Terms and Conditions - United Arab Emirates

By creating an account on the website or by visiting it, it would be deemed that you have agreed to the terms and conditions laid down in this document. If You do not agree to be bound by these terms, do not access or use the Services.

The services provided by Fasset are: Crypto Exchange Services.

Fasset reserves the right to change or modify the terms and conditions contained in this document, including but not limited to any policy or guideline of the platform, at any time and at our sole discretion. We will provide notice of these changes by posting the revised Terms through means as determined by us at our sole discretion. Any changes or modifications will be effective immediately upon posting the revisions to the website or at the instant that we transmit the information.

If you do not agree to the terms in effect when you access or use the platform then you must stop using our services. We encourage you to frequently review the terms to ensure that you understand the terms and conditions that apply to your access to, and use of, the Services.

You should read the terms and conditions, and any document referred to in them very carefully. If there is anything that you do not understand in the terms and conditions and any document referred to herein, you should discuss this matter with us and seek the necessary clarification.

Any formal communication with you will be undertaken through electronic mail unless otherwise instructed. Documents will be sent to you by electronic mail and you should seek to send any documents to us by the same means.

Any formal communication with you will, unless otherwise agreed, be made in the English language. In the event of any discrepancy between the English language version of the terms or any such communications and any translation of the terms or such communications (as applicable) in a foreign language, the respective English version shall prevail.

If you conduct any transactions through the Site, each such transaction may be subject to additional terms and conditions which you will be directed to read and accept at the applicable time. To the extent there is any inconsistency between these Terms and the additional terms and conditions applicable to a specific transaction, the additional terms and conditions applicable to the specific transaction shall apply to that specific transaction and any matters connected with it or arising therefrom.

Disclaimer:

Fasset, under any condition, does not and cannot guarantee the value of a digital asset. You acknowledge and agree that the value of a digital asset is subject to high levels of volatility and that purchasing, selling, and holding digital assets involves risk. You should be aware that the value of a digital asset can change rapidly, and even decrease.

To be eligible to create an account with Fasset and use any of the services (“Services”), you must meet and continue to meet the following criteria:

We provide an online trading platform to trade VFAs (or also known as virtual financial assets, cryptographic tokens or digital tokens or cryptographic currency) and derivatives linked to VFAs or indices thereof. Buyers and sellers conduct trading on our platform with each other; Fasset as the platform provider is not a buyer or seller in these transactions. Users may request the withdrawal of their VFAs, subject to the limitations as stated in the Terms. Users will be able to access their VFAs in their wallets, which are held and safe-kept by Fasset.

Fasset provides the user with trading services including:

SERVICES

2.1 Asset Services. The following services (the “Asset Services”) may be provided to you by Fasset:

1. I. one or more Accounts on the Fasset Exchange enabling you to access and use your Wallet, and to view and track your balances of Assets and Fiat Currency;

2. II. one or more wallets on the Fasset Exchange (“Wallet”) enabling you to store, track, transfer, and manage your balances of Assets and Fiat Currency; and

3. III. enabling you to obtain prices for your purchases, sales and swaps of Assets, ) place orders for, and/or carry out any purchases or sales or swaps of Assets on the Fasset Exchange or otherwise on the Site (including services such as the P2P trading platform (also known as the peer-to-peer trading platform), subject to the the Terms and your compliance thereof.

2.2 Custodial Services. You hereby appoint us to act as your custodian to hold the Assets and Fiat Currency for you and Fasset shall accordingly act as a custodian to hold Assets and Fiat Currency for you and all users on the Site in accordance with the terms and conditions of the Terms (“Custodial Services”). The Custodial Services are limited to those set out in the Terms and may be provided by any entity in the Fasset Group or by a third party, at the sole discretion of Fasset.

2.3 Third Party Service Providers. Fasset Group may use certain service providers to make certain Services, functions or information available to the user. We may change any service provider at any time without prior notice. In addition to the Terms, your access and use of the Site and Services is subject to the terms and conditions imposed by relevant third parties from time to time, as notified to you as per the terms of the Terms for such Communication.

