WX Credit Terms
1. WELCOME
These Wallex Crypto Credit Terms and Conditions (“Terms” or “T&Cs”) govern the relationship between you (“you”) and any holding company, subsidiary, or entity in the Wallex group of companies (“Wallex” or “we”). Hereinafter, you and Wallex are separately referred to as “Party” and jointly as “Parties” regarding your use of cryptocurrency credit facilities provided by Wallex, forming a legally binding agreement (“Agreement”) between the Parties.
Certain services provided by Wallex may be subject to separate terms and conditions. By accessing and using these services, you acknowledge and agree to be bound by those separate terms and conditions.
YOU ARE RESPONSIBLE FOR ENSURING THAT THE USE OF THE WALLEX CRYPTO CREDIT OR ANY OTHER WALLEX SERVICES IS LEGAL IN YOUR LOCATION. YOU SHALL NOT USE WALLEX CRYPTO CREDIT OR OTHER WALLEX SERVICES IF SUCH USE IS ILLEGAL IN YOUR LOCATION. IF YOU ARE UNSURE, PLEASE SEEK INDEPENDENT LEGAL ADVICE.
2. DEFINITIONS
“Affiliate”means a corporation directly or indirectly,
controlling, controlled by or under direct or indirect common control with
another corporation;
“Applicable Law”means any law, rule, statute, subordinate
legislation, regulation, by-law, order, ordinance, protocol, code,
guideline, treaty, policy, notice, direction or judicial, arbitral,
administrative, ministerial or departmental judgment, award, decree,
treaty, directive, or other requirement or guideline published or in force
at any time which applies to or is otherwise intended to govern or regulate
any person (including all parties to this Terms), property, transaction,
activity, event or other matter, including any rule, order, judgment,
directive or other requirement or guideline issued by any governmental or
regulatory authority;
“Business Day(s)” means any day except any Saturday,
Sunday or public holiday which banking institutions are open for normal
business activities as per our
“Collateral” means clause 4;
“Digital Asset(s)” means any digital assets (such as cryptocurrencies, stablecoins and tokenised assets, including Wallex Tokens), accepted and supported by Wallex on the Wallex , and subject to revision, prohibitions and limitations at any time;
“Event of Default” any event or circumstance specified as such in clause 10;
“Event of Force Majeure” means an event or failure beyond our reasonable control, including (i) Acts of God, nature, court, or government; (ii) failure or interruption in public or private telecommunication networks, Third-Party Blockchain Networks, communication channels, or information systems; (iii) acts or omissions of a party for whom we are not responsible; (iv) delays, failures, interruptions, or unavailability of third-party services and sites; (v) strikes, lockouts, labor disputes, wars, terrorist acts, and riots; (vi) viruses, malware, other malicious computer codes, or hacking of any part of Wallex and related applications or software;
“Interest” means the specified interest rate accrued according to these Terms, subject to change at any time;
“Intellectual Property Rights” refers to patents, utility models, rights to inventions, copyright and related rights, moral rights, trademarks and service marks, business names and domain names, rights in trade dress, goodwill, and the right to sue for passing off or unfair competition, rights in designs, computer software rights, database rights, rights to use and protect confidential information (including know-how and trade secrets), and all other intellectual property rights, whether registered or unregistered, including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or protections that exist now or will exist in the future anywhere in the world.
“LTV” means clause 4;
“LTV Threshold” means that the loan-to-value ratio shall
not exceed a certain percentage of the Wallex Crypto Credit.
“Personal Data” means any information relating to an identified or identifiable natural person; an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person;
Prohibited Countries” means the countries or jurisdictions subject to prohibitions or restrictions on accessing or using the Wallex and are as follows: any of the following: Afghanistan, the Democratic People’s Republic of Korea, Democratic Republic of Congo, Eritrea, Libya, Somalia, South Sudan, Sudan, Yemen, Iraq, Iran, Cuba, Syria, Mali, Central African Republic, Guinea-Bissau, Lebanon or any other country which (or with any other persons who) is sanctioned by the United Nations Security Council, or under applicable laws of your country of residence;
“Taxes” means any taxes, duties or fees that incurred, or required to be collected, paid or withheld for any reason in connection with your use of the Wallex under any Applicable Law;
“Wallex “ Wallex Asset Management
s.r.o.reg. number: 11774908, with reg. address: Rybná 716/24,
Staré Město, 11000 Praha, Czech Republic.
