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PEXX Website Terms of use

1. Why this information is important

These terms and conditions govern the relationship between you and us. They apply when you: use the PEXX app to buy, sell, deposit, withdraw, transfer cryptocurrency; or send cryptocurrency to other PEXX accounts (sometimes called an “off-chain transfer”). They also set out other important things that you need to know. These terms and conditions, along with any other documents we give you that apply to our services, form a legal agreement (the “agreement”) between: you; and us, PEXX Technology Ltd. We are a company registered in the republic of Singapore under company number 202322803W and have our registered office at 3 Shenton Way, #11-10 Shenton House, Singapore 068805. By entering into the agreement, you are appointing us as your agent to provide our services (services that allow you to buy, sell, deposit, withdraw, transfer cryptocurrency). You are also appointing us to provide nominee services, which means that we will act as your ‘nominee’ for the purpose of holding your cryptocurrencies. If we see fit, we may appoint another person or organisation to hold your cryptocurrencies. That person or organisation would be referred to as a sub-custodian. Please read these terms and conditions carefully. To use our services, you must have a payment account with PEXX. We call this your “PEXX account”. Your PEXX account is used to make and receive payments for our crypto services. The PEXX company you hold your PEXX account with will depend on where you live. Cryptocurrencies are not e-money in your PEXX account. They are decentralised and may be regulated in a specific jurisdiction only for the purposes of anti-money laundering and counter-terrorist financing. When you buy cryptocurrency through the PEXX app, it will not be protected by any deposit insurance scheme and if you have a complaint it is not likely to fall within the scope of the jurisdiction of the any financial ombudsman service. We do not provide any investment advice relating to any of our services. You should carefully consider whether your personal situation and the financial risks you are willing to take. You may want to speak to an independent financial adviser.

2. The FIAT and cryptocurrencies available

The fiat and cryptocurrencies available through our services from time to time are shown in the app. We’ll also do our best to let you know in advance if we decide to stop offering a fiat or cryptocurrency, although, it may not always be possible to give you advance notice, for example in an emergency (e.g. if a cryptocurrency becomes illegal due to a sudden change in applicable laws and regulations or if a cryptocurrency suddenly changes the way it functions or its name). To make sure you have safe access to our services, download any updates for your device or the PEXX app as soon as they become available. We call our services that allow you to buy, sell, deposit, withdraw, and transfer cryptocurrency our crypto services. Buying cryptocurrency, selling, depositing, withdrawing & transferring To use our crypto services, you must have a payment account with a company in the PEXX group, which we call your “PEXX account”. Your PEXX account is used to make and receive payments for our crypto services. There won’t be any contractual relationship between you and our partnered cryptocurrency exchanges or any sub-custodian we appoint.