You represent and warrant that you are, and shall remain at all times, the ultimate and effective legal and beneficial owner of any VFAs held by Fasset, that you shall not act as nominee or trustee for any other person and that you shall not transfer, assign, pledge, charge or otherwise create any security interest or encumbrance whatsoever over such VFAs without the prior written consent of Fasset.

By accepting the terms and conditions, you expressly agree to the pooling of your VFAs with the VFAs of other users. Individual user entitlements may not be identifiable by separate physical documents of title or other electronic record and, in the case of an irreconcilable shortfall, you may not receive your full entitlement and may share in the shortfall pro rata.

Fasset, as applicable, shall not be obliged to accept orders unless sufficient VFAs are available on the account for (a) the settlement of the relevant order, (b) the provision of margin as may be required in respect of relevant transaction in derivatives, and (c) the payment of any related charges and expenses as applicable.

Accuracy: While we have made every effort to ensure the accuracy of the information on our website, the information and content on the website is subject to change without notice and is provided for the sole purpose of assisting users to make independent decisions. We have taken reasonable measures to ensure the accuracy of the information on the website; however, we do not guarantee the accuracy, suitability, reliability, completeness, performance and/or fitness for purpose of the content of any services or products available through the website, and will not accept liability for any loss or damage that may arise directly or indirectly from the content or your inability to access the website, for any delay in or failure of the transmission or the receipt of any instruction or notifications sent through our platform. We will not have any liability for the use or interpretation of such information.

Users shall prepare devices and bear costs as follows: 1) internet-connected device, including but not limited to computer or other internet-connected terminals; 2) internet-accessing costs, including but not limited to internet fees, rental charges for internet-connected equipments, cellular data fees, etc.

You hereby authorize us to send commercial information to you via e-mail, SMS, mobile notification, or mailing address. You can opt out of such services by changing relevant settings on the website.

You acknowledge and consent that the services are provided by us according to its current technological capacity and other conditions. While we have made every effort to ensure continuity and security of the services, we are unable to completely foresee and hedge legal, technological and other risks including but not limited to force majeure, virus, hacker attack, system instability, flaw in third-party services, act of government, etc. that may result in service interruption, data loss and other losses and risks.

When the system platform is unable to operate properly because of the following circumstances and the user is unable to access the services or place or cancel an order, we assume no liability for damages. These circumstances include, but are not limited to:

• System downtime during maintenance as announced by our platform;

• Telecom or networking equipment issues;

• Ton, earthquake, tsunami, flood, power failure, war, terrorist attacks, and other force majeuyphore factors;

• Any other issues, including hacker attacks, computer virus intrusion or attack, website or backend maintenance and upgrade, banking related issues, government regulation or mandates, and any other third party issues;

• Damages to users or other third parties caused by third parties.

For abnormal transactions, market interruption and other abnormal conditions caused by system failure, network failure, distributed denial of service attacks (DDos) and other hacker attacks and other unexpected factors, we have the right to cancel the abnormal transaction results.

Abnormal transaction handling: You agree and acknowledge the possibility of discontinuity and disruption of the services due to connectivity problems of the VFA networks or other force majeure. Fasset does not assume any responsibility for any losses caused by the aforementioned situations due to your providing incorrect information that results in our inability reaching out and explaining to You the handling procedures.

We have the right to know the purpose and background of the users who use our products or services. Users should provide comprehensive and accurate information as required. If we have reasonable grounds to suspect that the user has provided false trading information, we are entitled to restrict the user from the use of some or all of our products and services temporarily or permanently.

We grant you a limited, nonexclusive, non transferable license, subject to the terms, to access and use our website and services, solely for approved purposes as permitted by us. You agree that you will not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way, exploit any of our products and Services.

You agree that:

• All rights, title and interest in the service and associated software, website and technology, including all intellectual property rights therein, are and shall remain with the Parties;

• No right or interest in the service is conveyed other than the limited licenses granted herein;

• The Services are protected by the copyright and other intellectual property laws;

• All rights not expressly granted in these terms are reserved. Fasset has the right to inquire, freeze or deduct the items and accounts of the User in accordance with the requirements of any applicable judicial organizations, administrative organizations and military organizations, including but not limited to public security organizations, procuratorial organizations, courts, customs, tax authorities and so on.

