Terms of Service
1. Introduction and Legal Framework
1.1 Regulatory Foundation
These Terms constitute a legally binding agreement between you ("you" or "your") and operated by INSTIX GLOBAL SPÓŁKA Z.O.O ("Company", "we", "our" or "us"), a company duly licensed and regulated under the Lithuanian law and governed by the competent authority under Markets in Crypto-Assets Regulation, 2023 ("MiCA"). The Terms govern your use of the Company's services made available to you on or through the Platform or otherwise.
By registering for an Account, accessing the Platform and/or using the Company's services, you agree that you have read, understood and accepted these Terms, together with any additional documents or terms referred to in these Terms. You acknowledge and agree that you will be bound by and will comply with these Terms, as updated and amended from time to time.
If you do not understand and accept these Terms in their entirety, you should not register for an Account or access or use the Platform or any of the Company's services.
We are not your broker, intermediary, agent or advisor and we have no fiduciary relationship or obligation to you in connection with any Transactions or other activities you undertake when using the Company's Services. We do not provide investment or consulting advice of any kind and no communication or information that we provide to you is intended as, or should be construed as, advice of any kind.
It is your responsibility to determine whether any investment, investment strategy or related transaction is appropriate for you according to your personal investment objectives, financial circumstances and risk tolerance and you are responsible for any associated loss or liability. We do not recommend that any Crypto Asset should be bought, earned, sold or held by you. Before making the decision to buy, sell or hold any Crypto Asset, you should conduct your own due diligence and consult your financial advisor. We are not responsible for the decisions you make to buy, earn, sell or hold Crypto Assets based on the information provided by us, including any losses you incur arising from those decisions.
INFORMATION ABOUT OUR AGREEMENT WITH YOU
1. Introduction
1.1. About us. We are an ecosystem centred around an online exchange for Crypto Assets trading. The Company group provides users with a trading platform (“Platform”) to buy and sell Crypto Assets, integrated custody solution allowing users to store their Crypto Assets and other Crypto Asset-related services.
1.2. These Terms. By registering to open a Account you are entering into a legally binding agreement with us. These Terms will govern your use of our services and tell you who we are, how we will provide the services to you, how these Terms may be changed or terminated, what to do if there is a problem, along with other important information.
You must read these Terms, together with the documents referenced in the Terms, carefully and let us know if you do not understand anything.
Where any Local Terms apply to your use of the services, such Local Terms will take precedence over these Terms.
1.3 Governing Legal Framework
These Terms are governed by and construed in accordance with a comprehensive regulatory framework that establishes the hierarchy of applicable laws and regulations. At the apex of this framework stands the MiCA Regulatory Framework, and the associated platform trading rules , our policies and associated regulatory technical standards issued under MiCA. Additionally, the Terms incorporate and comply with the Financial Crime Investigation Service (FCIS) regulations under Lithuanian law.
2. Definitions and Interpretations
2.1 Regulatory Definitions
For the purposes of these Terms, a "Crypto Asset" refers to a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes, as defined under MiCA.
Our Crypto Asset Service encompasses any service or activity specified under MiCA regulations. This includes, but is not limited to, exchange services between Crypto Assets and fiat currencies, exchange services between different forms of Crypto Assets, transfer services, custody services, and administration or management of Crypto Assets. It also extends to Crypto Asset trading services and participation in and provision of financial services related to Crypto Assets.
The term "Platform" refers to the Company's comprehensive Crypto Asset Service infrastructure, including all associated websites, mobile applications, APIs, and technological infrastructure through which we provide our services.
2.2 General Definitions
Throughout these Terms, "Account" refers to a user's registered profile and associated services on the Platform. The term "Service" encompasses any functionality, feature, or offering provided through the Platform, while "Transaction" denotes any operation involving Crypto Assets conducted on the Platform. "Trading Pairs" refers to the specific combinations of Crypto Assets available for trading on our Platform.
2.3 Contact Details For more information on eXchange1, you may refer to the information found on our Website. If you have questions, feedback or complaints you can contact us via our Customer Support team at grievance@eXchange1.com. These Terms may specify contact details for particular notices. This address is not monitored for those notices.
We will contact you using the details you provide to us. This may include contacting you by email, SMS or telephone. It is important that you ensure that your contact details are correct and up to date. If your contact details change, you must let us know immediately. If you do not, we will not be responsible if you do not receive information, notices or other important information from us.
