Last updated July 23rd, 2020.
PLEASE READ THESE TERMS TOGETHER WITH THE POLICIES (EACH AS DEFINED BELOW) CAREFULLY BEFORE REGISTERING AND/OR USING LCX SERVICES, LCX WEBSITE, LCX USER ACCOUNT, LCX WALLET OR ANY OTHER SOFTWARE PROGRAMS, INTERFACES OR FEATURES AS DESCRIBED IN THIS AGREEMENT (HEREINAFTER “SERVICES”).
BY REGISTERING FOR OR USING THE LCX SERVICE DESCRIBED BELOW, YOU (ON BEHALF OF YOURSELF OR THE BUSINESS YOU REPRESENT) AGREE TO BE BOUND BY THE TERMS AND CONDITIONS OF THIS AGREEMENT (INCLUDING ALL POLICIES INCORPORATED BY REFERENCE INTO THIS AGREEMENT), EACH AS MAY BE MODIFIED FROM TIME TO TIME. IF YOU DO NOT AGREE TO THESE TERMS AND CONDITIONS, YOU MAY NOT USE OR ACCESS THE SERVICE.
This Agreement is a legally binding contract between you and LCX AG, a company having its registered office at Herrengasse 6, in Vaduz, 9490 Liechtenstein (“LCX,” “Our,” “We” “Us” or “the Company”) and applies to your use of LCX Services.
This Agreement incorporates, and you hereby accept and agree to the applicable policies, notices, procedures, specifications, FAQs, guides and guidelines that are provided or made available to you, appear on our website or are referenced in this Agreement and which we may modify from time to time (collectively, the “Policies”).
You may not transfer or assign any rights or obligations you have under this Agreement without our prior written consent. You are not permitted to transfer your account to a third party.
LCX reserves the right to transfer or assign this Agreement or any right or obligation under this Agreement at any time without your consent. You hereby already consent to any such future transfer or assignment. This does not affect your rights to close your account.
This section of the Terms highlights some of the risks associated with transactions in connection with virtual currencies, tokens and/or other digital assets and other risks which LCX would like you to consider before accepting these Terms and using any part of the LCX Services. You are solely responsible for understanding and complying with any and all applicable laws, rules and regulations in connection with your acceptance of these Terms and your use of any part of the LCX Services, including but not limited to those related to taxes as well as reporting and disclosure obligations. To the best of the knowledge and belief of LCX, all risk factors which are material to you in making an informed judgement to accept these Terms and use any part of the LCX Services have been set out below. However, the list of risk factors set out below is only a non-exhaustive list for your consideration, and other risks, arising either now or in the future, could additionally be relevant and applicable to you in making an informed judgement to accept, or continue to accept, these Terms and/or use, or continue to use, the LCX Services.
LCX may close, suspend, or limit your access to any part of the LCX Services (as defined below), and/or restrict your access to the Available Balance (as defined below) of your LCX account (as defined below) for so long as reasonably required to protect against the risk of liability if you violate, breach or fail to comply with any part of these Terms and the Policies (as defined below). For the avoidance of doubt, LCX may also permanently close, suspend, or limit your access to the LCX Services if you violate, breach or fail to comply with any part of these Terms.
Please note that your LCX account may have two separate and distinct functionalities, which are the Available Balance functionality and the reserve functionality. Your ability to access the Available Balance for purposes of making transactions using the Available Balance of your LCX account will depend upon whether the Available Balance (which is the subject of such transaction) is sufficient.
For the purposes of these Terms:
Prices of virtual currencies, tokens and/or other digital assets fluctuate day by day or even hour by hour. The value of your Available Balance could surge or drop suddenly. Please note that there is a possibility that the price of virtual currencies, tokens and/or other digital assets could drop to zero. Prices of virtual currencies are prone to significant fluctuations, for example, due to announced proposed legislative acts, governmental restrictions, news related to cyber crimes or other factors causing potentially excessive market enthusiasm or disproportionate loss in confidence. Prices of virtual currencies, tokens and/or other digital assets can also be manipulated.
Your LCX account and the Available Balance of your LCX account are not protected by the relevant deposit guarantee or investment indemnity schemes, either in Liechtenstein or in any other country.
Virtual currencies, tokens and/or other digital assets are not legal tender and are not backed by any government. Unlike fiat currencies, which are regulated and backed by local governments and central banks, virtual currencies, tokens and/or other digital assets are based only on technology and user consensus, which means that in cases of massive manipulations or market panic, central governments will not take any corrective actions or measures to achieve stability, maintain liquidity or protect their value.