3. Buying Cryptocurrency

You can buy cryptocurrencies in the following ways. They are: You can “buy now”, and buy cryptocurrency straight away. You can set up an “auto exchange”, and buy cryptocurrency in the future, if the exchange rate hits the target rate you set. You can set up a “recurring buy”, and buy cryptocurrency at regular intervals in the future, at the exchange rate at each individual time. If you "buy now", we’ll follow the procedure below: You tell us how much e-money you want to spend and we'll let you know how much cryptocurrency you can buy (using the exchange rate at the time). If you click ‘exchange’, and we accept your instruction, we’ll buy the cryptocurrency from our partnered cryptocurrency exchanges. Sometimes, for reasons beyond our control, we won’t be able to buy cryptocurrency for you. If this happens we’ll let you know and, if we can buy the cryptocurrency, we’ll take the e-money you told us you wanted to spend from your PEXX account and hold the cryptocurrency for you. Limits We may limit the amount of cryptocurrency you can buy. We will tell you the amount of any limit before we accept your instruction. Refusing your instructions Sometimes we might refuse your instruction to buy or sell cryptocurrency. If we do, we will not be responsible for any losses you suffer as a result. We may refuse your instruction if: there is not enough cryptocurrency available in the market; one of our partnered crypto exchanges is not available (for example, one of them could have a disrupted service); we have good reason to suspect that your instruction was for illegal purposes (for example, to commit fraud); or we have good reason to believe that your instruction could badly affect our reputation or goodwill. Cancelling your instructions You cannot cancel any instruction to buy cryptocurrency made using “buy now”. How we hold cryptocurrency as your nominee You will own the rights to the financial value of any cryptocurrency we buy for you. We will hold your cryptocurrencies on your behalf and you will have a right (called a ‘beneficial right’) to them. This means you can tell us when to sell or transfer it (within the limits of these terms and conditions). You have complete control of your cryptocurrencies, and we will only act upon instructions you give us. You will not be able to carry out transactions yourself. The cryptocurrency we buy for you is held in a ‘virtual account’ that also holds cryptocurrencies for PEXX customers. You will not have a separate cryptocurrency account. You can use the PEXX app to see the amount of cryptocurrency we’re holding for you. There won’t be any contractual relationship between you and our partnered cryptocurrency exchanges or any sub-custodian we appoint.

4. Selling cryptocurrency

If you instruct us to sell cryptocurrency we will: sell the cryptocurrency at the exchange rate at the time; and add the proceeds from the sale to your PEXX account. You cannot receive the proceeds from a sale in any other way. Sometimes, we may pre-fund the payment of the proceeds of a sale into your PEXX account, before we actually receive those proceeds from the exchange. If we do, and the payment fails to arrive from the exchange or the sale does not otherwise proceed, you agree that we can reverse or put a hold on the payment we have pre-funded.

