Last updated March 2024.
PREAMBLE
THESE TERMS OF SERVICE APPLY TO ANY ACCESS TO, OR USE OF, ANY SERVICES MADE AVAILABLE BY LCX AG and its wholly owned subsidiaries (“LCX,” “OUR,” “WE” “US” OR “THE COMPANY”) USING THE WEBSITE HTTPS://WWW.LCX.COM/ OR ANY OF ITS SUB-SITES, OR MOBILE APP OR ANY OTHER APPLICATION PROGRAMMING INTERFACES (API) PROVIDED BY LCX RELATING TO THE SITE, WHICH ARE ACCESSED EITHER DIRECTLY OR INDIRECTLY THROUGH FORWARDING OR REDIRECTING LINKS (THE “WEBSITE” OR “LCX WEBSITE”), AND TO ANY OTHER RELATED SERVICES PROVIDED BY LCX RELATING TO THE WEBSITE OR AS DESCRIBED IN THESE TERMS (THE “SERVICES” OR “LCX SERVICES”).
LCX IS A PUBLIC LIMITED COMPANY DULY INCORPORATED UNDER THE LAWS OF LIECHTENSTEIN. LCX ACTS AS A VIRTUAL RESPECTIVELY CRYPTO ASSET SERVICE PROVIDER (“VASP”, “CASP”) REGISTERED WITH THE NATIONAL SUPERVISORY AUTHORITY, THE LIECHTENSTEIN FINANCIAL MARKET AUTHORITY (“FMA”) UNDER THE LIECHTENSTEIN ACT ON TOKENS AND TRUSTED TECHNOLOGY SERVICE PROVIDERS (TTTA OR IN GERMAN TVTG) UNDER REGISTER NUMBER 288159. LCX IS REGISTERED SINCE DECEMBER 30, 2020, RESPECTIVELY DECEMBER 16, 2022, AND FEBRUARY 01, 2024, DUE TO THE AMENDMENTS UNDER THE TTTA-REFIT AS:
AND PROVIDES ITS SERVICES WITH REGARD TO CERTAIN CRYPTOCURRENCIES, CRYPTOGRAPHIC TOKENS OR COINS AND OTHER TOKENS, CRYPTO ASSETS, DIGITAL RIGHTS OR ASSETS WHICH NEITHER REPRESENT FINANCIAL INSTRUMENTS NOR E-MONEY (“VIRTUAL ASSETS”).
PLEASE READ THESE TERMS CAREFULLY BEFORE REGISTERING TO OR USING LCX SERVICES, LCX WEBSITE, LCX USER ACCOUNT, LCX WALLET OR ANY OTHER SOFTWARE PROGRAMS, INTERFACES OR FEATURES AS DESCRIBED IN THESE TERMS THESE TERMS.
BY REGISTERING FOR OR USING THE LCX SERVICE DESCRIBED BELOW, YOU (“YOU” OR THE “USER”) – EITHER ON BEHALF OF YOURSELF OR THE BUSINESS OR LEGAL ENTITY YOU REPRESENT – AGREE TO BE BOUND BY THE PROVISIONS OF THESE TERMS (INCLUDING ALL POLICIES INCORPORATED BY REFERENCE INTO THESE TERMS), EACH AS MAY BE MODIFIED FROM TIME TO TIME. IF YOU DO NOT AGREE TO THESE TERMS, YOU MAY NOT USE OR ACCESS THE SERVICE. BY CLICKING ON AN “I AGREE” BUTTON OR CHECKBOX PRESENTED WITH THESE TERMS OR BY ACCESSING OR USING ANY SERVICES, YOU AGREE TO BE BOUND BY THESE TERMS.
These Terms are a legally binding contract between You, the User, and Us, the Company, LCX AG, public register number: FL-0002.580.678-2, with its registered office at Herrengasse 6, 9490 Vaduz, Liechtenstein. applying to and governing Your use of Our Services.
These Terms incorporate, and you hereby confirm that you have received the Terms and acknowledge their content (including for the avoidance of doubt: any policies, notices, procedures, specifications, FAQs, guides and guidelines that are provided or made available to you, appear on our website or are referenced in these Terms and which we may modify from time to time by giving notice of the amendments and the updated Terms via email, the Website or the Services or any other means of giving such notice. By clicking on an “I Agree” button or checkbox presented with the modified Terms, or by continuing to access or use the Services, you signify your consent and confirm your agreement to the modified Terms. Any amended Terms will become effective immediately after such acceptance by you. If you do not agree to any modification to these Terms, you must stop using the Services.
The place of performance of any Services under these Terms is Liechtenstein. You take note of and acknowledge that Services are performed in their entirety in Liechtenstein. Furthermore, you confirm that you have become aware of the Services of Company because of your interest in the blockchain technology and corresponding projects and that you have approached Company directly in order to initiate business with Company, which you signify by clicking on a corresponding checkbox or statement, if applicable.
You may not transfer or assign any rights or obligations you have under these Terms 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 these Terms or any right or obligation under these Terms at any time.
Protecting your privacy is very important to us. Please review our Privacy Policy in order to better understand our commitment to maintaining your privacy, as well as our use and disclosure of your Information to which you are consenting.
In these Terms, references to “includes,” “including,” “including but not limited to,” “including without limitation” and words or phrases of similar import shall be deemed to have the same meaning and the words “includes(s)” and “including” shall not be deemed to be terms of limitation but rather be deemed to be followed by the words “without limitation.”
In these Terms, references to “B2C” mean “Business to Consumer Services” and the respective provisions only apply to our Services provided to consumers (end users), whereas references to “B2B” mean “Business to Business Services” and the respective provisions shall apply to our Services provided to entrepreneurs (business users) pursuant to the Liechtenstein consumer protection and distance selling laws.
This Preamble forms an integral part of these Terms and is of binding nature.
This section of the Terms highlights some of the risks associated with transactions in connection with Virtual 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.
Risk of Theft or Hacking and Software Weaknesses
LCX’s underlying software application and software platform as well as smart contract used with regard to Virtual Assets and their software protocol may be subject to attacks by hackers or others, including but not limited to so-called malware attacks, denial-of-service attacks, and spoofing. Such successful attacks may result in the theft or loss of funds or other assets, which may impair the ability to develop the business and affect any use or functionality of the LCX Services. LCX’s underlying software application and software platform are constantly evolving, and advances in cryptography or technical advances may pose risks to the Services. LCX does not guarantee, warrant or assure and does not take on any liability that the software platform and Services of LCX can be operated uninterruptedly or error-free. LCX may not be held liable to pay damages resulting from hacks or other malicious attacks and does not take on any responsibility or liability for such events, incurred by third parties. LCX cannot be held accountable for losses incurred through third-party actions such as hacks or other malicious attacks. LCX disclaims any liability for damages resulting from such security breaches and malicious attacks. LCX does not assume any responsibility for these events, whether they are perpetrated by third parties or otherwise. Our customers are advised to take all necessary precautions and employ best practices in digital security to protect their assets.
Risk of Funds Not Being Immediately Available
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 of Virtual Assets 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. 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 Virtual Assets on your LCX Account may have two separate and distinct states, which are the available balance state, which resembles your freely available Virtual Assets and the reserve or occupied balance state, which refers to Virtual Assets which are currently occupied or reserved for execution of (already initiated) Services, payment of fees and charges or similar purposes. 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:
Price Change Risk Associated with Using Virtual Assets
Prices of Virtual 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 Assets could drop to zero. Prices of virtual Assets are prone to significant fluctuations, for example, due to announced proposed legislative acts, regulatory and tax changes, governmental restrictions, news related to cybercrimes or other factors causing potentially excessive market enthusiasm or disproportionate loss in confidence. Markets in and prices of Virtual Assets can also be manipulated.
Liquidity Risk and the Nature of Virtual Assets, Risk of using LCX platform and Services
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 Assets are not legal tender and are not backed by any government. Unlike legal tender, which is regulated and backed by local governments and central banks, Virtual Assets are based only on technology and user consensus (private quasi-payment instruments), 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 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 on the LCX Exchange or the LCX platform and Services in general or due to lacking liquidity (lack of buying and selling orders or advice prices in the bid and ask spread).
There is also no assurance that LCX will continue to accept or support certain types of Virtual Assets or that our commercial partners, vendors or services providers will continue to permit or accept transactions with Virtual Assets in the future.
Blockchain Network Risk
Completion of certain transactions in connection with Virtual Assets on blockchains or similar protocols 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 LCX 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 Assets may be irreversible and final, 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.
Risk of Using External Wallet Services and Exchange Services
In the case where you use an external Virtual Asset wallet or a Virtual Asset wallet which is established or maintained with a third-party virtual asset service provider (e.g., exchange, custodian or another service provider) where you do not have secure possession of your private keys or credentials to access such Virtual Asset wallet, you may not be able to access your Virtual Assets. LCX is under no obligation or duty and may not be able to assist you in such case.
Risk of Using LCX Account
While LCX is committed to high standards for maintaining the security of all private keys to the Virtual Assets wallets associated with LCX accounts, LCX is not responsible and is not liable for any loss of Virtual Assets resulting from any loss, theft, or inappropriate or unauthorised disclosure of and/or use of the private keys to the Virtual Asset 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.
Force Majeure
There is a risk that your transactions carried out using LCX Services may be affected by system failures resulting from adverse events, natural disasters, hacks 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 an instruction with regard to Services, 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 and is in no case liable to you.
Regulatory Uncertainty
The regulatory frameworks applicable to services and transactions in connection with Virtual Assets is still developing and evolving. It is possible that your transactions or assets 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 EEA) or international level may materially and adversely affect the use, transfer, exchange, and value of Virtual Assets, for which LCX does not take on any liability.