There is a possibility that executed orders with respect to certain transactions with virtual currencies, tokens and/or other digital assets cannot be settled or may be difficult to settle, or can be completed only at significantly adverse prices depending on the market situation and/or market volume.
There is also no assurance that LCX will continue to accept or support certain types of digital assets or specific cryptocurrencies or that our commercial partners, vendors or services providers will continue to permit or accept transactions with virtual currencies, tokens or digital assets in the future.
Completion of certain transactions in connection with virtual currencies, tokens and/or other digital assets on blockchains can be deferred for a certain period of time until an adequate number of confirmations has been received. Blockchain transactions will not be reflected in your account until the adequate number of confirmations has been received and confirmed by LCX. There is a possibility that your blockchain-based transactions may be declined or remain unconfirmed for a period of time. Transactions in connection with virtual currencies, tokens and/or other digital assets may be irreversible, and, accordingly, potential losses due to fraudulent or accidental transactions may not be recoverable. Some blockchain transactions are deemed to be completed when recorded on a public ledger, which is not necessarily the date or time when you or another party initiated the transaction.
In the case where you use an external cryptocurrency wallet or a cryptocurrency wallet which is established or maintained with an third party exchange, custodian or another service provider where you do not have secure possession of your private keys or credentials to access such cryptocurrency wallet, you may not be able to access your virtual currencies, tokens and/or other digital assets. LCX is under no obligation, and may not be able to assist you in such case.
While LCX is committed to high standards for maintaining the security of all private keys to the cryptocurrency wallets associated with LCX accounts, LCX is not responsible and is not liable for any loss of virtual currencies, tokens and/or other digital assets including the Accepted Assets resulting from any loss, theft, or inappropriate or unauthorised disclosure of and/or use of the private keys to the cryptocurrency wallet associated with your LCX account where such loss, theft, or inappropriate or unauthorised disclosure of and/or use is not within the control of LCX. LCX is also under no obligation to take any corrective action or measure in the event of any such loss, theft, or inappropriate or unauthorised disclosure of and/or use.
There is a risk that your transactions carried our using LCX Services may be affected by system failures resulting from adverse events, natural disasters and other emergencies, as well as unforeseen significant changes in the external environment. With regards to opportunity loss (e.g. loss of opportunity to place a payment instruction, resulting in loss of profits which could have been obtained) due to occurrences such as emergency situations and Force Majeure events, LCX is under no obligation to take any corrective action or measure.
The regulatory frameworks applicable to digital payments and transactions in connection with virtual currencies, tokens and/or other digital assets is still developing and evolving. It is possible that your transactions or funds are, or may be in the future, subject to various reporting, tax or other liabilities and obligations. Legislative and regulatory changes or actions at the country, regional (for example, in the EU or an EEA) or international level may materially and adversely affect the use, transfer, exchange, and value of virtual currencies, tokens and/or other digital assets.
1.1. To be eligible for our Services, you must be a resident in a location which is not included into our list of Restricted Locations and not be a resident in any of one of the Restricted Locations listed herein: North Korea, Afghanistan, Syria, Yemen, Iran, Iraq, Palestinian Territories, Eritrea, Cuba, Myanmar, Libya, Somalia, South Sudan, Sudan, Kosovo, Crimea Region, and Lebanon;
have full legal capacity to enter into a contract; and
be at least 18 years old.
1.2. You further represent and warrant to us in opening an account with us that you are not acting on behalf of or for the benefit of, anyone else, unless you are opening the account for and under the direction of the company that employs you or has duly authorized you as their legal representative to open an account with LCX in their name and on their behalf.
1.3. We may restrict or prohibit use of all or a portion of the Services from certain countries, territories, or jurisdictions (“Restricted Location(s)”). You represent and warrant that you are located in the territory or country which you asserted at the time of account registration and that you are not located in a Restricted Location.
1.4. If you are using the Services on behalf of a legal entity”
1.5. You agree to provide accurate, current and complete information about your identity and location in connection with creating your LCX account; keep your LCX account information updated at all times; immediately notify us if you change your country of residency or if any other information previously provided to LCX changes; not use a password for your LCX account that you use for any other website or online service; protect the security of your LCX account, including not sharing your Credentials with any third party; and immediately notify us if you discover or otherwise suspect any unauthorized access or use related to the Services or your LCX account.