• Damages to users or other third parties caused by third parties.

For abnormal transactions, market interruption and other abnormal conditions caused by system failure, network failure, distributed denial of service attacks (DDos) and other hacker attacks and other unexpected factors, we have the right to cancel the abnormal transaction results.

Abnormal transaction handling: You agree and acknowledge the possibility of discontinuity and disruption of the services due to connectivity problems of the VFA networks or other force majeure. Fasset does not assume any responsibility for any losses caused by the aforementioned situations due to your providing incorrect information that results in our inability reaching out and explaining to You the handling procedures.

We have the right to know the purpose and background of the users who use our products or services. Users should provide comprehensive and accurate information as required. If we have reasonable grounds to suspect that the user has provided false trading information, we are entitled to restrict the user from the use of some or all of our products and services temporarily or permanently.

7.1 Maintaining Sufficient Assets and Fiat Currency

You agree at all times to maintain sufficient Assets and Fiat Currency in your Wallet(s) for the purpose of effecting your instructions and for paying any Amounts Payable.

You acknowledge and agree that if at any time there are (having regard to other payments debited or due to be debited) insufficient Assets and/or Fiat Currency in a relevant Wallet, Fasset Group may, in our absolute discretion and without any obligation to do so:

1. i. decline to execute you instructions;

2. ii.force-sell and/or incorporate any of your Asset or Fiat Currency held by Fasset Group on your behalf; and

3. ii.transfer your Assets and/or Fiat Currency as necessary to / from any other Wallet without further instruction or sanction from you, in addition to any other rights it may have under Applicable Law.

7.2 Transactions

1. a. You may send, receive and store the Assets by providing instructions to Fasset as your custodian.

2. b. You may also request Fasset in its capacity as your custodian to transfer the your Assets from your Wallet to a specified blockchain address by providing instructions to that effect. You must ensure that there are sufficient Assets and Fiat Currency in your Wallet to cover any such Transaction(s).

3. c. Fasset may charge a fee for sending your Assets to, or transferring your Assets from, a Wallet, as set out on the Site.

7.3 Instructions to Fasset for Custodial Services

You authorize us to accept, rely upon and/or act upon any instructions received by us without inquiry, assuming the authenticity of any such instructions given or purportedly given by you or any person authorized by you, or that any person claiming to be your authorized representative is in fact that person. You acknowledge and agree that once given, an instruction cannot be revoked and if acted on by Fasset, the instruction will be binding on you.

Fasset reserves the right at all times to decline to accept your instructions, without giving any reason or explanation or prior notice. For example, Fasset may, in addition to any other rights it may have:

1. i. decline to act on your behalf or accept your instructions where we believe that the instruction could result in a breach of any Applicable Law, or that it is unclear, ambiguous or incomplete;

2. ii. where you, or a person we believe is connected with you, appears to be a Blacklisted Person, refuse to process or complete any instruction, suspend the provision of a product or Service to you, refuse to permit or to facilitate any of the Assets or Fiat Currency held by Fasset Group to be used or dealt with, refuse to make any Assets or Fiat Currency available to you or to any other Blacklisted Person or other person or terminate the Services; and

3. iii. decline to act where there are insufficient Assets or Fiat Currency in the Wallet to carry out the instructions, or where the Transaction does not comply with any limit that applies.

If Fasset exercises its rights under this section, you must pay Fasset on demand any loss that Fasset incurs in relation to any action taken under that Section or any Applicable Law.

We may complete your instructions by multiple Transactions and you authorize us to accumulate those Transactions on a single record and specify the volume weighted average price for those Transactions.