“Wallex Account” means a personal account, opened with
Wallex , through which you can use the Wallex Crypto Credit and other
Wallex services;
“Wallex” means the Wallex dashboard and mobile application
including the content and services made available on or through the same,
and any updates, upgrades and versions thereof; and
“Wallex Crypto Credit”means any Digital Assets credit facility provided by Wallex and the total amount of credit owed by you to Wallex at any time until fully repaid, including the principal, the Interest, and any fees owed to Wallex under this Agreement.
Unless otherwise specified, references shall be to the Wallex General Terms and Conditions, and all defined terms used in these Terms shall have the same meaning as given in the Wallex General Terms and Conditions, as applicable.
3. ONBOARDING AND RESTRICTIONS
By entering this Agreement, you acknowledge and confirm that you meet all the conditions listed here: (i) you are at least eighteen (18) years old; (ii) you have the full right, power, and authority to agree to these Terms; (iii) you are not a resident or Tax resident of, and have no relevant connection with, any Prohibited Countries; (iv) you are not a resident or Tax resident of, and have no relevant connection with, any jurisdiction where entering or performing your obligations under these Terms is unlawful or restricted or requires licensing, registration, or approval; (v) you are not impersonating anyone, using an alias, or concealing your identity; (vi) you are not in, under the control of, or a national, citizen, or resident of any Prohibited Countries; (vii) you will not use Wallex if your country's laws prohibit you from doing so per these Terms; (viii) you comply with all Applicable Law requirements, including tax laws, exchange control, and registration requirements.
If we later determine that you have not met or no longer meet any of these conditions, we may suspend the provision of Wallex Services to you, close your Wallex Account, and prevent you from using Wallex Services.
At any time, at our sole and absolute discretion, without liability to you,
we may: (i) refuse your request for a Wallex Crypto Credit; (ii) change the
conditions for entering into the Agreement or using the Wallex Crypto
Credit; (iii) suspend the provision of the Wallex Crypto Credit or all or
part of the Wallex Services; or (iv) change, update, remove, cancel,
suspend, disable, or discontinue any features, components, content, or
incentives of the Wallex Crypto Credit.
By entering into this Agreement the following restrictions shall apply to you if Wallex grant you Wallex Crypto Credit:
a. You shall be restricted to open up to five (5) lines of Wallex Crypto Credit at any one time;
b. the total principal amount not exceeding the equivalent $100,000 in stable coins on the terms, and subject to the conditions, of this Agreement;
c. the stable coins shall be limited to the Digital Assets;
d. maximum LTV is 65% of the Wallex Crypto Credit when you open an
account.
4. COLLATERAL
Wallex will grant you a Wallex Crypto Credit in Digital Assets if you
provide the necessary Digital Assets as collateral by transferring them
into the Wallex Account or using those already available (“Collateral”).
All such Digital Assets are listed on Wallex and in the Wallex Account and
are subject to periodic revision.
The value of the Wallex Crypto Credit is determined by the loan-to-value
ratio (LTV) indicated on Wallex, subject to periodic revision, and based on
the Collateral's value at the time of granting. Wallex dynamically
calculates the Collateral's value using margin percentages applied to its
market value and an exchange ratio equivalent to the volume-weighted average
price of the relevant Digital Assets across major cryptocurrency exchanges.
You shall at all times maintain the necessary Collateral in accordance with the LTV.
Unless prohibited by Applicable Law, this Agreement grants Wallex ownership and all associated rights to the Collateral while the Wallex Crypto Credit is outstanding, allowing Wallex to dispose of it at its discretion. You agree that we may convert, pledge, re-pledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer, dispose of, or use any amount of the Collateral, alone or with other property, for any period, without retaining a like amount or other assets in our possession or control, at our discretion. These actions will be in our name only, and you will have no benefits or liabilities from them.