1.6. If you have applied for another LCX account in the past with any of the same information, we reserve the right to not approve the new LCX account and you may be required to access and use your previously approved LCX account. If you were previously denied a LCX account, or had a LCX account closed by us, you may not be able to reapply for a LCX account.
1.7. We may require you to provide additional information to verify your or your business’ identity as a condition to providing the Services to you, or before we permit you to make transactions, use our services or receive or withdraw funds from your account. We may make, directly or through a third party, any inquiries we consider necessary to validate information that you provide to us, including without limitation checking commercial databases, population registers or credit reports. You authorize us to obtain one or more of your credit reports, from time to time, to establish, update, or renew your account with us or in the event of a dispute relating to this Agreement and activity under your account. While we will take steps to verify the identity of our users, we cannot and do not guarantee any user identity. You are solely responsible for taking appropriate steps to verify the identity of other users of the Services with whom you may transact.
1.8. You can review the personal or business information you have provided us and make any desired changes to such information, or to the settings for your LCX account at any time, by logging into your account profile and changing your preferences. You can also terminate your account through our website. If you terminate your account, we will mark your account in our database as “Closed”, but will keep your account information in our database, as required by applicable regulations. This is for instance necessary in order to deter fraud, by ensuring that persons who try to commit fraud will not be able to avoid detection simply by closing their account and opening a new account. However, if you close your account, your personally identifiable information will not be used by us for any further purposes, nor sold or shared with third parties, except as necessary to prevent fraud and assist law enforcement authorities, or as required by law.
1.9. Unless your account access is restricted (for example, due to suspected unauthorized access or a very prolonged inactivity), you may access your details of executed transactions and other information relating to your account transaction history and available funds by logging into your account. Key information relating to your transactions or important updates will be provided to you also via email. You can access a downloadable report via your account profile including all fees incurred and any other amounts charged to your account in the relevant period. LCX reserves the right to charge a fee for providing you with additional information or for providing the transaction history and other information about fees in a different way (other than via downloadable standard reports). The way in which we provide the transaction information will allow you to store and reproduce the information unchanged, for example by printing a copy. You hereby agree to receive your transactions information.
You may not use the LCX Service to conduct, pay for or facilitate activities that:
Further, you will not:
3.1. You are solely responsible for your use of any external account or an account you opened with a third party, and you agree to comply with all terms and conditions applicable to any external account. LCX is not responsible for any external account, for any fees charged in connection with any transaction or for the management and security of any external account. If your external account is subject to a breach, you understand this is outside of LCX control and responsibility and you may only seek damages from the external account provider based on your agreement with them.
3.2. You may send your funds from your LCX account to an external account. The amount of funds you may send will be limited to the total amount of funds that are not in reserve and in excess of any minimum balance requirements (including as necessary to satisfy any future transactions you have created), less any fees.
3.3. The time needed to complete an external account transaction will depend in part upon the performance of third parties (including the party responsible for maintaining the applicable external account), and LCX makes no guarantee regarding the amount of time it may take to complete such transactions. In some cases, the external account may reject a transaction or may otherwise be unavailable. You agree that LCX will not be responsible for such rejected transactions or unavailability.
3.4. By granting us access to any external third party accounts, you understand that and agree that we may access, make available and store (if applicable) any content that you have provided to and stored with your external account provider, so that it is visible, accessible or otherwise available on and through our Services, including without limitation any trading activities; and we may submit and receive additional information to your external account provider per your instructions and to the extent you are notified when you link your account with the Third Party account.
4.1. Authorization. You may initiate various transactions, orders or trades by connecting to our Services and making appropriate selections and entering relevant transactional details as well as validating your transactional instructions through your preferred method of strong authentication, where applicable.The sole transmission to LCX of your transactional instructions in the above described manner shall constitute authorization of such instructions.
When authorizing a transaction in this manner you instruct LCX to execute the transactions immediately (unless otherwise stated) in accordance with your instructions and charge you any applicable fees. It should be noted that LCX is not responsible for transaction execution performed by third parties where you may have external accounts.
The validation of your instructions through the use of the Services shall have the same value as your original signature and shall have the same value in evidence as an original written document.
You expressly agree that LCX is, whenever useful or necessary, entitled to prove its allegations by any means legally admissible in commercial matters. Computerized records or other records effected by LCX constitute prima facie evidence of the communications between LCX and you and shall have the same value in evidence as an original written document.
