Terms of Service

Last Updated: 10 April, 2025

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, INCLUDING HTTPS://EXCHANGE.LCX.COM/, 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” OR “PLATFORM” OR “LCX PLATFORM”), AND TO ANY OTHER RELATED SERVICES PROVIDED BY LCX RELATING TO THE WEBSITE OR AS DESCRIBED IN THESE TERMS (THE “SERVICES” OR “LCX SERVICES”).

Before becoming a customer of LCX, you must agree to certain legal terms. Agreeing to these Terms of Service (the “Terms” or “Agreement”) is prerequisite for becoming a customer and using our Services. In certain cases, additional terms may be applicable to you in addition to the ones set out in this Agreement.

LCX IS A PUBLIC LIMITED COMPANY DULY INCORPORATED UNDER THE LAWS OF LIECHTENSTEIN. LCX ACTS AS A VIRTUAL ASSET SERVICE PROVIDER (“VASP”) 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 LEGALLY COMPLIANT SINCE INCORPORATION ON APRIL 24, 2018, REGISTERED WITH THE FMA AS REGULATOR SINCE DECEMBER 30, 2020, RESPECTIVELY DECEMBER 16, 2022, AND FEBRUARY 01, 2024, DUE TO THE AMENDMENTS UNDER THE TTTA-REFIT UNDER THE “BLOCKCHAIN ACT” TVTG TO PROVIDE THE FOLLOWING SERVICES AS:

• TT Depositary (Custodian) / Custody and Administration of Tokens according to Art 2 para 1 letter n TTTA (a person who keeps tokens, virtual assets or private keys for clients in custody);
• TT Exchange Service Provider / Exchange of Tokens for Funds or other Tokens according to Art 2 para 1 letter q TTTA (a person who exchanges legal tender for virtual assets and vice versa, and virtual assets for other virtual assets);
• TT Trading Platform Operator (Art 2 para 1 letter w TTTA). LCX operates a digital trading platform, facilitating the matching of buying and selling interests of virtual assets, where users can execute transactions.
• Token Issuer / Token Placement pursuant to Art 12 para 1 TTTA (a person who offers Tokens or Virtual Assets, as defined in this preamble, to the public on behalf of a principal);
• Token Generator & Tokenization Service provider according to Art 2 para 1 letter l and m TTTA (a person who generates one or more Tokens and puts them into circulation for clients);
• TT Identity Service Provider according to Art 2 para 1 letter t TTTA (a person who identifies the person authorised to dispose of Tokens or virtual Assets and records it in a register);
• TT Price Service Provider according to Art 2 para 1 letter s TTTA (a person who provides aggregated price information to users of Trusted Technology Systems (“TT”), such as distributed ledger technologies like blockchains, based on buy and sell offers or completed transactions);
• Physical Validator according to Art 2 para 1 letter p TTTA means a person who ensures the contractual enforcement of rights in property (rights in rem) represented in tokens and virtual assets within the meaning of property law on trusted technology (tt) systems like blockchains.

Whereas “Token” pursuant to Art 2 para 1 lit c TVTG are a piece of information in a TT (Trusted technology) system that (i) can represent claims or membership rights against a person, rights in rem or other absolute or relative rights; and (ii) is assigned to one or more TT identifiers.

Further, whereas “TT systems” are transaction systems that enable the secure transmission and storage of tokens and the provision of services based on them using trusted technologies (e.g., blockchains, DLT systems) and a “TT identifier” is an identifier that enables the unique assignment of tokens (e.g., wallet or public key).

Tokens therefore may constitute both (fungible) crypto assets as per definition of MiCAR falling under the relevant regulation and non-fungible crypto assets (thus tokens), generally falling out of the scope of MiCA.

LCX Token Functionalities: In addition, LCX also issued its own LCX Token. LCX token can be used as a payment voucher (value voucher) to pay for assets or services offered on LCX platform or to pay for LCX fees.

LCX Earn: Lastly, LCX in the past offered and from time to time renews and offers fixed subordinated bonds in the form of tokens (tokenized securities) under an endorsed securities prospectus by the Financial Market Authority Liechtenstein (FMA) passported to 30 EEA countries (notification of prospectus), such as the fixed-yield, tokenized bonds, EURt7 with a 7% annual return on Euro investments available to verified users of LCX.

AND PROVIDES ITS SERVICES WITH REGARD TO CERTAIN CRYPTOCURRENCIES, CRYPTOGRAPHIC TOKENS OR COINS AND OTHER TOKENS, CRYPTO ASSETS, DIGITAL RIGHTS OR ASSETS UNDER LIECHTENSTEIN TVTG WHICH NEITHER REPRESENT FINANCIAL INSTRUMENTS NOR E-MONEY OR ASSET-REFERENCED TOKENS OR E-MONEY TOKENS UNLESS EXEMPTIONS APPLY OR WRITTEN CONSENT OF THE ISSUER HAS BEEN GRANTED, THAT OTHER PERSONS MAY OFFER TO THE PUBLIC OR SEEK THE ADMISSION TO TRADING OF THE ASSET-REFERENCED TOKEN OR E-MONEY TOKEN (“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.

BY REGISTERING FOR OR USING THE LCX SERVICE DESCRIBED BELOW, YOU (“YOU”, THE “CLIENT” 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. Additional terms and conditions for business accounts are indicated throughout the Terms with a reference to “B2B” as well as attached as special provisions for B2B customers in Schedule A.

The Terms and all related and referenced documentation including the Website and LCX Platform may be made and published in various languages. In case of a dispute or any discrepancies, the English language version of any Terms and all related documentation shall prevail and other language versions are merely for convenience purposes. Non-German versions may include certain German terms enclosed in brackets. These are legal terms under Liechtenstein law and shall have the meaning given to them under Liechtenstein law.

This Preamble forms an integral part of these Terms and is of binding nature.

IMPORTANT INFORMATION ABOUT KEY RISKS

LCX places the utmost importance in protecting customers and customer assets through the implementation of robust risk management practices. Despite this, the use of the LCX Platform and certain transactions related to Services carry risks that are beyond the control of LCX and LCX shall have no liability for such risks.

A non-exhaustive list of these risks is set out in this section. Other Service-specific risks may also apply. A discussion of the risks associated with a Service contained in the Terms should not be regarded as a comprehensive disclosure of all risks. 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.

General Risks of Investments

Every investment involves opportunities and risks. Investing in Supported Assets offered on and Services Provided by LCX carries inherent risks. In extreme cases, the invested amount may be lost entirely. You should carefully assess whether the eligible assets align with your risk tolerance, investment objectives, financial and tax situation, personal and legal circumstances, and other relevant considerations. It is important to carefully evaluate whether LCX’s Services and products are suitable for your risk tolerance, investment goals, financial and tax circumstances, personal and legal conditions, and any other relevant factors.

Risk of Theft, Hacking or other Malicious Activity 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, which are out of its sphere. 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 and the risk of accidental loss lies with you. Our customers are advised to take all necessary precautions and employ best practices in digital security to protect their assets.

The software application and software platform underlying the Supported Assets, the smart contract system(s) and/or other technology components and/or platforms may be exposed to electronic or physical attacks that could result in the irreversible theft or loss of Supported Assets or the theft or loss of private data.

The technology of virtual assets and the underlying software applications and software platforms such as the smart contract systems and other involved software and technology as well as technical concepts and theories are still in an early development stage and unproven and out of LCX’s control or influence.

There is an inherent risk that the technology could contain weaknesses, vulnerabilities or bugs. These can cause, for example, the complete loss of any tokens and virtual assets, even if the software and systems deployed under the control of LCX function correctly.

Many of these technologies or software applications required for the sale, transfer or holding of tokens and virtual assets are neither released by a software manufacturer nor in any other way certified by a central entity such that there would be a person or entity that could be held liable for such defects. LCX uses and displays customary security certificates issued by third parties (certificate authorities) that are widely regarded as a security enhancing feature but ultimately cannot guarantee that the security certificates displayed on any LCX Platform are valid or correct.

Always keeping your mobile apps offered by LCX, your internet browser and the underlying operating systems up to date helps to mitigate certain risks and vulnerabilities.

LCX strongly recommends that you use 2FA. Please note however, that the safety benefit of using 2FA is effectively eliminated if both factors can be accessed with the same credentials or devices. If you do not use the 2FA in cases provided for by us, any person with knowledge of your password and e-mail address may be able to access your Account and the Supported Assets deposited with the LCX Platform and may make transactions or access Services in your name.

The password you chose when registering an Account (as amended from time to time) may be subject to attacks, even if it is unique and only known to you. The risk is greater if the password is weak (in length and/or complexity) and/or if the password contains personal details (for example your name, date of birth or place of residence) and/or words included in a dictionary. LCX recommends that you always choose a strong and unique password (that is not used with any other service provider) and that you use the 2FA. While stronger passwords are statistically (far) less likely to be successfully retrieved by an attacker, no password is fully safe, and it is recommended to update your password periodically.

SMS and e-mail services are vulnerable to spoofing and phishing attacks. You should always log into your Account to review any Transactions or required actions if you have any uncertainty regarding the authenticity of any communication or notice. Phishing attacks often occur despite SMS or e-mail or equivalent services, via search engines or ads in search engines, or other fraudulent links. While LCX strongly recommends participating in the 2FA, the 2FA cannot prevent successful phishing and/or social engineering attacks if your credentials including the 2F are disclosed in such an attack.

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:

1. a) The element of your LCX Account which constitutes the available balance is the operational part of your LCX Account through which you have access to your available balance of Virtual Assets, and which can be used for the execution of your transactions respectively Services.
2. b) The element of your LCX Account which constitutes the reserved or occupied balance with regard to Virtual Assets is restricted as in you have no ability to use the occupied or reserved balance in order to execute any transactions respectively Services. Any reserved or occupied balance may be marked or categorised, for example, as “pending”, “under review”, “risk reserve” or other similar indications or categorizations. The temporary holding of available balance in such occupied or reserved state by LCX is related to LCX’s execution of Services and/or LCX’s assessment and determination, at its sole and absolute discretion, of certain AML, CFT, fraud-schemes, financial and other regulatory risks.
3. c) If you are the user of the LCX Services, your balances of Virtual Assets held with third parties, such as virtual assets exchange platforms or custodian providers or other VASPs do not constitute and are not a part of your available balance with LCX.

LCX uses nodes on the respective blockchain, which scan each block for transactions (both deposits and withdrawals). As soon as such a transaction is identified, it is taken into account in LCX’s systems so that the customer affected by the transaction either receives a credit or the amount of tokens and virtual assets held by them is reduced. It is possible that a Node does not record a transaction and therefore does not feed it into LCX’s systems. This is only relevant for transfers of tokens and virtual assets from and to external wallets, not for trading processes on the LCX Platform.

The allocation and the development of any Supported Asset might be abandoned for a number of reasons, including lack of interest from industry, community and/or the public, lack of funding, lack of commercial success or prospects (for example, caused by competing projects) which are out of LCX’s influence. It could happen that Supported Assets units do not receive or retain any functionality or that there are material changes of all kinds to the functionality of such assets. No LCX Company makes any representation as to the current and future functionality, adoption or commercial success of any Supported Asset.

The protocols of tokens and virtual assets may be subject to forks that change the underlying blockchain protocol rules. These forks may materially change the value, function or name of tokens and virtual assets.

Market and community risks may also be triggered and accelerated via communities that come together, for example in online forums, to discuss certain investment opportunities and products with the intention of placing jointly organized buy and sell offers which may lead to strong price fluctuations which carry a high risk of loss.

When providing certain services in respect to the Supported Assets, LCX may, have to engage with a number of counterparties – including third party financial institutions and exchanges, liquidity providers, and market makers, whose terms of services apply respectively. LCX has no control over the financial stability of counterparties that LCX is required to interact with as part of the crypto market infrastructure. In the event that a counterpart defaults, LCX may be unable to retrieve or transfer Supported Assets held, potentially resulting in a full or partial loss.

As not all tokens and virtual assets are considered liquid assets (meaning that they can be quickly and easily converted into cash or a cash-equivalent with minimal loss in value) there may be limited options to sell or exchange your tokens and virtual assets for fiat currencies or other assets, especially during periods of market volatility or low trading activity. Demand for certain tokens and virtual assets may decrease, and it may take a considerable amount of time to complete a Transaction or require you to sell or exchange the virtual assets at a price significantly lower than expected. As a result, there is a risk that you may not be able to liquidate your virtual assets when needed. We advise all clients to carefully consider their liquidity needs and to ensure that they are comfortable with the possibility of illiquidity when investing in virtual assets.