3. Regulatory Compliance and Jurisdictional Framework
3.1 Regulatory Oversight
The Company operates under the primary supervision of the Bank of Lithuania, maintaining strict compliance with all applicable regulations, directives, and guidelines under the Markets in Crypto-Assets (MiCA) regulation. Our commitment to regulatory compliance encompasses regular reporting requirements, ongoing compliance monitoring and assessments, and the implementation of comprehensive risk management frameworks as prescribed by MiCA. Beyond MiCA oversight, we maintain compliance with Bank of Lithuania requirements where applicable, national AML/CFT obligations, international sanctions regulations, and data protection requirements.
3.2 Jurisdictional Framework
In the application of various laws and regulations governing our services, a clear hierarchical structure exists. MiCA regulations take precedence in matters specifically related to Crypto Assets, while Lithuanian laws maintain supremacy in their respective domains, creating a comprehensive legal framework that ensures proper governance of all aspects of our services.
Dispute resolution under these Terms follows a structured approach where matters specific to Crypto Assets are addressed by the Company’s Dispute Resolution Committee subject to Lithuanian competent authority, while general matters fall under the jurisdiction of arbitration appropriate. The nature of each dispute determines the appropriate forum for resolution, with the Company maintaining the right to determine appropriate jurisdiction based on the subject matter at hand.
4. Legal Rights and Obligations
4.1 Company Rights and Obligations
The Company maintains comprehensive obligations in its role as a Crypto Asset service provider under MiCA. We are committed to maintaining all required MiCA licenses and permissions, implementing prescribed risk management frameworks, and conducting regular compliance assessments. Our systems and procedures are regularly updated to ensure ongoing compliance with regulatory requirements and industry best practices.
In fulfilling our commitment to user protection, we implement robust security measures for safeguarding user assets in accordance with MiCA requirements. This includes maintaining required insurance coverage and providing transparent fee structures. Our security infrastructure is regularly audited and updated to ensure the highest standards of protection for user assets and data.
4.2 User Rights and Obligations
Users of our Platform are entitled to fair and equitable access to services, with non-discriminatory treatment in accordance with MiCA regulations. This includes access to transparent pricing and fee information, equal market access, and real-time access to account information. Under the General Data Protection Regulation (GDPR), users maintain control over their personal data, including rights to data portability, access to personal data held by the Company, and the right to rectify inaccurate personal information, subject to regulatory requirements.
Users must fulfill various obligations to maintain their account status and Platform access. This includes providing and maintaining accurate registration information, completing required due diligence processes, and updating personal information within 30 days of any change. Security obligations require users to maintain strong password security, enable and maintain two-factor authentication, and monitor account activities regularly. Users must report any suspicious activities within 24 hours of detection.
Trading activities must be conducted only with cleared funds, and users must maintain sufficient balances for transactions. Regular review of trade confirmations and active position monitoring are essential responsibilities. Users must adhere to trading limits and restrictions while complying with all market rules and regulations.
4.2.1. Eligibility
4.2.1.1 Eligibility criteria. To be eligible to register for an Account and use our services, you must:
a. be an individual, corporation, legal person, entity or other organisation with the full power, authority and capacity to
(1) access and use our services; and
(2) enter into and comply with your obligations under these Terms;
b. if you are an individual, be at least 18 years old;
c. if you act as an employee or agent of a legal entity, and enter into these Terms on their behalf, you must be duly authorised to act on behalf of and bind such legal entity for the purposes of entering into these Terms;
d. not have been previously suspended or removed from using our services;
e. not be a Restricted Person;
f. not currently have an existing Account; and
g. not be located, incorporated, otherwise established in, a citizen of, or resident of, or have business operations in:
i. a jurisdiction where it would be illegal under Applicable Law for you to access or use our services, or cause us or any third party to contravene any Applicable Law; or
ii. a country listed in our List of Prohibited Countries.
4.2.1.2. Amending our eligibility criteria.
We may amend our eligibility criteria at any time in our sole discretion. Where possible, we will give you at least fourteen (14) calendar days' notice in advance of the change. However, we may occasionally need to make changes without telling you in advance. This may include where:
a. we are making the change as a result of legal and/or regulatory changes;
b. the changes being made are in your interest; and/or
c. there is any other valid reason which means there is no time to give you notice.
Where we are unable to give you advance notice, we will let you know of the change as soon as possible after it is made.