The burden of proof that an executed transaction has not been authorized by you after the appropriate user authentication measures have been satisfactory completed lies with you. The recording of the use of Services proves that the transaction was authorized by you.
You represent and warrant that any information you provide through the Services, in connection with a transaction or otherwise, is accurate and complete.
In the event that we do not detect a fraudulent use or misuse of your credentials and execute a transaction initiated through such credentials or send the transaction for execution to a third party service, we shall, except in the case of gross negligence or willful misconduct, be deemed to have validly executed your instructions. We will thus be released from our obligation to refund you the funds on the account which have been used in order to execute such transaction.
4.2. Restrictions. We may, at any time, refuse an order or a transaction submitted via the Services, or impose any other conditions or restrictions upon your use of the Services. The reasons for the refusal and the procedure for correcting any factual mistakes that led to the refusal will be notified to you at the latest by the end of the business day following the refusal. LCX will be deemed to have satisfied this obligation if it has sent the notification of refusal within the period of execution time regardless of the date of actual receipt by you of such notification. Any notification by LCX of a justified refusal of a transaction may result in you being charged a fee.
LCX may, without being obliged to do so, refuse to execute a transaction if:
In the event of a transactional instructions that are beyond your account’s permissible use or applicable limits, LCX may request additional identifying information from you and must receive such information before processing the transaction. If you fail to provide this additional required information or documentation, the attempted transaction may be refused or suspended by LCX, without being obliged to do so.
4.3. Insufficient Customer Balance. If you have insufficient funds on your account to complete a transaction (this also includes instances of insufficient balance with respect to the asset category specified), we may cancel the entire transaction or may fulfill a partial transaction using the amount of funds currently available in your account, less any fees.
4.4. Cancellations. You may not revoke certain transactions once they have been received by LCX. Such transactions will be executed by LCX notwithstanding any subsequent revocation order by you.
4.5. No Returns or Refunds for Blockchain-based transactions. All blockchain-based transactions are final and non-reversible. We do not accept any returns or provide refunds in connection with any such transactions.
4.6. Virtual currency transactions. While a virtual currency transaction is pending confirmation by the applicable network, the virtual currency subject to such confirmation will be unavailable for use in connection with any other Services transaction
4.7. Cancellation of Transaction. If it can reasonably be assumed that there is an error in the asking price, such as a major discrepancy with market rates, the asking price may be invalidated and the transactions based on that asking price may be canceled by LCX, without obligation for LCX to do so. LCX also reserves the right to halt trading, without being obliged to do so. LCX may not be held liable for not having exercised such right.
4.8. Supported Tokens, Coins and Digital Assets. It is your sole responsibility to verify the types of digital assets LCX will accept. Any other non-supported tokens, coins, or digital assets sent to LCX may be lost, destroyed or not returned to you. Additionally, there may be fees charged if LCX attempts to retrieve the non-supported tokens, coins, or digital assets to return them to you. LCX shall, however, have no obligation to make such attempts. The sending, depositing, and returning of non-supported assets puts you at risk of loss of assets. LCX accepts no liability for non-supported tokens, coins, or digital assets sent to LCX.
4.9. Blockchain Modification, Disruption or Hard Fork. In the event of a change in the structure of a blockchain such as a hard fork or chain split, or in the event of an occurrence such as an airdrop, whether or not to take response measures and what measures to take will be at the discretion of LCX. LCX does not bear any liability in the event that you or a third party incur losses or damages as a result of the defects, alteration, or lack of measures taken by LCX or if LCX decides to cease handling of a virtual currency in whole or in part.
4.10. Unclaimed Property. If LCX is holding funds in your account, and we are unable to contact you and have no records of your use of the Services for a prolonged time, LCX will try to locate you at the address shown in our records or otherwise. If LCX is unable to locate you, you agree that LCX may report these funds to authorities and deliver any such funds to relevant authorities. LCX reserves the right to deduct fees from such unclaimed funds.
4.11. Any claim with respect to the unauthorized or defective execution of a transaction referred to in your transaction history or other reports or the non-execution of a transaction must be submitted by you to LCX in writing within 30 days of the execution or non-execution. In the absence of any claim lodged before the expiration of the aforementioned period, you will be deemed to have authorized such transactions, which shall be considered as definitively accepted by you.
4.12. As required by applicable regulations, LCX will notify you in the event of suspected or actual fraud or security threats via your registered e-mail, phone number or mobile app notification.