5. Depositing, withdrawing, transferring or spending cryptocurrency

Depositing cryptocurrency from an external wallet You can deposit cryptocurrency into your PEXX wallet from an external address. No fee applies to deposits, and we do not receive any fee payment whatsoever. However your originating wallet or third party service may charge a fee for the transaction as it is a withdrawal from that location. Like with our other currency transfers, we apply financial crime and sanctions checks and we may from time to time ask you to provide additional information. Our review may also result in us blocking a deposit, asking you to return a deposit (network fees apply) or retaining a deposit in order to comply with legal obligations. PEXX will not be liable for any losses, whether realised or unrealised, if your funds are retained or in cases where we are not able to accept your deposit. Funds deposited from a source that has been identified as being sanctioned will be frozen until either: the sanctions rules change or until you receive a “Release of Blocked Funds” license from the appropriate sanctions organisation PEXX will not be liable for any losses whether realised or unrealised whilst your funds are frozen. PEXX is not liable for any losses you incur related to a transfer of any cryptocurrency to or from an external wallet. Please note that we collect and share information in order to comply with legal and regulatory requirements and for the purposes of crime and fraud prevention. Please also note that once you have closed your PEXX account (or whilst your account is in the process of being closed), you should not attempt to send any cryptocurrency to the PEXX deposit address and any cryptocurrency sent to your deposit address may be lost and PEXX will not be liable for any losses you or others incur by attempting to do this. Supported Currencies We only support deposits for certain cryptocurrencies. If we support deposits for a specific crypto, we will show you in-app, in the “Receive” section. You must not use that address to deposit a different cryptocurrency. Any deposits for other cryptoassets, which are not supported, will be lost. Limits There is no limit to the amount of cryptocurrency you can deposit. Withdrawing cryptocurrency to an external wallet You can withdraw your cryptocurrency balance to an external wallet. We will tell you which cryptocurrencies we support for withdrawals within the app. A fee applies for withdrawals, which will always be shown to you in the app before you submit your instruction. This fee consists of the network fee charged on the blockchain and an additional service fee which we may charge you for facilitating this transaction. Like with our other currency transfers, we apply financial crime checks, which may result in us blocking certain addresses or preventing a withdrawal. We will store and process this information in accordance with applicable legal and regulatory requirements. PEXX is not liable for any losses you incur related to a transfer of any cryptocurrency to an external wallet. Limits We may limit the amount of cryptocurrency you withdraw. We will tell you the amount of any limit before we accept your instruction. If we terminate your account and your holdings exceed our limits then we may ask you to convert your crypto holdings into fiat and a fee may apply. Refusing your instructions Sometimes we might refuse your instruction to sell, exchange, transfer, deposit or withdraw cryptocurrency. If we do, we will not be responsible for any losses you suffer as a result. We may refuse your instruction if: there is not enough cryptocurrency available in your wallet; one of our partnered crypto exchanges is not available (for example, one of them could have a disrupted service); we have good reason to suspect that your instruction was for illegal purposes (for example, to commit fraud); or we have good reason to believe that your instruction could badly affect our reputation or goodwill. Cancelling your instructions You cannot cancel your instruction to withdraw cryptocurrency. Cryptocurrency transactions are irreversible. PEXX is not liable for any losses you incur related to a withdrawal of any cryptocurrency to an external wallet. Transferring cryptocurrency to other PEXX customers You can transfer (off-chain transfer) cryptocurrency to other PEXX customers in the PEXX app. When we accept your instruction, we’ll transfer your beneficial right in the relevant amount of cryptocurrency to them. Spending cryptocurrency If you live in an eligible location you can use your cryptocurrency balance to pay for everyday spending. If you instruct us to do this in the app whenever you make a transaction using your PEXX card, we will instantaneously convert your crypto balance into the equivalent fiat amount to pay for your transaction subject to the exchange rate and crypto exchange fees applicable. Once the conversion is done, your payment will be processed by the PEXX entity that you hold your PEXX account with under applicable terms and conditions. If you request a refund from the merchant, you will be paid any funds due back in fiat currency into your PEXX account minus the fees incurred as a result of the conversion from crypto into fiat. If the transaction was pending and it is later reversed, we will apply the credit to the cryptocurrency balance used for the original transaction. As with all transactions in cryptocurrencies, remember that the value of crypto may go down as well as up. Please remember that trading in cryptocurrency may give rise to tax liability. If you require advice on this, consult an independent tax advisor. If the cryptocurrency pocket you have selected to pay from does not have a sufficient balance, this may result in your account going into a negative crypto balance. We will then debit the fiat value equivalent to the negative crypto balance from your e-money account, subject to the exchange rate and crypto exchange fees applicable to your subscription plan.

6. How we set the exchange rate

Our exchange rate for buying or selling cryptocurrency is set by us, based on the rate that the crypto exchanges offer us. It is a variable exchange rate and, which means it is constantly changing. You can always see the current rate in the PEXX app. Our exchange rate doesn’t include our fees. We charge you a small fee on crypto exchanges and we’ll show you this fee in the app before you make an exchange, as well as after you make an exchange in the transaction details. The exchange rate may change between the time you told us you wanted to buy or sell cryptocurrency and the time we actually buy or sell it on your behalf. This means that if you ask us to buy cryptocurrency, you may receive a little more or less cryptocurrency than what you had expected and if you ask us to sell cryptocurrency, you may receive more or less e-money than you expected. We are not responsible if you suffer any losses as a result of trading in cryptocurrency.

Risks 7. Risks of cryptocurrencies Cryptocurrency carries significant risks.

You should carefully consider whether it is appropriate for you to buy cryptocurrency. These risks include the following: unlike normal money, when you buy, sell or transfer cryptocurrency you are dealing with something digital, not something tangible. This means that, like any other digital system, cryptocurrencies are at risk of being hacked or affected by technical problems. This could result in you losing your cryptocurrency or delay your ability to sell, transfer or spend it; the regulation (or lack of regulation) of cryptocurrency or crypto exchanges can change at any time. Any change is likely to affect the value of any cryptocurrency we hold for you; and the value of cryptocurrency can fall (and is more likely to do so than normal money is). This could happen if, for example: a new, better cryptocurrency is created; software developers make unexpected changes to how the cryptocurrency works; or there is a change in cryptocurrency regulation. The price or value of cryptocurrencies can rapidly increase or decrease at any time. It may even fall to zero. Unlike normal money, no bank or government can stabilise the value of cryptocurrency if it changes suddenly.