4.2.2 Information requests
We may require information from you at any time for the purposes of complying with any Applicable Law, identity verification requirements, or in connection with the detection of money laundering, terrorist financing, fraud, or any other financial crime, or for any other valid reason. You agree to provide us with any such information we request and permit us to keep a record of the information for the lifetime of your Account as long as it is required to fulfil their intended purposes, or such other period as prescribed by Applicable Law.
Your access to your Account and the Transaction limits that apply to your use of the Services may be altered as a result of information collected about you on an ongoing basis. If there is a reasonable suspicion that any information provided by you is wrong, untruthful, outdated, or incomplete, we may send you a notice to request corrections, remove relevant information, or do such other things that we consider necessary to ensure that the information provided by you is true and correct. You must comply with any information request we send to you. If you decline to provide the requested information, or otherwise do not comply in a timely manner, we reserve the right to suspend or terminate your access to your eXchange1 Account, or to all or part of the Services immediately, without notice.
4.3 Prohibited Activities and Compliance
Users are strictly prohibited from creating multiple accounts without approval, sharing account access with third parties, or using VPNs or IP masking tools. Market manipulation, front-running, wash trading, spoofing, layering, and quote stuffing are explicitly forbidden. Technical restrictions prohibit attempts to reverse engineer the Platform, use unauthorized automated trading systems, or introduce malware or harmful code. Prohibited Uses are further provided in Clause 16.
4.4 Legal Representations and Risk Acknowledgments
By using our services, users represent and warrant their legal capacity to enter into contracts and confirm they are not subject to any restrictions that would prevent their use of our services. Users acknowledge they act as principal and not as agent, understand the risks of Crypto Asset trading, and possess sufficient knowledge to engage in Crypto Asset transactions.
5. Account Management and Security
5.1 Account Registration and Maintenance
Account establishment requires users to meet specific eligibility criteria, including being of legal age and having full legal capacity under Lithuanian law. Users must not be residents or citizens of restricted jurisdictions or subject to any sanctions or prohibited persons lists. Documentation requirements include valid government-issued identification, recent proof of residence, and comprehensive source of funds documentation.
5.1.1. Account opening. You must create and maintain an Account in order to access our services and the Platform. This may be an Account for an individual user, or a Corporate Account where the user is a corporation, entity or other organisation.
All Accounts are provided at our absolute discretion. We reserve the right to refuse any application for an Account without reason or to limit the number of Accounts that you may hold.
5.1.2. Sole benefit. By opening an Account you agree that:
a. where you are an individual user, you will use your Account only for yourself, and not on behalf of any third party, unless you have obtained our prior written consent; and
b. where you are a corporate user, your Permitted Users will use the Corporate Account only for your benefit, and not on behalf of any third party, unless our prior written consent has been obtained.
You are fully responsible for all activity that occurs under your Account.
5.1.3 Identity verification. You will need to comply with our identity verification procedures before you are permitted to open an Account and access and use our services, by providing us with certain information about yourself and, where relevant, your Permitted Users. All information that you provide must be complete, accurate and truthful. You must update this information whenever it changes.
You authorise us to make inquiries, whether directly or through third parties, that we consider necessary to verify your identity, and that of any Permitted Users, or protect you and/or us against fraud, money laundering, terrorist financing or other financial crime, and to take any action we deem necessary based on the results of such inquiries.
When we carry out inquiries, you acknowledge and understand that your personal data, and that of any Permitted Users, may be disclosed to identity verification, compliance data recordation, credit reference, fraud prevention, or financial crime agencies and that these agencies may respond to our inquiries in full.
You can review our Privacy Notice to have more information
about how we process your personal data.
5.1.4 Enhanced due diligence. We may also require you to comply with our enhanced due diligence procedures by submitting additional information about yourself, your business or your Permitted Users, providing additional records or documentation, or having face to face meetings with our representatives.
5.1.5 Records. We keep your personal data to enable your continued use of our services, for as long as it is required in order to fulfil the relevant purposes described in this Privacy Notice, and as may be required by law such as for tax and accounting purposes, compliance with anti-money laundering laws, or as otherwise communicated to you. Please review our Privacy Notice for more information on how we collect and use your personal data relating to the use and performance of our Sites and services.