4.13. Intermediaries and third party providers. When intermediaries or other service providers are involved in the execution of a transaction, LCX shall under no circumstances be liable for actions taken by third parties or other intermediaries.
4.14. This Section specifically applies only when you use LCX Exchange Services to trade one form of virtual currency, token or a digital asset for another virtual currency with a third party, that is not LCX.
4.15. This Section applies only when you use LCX Services to purchase or sell virtual currency directly from or to LCX.
5.1. We have a policy of limiting access to the Service and terminating the accounts of users who infringe the intellectual property rights of others. If you believe that anything associated with the Services infringe any copyright that you own or control, you may notify via the “Contact” page on our website.
5.2. LCX Services is the copyrighted technology of LCX and may not be copied, imitated or used, in whole or in part, outside of the API’s intended use. LCX retains all its rights related to its databases, websites, graphics, software, applications, programs, code, etc. – including chat text, the content of LCX emails, and data such as transaction prices – developed or provided by LCX or its affiliates which can be acquired by various external APIs. LCX may demand any third party stop using LCX’s API for any purposes not authorized by LCX.
5.3. Trademarks and Logo. The LCX logo, any other LCX service names, logos or slogans that may appear on the Services, and the look and feel of the Services, including all page headers, custom graphics, button icons and scripts, are trademarks, service marks or trade dress of LCX and our suppliers and our licensors, and may not be copied, imitated or used, in whole or in part, without our or the applicable trademark holder’s prior written permission. You may not use any metatags or other “hidden text” utilizing any name, trademark or product or service name of LCX without our prior written permission. Further, you may not use, frame or utilize framing techniques to enclose any LCX trademark, logo or other proprietary information, including the images found on the Services, the content of any text or the layout or design of any page, or form contained on a page, on the Services without our express written consent.
The following specifically are registered trademarks of LCX AG:
5.4 LCX Materials. During the term of this agreement, you may use the LCX Materials only for your internal purposes and solely as necessary for your use of the Service. “LCX Materials” include any software (including without limitation developer tools, sample source code, and code libraries), data, materials, content and printed and electronic documentation (including the Specifications and any integration guides) developed and provided by us to you for download from our website. You may not, and may not attempt to, directly or indirectly:
5.5. Press Releases. You may not issue any press release or make any public statement related to the LCX or our Service, or except as expressly provided in this Agreement, use our or any of our affiliate’s name, trademarks or logo in any way (including in promotional material) without our advance written permission, or misrepresent or embellish the relationship between us in any way.
5.6. LCX may display third-party content, advertisements, links, promotions, logos and other materials on or through the Services (collectively, “Third-Party Content”). We do not control, endorse, sponsor or adopt any Third-Party Content or any third parties referenced on the Services, and we make no representations or warranties of any kind regarding such Third-Party Content, including, without limitation, regarding its accuracy or completeness. Your interactions with Third-Party Content, and any third party that provides Third-Party Content, are solely between you and such third parties, and LCX is not responsible or liable in any manner for such interactions or Third-Party Content. When you leave the Services and enter a third-party site or service, our terms and policies no longer apply.
6.1 The Services may include areas that allow Users to create, post, upload, share or store content, including, but not limited to, photos, videos, sound, text, graphics, code, items or other information and materials (collectively, “User Content”). You are solely responsible for any of your User Content and for your use of any interactive features and areas of the Services. You will not create, post, share or store User Content that:
6.2. We do not own, control or endorse any User Content that is transmitted, stored, or processed via the Services. We are not responsible or liable for any User Content. Although we have no obligation to screen, edit or monitor User Content, we reserve the right, and have absolute discretion, to remove, screen or edit User Content posted or stored on the Services at any time and for any reason. You are solely responsible for creating backup copies of and replacing any User Content you post or store on the Services at your sole cost and expense.
6.3. You grant LCX a non-exclusive, royalty-free, worldwide, perpetual, irrevocable, transferable and fully sub-licensable right to use, reproduce, create derivative works of, distribute, publicly perform and publicly display all User Content on the Services, our other online services, on third-party sites and online services, and in all other media or formats, whether now known or hereafter developed, for any purpose. You represent and warrant that you own all intellectual property rights (or have obtained all necessary rights) to provide your User Content via the Services and to grant LCX the foregoing license.
7.1. This Agreement starts when you successfully register for a LCX account and ends when your account is closed for whatever reason, except that this Agreement survives termination to the extent and for so long as we require to deal with the closure of your account and to comply with applicable laws and regulations. Outstanding transactions shall not be affected by the termination of this Agreement. This Agreement and the list of fees of LCX remain applicable until such time as each outstanding transaction has been effected.
