Legal

Important – The Additional T&Cs stated in this section governs your access to our StraitsX Earn service (as defined below). 

‍User advisory - The StraitsX Earn service is offered by the following StraitsX entity: Xfers Invest Pte Ltd (i.e. XIPL). XIPL is not licensed by the Monetary Authority of Singapore. The StraitsX Earn service is not a regulated activity under the Payment Services Act 2019. XIPL is not a bank or deposit-taking company, and does not maintain any bank account or any current, savings or deposit account for StraitsX users. XIPL is also not in the business of moneylending or providing credit. The StraitsX Earn service is not a deposit or savings account, and is not covered by the Deposit Insurance Scheme administered by the Singapore Deposit Insurance Corporation Limited. As participation in the StraitsX Earn involves significant risks, users are advised to read these terms and conditions carefully.

1. SERVICE DESCRIPTION

1. You can utilize the StraitsX Earn service to lend your StraitsX Tokens (e.g. XSGD or XUSD) or Non-StraitsX Tokens and potentially earn rewards. By transferring  tokens into your StraitsX Earn Account, you allow XIPL to use and deploy them. You will receive rewards directly into your StraitsX Earn Account. The StraitsX Earn service is only available to an Accredited Investor or StraitsX Merchant or Corporate users.
   

2. ELIGIBILITY

1. In addition to the eligibility requirements listed in the General T&Cs, you must also be:
   
   1. An Accredited Investor (including Singapore registered merchant or business with a verified StraitsX Merchant or Corporate Account);
   2. A resident in one of the countries in which our StraitsX Earn service is supported. Our service availability varies by country; and
   3. A holder of a verified StraitsX Digital Assets Account in order to use the StraitsX Earn service.
2. To ensure compliance with Applicable Laws, XIPL reserves the right to amend the eligibility requirements for the StraitsX Earn service at any time, without prior notice to you
   

3. MECHANICS OF THE STRAITSX EARN SERVICE  

1. By crediting your StraitsX Earn Account with StraitsX Tokens or Non-StraitsX Tokens, you are thereby lending them to XIPL. 
2. XIPL, acting independently as a principal and for its own account, aggregates the StraitsX Tokens or Non-StraitsX Tokens borrowed from users for activities for various deployment strategies, which may include promoting the StraitsX Tokens’ ecosystem or generating yield on Decentralised Finance (“DeFi”) protocols or centralized token-deposit platforms. You acknowledge and agree that XIPL has the sole discretion over how the borrowed tokens are used or deployed, and that you have no ownership, control, influence, or decision-making authority over such deployment. You will not be entitled to any information relating to the use or deployment of such tokens, except as required under Applicable Laws.
3. In providing the StraitsX Earn services, XIPL does not act as a custodian, agent, or in any fiduciary capacity, on your behalf, nor does it hold the StraitsX Tokens or Non-StraitsX Tokens beneficially for you, on your behalf.
4. You acknowledge and agree that you are not engaging XIPL to invest, stake, lend, or otherwise manage the StraitsX Tokens and Non-StraitsX Tokens on your behalf. Instead, you are choosing to lend your tokens to XIPL, and XIPL utilizes these tokens independently of your personal investment decisions.
5. Any contractual entitlement you have in the course of our provision of the StraitsX Earn services is solely in respect of the value of your account balance in your StraitsX Earn Account, and you will not have any claim to the StraitsX Tokens or Non-StraitsX Tokens invested by XIPL. We do not provide you with any form of remittance or money transfer service, whether in respect of the StraitsX Tokens or Non-StraitsX Tokens to be staked on DeFi protocols or otherwise.
6. XIPL earns its remuneration in the form of the difference between the yield we receive by and the rewards we credit your StraitsX Earn Account with.

Beneficial ownership

1. You must be the beneficial owner of your StraitsX Earn Account, and conduct business only on behalf of yourself

4. CREDITING YOUR STRAITSX EARN ACCOUNT

1. You may participate in the StraitsX Earn service by crediting your StraitsX Earn Account. You can credit your StraitsX Earn Account by instructing StraitsX to transfer all or part of your StraitsX Tokens or Non-StraitsX Tokens from your StraitsX Digital Assets Account to XIPL’s StraitsX Digital Assets Account.
2. If your StraitsX Earn Account is not credited by the end of the next Business Day after your verified StraitsX Digital Assets Account has been debited, please contact us immediately.
   

5. YOUR STRAITSX EARN ACCOUNT BALANCE & INTEREST

Account balance limits 

1. We may, in our sole and absolute discretion, impose limits on the balance which you can hold in your StraitsX Earn Account,and/or on the amount of value you may credit your StraitsX Earn Account with, either on a per-transaction basis or over the course of a defined period. Any such limits will be displayed on the StraitsX Website from time to time.
   