5.1.6 Sub-Accounts. At our discretion, you may create and access a Sub-Account. Each natural person associated with a Sub-Account is subject to the identity verification requirements set out in this clause. Only one natural person or corporate entity may be associated with a particular Sub-Account.
5.2 Security Framework
Our security protocols may require mandatory implementation of Two-Factor Authentication (2FA) and adherence to strong password requirements. Users must maintain updated security settings and comply with all security advisories. Regular security updates and biometric authentication, where available, form part of our comprehensive security framework. Session timeout controls and automated security monitoring help maintain the integrity of user accounts.
6. Know Your Customer (KYC) and Due Diligence
6.1 KYC Requirements and Implementation
Our KYC framework implements a risk-based approach to customer due diligence, integrating identity verification using approved methods with comprehensive address and source of funds verification. Business relationship assessment and risk profiling align with MiCA requirements, ensuring appropriate oversight of all user activities.
Regular monitoring includes transaction pattern analysis and annual KYC information updates. Risk assessment reviews and enhanced due diligence for high-risk customers form part of our ongoing compliance efforts. Source of funds verification for large transactions ensures continued compliance with regulatory requirements.
6.2 Anti-Money Laundering Framework
Our AML/CFT policy integrate sophisticated transaction monitoring systems with suspicious activity reporting procedures. Risk assessment methodologies and comprehensive record-keeping systems support our compliance efforts. Regular staff training ensures effective implementation of AML procedures and timely reporting of suspicious transactions to relevant authorities.
6.3 Sanctions Compliance
The Company maintains strict compliance with international sanctions regulations, including those issued by the United Nations, European Union, United States (OFAC), and United Kingdom. Our sanctions compliance program includes comprehensive screening of users against relevant sanctions lists, ongoing monitoring of transactions for potential sanctions violations, and immediate blocking of sanctioned individuals and entities. Users are prohibited from engaging in transactions with sanctioned parties or involving sanctioned jurisdictions. Violations of sanctions regulations may result in immediate account termination and reporting to relevant authorities. Please see our sanctions policy in this regard.
7. Trading Rules and Operations
7.1 Trading Parameters and Market Rules
Our trading environment operates within clearly defined parameters, including maximum daily trading volumes and transaction amounts. Position limits and leverage restrictions align with MiCA guidelines. Market rules govern order matching, price formation, and trading sessions, with circuit breakers and trading halts implemented as required for market stability.
7.2 Operational Framework
The Platform operates under MiCA-approved platform trading rules, incorporating robust market surveillance and price discovery mechanisms. Order execution follows clear priorities, with trading pair specifications designed to ensure market efficiency and fairness. Users must maintain compatible technology systems and secure internet connections to access trading services.
7.3 Margin Trading and Derivatives
For users approved for margin trading and derivative products, additional rules and requirements apply. Margin traders must maintain required margin levels and understand the increased risks associated with leveraged positions. Derivative trading requires users to demonstrate sufficient knowledge and experience to engage in such transactions. Position limits, margin requirements, and liquidation procedures are clearly defined and strictly enforced. Users must regularly monitor their margin positions and take prompt action to maintain required margin levels. The Company reserves the right to liquidate positions without notice if margin requirements are breached. Please see our Platform Trading Rules for more information in this regard.
8. Risk Management and Disclosures
8.1 Comprehensive Risk Framework
Users must understand and acknowledge the inherent risks associated with Crypto Asset trading. These risks include high market volatility, the potential for total loss of investment, and exposure to market manipulation risks. The volatile nature of Crypto Asset markets can lead to significant price fluctuations and liquidity challenges. Users must also consider correlation risks between different Crypto Assets and market segments.
Operational risks extend beyond market factors to include potential technology failures, cybersecurity threats, and risks associated with third-party service providers. System maintenance and network congestion may impact service availability and transaction execution. Users acknowledge that blockchain networks underlying Crypto Assets may experience delays or disruptions beyond the Company's control.
8.2 Disclosure Framework
The Company maintains transparent disclosure practices, providing comprehensive risk warnings, fee schedules, and market statistics. Trading volumes and price information are made available to users to support informed decision-making. Users must regularly review and acknowledge their understanding of these disclosures, particularly regarding Crypto Asset risks, market volatility, and potential losses.
9. Fee Structure and Payment Terms
9.1 Fee Framework
The Company implements a transparent fee structure encompassing trading fees, including maker and taker fees, with volume-based discounts applied according to published schedules. Additional charges may include deposit fees, withdrawal fees, and network fees determined by blockchain conditions. Administrative charges apply to specific services and are clearly communicated to users. Our fee structure can be accessed here.