Definitions
Capitalized terms not otherwise defined in these Terms will have the following meaning:
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AML |
Anti-Money Laundering pursuant to the applicable due diligence duties. |
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B2B |
Business to Business (the respective provisions shall apply to Services provided by LCX to entrepreneurs, commercial or business users). |
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B2C |
Business to Consumer (the respective provisions only apply to Services provided by LCX to consumers or end users). |
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CFT |
Counter Financing of Terrorism pursuant to the applicable due diligence duties. |
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Communications |
Information, communications, agreements, documents, receipts, disclosures etc. |
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DeFi Terminal or MasterDEX |
LCX DeFi Terminal (Decentralized Finance) provided by MasterDEX is a trading dashboard built on top of Uniswap Decentralised Exchange (DEX) equipped with multiple decentralised exchanges making LCX DeFi Terminal a powerful aggregator interface. |
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Exchange Wallet |
Virtual Assets are held in custody by LCX under the so-called Exchange Wallet of LCX as part of the Virtual Assets custodial Services provided by LCX. The Exchange Wallet is an online (hot), omnibus (pooled) wallet. |
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Feedback |
Questions, comments, suggestions, ideas, original or creative materials or other information about LCX or the Services submitted by Users to LCX. |
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Fees Schedule |
The Fees Schedule is published at https://www.LCX.com/fees/ and governs the applicable fees for Services provided by LCX and forms an integral part of these Terms. |
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FMA |
Liechtenstein Financial Market Authority |
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Identity Service Provider |
Service provided by LCX. The Identity Service Provider is the person who identifies the entity authorised to dispose of a Virtual Asset and records it in a register. |
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KYC |
Know Your Customer pursuant to the applicable due diligence duties |
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LCX Materials |
Any software (including without limitation developer tools, sample source code, and code libraries), data, materials, technology, content and printed and electronic documentation (including the Specifications and any integration guides) used, displayed or developed and provided by LCX to Users in connection with LCX’s Website or Services. |
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LCX or Company, we, us, our |
LCX AG, the Company providing the Services under these Terms |
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LCX Exchange |
Through the LCX Exchange Service Users may exchange Virtual Assets which are supported by LCX against legal tender or other Virtual Assets. Such exchanges or trades may be executed against the own account of LCX as a counterparty or against the account of another User of the LCX Services as a counterparty. |
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LCX Token |
The LCX Tokens ($LCX) are Virtual Assets which come primarily with voucher functions within the LCX ecosystem. LCX Tokens may be used to pay fees associated with the Services offered by LCX. |
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LCX Vault |
LCX cold wallet (offline) storage solution which is regulated in separate terms. |
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LCX Vouchers |
LCX Vouchers can be redeemed for designated Services at the LCX Website. Cash payouts are not possible; change cannot be paid out. LCX Vouchers are only valid for the use on the LCX Website in connection with Services. |
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Legal Tender |
Any fiat currency, such as Euro, US-Dollar, Swiss Francs, etc which is declared a national currency by statutory law, which is not a Virtual Asset or privately issued payment instrument or equivalent to such means of payment, and which is accepted by LCX as consideration for provision of Services. |
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Main Account |
LCX may inter alia act as a key-custodian on the Main Account as part of the provision of custodial services by safekeeping the private key of individual (external) wallets of Users. |
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NFT |
Non-Fungible Token or similar digital item implemented on a blockchain (such as the Ethereum blockchain), which uses smart contracts or similar technology (such as tokens complying with the ERC-721 standard, ERC-1155 standard or similar ‘non-fungible’ token standard) to link to or otherwise be associated with certain unique rights, content or data, which is not interchangeable with other NFTs. |
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Price Oracle |
Service provided by LCX. Under the Price Oracle system LCX provides the service of a price service provider with regard to Virtual Assets. A price service provider publishes current aggregated price information with regard to Virtual Assets. |
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Restricted Locations |
Lists of sanctioned states (country lists) and lists of sanctioned persons (name lists) which are not eligible to register for an LCX Account. |
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Services or LCX Services |
Any Service provided by LCX, either relating to the Website or platform and API of LCX or otherwise provided by LCX pursuant to these Terms. |
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Terms |
These Terms of Service including all policies incorporated by reference into these terms. |
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TIA Token |
TIA Tokens is a community first and fair launched governance Token connected to Tiamonds. TIA Tokens are a deflationary Virtual Asset. Each Tiamond will generate TIA Tokens as rewards for the person entitled to dispose over the respective Tiamond over time through the “own to earn” model. |
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Tiamonds |
Tiamonds are non-fungible tokens (NFT), based on Ethereum’s ERC-721 token standard, each NFT representing the ownership right of a specific real-world Diamond. Each unique Tiamond Token is linked to a real unique diamond. Real-world Diamonds are represented by Tiamonds, which represent their 1-1 ownership rights. |
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Token Sale Manager |
LCX provides the Services of creation of Virtual Assets as a strictly technological service as well as the issuance of Virtual Assets in the name of and on behalf of a principal as part of the so-called Token Sale Manager Service. |
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TTTA or TVTG |
Liechtenstein Tokens and Trusted Technology Service Providers Act or in German “Token und vertrauenswürdige Technologie-Dienstleister Gesetz“ which has been dubbed the “Blockchain Act”. |
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User Account or LCX Account or Account |
The Account of a User after registering with LCX through the Website, API or platform of LCX, in order to access or use Services. The LCX Account is your central place to manage your profile, settings and security. From here you can access all LCX Services – all with one single account. |
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User or You |
The party contracting with LCX pursuant to these terms accessing or using Services. |
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VASP |
Virtual Asset Service Provider |
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Virtual Assets |
Cryptocurrencies, cryptographic tokens or coins and other tokens, digital rights or assets which neither represent financial instruments nor e-money. |
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Website |
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YOU AND LCX HEREBY AGREE AS FOLLOWS:
1.1. To be eligible for our Services, you must register for an account through our Services (the “User Account”, “LCX Account” or “Account”) and you must
1.2. You further represent and warrant to us in opening an Account with us that you did not previously register and have an existing Account and 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, business or legal entity that employs you or has duly authorised you as their legal representative to open an Account with LCX in their name and on their behalf, which you fully disclose. If you use any Services on behalf of or as a business entity, you agree to these Terms on behalf of yourself and any such business entity, and you represent and warrant that you have the authority to bind the company, business or legal entity to these Terms and that both you personally and the business entity/user will be jointly and severally liable regarding all matters under these Terms. You confirm and warrant that when using the Services, you are solely acting on your behalf or as the ultimate beneficial owner and not on the behalf of any other party, legal or natural, which you signify by clicking a corresponding checkbox or statement. You also confirm and warrant that you are not a PEP by clicking a corresponding checkbox or statement. If you do not agree to using the Services as ultimate beneficial owner or if you are a PEP, you must refrain from using the Services.
1.3. We may restrict or prohibit use of all or a portion of the Services for Restricted Locations. 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 any Restricted Location.
1.4. If you are using the Services for business purposes on behalf of an entrepreneurial, business or legal entity:
1.5. You agree to provide accurate, current and complete information and documentation about you, your identity and location in connection with creating your LCX Account for identity verification and other screening procedures; 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 unauthorised 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 Virtual Assets 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 authorise 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 these Terms 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 unauthorised 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 assets 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 transaction
1.10. You will be bound by, and hereby authorise LCX to accept and rely on, any agreements, instructions, orders, authorisations and any other actions made, provided or taken by anyone who has accessed or used your Account regardless of whether the access is authorised or unauthorised. Upon receipt of written notice from you that the security of your Account has been compromised, LCX will take reasonable steps to protect your Account, including, for example, to cease to allow actions initiated using any compromised Account passwords.
1.11. Depending on the functions that you seek to enable on your Account and LCX’s risk assessment, LCX may, in its discretion, require identity verification and other screening procedures pursuant to applicable due diligence laws with respect to you or transactions associated with your LCX Account. You may be required to provide LCX with certain personal information, including, but not limited to, your full name, address including country of residence, citizenship, telephone number, email address, date of birth, taxpayer identification number, government identification number, government-issued ID/passport or other proof of your identity, and information regarding your bank account, professional occupation, and other information on your source of funds and overall source of wealth. For Enterprise Users additional information may be required, including, but not limited to: Company name, legal form, domicile address, country of domicile, date of incorporation, place and date of entry in the commercial register, if any, as well as the names of the bodies or trustees formally acting on behalf of the legal entity as well as the information identifying the ultimate beneficial owners of this legal entity and corresponding documentation, like public register excerpts. You hereby acknowledge that LCX, directly or through a third party, may make inquiries considered necessary to verify your identity and/or protect against fraud, including but not limited to: (a) query identity information contained in public reports (e.g., your name, address, past addresses, or date of birth); (b) query account information associated with your linked bank account (e.g., name or account balance); and (c) take further actions LCX reasonably deems necessary based on the results of such inquiries and reports. LCX will have no liability or responsibility for any permanent or temporary inability to access or use any Services, as a result of any identity verification or other screening procedures required by applicable due diligence provisions.
2.1. You may use the Website as well as the Services, accessed through your Account, solely in accordance with these Terms and their intended use.
2.2. You may not use the LCX Service to conduct, pay for or facilitate activities that:
-violate any law, statute, regulation or a decision of an authority.
– relate to transactions involving:
– relate to transactions 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 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’s 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 assets from your LCX account to an external account. The amount of assets you may send will be limited to the total amount of assets that are not reserved for execution of any Service and which are 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. Authorisation. 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 authorisation of such instructions.
4.2. When authorising 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.
4.3. 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.
