Legal

Important – The Additional T&Cs stated in this section governs your ability to purchase and redeem StraitsX Tokens and Non-StraitsX Tokens. 

User advisory - The purchase and redemption services are offered by the following StraitsX entities: StraitsX Payment Services Pte Ltd (i.e. SPSPL), StraitsX SGD Issuance Pte Ltd (i.e. STX XSGD) and StraitsX USD Issuance Pte Ltd (i.e. STX XUSD). The StraitsX Tokens and Non-StraitsX Tokens are all currently characterised as digital payment tokens. As such, the buying and/or selling of digital payment tokens are regulated activities under the Payment Services Act 2019. The aforementioned entities have all obtained a Major Payment Institution licence under the Payment Services Act 2019 to provide such digital payment token services.

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1. SERVICE DESCRIPTION

1. You can use the StraitsX Dashboard to purchase StraitsX Tokens and supported Non-StraitsX Tokens, using Singapore dollars or US dollars, subject to the terms of these StraitsX T&Cs. 
   

2. ABOUT STRAITSX TOKENS

1. StraitsX Tokens consists of the following single-currency stablecoins:‍
   
   1. XSGD - issued by STX XSGD and pegged to the Singapore dollar on a 1:1 basis respectively – in other words, each XSGD is pegged to one (1) Singapore dollar. ‍
   2. XUSD - issued by STX XUSD and pegged to the US dollar on a 1:1 basis respectively – in other words, each XUSD is pegged to one (1) US dollar. 
2. XSGD and XUSD have been acknowledged by the Monetary Authority of Singapore to be compliant with the upcoming stablecoin regulatory framework (as published by them in the ‘Response to Public Consultation on Proposed Regulatory Approach for Stablecoin-related activities’ paper dated 15 August 2023). XSGD and XUSD are pegged to the Singapore dollar and US dollar on a 1:1 basis respectively – in other words, each XSGD or XUSD is backed by one (1) Singapore dollar or one (1) US dollar respectively. 

3. PURCHASING STRAITSX TOKENS FROM THE STRAITSX DASHBOARD

1. SPSPL is one of the appointed distributors of StraitsX Tokens and is responsible for facilitating the purchase, redemption, custody and use of StraitsX Tokens as well as other StraitsX Tokens-related services. As such, you may purchase StraitsX Tokens directly from us via the StraitsX Dashboard or from third parties in the secondary marketplace. 
2. To purchase StraitsX Tokens via the StraitsX Dashboard, you will need a StraitsX Digital Assets Account. After creating a StraitsX Digital Assets Account, you may purchase, via the StraitsX Dashboard, StraitsX Tokens on a 1:1 basis (e.g. one (1) Singapore dollar can be used to purchase one (1) XSGD and the same applies to other StraitsX Tokens).  
3. You acknowledge and agree that when you purchase any amount of StraitsX Tokens, it is possible that only a portion (determined at the absolute discretion of the relevant StraitsX entities) will be used to mint the StraitsX Tokens, while the remaining amount will be retained as cash for redemption facilitation purposes. Notwithstanding this, our liability to you, subject to the StraitsX T&Cs, remains for the full balance of your StraitsX Digital Assets Account. This means that, in respect of any withdrawal or redemption request, we will ensure the delivery of the entirety of your StraitsX Digital Assets Account balance as requested. 

Purchase limits 

4. If you purchase StraitsX Tokens directly from us via the StraitsX Dashboard, we may, at our sole and absolute discretion, impose limits on the amount of StraitsX Tokens that you may purchase. If you have a Verified Account, we may also increase your purchase limits. Where we receive funds in excess of purchase limits imposed on you, or which will cause the amount of StraitsX Tokens held in your StraitsX Digital Assets Account to exceed the maximum limits (as may be imposed by us pursuant to the StraitsX T&Cs), SPSPL reserves the right to reject any instructions relating thereto. 
5. If you wish to purchase StraitsX Tokens beyond any imposed limits and/or for purposes other than personal usage of StraitsX Tokens (e.g. business or enterprise usage, including, without limitation, the integration of StraitsX Tokens with any platforms, exchanges, applications or network) you should contact us by submitting a support ticket via StraitsX Website. 