7.2. If we determine that you are incurring an excessive amount of chargebacks, disputes, complaints or other irregularities, we may establish controls or conditions governing your account, including without limitation, by:
7.3. Without limiting the foregoing, we may suspend the Service and block access to your account (including without limitation the funds in your account) if:
In such cases we will inform you of the suspension of your account and the reasons for it, where possible, before the suspension and at the latest immediately thereafter, unless we determine giving such information would compromise security concerns or is prohibited by applicable law. We will reactivate your account or Credentials, or replace it or them, as applicable, once we have resolved the reasons for suspension. You must notify us via our customer support *protected email* if you wish to request us to reactivate your account.
7.4. You can close your account at any time by logging into your account, clicking on the account settings, and then following the instructions.
7.5. We may close your account at our convenience by providing you with two months’ prior notice. We may also close your account at any time without prior notice where:
Where we decide to close your account, we will provide you with notice of account closure and where appropriate, the reasons for closing your account, together with the ability to withdraw any undisputed funds that we are holding.
7.6. When your account is closed:
8.1. You may submit questions, comments, suggestions, ideas, original or creative materials or other information about LCX or the Services to us (collectively, “Feedback”). Feedback is non-confidential and will become the sole property of LCX. LCX will own exclusive rights, including, without limitation, all intellectual property rights, in and to such Feedback and will be entitled to the unrestricted use and dissemination of this Feedback for any purpose, commercial or otherwise, without acknowledgment or compensation to you.
8.2. We will communicate with you in English. You agree that LCX may provide notice or other information to you by posting it on our website(s) (including the posting of information which is only accessed by you by logging into your account), emailing it to the email address listed in your account, mailing it to the registered address listed in your account profile, calling you by phone, or sending you a “text” / SMS message. You must have internet access and an email account to receive communications and information relating to the Services. With the exception of amendments to this Agreement, such notice shall be considered to be received by you within 24 hours of the time it is posted to our website(s) or emailed to you. If the notice is sent by mail, we will consider it to have been received by you three business days after it is sent. You may request a copy of any legally required disclosures (including this Agreement) from us and we will provide this to you in a form which allows you to store and reproduce the information (for example, by email) and you may terminate your consent to receive required disclosures through electronic communications by contacting us via Contact page. We may charge you a Records Request Fee to provide a paper copy. We reserve the right to close your account if you withdraw your consent to receive electronic communications from us.
8.3. Notices to LCX made in connection with this Agreement must be sent to: *protected email* or by post to: LCX AG, Herrengasse 6, Vaduz, 9490, Liechtenstein
8.4. In particular in the event of changes in the legal and regulatory framework of the financial sector, changes to market practices or changes affecting the conditions on the financial markets, we may at any time amend, delete or add to this Agreement, including amendments to the Fees Schedule (a “Change”) by giving notice of such Change by posting a revised version of this Agreement on the LCX website(s) or notifying you by other means. We will give you 2 months’ notice of any Change with the Change taking effect and you will be deemed to have accepted the Change if you have not objected to the Change prior to the expiry of the 2-month notice period. The 2-month notice period will not apply where a Change is required by law or relates to the addition of a new service, extra functionality to the existing Service or any other change which neither reduces your rights nor increases your responsibilities. In such instances, the Change will be made without prior notice to you and shall be effective immediately.
8.5. If you do not accept a Change, you may close your account following the account closure procedure set out in these Terms. While you may close your account at any time and without charge, please note that you may still be liable to us after you terminate this Agreement for any liabilities you may have incurred and are responsible for prior to terminating this Agreement.
9.1. You represent and warrant to us that: (a) you are eligible to register and use the Service and have the right, power, and ability to enter into and perform this Agreement and grant the rights, licenses and authorizations you grant under this Agreement; (b) the name identified by you when you registered is your name (c) you and all transactions initiated by you will comply with all laws, rules, and regulations applicable to your country of residence and/or your business, including any applicable tax laws and regulations; (d) you will not use the Services, directly or indirectly, for any fraudulent undertaking or in any manner so as to interfere with the use of the Services; (e) you and your financial institution(s) are not subject to sanctions or otherwise designated on any list of prohibited or restricted parties or owned or controlled by such a party, including but not limited to the lists maintained by the United Nations Security Council, the US Government (e.g., the US Department of Treasury’s Specially Designated Nationals list and Foreign Sanctions Evaders list and the US Department of Commerce’s Entity List), the European Union or its member states, or other governmental authority; and (f) you will not directly or indirectly export, re-export, transmit, or cause to be exported, re-exported or transmitted, any commodities, software or technology to any country, individual, corporation, organization, or entity to which such export, re-export, or transmission is restricted or prohibited, including any country, individual, corporation, organization, or entity under sanctions or embargoes administered by the United Nations, US Departments of State, Treasury or Commerce, the European Union, or any other governmental authority.