Account balance 

2. The account balance of your StraitsX Earn Account will be denominated in StraitsX Tokens and Non-StraitsX Tokens only, and will not comprise any fiat-currency balance. The account balance represents the sum of: (a) the aggregate amount of StraitsX Tokens and Non-StraitsX Tokens which you have credited your StraitsX Earn Account with; (b) any rewards accrued on (a); (c) any positive or negative adjustments for errors under clause 8 of the General T&Cs; and (d) LESS any  StraitsX Tokens and Non-StraitsX Tokens you have withdrawn.
3. XIPL’s records of the balance of your StraitsX Earn Account (inclusive of any rewards accrued) will be conclusive and binding on you for all purposes. ‍

6. EARN PRODUCT TYPES & REWARDS

1. XIPL may offer different variations of the StraitsX Earn product from time to time, each with its own specific features, including but not limited to: rewards rate (fixed or variable), commitment amount, lock-up period (if any), rewards computation method, and flexibility regarding full or partial withdrawals. You acknowledge and agree that the applicable terms for each Earn product variant may be set out on the StraitsX Website, StraitsX Dashboard or as separately agreed in a written StraitsX Earn Agreement entered into between you and XIPL, and you acknowledge that such terms are incorporated into your agreement with StraitsX and shall prevail over any general descriptions in the StraitsX T&Cs, including the Additional T&Cs pertaining to StraitsX Earn.
2. Rewards will generally accrue on a daily basis and compounded. It will be credited at such intervals as XIPL may determine. Rewards may be paid out at any timeframes depending on the Earn product type, which includes paying out only upon maturity.
3. Rewards shall accrue on your StraitsX Earn Account balance, at the prevailing rewards rate as may be determined in our sole and absolute discretion. Rewards may be credited to your StraitsX Earn Account balance, or any other designated accounts, in the form of StraitsX Tokens and Non-StraitsX Tokens which you have credited your StraitsX Earn Account with, or in the form of any other digital asset.
4. XIPL reserves the right, in its sole and absolute discretion, to vary the rewards rate applicable to any StraitsX Earn product, and thus to your StraitsX Earn Account balance, at any time and without prior notice to you.
5. When you submit a withdrawal request pursuant to clause 7 of these Additional T&Cs pertaining to StraitsX Earn, rewards will cease to accrue on the amount subject to the withdrawal request from the time the request is submitted, regardless of when the funds are actually credited to your account.‍

7. REDEMPTION OF EARN PRODUCT & WITHDRAWAL FROM YOUR STRAITSX EARN ACCOUNT

1. XIPL reserves the right to redeem any StraitsX Earn product (partially or wholly) in its sole discretion. In such cases, XIPL will return the principal amount of StraitsX Tokens or Non-StraitsX Tokens together with any rewards accrued up to the date of early redemption. The total amount will be deposited into your StraitsX Digital Assets Account.
2. Depending on the specific Earn product type, and subject to the StraitsX T&Cs, you may withdraw all or part of your StraitsX Earn Account balance (in the form of an equivalent amount of StraitsX Tokens and Non-StraitsX Tokens) via the StraitsX Dashboard or by contacting us at support@straitsx.com or submitting a support ticket via the StraitsX Website.
3. Once you submit a withdrawal request, XIPL will require up to seven (7) Business Days to process the request and transfer the withdrawn StraitsX Earn Account balance (principal amount and/or any accrued rewards) back to your StraitsX Digital Assets Account. Rewards will cease to accrue on the amount subject to the withdrawal request from the time the request is submitted, regardless of when the funds are actually credited to your account.
4. XIPL may, in its sole and absolute discretion, impose limits on the amount you may withdraw from your StraitsX Earn Account, whether on a per-day, per-week, per-month basis or any combination thereof. Such withdrawal limits may be applied individually (e.g. per user or per account) or on an aggregate basis (e.g. monthly withdrawal caps), and may vary depending on your account history, Earn product type, volume of participation, or as separately agreed with you under a written StraitsX Earn Agreement. In the event that you have agreed to specific withdrawal terms, you acknowledge that such terms will govern your withdrawal rights, even if your total balance is otherwise eligible for withdrawal.
   

8. FEES FOR STRAITSX EARN SERVICES

1. You agree to pay XIPL any and all prevailing fees charged by us from time to time in connection with the provision or use of the StraitsX Earn services. The fees are stated on the StraitsX Website and/or will be disclosed to you prior to confirmation of the transaction. In the event of any inconsistency, the fees disclosed to you prior to confirmation of the transaction will prevail over the fees stated on the StraitsX Website.
2. We may change our fees (including adding new fees) from time to time, which shall be stated on the StraitsX Website and which shall be binding on you if you continue to maintain or use the Services after the effective date for imposing the revised fees.
   

