PLEASE READ THESE TERMS TOGETHER WITH THE POLICIES (EACH AS DEFINED BELOW) CAREFULLY BEFORE USING TENX SERVICES, SUCH AS THE CARD, THE TENX APP, THE TENX ACCOUNT AND/OR ANY OTHER PART OF THE TENX SERVICES (HEREINAFTER “SERVICES”). IF YOU APPLY FOR TENX CARD, PLEASE ALSO READ THE CARD ISSUER TERMS (AS DEFINED BELOW) CAREFULLY BEFORE USING THE CARD.
THESE TERMS GOVERN YOUR APPLICATION FOR, HOLDING OF OR USE OF A TENX ACCOUNT AND TENX SERVICES AND YOUR APPLICATION FOR, POSSESSION OF OR USE OF THE CARD.
BY YOUR REGISTRATION FOR A TENX ACCOUNT, CONTINUED HOLDING OR USE OF AN ACCOUNT THROUGH THE TENX APP, APPLICATION FOR A CARD AND/OR YOUR CONTINUED POSSESSION OR USE OF THE CARD OR USE OF OTHER TENX SERVICES, YOU ACKNOWLEDGE THAT YOU HAVE FULLY UNDERSTOOD THESE TERMS IN THEIR ENTIRETY, AND YOU AGREE WITH AND ACCEPT THESE TERMS IN THEIR ENTIRETY AS A LEGALLY BINDING AGREEMENT BETWEEN YOU AND TENX (AS DEFINED BELOW). IF YOU DO NOT ACCEPT ANY PROVISION OF THESE TERMS (OR ANY PART THEREOF), PLEASE DO NOT APPLY FOR THE CARD, REGISTER FOR THE TENX ACCOUNT OR USE THE CARD, THE TENX APP OR THE TENX ACCOUNT AND/OR ANY OTHER PART OF THE TENX SERVICES.
IF YOU ARE UNDER 18 YEARS OF AGE, YOU WILL NOT BE ELIGIBLE TO APPLY OR REGISTER FOR OR USE THE CARD, THE TENX APP, THE TENX ACCOUNT OR ANY OTHER PART OF THE TENX SERVICES.
These Terms are an agreement between you and TenX, where TenX is represented by TenX Payments Europe AG, as defined below. To the extent that Payments Services Directive (EU) 2015/2366 and the EU E-Money Directive 2009/110/EC and their equivalents in any implementations in member states of the European Union (EU) or the European Economic Area (EEA) are applicable to these Terms and specific services offered to you, these Terms constitute a “framework contract” as defined in Article 4 of the Directive between you and TenX Payments Europe AG, an electronic money institution established in the Principality of Liechtenstein and registered with the number FL-0002.592.666-6. Your funds stored with TenX are not protected by deposit protection scheme, however, they will always be placed on dedicated segregation account, as required by law, and would not be impacted in case of TenX insolvency.
These Terms incorporate, and you hereby accept and agree with, the Privacy Policy, Important Information on Key Risks, Fees Schedules, other applicable policies, other terms and conditions as may be prescribed by TenX, notices, procedures, specifications, FAQs, guides and guidelines that are provided or made available to you, appear on the TenX Website or are referred to in these Terms and which TenX may modify from time to time (collectively, the “Policies”).
IMPORTANT INFORMATION ON KEY RISKS
This section of these Terms highlights some of the risks associated with transactions in connection with virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets, payments services and other risks which TenX would like you to consider before accepting these Terms and using any part of the TenX 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 TenX Services, including but not limited to those related to taxes or foreign currency transactions as well as reporting and disclosure obligations. To the best of the knowledge and belief of TenX, all risk factors which are material to you in making an informed judgement to accept these Terms and use any part of the TenX 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 TenX Services.
Risk of Funds Not Being Immediately Available
TenX may close, suspend, or limit your access to any part of the TenX Services (as defined below), and/or restrict your access to the Available Balance (as defined below) of your TenX 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, the Card Issuer Terms and the Policies (as defined below). For the avoidance of doubt, TenX may also permanently close, suspend, or limit your access to the TenX Services if you violate, breach or fail to comply with any part of these Terms, the Card Issuer Terms and the Policies.
Please note that your TenX Account has two (2) separate and distinct functionalities, which are the payments functionality and the reserve functionality. Your ability to access the Available Balance for purposes of making a Card Transaction or TenX Transaction (each as defined below) using the Available Balance of your TenX Account will depend upon whether the Available Balance (which is the subject of such transaction) is associated with the payments functionality or the reserve functionality. The crypto custody services associated with the TenX Account are not provided by TenX Payments Europe AG, but only by TenX PTE Ltd., Singapore.
For the purposes of these Terms:
*a) The element of your TenX Account which constitutes the payments functionality is known as the e-money and/or payment account (“payment account”). Such payment account is the operational part of your TenX Account through which you have access to your Available Balance and which can be used for the execution of Card Transactions or TenX Wallet Transactions, for example, for the purpose of buying and selling goods and services or making person-to-person payments.*
b) The element of your TenX Account which constitutes the reserve functionality is known as the "reserve". Your access to the reserve is restricted and you have no ability to use the Available Balance held in the reserve or to execute TenX Wallet Transactions or Card Transactions using the Available Balance held in the reserve. Any Available Balance held in the reserve may be marked or categorised, for example, as "pending", "under review", "risk reserve" or other similar indications or categorisations. The temporary holding of Available Balance in such reserve by TenX is related to TenX’s and/or the Card Issuer’s assessment and determination, at its sole and absolute discretion, of certain AML, CFT, fraud, financial and other regulatory risks.