Neither LCX nor any of its subsidiaries or affiliates takes any responsibility for Supported Assets that are or claim to be collateralised, backed or pegged by a currency that is a legal tender or any other asset of whatever form (for example, stablecoins) as all actions in connection to such Supported Assets are in the sole responsibility of its issuer over which LCX has no discretion.

The purchase, sale, exchange, holding and/or alienation of Supported Assets available may trigger tax consequences for you. LCX notes that while several countries have already implemented specific tax regulations for Supported Assets, further changes and/or additional tax regulations are to be expected. LCX may under certain circumstances (now and/or in the future) be required to deduct withholding tax. Withheld tax amounts are remitted to the tax authorities, and LCX is unable to refund these amounts. LCX will report information with respect to transactions made by you and Services procured by you and/or Supported Assets held by you to one or more tax authorities to the extent such reporting is required by applicable law. LCX shall deduct and withhold tax on your transactions to the extent such withholding is required by applicable law. LCX will collect tax documents, certificates regarding your status as a taxpayer, as well as your tax identification number or similar information, as required by applicable law. You should conduct your own assessment of your tax situation concerning Supported Assets and consult your tax advisor before making any decisions with respect to any transactions. Tax consequences often (but not always) depend on the tax laws of the country where you are tax resident and the international tax treaties that country has ratified. If LCX is not obliged to withhold any taxes by law and such withholding does not constitute final taxation under the applicable tax laws, you are solely responsible to comply with all national and international tax laws from time to time applicable to you by virtue of using the LCX Platform and holding, trading and/or exchanging the Supported Assets. Before you become a LCX customer and before you procure any Service, as well as from time to time (for example, in connection with the annual tax return or financial statements) and as may be required in accordance with the tax laws applicable to you, LCX thus advises you to consult a tax advisor (i) about the tax consequences and their economic consequences in connection with using the LCX Platform and holding, trading and/or exchanging the Supported Assets and procuring Services offered on LCX Platform and (ii) to ensure that you are able to take all steps required to comply with all applicable tax laws when using the LCX Platform.

Risk of Value depreciation, liquidity and volatility with Using Virtual Assets

The value of the Supported Assets available on the LCX Platform are typically determined by their current market price and therefore might experience extreme volatility and/or their value might decline to zero. Past performance of a certain supported asset does not indicate future results. Such investment is only suitable for users, who can bear a loss of the entire invested capital and should not be considered as or entered into with the expectation of a stable source of income.

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. Financial services compensation schemes do not protect investments in Supported Assets because it is not a specified investment under the respective regulatory regimes – in other words, this type of investment is not recognised as the sort of investment warranting guarantees or protection.

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, Mining Attacks and other Risks associated with Blockchains

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.

The Supported Assets available on the LCX Platform may be susceptible to attacks including but not limited to double-spend attacks, majority mining power attacks, “selfish-mining” attacks, and race condition attacks or any other mining or non-mining related attacks which are out of LCX’s influence and control.

You must be aware of the risks that technology carries and the inherent functionality and security risks, such as, but not limited to, the failure of hardware, software, and Internet network connections, the risk of malicious software introduction, the risk that third parties may obtain unauthorised access to information and/or assets (including your tokens and virtual assets) stored on your behalf, cyber attacks, virtual asset network failure (such as failure and outages on the blockchain) or other types of attacks.

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 Risk

It is possible that statutory or regulatory changes have material effects on the current setup of the LCX Platform. Statutory or regulatory changes may also result in substantial modifications to any Supported Assets. LCX is committed to design, modify and/or adapt the LCX Platform in such a way that it complies with all applicable laws and regulations while at the same time retaining the flexibility for you, but cannot guarantee that certain regulatory or legal changes may result in the limitation or termination of certain services on any of the LCX Platform.

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.

Legal Risk

The fact that LCX has made a Supported Asset or a service available to you constitutes neither a recommendation to enter into a particular Transaction nor a representation that any product described on the website is suitable or appropriate for you. Many of the products involve significant risks, and you should not enter into any Transactions unless you have fully understood all such risks and have independently determined that such product is appropriate for you. You should not construe any of the information contained herein as financial, investment, trading, legal, regulatory, tax, or accounting advice.

Definitions

Capitalized terms not otherwise defined in these Terms will have the following meaning:

AML	Anti-Money Laundering pursuant to the applicable due diligence duties.
B2B / Business Client	Business to Business (the respective provisions shall apply to Services provided by LCX to entrepreneurs, commercial or business users).
B2C / Consumers	Business to Consumer (the respective provisions only apply to Services provided by LCX to consumers or end users).
CFT	Counter Financing of Terrorism pursuant to the applicable due diligence duties.
Communications	Information, communications, agreements, documents, receipts, disclosures etc.
Crypto Asset	Means a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology (as defined in Art 3 para 1 no 5 MiCAR. They are a subset of Tokens respectively Virtual Assets.
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.
Feedback	Questions, comments, suggestions, ideas, original or creative materials or other information about LCX or the Services submitted by Users to LCX.
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.
FMA	Liechtenstein Financial Market Authority
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.
KYC	Know Your Customer pursuant to the applicable due diligence duties
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.
LCX or Company, we, us, our	LCX AG, the Company providing the Services under these Terms
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.
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.
LCX Vault	LCX cold wallet (offline) storage solution which is regulated in separate terms.
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.
Legal Tender (Fiat money or currency)	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.
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.
MiCA-Regulation respectively MiCAR	EU Markets in Crypto Assets Regulation 2023/1114
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 and which generally do not fall under MiCA.
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.
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.
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.
Supported or Eligible Assets	Means the assets that you can trade, invest in, or with respect to which you may use the Services on the LCX Platform.
Terms	These Terms of Service including all policies incorporated by reference into these terms.
Token or Virtual Asset	Means crypto assets as well as assets which do not classify as crypto assets, e-money token or asset-referenced Tokens under MiCAR, which are a piece of information in a Trusted technology / DLT system that (i) can represent claims or membership rights against a person, rights in rem or other absolute or relative rights; and (ii) is assigned to one or more public keys, pursuant to Art 2 para 1 lit c TVTG (e.g., NFTs or very small series of utility tokens).
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.
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”.
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.
User or You	The party contracting with LCX pursuant to these terms accessing or using Services.
VASP / CASP	Virtual Asset Service Provider
Website or LCX Platform	https://www.lcx.com/ including subsites, like https://exchange.lcx.com/

YOU AND LCX HEREBY AGREE AS FOLLOWS:

• User Account

1. To be eligible for our Services and before accessing the LCX Platform, you must register for an account through our Services (the “User Account”, “LCX Account” or “Account”). LCX must verify your identity. You may only use our Services on our platform after you have successfully completed the client verification process. Your ability to use Services with regard to our Eligible Assets may depend on various factors, such as your geographical location. LCX will inform you of any such restrictions. A list of Supported or Eligible Assets is available on our Website and may be updated from time to time. We reserve the right to remove or suspend one or more Supported Assets, in which case you will no longer be able to use our Services with regard to such Supported Assets, or may be temporarily restricted from doing so. LCX may at any time decide to restrict or suspend registration on the LCX Platform by certain persons or residents or citizens of certain jurisdictions.
2. You must not be located in, nor be a citizen, resident or tax resident of or otherwise be a tax liable person of any sanction lists or the prohibited countries list of LCX (https://www.lcx.com/info/faq/about-lcx/which-countries-and-jurisdictions-are-prohibited-by-lcx-com/) and also no Politically Exposed Person (PEP). Sanction lists include both lists of sanctioned states (country lists) and lists of sanctioned persons (name lists) (the “Restricted Locations”);

• have full legal capacity to enter into a contract; and
• be the higher of (i) the applicable legal age (ii) 18 years of age;
• not have been previously suspended or banned from using our Services.

  3. 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.

  4. 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.

  5. If you are using the Services for business purposes on behalf of an entrepreneurial, business or legal entity:

• you disclose on whose authority you are acting upon;
• you represent and warrant that you are authorised to bind that entity to these Terms;
• all references to “you” will refer to you and that entity and you will also be personally liable under these Terms, next to the legal entity; and
• that entity agrees to be responsible for you and any other user that accesses the Services on its behalf, including for your and their compliance with these Terms;
• you warrant that you are acting as the ultimate beneficial owner respectively as contracting party.

  6. The duration, steps, necessary information, and other requirements of the client verification process depend on specified safeguards, in particular anti-money laundering considerations, and may change from time to time depending on the legal framework and technical developments. LCX may request specific information which is required by law, regulation, or relevant authorities from you during the registration process and/or from time to time, such as copies of official identity documents with a photograph and biometric data (in notarized and apostilled form, if required). 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.

  7. 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.

  8. 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.

  9. 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.

  10. 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 information.

  11. LCX does not guarantee that you will be accepted as a customer of LCX. You can only access the LCX Platform if you have sufficiently authenticated your identity through multi-factor authentication. As a consequence, 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.

  12. 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.

  13. 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.LCX will provide you with digital “Wallets” to display your Tokens and Virtual Assets on the LCX Platform, which you will see by logging into your Account. A Wallet is merely a visual representation of such Tokens on the LCX Platform, but is not connected to any distributed ledger technology. Each Token has at least one specific Wallet and LCX may split certain Tokens over several Wallets if this is feasible or required from a business or legal perspective.

  14. You must keep all information in your Account up to date and accurate and you will notify LCX without undue delay via the LCX Platform of any change to such information (such as name, email, postal address or principal residency (Hauptwohnsitz)). This also applies if you notice that – for whatever reason – your personal information displayed on the LCX Platform does not confirm with the documents and information provided by you. If you do not notify LCX about changes to your email or postal address, any notices LCX sends to you will continue to be sent to the email or postal address provided in your Account and these shall be deemed properly delivered to, and received by, you, if LCX was neither (i) aware of any changes to your email or postal address; nor (ii) unaware of such an amendment due to gross negligence.

  15. Unless required or requested by LCX, you shall only have one Account and, where you have multiple accounts and have not been required or requested to open these by LCX, LCX reserves the right to suspend all your Accounts other than your first Account (being your Account opened first chronologically) and, where applicable, without notice to you, transfer, at your cost any Tokens deposited on your additional accounts to your first Account.

1. Subject to applicable law or otherwise with the express written consent of LCX, you may not assign or share your Account or any rights thereunder to any other person or use the account of another person.
2. You will only act in your own name and for your own account and create and use an Account only for yourself. Unless otherwise agreed with LCX, you will not act as an intermediary, broker, or trustee of any kind for any person (including shared legal or beneficial ownership of the Account or any Token deposited within your Account) or allow access of any kind to the Account to any person other than yourself.
3. You will notify LCX without undue delay about any loss or restriction of your capacity to contract (Geschäftsfähigkeit), as far as this is possible and reasonable.
4. You will not use your Account or a service from LCX or a service provided by a third party service provider in a manner that LCX, Visa, or any other electronic funds transfer network reasonably believes to be an abuse of the card system or a violation of card association or network rules.
5. You must not facilitate any viruses, trojan horses, malware, worms or other computer programming routines that attempt to or might damage, disrupt, corrupt, misuse, detrimentally interfere with, surreptitiously intercept or expropriate, or gain unauthorised access to any system, data, information or LCX services.
6. You are solely responsible for taking appropriate actions to protect your hardware, software and data from viruses, malicious software, spyware, worms, or other malware, phishing, spoofing, or other attack. LCX recommends that you consistently utilise a reliable virus screening and prevention software to safeguard your devices, as well as keeping your devices and related software up to date with the latest official stable releases. Be cautious of potential spoofing and phishing attacks through SMS and email or any other messaging or social media services, social engineering, and exercise vigilance when assessing messages that appear to be sent by LCX, as they might not always originate from LCX.
7. You must not manipulate the LCX Platform or use any anonymizing proxies, bots, spiders, or any automatic devices, programs, scripts, algorithms, or manual processes equivalent to automatic methods to access, obtain, copy, or monitor any part of the LCX Platform, or circumvent or replicate the navigational structure or presentation of LCXʼs services in order to acquire materials, documents, or information through means not purposely made available through LCXʼs services. This includes all abusive behaviours against the LCX Platform.
8. You are solely responsible for any security risks and consequences resulting from accessing or interacting with the LCX Platform through any non-official or unauthorised clients, applications, websites or interfaces. This includes, but is not limited to third party applications, modified versions of LCXʼs official clients, or any other software that has not been expressly approved by LCX. To ensure the security of your Transactions and the confidentiality of your data, you must only use the official LCX web and mobile application made available through the official LCX website or authorised channels. Downloading applications from unofficial sources can expose you to security risks, including but not limited to malware, data theft and unauthorised access to your Account. LCX recommends that you regularly update to the latest version of the application to access enhanced features and security improvements. LCX encourages you to report any unauthorised or suspicious clients, applications, or websites purporting to be associated with LCX directly through its official support channels.
9. You are solely responsible for maintaining the confidentiality and security of your Account credentials. You must take all necessary measures to protect and secure your Account information. LCX recommends creating a strong password for your Account that you do not use anywhere else, never allow remote access or share your screen with someone else while you are logged in to your Account. As a preventive security measure, LCX strongly recommends that you use a two-factor authentication (“2FA”) on the LCX Platform as well as on your email account that you use for your LCX Platform activity.
10. You must not share your Account credentials or allow any third party to access or control your Account. Any compromise of such information and/or your personal information may result in unauthorised access to your Account. LCX will never under any circumstances ask for your password or 2FA codes and never ask for any personal information regarding the Account. LCX strongly recommends you to regularly monitor your account history to detect and promptly report any unauthorised or unusual activities. A security breach could potentially lead to third parties gaining unauthorised access to your Account, which might result in loss or theft of Supported Assets in your Account or any linked accounts, such as bank account(s) and/or credit card(s) and furthermore in a violation of these terms.
11. If you become aware of or believe there has been any breach of security associated with your use of the LCX Platform, you shall immediately notify LCX and you shall provide any information and support requested by LCX, to the extent reasonable. It is imperative that you adhere to the following procedures:

• You shall immediately inform LCX of the suspected security breach
• Additionally, you are required to continuously supply accurate and current information throughout the duration of the security breach.
• You are required to modify your security details if you suspect that your security information is known to an unauthorised party.
• You shall undertake any further measures that LCX might reasonably prescribe to mitigate, manage or report the security breach.
• LCX may request any information or documents that LCX deems relevant or necessary related to the suspected security breach and might provide such information to third parties that LCX deems necessary to resolve any security breach.

1. LCX may take certain actions and restrict your Account or your access to LCX services or certain Supported Assets, based on confidential criteria essential to LCXʼs risk management and security protocols. LCX is not obligated to disclose the details of its risk management and security procedures.
2. You shall ensure prompt execution of any contracts and declarations and promptly provide any assistance required and reasonably requested by Company.
3. You shall promptly provide any information or documentation requested by LCX or third party service provider associated with your use of the LCX Platform and you shall not provide any false, incorrect, incomplete, and/or misleading information or documentation to LCX or third party service provider or otherwise attempt to deceive or mislead LCX with your use of the LCX Platform.
4. You shall provide reasonable data or information, like bank statements or contracts, to prove the origin of your funds as reasonably requested by LCX. It is not allowed to conceal the true origin of your funds by giving incorrect, incomplete, outdated, or misleading information to LCX or third party service provider.
5. You shall only provide any personal data and information regarding your Account via the dedicated communication channel; information provided otherwise such as via social media shall not be deemed to have been received in a timely manner and will consequently be disregarded and subsequently deleted.
6. You must not use the LCX Platform for any activity prohibited by any law applicable to you or to LCX, including criminal, administrative or tax laws. This also includes any sort of interaction with the dark web, fraud cases, sanctioned persons and countries, any violations of anti-money laundering laws such as the violation of the obligation to disclose trust relationships as well as the failure to adhere to cease and desist instructions.
7. You shall not submit any material to the LCX Platform that may be considered abusive, defamatory, threatening or otherwise harmful to others; or upload or transmit viruses or any other type of malicious code.
8. You shall not undertake or knowingly facilitate any action that causes damage, or losses to, or otherwise disadvantages, LCX or the LCX Platform.
9. You may not use the LCX Platform in a way that leads to debit card or credit card chargebacks.
10. You may not withdraw any assets that have not yet been credited to your Account.
11. You shall not harass and/or threaten LCX’s employees, agents, affiliates or other users. Please also act in a respectful way towards LCX’s customer support team – they are here to help you.
12. You shall not misuse, store, reproduce, display, modify, sell, publish, transmit, distribute, or commercially exploit the LCX Platform.
13. LCX and any third-party information provider reserve all rights not explicitly granted to proprietary information (including but not limited to all intellectual property rights such as: patents, trademarks, service mark, copyrights, industrial design, design, slogans and other identifying materials, know-how, in all forms whether or not registered or capable of registration and any other rights relating to intellectual property rights) subsisting in or relating to the LCX Platform.
14. You are responsible for all statements made, acts undertaken and omissions made using your Account.
15. Besides LCXʼs right to terminate your Account with LCX for cause in the cases and as set out below, LCX may take steps to remedy any breach of these terms including but not limited to:

• taking any steps you should have taken, for example, updating outdated information;
• suspending your Account and/or disabling any Service functions over the LCX Platform; or
• suspending or withholding pay-outs to you (for example where you do not provide the information required under the tax provisions applicable to you and LCX).

  16. LCX may disclose any data relating to its customers and their Accounts (including all transactions made in the past in connection therewith) if required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar official body (for example in connection with criminal investigations). LCX reserves the right to cooperate with such authorities to the maximum extent possible and legally required. LCX will notify and communicate with you in the event of suspected or actual fraud or security threats via LCXʼs designated communication channels, unless such notification is prohibited by mandatory legal obligations, such as anti-money laundering AML regulations.

• Acceptable Use

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. 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:

• narcotics, steroids, certain controlled substances or other products that present a risk to human safety,
• drug paraphernalia, tobacco and cigarettes, including electronic cigarettes,
• items that encourage, promote, facilitate or instruct others to engage in illegal activity,
• stolen or pirated goods including digital and virtual goods or items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the laws of any jurisdiction,
• the promotion of hate, violence, racial intolerance, or the financial exploitation of a crime,
• items that are considered obscene,
• certain sexually oriented materials or services,
• ammunition, firearms, or certain firearm parts or accessories, or certain weapons or knives regulated under applicable law.

• relate to transactions that

• show the personal information of third parties in violation of applicable law,
• support pyramid or ponzi schemes, matrix programs, other “get rich quick” schemes or certain multi-level marketing programs,
• are associated with purchases of annuities or lottery or gaming contracts, lay-away systems, off-shore banking or transactions to finance or refinance debts funded by a credit card,
• involve certain credit repair, debt settlement services, credit transactions or insurance activities,
• involve offering or receiving payments for the purpose of bribery or corruption.

• Further, you will not:

• use the Services or allow a third-party individual or entity to use the Services to commit fraud or otherwise violate the law;
• engage in conduct that is harassing, threatening, intimidating, or stalking, or that we otherwise deem objectionable;
• engage in conduct or an act of fraud, extortion or blackmail, that seeks to disseminate falsehoods about the LCX or otherwise harm the LCX’s reputation and credibility using deception;
• use the Services in any manner that could interfere with, disrupt, negatively affect or inhibit other users from fully enjoying the Services or that could damage, disable, overburden or impair the functioning of the Services in any manner;
• uses the Services to deliberately steal the assets of another user, LCX, or affiliated companies, through replay attacks, etc;
• reverse engineer any aspect of the Services or do anything that might reveal the source code of the Services (except to the extent such restriction is prohibited by applicable law);
• violate, infringe or misappropriate any intellectual property right, or other third-party right, or commit a tort or any other prohibited action;
• reproduce (other than standard website page caching), create derivative works of, publicly perform, publicly display, distribute, sell, rent, lease, timeshare or otherwise commercially exploit the Services, in whole or in part;
• attempt to bypass or circumvent measures employed to prevent or limit access to any content, area or functionality on the Services;
• develop any third-party applications that interact with the Services without our prior written consent;
• use any robot, spider, crawler, scraper, script, browser extension, offline reader or other automated means or interface not authorised by us to access the Services, extract data or otherwise interfere with or modify the rendering of Services pages or functionality;
• provide false, inaccurate, or misleading information;
• use the Services other than for its intended purposes; or
• use the Services to engage in or promote any activity that violates these Terms.

1. In the event your Tokens and Virtual Assets are garnished, LCX may be obliged to dispose these assets in accordance with the instructions of the competent court, administrator, or authorised person and/or to lock or restrict your Account.

• Third Party Accounts and Services

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.
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. 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.
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.

• Your LCX Transactions and Authorisations

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.
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.
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. 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.
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 as part of the usage of 2FA. The recording of the use of Services proves that the transaction was authorised by you.
6. You represent and warrant that any information you provide through the Services, in connection with a transaction or otherwise, is accurate and complete.
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.
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.

   LCX may, without being obliged or bound to do so, refuse to execute a transaction if:

• the instruction contains any factual error, in particular, incomplete or imprecise transactional details;
• you have breached any of your obligations towards LCX under these Terms or any other agreement entered into between you and LCX;
• the transactional instruction does not meet the agreed form as set out in these Terms;
• your assets are insufficient to execute the transaction in full;
• the spending limits as may have been agreed upon between you and LCX have been reached;
• the transaction cannot be executed in full;
• the transactional instruction has been made by a person who has no power to operate the account;
• LCX is legally or contractually obliged or bound to freeze your account or block transactions;
• LCX suspects that the security of Services is compromised, e.g., because of a problem or technical failure or because of hacking attacks;
• LCX suspects fraud (for example where it has identified suspicious transaction(s)) or has received notification that an incident has occurred);
• LCX believes that the execution of the transaction would be contrary to any national or foreign laws, regulations or decisions of authorities or would expose LCX to liability risks.

9. 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.

10. 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.

11. 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.

12. 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.

13. 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.

14. 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.

15. 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.

16. 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.

17. 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 applicable fees from such unclaimed assets, including inter alia fees for trying to locate you, storing of assets and general fees.

18. 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.

19. 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.

20. 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.

21. 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.

• Hold on Customer Assets. When you open a trade order through the Services, the corresponding amount of your assets required to complete such an order, including any applicable fees, will be held for purposes of completing the order and restricted from further activity via the Services unless the order is cancelled (occupied or reserved balances).
• Settlement. Subject to these Terms, LCX will settle completed trades on a spot basis. The assets receivable in connection with a completed trade will be settled into your corresponding LCX Account.
• Independent relationship. You acknowledge and agree that: LCX is not acting as your advisor or in any fiduciary capacity, and no communication or information provided to you by LCX shall be considered or construed as investment or financial advice.

22. This section additionally applies when you use LCX Services to purchase or sell Virtual Assets directly from or to LCX.

• Prices and Availability. All prices reflect the buy or sale rates applicable to the purchase of Virtual Assets using legal tender or alternatively, Virtual Assets as identified in your order in lieu of payment. All Virtual Assets sales by us are subject to availability, and we reserve the right to discontinue the sale of a Virtual Asset without notice.
• Quotes. Prior to completing your purchase or sale of Virtual Assets, we will show the amount of Virtual Assets you intend to purchase or sell and the amount of Virtual Assets you will use in lieu of payment or receive in connection with the transaction. You agree to comply with any Terms provided within such notice in order to complete your transaction.
• Payment Methods. You may be able to purchase Virtual Assets from us using an external payment method that is accepted via the Services. You represent and warrant that you are authorised to use your designated payment method for that purpose. You authorise us, or our designated payment processor, to charge your designated payment method for the full amount of the order. If the payment method you designate cannot be verified, is invalid or is otherwise not acceptable, your order may be suspended or cancelled automatically.

• The Services

• General Provisions

1. The provisions set forth in this section General Provisions apply to all Services provided by LCX. These General Provisions shall be read as supplementing and expanding the specific terms applicable to each Service.
2. 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.
3. 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.
4. In accordance with and subject to your compliance with all provisions applicable to you, LCX grants you a limited, revocable, non-exclusive, non-transferable, and non-sublicensable right to access and use the LCX Platform.