Legal 8. What happens if there’s a network impact incident?

What happens if there is a fork? A fork is a sudden change in how a cryptocurrency works. A fork may seriously change the function, value or even the name of a cryptocurrency. If this happens, we’ll speak to our partnered cryptocurrency exchanges and work out the best approach for our customers. Unfortunately, for reasons beyond our control, a fork may cause a cryptocurrency we hold for you to be split into two cryptocurrencies. If this happens, the following may apply, as we see fit: you’ll get a balance in the one of those two cryptocurrencies that our partnered exchanges decide to support as the main cryptocurrency; and/or you won’t necessarily get any or all of the two new cryptocurrencies (for example, if our partnered exchanges decide not to support those cryptocurrencies). A fork can also affect the exchange rate. What happens if there is an airdrop? A cryptocurrency airdrop is the practice of sending bonus cryptocurrency to existing users in order to promote awareness of the currency in question. This could affect the price or value of the cryptocurrency. An airdrop can also affect the exchange rate. If an airdrop occurs we will make a decision as to whether or not to support it based on technical, compliance and regulatory considerations. Therefore, we cannot guarantee that this will be made available to users. What happens if there is a “buyback-and-burn”? In most “buyback-and-burn” cryptocurrency models, a network generates income in one cryptocurrency token and uses the proceeds to “buy-back” and “burn” its own native token. The intent is to increase the value of the cryptocurrency by reducing its supply as income grows. Reducing the supply may increase the value of this cryptocurrency token but it may also affect its availability. A “buyback-and-burn” can also affect the exchange rate. What happens if there are other types of network impact incidents? A cryptocurrency is software based. This means it’s prone to bugs and security or other network impact incidents like any other piece of software. These might impact our ability to provide our services too. If they do, we’ll take any appropriate action provided for in these Terms.

9. Taxes You may have to pay taxes or costs on our crypto services.

We are not responsible for collecting these from you, for making any payments on your behalf, or for providing any reports relating to tax.

10. Can you change these terms?

We can change these terms and conditions, but we’ll only do it for the following reasons: to make them easier to understand or more helpful to you; to reflect the way our business is run (for example, if the way a financial system or technology is provided changes); to reflect legal or regulatory requirements that apply to us; to reflect changes in the cost of running our business; or because we are changing our services or products, or adding new ones. Telling you about changes You may have to pay taxes or costs on our crypto services. We are not responsible for collecting these from you, for making any payments on your behalf, or for providing any reports relating to tax. We will do our best to give you advance notice (usually within 30 days) through the PEXX app before we make any changes, unless the change is for your benefit in which case we will give you notice but we may apply this change sooner. However, we do not guarantee that we will always be able to notify you in advance of the changes we make, for example, in an emergency (e.g. such as a sudden change in applicable laws and regulations). If you don’t like the changes, you can end your agreement with us. We’ll assume you’re happy with the changes unless you tell us otherwise once we notify you of the changes.

11. Do you process personal data? Yes.

PEXX processes your personal data to provide your crypto services to you. For more information about how PEXX processes your personal data, please see our Privacy Policy. We may share your personal data with companies in the PEXX group for financial crime prevention purposes.