Payment methods

6. Payment for all purchases must be made via: 
   
   1. Bank transfer from a bank account beneficially owned by you; or
   2. Debit card under your name to a payment account designated by us. For the avoidance of doubt, option (b) is only applicable if you are a natural person. 
7. Once we have confirmed that we have received payment, we will arrange for the relevant amount of XSGD and/or XUSD (as applicable) to be issued directly into your StraitsX Digital Assets Wallet linked with your StraitsX Digital Assets Account. We reserve the right to reject any payments made from a bank account not beneficially owned by you or a debit card not under your name. 
8. If you have not received the relevant amount of StraitsX Tokens in your StraitsX Digital Assets Account or if StraitsX Tokens not in excess of the (i) Purchase Limits and/or (ii) maximum limit of StraitsX Tokens you are permitted to hold have not been reflected in your StraitsX Digital Assets Account by the next Business Day, please contact us immediately.
9. While StraitsX Tokens may be purchased from third parties in the secondary marketplace, you accept and acknowledge that we have no control over such third parties or the purchase price of StraitsX Tokens sold by such third parties. Any purchases of StraitsX Tokens from third parties may also be subject to additional terms and conditions imposed by the third party. 

4. REDEEMING STRAITSX TOKENS VIA STRAITSX DASHBOARD

1. You may redeem the StraitsX Tokens with SPSPL via the StraitsX Dashboard at any time subject to the terms of these StraitsX T&Cs and/or any applicable regulatory constraints, law enforcement actions, or court judgments. 

Conditions to redemption 

2. You acknowledge that your right to redeem StraitsX Tokens directly via the StraitsX Dashboard is contingent upon meeting all of the following conditions: 
   
   1. You must (a) satisfy our onboarding requirements, (b) follow the redemption mechanism as set out in this clause 4, (c) ensure your redemption request is within the redemption limits imposed on your StraitsX Digital Assets Account (if applicable), and (d) pay the applicable redemption fees. 
   2. The StraitsX Tokens (that are the subject matter of your redemption request) are not the subject matter of any audit or investigation by any regulatory body or law enforcement agency in any applicable jurisdiction. 
   3. The StraitsX Tokens (that are the subject matter of your redemption request) are not subject to any order, notice, direction, or anything of a similar effect, issued by any regulatory body, law enforcement agency, or any court of law in any jurisdiction.  
   4. You must not be engaged, as we reasonably believe, in any Restricted Activity as defined in the StraitsX T&Cs, nor in any activity that is prohibited by any Applicable Law.
3. Failure to meet any of the above-mentioned conditions, as to be determined by us in our sole and absolute discretion, may result in the denial of your redemption request and the retention of the StraitsX Tokens in your StraitsX Digital Assets Account until the above-mentioned conditions are met.

Redemption mechanism

4. The mechanism of redemption via the StraitsX Dashboard is as follows:
   
   1. If you wish to redeem your StraitsX Tokens that are stored in your StraitsX Digital Assets Account: 
      
      1. You must submit a redemption request through your StraitsX Dashboard setting out the type of StraitsX Token to be redeemed (e.g. XSGD or XUSD) and the amount of StraitsX Tokens to be redeemed (“Redemption Amount”) down to the nearest cent;
      2. Once we have received, we will verify and process your redemption request.
      3. Once your redemption request is processed, we will transfer a sum of Singapore dollars (if XSGD is being redeemed) or US dollars (if XUSD is being redeemed) corresponding with the Redemption Amount to your Attached Bank Account via bank transfer within five (5) Business Days (the “Redemption Time”); and
      4. You agree that we may deal with any StraitsX Tokens sent to the designated redemption Wallet address for redemption in our sole discretion, which may include burning such StraitsX Tokens to make them unusable. 
   2. If you wish to redeem your StraitsX Tokens and your StraitsX Tokens are stored in any Non-StraitsX Account, you must first create a StraitsX Digital Assets Account and transfer the Redemption Amount into the designated wallet address tagged to your StraitsX Digital Assets Wallet. After that, you may proceed to redeem your StraitsX Tokens in accordance with the mechanism set out above. 
5. All redemptions of StraitsX Tokens shall be subject to payment to us of the following fees:
   