Each delivered Virtual Asset shall remain the sole property of LCX until full payment of the agreed purchase price, including any ancillary costs, has been received. Until such time, the purchaser shall not pledge, encumber, or otherwise dispose of the Virtual Assets without prior written consent. LCX shall be entitled to set off any claims of the purchaser against outstanding obligations owed to LCX, irrespective of the legal basis of such claims. The purchaser is only entitled to set off claims against LCX if such claims are undisputed, legally established, or acknowledged by LCX in writing. In addition, the User hereby grants LCX a contractual pledge (Pfandrecht) over the Virtual Assets held in custody as security for any outstanding obligations owed to LCX, its subsidiaries, directors or affiliates, including but not limited to trading fees, penalties, or unpaid transactions. The User expressly agrees that LCX may enforce the pledge directly (direkte Verwertung), without prior judicial intervention, in case of default or non-payment after a seven (7) day notice period. LCX may liquidate the pledged Virtual Assets on a regulated trading platform or exchange at the prevailing market price. If market conditions do not allow for an exchange sale, LCX may conduct a private sale at fair market value. LCX may, at its discretion, retain the pledged Virtual Assets as settlement of the outstanding obligations, provided that a fair market valuation is performed. The User waives the right to object to direct enforcement and acknowledges that enforcement. Any surplus proceeds after liquidation shall be returned to the User. For the avoidance of doubt, until full payment of all obligations towards LCX has been received, any delivered, transferred, or held Tokens or Virtual Assets of LCX remain the sole property of LCX. The user may not pledge, encumber, transfer, or otherwise dispose of the Tokens or Virtual Assets without LCX’s prior written consent. LCX retains a pledge (Pfandrecht) and security interest (Sicherungsrecht) as applicable over all Virtual Assets in LCX’s possession, securing all present and determinable future claims LCX has against the user. This security right extends to all fees, liabilities, and other obligations owed by the user to LCX, whether arising from trading, custody, exchange, or any other service provided by LCX, its subsidiaries, directors or affiliates. In case of non-fulfillment of obligations, LCX is entitled to realize liquidate, or otherwise dispose of the pledged or secured Virtual Assets to cover outstanding claims. LCX may also set off (Verrechnung) any amounts due by the user against the value of Tokens or Virtual Assets held by LCX, regardless of the legal basis of such claims. Any remaining balance after set-off and liquidation will be credited back to the user’s account, while any outstanding shortfall remains the user’s liability.

5. Notwithstanding the foregoing, user assets held in custody by LCX shall be treated as segregated client assets and shall not be considered part of LCX’s estate at any time. In accordance with Article 25 of the Token and Trusted Technology Service Provider Act (TVTG), all Tokens or Private Keys held by LCX on behalf of users are legally classified as third-party property (Fremdvermögen) and shall be excluded from enforcement, insolvency, or liquidation proceedings against LCX. If LCX holds proprietary assets alongside user assets with a third party, a legal presumption exists that the assets belong to LCX’s clients and shall be subject to exclusion from LCX’s estate under Article 25(2a) TVTG. Users retain the legal right to request the exclusion (Aussonderung) of their assets in case of (i) debt enforcement (Zwangsvollstreckung) against LCX or (ii) LCX insolvency or liquidation proceedings (Konkursverfahren). A user may object to enforcement measures under Article 20 of the Liechtenstein Enforcement Code (Exekutionsordnung, EO) and invoke exclusion rights under Article 41 of the Liechtenstein Insolvency Code (Insolvenzordnung, IO).

6. LCX does not guarantee uninterrupted access to its Services. The LCX Platform may be temporarily unavailable due to:

• Scheduled maintenance, technical failures, or cybersecurity threats.
• Liquidity shortages affecting Services.
• Regulatory restrictions or AML compliance reviews.

LCX shall not be liable for:

• Delays in executing Services due to extreme market volatility.
• Technical malfunctions or system downtime affecting Services.
• Regulatory freezes or enforcement actions impacting user accounts.

Interruptions will not be considered a defect (Mangel) of the LCX Platform.

7. LCX reserves the right, at its sole discretion, to pause, freeze, list or delist any of its Services in whole or in part with regard to specific Virtual Assets including but not limited to trade and exchange pairs of virtual assets, custody of specific virtual assets, on the platform. 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 certain Virtual Assets and Services with regard to them may impact their access to certain assets and Services related to them including 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 power, including but not limited to the pausing, freezing, or delisting of trade pairs and specific tokens or virtual assets and Services related to them, Users agree to pause trading and listing of affected tokens. Furthermore, LCX retains the authority to proceed with the delisting of assets from its platform 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 with regard to Virtual Assets or Services 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.

8. The provisions set forth in these Terms for services concerning virtual assets shall apply mutatis mutandis to services provided by LCX in relation to Tokens to Non-Fungible Tokens (NFTs) or virtual assets issued in very small series, unless explicitly stated otherwise in these Terms or in a separate agreement.

Fees according to the Fees Schedule apply for the respective Services.

• Operation of a Trading Platform (LCX Trading Platform)

1. Using the LCX Platform allows you to trade the Supported Assets via LCX’s Token. Whenever you wish to trade a Supported Asset, you place an “Offer” over the LCX Platform under which you wish to trade a Token or Virtual Asset. The general process for placing and accepting Offers for entering into a transaction is set out in the offer process below.

• Any figures, numbers, or exchange reference prices on the LCX Platform, do not constitute binding offers for any trade or investment but an invitation for you to submit an Offer.
• The conditions under which you may submit an Offer are communicated to you on the LCX Platform and are valid for a certain period, which is shown to you before submitting an Offer. During this period, you may validate and confirm the conditions of the Offer by clicking the respective button. If you fail to confirm the Offer during the communicated period, the trading window will be refreshed, updated conditions will be displayed, and a new period will commence.
• Each Offer must have a value of at least EUR 1.00, as determined by the figures used on the LCX Platform. For certain Tokens, Transactions, or Accounts (Business Account), a higher minimum transaction or investment value may apply. This will be displayed on the LCX Platform before you submit an Offer or otherwise made available to you. You will not be able to make an Offer that falls below the minimum transaction value. Additionally, depending on the outcome of the verification process, your Account may be subject to an upper transaction value limit on the amount or volume of Transactions you may undertake in connection with your Account. We reserve the right to change any Transaction limit that applies to your Account at any time.
• In order to submit an Offer, you must (i) provide valid and correct data to each requirement on the LCX Platform and (ii) click the relevant confirmation button for the Offer.
• Any applicable fees will be displayed to you on the LCX Platform prior to making an Offer.
• The receipt of an Offer will be confirmed to you promptly.
• You are bound by your Offer for a period of 24 hours following the submission.
• LCX will, within 24 hours of the submission of your Offer, decide, at its sole discretion, either to accept your Offer or reject it.
• Any Offer accepted by LCX will result in a Transaction between you and the relevant counterparty.
• LCX will fulfil the Transaction within 48 hours after you have submitted your Offer on the LCX Platform by irrevocably crediting the Tokens to your Account.
• Immediately after accepting or rejecting your Offer, the LCX Company entering into the Transaction will transmit a confirmation to you which will state whether the Transaction was accepted or rejected, as well as an outline of the applicable fees.

2. LCX operates the trading platform based on Matched Principal Trading with regard to Virtual Assets. Matched Principal Trading means a form of dealing on (LCX’s) own account but is not considered proprietary trading as no market risk is taken on, as 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). Matched principal trading occurs when LCX interposes itself between the buyer and the seller in a transaction, ensuring both legs are executed simultaneously, but without taking on market risk. This means:

• The LCX briefly acts as a counterparty to both sides but does not hold inventory.
• The risk is fully mitigated because the buy and sell orders are matched before execution.
• LCX earns a spread or fee rather than trading on its own book.

Virtual assets traded on the LCX Platform do not constitute financial instruments under MiFID II and are not subject to investor compensation schemes such as deposit guarantees or financial services compensation programs.

3. Trading virtual assets involves significant risks, including but not limited to (also compare Risk Disclosure):

• Market volatility: Prices of virtual assets can fluctuate significantly and may lead to the total loss of invested funds.
• Liquidity risks: Some virtual assets may have low liquidity, impacting the ability to buy or sell at expected prices.
• Regulatory risks: The legal status of virtual assets is evolving, and changes in laws may impact the use and tradability of certain assets.
• Cybersecurity risks: Virtual assets held in digital wallets are susceptible to security breaches, hacking, and theft.

Users should assess their risk tolerance before trading and consider seeking independent financial advice.

4. LCX does not guarantee that any trade or transaction will be executed at a particular price or within a specific timeframe. Market fluctuations, external liquidity constraints, or technical issues may impact execution conditions.

5. Notwithstanding the above, LCX ensures fair and transparent order execution. Orders placed on the LCX Trading Platform are matched based on the following criteria:

• Price priority: Orders offering the best price receive priority.
• Time priority: Among orders at the same price level, the earliest submitted order takes precedence.

6. LCX reserves the right to reject, suspend, or delay the execution of any transaction in the following cases:

• Insufficient balance in the user’s account.
• Technical malfunctions affecting platform operations.
• Regulatory requirements or AML/KYC restrictions.
• Abnormal market conditions or excessive price volatility.

Users will be notified of rejected or delayed transactions where legally permissible.

7. LCX strives to provide the best possible execution by:

• Aggregating market prices from multiple sources.
• Utilizing matched principal trading, ensuring simultaneous execution of both buy and sell orders.
• Monitoring execution quality regularly to ensure fair treatment of all users.

8. 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.

LCX implements:

• cold storage solutions to enhance security.
• IT audits to mitigate risks.

9. However, LCX shall not be liable for losses resulting from:

• Cybersecurity incidents beyond its control (e.g., hacking, force majeure events).
• User negligence in securing account credentials.

9. Users may withdraw their Virtual Assets from the LCX Trading Platform, subject to:

• Compliance with AML/KYC verification requirements.
• Potential withdrawal limits based on account status.

LCX reserves the right to suspend withdrawals in case of:

• Suspected fraudulent activity.
• Regulatory compliance obligations requiring intervention.

10. Users are strictly prohibited from engaging in market abuse practices, including but not limited to:

• Insider trading (trading based on material non-public information).
• Wash trading (simultaneously buying and selling to create misleading market activity).
• Spoofing & layering, frontrunning (placing fake orders to manipulate price movements).
• Pump-and-dump schemes (coordinated efforts to artificially inflate prices).

LCX reserves the right to:

• Suspend or terminate user accounts suspected of market abuse.
• Report suspicious activities to regulatory authorities and cooperate in legal investigations.

11. LCX strives for mean 90 % platform uptime but does not guarantee uninterrupted access to trading services. Service interruptions may occur due to:

• Scheduled maintenance and system upgrades (which do not count towards uptime threshold).
• Unexpected technical failures (e.g., API disruptions, third-party service outages).
• Regulatory interventions requiring temporary suspension of services (also not counting towards uptime threshold).

LCX shall not be liable for losses incurred due to:

• Missed trading opportunities resulting from service disruptions.
• Price fluctuations or slippage due to execution delays.

12. LCX shall not be held responsible for failures in order execution, settlement delays, or system disruptions caused by events beyond its control, including but not limited to, natural disasters, cyberattacks, or political instability or regulatory changes that impact trading conditions.

13. When LCX lists respectively admits Virtual Assets to trading on its Exchange or Trading Platform, 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. The risk and liability of the suitability of the DLT system (e.g., blockchain) and smart contract system 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 and initial offeror.

• Virtual Assets Custody & Administration (LCX Custody)

1. LCX provides custody and administration of virtual assets on behalf of clients;which is understood to mean a service provider, who holds Virtual Assets and/or the private key in the name and on behalf of the respective principal (Virtual Assets Custody). 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 – hot or cold wallet – 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). Whereas for security reasons by default the assets are put in cold storage and moved out of cold storage only for trading.

A user of the Virtual Assets Custody can no longer dispose of the Virtual Assets in custody directly. With the Virtual Assets Custody, LCX holds tokens in your name and on your behalf on its own wallet(s).

2. If you place Virtual Assets in the custody of LCX you may therefore no longer dispose of these Virtual Assets directly yourself but must initiate any transaction through LCX.

3. 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.

4. The Virtual Assets Custody begins upon handing over the Virtual Assets or private keys 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. 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.

6. 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.

7. 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 or in an offline cold-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.

8. The risk and liability of the suitability of the DLT system (e.g., blockchain) for the respective application purposes lies with the User.

9. Certain risks may arise if third parties are involved in the safekeeping of private keys or tokens (sub-custody) as well as in the case of outsourcing critical services for the safekeeping of private 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 (please also refer to the separate Risk Disclosure document). 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
  • Risk of Unauthorized Access: Despite employing state-of-the-art encryption and security measures, there’s a residual risk that unauthorized individuals could gain access to your digital assets or private keys due to sophisticated cyber-attacks or security vulnerabilities.
  • The risk that the third-party service provider may not adhere to the same stringent security protocols as the TT Depositary, potentially leading to unauthorized access, theft, or loss of crypto assets or private keys.
  • Explanation for Customers: We use advanced security measures to protect your assets and request this from third-party providers as well. However, like any digital system, there remains a chance that hackers could breach defenses. We continuously upgrade our security and work together with our partners to guard against such scenarios.