12. Are you responsible if something goes wrong with your crypto service?

We’ll do as much as reasonably possible to make sure that our crypto services are not interrupted, are secure and virus-free, and are accessible at a reasonable speed. However, we can’t promise that this will always be the case. Sometimes we’ll suspend use of our crypto service so that we can make technical changes, add new features (such as new cryptocurrencies), make sure it runs smoothly or improve its security. We’ll try to give you notice before we do this, although we might not be able to do so in an emergency. We’ll also try to limit any suspension so it lasts as short a period as possible. We will only be responsible for foreseeable losses. If we don’t meet our obligations under these terms and conditions, we will not be responsible for any loss that we couldn’t have thought you’d suffer at the time we entered into the agreement with you. Nothing in these terms and conditions removes our liability for death or personal injury resulting from our negligence or for fraud or fraudulent claims and statements. Is PEXX liable for events outside of its control? Although we do our best to provide our crypto services to you, there is a risk of events outside of our control occurring. These could impact our service or cause you loss. We are not liable if this happens. For example, this could happen when there is: a network impact incident (see some non exhaustive examples above); a change in law or regulatory requirements, which have the potential to affect the cryptocurrencies we hold on your behalf; or any other event beyond our control. Is PEXX responsible if you suffer any losses? We will not be liable for any direct or indirect losses you suffer as a result of events outside of our control that affect cryptocurrencies in any way (e.g. name, value, function, legality or availability). We will also not be liable for any losses (direct or indirect) that result from technical problems with our system or that of our partners. Will PEXX let you know if certain events are affecting your cryptocurrency? We will try to provide you with information on any events impacting your cryptocurrency. However, we don’t guarantee that we will. It is your responsibility to make yourself aware of, and consider how to deal with, any events that may affect your cryptocurrency in any way. You should do this before using our crypto services, and at regular intervals while you’re holding crypto products (remember, the market can go down, as well as up, very quickly). Please consider whether you should get independent financial or legal advice before investing in cryptocurrencies.

13. When you might be responsible for our losses

You may be responsible to us for certain losses If you break these terms and conditions in a serious way, and this causes us to suffer a loss, the following will apply: you will be responsible for any losses we suffer as a result of your action (we will try to keep the losses to a minimum); if your actions result in us losing profits, you may also be responsible for those losses, unless this would mean that we are compensated twice for the same loss; and you will also be responsible for any reasonable legal costs that arise in connection with our losses.

14. When could you end your crypto services?

We will try to give you two months’ notice if we need to end your crypto services. However, we may suspend your access to our crypto services or immediately end this agreement if any of the following apply: we suspect that you are behaving fraudulently or otherwise criminally; you haven’t given us information we need, or we believe that information you have provided is incorrect or not true; you’ve broken these terms and conditions regularly or in a serious way, and you haven’t put the matter right within a reasonable time of us asking you to; you have died; you’ve been declared bankrupt (or the equivalent in the country you live in); we have good reason to believe that your use of our crypto service could damage our reputation or business, or badly affect us or any of our services; or we have to do so by law. What happens if we end this agreement If we end this agreement you will be required to sell or transfer out all of your holdings with PEXX in order to close your account. Our contract with you Only you and we have any rights under the agreement. The agreement is personal to you and you cannot transfer any rights or obligations under it to anyone else. Our right to transfer We will only transfer any of your and our rights or obligations under the agreement if we reasonably think that this won’t have a significant negative effect on your rights under these terms and conditions or we need to do so to keep to any legal or regulatory requirement. When we transfer rights and obligations we call this ‘novation’. When we only transfer rights, we call this ‘assignment’. BVI law applies The laws of the British Virgin Islands apply to the agreement. The English version of the agreement applies. If these terms and conditions are translated into another language, the translation is for reference only and the English version will apply. Our right to enforce the agreement If you have broken the agreement between you and us and we don’t enforce our rights, or we delay in enforcing them, this will not prevent us from enforcing those or any other rights at a later date. This is also the case if we have any legal rights that we don’t enforce straight away. Taking legal action against us If you want to take legal action against us in the courts, only the courts of the British Virgin Islands can deal with any matter relating to these terms and conditions.

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