Effective Date: [Date]
Last Updated Date: [Date]
This EX5 Crypto-Asset Service Provider User Framework Agreement ("Agreement") has been prepared to ensure full compliance with the standards of the European Union's Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114 - MiCA). Please read this Agreement carefully before using our platform and services. Your use of our services constitutes that you have read, understood, and legally agree to be bound by all terms and conditions set forth in this Agreement.
This Agreement is entered into between, on the one hand, EX5, a Crypto-Asset Service Provider (hereinafter referred to as "EX5", "the Company", "We", or "Our") established under the laws of [Country of Incorporation], registered with the registration number [Registration Number], with its registered office at [Registered Address], and authorized under MiCA by [Name of Competent Authority], and on the other hand, the natural or legal person who creates an account on the EX5 platform and utilizes the services (hereinafter referred to as "User", "You", or "Your").
This Agreement sets forth the legal terms and conditions governing the User's access to and use of all products and services ("Services") offered by EX5 through its website, application programming interfaces (APIs), and mobile applications (collectively referred to as the "Platform"). All Services provided by EX5 are designed and offered in compliance with all applicable EU and local legislation, primarily the European Union's Markets in Crypto-Assets Regulation (MiCA). This Agreement covers the rights and obligations of the parties, the terms of service use, risk disclosures, fee policies, and dispute resolution mechanisms.
By checking the relevant checkbox when completing the account creation process on the Platform, you declare and undertake that you have read, understood, and legally accept all provisions of this Agreement, its annexes, and all referenced policies (including but not limited to the Privacy Policy, Risk Disclosure Form, and Fee Policy) in a legally binding manner. This acceptance forms a legally valid and enforceable contract between you and EX5. The Agreement enters into force at the moment the User's account creation process is successfully approved by EX5. In accordance with MiCA's principles of transparency and fair disclosure, this act of acceptance is considered a confirmation that you have been provided with sufficient and understandable information regarding the principal risks associated with crypto-assets and the costs of the services.
EX5 reserves the right to unilaterally amend this Agreement to comply with changes in applicable legislation, updates to the services offered, or innovations in business practices. Material changes to the Agreement (changes affecting your rights, obligations, or financial responsibilities) will be communicated to you at least 30 days before they take effect, via your registered email address or through a prominent notice published on the Platform. Your continued use of the Platform and Services after the effective date of the amendments will constitute your acceptance of the amended Agreement. If you do not agree to the amended terms, you have the right to terminate the Agreement and close your account without being subject to any penalty.
The following terms used in this Agreement shall have the meanings specified below:
These definitions shall be the basis for the interpretation of the Agreement and are formulated to be in full alignment with the definitions contained in MiCA. This approach aims to eliminate legal uncertainty and demonstrate EX5's commitment to the regulatory framework from the outset.
To be eligible to use EX5 Services, you must meet the following criteria:
EX5 implements a comprehensive Know Your Customer (KYC) process to ensure full compliance with the European Union's Anti-Money Laundering Directives (AMLD) and the obligations imposed by MiCA. Within this process:
The security of your account is primarily your responsibility. In this context:
Each individual User may only have one personal account on the Platform. If it is determined that multiple accounts have been opened, EX5 reserves the right to merge, suspend, or close these accounts. Corporate accounts may only be used by authorized representatives on behalf of the respective legal entity.
As a CASP authorized under MiCA, EX5 is committed to providing the following crypto-asset services to users in a fair, transparent, and non-misleading manner. The details, risks, and costs of each service will be clearly stated on the Platform.
EX5 implements industry-standard security measures to securely store Users' Crypto-Assets. This service includes keeping a significant portion of the assets in offline wallets (cold storage) not connected to the internet and maintaining a small portion in online wallets (hot storage) for operational needs. All custody services are subject to the asset protection principles detailed in Section 5.
EX5 operates a trading platform that allows Users to buy and sell listed Crypto-Assets with each other. The platform aggregates buy and sell orders from Users in an order book and matches these orders according to established rules (such as price and time priority). EX5 acts as an intermediary in these transactions and is not a party to the trades between Users, thus it does not interfere with price formation. Policies regarding the execution and finality of orders will be explained in detail on the Platform.