4.4. You expressly agree that LCX is, whenever useful or necessary, entitled to prove its allegations by any means legally admissible in commercial matters. Computerised records or other records affected 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.
4.5. The burden of proof that an executed transaction has not been authorised by you after the appropriate user authentication measures have been satisfactorily completed lies with you. The recording of the use of Services proves that the transaction was authorised by you.
4.6. You represent and warrant that any information you provide through the Services, in connection with a transaction or otherwise, is accurate and complete.
4.7. 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 any obligation or duty to refund you the assets on the account which have been used in order to execute such a transaction.
4.8. 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.
4.9. LCX may, without being obliged or bound to do so, refuse to execute a transaction if:
4.10. In the event of 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.
4.11. Insufficient available Balance. If you have insufficient assets 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 assets currently available in your Account, less any fees.
4.12. Cancellations. You may not revoke certain transactions once they have been received by LCX. Such transactions are final and will be executed by LCX notwithstanding any subsequent revocation order by you.
4.13. No Returns or Refunds for (blockchain-based) transactions of Virtual Assets. All blockchain-based transactions and all transactions of Virtual Assets are final and non-reversible. We do not accept any returns or provide refunds in connection with any such transactions.
4.14. Virtual Assets transactions. While a Virtual Asset transaction is pending confirmation by the applicable network, the Virtual Asset subject to such confirmation will be unavailable for use in connection with any other Services transaction.
4.15. 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 cancelled by LCX, without any obligation for LCX to do so. LCX also reserves the right to halt trading, without being obliged or bound to do so. LCX may not be held liable for not having exercised such right.
4.16. Supported Virtual Assets. It is your sole responsibility to verify the types of Virtual Assets LCX will accept. Any other non-supported Virtual 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 Virtual Assets to return them to you. LCX shall, however, have no obligation or duty 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 Virtual Assets sent to LCX. LCX retains the right, in its sole discretion, to determine whether or not to cease support for specific Virtual Assets related to the Services and may discontinue or terminate any support for any Virtual Asset at any time for any or no reason. LCX will make reasonable efforts to notify you of its decision to cease support of a Virtual Asset.
4.17. Blockchain Modification, Disruption or Hard Fork. In the event of a change in the structure of a blockchain or any other underlying technology protocol of Virtual Assets 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 Asset in whole or in part.
4.18. Unclaimed Property. If LCX is holding assets 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 assets to authorities and deliver any such assets to relevant authorities. LCX reserves the right to deduct fees from such unclaimed assets.
4.19. Any claim with respect to the unauthorised 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 authorised such transactions, which shall be considered as definitively accepted by you.
4.20. 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, mobile app notification or through Services.
4.21. 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.
4.22. This section additionally applies when you use LCX Exchange Services to trade one Virtual Assets for other Virtual Assets with a third party, that is not LCX.
4.23. This section additionally applies when you use LCX Services to purchase or sell Virtual Assets directly from or to LCX.
a) General provisions
5.1. You may be required to retain in your Account a sufficient quantity of Virtual Assets to execute the respective Service and satisfy applicable fees. In addition, your Account may be subject to limits on the number of incoming or outgoing Virtual Assets that you are able to withdraw on a daily basis or another time period as displayed in your Account decided at LCX’s discretion for security, compliance or other appropriate reasons. LCX may require you to verify any external wallet address to which you seek or instruct to transfer Virtual Assets from your Account and may decline your instruction if you fail to provide requested information on the external wallet address. LCX is not able to reverse any transfers and will not have any responsibility or liability if you have instructed LCX to send Virtual Assets to an address that is incorrect, improperly formatted, erroneous, intended for a different type of Virtual Assets or the recipient of the Virtual Assets (owner of that wallet address) does not act as intended (e.g., due to fraudulent or other behaviour) or the instructed transfer does not result in the intended outcome for any other reason.
5.2. You will be responsible for (i) paying all fees charged by any third party service provider associated with any external service or wallet address as well as for paying any fees charged by LCX for any Services provided; (b) ensuring that any action in connection with the Services are handled in compliance with LCX requirements, third party service provider requirements; (c) ensuring that the address to which any Virtual Assets are to be transferred is properly formatted and suitable for the type of Virtual Asset being transferred; and (d) ensuring that there are no errors in any of the instructions you provide using the Services. In the event you fail to comply with any of these requirements, the Services may not result in the intended outcome and Virtual Assets may be permanently lost. LCX may not be held liable for any errors in your instructions as they fall within your sphere and LCX does not act in negligence. The fulfilment of Services may be dependent on third party actions that are outside the control of LCX. LCX makes no guarantees or warranties regarding the time it may take to complete any initiated Service and any adverse effects due to delays resulting from third parties neither fall within the sphere nor liability of LCX. In no case shall LCX be liable for slight negligence. When contracting with commercial users (B2B) LCX may also not be held liable for gross negligence. The risk of accidental loss (e.g., in case of force majeure events, including theft or the disablement by third parties) shall in any case be borne by the user.
5.3. Fees according to the Fees Schedule apply for the respective Services.
b) Token Sale Manager (LCX Launchpad)
5.4. LCX provides the Services of creation of Virtual Assets as a strictly technological service as well as the issuance of Virtual Assets in the name of and on behalf of a principal and the listing of Virtual Assets on the LCX Exchange as part of the so-called Token Sale Manager Service (LCX Launchpad). While the technological creation of Virtual Assets may be offered also with regard to Virtual Assets that represent financial instruments or e-money, the issuing or offering as well as listing of Virtual Assets in the name of and on behalf of a principal is only provided with regard to Virtual Assets that neither constitute financial instruments nor e-money. The Services provided under the Token Sale Manager system are primarily directed towards entrepreneurial, commercial and business users (B2B). The Token Sale Manager Services are further defined in the Token Sale and Listing Terms. Notwithstanding the foregoing, the Services of creation of Virtual Assets and the issuance of Virtual Assets may also be provided towards consumers (B2C).
5.4.1 As a technological Virtual Asset creator or generator, LCX may only be held responsible for the use of appropriate measures to ensure that:
5.4.2. When LCX acts as Issuer of Virtual Assets or lists them on its Exchange, LCX may not be held liable for the technological integrity of said Virtual Asset and any detrimental consequences or damages resulting out of technological incompatibilities, unless LCX also technically created tokens as a Token Creator. The risk and liability of the suitability of the TT system (e.g., blockchain) used at the time of issue or at the time the token is technically placed in circulation for the respective application purposes lies with the User. LCX reserves the right, at its sole discretion, to list, pause, freeze, or delist any trade pairs of crypto assets on the platform for services. This decision-making process encompasses, but is not limited to, evaluating the compliance of assets with operational standards, legal and regulatory requirements, and market integrity considerations. Users acknowledge that the Company’s actions regarding the listing, pausing, freezing, or delisting of trade pairs may impact their access to certain assets and their ability to execute transactions. It is understood that these measures are taken to ensure the safety, security, and compliance of the platform’s operations, and users agree to abide by any such decisions made by LCX. In the event of legal disputes, differences of opinion, or disputed claims related to LCX’s discretionary, including but not limited to the pausing, freezing, or delisting of trade pairs and specific tokens or crypto assets, Users agree to pause trading and listing of affected tokens. Furthermore, LCX retains the authority to proceed with the delisting of assets under these circumstances in its sole discretion. It is expressly understood that all liabilities and risks associated with trading, listing, pausing, freezing, or delisting decisions rest solely with the users. Users acknowledge this allocation of risk and liability, agreeing to bear responsibility for the outcomes of their engagement with the platform’s services in light of the Company’s reserved rights and discretions.
5.4.3. You may participate in the token sale with Virtual Assets or legal tender currencies which are supported by LCX and the project company on whose behalf the tokens are issued by LCX. The respective project company, as token sale principal, is responsible for the token functionality of the token issued and the rights associated to the respective token and LCX, as token sale agent, is solely responsible for conducting a regulatory compliant token issuance as registered token issuer in Liechtenstein.
5.4.3.a LCX shall use its commercially reasonable efforts to solicit offers for the purchase of the Virtual Assets in Liechtenstein from potential contributors, subject to the terms and conditions of these Terms and applicable regulation. The token sale principal agrees to indemnify, defend, and hold harmless LCX and its affiliates, directors, officers, employees, and agents from and against any and all claims, losses, damages, liabilities, and expenses (including reasonable attorneys’ fees) arising out of or relating to (i) any breach of Terms or other agreements by the token sale principal or (ii) the issuance and sale of the Virtual Assets.
5.4.4. In no case shall LCX be liable for slight negligence. When contracting with commercial users (B2B) LCX may also not be held liable for gross negligence or risk of accidental loss.
c) LCX Exchange
5.5. Through the LCX Exchange Service you may exchange Virtual Assets which are supported by LCX against legal tender or other Virtual Assets. Such exchanges or trades may be executed against the own account of LCX as a counterparty or against the account of another User of the LCX Services as a counterparty.
5.6. When you place such an exchange offer, you authorise LCX to execute a trade on a spot basis with regard to the Virtual Assets specified in your instructions. You acknowledge and agree that you have to pay LCX any applicable fees for such exchanges with regard to Virtual Assets and that LCX is authorised to offset any such fees from your balance of assets in your Account.
