Our Compensation Policy

In accordance with guidelines set forth by the Monetary Authority of Singapore, StraitsX has established this Compensation Policy to address potential losses of customer assets. This policy outlines the types of losses that are covered and excluded, the conditions for eligibility, and the steps you need to take to lodge a claim
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The terms used in this policy shall have the same meanings as those defined in the upcoming new version of the StraitsX Terms and Conditions with effect from 1 November 2024 (“Straits T&Cs”).
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A. StraitsX Compensation Policy

• As StraitsX entities are licensed and regulated as Major Payment Institutions under the Payment Services Act 2019, we may be required to compensate users for certain types of losses pursuant to applicable legislative or regulatory policies in Singapore (including relevant notices and/or guidelines issued by the Monetary Authority of Singapore) (“Regulatory Policy”). Where these requirements apply, StraitsX will fully comply.

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B. Compensation Liability, Form and Limit

• StraitsX’s liability will be determined according to the applicable Regulatory Policy. Where there is discretion in determining liability, or where liability is not mandated but merely suggested or recommended, StraitsX may decide not to provide compensation if its liability is excluded under the StraitsX T&Cs or Applicable Laws.
• Amount, form and value of compensation payment: At StraitsX’s discretion, a compensation payment may be made either in the form of the actual loss or theft of tokens (“lost tokens”), any other token issued or supported by StraitsX or any fiat currency, and the valuation of the lost tokens may be based on either: (a) the market value of the tokens at the date and time of the incident that resulted in the loss, or (b) the current market value at the time of the compensation.
• Liability Cap: StraitsX’s liability to compensate under the applicable Regulatory Policy is limited/capped at the amount of lost tokens or the value of the lost tokens as of the date and time of the incident that resulted in the loss or theft of tokens. This is subject to any further limitations in the StraitsX T&Cs and/or Applicable Laws. StraitsX will not be liable for any indirect, consequential, or other similar losses or damages.

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C. Compensation Eligibility & Exclusions

• You may be eligible for a compensation payment from StraitsX, provided the following conditions are met and none of the exclusions apply.‍
  

• Eligibility Conditions‍
  
  • To be eligible for a compensation payment, you must do the following:
    
    • Furnish a police report in respect of unauthorised transaction claims before the claims resolution process starts if required by StraitsX.
    • Report the suspicious or unauthorized transactions that resulted in the loss within [3] days. Delays may reduce or cancel eligibility for compensation.
    • Cooperate fully by providing all requested information, (e.g. transaction dates, transaction timestamps and parties to the transaction) and documents. Non-cooperation may result in denial of compensation.
    • Act honestly and in good faith during the claims process. False information or fraud will lead to disqualification and possible legal action.
    • Keep all information and communications relating to the compensation claim process strictly confidential, and not disclose them to any third party, except as may be required by Applicable Laws or with StraitsX's prior written consent.‍

• Exclusions‍
  
  • You will not be entitled to a compensation payment under the following circumstances:
    
    • If there is no actual loss from your StraitsX personal Fiat Account or StraitsX Digital Assets Account (to be referred to as “StraitsX Accounts”).
    • If you are wholly or partially responsible for the loss under the applicable Regulatory Policy due to any actions, omissions, or failure to comply with the conditions, duties, or responsibilities outlined in that Regulatory Policy.
    • If there is no actual financial loss to you, such as internal conversions within the StraitsX Accounts or transfers of funds to accounts under your control (e.g. your bank account or a whitelisted blockchain address controlled by you).
    • If you have already been compensated by a third party (e.g. insurer) or have recovered the lost tokens or value of lost tokens through any other means.

D. Accepting A Compensation Payment

• In accepting a compensation payment from StraitsX, you must agree to the conditions that StraitsX may impose, including but not limited to the following:
  
  • StraitsX may offset any outstanding amounts you may owe to StraitsX against the compensation.
  • You agree to waive any claims or rights he/she may have against StraitsX for the full value of the unauthorized transaction.
  • You agree to assign to StraitsX all rights to recover additional compensation from third parties. StraitsX may pursue this on your behalf, and you agree to provide any necessary information or documents, and cooperate as needed.
  • You shall not receive double compensation. If you receive or become entitled to any additional payment relating to the lost tokens after a compensation payment is made by StraitsX, you must inform StraitsX immediately and forward the payment within seven (7) business days, as our compensation is the final settlement for the incident.
  • You agree to keep all details of the claims process and compensation payment and related communications strictly confidential, except as required by Applicable Laws or regulatory authorities, with prompt written notice to be issued to StraitsX.
  • You agree not to make any negative or disparaging statements, oral or written, about StraitsX, including about its products, services, employees, or practices related to the claims process and/or the compensation payment.
  • StraitsX reserves the right to rescind any offer of compensation payment or claw back any compensation payment if we determine that: (a) eligibility conditions were not met, (b) any exclusions apply, (c) if any terms of the compensation payment were not adhered to, and/or (d) any information that you may have provided was untrue, or that your conduct involved bad faith, dishonesty, or fraud.

E. Lodging A Claim

• To lodge a claim for a compensation payment, please lodge a support ticket and provide all requested information with sufficient details and clarity. Once the support ticket is lodged, StraitsX aims to provide an initial response within [5] business days.
• Upon receiving your support ticket, we will initiate an internal investigation to investigate the incident and assess your eligibility for compensation. The time required to complete this process will vary based on the complexity of the incident, as well as your promptness and cooperation in providing all relevant and requested information.

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