Users can deposit supported Crypto-Assets into their EX5 accounts and withdraw Crypto-Assets from their accounts to external wallet addresses.
This clause reflects one of the most important consumer protection mechanisms introduced by MiCA. In addition to services regulated under MiCA, EX5 may also offer products or services that fall outside the scope of regulation (e.g., access to certain decentralized finance (DeFi) protocols, specific staking services, or services related to unregulated tokens).
This section reflects MiCA's core investor protection principles and sets out EX5's commitment to providing the highest level of security and legal protection for client assets.
User Crypto-Assets are stored using industry-leading security protocols. EX5 may work with audited and authorized Qualified Custodians compliant with MiCA standards to store some or all of the assets when necessary. Utmost care will be taken in the selection and supervision of such third-party custodians.
The beneficial ownership of the Crypto-Assets held in your account always belongs to you. EX5 acts solely as a custodian on your behalf for these assets. Even if the legal title required for the custody and processing of assets according to your instructions is transferred to EX5, this does not alter the essence of your ownership rights.
Pursuant to the MiCA regulation, EX5 is directly liable for the loss of User Crypto-Assets resulting from a cyber-attack, technical malfunction, or operational error attributable to its own operations, systems, or security protocols. In such an event, EX5 is obligated to indemnify the User for the market value of the lost Crypto-Assets at the time of the loss. This legal liability cannot be waived or limited by this Agreement.
Crypto-asset markets involve high risks. You must ensure you fully understand the following risks before using EX5 Services. These disclosures are not investment advice and are intended to make you aware of the risks. In accordance with MiCA's obligation for "fair, clear and not misleading" information, these risks are presented as clearly as possible.
The prices of crypto-assets are extremely volatile. Prices can increase or decrease significantly in a short period. There is a risk of losing your entire investment. Past performance is not an indicator of future results.
It may be difficult to find a buyer or seller for some crypto-assets (low liquidity). This can prevent you from trading at your desired time or price and may lead to losses.
Crypto-assets are based on distributed ledger technology. This technology is subject to risks such as cyber-attacks, software bugs, network outages, forks, and 51% attacks. The irreversibility of blockchain transactions means that a mistaken transfer can lead to a permanent loss.
The legal and regulatory framework for crypto-assets is rapidly evolving worldwide. Future regulations may adversely affect the value, liquidity, or legal status of certain crypto-assets.
Unlike traditional bank deposits or securities investments, your crypto-assets held with EX5 are generally not covered by government-backed deposit insurance or investor compensation schemes. Although the principle of asset segregation provides protection in the event of EX5's insolvency, such external guarantee mechanisms are not available.
EX5 does not provide you with investment, financial, tax, or legal advisory services. Information, analyses, or market commentaries on the Platform are for informational purposes only and may not be suitable for your personal investment objectives, financial situation, or risk tolerance. All trading decisions are solely your responsibility.
The User agrees and undertakes to comply with the following rules when using the Platform and Services:
Violation of these obligations may result in the immediate suspension or permanent closure of the account and notification to legal authorities.
EX5 has the right to charge certain fees and commissions in exchange for the Services it provides. In line with MiCA's principle of transparency, all fees will be announced in a clear, understandable, and up-to-date manner on the "Fees and Limits" page on the Platform.
The following table provides a general framework for the types of fees that may be applied by EX5 and is for informational purposes only. For current and valid fees, please visit the official "Fees and Limits" page on the Platform.
| Service Type | Fee/Commission Rate | Notes |
|---|---|---|
| Spot Trading (Maker) | Tiered by volume, e.g., 0.05% - 0.10% | Applied to orders that provide liquidity to the order book. |
| Spot Trading (Taker) | Tiered by volume, e.g., 0.08% - 0.20% | Applied to orders that instantly take liquidity from the order book. |
| Crypto-Asset Deposit | Usually Free | No fee is charged by EX5, but the sending wallet may pay a network fee. |
| Crypto-Asset Withdrawal | Variable (Network Fee) + Fixed Tx Fee | The blockchain network fee, which varies depending on network congestion, is passed on to the User. |
| Fiat Deposit (SEPA) | Free or Low Fixed Fee | Depends on the policies of the bank or payment service provider. |
| Fiat Withdrawal (SEPA) | Fixed Fee, e.g., €1.00 | Depends on the policies of the bank or payment service provider. |
The determination, declaration, and payment of all tax liabilities arising from Crypto-Asset transactions are solely the responsibility of the User. EX5 does not provide tax advisory services and accepts no liability regarding the User's tax situation. Users are strongly advised to consult their own financial advisors or tax experts to comply with local tax regulations.