• Legal and Regulatory Risks
  • Risk of Regulatory Changes: The regulatory environment for digital assets is evolving. Changes in laws or regulations could affect the use, transfer, or value of your digital assets.
  • The risk persists that a third-party service provider may not fully comply with regulatory requirements, potentially exposing the customer’s assets to legal risks or sanctions.
  • Explanation for Customers: Laws governing digital assets can change, potentially impacting how you can use or the value of your assets. We monitor these changes closely to adapt our services accordingly. The companies we work with to safeguard your assets may be required to follow a lot of the same laws we do and if not we still request them to operate with the same diligence as required from us.

• Third-party and Sub-custody Risks
  • Risk of Third-party Failure: When we use third parties or sub-custodians to help safeguard your assets, there’s a risk that their failure or security breach could affect your assets.
  • This refers to the risk associated with the financial stability or solvency of the third-party service provider, which could result in the loss of assets if the provider faces bankruptcy or financial distress.
  • Explanation for Customers: We may sometimes partner with other companies to keep your assets safe. If these partners encounter problems, it could pose a risk to your assets, though we carefully choose and monitor these partners to minimize this risk.

• Technological Risks
  • Risk of Technological Obsolescence: The rapid pace of technological change could make the current security measures obsolete, potentially compromising the safety of stored assets. This may also apply to our partners.
  • Explanation for Customers: Technology changes fast, and today’s top security measures might not guard against tomorrow’s threats. We’re committed to staying on the cutting edge to keep your assets safe. Likewise, if our partners encounter problems, it could pose a risk to your assets, though we carefully choose and monitor these partners to minimize this risk.

• Operational Risks
  • Risk of Human Error: Even with the most sophisticated systems, human error can lead to the loss or mismanagement of digital assets.
  • The risk of operational failures, such as technical glitches, system downtime, or human error at the third-party provider, which could delay or disrupt access to your assets or their management.
  • Explanation for Customers: People make mistakes, and on rare occasions, this could affect your assets. We train our staff rigorously and have checks in place to minimize this risk. We request the same stringent checks and balances from our partners.

• System and Network Risks
  • Risk of System Failures: Software bugs, hardware failures, or network issues could temporarily disrupt access to your assets or, in worst-case scenarios, lead to data loss. This may also apply to our partners.
  • Explanation for Customers: Technical problems could temporarily prevent access to your assets or, very rarely, cause data loss. We have backup systems and recovery plans to protect against these situations. Likewise, if our partners encounter problems, it could pose a risk to your assets, though we carefully choose and monitor these partners to minimize this risk.

• Data Privacy Risk
  • Description: The risk that the third-party service provider may not maintain the confidentiality and integrity of customer data, leading to potential data breaches or privacy violations.

• Explanation for Customers: While safeguarding your digital assets, there’s a chance that your personal information could be exposed due to less stringent privacy safeguards at our partner organizations. However, we carefully choose and monitor these partners to minimize this risk.
• Reputational Risk
  • Description: The risk that failures, breaches, or unsatisfactory service levels at the third-party provider could negatively impact the reputation of the TT Depositary, affecting customer trust and confidence.
  • Explanation for Customers: Issues at our partner firms, like security breaches or service failures, could reflect poorly on us, potentially affecting your trust in our ability to safeguard your assets, though we carefully choose and monitor these partners to minimize this risk.

LCX also provides its custody services with regard to private keys , holding them 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).

1. You may put in custody any keys enabling the disposal over Virtual Assets which are supported for this Service by LCX.
2. 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.
3. All of the above provisions on Virtual Assets Custody and Administration, apply mutatis mutandis on private key custody.

5.24. Fees according to the Fees Schedule apply for Key Custody.

• Exchange of Virtual Assets for Funds or other Virtual Assets (LCX Exchange)

1. 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.
2. 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.
3. 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.
4. 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. Exchange offers are executed against the account of LCX as a direct counterparty (Principal Trading with regard to Virtual Assets).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.
6. 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.
7. Each delivered Virtual Asset remains the property of LCX until full payment has been received.
8. LCX Exchange operates under a non-discriminatory commercial policy, meaning that LCX accepts transactions from clients who have completed the required AML/KYC verification process and comply with LCX’s risk management policies. LCX may reject or restrict access to exchange services if a client:

• Fails to meet due diligence requirements.
• Is located in a jurisdiction subject to sanctions or regulatory restrictions.
• Engages in activities that violate market integrity or AML laws.

LCX reserves the right to implement limits on exchange amounts or frequency based on regulatory requirements, trading volume, or risk assessment.

1. When you place an exchange offer, you authorize LCX to execute a transaction on a spot basis, as per your instructions. You acknowledge and agree that you must pay LCX any applicable fees related to the exchange of Virtual Assets. LCX is authorized to deduct applicable fees from your asset balance before executing the exchange. Exchange orders are final and binding once confirmed, except in cases of:

• Fraud detection.
• Regulatory intervention.
• System failure preventing proper execution.

Before executing an exchange of Virtual Assets, a confirmation dialogue box will display:

• The type and quantity of Virtual Assets you wish to exchange.
• The corresponding Virtual Assets or legal tender you will receive.
• LCX’s estimated fees for executing the exchange.
• The final exchange rate applied to your transaction.
• By confirming the order, you agree to execute the exchange at the displayed price.

2. LCX ensures transparency in exchange rates and transactions by:

• Publishing the firm exchange rate or the methodology for determining exchange rates on the platform.
• Displaying all exchange rate fluctuations in real time based on market conditions.
• Regularly publishing aggregated transaction data, including:
  • Total transaction volumes.
  • Historical exchange prices.
  • Execution statistics for supported Virtual Assets.

This data shall be published in an anonymized format to protect user privacy.

• Placing of Virtual Assets – Token Sale Manager (LCX Launchpad)

1. 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 subsequent listing or admission to trading of Virtual Assets on the LCX Exchange and LCX Trading Platform 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 public offering and placement as well as listing and admission to trading 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, e-money token or asset referenced token unless written consent of the issuer has been granted, that other persons may offer to the public or seek the admission to trading of the asset-referenced token or e-money token, pursuant to Art 16 respectively Art 48 MiCA. 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 separate and individual 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).
2. As part of its services, LCX provides placing services for virtual assets, enabling offerors and project issuers to conduct a public offering of Virtual Assets (for TVTG relevant services under the Token Sale Manager and Token Launchpad see respective sections hereinafter). These services include:

• Structuring and managing the placement of Virtual Assets with firm commitment (guaranteeing a minimum purchase amount) or without firm commitment (best-efforts placements where no purchase amount is guaranteed) as individually specified, whereas by default and if not agreed otherwise the placement will be without a firm commitment basis.
• Facilitating token distribution to targeted purchasers.
• The placing services only apply to Virtual Assets that do not qualify as financial instruments, e-money, e-money tokens, or asset-referenced tokens.

3. The individual Token Sale and Listing Terms shall indicate towards the offeror the amount of transaction fees associated with the proposed placing, the likely timing, process and price for the proposed operation and information about the targeted purchasers. LCX reserves the right to adjust these processes, including pricing mechanism and timeline if market conditions require modification.

4. Users participating in the placement must submit purchase respectively subscription commitments before the end of the offering period. Orders shall be executed at the final offering price, and allocations will be subject to availability. LCX reserves the right to reject or modify orders if compliance concerns arise. Final allocation of virtual assets is binding once confirmed by LCX.

5. To ensure fair and transparent placing practices, LCX shall, where it places tokens with its own clients, ensure that allocations are based on transparent criteria, preferential treatment is not granted to specific clients and any conflicts of interest are disclosed in advance. LCX shall ensure that if the placement price is determined to be overestimated or underestimated, LCX shall review and adjust pricing procedures before the offering. LCX shall disclose any incentives, commissions, or non-monetary benefits received from the offeror. LCX shall not accept undisclosed compensation in exchange for preferential treatment in the placement.

LCX shall not be liable for:

• Market risks, including price volatility.
• Purchaser losses due to project failure of offeror or lack of adoption.
• External regulatory changes affecting token liquidity.

Users acknowledge that virtual asset placements involve financial risk and should conduct independent due diligence and contact their legal, tax and financial advisor, before participating.

1. When LCX acts as issuer respectively placement agent of Virtual Assets, 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. The risk and liability of the suitability of the DLT system (e.g., blockchain) and smart contract system 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 and initial offeror.
2. LCX reserves the right, at its sole discretion, to pause, halt, or terminate the placement of Virtual Assets at any time due to regulatory, legal, reputational, compliance, AML, technological, or other risk-related concerns. This includes, but is not limited to:

• Regulatory issues, including new legal requirements, supervisory interventions, or enforcement actions.
• Legal disputes with the offeror or third-party claims affecting the placement or the legitimacy of the Virtual Assets.
• Reputational risks, including market integrity concerns or adverse developments affecting the offeror.
• AML/CFT compliance concerns, such as high-risk transactions, sanction violations, or KYC deficiencies.
• Technological risks, including vulnerabilities in the underlying blockchain, smart contract malfunctions, or security concerns.
• Breach of placement terms by the offeror, or other third parties involved.

3. In the event that a placement is paused or halted, LCX may, at its discretion:

• Suspend or cancel the distribution of tokens to purchasers.
• Freeze or revoke pending orders until compliance concerns are resolved.
• Initiate legal or regulatory reviews before resuming the placement.
• Where necessary reverse the placement and token allocation respectively distribution.

4. You may participate in the token sale respectively placement with Virtual Assets or legal tender currencies which are supported by LCX and the project company respectively offeror on whose behalf the tokens are issued respectively placed 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 respectively placement as token issuer respectively placing agent in Liechtenstein.

5. 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 and offeror respectively token project company 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 respectively placement and sale of the Virtual Assets.

6. 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.

1. Token Creator and Tokenization Service Provider as part of Token Sale Manager (LCX Launchpad)

1. As part of the Token Sale Manager (LCX Launchpad), LCX provides the following token-related services under TVTG for principals, offerors and project companies next to placement services:

2. LCX acts as a Token Creator, meaning it:

• Technologically generates and deploys Virtual Assets respectively Tokens on distributed ledger systems (e.g., blockchain).
• Ensures that the technical properties of the token (e.g., metadata, smart contract functionality, and transferability) align with the principal’s specifications and are technically capable of being transferred, held, and disposed of by third parties.

3. 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:

• The token is technically issued and deployed in accordance with the agreed specifications provided by the client at the time of issuance.

The DLT system used at the time the token is put into circulation is suitable for its intended application, based on the state of technology at the time of issuance.

4. LCX acts as a Tokenization Service Provider, meaning it:

• Brings tokens into circulation on behalf of third-party principals, project companies, or offerors.
• Ensures that the legal and technical properties of the token align with the rights represented by the token.

LCX does not provide legal classification of the tokens created or tokenized. The issuer is responsible for ensuring that tokens comply with applicable laws and do not represent financial instruments, securities, or regulated e-money unless properly authorized.

5. As a technological Tokenization Service Provider, LCX may only be held responsible for the use of appropriate measures to ensure that:

• The right in the Virtual Asset is correctly represented during the reasonably to be expected lifetime of said Virtual Asset;
• the disposition of a Virtual Asset directly affects the disposition of the right represented by the Virtual Asset;
• a competing or parallel disposition of the represented right may reasonably be excluded measured by the technological standards at the time of creation of the Virtual Asset.
• the DLT system used at the time the token was put into circulation is suitable for its respective applications.

6. LCX does not assume liability for blockchain-related risks, including network failures, protocol vulnerabilities, or chain splits.

7. By default, LCX does not assume the role of a Token Creator or Tokenization Service Provider, and therefore shall not bear any liability or responsibility associated with these roles.

• LCX only assumes responsibility as a Token Creator or Tokenization Service Provider if explicitly agreed upon in a separate individual agreement.
• In the absence of such an agreement, LCX shall not be deemed responsible for the creation, issuance, tokenization, or representation of rights associated with any Virtual Asset.
• Any references in these Terms to obligations or responsibilities of a Token Creator or Tokenization Service Provider shall only apply where LCX has contractually accepted such a role.

No Implied Responsibility:

• LCX’s involvement in any Token Sale, Launchpad, or other token-related services shall not, in itself, constitute an assumption of liability as a Token Creator or Tokenization Service Provider unless expressly agreed in writing.

In such cases, the principal remains solely responsible for ensuring that tokenized rights are legally valid, enforceable, and technically and legally functioning and transferable.