7.4 Risk Factors.

This Section provides a summary of certain risks relating to using Custodial Services. There are other risks involved in using the Custodial Services. In addition to the risks detailed in Section 11 (Risks and Liability) following general risks apply to the Custodial Services:

1. a. as the custodian Fasset has a number of rights pursuant to the Terms that may adversely affect your position and result in loss. For example, where this section applies, Fasset may sell your Assets from your Wallet and Fasset may not be in a position to return the same Assets at the time they are requested by you. Furthermore, our ability to safeguard your Assets is not absolute;

2. b. there may be circumstances where your ability to withdraw any Asset is delayed or restricted beyond 3 working days. In such instances Fasset shall notify you of such delay or restriction as soon as practicable; the operation of the Custodial Services may require third party contractors with particular expertise in blockchain technology. The availability of such contractors is limited. There may not be sufficient (or any) such contractors available on terms deemed acceptable by Fasset. The costs associated with any such contractors may be significantly greater than currently estimated. Further, the quality, reliability and timely delivery of services by such contractors may vary significantly. These may impact the delivery of the Custodial Services.

8.1 Transaction Limits.

The use of any or all the Services is subject to a limit on the volume (stated in Fiat Currency or Asset) of which you may transact or transfer in a given period (e.g. daily). Please see Schedule 1 (Verification Procedures and Limits) for further details. Your transaction limits may vary depending on your payment method, verification steps you have completed, and other factors. We reserve the right to change the applicable limits from time to time as we deem necessary without prior notice to you.

8.2 Source of Funds

All persons accessing the Site shall at all times adhere to and comply with all relevant financial crime regulations, including without limitation any Applicable Law, rules, internal policy or regulatory requirement pertaining to money laundering, terrorist financing, bribery, corruption, tax evasion, fraud, slavery, proliferation of weapons of mass destruction, the trafficking of arms, drugs, humans or wildlife, or evasion of Sanctions (collectively known as “Financial Crime Regulations”) with respect to all Transactions or matters whatsoever and howsoever arising whether directly or indirectly from transacting with or via us.

All persons accessing the Site warrant and undertake (a) that all monies and assets deposited with us from time to time, whether fiat or cryptocurrency, shall come from a legitimate (and not illegal) source and are not proceeds of any illegal or unlawful activity and (b) to do all such acts and things as may be necessary to enable us to comply with Financial Crime Regulations.

8.3 Enhanced Due Diligence.

We may require you to submit additional information about yourself or your business, provide records, and arrange for meetings with our staff if you wish to raise your limits in respect of any or all the Services (“Enhanced Due Diligence”). We reserve the right to charge you costs and fees associated with such Enhanced Due Diligence although if we intend to do so, we will notify you in advance so that you can decide whether you wish to proceed with the request. In our discretion, we may refuse to raise your limits, or we may lower your limits at a subsequent time even if you have completed the Enhanced Due Diligence.

9.1 We may: (a) refuse to complete, or block, cancel or reverse a Transaction you have authorized (even after funds have been debited from your Account), (b) suspend, restrict, or terminate your access to any or all of the Services and/or (c) deactivate or cancel your Account with immediate effect for any reason, including without limitation where:

1. i. we reasonably believe that we need to do so in order to protect our reputation;

2. ii. we are, in our reasonable opinion, required to do so by Applicable Law, regulation or any court or other authority to which we are subject in any jurisdiction;

3. iii. we reasonably suspect you of acting in breach of the Terms;

4. iv. we reasonably suspect you have breached our “Policy on Prohibited Use, Prohibited Businesses and Conditional Use”

5. v. we have concerns (i) that a Transaction is erroneous or (ii) about the security of your Account;

6. vi.we suspect the Services are being used in a fraudulent or unauthorized manner; vii. we suspect money laundering, terrorist financing, fraud, or any other financial crime;

7. vii.we suspect money laundering, terrorist financing, fraud, or any other financial crime;

8. viii. use of your Account is subject to any pending litigation, investigation, or government proceeding and/or we perceive a heightened risk of legal or regulatory non-compliance associated with your Account activity;

9. ix. you take any action that may circumvent our controls such as opening multiple Accounts unless the same is specifically authorized by us in your case or abusing promotions which we may offer from time to time;

10. x. we reasonably suspect you have given incorrect, incomplete or misleading information or made a representation or warranty that is incorrect or misleading;

11. xi. you become insolvent or bankrupt or receiver and/or manager, special administrator, trustee or any other similar officer has been appointed over any of your assets or undertakings.