You authorise us to deduct all applicable fees, commissions, interest, charges and other sums that you owe from your eXchange1 Account under these Terms in accordance with the method of calculation set out on our fee structure page. If you owe us an amount in one Crypto Asset and do not have sufficient assets in that Crypto Asset, we may deduct the sums owed in another Crypto Asset to effect payment (in which case we will convert the Crypto Asset you hold into the Crypto Asset in which the sums owed to us are denominated, or the Fiat Currency equivalent, at the rate currently offered on the Platform or at such other commercially reasonable rate as we may determine). In the event that there are insufficient Crypto Assets in your eXchange1 Account, you acknowledge that any amount due and payable from you under this clause is a debt immediately due and owing by you to us in such amount and form (whether in the form of a Crypto Asset or otherwise) as we may determine, acting in a commercially reasonable manner.
9.2 Payment Processing
Fee calculation and collection occur automatically through the Platform, with real-time fee calculation and transparent display of all charges. Regular fee statements provide users with comprehensive records of all charges incurred. Volume tiers reset monthly, and special rates are subject to clearly defined conditions.
10. Privacy and Data Protection
10.1 Data Management Framework
The Company collects and manages user data in accordance with the General Data Protection Regulation (GDPR) and MiCA requirements. This includes personal identification information, financial information, transaction data, and platform usage information. All data collection serves specific purposes: account management, transaction processing, regulatory compliance, service improvement, and security maintenance.
10.2 Data Protection Implementation
Our data protection framework implements comprehensive security controls, including industry-standard encryption, strict access controls, and secure data segregation. Data retention policies align with regulatory requirements, ensuring proper maintenance and eventual secure disposal of user information. Regular audits and access logs maintain the integrity of our data protection systems.
11. Intellectual Property Rights
The Company maintains exclusive rights to Platform technology, trading systems, user interface designs, and all associated intellectual property. Users receive a limited, non-transferable license to use the Platform for its intended purpose. This license explicitly prohibits commercial exploitation, reverse engineering, or unauthorized copying of any Platform components.
We grant to you a non-exclusive licence for the duration of these Terms, or until we suspend or terminate your access to the Services, whichever is sooner, to use our intellectual property (“eXchange1 IP”), excluding the Trade Marks, solely as necessary to allow you to receive the Services for non-commercial personal or internal business use, in accordance with these Terms. You grant to us a perpetual, irrevocable, royalty-free, worldwide and non-exclusive licence to use the User IP to the extent it:
a. forms part of, or is necessary for the use of, any intellectual property created; and
b. is necessary to allow us to provide you with the Services, from time to time.
The licence granted by you under this clause includes our right to sub-licence to a third party to the extent required to enable us and any of our Affiliates to provide you with our Services, or any part of them. The Created IP shall automatically vest in us from time to time on the date on which it is created. You hereby assign to us (and agree to procure that any agents, representatives or contractors assign), with full title guarantee, title to all present and future rights and interest in the Created IP.
If requested to do so, you shall (and agree to procure that any agents, representatives or contractors shall), without charge to us, sign and/or execute all documents and do all such acts as we may require to perfect the assignments under this clause.
You agree and acknowledge that: (1) we are not responsible for any User Material (whether provided by you or by third parties) which may be made available on the Platform or the Sites; and (2) use of any such User Material is at your own risk and that we do not provide any warranties in relation to the same.
We shall have the right at our sole and absolute discretion to remove, modify or reject any content that you submit to, post or display on the Platform or the Sites (including any User Material) for any reason. We reserve the right to take any actions as we deem appropriate at our sole discretion, including giving a written warning to you, removing any User Material, recovering damages or other monetary compensation from you, suspending or terminating your Account (if any), or suspending your access to the Platform and/or the Sites. We shall also have the right to restrict or ban you from any and all future use of any of our Services.
You agree that we may record any communications, electronic, by telephone, over video call, or otherwise, that we have with you in relation to these Terms, and that any recordings that we keep will constitute evidence of the communications between you and us. You agree that telephone conversations and video calls may be recorded so that we can respond to inquiries, ensure compliance with applicable laws, improve our services and provide customer support.
