To access the XUSD-minting and redemption service, you will be creating a payment account with Xfers Pte Ltd (“XPL”) and a digital payment token account with StraitsX Payment Services Pte Ltd (“SPSPL”) (collectively referred as “StraitsX”), and by doing so, you acknowledge that you are issuing StraitsX a standing instruction, and accordingly authorizing, to receive, transfer, convert the funds into XUSD and/or process the funds and/or XUSD in accordance with any applicable payment services that StraitsX is licensed to provide under the Payment Services Act 2019 so as to enable you to access the XUSD-minting and redemption service. Each time you deposit funds into the designated account details, the said funds will be processed in accordance with the said standing instruction so as to allow you to access the XUSD-minting and redemption service.
The above-mentioned standing instruction is irrevocable, unconditional, and binding upon you and shall not be rescinded or withdrawn without StraitsX’s prior written consent. Any withdrawal of the standing instruction may result in the closure of the payment account and/or digital payment token account created with StraitsX and prevent your ability to access the XUSD-minting and redemption service.
Any payment service(s) provided to you by StraitsX is provided by StraitsX independently to you and at their own discretion, and not on behalf of Binance.
StraitsX retains full discretion over your onboarding and offboarding to and from the StraitsX platform. Binance has no control, influence, and/or involvement in these processes.
For the purpose of opening an account(s) with StraitsX, you confirm that your KYC or KYB information is accurate, current and valid, and you agree to share this information along with any of your supporting documents with StraitsX. StraitsX retains the sole discretion to request further clarifications or additional information, and if you fail to provide the clarification or additional information or if any information provided is incomplete, outdated, inaccurate, StraitsX reserves the right to decline your account opening request and onboarding to the StraitsX platform.
To comply with its regulatory obligations, StraitsX may also request additional information or documentation at any time during the course of your relationship with StraitsX. This may include, but is not limited to, information related to your account, identity, or specific transactions. Failure to comply with StraitsX’s requests for such information or documentation may result in the suspension or termination of your account with StraitsX and access to the XUSD-minting and redemption service.
The Monetary Authority of Singapore requires StraitsX to provide the following disclosures to you as a customer. Prior to creating an account with StraitsX, you should be aware that:
StraitsX is licensed by the Monetary Authority of Singapore to provide digital payment token services. Please note that this does not mean you will be able to recover all the money or digital payment tokens you paid to StraitsX or any other third party referred to above, if StraitsX’s or the third party’s business fails.
You should be aware that the Monetary Authority of Singapore does not supervise or regulate StraitsX for the provision of unregulated services. This includes any service of trading digital payment token derivatives such as futures.
You should not transact in the digital payment token if you are not familiar with this digital payment token. This includes how the digital payment token is created, and how the digital payment token you intend to transact is transferred or held by StraitsX.
You should be aware that the value of digital payment tokens may fluctuate greatly. You should buy digital payment tokens only if you are prepared to accept the risk of losing all the money you put into such tokens.
You should be aware that StraitsX, as part of its licence to provide digital payment token services, may offer services related to digital payment tokens which are promoted as having a stable value, commonly known as “stablecoin”.
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