5. INTEREST
Compound annual interest will begin accruing from the start date of the
Wallex Crypto Credit (“Start Date”), at the rate specified when the Wallex
Crypto Credit is granted and shown in the Wallex Account and on the Wallex
platform. The interest rate is subject to periodic revision at our sole
discretion.
Interest will be calculated daily at UTC 00:00 and added to your Wallex Account balance monthly, based on the actual number of days elapsed in a 360-day year.
No periodic repayment of the Interest is required unless the entire Wallex Crypto Credit is repaid. Any accrued Interest will be shown in the Wallex Account.
6. MARGIN CALLS AND LIQUIDATION
If the LTV exceeds certain thresholds indicated on Wallex, you must, upon our request, provide additional Collateral and/or make necessary repayments to rebalance the Wallex Crypto Credit.
If the LTV exceeds the maximum allowed threshold indicated on Wallex, or the Maturity Date is reached, Wallex will close your Wallex Crypto Credit and retain your Collateral to cover all related fees, costs, and expenses. This liquidation will occur without any advance notice.
You acknowledge and agree that due to the volatile nature of the Digital Assets market, it may not be technically feasible for Wallex to notify you before liquidation. You are solely responsible for monitoring market conditions and maintaining your LTV in full compliance with these Terms.
7. TERM
The Wallex Crypto Credit will end after a 1,6,12,18 and 120 month periods term starting from the Start Date (“Maturity Date”), unless terminated earlier in accordance with these Terms. We may also terminate your Wallex Account and your use of the Wallex Service at any time with 1 month's notice. Wallex reserves the right to terminate the Wallex Credit product line without prior written notice.
8. EARLY REPAYMENT, REPAYMENT AND WITHDRAWAL
The Wallex Crypto Credit must be repaid on or before the Maturity Date. Any Wallex Crypto Credit not repaid by the Maturity Date will result in Wallex liquidating your Collateral as per clause 6.
You may repay at any time before the Maturity Date by: (i) transferring the same Digital Assets as the Wallex Crypto Credit granted, or other Digital Assets acceptable to Wallex, into the Wallex Account; (ii) using the Collateral; or (iii) a combination of (i) and (ii).
You must repay the Wallex Crypto Credit immediately if you exceed the LTV Threshold.
Specific rules for repayments may apply from time to time as indicated on Wallex.
All repayments will be applied first to any fees, then to the Interest, and lastly to the principal of the Wallex Crypto Credit.
Once the Wallex Crypto Credit is fully repaid, any remaining Collateral will be transferred back to your Wallex Account.
9. OBLIGATIONS AND WARRANTIES
You hereby declare, warrant, and confirm that:
a. You meet the conditions outlined in clause 3 of this Agreement;
b. You are the sole owner of the Digital Assets used as Collateral;
c. You validly undertake any action or enter into any transaction related to the Agreement;
d. The Digital Assets provided or to be provided as Collateral are not derived from money laundering, terrorist financing, fraud, or any other illegal activity under any Applicable Law in the respective jurisdiction;
e. You have provided Wallex with only complete, accurate, and up-to-date information and documents;
f. You are aware that you are subject to tax regulations in your jurisdiction and are fully responsible for any tax filing, reporting, and payments required by Applicable Law. Wallex is not obligated to compensate you for your tax obligations or advise you on tax issues. Uncertainty in tax legislation related to Digital Assets may expose you to unknown or future tax consequences associated with holding Digital Assets and using our service, for which Wallex is not liable. You shall hold Wallex harmless from any expenses and losses resulting from such uncertainty;
g. You understand that using the Wallex Account and Wallex Crypto Credit is entirely at your own risk.