5.7. Before an exchange of Virtual Assets is executed, a confirmation dialogue box will be generated displaying a summary of the details of the respective transaction, including type and number of Virtual Assets you are seeking to dispose of, the type and number of Virtual Assets that you are willing to accept in exchange for said Virtual Assets or Virtual Assets you are seeking to buy or sell for legal tender, LCX’s estimated fees if the entire exchange was to be executed, and the total number and type of Virtual Assets that will be transferred out of or into your wallet address, respectively into your Account, using the Virtual Assets Custody Service. Your exchange offer will be placed and consequently executed upon confirmation of the exchange transaction summary via the Services. Notwithstanding the foregoing, you acknowledge that the failure of the Services to provide such summary or confirmation shall not prejudice or invalidate any exchange offer offered and submitted by you or any exchange offer accepted and settled based on your offer for an exchange offer .
5.8. Upon placement of your exchange offer, your LCX Account will be updated to reflect the exchange offer and your exchange offer will also be included in LCX’s exchange offer book for matched principal trading with corresponding exchange offers by other Users. If all or a portion of your purchase or sell offer is matched with another, corresponding offer, the Services will execute an exchange of corresponding Virtual Assets. Upon execution of such an exchange, your LCX Account will be updated to reflect that the exchange offer has either been closed due to having been fully executed and settled or updated to reflect any partial fulfilment of the exchange offer. Exchange offers will remain open until fully executed and settled or cancelled before your exchange offer has been matched (and accepted) with an exchange offer from another User. Once your exchange offer has been matched (and accepted) with a corresponding exchange offer from another user, you may not change, withdraw, or cancel your authorisation for LCX to execute and settle such reciprocal exchange offer. If any exchange offer has been partially matched (and accepted), you may cancel the unmatched (not yet accepted) portion of the exchange offer unless and until the unmatched portion has been matched (and accepted).
5.9. Exchange offers may be executed (A) against the account of LCX either (i) as a direct counterparty (Principal Trading with regard to Virtual Assets) or (ii) by matching exchange offers of two users (Matched Principal Trading with regard to Virtual Assets) or (B) against the account of another User by matching one exchange offer against the exchange offer of another User (Agency Trading). There are essentially three ways, how an exchange is finalised and settled through the LCX Services:
Principal trading is when LCX fulfils a user’s purchase or sell offer with regard to Virtual Assets using their own inventory of such Virtual Assets. Virtual Assets may be bought or sold for legal tender or in exchange for other Virtual Assets. The respective Virtual Asset exchange pairs are displayed through the Service on the Website.
Purchased Virtual Assets may be held in your name and on your behalf on a wallet address of LCX as part of the Virtual Assets Custody Service.
Each delivered Virtual Asset remains the property of LCX until full payment has been received.
2. Matched Principal Trading with regard to Virtual Assets
Matched Principal Trading means dealing on (LCX’s) own account, where LCX interposes between two or more User exchange offers simultaneously resulting in two or more matched transactions, entered into for the purpose of facilitating the execution of one or more User exchange offers (with LCX acting as counterparty for both simultaneous exchange offers).
Purchased Virtual Assets may be held in your name and on your behalf on a wallet address of LCX as part of the Virtual Assets Custody Service.
Each delivered Virtual Asset remains the property of LCX until full payment has been received.
3. Agency Trading with regard to Virtual Assets
With the Agency Trading system with regard to Virtual Assets LCX does not act as your counterparty but finds a counterparty to your exchange offer willing to buy or sell the Virtual Assets for the same price as you. In order to effect such an exchange offer you first place an exchange offer, LCX then matches your exchange offer with another User as counterparty (at LCX’s own discretion) and ultimately the Virtual Assets are exchanged on-chain between you and the other User. Therefore, after the executed and settled agency trade you are the owner of the respective Virtual Asset, which may be held in your name and on your behalf on a wallet address of LCX as part of the Virtual Assets Custody Service.
d) Virtual Assets Custody (LCX Custody)
5.10. LCX provides the service of the so-called “TT Token Custodian” which is understood to mean a service provider, who holds Virtual Assets in the name and on behalf of the respective principal (Virtual Assets Custody). This is in contrast to the Key Custody, where (private) keys are stored securely. When it comes to Virtual Assets Custody, the respective Virtual Assets are kept in custody on a compatible wallet of LCX (either online or offline and either in an individual or omnibus wallet, depending on the options selected by you through the Services on the Website or at LCX’s own discretion, if no specific instructions were given).
5.11. Unlike with the Key Custody, a User of the Virtual Assets Custody can no longer dispose of the Virtual Assets in custody. While the Key Custody primarily aims to provide safe custody of (private) keys as a security measure (against loss or similar; not ruling out the possibility that the person who has given the private keys into safe custody may still dispose of their Virtual Assets, if a copy of the respective key is kept), with the Virtual Assets Custody, LCX holds tokens in your
name and on your behalf on its own wallet(s).
5.12. If you place Virtual Assets in the custody of LCX you may therefore no longer dispose of these Virtual Assets directly yourself but must instruct LCX to dispose of the Virtual Assets on your behalf. Virtual Assets Custody in this context also includes the holding of Virtual Assets for a brief period of time in your name and on behalf of you for subsequent transfer to a receiving company.
5.13. LCX as custodian of Virtual Assets undertakes to keep the deposited Virtual Assets safe in its registered office in Liechtenstein using appropriate online-based and/or offline-based solutions. They may not be made available to third parties in any way, unless instructed by you. The deposited items shall be brought and delivered to the place of storage and collected from the same place. In no case shall LCX be liable for slight negligence. When contracting with commercial users (B2B) LCX may also not be held liable for gross negligence. The risk of accidental loss (e.g., in case of force majeure events, including theft or the disablement by third parties) shall in any case be borne by the user.
5.14. The Virtual Assets Custody begins upon handing over the Virtual Assets to be kept in custody and Virtual Assets Custody is confirmed and displayed via the User Account. The Virtual Assets Custody is entered into for an indefinite period. The Virtual Assets Custody may be terminated by giving notice. After termination of the Virtual Assets Custody, the Virtual Assets in custody shall be returned to you to a wallet address of you as communicated by you unless regulatory provisions provide for the Virtual Assets to be withheld for a specific time.
5.15. Virtual Assets are held in regular custody by LCX: LCX therefore does not become the owner, but the custodian of the Virtual Assets. You retain a claim in rem on the Virtual Assets in custody and remain the owner. The Virtual Assets Custody forms a custodial relationship pursuant to § 957 et seqq of the Liechtenstein Civil Code (abbreviated in German “ABGB”) and does not constitute a loan or lending agreement. LCX may not make use of or manage the Virtual Assets kept in custody. The transferral of your Virtual Assets by LCX is only possible through your instructions. The primary aim of the Virtual Assets Custody is the keeping in custody and safekeeping of virtual assets. No interest is granted on Virtual Assets in custody.
5.16. You may put in custody any Virtual Assets which are supported for this Service by LCX. If you transfer Virtual Assets into or out of custody that are not supported by the Services, such Virtual Assets may be permanently lost. You will not be entitled to receive any interest or other compensation on any Virtual Assets held in custody for you.
5.17. Virtual Assets are held in custody by LCX under the so-called “Exchange Wallet” of LCX which is an online (hot), omnibus (pooled) wallet or in an individual user wallet as chosen by the user and as offered by LCX’s discretion. In any case Virtual Assets of Users are separated from LCX own funds and assets.
5.17a. The risk and liability of the suitability of the TT system (e.g., blockchain) for the respective application purposes lies with the User.
5.17b. Certain risks may arise if third parties are involved in the safekeeping of TT keys or tokens (sub-custody) as well as in the case of outsourcing critical services for the safekeeping of TT keys or tokens to third parties the liability and risk of which lies with the User respectively the corresponding third party that provides the service. The following outlines various potential risks associated with the services provided. While efforts have been made to identify and explain these risks comprehensively, it is important to recognize that this list is not exhaustive. Additional risks, not mentioned herein, may also materialize. Clients are advised to consider this information carefully in their decision-making process and consult with their own advisors, whether legal, tax, investment or otherwise.
– Cybersecurity Risks
– Legal and Regulatory Risks
– Third-party and Sub-custody Risks
– Technological Risks
– Operational Risks
– System and Network Risks
– Data Privacy Risk
– Reputational Risk
5.18. Fees according to the Fees Schedule apply for Virtual Assets Custody.
e) Key Custody (LCX Custody)
5.19. LCX provides the service of the so-called “TT Key Custodian” which is understood to mean a service provider, who holds (private) key in safe custody for the authorised user (Key Custody).
The service regarding the Key Custody must be distinguished from the Token-Custody; the Key Custody refers to the safekeeping of the private key(s) or similar technological keys, which enable disposal over Virtual Assets. No administrative or management activities are performed by LCX under the service of Key Custody. LCX may also hold and safekeep the private keys of tokens representing financial instruments (compare report and motion on the TVTG, 2019 / 54, 153).
5.20. LCX as key-custodian undertakes to keep the deposited (private) keys safe in its registered office in Liechtenstein using appropriate online-based and/or offline-based solutions. They may not be made available to third parties in any way. The deposited items shall be brought and delivered to the place of storage and collected from the same place.
5.21. The Key Custody begins upon handing over the items to be deposited/safekept (e.g., private keys) and Key Custody is confirmed and displayed via the User Account. The Key Custody is entered into for an indefinite period. The Key Custody may be terminated subject to giving notice. After termination of the Key Custody, the items in safekeeping shall be returned to You.
5.22. You may put in custody any keys enabling the disposal over Virtual Assets which are supported for this Service by LCX.
5.23. On the so-called “Main Account” LCX may inter alia act as a key-custodian by safekeeping the private key of individual (external) wallets of Users. In that regard LCX is only liable for the safekeeping of the private key and the User may still dispose of Virtual Assets on the respective (external) wallet himself or herself, without involvement of LCX. LCX may not be held liable for any transactions instructed by a User on his or her (external) wallet.
5.23a. The risk and liability of the suitability of the TT system (e.g., blockchain) for the respective application purposes lies with the User.