Deduction from or set-off against your StraitsX Accounts 

3. Any fees charged by XIPL may be deducted from or set-off against the funds in your StraitsX Earn Account (including any incoming receivables which have not yet been credited into your StraitsX Earn Account).
   

No fee refunds 

4. The fees charged by XIPL shall be payable in advance and are strictly non-refundable.
   

9. HOW TO CLOSE YOUR STRAITSX EARN ACCOUNT

1. You may request to close your StraitsX Earn Account, subject always to the terms of the specific StraitsX Earn product you have subscribed to (e.g. lock-up periods or withdrawal restrictions). Any closure request will be treated as a withdrawal and will be processed in accordance with clause 7 of these Additional T&Cs pertaining to StraitsX Earn. Upon closure, rewards will cease to accrue on the relevant balance from the time of your request. You must ensure that your StraitsX Earn Account balance is withdrawn to your linked StraitsX Digital Assets Account prior to closure. You remain responsible for all obligations related to your StraitsX Earn Account even after it is closed.
   

10. LIMITATIONS ON CLOSING YOUR STRAITSX EARN ACCOUNT

1. You may not evade an investigation by closing your StraitsX Earn Account. If you close your StraitsX Earn Account while we are conducting an investigation, we may hold the funds in your StraitsX Earn Account to protect StraitsX, its parent, subsidiaries and affiliates or a third party against the risk of Reversals, Chargebacks, Claims, fees, fines, penalties and other liability. 
   

11. ADDITIONAL DISCLOSURES

1. Before participating in the StraitsX Earn, you should carefully assess your financial situation, risk tolerance and investment objectives. It is important to fully understand the possible outcomes, including the potential loss of principal and/or rewards. By participating in the StraitsX Earn service, you acknowledge and accept that there are significant risks involved and that XIPL or StraitsX will not be liable for any losses (direct or indirect) that you may incur by your participation in the StraitsX Earn. Please read below for the key disclosures. 
   

Key Risks

2. The use of StraitsX Tokens or Non-StraitsX Tokens for yield generation carries inherent risks, including the possibility of losing the principal amount invested. There is no guarantee of returns, and past performance is not indicative of future results. Also, XIPL reserves the right to vary rewards rates as deemed necessary, and users should be aware that rewards rates offered may change over time.
3. The ability to withdraw funds may be subject to processing times (up to 7 business days) and may vary depending on the specific Earn product.
4. You are also exposed to counterparty risks, as XIPL may deploy tokens through third-party counterparties (e.g. third party platforms or lending arrangements). In the event of counterparty insolvency, default, operational failure or financial loss, you may lose all or part of your deployed tokens. XIPL’s ability to return the principal and rewards is contingent upon the performance of these counterparties, and you acknowledge that there may be situations where recovery is not possible.
5. Additionally, the underlying deployment platforms may experience security incidents, technical disruptions, maintenance periods, or outages, which could affect or result in the loss of your principal and/or rewards, either wholly or partially. Such incidents may also impact XIPL’s ability to process your withdrawals in a timely manner.
6. You should also be aware of concentration risks. If a significant portion of the tokens are deployed with a single counterparty or strategy, the impact of a single point of failure could be substantial, leading to a higher risk of loss in the event of counterparty default or operational issues.

Regulatory Status & No Protection

2. The StraitsX Earn service is offered by XIPL, who is not licensed by the Monetary Authority of Singapore. The StraitsX Earn service is not a regulated activity under the Payment Services Act 2019. As such, StraitsX Tokens or Non-StraitsX Tokens held within the Earn service are not safeguarded under any requirements applicable to entities licensed under the PSA, as these requirements do not apply to XIPL.
3. XIPL is not a bank or deposit-taking company and does not maintain any bank accounts or any current, savings, or deposit accounts for StraitsX users. XIPL is also not engaged in moneylending or providing credit. The StraitsX Earn service is also not a deposit or savings account, and thus the tokens deployed under the StraitsX Earn service  are not covered by the Deposit Insurance Scheme administered by the Singapore Deposit Insurance Corporation Limited or any insurance scheme generally.‍

MISCELLANEOUS

1. You acknowledge and agree that the terms applicable to your participation in the StraitsX Earn, including any yield, duration, redemption, or deployment terms, are governed by these Additional T&Cs pertaining to StraitsX Earn and/or any written StraitsX Earn Agreement separately entered into between you and XIPL.
2. You further agree not to place any reliance on, or assert any claim based on, any statements, representations, marketing materials, website content, or other extraneous documents that are not expressly incorporated into or referenced in these Additional T&Cs pertaining to StraitsX Earn and/or any written StraitsX Earn Agreement separately entered into between you and XIPL.