12. Service Modifications and Business Continuity
The Company reserves the right to modify services as required for regulatory compliance, security enhancement, or performance improvement. Users receive advance notice of planned changes, while emergency modifications may be implemented immediately as circumstances require. Our business continuity framework includes comprehensive disaster recovery procedures and contingency planning for various scenarios.
12.1 Service Level Agreements
The Company maintains comprehensive Service Level Agreements (SLAs) governing Platform availability, transaction processing times, and customer support responsiveness. Planned maintenance windows are clearly communicated to users, with service availability maintained at 99.9% outside these windows. Transaction processing occurs within milliseconds under normal conditions, with clearly defined exception handling procedures for network disruptions. Customer support inquiries are addressed within 24 hours, with expedited processing available for critical issues.
13. Account Termination
13.1 Termination Framework
Users may voluntarily close their accounts by completing prescribed exit procedures and settling outstanding obligations. The Company may terminate accounts for regulatory compliance violations, Terms breaches, or risk management concerns. Regulatory account closure may occur in response to MiCA directives or law enforcement requests.
13.2 Post-Termination Procedures
Following account termination, the Company ensures proper management of remaining assets and completion of all regulatory reporting requirements. Certain Terms provisions survive termination, particularly regarding data retention, dispute resolution, and ongoing legal obligations.
14. Indemnity
14.1. Third-party claims. You shall indemnify and hold harmless us from and against any claims, suits, actions, demands, disputes, allegations, or investigations brought by any third-party, governmental authority, or industry body, and all claims, liabilities, damages (actual and consequential), losses (including any direct, indirect or consequential losses, loss of profit, loss of reputation), costs, and expenses, including without limitation all interest, penalties and legal and other reasonable attorneys’ fees and other professional costs and expenses (“Losses”), arising out of or in any way connected with:
a. your access to or use of your eXchange1 Account and/or the Services;
b. your breach or alleged breach of these Terms or your contravention of any other clause or sub-clause of these Terms, including any Product Terms and any other terms and conditions incorporated by reference;
c. your contravention of any Applicable Law; and
d. your violation of the rights of any third party.
14.2. Control. We reserve the right to assume control of the defence of any third-party claim that is subject to indemnification by you, in which event you shall cooperate as fully required by us in asserting any available defences. You will not settle any claims or Losses without our prior written consent.
14.3. Release. You hereby agree to release us from any and all claims and demands (and waive any rights you may have against us in relation to any Losses you may suffer or incur), arising directly or indirectly out of or in connection with any dispute that you have with any other user or other third party in connection with the Services (including any Crypto Asset Transactions) or the subject matter of these Terms.
15. Liability Framework
The Company's liability limitations exclude losses resulting from market movements, technical failures beyond our control, and force majeure events. However, these limitations do not extend to losses resulting from the Company's gross negligence, willful misconduct, or fraud. Users retain liability for their own account security breaches, trading decisions, and compliance violations.
16. Prohibited use
17. Representations and Warranties
By using our Services, you represent and warrant that:
18. Technology Disclaimers
18.1. Services are provided "as is" without warranties. Access may be suspended for maintenance. We make no representations on processing time which depends on factors outside our control.
18.2. We may suspend access to your Account and Services for maintenance. Reasonable efforts are made to process transactions timely, but no warranties are made on processing time.
18.3. We make reasonable efforts to update information but make no warranties on accuracy or completeness.
18.4. Third-party links are provided as a convenience without responsibility for their content, materials, information or services.
18.5. You are responsible for data network access and compatible devices to use our Services. We do not guarantee functionality on particular devices. Services may be subject to internet and electronic communication malfunctions and delays.
19. Liability
19.1. Our liability is limited to reasonably foreseeable losses directly caused by our breach, not exceeding fees paid in the 12 months preceding the loss event. Damages are an adequate remedy.
19.2. We are not liable for direct or indirect losses related to risks identified, underlying protocols, Backed Crypto Assets, our actions under these Terms, data inaccuracies or interruptions, maintenance, user actions, viruses or attacks, hardware or connection failures, account rejections or suspensions.
20. Notice of Claim and Dispute Resolution Period
20.1. If you have any concerns with the Services, please contact eXchange1 first. eXchange1 aims to address your concerns without resorting to formal legal proceedings, if possible. If your concerns cannot be addressed to your satisfaction at first instance, a ticket number will be assigned to you, commencing the internal dispute resolution procedure. eXchange1 will attempt to resolve the dispute internally as soon as possible. The parties agree to negotiate in good faith to resolve the dispute, with discussions remaining confidential and subject to applicable rules protecting settlement discussions from use as evidence in any legal proceeding.