   1. A redemption fee as set out on our StraitsX Website; and
   2. An administrative fee of S$1
      (collectively, “Redemption Fees”). Please note that the above-reflected Redemption Fees are exclusive of applicable blockchain network fees. 
6. If your StraitsX Tokens remain unused in your StraitsX Accounts for a prolonged period (“Unused StraitsX Tokens”), we may remind you to redeem some or all of your StraitsX Tokens. We may also automatically redeem Unused StraitsX Tokens on your behalf and return the proceeds to your Attached Bank Account.  

Redemption limits

7. Depending on, among other things, the degree to which you have verified your StraitsX Digital Assets Accounts, we may limit your ability to redeem your StraitsX Tokens to your bank account or transfer the StraitsX Tokens to your Non-StraitsX Account (as the case may be) until you comply with our requests for information. For the avoidance of doubt, StraitsX Tokens that are withheld or placed on hold shall not be redeemed. Additionally, we may delay redemption of StraitsX Tokens while we perform a risk review. 
8. If the amount of StraitsX Tokens in your account exceeds any purchase limit or maximum limit imposed on by us on your StraitsX Accounts, we may redeem those StraitsX Tokens in excess of the relevant limit(s) on your behalf and return the proceeds to your Attached Bank Account. 

5. PURCHASING XSGD & XUSD DIRECTLY WITH STX XSGD & STX XUSD

1. You may also purchase XSGD and XUSD directly with STX XSGD and STX XUSD using our OTC Services subject to the StraitsX T&Cs, specifically the Additional T&Cs pertaining to our OTC & Swaps Services. 

6. REDEEMING XSGD & XUSD DIRECTLY WITH STX XSGD & STX XUSD

1. For XSGD and XUSD, where the Redemption Amount is at least S$100,000 (if XSGD is being redeemed) or US$100,000 (if XUSD is being redeemed), or such other amount as we may from time to time designate on the StraitsX Website, you may directly redeem them from STX XSGD and STX XUSD at any time subject to the terms of these StraitsX T&Cs and/or any applicable regulatory constraints, law enforcement actions, or court judgments.

Conditions to redemption

2. You acknowledge that your right to redeem XSGD and/or XUSD directly with us is contingent upon meeting all of the following conditions: 
   
   1. You must (a) satisfy our onboarding requirements, (b) follow the redemption mechanism as set out in this clause 6, (c) ensure your redemption request is within the redemption limits that may be imposed by us (if applicable), and (d) pay the applicable redemption fees. 
   2. Neither you are not under any audit or investigation by any regulatory body or law enforcement agency in any applicable jurisdiction, nor are the XSGD and/or XUSD (that are the subject matter of your redemption request) the subject matter of any audit or  investigation by any regulatory body or law enforcement agency in any applicable jurisdiction. 
   3. The XSGD and/or XUSD are not subject to any order, notice, direction, or anything of a similar effect, issued by any regulatory body, law enforcement agency, or any court of law in any jurisdiction. 
   4. You must not be engaged, as we reasonably believe, in any Restricted Activity as defined in the StraitsX T&Cs, nor in any activity that is prohibited by law in any applicable jurisdiction.
3. Failure to meet any of the above-mentioned conditions, as to be determined by us in our sole and absolute discretion, may result in the denial of your redemption request and/or the retention of the XSGD and/or XUSD in your StraitsX Accounts until the above-mentioned conditions are met.