8. Until tokens are distributed, LCX may hold tokens in its own custody on behalf of the issuer, applying the same security measures as for Virtual Asset Custody Services. The offeror remains the legal owner of the tokens until they are transferred to purchasers or released for circulation. LCX may use, pledge, or encumber such tokens in its custody and set off any claims as stipulated under these Terms.

9. LCX does not guarantee the commercial success, usability, or liquidity of any token it technically creates or tokenization services it provides. LCX is not responsible for secondary market trading outcomes, including price fluctuations, listing respectively admission to trading availability, or investor demand. LCX creates tokens or provides tokenization services in Liechtenstein and shall not be responsible for use by principal (i) which may be construed as misrepresentation of the token’s purpose or functionality, (ii) which is in regulatory non-compliance in any jurisdiction, (iii) which may lead to failure of the project or business associated with the token.

1. Price Oracle (LCX Oracle)

1. Under the so-called Price Oracle system LCX provides the service of a price service provider with regard to Virtual Assets pursuant to the TVTG. 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.
2. 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.
3. 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.
4. 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. The business use of the Price Oracle by you or integration of the Price Oracle into your services is further regulated in separate terms. Unauthorized integration of the Price Oracle into third-party platforms is strictly prohibited.
6. Prices are based on objectively verifiable methodologies, ensuring reproducibility and transparency. LCX ensures that pricing mechanisms prevent conflicts of interest by:

• Using independent data sources and avoiding preferential pricing mechanisms.
• Disclosing relationships or transactions with affiliated parties that could affect price integrity.
• Providing users with clear insights into the sources and calculation methods of price aggregation.

The Price Oracle Service is informational and provided “as is”; LCX is not liable for:

• Errors, outdated data, or inaccuracies in aggregated prices.
• Trading losses resulting from reliance on published price data.
• Data source discrepancies or technical failures affecting price availability.

1. Identity Service Provider

1. LCX provides the service of an Identity Service Provider with regard to Virtual Assets under TVTG. 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 and other Services provided by LCX.
2. 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.
3. As part of this service, LCX:

• Identifies the rightful owner of a Virtual Asset based on control over the private key or comparable mechanism.
• Ensures accurate assignment of private keys to the rightful holder.
• Safeguards client identity data in accordance with data protection regulations.

For in-person verification of individuals or representatives of legal entities:

• Identity must be verified through a government-issued photo ID or an equivalent, documented verification method.
• Representatives of legal entities must provide evidence of their authorization to act on behalf of the entity.

For remote verification of individuals or representatives of legal entities:

• Alternative remote identification methods must be used that provide equivalent reliability to in-person verification.
• LCX shall implement electronic verification protocols to ensure the authenticity of the provided information.

4. LCX is not responsible for the legal enforceability of ownership rights outside its custody or exchange framework. LCX is not liable for disputes arising from unauthorized transfers where private key control has been lost or compromised.

5. LCX also offers compliance and identity verification tools as part of its LCX Compliance Suite, enabling third-party users to perform identity verification, due diligence, and regulatory compliance checks. LCX may grant the service user a limited, non-exclusive, non-transferable, non-sublicensable license to access and use the LCX Compliance Suite solely for the purposes mentioned before and pursuant to separate individual agreements. LCX does not perform or assume any due diligence obligations on behalf of the service user. The user remains solely responsible for ensuring that all compliance checks meet applicable regulatory requirements. LCX’s tools serve only as a technical aid and do not constitute legal, regulatory, or compliance advice, outsourcing or delegation.

• LCX does not guarantee the accuracy, completeness, or correctness of identity verification results, whether performed internally or via the Compliance Suite tools.
• LCX does not assume liability for the compliance decisions, onboarding actions, or due diligence processes of service users utilizing its KYC tools.
• LCX makes no warranties regarding:
  • The fitness for a particular regulatory framework of its identity and compliance services.
  • The performance, uptime, or accuracy of KYC or AML checks performed using LCX Compliance Suite tools.
  • The legality or regulatory sufficiency of identity verification performed using its software solutions.

“The LCX Compliance Suite is provided on an “as-is” and “as-available” basis, without any warranties, guarantees, or representations, express or implied. LCX reserves the right to suspend or revoke access to its Identity Services or Compliance Suite tools within its discretion, particularly if:

• The service is misused or applied in violation of legal or regulatory standards.
• The service user engages in fraudulent, misleading, or non-compliant activities.
• There is evidence of sanctions violations, money laundering risks, or legal enforcement actions.
• Strategic or business decision by LCX related to compliance, risk, reputation or similar.

LCX shall not be liable for business disruptions resulting from the suspension or revocation of services due to compliance concerns.

6. The service user may not distribute, copy, modify, reverse-engineer, or create derivative works of LCX’s Compliance Suite. The user may not sublicense or resell access to the Compliance Suite to third parties. Any attempt to commercialize LCX’s tools outside of this agreement shall result in immediate license termination.

Physical Validator

1. 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.
2. 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) respectively DLT systems like blockchains.
3. 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).
4. 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 tangible physical or real world asset from the storage or 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).
5. 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.
6. 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.
7. LCX is not liable for coincidence or accidental loss (including force majeure).
8. 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.
9. By default, LCX does not assume the role of a Physical Validator, and therefore shall not bear any liability or responsibility associated with these roles.

• LCX only assumes responsibility as a Physical Validator if explicitly agreed upon in a separate individual agreement.
• In the absence of such an agreement, LCX shall not be deemed responsible for the Physical Validation Service associated with any Virtual Asset.
• Any references in these Terms to obligations or responsibilities of a Physical Validator shall only apply where LCX has contractually accepted such a role.

No Implied Responsibility:

• LCX’s involvement in any Physical Validation Service, or other token-related services shall not, in itself, constitute an assumption of liability as a Physical Validator unless expressly agreed in writing.

In such cases, the principal remains solely responsible for ensuring that the contractual enforcement of rights to property represented by tokens on DLT systems in accordance with property law is upheld.

LCX in general does not have to assume ownership or possession of the physical asset but ensures its safekeeping through third-party custodians. However, LCX may also assume ownership and possession, in which case it retains a retention of title (Eigentumsvorbehalt) until full payment is received. Additionally, LCX has the right to pledge and offset (as applicable: Pfand- oder Sicherungsrecht & Verrechnung) any assets held in its possession to settle outstanding obligations, liabilities, or claims. If legal uncertainties arise, LCX reserves the right to suspend or refuse validation.

LCX Tokens

1. 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.
2. The functionality of the LCX Tokens is governed in the separate LCX Token Economics paper.
3. No natural or legal entity other than LCX is obliged to accept or support LCX Tokens.
4. LCX Tokens may be used on the LCX Website in connection with Services. With LCX Tokens you get the following benefits:

• LCX Exchange: Reduction of up to 50% trading fees;
• LCX Exchange: Become a pro user and pay monthly fees of LCX Exchange with LCX Token;
• LCX Vault: Pay fees for LCX Vault and our crypto custody solutions in LCX Token;
• LCX Price Oracle: pay fees in relation to LCX’s regulated reference price services which we provide as Price Service Provider in LCX Token.
• Token Sale Manager: pay fees in relation to token sales hosted or powered by LCX technology in LCX Token.
• Furthermore, both commercial users and users of LCX will have the ability to pay fees for listings, exchange membership fees or token sale fees with the LCX Token as well.

LCX EUR* Vouchers

1. 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).
2. 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.
3. With regard to external third party service providers (E-money institutions or payment service providers) for legal tender on- and off-ramp-solutions, users deposit legal tender (e.g., EUR) into a eligible or supported respectively licensed third party service provider account and in return receive e-money or e-money tokens representing this legal tender on the blockchain in the equivalent of the amount of the legal tender paid in. For the avoidance of doubt: With e-money or e-money tokens or similar tokens, 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 e-money or e-money tokens on the blockchain by the respectively licensed party. If users wish to redeem their e-money, e-money token or similar tokens, the licensed third party financial intermediary will pay out fiat funds respectively legal tender to users again. The respective third party service provider’s terms of service apply.
4. 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 on the LCX Platform 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. 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.
6. 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.

Right of Withdrawal

This whole section 6. Only applies to Users who are consumers (“B2C”).

• General provisions

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.
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.
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).
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.
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.

• Retail holders who purchase virtual assets (excluding asset-referenced and e-money tokens) directly from the offeror or via a virtual asset service provider facilitating the offeror’s placement have the right to withdraw from the purchase agreement within 14 calendar days without incurring any fees or providing reasons. The 14-day period begins on the date of the purchase agreement. All payments, including any applicable charges, must be reimbursed within 14 days of the withdrawal request. The refund will be processed using the same payment method unless the retail holder agrees otherwise. The right of withdrawal does not apply if the virtual assets were admitted to trading before purchase. In addition, if the offer has a fixed subscription period, withdrawal rights expire after the end of that period.

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 a 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.

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.

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.

• Contracts of sale or similar transactions and other services with regard to Virtual Assets under FAGG

1. 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.
2. 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.
3. 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.
4. 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).
5. 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.

1. bb) Virtual Assets Custodial Services
2. 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.
3. Purchase of LCX Vouchers according to section 5. “Services”
4. 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).
5. 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 a standard withdrawal form.
6. 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 services into consideration.

Data Protection

1. 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.

Intellectual Property

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.
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.
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.
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.
5. 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/:

• LCX main brand mark and Logo, Trademark Nr. 18701, trade marked in Principality of Liechtenstein
• LCX combined wordmark and logo, Trademark Nr. 18702, trade marked in Principality of Liechtenstein
• LCX Wordmark “LCX”, Trademark Nr. 18703, trade marked in Principality of Liechtenstein
• LCX main brandmark, trademark, service mark and wordmark, serial number 88890124 at the United States Patent and Trademark Office (USPTO)
• LCX trademark, servicemark and wordmark “LCX”, Serial Number 88890134 at the United States Patent and Trademark Office (USPTO)
• LCX trademark, Serial Number 88890116 at the United States Patent and Trademark Office (USPTO)
• LCX trademark, Serial Number 90871352 at the United States Patent and Trademark Office (USPTO)
• LCX main brandmark, trademark, service mark and wordmark, serial number 018233516 at the European Union Intellectual Property Office (EUIPO)
• LCX wordmark “LCX”, serial number 018233509 at the European Union Intellectual Property Office (EUIPO)
• LCX trademark, serial number 018233512 at the European Union Intellectual Property Office (EUIPO)

6. 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:

• transfer, sublicense, loan, sell, assign, lease, rent, act as a service bureau, distribute or grant rights over the LCX Materials to any person or entity or use the Website, Services or LCX Materials for any commercial or noncommercial purpose other than their intended purposes;
• modify, alter, tamper with, repair, or otherwise create derivative works of any software included in the LCX Materials and use the LCX Materials to create competing services;
• reverse engineer, disassemble, or decompile the LCX Materials or the Services or apply any other process or procedure to derive the source code of any software included in the LCX Materials or as part of the Services.

7. 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.

User Content and Third-Party Content

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:

• is unlawful, libellous, defamatory, obscene, pornographic, sexually suggestive, harassing, threatening, invasive of privacy or publicity rights, abusive, inflammatory, fraudulent or otherwise objectionable;
• would constitute, encourage or provide instructions for a criminal offence, violate or infringe the rights of any party (including intellectual property rights or rights of publicity or privacy), otherwise create liability or violate any local, state, national or international law;
• contains or depicts any statements, remarks or claims that do not reflect your honest views and experiences;
• contains personally identifiable information about any person without that person’s consent;
• impersonates, or misrepresents your affiliation with, any person or entity (including LCX);
• references or depicts LCX or our Services but fails to disclose any material connection to us that may exist;
• contains any unsolicited promotions, political campaigning, advertising or solicitations;
• contains any viruses, corrupted data or other harmful, disruptive or destructive files or content; or
• in our sole judgement, is objectionable or that restricts or inhibits any other person from using or enjoying the Services, or that may expose LCX or others to any harm or liability of any type.

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.

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.

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.

Account Limitations, Term and Termination and Survival

1. Your contractual relationship with LCX starts when you accept these Terms. 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 to settle any rights or bligations 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.
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:

• establishing new transactional or processing fees;
• creating an occupied reserve within your Account in an amount reasonably determined by us to cover anticipated reversals, losses and related fees, which is temporarily blocked for the execution of Services;
• limiting specific privileges or parts of Services; or
• terminating or suspending the Service.