We may also block, cancel or reverse or refuse to complete a Transaction you have authorized where there are insufficient Assets in your Wallet to cover the Transaction and (where applicable) associated fees at the time of which we receive notification of the Transaction or if your credit or debit card or any other valid payment method linked to your Account or Wallet is declined.

If we refuse to complete a Transaction and/or suspend, restrict or close your Account, and/or terminate your use of any of the Services, we will (unless it would be unlawful for us to do so) provide you with notice of our actions and where appropriate the reasons for refusal, suspension or closure, and where applicable, with the procedures for correcting any factual errors or other issues that led to such refusal, suspension or closure. In the event that we refuse to complete a Transaction and/or suspend your Account, we will lift the suspension or complete the Transaction as soon as reasonably practicable once the reasons for refusal and/or suspension no longer exist. However, we are under no obligation to permit you to reinstate a Transaction at the same price or on the same terms as the suspended, reversed or cancelled Transaction.

We may suspend, restrict, or terminate your access to any or all of the Services and/or deactivate or cancel your Account, without any reason whatsoever. You acknowledge that our decision to take certain actions, including limiting access to, suspending, or closing your Account, may be based on confidential criteria that are essential for the purposes of our risk management and security protocols. You agree that we are under no obligation to disclose the details of such risk management and security protocols to you.

9.2 Consequences of Termination or Suspension

Upon termination of the Services for any reason, unless prohibited by Applicable Law or by any court or other order to which Fasset is subject in any jurisdiction, you are authorized to access your Account for thirty (30) days thereafter for the purposes of transferring any Asset from your Trading Account. You are not permitted to use the Services or your Account for any other purposes during such period and we may, at our discretion, limit the functionality of the Site for you accordingly. After the thirty (30) days’ period, you shall no longer have access to the Services or your Account (which will be closed by us). If there is any Asset remaining in your Wallet after the termination, Fasset shall have the discretion to transfer the Asset out of Fasset Exchange and to your other accounts based on the information you have provided to Fasset, or otherwise deal with the Asset in accordance with Applicable Laws and regulations such as laws governing unclaimed monies and assets.

If we suspend or close your Account or terminate your use of the Services in whole or in part for any reason, we reserve the right to require you to complete the procedures as outlined in Section 4.3 (Identity Verification) again before permitting you to transfer or withdraw any Asset. You may cancel your Account at any time by withdrawing all balances in your Wallet and you shall notify us in writing of such cancellation. You will not be charged for cancelling your Account, although you will be required to pay any outstanding amounts owed by you to us. You authorize us to cancel or suspend any pending Transactions in your Account at the time of cancellation of your Account.

Provided any termination of the Services shall not affect the rights of Fasset which have accrued or arisen prior to and up to the date of such termination.

Fasset reserve the right, in its sole discretion, to discontinue or terminate the services provided to you without notice, temporarily or permanently, including, but not limited to, the following cases:

1. 1 )If the personal information you have provided is not true, or inconsistent with the information at the time of registration and you have failed to provide reasonable proof (please remember, according to the laws or regulations you should submit true information);

2. 2 )If you violate the relevant laws and regulations or this agreement;

3. 3 )If required by any provisions of the laws and regulations, as well as the requirements of relevant government authorities;

4. 4 )For security reasons or other necessary circumstances.

It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions You conduct through the services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities. Additionally, You agree to comply with all relevant laws of the UAE as applicable.. When using our Services, You acknowledge that your actions are in a legal and proper manner and your sources of VFAs are not from illegal activities. We may discretionarily or in coordination with local law enforcement authorities seize, restrict or close-out your account, fiat currency and VFAs.

Please refer to our privacy policy for information about how we collect, use, and share your information.

You shall indemnify us and our agents (if any), employees, officers, directors, affiliates, subsidiaries and successors, and hold them harmless from and against all third-party claims except those resulting solely from our breach of the Terms. Similarly, we shall indemnify and hold harmless you and your agents, employees, officers, directors, affiliates, subsidiaries and successors from and against all third-party claims except those resulting solely from your breach of the Terms.