5.23b. The above section on Virtual Assets Custody, especially provision 5.17b. applies mutatis mutandis.
5.24. Fees according to the Fees Schedule apply for Key Custody.
f) LCX Tokens
5.25. The LCX Tokens ($LCX; Token Symbol LCX; ITIN: 3YJF06QR7) are Virtual Assets which have been issued by LCX and which come primarily with voucher function. LCX Tokens may be used to pay fees associated with the Services offered by LCX. There is no contractual right to redeem the monetary value. Cash payouts are not possible.
5.26. The functionality of the LCX Tokens is governed in the separate LCX Token Economics paper.
5.27. No natural or legal entity other than LCX is obliged to accept or support LCX Tokens.
5.28. LCX Tokens may be used on the LCX Website in connection with Services. With LCX Tokens you get the following benefits:
g) LCX EUR* Vouchers
5.29. LCX also provides the service of selling so-called LCX EUR* Vouchers (“LCX Vouchers”) against legal tender in the currency or Virtual Asset (in lieu of payment) and for the price displayed on the Website. A buy order for LCX Vouchers by a User is always executed against LCX as the counterparty. These LCX Vouchers may be displayed in your User Account on the LCX Website. LCX Vouchers are only valid for the use on the LCX Website in connection with Services. There is no contractual right to redeem the monetary value (purchase price; except for the right of withdrawal – compare Section 6.) transferred as consideration for the purchase of LCX Vouchers. LCX Vouchers also cannot be traded or exchanged between Users. LCX Vouchers can be redeemed for designated Services at the LCX Website. Cash payouts are not possible; change cannot be paid out. LCX Vouchers can be used directly as payment for the purchase of Virtual Assets (i.e., Tokens) from LCX as part of the Services of LCX. If these Virtual Assets are in turn sold to LCX, the legal tender may be paid out to Users as part of the LCX Exchange Service (for the avoidance of doubt: the LCX Voucher may however not be sold or redeemed for its monetary value).
5.30 The LCX Voucher may be used to procure services and does not represent any participation in LCX. The LCX Voucher cannot be transferred, used or redeemed outside of the LCX Website. The LCX Voucher and any remaining credit are redeemable until the end of the fifth year after the year the voucher was purchased. The LCX Voucher can only be redeemed before completing the order process. Subsequent offsetting is not possible. The LCX Voucher can only be used for the purchase of Services and not for the purchase of further LCX Vouchers. The LCX Voucher is neither paid out in cash or book money nor does it earn interest. The voucher may only be used within the LCX Website. Services are provided to the respective LCX Voucher holder with discharging effect. This does not apply in case of knowledge or grossly negligent ignorance of the ineligibility, legal incapacity or lack of representative authority of the respective LCX Voucher holder. The LCX Voucher will not be refunded if a User makes use of the statutory right of revocation (right of withdrawal) with regard to Services paid for in full or in part with the LCX Voucher.
5.31 With regard to the Monerium EMI ehf. (“Monerium”) on- and off-ramp for legal tender users deposit legal tender (e.g., EUR) into a Monerium account and in return receive tokens (e.g., EURe) representing this legal tender on the blockchain in the equivalent of the amount of the legal tender paid in (e-money). For the avoidance of doubt: With the EURe or similar tokens (e-money), users can purchase LCX Vouchers for use on the platform or they may directly use them for exchange services on the LCX Exchange. The LCX Vouchers must be used to purchase Virtual Assets or other Services from LCX. Only when Virtual Assets are sold will users again be credited with EURe tokens on the blockchain (e-money). If users wish to redeem their EURe or similar tokens, Monerium will pay out EUR to users again. The Monerium terms of service apply.
5.31a Likewise, with debit/credit card transactions you cannot withdraw funds from your LCX Account back to your card, as these funds are directly and immediately used for the LCX Exchange for purchasing Virtual Assets or other Services or LCX Vouchers. All transactions are final and non-refundable. The name on your debit/credit card must match the name on your LCX Account or else your transaction may fail. It is not possible to sell Virtual Assets and have the funds withdrawn to your debit/credit card. All debit/credit card transactions and payments are processed through third-party payment service providers and their partners and affiliated providers. Their respective terms of service as well as Visa and MasterCard terms of service apply. LCX does not provide any payment or account information services.
5.31b You warrant that you are the authorised signatory on the debit or credit card you are using to make the payment and you will pay the total amount incurred by the debit or credit card transaction, including any related charges, fees, and taxes. You will be responsible for paying any fees or charges from your card issuer associated with using the debit or credit card for purchasing LCX Services, including, but not limited to any currency conversion costs. LCX is not responsible for debit or credit card payments that are refused or declined by your card issuer or the payment processor.
5.31c LCX Vouchers have to be used even in the event of termination of the business relationship or for other reasons as the LCX Voucher cannot be redeemed.
h) Tiamonds
5.32. LCX is offering the Virtual Asset “Tiamonds”. The subscription to as well as the rights and duties connected with this Virtual Asset, is further governed and regulated by specific terms and conditions concerning the offering of Tiamonds by Tiamonds AG (https://tiamonds.com/).
5.33. Tiamonds are non-fungible tokens (NFT), based on Ethereum’s ERC-721 token standard, each NFT representing the ownership right of a specific and unique real-world Diamond. All NFTs are 1:1 asset backed by specific certified Diamonds. All Diamonds are certified by the Gemological Institute of America (GIA) and the Tiamonds will be connected to a corresponding certificate by LCX. The physical diamonds are insured and stored in a secure vault in Liechtenstein by an external, audited service provider (Trisuna AG or comparable high security storehouse insured by Lloyd’s London or another reputable insurer).
5.34. Tiamond owners can redeem their Tiamond and physically receive their corresponding diamond. In order to get the diamond and keep it in your possession, you need to follow these steps:
5.35. The Tiamonds project features two key components: tokenized Diamonds (Tiamonds) as described above, and deflationary Virtual Assets, the TIA Token (TIA). TIA are Virtual Assets with a governance function (voting) on the Tiamonds platform. Each Tiamond issued will automatically generate and mine new TIA Tokens allocated as reward for the person entitled to dispose over the respective Tiamond over time through the “own to earn” model to further incentivize holding of Tiamonds (for the avoidance of doubt: TIA are not issued by LCX). TIA Tokens perform three functions during every transaction: reflection, rebalancing, and burn (https://tiamonds.com/tiatoken). This means that in every on-chain transaction of TIA a fee of 10 % total is automatically taken and is split three ways:
Tia may be directly traded on the Ethereum-protocol, the purchase and sell offers of which are also displayed on the DeFi Terminal of LCX, whereas trades are always concluded and settled on-chain. For the avoidance of doubt, each unique Tiamond Token is linked to a real unique diamond. Real-world diamonds are represented by Tiamonds, which represent the 1:1 ownership right of a specific diamond.
i) DeFi Terminal (MasterDEX)
5.36. The LCX DeFi Terminal also known as “MasterDEX” is a dashboard built on top of the Uniswap decentralised trading platform equipped with multiple decentralised exchanges making LCX DeFi Terminal a powerful decentralised exchange aggregator interface provided by Masderdex Inc and their terms of service apply. MasterDEX includes a dashboard for limit orders (currently on Uniswap V2 and V3), live charts, DeFi analytics, real-time market data, liquidity pool management, and a cryptocurrency portfolio balance dashboard (https://masterdex.xyz/). LCX DeFi Terminal is a trading dashboard built on top of Uniswap Decentralised Exchange (DEX). In general, LCX DeFi Terminal may be used to some extent free of charge on part of LCX, but LCX requires you to hold at least 10,000 $LCX Token in your connected wallet. Fees according to the Fees Schedule and third-party fees may apply.
5.37. Trades are entered into and settled between Users and other Users or peers directly, without the involvement of LCX. Trading takes place directly on the Ethereum-blockchain. The DeFi Terminal is characterised by the fact that an exchange of information about the purchase and sale offers of certain Virtual Assets is made accessible by the DeFi Terminal in a graphically processed manner, even if the basic data on the trade offers can also be viewed without the DeFi Terminal on the blockchain directly and executed thereon. The DeFi Terminal aims to make it easier for users to obtain and share information about buy and sell offers from other users or peers on the blockchain, as this information is graphically processed. The platform facilitates the viewing as well as communication of transaction offers on specific Virtual Assets on the Ethereum blockchain. Furthermore, new buy or sell offers can also be entered on the Blockchain via the DeFi Terminal. Accordingly, the DeFi Terminal offers users the possibility to view buy and sell offers of other users regarding certain Virtual Assets that are currently listed on the blockchain. LCX is not involved in the matching of interests, placing of offers, conclusion of contracts or execution and settlement of orders on or through the DeFi Terminal. Both the matching and the settlement are done bilaterally between the respective user as buyer and seller. Only information from the blockchain is processed and mapped via the DeFi Terminal.
5.38. The matching of buy and sell interests and offers will occur exclusively through the volitional decision of a user of the Ethereum blockchain to accept the offer of another user (of the Ethereum blockchain) to buy or sell specific Virtual Assets. Order books are maintained exclusively on the blockchain, and user transactions are also conducted exclusively on the Blockchain. LCX is not involved in the conclusion or execution of contracts or other transaction processes on the DeFi Terminal. Matching of interests of users can also take place without the DeFi Terminal, as their buying interests or selling offers can also be viewed and accessed on the Ethereum network directly without the DeFi Terminal. LCX merely processes the information about these offers graphically and in a way that is easier to view. In this respect, LCX or the DeFi Terminal is not conditional for the provision of concrete key details of a potential transaction and certainly not for the conclusion of contract and thus the brokering of a concrete transaction or the settlement of such a trade. LCX merely enables an abstract possibility of conclusion of a contract regarding a transaction concerning Virtual Assets on the blockchain. All users of LCX in general have to undergo a due diligence process. This also applies to users of the DeFi Terminal as per FATF and FMA recommendations, even though it is just a technological interface and the service itself not subject to due diligence duties as such.