You hereby undertake to:
h. Use the Wallex Crypto Credit and other Wallex Services in good faith;
i. Not violate any terms of these Terms, the Privacy Policy, the Cookies Policy, or any Applicable Law in any relevant jurisdiction;
j. Not commit, conduct, or perform any misrepresentation, fraud, malicious act, or criminal activities;
k. Not provide false, inaccurate, incomplete, outdated, or misleading information;
l. Not interfere with, intercept, or expropriate our network, system, data, or information;
m. Not transmit or upload any virus or other malicious software, or attempt unauthorized access to other users' accounts, website, network, or systems related to the Wallex Services;
n. Not decompile, reverse engineer, or disassemble any of our programs, systems, or products, or infringe on our Intellectual Property Rights;
o. Not cause or launch any programs or scripts for scraping, indexing, surveying, or data mining any part of our programs, systems, or products, or unduly burdening or hindering the operation of the Wallex Crypto Credit;
p. Keep the data required for using the Wallex Account confidential and unavailable to third parties;
q. Inform Wallex of any changes in the information and documents submitted, particularly contact details, within one day of the change
10. DEFAULT AND INDEMNIFICATION
Event of Default An Event of Default occurs if:
a. You breach any obligations or warranties under these Terms, including any payment obligations (principal, Interest, or otherwise) to Wallex regarding the Wallex Crypto Credit.
b. You breach any other obligation related to your relationship with Wallex, including maintaining acceptable and adequate Digital Assets as Collateral per these Terms.
c. You are unable to pay your debts, enter into debt restructuring agreements with creditors, or are subject to bankruptcy measures or the appointment of a curator, administrator, trustee, or liquidator.
d. It becomes illegal for you to perform your obligations under this Agreement.
e. Wallex cannot contact you using your most recent instructions for correspondence.
f. You exceed the LTV Threshold.
In case of an Event of Default, Wallex can:
a. Terminate the Wallex Crypto Credit and/or this Agreement immediately.
b. Declare any principal amount, Interest, and other amounts due for the Wallex Crypto Credit immediately payable.
c. Realize all or part of the Collateral at its sole discretion, as per the applicable terms.
d. Take any action deemed necessary to protect its interests.
You shall defend, indemnify, and hold Wallex, its affiliates, and their employees, officers, directors, and representatives harmless from any claims, damages, losses, liabilities, costs, and expenses (including attorney’s fees) arising from third-party claims related to these Terms or your use of the Wallex Crypto Credit or any other Wallex Services in violation of these Terms or any Applicable Law.
11. Risk Disclosure
The regulatory status of Digital Assets is uncertain and varies by jurisdiction. Future laws, regulations, policies, or rules may impact or restrict the Wallex Crypto Credit or other Wallex Services. We may have to suspend, discontinue, or change aspects of these services if required by regulators or Applicable Law, potentially freezing your Digital Assets in your Wallex Account until resolved. Wallex is not liable for delays, errors, interruptions, or failures caused by factors beyond our control, including acts of God, governmental actions, telecommunications failures, third-party service disruptions, labor disputes, or other events.
You understand that using the Wallex Account and Wallex Crypto Credit is at your own risk. This section does not cover all risks associated with Digital Assets and the Wallex Services. Carefully consider whether this use suits your financial situation.
12. Limitation of Services / Termination / Account Closure
We or Wallex may terminate, suspend, or limit your use of the Wallex and/or Account at any time without liability under circumstances such as:
a. Breach of these Terms or related conditions.
b. Compliance with Applicable Laws or prevention of criminal activities.
c. Suspected fraudulent or unlawful activities, including money laundering or terrorism financing.
d. Court orders, laws, regulations, or regulatory requirements.
e. Use of the Account deemed detrimental to Wallex.
f. Providing false, inaccurate, incomplete, or misleading information or failing to provide required due diligence information.
g. Remedying information system defects or compromises.
h. Bankruptcy declaration.
i. Death declaration.
If you disagree with these Terms or any changes, you must stop using and close your Wallex Account. You can close your Account at any time by withdrawing your crypto assets.
You will lose access to your Wallex Account if you terminate its use or if Wallex withdraws the service (with two months' notice). No refund of fees will be provided.