9.2 Disclaimer. THE SITE, THE LCX MATERIALS AND SERVICES ARE PROVIDED ON AN “AS IS” BASIS. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, WE HEREBY DISCLAIM, AND MAKE NO, REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, REGARDING THE SITE, THE LCX MATERIALS, SERVICE OR ANY APPLICATION, INCLUDING WITHOUT LIMITATION: (A) ANY IMPLIED WARRANTIES OF MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, OR NON-INFRINGEMENT; (B) THAT THE SITE, THE LCX MATERIALS, OR THE SERVICE WILL MEET YOUR REQUIREMENTS, WILL ALWAYS BE AVAILABLE, ACCESSIBLE, UNINTERRUPTED, TIMELY, SECURE, OPERATE WITHOUT ERROR, OR WILL CONTAIN ANY PARTICULAR FEATURES OR FUNCTIONALITY; OR (C) ANY IMPLIED WARRANTY ARISING FROM COURSE OF DEALING OR TRADE USAGE.
9.3. No Waiver. Our failure to act with respect to a breach by you or others does not waive our right to act with respect to subsequent or similar breaches.
9.4 No Warranty. You acknowledge your access to the Services, our infrastructure, our websites, our software, and systems (including any networks and servers used to provide any of the LCX services) whether operated by us or on our behalf, may be occasionally restricted to allow for repairs, maintenance or the introduction of new facilities or services. LCX will make reasonable efforts to ensure that your transactions are processed in a timely manner. We make every effort to ensure that the information contained in our correspondence, reports, on the website and given verbally by our directors, officers and staff is accurate to the best of our belief at the time the information is provided. However, we cannot guarantee the accuracy of all such information in all circumstances and contexts, and no reliance should be placed on such information by you. You must check all correspondence between us carefully and notify us immediately if it includes something which appears to you to be wrong or not made in accordance with your instructions
9.5 Indemnification/reimbursement. To the fullest extent permitted by applicable law, you agree to defend, indemnify, reimburse, compensate and hold harmless LCX, and its past, present and future employees, officers, directors, contractors, service providers, suppliers, vendors, consultants, shareholders, subsidiaries, affiliates, agents, representatives, successors and assigns (the “LCX Parties”) from and against any and all claims, demands, damages, losses, costs and expenses (including legal and attorney’s fees) due to or arising out of or related to your or your employees’ or agents’ (or, where a third party otherwise acts on your behalf with your permission, that third party’s) actions and/or inactions, your User Content, breach of this Agreement, breach of any law or regulations or decisions of authorities, breach of the rights of a third party, use of your LCX account and/or use of the Services, our infrastructure, our websites, our software and our systems (including any networks and servers used to provide any of the Services) operated by us or on our behalf.
LCX will not be held liable for damages arising from the defective execution, non-execution or partial execution of its obligations under this Agreement, except in the case of gross negligence or willful misconduct. Our liability is limited to the greatest extent permitted by law.
Without limiting the foregoing, in no event will LCX or any of LCX Parties be liable to you for any failure or delay by us (or our employees, agents, or representatives) in performing our obligations under this Agreement, where such failure or delay is caused by abnormal and unforeseeable circumstances beyond our control, such as e.g. interruptions or unavailability of telecommunication systems or more generally of our Service (e.g. due to fire or similar disasters, power cuts, failure of computer systems or attacks against the systems of LCX). LCX shall not be liable for damages resulting from the implementation of legal provisions, measures taken by public authorities, declared or imminent, acts of war, revolutions, civil wars, fait du Prince, strikes, lockouts, boycotts and picketing, regardless of whether LCX is itself a party to the conflict or if its services are only partially affected or where a failure or delay occurs as a result of LCX complying with its legal obligations or national of foreign laws or regulations or decisions of authorities.