5.39. Fees according to the Fees Schedule apply. You need to hold at least 10’000 $LCX Token to access the DeFi Terminal. Third-party fees may apply.
j) Price Oracle (LCX Oracle)
5.40. Under the so-called Price Oracle system LCX provides the service of a price service provider with regard to Virtual Assets. A price service provider publishes current aggregated price information with regard to Virtual Assets. Aggregated price information means the average purchase or sale price calculated on the basis of the transactions concluded on specific platforms with respect to Virtual Assets.
5.41. LCX calculates and publishes such reference prices for the Virtual Assets and in the legal tender, within the time intervals as displayed on the Website.
5.42. The Price Oracle in general is a complimentary Service free of charge. Consequently, LCX may not be held liable for the correctness, actuality or validity of the calculated prices. The Price Oracle is proprietary to LCX. Any use, licensing or other activity concerning the Price Oracle without prior written approval or otherwise agreed upon conditions is prohibited. LCX may not be held liable for the use of the Price Oracle by third parties in violation of these Terms.
5.43. LCX also uses the Price Oracle Service as part of the Exchange Service with regard to prices of Virtual Assets and its own LCX Token.
5.44. The business use of the Price Oracle by you or integration of the Price Oracle into your services is further regulated in separate terms.
k) Identity Service Provider
5.45. LCX provides the service of an Identity Service Provider with regard to Virtual Assets. The Identity Service Provider is the person who identifies the entity authorised to dispose of a Virtual Asset and records it in a register. This Service is in general complimentary as part of the Virtual Asset custodial and exchange Services provided by LCX.
5.46. The entity authorised to dispose over a Virtual Asset is deemed to be any person, natural or legal, with the power of disposal over the private key or similar authorisation mechanism, since it is assumed by law that a private key also establishes power of disposal over the respective Virtual Assets in the corresponding wallet and in turn it is legally presumed that the person who has power of disposal over a Virtual Asset is also the person authorised to dispose of it. In case of the Key Custody, LCX will not be registered in any directory as a person authorised to dispose of a Virtual Asset, since LCX under the Key Custody Service may only safekeep the private keys or comparable mechanisms for backup respectively prevention of loss purposes.
l) Physical Validator
LCX acts as a Physical Validator as an integral part of its strategy to be a full range service provider covering all activities as a Trusted Technology Service Provider pursuant to the Liechtenstein TVTG. As the Physical Validator LCX will guarantee (gewährleisten) that the rights from the “real world” will be fully embodied in a corresponding digital token and which can be enforced. The analogue safekeeping process is a process to ensure that the value, availability, safety and similar characteristics of the “offline” tangible objects are preserved and maintained throughout the tokenization process and during the token ownership. Objects, such as e.g., paintings, watches or diamonds, can be “tokenized” and represented by a digital token. Since those objects are easily movable, their security and safety and availability to token holders needs to be ensured by physically securing those assets in a qualified storage facility and obtaining additional insurances or warranties, as the case may be.
Pursuant to Art 2 para 1 lit p TVTG “physical validator” means a person who ensures the contractual enforcement of rights in property (rights in rem) represented in tokens within the meaning of property law on trusted technology (tt) systems like blockchains.
In general, the physical validator must establish a de forma (nominally) existing legal relationship and enable it to be reflected de facto by means of tokens on a TT system by TT service providers and ensure the contractual enforcement of these tokenized rights (whereas the judicial assertion and enforcement of claims is carried out by the user of the right and not ex officio by the competent authority or court).
A physical validator must ensure that the duties of the custodian (warehouse) are contractually regulated, i.e., that no one may have access to the valuable object without legitimation through the token. Only the person authorised to dispose of the token may remove the diamond from the warehouse with the knowledge of the physical validator, provided that all associated tokens have been deleted at the same time. This also protects the rights of all other token holders, no further right to the object may be established without including the physical validator. There must also be an agreement in case of theft (insurance).
LCX is not liable for the quality or certification of the quality of the object, the contractual enforcement of which the physical validator ensures. This has to be assessed and checked properly by independent experts and designated institutions and their expert opinions.
LCX is not liable for the origins of the object, the contractual enforcement of which the physical validator ensures. This has to be assessed and checked properly by independent experts and their expert opinions or may only be bought by reputable licensed and certified dealers.
LCX is not liable for coincidence or accidental loss (including force majeure).
Lastly, LCX is not responsible for the insurance of the objects or tokens against theft and other force majeure events including insurance on potential value development and value increase over time.
This whole section 6. Only applies to Users who are consumers (“B2C”).
a) General provisions
6.1. The User takes note that the consumer Protection law, in particular the Consumer Protection Act of Liechtenstein (Konsumentenschutzgesetz or “KSchG”) stipulates in its Article 4 that a consumer has the right to withdraw from an agreement with a company without giving reasons within fourteen (14) days, beginning the day after their accepting the agreement, if the consumer’s contractual declaration was not made in rooms used by the company for business purposes.
6.2. The User also takes note that, pursuant to Article 12 of the Distance Selling Act of Liechtenstein (Fern- und Auswärtsgeschäfte-Gesetz or “FAGG”), a consumer has the right to withdraw from any contract agreed with a company at distance or off-premises (e.g., online) without giving reasons within fourteen (14) days, beginning the day after conclusion of the contract.
6.3. The right to withdrawal from these Terms pursuant to the KSchG is inter alia not applicable to the User as a consumer if: (i) the User has initiated the business relationship with LCX for the purpose of concluding these Terms (Art 4 para 3 lit a KSchG); (ii) the conclusion of these Terms was not preceded by discussions between the parties or their agents (Art 4 para 3 lit b KSchG); (iii) the Terms are subject to the Distance Selling Act (FAGG) (Art 4 para 3 lit d KSchG).
6.4. The User takes note that they have no right to withdraw from any service stipulated in these Terms pursuant to the KSchG, as the Distance Selling Act (FAGG) is applicable.
6.5. The User takes note that according to Art 19 para 1 lit a FAGG the consumer shall not have the right to withdraw from distance or off-premises contracts for services, if the entrepreneur – based on an explicit request of the consumer as well as the knowledge of the consumer of the loss of the right of withdrawal in case of complete fulfilment of the contract – had started to perform the service before the expiry of the withdrawal period.
6.6. The User may also withdraw from general Services like accessing the Website, the LCX Account or any application programming interface provided by LCX relating to the Website, without giving any reason within fourteen (14) days of concluding of these Terms. To exercise the right of withdrawal from these Services, the User must notify LCX by means of a clear statement in written form (including, but not limited to a letter sent by post, fax or e-mail or the attached standard withdrawal form). It is sufficient for the User to send the notification of exercise of his right of withdrawal before the expiry of the withdrawal period. The User bears the risk of proof that the declaration of withdrawal was sent in time.
6.7. In case of withdrawal from these Services both parties must reverse their respective consideration, which has been given to conclude these Services including interest. LCX may charge reasonable fees and charges for a User’s Account onboarding, identification, verification and other screening procedures or other services already (partially) rendered or provided.
6.8. Conclusion of contract takes place after acceptance of these Terms by both parties and providing a link to a permanently printable copy of the accepted Terms by LCX to the User via their previously disclosed email address or through the Services.
b) Contracts of sale or similar transactions and other services with regard to Virtual Assets
The right of withdrawal from an agreement pursuant to the FAGG does not apply for the delivery of goods or services for which the price is dependent on fluctuations in the financial market that cannot be controlled by the provider of these goods and services, and which may occur during the withdrawal period (Art 19 para 1 lit b FAGG). The background to this exclusion from the right of withdrawal is that the risk of an at least indirectly financial market-related speculative transaction is not to be unilaterally burdened onto an entrepreneur but is to be distributed equally between the two parties of contractual relation when an agreement is concluded. Trading in Virtual Assets (regardless of the underlying contractual relationship) is speculative by nature. Therefore, the User does not have a right to withdraw from any service provided with regard to Virtual Assets.
The User takes note of and acknowledges their loss of the right of withdrawal pursuant to the FAGG owing to price fluctuations in Virtual Assets markets, as described above.
Furthermore, the right to withdrawal from an agreement with a company pursuant to the FAGG does not apply to the delivery of digital content not stored on a physical medium (applicable to Virtual Assets) if an entrepreneur – with the express consent of a consumer and given their knowledge of the loss of the right of withdrawal in the case of a timely fulfillment of the contract, and after handing over a copy or confirmation of the concluded contract to the consumer – begins to deliver this digital content in a timely fashion, before expiry of the withdrawal period.
THE USER HEREBY DECLARES THEIR EXPRESS CONSENT AND REQUESTS THAT WITH REGARD TO ANY VIRTUAL ASSETS RELATED SERVICES OR TRANSACTIONS LCX SHALL IN EVERY CASE PERFORM ANY TRANSACTION OR SERVICE WITH REGARD TO VIRTUAL ASSETS OR PERFORMANCE OF ANY OTHER AGREED CONSIDERATION IN A TIMELY FASHION BEFORE THE END OF THE WITHDRAWAL PERIOD. THE USER TAKES NOTE OF AND ACKNOWLEDGES THEIR LOSS OF THE RIGHT OF WITHDRAWAL OWING TO TIMELY FULFILMENT OF THE TERMS (SETTLEMENT WITH REGARD TO VIRTUAL ASSETS), AS DESCRIBED ABOVE. LCX SHALL TRANSMIT A COPY OR CONFIRMATION OF CONCLUSION OF THE CONTRACT WITH THE USER TO THE USER’S ACCOUNT. THE USER HEREBY ACKNOWLEDGES, GIVES APPROVAL FOR AND REQUESTS THIS PROCEDURE. LCX WILL BEGIN WITH FULFILMENT OF ANY SERVICES WITH REGARD TO VIRTUAL ASSETS BEFORE THE EXPIRY OF THE WITHDRAWAL PERIOD (TIMELY FULFILMENT OF SERVICES WITH REGARD TO VIRTUAL ASSETS).