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:

• you have violated provision of these Terms;
• we determine that you pose an unacceptable credit or fraud risk or other liability risk to us;
• you provide or have provided false, incomplete, inaccurate, or misleading information (including without limitation any registration information) or otherwise engage in fraudulent or illegal conduct;
• proceedings or investigations against you are commenced by any national or international governmental authority or court;
• we have security concerns regarding your Account, including your credentials, or
• We suspect unauthorised or fraudulent use of your Account or any sensitive information in your account.

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. In certain cases, you may therefore not be able to terminate your Account. This is the case when (i) your Account is subject to freezing, suspension or blocking, (ii) you have outstanding amounts owed, or (iii) you made an offer that is not yet accepted or rejected by LCX.

4. You can close your Account at any time by logging into your Account, clickig on the Account settings, and then following the instructions.

5. We may close your Account at our convenience by providing you with prior notice. We may also block, freeze or suspend your account at any time without prior notice where:

• you are in breach of these Terms and/or we are entitled to close your Account by applicable laws;
• you do not access your Account for three years and have no assets available on your Account;
• we suspect that your Account has been accessed fraudulently;
• we have reason to believe that we may incur any liability through the continuation of our relationship with you;
• should your transactions appear to be contrary to public order or morality;
• should you fail to meet your obligation to act in good faith;
• LCX reasonably believes that you are or have been convicted or accused of (including any reasonably documented media reports or market rumours on) any breach or violation of criminal, administrative or tax laws in any country of the world;
• official investigations (by any competent public authority, in particular, but not limited to, any public prosecutors in the field of criminal law or tax agents) have been initiated or threatened against you with respect to any breach or violation of relevant criminal, administrative or tax laws in any country of the world;
• LCX is required to do so in order to comply with any (i) applicable law (in particular for anti-money-laundering purposes) or regulation, (ii) internal guidelines based on such law or regulation, (iii) any request by a court or other authority, or (iv) any applicable sanctions programme;
• you incur excessive chargebacks (claiming a chargeback, requesting a reversal of funds or Transaction), reversals (any chargeback, refund, return or similar transaction event that would result in a reversal of payment) or perform excessive fraudulent activities against any payment service provider;
• you lose your legal capacity to act (including your death), in which case your Account and all transactions may be suspended until it is clarified who may dispose of the assets in accordance with applicable laws.

6. LCX may terminate your Account in case the continued provision of LCXʼs services becomes economically unviable or unsustainable for LCX in your jurisdiction, including where you change your residency, and LCX decides to exit the jurisdiction as a whole. LCX may also cease providing certain Services by giving you notice in case the continued provision of such services or products becomes economically unviable or unsustainable for LCX.

7. The measures available to LCX under these Terms, particularly this Section are, to temporarily or permanently,

• block certain services (this means you cannot use a particular service of LCX, e.g. withdrawals);
• freeze certain services of your Account (this means disabling all deposits/withdrawals and transactions of assets on the LCX Platform); and/or
• suspend or disable your Account as a whole (this means you cannot access your Account).

8. Within its regulatory obligations, LCX is required to continuously monitor the transaction behaviour of its customers. As part of this, individual Offers (for all Supported Assets) may be subject to being frozen or blocked. The decision whether to freeze or block an Offer depends on several factors and is based on the fact that such Offer may appear suspicious based on LCX’s internal security systems. The Offer in question is then reviewed by LCX on an individual level, which is why there may be longer waiting periods before the Offer is fulfilled.

9. In case of unforeseeable technical disruptions, there may be unforeseeable delays in processing Offers. If there are any errors in the transmission of Offers or technical interruptions in the execution, LCX has the right to block or suspend such Offers.

10. Should your Account or certain Services be suspended, frozen and/or blocked, LCX will lift the respective limitation once such reasons no longer exist. In case an offer could not be executed due to such limitation, LCX is under no obligation to permit you to execute a new offer at the same price or on the same terms as the offer affected by the suspension/freeze/block.

11. 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. In general, we aim to give you a 30 day window after termination, where you may withdraw all assets and end all services, for orderly termination.

12. 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.

13. 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.

14. 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.

15. If an examination by LCX revealed a violation of applicable law or a breach as described above, LCX may cancel or reverse any transaction affected by such violation.

16. Due to unforeseeable and serious technical errors over which LCX has no influence, a transaction that has been concluded, may be reversed if the Transaction contains an obvious error regarding price, volume or Supported Asset that would be immediately recognizable to a reasonable customer.

17. LCX may reverse or cancel a transaction in cases of abusive behaviours by you towards LCX. Abusive behaviour includes, for example, the exploitation of loopholes or the usage of arbitrage opportunities or a manipulation of the LCX Platform.

18. LCX is not obligated to disclose to you any findings or information acquired by LCX’s security and risk management procedures.

19. Once LCX has been notified of your death and received proof of your death in sufficient form, the Account will be suspended and blocked for security reasons, until the order of succession will be ascertained from a court having competent jurisdiction over your estate. The required steps will be communicated to the designated executor, respectively the heir(s). For security reasons, LCX does not disclose in advance any details regarding the scope and content of the required steps.

20. After a termination of your Account, irrespective of whether the termination was initiated by LCX or you, you are obliged to close any outstanding and open transactions and either sell on the LCX Platform or withdraw all Supported Assets immediately, unless either you or LCX are not able to withdraw under applicable law (for example, compliance with sanctions or court orders). Each withdrawal is subject to prior full settlement of any outstanding receivables. For the avoidance of doubt, if only specific parts of the contractual relationship are terminated (for example, trading of certain Supported Assets) the withdrawal obligation only applies to the associated Supported Assets.

21. If Supported Assets remain in your Account after termination, you can withdraw or transfer your Supported Assets out of the LCX Platform within 7 (seven) days. During this period, your Account is still accessible but restricted from other activities. Any Service of Supported Assets post-termination is subject to the approval of the compliance department of LCX. Afterwards your Account will be closed. If there are still Supported Assets in your Account, please contact the Customer Support in order to dispose of your Supported Assets. You will be informed in writing or on another durable medium about these consequences.

22. If you fail to dispose your Supported Assets within one month after the termination date, LCX shall be entitled, after prior notification to you on a durable medium, to:

• sell the Supported Assets at the prevailing market prices at the LCX Platform and transfer the proceeds of the sale (after deduction of any applicable fees in connection with the sale) to you;
• deposit such Supported Assets in court at your expense, whereas you will be informed about such deposit.

Communications

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.
2. Notices to LCX made in connection with these Terms must be sent to: [email protected] or to the post of LCX.
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.

Warranties and Disclaimers

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.
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.

1. 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.
2. 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:

1. 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.

Limitation, Liability, Retention & Offsetting

B2C:

1. Liability for slight negligence is excluded vis-à-vis consumers.

B2B:

1. 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.
2. 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:

1. 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.
2. 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.
3. 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:

• Losses of profits, expected revenue or gains, or business opportunities, even if we were advised of or knew or should have known of the possibility of the same;
• Security problems experienced by the User of the Services, the properties of the the Virtual Assets or its underlying technology used or any other Services, e.g., unauthorised access to a User’s Account;
• Technical failures in the hardware of a user, e.g., data loss owing to a faulty or damaged storage device;
• Mistakes made by a User, e.g., forgotten passwords, transactions sent to incorrect addresses;
• Software, e.g., corrupted files, incorrectly constructed transactions, unsafe software libraries and/or malware affecting the Services;
• Actions or inactions of third parties or events experienced by third parties, e.g., bankruptcy of service providers, information security attacks on service providers, and fraud conducted by third parties;

1. 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.
2. 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:

1. 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:

1. 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:

1. 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 pledge or as a security interest as applicable 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. For the avoidance of doubt, until full payment of all obligations towards LCX has been received, any delivered, transferred, or held Tokens or Virtual Assets of LCX remain the sole property of LCX. The user may not pledge, encumber, transfer, or otherwise dispose of the Tokens or Virtual Assets without LCX’s prior written consent. LCX retains a pledge (Pfandrecht) and security interest (Sicherungsrecht) as applicable over all Virtual Assets in LCX’s possession, securing all present and determinable future claims LCX has against the user. This security right extends to all fees, liabilities, and other obligations owed by the user to LCX, whether arising from trading, custody, exchange, or any other service provided by LCX, its subsidiaries, directors or affiliates. In case of non-fulfillment of obligations, LCX is entitled to realize liquidate, or otherwise dispose of the pledged or secured Virtual Assets to cover outstanding claims. LCX may also set off (Verrechnung) any amounts due by the user against the value of Tokens or Virtual Assets held by LCX, regardless of the legal basis of such claims. Any remaining balance after set-off and liquidation will be credited back to the user’s account, while any outstanding shortfall remains the user’s liability.
2. 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.
3. 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.
4. The User hereby expressly agrees that the Company may exercise its retention, liquidation and/or 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.
5. LCX shall be liable to you for the loss of any Virtual assets or of the means of access to the Virtual assets as a result of an incident that is attributable to LCX. The liability of LCX shall be capped at the market value of the Virtual Asset that was lost, at the time the loss occurred. Incidents not attributable to LCX include any event in respect of which LCX demonstrates that it occurred independently of the provision of the relevant service, or independently of the operations of LCX, such as a problem inherent in the operation of the distributed ledger of such Virtual Asset that LCX does not control or where LCX has not breached its duties of care, including cyber incidents, for which LCX was not at fault.
6. You cannot claim damages if LCX or its employees, delayed or failed to carry out a Transaction due to negligent unawareness that the suspicion of (i) money laundering, (ii) terrorist financing or (iii) a breach of the obligations to act on your own behalf and disclose the beneficial owner of a Transaction, was false.

Market Abuse Prevention & Conflicts of Interest

1. LCX is committed to maintaining a fair and transparent marketplace for all users. Any form of market abuse under applicable law, including insider trading and market manipulation, is strictly prohibited on the LCX Platform. Market abuse refers to activities that distort the price, demand, or supply of Supported Assets, leading to an unfair advantage or deception of other participants. Violations of these policies not only breach this User Agreement but may also be subject to legal and regulatory action. Below are two key types of market abuse: Insider Trading and Market Manipulation.
2. Insider trading occurs when someone with access to non-public, material information about a Supported Asset uses that information to trade or influence the market unfairly. This also includes the disclosure of such non-public information to others, whether directly or indirectly, in a way that allows them to trade on the information. Sharing privileged information (also known as “tipping”) or using insider knowledge for personal gain undermines market integrity and is strictly prohibited. Any Transaction or advice provided using non-public information that can affect the price of a Supported Asset on the LCX Platform is a serious violation of the User Agreement and relevant Product Terms.
3. Any behaviour that qualifies as market manipulation under applicable law is strictly prohibited on the LCX Platform. The following section outlines specific behaviour or market practices that could be qualified as market manipulation as well as restricted activities.
4. These are some simple examples for illustration purposes. Please bear in mind that this is a non-exhaustive list of examples and other forms of trading could also be considered manipulative and influential on the market price.

Pump and Dump

• Pump: You buy large amounts of Tokens. You then spread hype and false positive news about the Token on social media, forums, or chat groups to attract other buyers, inflating the price.
• Dump: Once the price is significantly inflated, you sell off your holdings at the high price. This sudden sell-off causes the price to crash, leaving other investors who bought into the hype with losses.

Wash Trading

• You buy and sell the Token back and forth between your own Account or the account of a related party or by some other form of a pre-arranged trade.
• This creates the illusion of high trading volume and activity.
• Other investors are misled into thinking the Token is in high demand, prompting them to buy it, which could drive the price up artificially.

Bear Raiding

• You spread negative rumours or false information about the Token, causing fear and uncertainty.
• This leads to panic selling by other investors, driving the price down.
• You then buy the Token at the lower price and profit when the price recovers.

Front Running

• Front-running refers to the act of exploiting knowledge of pending transactions on a blockchain to gain an unfair advantage in executing trades before the original transaction is confirmed. Unlike traditional finance, where front-running often involves insider knowledge from brokers or market makers, crypto front-running primarily relies on the transparency of blockchain transactions and the ability to manipulate transaction ordering.

1. LCX is dedicated to identifying, managing, and mitigating conflicts of interest to protect customer interests. Potential conflicts may arise between LCX, its employees, affiliates, and customers in certain circumstances. To address these, LCX has implemented strict policies and compliance reviews to prevent and manage conflicts effectively. Should a conflict be considered unavoidable, such a conflict is disclosed to clients, enabling informed decisions. LCX does not provide financial advice, ensuring that all trading decisions are made by clients.
2. Complaints may be submitted via designated channels on the Website or via Customer Support. Further information on complaints handling may be found on the Website of LCX.