If any part of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, the remaining parts of this Agreement will remain in full force and effect and, upon our request, the court will construe any invalid or unenforceable portions in a manner that most closely reflects the effect and intent of the original language. If such construction is not possible, the provision will be severed from this Agreement and the rest of the Agreement remains in full force and effect.
Our Website may contain certain statements that may be deemed “forward-looking statements”. All statements that address activities, events or developments that the Company intends, expects, plans, projects, believes or anticipates will or may occur in the future are forward-looking statements. Examples of forward- looking statements include, but are not limited to, statements the LCX makes regarding general economic conditions, the blockchain industry, bitcoin and cryptocurrency market, the outlook for digital asset regulation, process and intention to file for additional licenses and regulatory approvals, the potential effect of the financing on the LCX operations, and the impact of these factors on the our businesses. Forward-looking statements are based on certain assumptions and assessments made by us in light of its experience and perception of historical trends, current conditions and expected future developments. Actual results and the timing of events may differ materially from those contemplated by the forward-looking statements due to a number of factors, including regional, national or global political, economic, business, competitive, market and regulatory conditions.
Upon registration we may provide you with an access for a restricted use, a free plan of our Services (the “Free Plan”). The restrictions of the Free Plan are determined solely at our discretion and may be modified at any time. The Free Plan includes all major functionality of LCX Terminal limited to a maximum of 3 connected exchanges.
14.1. You agree to pay the applicable fees listed below to us, whenever you use our Service. Subject to the terms of this Agreement, we reserve the right to change our fees at any time. Fees can be assessed based on the services you used, for example, monthly or annual fees, or fees based on the number of the transactions or their respective values, or the types of the assets used, including all applicable charges or commissions.
Users may upgrade their accounts to get access to all functionalities of LCX Terminal (the “Pro Plan”). The Pro Plan will have unlimited exchange connectivity and costs $290 USD per month or $2’900 USD annually. The subscription of LCX Terminal can be paid via credit card or via LCX Token.
We recommend to pay any fee within the LCX ecosystem via LCX Utility Token. At LCX.com we have set a minimum utility value of the 1 LCX Token at 0.10 USD. Thus paying with LCX Token may result in huge discounts depending on the price you have purchased the token. See our guideline on where to buy and use LCX Token.
14.2. Setting off. You authorize us, or our designated partners, to charge or deduct any applicable fees owed in connection with transactions you complete via our Services from the funds held in your account. You agree that we may set off fees due against your account balance or debit your funding instrument connected to your LCX account, as the case may be, for any amounts you owe us under this Agreement. All deductions and fees are charged at the time we process a transaction (or when the periodic payment becomes due) and are deducted first from the collected funds and thereafter from your balance. If you owe us an amount that exceeds your balance, we may charge or debit a funding instrument registered in your account or you will pay us the full amount outstanding upon receipt of our invoice. You will be liable for and pay us upon invoice all costs associated with collection in addition to the amount collected, including without limitation attorneys’ fees, court costs, collection agency fees, and any applicable interest. In simple terms, our right to set-off means that we may deduct such fees, charges or other amounts mentioned in this section from an account balance held or controlled by you. Where the aggregate amount you owe us exceeds the amount held in your account we may show your account balance in negative figures as a reflection of the net amount you owe to us.
14.3. Processing Errors. In the event there is an error in the processing of any transaction, you authorize us to initiate debit or credit entries to your account or another funding instrument, as applicable, to correct such error.
14.4. Taxes. You are responsible for determining and paying any and all taxes and duties, including without limitation, sales, use, transfer, value added, withholding, and other taxes and/or duties assessed, incurred, or required to be collected, paid, or withheld for any reason in connection with any request for or performance or use of the Service, your use of the website, the sale or purchase of any products or services, or otherwise in connection with any action, inaction, or omission by you or any affiliate of yours, or any of your or their respective employees, agents, contractors, or representatives. You also are responsible for collecting, withholding, reporting, and remitting correct taxes and duties to the appropriate authority. While we may provide you a means for you to determine and apply taxes to your transactions (including certain automated reporting tools), we are not obliged to determine whether taxes or duties apply and are not responsible for calculating, collecting, reporting, or remitting any taxes or duties to any authority arising from any transaction.
LCX AG is a company registered in Liechtenstein No. FL-0002.580.678-2. LCX AG is regulated by the Financial Market Authority of Liechtenstein under the registration No. 288159 as a trusted technology service provider.
LCX AG Herrengasse 69490 VaduzLiechtenstein
LCX AG © 2021. All Rights Reserved