20.2. If the dispute cannot be resolved satisfactorily and you wish to assert a Claim against eXchange1, you agree to set forth the basis of such Claim in writing in a "Notice of Claim" as prior notice to eXchange1. The Notice of Claim should be submitted to the designated web address. After providing the Notice of Claim to eXchange1, the dispute referenced may be submitted by either party to arbitration in accordance with clause 21 (Agreement to Arbitrate).
20.3. For clarity, submitting a dispute to eXchange1 for internal resolution and delivering a Notice of Claim to eXchange1 are prerequisites to commencing an arbitration proceeding or any other legal proceeding.
20.4. During the arbitration, the amount of any settlement offer made by you or eXchange1 shall not be disclosed to the arbitrator.
21. Agreement to Arbitrate
21.1. Aside from where Applicable Law requires or provides you with a choice otherwise, you and eXchange1 agree that, subject to clause 20 above, any Claim shall be determined by mandatory final and binding individual (not class) arbitration administered by the Dubai International Arbitration Centre ("DIAC") in accordance with the DIAC Rules, which are deemed incorporated by reference in this clause.
21.2. The seat of arbitration shall be Dubai.
21.3. The Tribunal shall consist of one arbitrator appointed in accordance with the DIAC Rules.
21.4. The language of the arbitration shall be English.
21.5. You and eXchange1 further agree that the arbitrator shall have the exclusive power to rule on his or her own jurisdiction, including any objections with respect to the existence, scope or validity of the Agreement to Arbitrate, or the arbitrability of any Claim.
21.6. The arbitration provisions set forth in this clause will survive termination of these Terms.
21.7. Any arbitration against eXchange1 must be commenced by filing and serving a Notice of Arbitration in accordance with the DIAC Rules within one year after the date the user asserting the Claim first found out or reasonably should have found out the alleged act, omission or default giving rise to the Claim ("Limitation Period"). The Limitation Period shall include the period of dispute resolution. There shall be no right to any remedy or relief for any Claim if the Notice of Arbitration is not filed and served on eXchange1 within the Limitation Period. If the Limitation Period is contrary to applicable law, the user shall be required to bring any Claim against eXchange1 within the shortest time period permitted by applicable law. A Notice of Arbitration may be served on eXchange1 in accordance with Applicable Laws and rules of service.
21.8. Notice: If eXchange1 commences arbitration against you, eXchange1 will give notice at the email address or mailing address you have provided. You agree that any notice sent to this email or mailing address shall be deemed effective for all purposes, including determinations of the adequacy of service. It is your obligation to ensure that the email address and/or mailing address on file with eXchange1 is up-to-date and accurate.
21.9. Confidentiality: The parties agree that the arbitration shall be kept confidential. The existence of the arbitration, the Claim, all documents and information provided or exchanged, and any submissions, orders or awards made shall be kept confidential and not disclosed to any third party except the tribunal, DIAC, the parties, their counsels, experts, witnesses, accountants and auditors, insurers and reinsurers, and any other persons necessary to the conduct of the arbitration. Notwithstanding, a party may disclose such confidential information:
a. with the written consent of the other party;
b. to the extent required by applicable law or regulations of any regulatory or supervisory authority of competent jurisdiction to which the party is or may become subject, or pursuant to any court order or other competent authority or tribunal;
c. in connection with commencing, pursuing or defending any bona fide legal proceedings to enforce or challenge any award rendered in the arbitration; and
d. to the extent the relevant confidential information is in the public domain otherwise than by breach of this agreement.
This confidentiality term shall survive termination of these Terms and conclusion or stay of any arbitration brought pursuant to these Terms.
22. Governing Law
22.1. Aside from where Applicable Law requires or provides you with a choice otherwise, these Terms (including this arbitration agreement) shall be governed by, and construed in accordance with, the laws of the United Kingdom.
23. Class Action Waiver
You and eXchange1 agree that any Claims shall be brought against eXchange1 in an arbitration on an individual basis only and not as a plaintiff or class member in a purported class or representative action. You further agree to waive any right for such Claims to be brought, heard, or arbitrated as a class, collective, representative, or private attorney general action, to the extent permissible by applicable law. Combining or consolidating individual arbitrations into a single arbitration is not permitted without eXchange1's consent.