Redemption mechanism 

4. The mechanism of redemption for direct redemptions with STX XSGD and STX XUSD is as follows:
   
   1. If you wish to redeem XSGD and/or XUSD with us: 
      
      1. You must submit a redemption request with STX XSGD and STX XUSD by submitting a support ticket via the StraitsX Website. Please set out the amount of XSGD and/or XUSD to be redeemed (i.e. the Redemption Amount) down to the nearest cent;
      2. Once we have received and verified your redemption request, we will revert with detailed procedures to follow. Note that, depending on the requirements of the redemption process, we may require you to open a StraitsX Digital Assets Account with SPSPL to facilitate the onboarding and/or processing of your redemption request.
      3. Once your redemption request is processed, we will transfer a sum of Singapore dollars (if XSGD is being redeemed) or US dollars (if XUSD is being redeemed) corresponding with the Redemption Amount to your designated bank account via bank transfer within five (5) Business Days (the “Redemption Time”); and
   2. All redemptions of XSGD and XUSD shall be subject to payment to us of the following fees:
      
      1. A redemption fee as set out on our StraitsX Website; and
      2. An administrative fee of S$1. 
         Please note that the above-reflected Redemption Fees are exclusive of applicable blockchain network fees

7. ABOUT NON-STRAITSX TOKENS

1. From time to time, StraitsX may support certain Non-StraitsX Tokens and make them available for purchase through the StraitsX Dashboard. Please visit the StraitsX Website for the supported list of Non-StraitsX Tokens. The list of Non-StraitsX Tokens which we support may change from time to time, at our sole and absolute discretion. 
2. You accept and acknowledge that we are not the issuer of Non-StraitsX Tokens. You further acknowledge that unlike XSGD and XUSD, Non-StraitsX Tokens may not be backed by any reserve assets and may therefore be worthless. We disclaim all responsibility and liability arising from, out of or in connection with your use of Non-StraitsX Tokens, including your holding of Non-StraitsX Tokens in your StraitsX Accounts.
3. Should you elect to purchase and/or hold Non-StraitsX Tokens in your StraitsX Digital Assets Account, you might be using one of our third party service providers, such as Circle. In addition to these StraitsX T&Cs, you agree to comply with and be bound by any StraitsX T&Cs governing your purchase and/or holding of the Non-StraitsX Tokens. For instance, your holding and use of USDC is governed by the Circle USDC Terms (found here: https://www.circle.com/en/legal /usdc-terms).
4. You agree and irrevocably authorise us to collect and disclose your transaction information to such third party service providers. Your information will be used in accordance with their respective privacy policies. For instance, Circle will handle your information in accordance with their Circle Privacy Policy (found here: https://www.circle.com/en/legal/ privacy-policy).

8. PURCHASING NON-STRAITSX TOKENS VIA STRAITSX DASHBOARD

1. You may also instruct SPSPL to purchase supported Non-StraitsX Tokens on your behalf via the StraitsX Dashboard. The purchase of Non-StraitsX Tokens is available only in connection with Non-StraitsX Tokens that we support, and this may change from time to time, at our sole and absolute discretion.
2. To instruct SPSPL to purchase supported Non-StraitsX Tokens on your behalf, you will need a StraitsX Digital Assets Account. After creating a StraitsX Digital Assets Account, you may purchase, via the StraitsX Dashboard, the supported Non-StraitsX Tokens.  

Purchase limits

3. We may, in our sole and absolute discretion, impose limits on the amount of supported Non-StraitsX Tokens that may be purchased by you. If you have a Verified Account, we may increase your purchase limits. Do note that where we receive any amounts in excess of the purchase limits, or which will cause the amount of Non-StraitsX Tokens held in your StraitsX Digital Assets Account to exceed the maximum limits (as may be imposed by us pursuant to the StraitsX T&Cs), we reserve the right to reject any instructions relating thereto. 
4. Persons who wish to have supported Non-StraitsX Tokens credited into their StraitsX Digital Assets Account exceeding the purchase limits should contact us by submitting a support ticket via the StraitsX Website. 