MiCA mandates that Crypto-Asset Service Providers must effectively manage conflicts of interest to ensure they operate fairly and honestly. To fully comply with this obligation, EX5 has adopted a comprehensive Conflicts of Interest Policy.
The purpose of this policy is to identify, prevent, manage, and transparently disclose potential or actual conflicts of interest that may arise between EX5, its directors, employees, or any person associated with EX5 and its clients, or between one client and another, which could potentially harm the interests of clients.
EX5 is aware that situations such as the following could lead to a potential conflict of interest:
EX5 has taken the following measures to manage conflicts of interest:
To the maximum extent permitted by applicable law, EX5 shall not be liable for any direct or indirect damages arising from the following situations:
No provision in this Agreement shall exclude or limit EX5's legal liability in the following cases:
EX5 reserves the right to temporarily suspend access to the User's account or to terminate the Agreement and permanently close the account without prior notice in the following circumstances:
The User has the right to terminate this Agreement and close their account at any time and for any reason. A User wishing to close their account should follow the relevant steps on the Platform or contact Customer Support. Upon a termination request, all open positions in the User's account must be closed, and the remaining assets (both Crypto-Assets and fiat currencies) must be withdrawn to a specified external wallet or bank account.
Upon termination of the Agreement for any reason:
EX5 attaches great importance to the privacy and security of Users' personal data. The collection, processing, storage, and sharing of personal data are carried out in compliance with all applicable data protection legislation, primarily the European Union's General Data Protection Regulation (GDPR).
MiCA requires Crypto-Asset Service Providers to establish an effective and transparent complaint resolution mechanism for clients and other interested parties. In compliance with this requirement, EX5 has adopted a fair, prompt, and consistent complaint management process.
If you have any complaints about our services, you can submit a formal complaint by filling out the official complaint form in the "Support" or "File a Complaint" section on the Platform, or by writing to the email address [email protected]. To ensure your complaint is handled effectively, please include your account information, details of the incident subject to the complaint, and any supporting documents in your submission.
If you are not satisfied with EX5's final response or if you do not receive a response within the specified period, you have the right to apply to the competent consumer arbitration boards or alternative dispute resolution (ADR) bodies in your country of residence.
The laws of [Jurisdiction of EX5] shall apply to the interpretation and enforcement of this Agreement and to the resolution of all disputes arising from it. The parties agree to the exclusive jurisdiction of the Courts and Enforcement Offices of [City where EX5 is Incorporated] for any legal dispute arising from or in connection with this Agreement. This provision does not preclude consumers from their right to bring proceedings in the courts of their country of residence.
The User may not assign or transfer their rights and obligations under this Agreement to a third party without the prior written consent of EX5. EX5 reserves the right to assign its rights and obligations under this Agreement to another entity in the event of a merger, acquisition, or restructuring, provided that the User is notified.
If any provision of this Agreement is found to be invalid or unenforceable by a court of competent jurisdiction, that provision shall be deemed severed from the Agreement, and the remaining provisions of the Agreement shall remain in full force and effect.
The failure or delay of either party to exercise any right or power under this Agreement shall not operate as a waiver of that right or power. A single waiver of a right shall not be construed as a waiver of any future breaches.
This Agreement, together with its annexes and referenced policies (Privacy Policy, Fee Policy, etc.), constitutes the entire agreement between the parties and supersedes all prior written or oral agreements on the subject matter.
BY ACCEPTING THIS AGREEMENT, YOU DECLARE THAT YOU HAVE READ, UNDERSTOOD, AND AGREE TO BE LEGALLY BOUND BY ALL ITS CLAUSES.
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