24. Amendments and Communications
The Company may amend these Terms with appropriate notice to users, with immediate implementation of regulatory-required changes. Official communications occur through designated channels, including email, Platform announcements, and mobile notifications. Emergency communications follow expedited procedures ensuring timely user notification.
25. Miscellaneous Provisions
These Terms' provisions are severable, with invalid provisions reformulated to maintain intended effects where possible. Assignment rights are limited and subject to regulatory approval where required. Interpretation follows standard legal principles, with the English language version controlling in case of discrepancies.
26. Definitions
Account means any accounts (including Corporate Accounts) or sub-accounts, which are opened by eXchange1 for you to record your use of Services.
Applicable Law means all relevant or applicable statutes including MiCA, laws (including rules of common law), principles of equity, rules, regulations, regulatory principles and requirements, notices, orders, writs, injunctions, judgements, bye-laws, rulings, directives, proclamations, circulars, mandatory codes of conduct, guidelines, practice notes and interpretations (whether of a governmental body, regulatory or other authority, or self-regulatory organisation of which eXchange1 is a member), that are applicable to the provision, receipt or use of the Services, or any other products or deliverables provided, used or received in connection with the Services, these Terms.
Backed Crypto Assets are Crypto Assets that claim to have their value supported by, connected to, or fixed to another asset, such as digital assets, traditional fiat currencies like the US dollar, or physical commodities including precious metals like silver or gold.
Claim means any dispute, claim, difference or controversy between you and eXchange1 (and/or any of our Affiliates) arising out of, in connection with, or relating in any way to:
(a) these Terms or any Product Terms, including their existence, validity, subject matter, interpretation, performance, breach, negotiation, termination, enforceability or the consequences of their nullity;
(b) your relationship with eXchange1(and/or any of our Affiliates) as a user (whether based in contract, tort, statute, fraud, misrepresentation, or any other legal theory, and whether the claims arise during or after the termination of these Terms); or
(c) any non-contractual obligations arising out of or relating to these Terms, or any Product Terms, or your relationship with eXchange1(and/or any of our Affiliates).
Created IP means any Intellectual Property Rights created by you pursuant to these Terms, including the User Materials, but excluding any other User IP.
eXchange1 IP means the Created IP and all other Intellectual Property Rights owned by or licensed, on a sub-licensable basis, to us as at the date of the Terms and any other Intellectual Property Rights owned or acquired by or licensed, on a sub-licensable basis, to us after the date of these Terms, and which are provided by us to you in the course of providing you with the Services.
Fiat Currency means any government or central bank issued national, or supra-national, currency, or other monetary obligation denominated in such currency and which is not a Crypto Asset.
List of Prohibited Countries means the list of countries accessible at FATF Black and Grey list.
Local Terms means the terms governing your use of the Services provided in any particular jurisdiction.
Permitted User means any person identified by you and communicated to us, in accordance with these Terms, that is authorised to act on a user’s behalf with respect to any Corporate eXchange1 Account.
Restricted Person means a person or legal entity who (a) is included in any trade embargoes or economic sanctions, terrorist or corrupt foreign officials list (such as the United Nations Security Council Sanctions List, issued by a government agency including the list of specially designated nationals maintained by the office of foreign assets control of the U.S. Department of the Treasury (OFAC), or the denied persons or entity list of the U.S. Department of Commerce), or by the United Kingdom, European Union, Canada) tor (b) resides, or is established, or has operations in, in any country listed in the FATF Black and Grey list.
Services means the services offered by us to you through the Platform.
Trade Marks means the Intellectual Property Rights in the trade marks, service marks and logos used and displayed on or through the Platform, the Sites and/or the Services.
User IP means the Intellectual Property Rights owned by or licensed to you as at the date of these Terms and any other Intellectual Property Rights owned or acquired by or licensed to you after the date of these Terms, excluding eXchange1 IP.
User Materials means the Intellectual Property Rights in any reviews, posts, information, data, and comments you or other users provide to us on the Sites (through our “Contact Us” pages or otherwise), the Platform, through use of Services, or otherwise.
Acknowledgment
By accessing and using the Platform, users acknowledge their thorough review and acceptance of these Terms, including all incorporated policies and procedures. Users confirm their understanding of all obligations, risks, and responsibilities outlined herein.
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