREX to share your information with the other party, AND (ii) the permission for the other BitCheck User to receive your information. BitCheck Contract Users are obligated to keep personal information in confidence unless they explicitly agree otherwise.

6.5. You must keep your information up to date when using all of XREXʼs services and products, including BitCheck Contract. You consent to share your personal information with the BitCheck Receiver or the BitCheck Sender for the current and subsequent BitCheck Contracts, unless you inform XREX otherwise.