Severability

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.
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.

Applicable Law and Jurisdiction

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.
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.
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.

Forward-Looking Statements

1. 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.

Fees

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, which means the acceptance of offer by LCX, unless a different date is specified. 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.
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.
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.
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.
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.
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.
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.

19. Affiliate Programs

Eligibility and Enrollment. To participate in the LCX Affiliate Program (“Program”), individuals must:

1. Create a registered user account at LCX.com;
2. Successfully complete at least Level 2 identity verification and provide documentation as requested in the discretion of LCX; and
3. Submit a complete and accurate affiliate application via the designated LCX affiliate registration page.

1. LCX AG (“LCX”) reserves the sole and absolute right to approve or reject any application for participation in the Program. Submission of an application does not guarantee acceptance. LCX may reject any application that, in its sole discretion, is deemed to contain false, misleading, or incomplete information. The provision of inaccurate or fraudulent information will result in immediate termination from the Program.
2. Affiliate Code and Responsibilities. Upon approval, the Affiliate will be issued a unique referral code or tracking link (“Affiliate Code”), which must be used to attribute new user registrations and trading activity. The Affiliate is solely responsible for the proper, ethical, and lawful use of the Affiliate Code. Any misuse of the Affiliate Code, including but not limited to self-referrals, fraudulent referrals, or spamming, may result in immediate termination and forfeiture of any accrued commissions.
3. Commission Structure. Affiliates may earn commissions of up to fifty percent (50%) of the trading fees generated by users who register via their Affiliate Code (“Referred Users”).
4. LCX also offers a Sub-Affiliate Model. Under this structure, the Affiliate may earn ten percent (10%) of the commission earnings generated by any sub-affiliates directly referred by the Affiliate.
5. Commissions are calculated based on the actual trading activity of Referred Users and may vary depending on applicable rates and performance tiers. LCX reserves the right to modify the commission structure or rates at any time, with or without prior notice. Further details may be found on the LCX platform.
6. Payments and Tax Responsibility. Commissions will be paid out after the relevant trades are executed and processed. Payouts are subject to applicable laws, tax regulations, anti-money laundering (AML), and Know-Your-Customer (KYC) compliance procedures.
7. The Affiliate shall be solely responsible for all tax obligations and reporting requirements related to commissions received. LCX shall not be responsible for any tax filings or payments on behalf of the Affiliate.
8. Promotion and Marketing. Affiliates must promote LCX using ethical, accurate, and legally compliant marketing practices. The use of deceptive, misleading, fraudulent, defamatory, or unlawful advertising or content is strictly prohibited.

1. Affiliates are fully responsible for all content they create or distribute in connection with the Program. LCX assumes no responsibility or liability for Affiliate-generated content.
2. Affiliates may not impersonate LCX or falsely imply any form of partnership, employment, or endorsement beyond participation in the Program.
3. Analytics Dashboard. Affiliates will be provided with access to an analytics dashboard displaying data including, but not limited to:

• Number of sign-ups;
• Clicks on affiliate links;
• Trading volume of referred users;
• Revenue generated; and
• Commission earnings.

7. These analytics are provided for informational purposes only. LCX makes no guarantees regarding the accuracy or availability of the dashboard or data displayed therein.

8. Promotional Rewards and Campaigns. LCX may, at its sole discretion, offer exclusive affiliate campaigns, limited-time promotions, or additional incentives based on trading volume, deposit amounts, or other criteria.

9. Any rewards or bonuses issued as part of the Program are separate from general platform reward mechanisms and are governed solely by the Program terms. LCX reserves the right to modify, suspend, or terminate such promotions at any time without notice.

10. Termination and Suspension. LCX reserves the right to suspend or terminate the Affiliate’s participation in the Program at any time, with or without cause, effective immediately upon notice. Grounds for termination may include, without limitation:

1. Violation of these Terms;
2. Fraudulent or abusive conduct;
3. Misuse of the Affiliate Code;
4. Reputational harm to LCX or its affiliates.

11. Upon termination, LCX may withhold or cancel any unpaid or outstanding commission payments at its sole discretion. The Affiliate shall immediately cease all use of the Affiliate Code and remove all references to the Program from public platforms.

Likewise, LCX reserves the right to amend, suspend or terminate any affiliate program in whole or in part at any time, at its sole discretion, without giving reasons.

12. Limitation of Liability. LCX shall not be liable for any indirect, incidental, special, or consequential damages, including loss of profits, loss of data, or business interruption, arising out of or in connection with the Affiliate Program, even if LCX has been advised of the possibility of such damages. LCX’s total liability to the Affiliate shall not exceed the total commissions paid to the Affiliate in the six (6) months preceding the event giving rise to the liability. In addition, the general provisions on limitation of liability under these Terms apply.

13. No Employment or Agency Relationship. Participation in the Program shall not be construed to create any partnership, joint venture, agency, franchise, or employment relationship between the Affiliate and LCX. Affiliates have no authority to make or accept any offers or representations on behalf of LCX.

14. Data Privacy and Confidentiality. Affiliates agree to comply with all applicable data protection laws and shall not collect or process personal data of users referred to LCX unless explicitly authorized by LCX in writing. Any non-public information disclosed by LCX in connection with the Program shall be treated as confidential and not disclosed to third parties without prior written consent.

15. Inactivity Clause. If an Affiliate account remains inactive (i.e., no new referrals or commission-generating activity) for a period exceeding 180 days, LCX reserves the right to terminate the account or suspend commission payouts at its discretion.

16. Affiliate Compensation Disclosure. LCX AG may, from time to time, engage third-party affiliates, promoters, or marketing partners (“Affiliates”) to refer users to the LCX platform. These Affiliates may receive remuneration from LCX in the form of commissions, rewards, or other benefits based on user activity, such as trading volume or account registration via a unique referral link.

17. LCX does not endorse or control the specific content published by such Affiliates, and users should exercise independent judgment when engaging with third-party promotional materials.

18. LCX ensures that such arrangements comply with applicable law and has implemented internal procedures to monitor affiliate conduct. Users acknowledge that their registration via an Affiliate link does not imply any additional fees or disadvantage and is subject to the same rights and obligations as any other user.

19. If you were referred to LCX by a third party and have questions about the nature of their relationship with LCX, you may contact LCX directly at [email protected] for further information.

20. Miscellaneous

Assignment

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

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.

No Waiver

3. The failure of LCX to enforce or to exercise, at any time or for any period of time any term of or any right or remedy arising in connection with the LCX Platform shall not constitute, and shall not be construed as, a waiver of such term or right or remedy and shall in no way affect LCX’s right to enforce or exercise it later, provided that such right is not time barred, expired or precluded.

Prolonged inactivity

4. 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

1. 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.

SCHEDULE A – Additional Terms for B2B customers

This Schedule A sets out the additional terms and conditions for your Business or B2B Account in addition to any specific provisions as referenced from time to time as “B2B” throughout the Terms. These additional provisions apply to users who are not Consumers (B2C) but operate a business, and wish to use the LCX Platform and Services for such business or commercial activity. A business is an organisation run independently for economic purposes, regardless of profit generation. For the avoidance of doubt, this Schedule expands and summarizes B2B duties but does not limit them. In case of any conflict, the provisions of this Schedule shall be interpreted as expanding, rather than restricting, the applicable B2B duties in the Terms.

“You” in this context refers to the individual or entity that, through an authorised representative, agrees to and is legally bound by the provisions outlined in the Terms and this Schedule A. The following provisions shall extend the provisions of the Terms, which may also be summarized here. For the avoidance of doubt, any duties committing the business entity also obliges its representatives and natural persons acting on behalf of the business entity.

Business Account Opening & Warranties

Businesses interested in using LCX’s services as part of their commercial activity may create a business user account by registering on the LCX Platform.

No Account may be registered with LCX if it involves a legal entity, a trust, a foundation, or an asset subject to the jurisdiction of the United States or any country against which the United Nations, the European Union, the United States, or Liechtenstein have imposed sanctions.

As a Business Account holder, you undertake and warrant that only persons with sufficient authorisation have access to your Business Account. LCX is entitled to rely on any instructions given or purported to be given on your Business Account, unless LCX is notified otherwise. LCX will not be liable in case of any loss or damage suffered by you as a direct or indirect result of an authorised or unauthorised person using your Business Account.

If you are a legal entity, you represent and warrant that you:

• are duly organised and validly existing under the laws or your jurisdiction;
• have the good right, full power and authority and all internal approvals to enter into any Services with LCX;
• have sufficient funds to fulfil your obligations towards LCX.

In addition to any notification obligations under the Terms you shall inform LCX about

• any change of your ultimate beneficial owner and direct or indirect ownership structure; and
• the commencement of dissolution, insolvency, restructuring, winding up or similar proceedings in any applicable jurisdiction as well as about the termination of your legal entity for whatever reason.

Use of Business Account & Notifications

You may use your Business Account for commercial or business purposes only. Business Accounts are not for personal use. If you want to use LCX for personal purposes, you must apply for a private Account.

If you become aware that a transfer from or into your Business Account has been made, it is your obligation to immediately verify if such transfer was successful (e.g., credited to your Business Account in case of a transfer into your Business Account or verifying the success of the transfer via a blockchain explorer). It is your obligation to promptly notify LCX of any failed or delayed Transfer or similar irregularities. LCX will not be liable for any losses or damages due to late notification.

You hereby unconditionally and irrevocably waive your right to set-off your liabilities with LCX, its directors, subsidiaries or affiliates.

Termination

LCX may terminate your Business Account if you are subject to any dissolution-, insolvency-, restructuring-, winding up- or similar proceedings have commenced. The Business Account and all Transactions may be suspended until it is clarified who may dispose of these assets in accordance with applicable laws.

In addition to the termination rights in the Terms, LCX can, at any time and without prior notice to you, terminate your Account and any open transactions or outstanding Services, if:

• There has been a material change in the beneficial ownership or your ownership structure;
• LCX has good reason to believe that you have disposed of significant business assets or LCX has concerns regarding your creditworthiness.

Limitation of Liability

In addition to the limitation of liability provisions of the Terms, LCX and its subsidiaries, directors and affiliates limits their liability and warranty to the maximum extent permitted by law, with respect to business clients, according to the following principles:

• The services provided by LCX, its subsidiaries and/or affiliates are provided on an “as is” and “as available” basis, without any warranties of any kind, either express or implied, including but not limited to, warranties of merchantability, fitness for a particular purpose, or non-infringement.
• LCX, its subsidiaries, directors and affiliates shall only be liable for claims for damages caused intentionally by LCX or an agent, only if it has willingly and knowingly selected an unfit agent.

In addition to the general limitation of liability provisions LCX shall only be liable for physical damage to persons (Personenschaden) or damages resulting from LCX breaching essential contractual obligations (Hauptleistungspflichten) under the Terms; liability for breaches of secondary obligations is expressly excluded.

Except for damages resulting from fraudulent, wilful or intentional acts, under no circumstances shall LCX be liable for indirect damages or consequential damages, especially loss of production, loss of goodwill or reputation, loss of data, loss of a business opportunity or any loss of profits (entgangener Gewinn), expected revenue, or gains (which includes the loss of anticipated profits and/or any actual or hypothetical losses) whether incurred directly or indirectly or losses as a consequence of any risks identified in the Key Risks section of the Terms or risks publicly disclosed on the Website of LCX.

LCX shall not be liable for any failure or delay in performing its Services if such failure or delay is due to circumstances beyond its reasonable control, including but not limited to, natural disasters, war, terrorism, (stock) market crashes, cyberattacks and hacks, unauthorised or fraudulent use of an authentication element by a third party (e.g., in the case of a SIM swap attack), strikes, or government actions. The risk of accidental loss lies with the user.

Notwithstanding any other provision of the Terms and this Schedule, LCX’s maximum aggregate liability shall be limited to the total fees paid by you to us during the preceding 12-month period from the date on which the damage occurred (compare section 13.3 and 13.10 of the Terms).

Should any clause or sub-clause of the Terms, Schedule A or any other Schedules or any specific terms you have accepted become illegal, invalid, or unenforceable at any time, the legality, validity, or enforceability of the remaining clauses or sub-clauses will not be affected or impaired in any way. The invalid, ineffective or unenforceable provision shall be deemed to be replaced by such legally valid and enforceable provision which corresponds as closely as possible to the economic purpose intended by LCX.

Any dispute arising out of or in connection with your business relationship shall be subject to the exclusive jurisdiction of the competent court in Liechtenstein. LCX reserves the right to bring forward any claim, dispute or lawsuit in front of any competent court.