AS A CONSEQUENCE, THE USER WAIVES THEIR RIGHT OF WITHDRAWAL FROM ANY AGREED UPON TRADING OF OR SERVICE WITH REGARD TO VIRTUAL ASSETS, PURSUANT TO THE FAGG.
bb) Virtual Assets Custodial Services
Notwithstanding the foresaid of this section 6. B), User may withdraw from custodial services with regard to Virtual Assets provided by LCX to User, without giving any reason within fourteen (14) days of concluding of these Terms. To exercise the right of withdrawal from these Services, the User must notify LCX by means of a clear statement in written form (including, but not limited to a letter sent by post, fax or e-mail or the attached standard withdrawal form). It is sufficient for the User to send the notification of exercise of his right of withdrawal before the expiry of the withdrawal period. The User bears the risk of proof that the declaration of withdrawal was sent in time. In case of withdrawal from these Services both parties must reverse their respective consideration (and LCX must also hand out the Virtual Assets in custody), which has been given to conclude these Services including interest. LCX may charge reasonable fees and charges for a User’s Account onboarding, identification, verification and other screening procedures or other services already (partially) rendered or provided, in particular the provision of keeping Virtual Assets in custody.
bbb) Purchase of LCX Token
The price of the LCX Tokens is also dependent on fluctuations in the financial market as described above in this section 6. B). The User takes note of and acknowledges their loss of the right of withdrawal pursuant to the FAGG with regard to the LCX Tokens owing to price fluctuations in Virtual Assets markets and the markets for LCX Tokens, as described above. Furthermore, the User acknowledges the above said under this section and requests delivery of LCX Tokens upon purchase (performance of agreement) immediate or within a reasonable time before the end of the withdrawal period (timely fashion).
c) Purchase of LCX Vouchers according to section 5. “Services”
User has a statutory 14-day right of withdrawal with regard to the purchase of LCX Vouchers without giving any reason after conclusion of these Terms in order to take into account the decision of the Austrian Supreme Court of 21. December 2015 in the matter 6 Ob 169/15v (relevant for Liechtenstein).
To exercise the right of withdrawal from the purchase of these vouchers, the User must notify LCX by means of a clear statement in written form (including, but not limited to, a letter sent by post, fax or e-mail). The User may also use the attached standard withdrawal form.
In case of withdrawal from these vouchers, both parties must reverse their respective consideration, which has been given reciprocally to conclude and settle the contract of sale regarding these vouchers with effect ex nunc (in rem), meaning from the time of declaration of withdrawal, taking already partially rendered servicves into consideration.
LCX is committed to protecting your personal data. Please refer to our privacy policy under https://www.lcx.com/privacy-policy/ for information about how LCX processes data.
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 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.
8.3. 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 authorised by LCX.
8.4. 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” utilising any name, trademark or product or service name of LCX without our prior written permission. Further, you may not use, frame or utilise 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 LCX brand identity and logos have been developed and put into commercial use in 2017. The following specifically are registered trademarks of LCX for more information view https://www.lcx.com/brand-and-trademarks/:
8.5. LCX Materials. During the term of these Terms, you may use the LCX Materials only for your internal purposes and solely as necessary for your use of the Services as authorised by LCX. “LCX Materials” include any software (including without limitation developer tools, sample source code, and code libraries), data, materials, technology, content and printed and electronic documentation (including the Specifications and any integration guides) used, displayed or developed and provided by us to you in connection with our Website or Services. You may not, and may not attempt to, directly or indirectly:
8.6. Press Releases. You may not issue any press release or make any public statement related to LCX or our Service, or except as expressly provided in these Terms, 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.
9.1 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. You are solely responsible for any of such content and for your use of any interactive features and areas of the Services. You will not create, post, share or store content that:
9.2. We do not control or endorse any such content that is transmitted, stored, or processed via the Services by you. We are not responsible or liable for any of your content. Although we have no obligation to screen, edit or monitor any such content of you, we reserve the right, and have absolute discretion, to remove, screen or edit your 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 content you post or store on the Services at your sole cost and expense.
9.3. Notwithstanding the foregoing 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, publish and distribute in any form, medium or manner, any text, information, data, materials, images, or other content you provide to LCX using the Services or submit or post to the Website, 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 and that is not content proprietary to LCX (“User Content”). 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 licence.
9.4. LCX may display third-party content, advertisements, links, promotions, logos and other materials on or through the Services. We do not control, endorse, sponsor or adopt any such 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 no longer apply.
10.1. The term of these Terms is indefinite. The Terms may be terminated by either party at any given time by giving notice. The right of extraordinary termination for important reasons remains reserved. Upon termination by either party, you may not use the Services any longer. We will then close your LCX Account. Any provision of these terms that naturally ought to survive shall survive termination. In particular the provisions of these Terms survive 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 these Terms. These Terms and the list of fees of LCX remain applicable until such time as each outstanding transaction has been effected.
10.2. If we determine that you are incurring an excessive number of chargebacks, disputes, complaints or other irregularities, we may establish controls or conditions governing your Account, including without limitation, by:
10.3. Without limiting the foregoing, we may suspend the Services and block access to your Account (including without limitation any assets in your Account) until the facts have been clarified, 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 once we have resolved the reasons for suspension. You must notify us via our customer support [email protected] if you wish to request us to reactivate your account.
10.4. You can close your Account at any time by logging into your Account, clicking on the Account settings, and then following the instructions.
10.5. We may close your Account at our convenience by providing you with prior notice. We may also close your account at any time without prior notice where:
10.6. In the event of discontinuation of Services or other suspension, termination of your right to access and use Services and closure of your Account: (a) all amounts due by you to LCX will immediately become payable; (b) LCX may deactivate your LCX Account and keep your Account information in our database for the purpose of fulfilling our legal obligations and other permitted reasons without liability to you; (c) LCX may cancel any open transaction or Services requests that are pending at the time of discontinuation or termination; and (d) we may retain your balance of any assets after closure to the extent and for the time we reasonably require to protect LCX and/or any third party against the risk of reversals, chargebacks, claims, fees, fines, penalties and other liabilities of whatever nature.
All your Account information and data may still be stored for the applicable legal period for compliance, due diligence or other legally applicable reasons.
10.7. Where we decide to suspend, terminate or otherwise discontinue Services or close your Account, we will provide you with notice of account closure whenever reasonable, and where appropriate, also the reasons for closing your Account, together with the ability to withdraw any assets that we are holding, which are undisputed (by any natural or legal entity, authority, court or governmental or any other private law or public law body or entity) and after offsetting any of our fees and other claims. Please contact LCX customer support at [email protected] if you have any questions about any assets held in your account upon suspension or termination.
10.8. 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 these Terms, including amendments to the Fees Schedule (a “Change”) by giving notice of such Change by posting a revised version of These Terms on the LCX website(s) or notifying you by other means. We will give you 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. Giving notice 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. If you do not agree to a Change or object a Change of Terms, you may no longer use our Services.
10.9. 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 these Terms for any liabilities you may have incurred and are responsible for prior to terminating these Terms.
11.1. We will communicate with you in English. You agree that LCX may provide notice or other information, communications, agreements, documents, receipts, disclosures etc (“Communications”) 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 or by other means of electronic transmission. Communications to be made in writing in accordance with these Terms may – unless otherwise stipulated – also be made by fax or e-mail or other means of electronic transmission in non-encrypted form. You acknowledge that you have been informed of the associated risks (in particular receiving, transmission and access, confidentiality, alteration of messages in the course of transmission) and that, being aware of these risks, you consent to the e-mail correspondence or correspondence by means of other electronic transmission not being conducted in encrypted form. You must have internet access and an email account to receive communications and information relating to the Services. You may request a copy of any legally required disclosures (including these Terms) 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 the “Contact” page on the Website. We may charge a reasonable fee relating to the administrative work to provide a paper copy. You may withdraw your consent to receive Communications by electronic transmission. We reserve the right to close your Account and terminate contractual relations if you withdraw your consent to receive electronic Communications from us.
11.2. Notices to LCX made in connection with these Terms must be sent to: [email protected] or to the post of LCX.
11.3. It is your responsibility to keep your contact details on file with LCX up to date so that we can communicate with you electronically. If LCX sends you an electronic Communication but you do not receive it because your email address or mobile phone number on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic Communications, LCX will be deemed to have provided the Communication to you (risk of reception). Please note that if you use a spam filter that blocks or re-routes emails from senders not listed in your email address book, you must add LCX to your email address book so that you will be able to receive the Communications we send to you. You can update your email address, mobile phone number, or street address at any time by filing a support request at https://www.lcx.com/support/lcx-terminal/. If your email address or mobile phone number becomes invalid such that electronic Communications sent to you by LCX are returned, LCX may deem your Account to be inactive, and you may not be able to complete any transaction via our Services until LCX receives a valid, working email address or mobile phone number from you.