13. Data Protection
By using Wallex, you confirm you have read and accepted our Privacy Notice, understanding how we collect, use, disclose, and share your Personal Data with authorized service providers and relevant third parties. For comprehensive details on our data practices, please refer to our Privacy Policy. https://wallex.global/policies
14.Electronic Communications
You accept full responsibility for the security and authenticity of all Instructions and agree to be bound by them. You understand that Instructions and information sent via the Wallex are generally transmitted over the Internet, and you acknowledge that our records will prevail in the event of any dispute related to your use of the Wallex.
15. General Disclaimer
You acknowledge and agree that, before sending your Supported Cryptocurrency, you have verified that the recipient wallet address supports the type of cryptocurrency or token you are sending, is compatible with the token standard, is a valid address, and is the correct recipient address.
16. Limitation of Liability
Notwithstanding any provisions in these Terms, neither party shall be liable to the other for any incidental, special, exemplary, punitive, indirect, or consequential damages, including lost revenue, lost profits, replacement goods, loss of technology, loss of data, or service/equipment interruption or loss, even if advised of the possibility of such damages, arising under contract, tort, strict liability, or otherwise.
Neither we nor our agents or nominees are liable for the management or performance of your Digital Assets (including value reduction) or for any taxes or duties on your Digital Assets.
Except as expressly provided in these Terms and to the extent permitted by law, we disclaim all other representations or warranties, express or implied, including but not limited to warranties of quality, suitability, merchantability, fitness for a particular purpose, or otherwise, of any service or goods provided incidental to the Wallex services.
Our aggregate liability for any loss or damage in connection with the Wallex subscription will not exceed the fees you paid to Wallex for using the services in the 12 months preceding the event giving rise to the claim. These limitations apply to the fullest extent permitted by law.
17. No Investment or Financial Credit Advice
We do not provide investment or financial credit advice. Information provided about currencies, digital payment tokens, prices, and events influencing prices is not investment advice. For investment advice, consult a financial advisor. You are solely responsible for how you use our services and the financial outcomes.
18. Taxes
You are solely responsible for determining whether and to what extent taxes apply to your use of the Wallex and for withholding, collecting, reporting, and remitting the correct amounts to the appropriate tax authorities. We are not obligated to determine whether taxes apply or to calculate, collect, report, or remit taxes from any transaction.
19. Amendment and Variation
These Terms may be updated or amended periodically, and such updates will be posted on the Site. Updates take effect immediately unless otherwise indicated. You should regularly check the Site for changes. We may change, add, or remove any feature or functionality of the Wallex without notice. By continuing to use the Wallex after changes take effect, you accept the updated Terms. If you disagree with any changes, stop using the Wallex and inform Wallex via Intercom.
20. Transfer, Assignment, or Delegation
These Terms, and any rights, obligations, and licenses granted, are limited, revocable, non-exclusive, and personal to you and cannot be transferred, assigned, or delegated without our written consent. We may transfer, assign, or delegate these without notice.
21. Severability
If any provision of these Terms is found invalid or unenforceable by a court or administrative body of competent jurisdiction, the invalidity or unenforceability will not affect the other provisions. The remaining provisions will remain in full force and effect, and the invalid provision will be changed and interpreted to accomplish its objectives to the greatest extent possible under applicable laws.
22. Entire Agreement
These Terms constitute the entire agreement between the parties regarding its subject matter and supersede all prior representations, arrangements, understandings, and agreements, whether oral or written, express or implied. Each party acknowledges that it does not rely on any statement, representation, warranty, or understanding other than those expressly set out in these Terms.
23. Waiver
These Terms cannot be waived except by written agreement of all parties. No failure or delay by any party in exercising any right, power, or remedy will operate as a waiver, nor will any single or partial exercise preclude any other or further exercise. Rights, powers, or remedies in these Terms are cumulative and not exclusive.
24. Notices and Communications
By using the Wallex , you agree that we may provide notices or other communications electronically via email or by posting on the Site. For email notices, the date of receipt is the date the notice is transmitted. You can always opt-out of receiving marketing materials.
25. Third-Party Rights
A person who is not a party to these Terms has no right to enforce any of these Terms.
26. Governing Law and Dispute Resolution
If Wallex has to take legal actions towards you, we shall be entitled to do so at our discretion at your country of residence, or country of nationality.