Payment methods 

5. If you instruct us to purchase Non-StraitsX Tokens on your behalf, we may collect payment from you via the following payment methods:
   
   1. Bank transfer from your bank account beneficially owned by you; or
   2. Debit card. For the avoidance of doubt, option (b) is only applicable if you are a natural person. 
6. Once we have confirmed that we have received payment, we will arrange for the relevant Non-StraitsX Tokens to be transferred to your StraitsX Digital Assets Wallet linked with your StraitsX Digital Assets Account. We reserve the right to reject any payments made from a bank account not beneficially owned by you or a debit card not under your name. 
7. If you have not received the Non-StraitsX Tokens in your StraitsX Digital Assets Account, or if Non-StraitsX Tokens not in excess of the (i) purchase limits and/or (ii) maximum limit of Non-StraitsX Tokens you are permitted to hold in your StraitsX Digital Assets Account have not been reflected by the next Business Day, please contact us immediately.  
8. We may use third party service providers to facilitate your purchase of Non-StraitsX Tokens. In connection with your purchase of Non-StraitsX Tokens, we may provide you with instructions to make payment directly to such third party service providers. You are solely responsible for ensuring that you comply with such payment instructions. We bear no responsibility for any losses you might incur as a result of your non-compliance with such payment instructions.

9. REDEEMING NON-STRAITSX TOKENS VIA STRAITSX DASHBOARD

1. You may instruct SPSPL to redeem supported Non-StraitsX Tokens in your StraitsX Digital Assets Wallet on your behalf via the StraitsX Dashboard, followed by the transfer of the equivalent amount of fiat currency to your Attached Bank Account.
2. In this regard, we may use third party service providers to facilitate your redemption of Non-StraitsX Tokens. In connection with your redemption of Non-StraitsX Tokens, we are only obligated to transmit your redemption instruction, and the details of your Attached Bank Account, to such third party service providers.You shall be solely responsible for ensuring that your Attached Bank Account is able to receive the appropriate fiat currency from your redemption of Non-StraitsX Tokens.
3. We have no obligation to ensure that the third party service provider transfers the equivalent amount of fiat currency to your Attached Bank Account. You shall be solely responsible for ensuring that the amount of fiat currency received in your Attached Bank Account is accurate and corresponds to the amount of Non-StraitsX Tokens which you instruct us to sell, less any applicable fees. We bear no responsibility for any losses you might incur as a result of the failure of third party service providers to transfer any amount of fiat currency to yourAttached Bank Account.
4. We have no obligation to purchase your Non-StraitsX Tokens for the equivalent amount of fiat currency.

Redemption limits 

5. Depending on, among other things, the degree to which you have verified your StraitsX Digital Assets Account, we may limit your ability to redeem your Non-StraitsX Tokens to your bank account or transfer the Non-StraitsX Tokens to your Non-StraitsX Account (as the case may be) until you comply with our requests for information. For the avoidance of doubt, Non-StraitsX Tokens that are withheld or placed on hold shall not be redeemed. Additionally, we may delay redemption of Non-StraitsX Tokens while we perform a risk review.

Redemption Fees 

6. When making a redemption, you will be charged the prevailing redemption fees. The fees for redemption will depend on the method of redemption you choose. We may also charge an administrative fee for each redemption, which currently stands at S$1 (not including applicable network fees). 

10. SAFEGUARDING YOUR STRAITSX TOKENS AND NON-STRAITSX TOKENS

Please see the Additional T&Cs pertaining to Risk Warnings, Notices & Disclosures for the terms and conditions in relation to the safeguarding of the StraitsX Tokens and Non-StraitsX Tokens