12.1. 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 these Terms and grant the rights, licenses and authorisations under these Terms; (b) the name identified by you when you registered is your name and you are opening the Account on your behalf or in case of legal entities as the ultimate beneficial owner of that entity and not to the benefit of any third party (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 the financial institution(s), of which you are a customer of, 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.
12.2. Disclaimer. THE WEBSITE, 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 WEBSITE, THE LCX MATERIALS, SERVICES 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 WEBSITE, 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.
The disclaimer of implied warranties contained herein may not apply if and to the extent it is prohibited by applicable law of the jurisdiction in which you reside.
12.3. 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 this breach, subsequent or similar breaches.
12.4. 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.
B2B:
12.5. Indemnification/reimbursement. To the fullest extent permitted by applicable law, you, as an entrepreneur, commercial or business user, 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 lawsuits, actions, proceedings, investigations, liability, 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 parties) actions and/or inactions, your User Content, breach or violation of these Terms or 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 your use of or conduct in connection with 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.
B2C:
13.1. Liability for slight negligence is excluded vis-à-vis consumers.
B2B:
13.2. Liability for negligence is excluded vis-à-vis entrepreneurs. Our liability for damages for which we are responsible is limited to the amount you have paid to us for provision of Services. Within the framework of the provision of services with individual partial or sub-services provided by commissioned third parties, who are neither employees nor shareholders acting in any other capacity, insofar as they were commissioned by us without your consent, we are only liable in the event of fault in their selection. Our liability is limited to the greatest extent permitted by law.
13.3. The liability of LCX, each of its respective affiliates, contractors and its respective shareholders, members, directors, officers, employees, attorneys, agents, representatives, suppliers or contractors arising out of or in connection with Website, the Services, any performance or non-performance of the Services, whether under contract, statute, strict liability or other theory (including, for avoidance of doubt, any negligence of LCX) will not exceed the amount of the fees paid by you as an entrepreneur (B2B) to LCX under this agreement in the twelve-month period immediately preceding the event giving rise to the claim for liability.
General:
13.4. Liability for intent remains unaffected. If the liability of the Company is excluded or limited, this shall also apply to the personal liability of its directors and officers, employees and vicarious agents. LCX will not be liable for any indirect, special, incidental, or consequential damages.
13.5. 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 and duties under these Terms, 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, pandemics, 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.
13.6. Due to a lack of influence, LCX will also in no event be liable to you for any damages, including any general, special, incidental or consequential damages arising out of the use or inability to use the Services, including but not limited to:
13.7. LCX shall be liable only in cases of intent (B2B) and towards consumers (B2C) only in cases of gross negligence or intent for any type of damages.
13.8. LCX always strives to ensure that the Services are available without interruptions and that transmissions are error-free. However, due to the nature of the Internet, this cannot be guaranteed. Also, your access to Services may occasionally be interrupted or limited to allow for repairs, maintenance, or the introduction of new facilities or services. We will attempt to limit the frequency and duration of any such temporary interruption or restriction. In such a case LCX may only be held liable if the cause of damage is due to intentional or grossly negligent breach of duty. The risk of accidental loss (e.g., in case of force majeure events, including theft or the disablement by third parties) shall in any case be borne by the user.
B2C:
13.9. For you as a consumer within the meaning of the Liechtenstein Consumer Protection Act (KSchG), all claims, but not warranty claims, against us shall expire if they are not asserted by you in court within one year from the time at which you became aware of the damage and the person causing the damage or of the event otherwise giving rise to the claim, but at the latest after the expiry of five years after the conduct causing the damage (giving rise to the claim) (breach).
B2B:
13.10. Unless a shorter or longer limitation or preclusive period applies by law, all claims against us shall be forfeited for you as an entrepreneur within the meaning of the KSchG (Consumer Protection Act) if they are not asserted by you in court within six months from the time at which you became aware of the damage and the person causing the damage or of the event otherwise giving rise to the claim, but at the latest after the expiry of five years after the conduct (breach) causing the damage (giving rise to the claim).
General:
Company reserves the right to retain any and all tokens, cryptocurrencies, digital assets, or any other assets held in custody on behalf of the User or held as part of any other Services as a security interest for the satisfaction of any and all obligations, whether undisputed or disputed, the User may owe to the Company, whether presently due, future, or contingent, under the Terms of Service or any other agreement between the User and the Company. This retention right includes, but is not limited to, rights to withhold, set-off, or otherwise retain any assets of User with Company to secure the performance of any obligations the User has towards the Company, including fees, charges, or liabilities arising from the use of the platform or Services provided by the Company.
The Company is entitled to offset any and all claims it has against the User with any claims the User may have against the Company. This right of offsetting extends to any User assets over which Company may dispose or holds in custody or otherwise.
In the event of offsetting, the Company will calculate the equivalent value of the assets based on the market rate at the time of offsetting. The User acknowledges and agrees that such valuations will be determined by the Company in its discretion.
The User hereby expressly agrees that the Company may exercise its offsetting rights without prior notice and that the User’s claims against the Company will be deemed settled to the extent of the offset amount.
14.1. The invalidity of individual provisions of these Terms or of the contractual relationships regulated hereby shall not affect the validity of the remaining agreements. The contracting parties undertake to replace invalid or unenforceable provisions with a provision that comes as close as possible to the economic result of the invalid or unenforceable provision.
14.2. If any part of These Terms is held by a court of competent jurisdiction to be invalid or unenforceable, the remaining parts of these Terms 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 these Terms and the rest of these Terms remains in full force and effect.
15.1. These Terms and your use of the Website and our Services are governed by and construed in accordance with the laws of the Principality of Liechtenstein, without regard to its conflict of law principles or the UN Convention on Contracts for the International Sale of Goods (CISG), which would cause the application of the laws of any other jurisdiction, unless mandatory provisions for the protection of consumers of the law of another country contradict this.
15.2. The Courts of Liechtenstein have exclusive jurisdiction over any and all disputes resulting out of or in relation to this Agreement and its enforcement, unless mandatory provisions for the protection of consumers of the law of another country contradict this.
15.3. You acknowledge that any dispute arising out of or related to these Terms is personal to you and LCX and that any dispute will be resolved solely through individual litigation and will not be brought as a class litigation, class action or any other type of representative proceeding.
Our Website or our Services 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 that LCX makes regarding general economic conditions, the blockchain industry, bitcoin and cryptocurrency or other virtual asset markets, the outlook for digital asset regulation, process and intention to file for additional licences and regulatory approvals, the potential effect of the financing on the LCX operations, and the impact of these factors on our businesses. Forward-looking statements are based on certain assumptions and assessments made by us in light of our 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.
17.1. You agree to pay the applicable fees listed in the below Fees Schedule for the respective Service to us, whenever you use our Services. The applicable fees for provision of our Services become due and payable upon use of the respective Service. Subject to these Terms, we reserve the right to change our fees at any time upon giving notice. 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.
17.2. Users may upgrade their Accounts to get access to all functionalities of LCX Exchange (the “Pro Plan”). The Pro Plan will have unlimited exchange connectivity. Fees pursuant to the Fees Schedule apply for the Pro Plan. The subscription of LCX Exchange can be paid via credit card or via LCX Token.
17.3. We recommend paying any fee within the LCX ecosystem by using the LCX Tokens ($LCX). See our guideline on where to buy and use $LCX on our Website.
17.4. The Fees Schedule is published at https://www.LCX.com/fees/ and forms an integral part of these Terms. Third party fees may apply.
17.5. Setting off. You authorise us, or our designated partners, to charge or deduct any applicable fees owed in connection with provision of our Services from any assets 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 (like a debit or credit card on file), as the case may be, for any amounts you owe us under these Terms. All deductions and fees are charged at the time we process a transaction or the applicable Service (or when the periodic payment becomes due) and are deducted from your Account 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 necessary costs incurred 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 Virtual Assets) in negative figures as a reflection of the net amount you owe to us.
17.6. Processing Errors. In the event there is an error in the processing of any transaction, you authorise us to initiate debit or credit entries to your Account (Virtual Assets) or your account at another financial intermediary (legal tender), as applicable, to correct such error.
17.7. Taxes. You are responsible for determining and paying any and all taxes, duties and contributions, 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 Services, your use of the Website, 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 are also responsible for complying with any reporting obligations. You acknowledge and consent to protect, defend, indemnify and hold harmless LCX with regard to any taxes or other charges and contributions required to be paid by you. 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.
Assignment
18.1. You may not assign or transfer any right to use the Services or any of your rights or obligations and duties under these Terms without prior written consent from us, including by operation of law or in connection with any change of control. LCX may assign or transfer any or all of its rights or obligations under these Terms, in whole or in part, without notice.
LCX affiliates and independent contractors
18.2. The Website and any Services may be operated or provided by LCX, its affiliates or contractors.
In case of an affiliate or contractor acting as vicarious agent of LCX, LCX will not be liable for slight negligence of this affiliate or contractor.
Prolonged inactivity
18.3. LCX waives the right to terminate contractual relationships with you due to dormancy and to allow the corresponding claims to lapse. However, LCX reserves the right to terminate or offset in the event that its claim for remuneration against you or your legal successor is no longer covered. In general, LCX acts according to the guidelines of the Liechtenstein Financial Market Authority FMA and the Liechtenstein Banking Association regarding dormant accounts (accounts which have been dormant for 10 years).
Entire Agreement
18.4 These Terms contain the entire agreement and supersede all prior and contemporaneous agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof. In the event of any conflict between these Terms and any other agreement you may have with LCX, these Terms will prevail unless the other agreement specifically identifies these Terms and declares that the other agreement supersedes or amends these Terms. Any amendment of the Agreement, including this clause, requires the written form.
Last updated March 2024.
LCX AG is a company founded in 2018 and 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.