The Terms, your use of the Services, any claim, counterclaim or dispute of any kind or nature whatsoever arising out of the Terms, directly or indirectly, shall be governed by, and construed in accordance with the laws of United Arab Emirates without regard to the principles of conflicts of laws thereof.

15.1 You acknowledge and agree that in the event of any dispute, controversy, difference or claim, including the existence, validity, interpretation, performance, breach or termination of the Terms or any dispute arising out of or relating to the Terms (“Dispute”), the parties shall first refer to the dispute resolution mechanism.

16.1 Complaints

A complaint may be made by you against: (i) Fasset; or (ii) any other person in respect of activity that occurs on the website, by submitting a complaint through the channel provided on the website/email.

Fasset will acknowledge your complaint within four (4) business days of its receipt by Fasset.

Fasset will consider your complaint without prejudice based on the information that you have provided and any related information that Fasset considers relevant. Within twenty (20) Business Days of receipt of your complaint in writing by:

• requesting further information;

• offering to resolve your complaint with the requested solution;

• offering to resolve your complaint with an alternative solution; or

• making a determination rejecting your complaint, setting out reasons for the rejection.

Upon receipt of the written response by you from Fasset, you will have twenty (20) Business Days to accept or reject the offer in accordance with the instructions set out in the response. If you shall fail to respond to the written response from Fasset, Fasset may treat the complaint as withdrawn, resolved or closed at its sole discretion.

16.2 Arbitration

Meeting. If either Party gives the other Party a written notice claiming that any dispute or difference (“Dispute”) has arisen and the Parties are unable to resolve the Dispute within ten (10) Business Days of service of that notice, then the Parties must:

1. use their best endeavours to ensure that a meeting is held in an effort to resolve the Dispute; and

2. make available a representative who has authority to settle the Dispute to attend that meeting.

Submission to Arbitration. If the meeting referred to in Section 14.2.1 (Meeting) either:

1. takes place and the Parties are unable to resolve the Dispute within ten (10) Business Days of the meeting taking place; or

2. does not take place for any reason whatsoever within twenty (20) Business Days of service of the notice referred to in Section 14.2.1 (Meeting), then either Party to the Dispute is entitled to refer the Dispute to arbitration in accordance with the requirements and procedures set out in Section 14.2.3 (Arbitration Proceedings).

16.3 Arbitration Proceedings

• Subject to Submission to Arbitration, any Dispute must be referred to and finally resolved by binding arbitration administered by the DIFC-LCIA Arbitration Centre (“DIFC-LCIA”) in accordance with the DIFC-LCIA Rules (“Rules”), as in force when the Notice of Arbitration is submitted in accordance with those Rules.

• The appointing authority shall be the DIFC-LCIA.

• The arbitration proceedings must be conducted in English.

• The arbitral tribunal is to be constituted by one (1) arbitrator appointed by mutual decision of the Parties. If the Parties cannot agree upon an arbitrator within ten (10) Business Days from the date the Respondent receives the Notice of Arbitration, the arbitrator is to be appointed by the DIFC-LCIA.

• The arbitration award is final and binding on the Parties and the Parties agree to be bound by it and to act accordingly. Unless required by Applicable Laws or regulatory requirements or with the prior written consent of the Parties, the content, existence and award of any arbitral proceedings must be kept confidential. The costs of the arbitration and reasonable legal fees will be payable by the Parties as the arbitrator may direct in the arbitration award.

• Unless the Parties otherwise agree in writing or until the arbitral tribunal hands down an award, the Parties are obliged to continue fulfilling their obligations under the Terms notwithstanding the commencement of an arbitration.

16.4 Enforcement of Arbitration Award

17.1 Feedback

If you have any complaints, feedback, or questions, please contact our Customer Service. When you contact us, please provide us with your name and email address and any other information we may need to identify you, and the transaction on which you have feedback, questions, or complaints.

17.2 Miscellaneous

These Terms set forth the complete understanding of the parties with respect to the subject matter hereof and supersedes all prior understandings and communications relating thereto. No term or condition of any other document provided to Fasset which is different from, inconsistent with, or in addition to the terms and conditions set forth herein will be binding upon the Parties. You represent and warrant that all information disclosed to Fasset in connection with these terms are true, accurate, and complete.