Payment Execution Risks
Please note that following TenX’s receipt of your payment instruction or instruction to proceed with a transaction in connection with the Accepted Assets, TenX will process or execute such transaction (and where applicable, also credit the relevant payment service provider or partner) as quickly as the relevant payment schemes and financial networks allow (and such transaction may be completed by the next business day following the date of TenX’s receipt of your payment instruction or instructions, if the transaction is made in EUROs; however, transactions in other currencies or assets may take longer time, depending on the cut-off limitations and execution times of the payments and processing partners involved).
Price Change Risk Associated with Using Virtual Currencies
Prices of virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets (as defined below) fluctuate day by day or even hour by hour. The value of your Available Balance could surge or drop suddenly. Please note that there is a possibility that the price of virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets could drop to zero. Prices of virtual currencies are prone to significant fluctuations, for example, due to announced proposed legislative acts, governmental restrictions, news related to cyber-crimes or other factors causing potentially excessive market enthusiasm or disproportionate loss in confidence. Prices of virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets can also be manipulated.
Liquidity Risk and the Nature of Virtual Currencies
Your TenX Account and the Available Balance of your TenX Account are not protected by the relevant deposit guarantee or investment indemnity schemes, either in Liechtenstein or in the jurisdiction of the Card Issuer.
Virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets are not legal tender and are not backed by any government. Unlike fiat currencies, which are regulated and backed by local governments and central banks, virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets are based only on technology and user consensus. 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 the value of virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets.
There is a possibility that executed orders with respect to certain transactions with virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted 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 for certain virtual currencies, cryptographic tokens and/or other digital assets.
There is also no assurance that TenX will continue to accept the Accepted Assets for purposes of use of the Available Balance to execute your transactions, or that the Card Issuer, Visa or Merchants will continue to permit or accept Card Transactions in the future.
Blockchain Network Risk
Completion of certain transactions in connection with virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets on blockchains can be deferred for a certain period of time until an adequate number of confirmations has been received. Transactions with Accepted Assets will not be reflected in your account until the adequate number of confirmations has been received and confirmed by TenX. There is a possibility that your TenX Wallet Transactions and Card Transactions (to the extent that they depend on the preceding blockchain-based transactions) may be declined or remain unconfirmed for a period of time. Transactions in connection with virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets may be irreversible, and, accordingly, potential losses due to fraudulent or accidental transactions may not be recoverable. Some transactions in connection with virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time when you or another party initiated the transaction.
Risk of Using External Wallet Services and Exchange Services
In the case where you use an external cryptocurrency wallet or a cryptocurrency wallet which is established or maintained with an Exchange (as defined below) or another service provider where you do not have secure possession of your private keys or credentials to access such cryptocurrency wallet, you may not be able to access your virtual currencies, cryptographic tokens and/or other digital assets including the Accepted Assets. TenX is under no obligation, and may not be able, to assist you in such case.
Force Majeure
There is a risk that your Card Transactions or TenX Wallet Transactions may be affected by system failures resulting from adverse events, natural disasters and other emergencies, as well as unforeseen significant changes in the external environment. With regards to opportunity loss (e.g. loss of opportunity to place a payment instruction, resulting in loss of profits which could have been obtained) due to occurrences such as emergency situations and Force Majeure events, TenX and/or the Card Issuer are under no obligation to take any corrective action or measure.
Regulatory Uncertainty
The regulatory frameworks applicable to payment services providers and transactions in connection with virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets are still developing and evolving. It is possible that your Card Transactions or TenX Wallet Transactions are, or may be in the future, subject to various reporting, tax or other liabilities and obligations. Legislative and regulatory changes or actions at the country, regional (for example, in the EU or an EEA) or international level may materially and adversely affect the use, transfer, exchange, and value of virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets.
YOU AND TENX HEREBY AGREE AS FOLLOWS:
DEFINITIONS AND INTERPRETATION
1.1 In these Terms, the following words and expressions shall have the following meanings:
1.1.9 “Card Limit(s)” means the maximum permissible limit(s) prescribed by TenX and/or the Card Issuer as being applicable to uses of the Card for Card Transactions, and whether with reference to time periods, total value of Card Transactions, types of Card Transactions, types of accounts or with reference to any other factors that TenX and/or the Card Issuer may deem fit, or a combination of one or more of the aforesaid factors, with:
1.1.20 “External Wallet” means an external cryptocurrency wallet or a custodian service of any form, being any cryptocurrency wallet, the services and functionalities of which are not offered through TenX, which:
1.1.29 “TenX” means, collectively:
1.1.30. “TenX Services” means, collectively, all products, services, content, features, technologies or functions offered by TenX to its users.
a) The following services are provided to you and the following activities described in these Terms are performed by TenX Payments Europe AG:
b) The following services are provided to you and the following activities described in these Terms are performed by TenX Payments Europe AG:
1.1.32 “TenX Account” means such account registered and maintained by you with TenX, which may be used, inter alia, as follows:
1.2 The headings or titles to the Paragraphs in these Terms are to facilitate reference and shall not be referred to or relied upon in the construction of any provision of these Terms.
FEEDBACK AND DETERMINATIONS
2.2 Subject to the applicable laws, regulations, rules, directions, orders and requirements:
APPLICATION FOR TENX SERVICES, REGISTRATION FOR TENX ACCOUNT AND ELIGIBILITY
3.4 You shall provide all such Customer Information as may be requested by TenX and deemed by TenX to be necessary for purposes of determining whether to approve of your account registration and determine the scope of the services you are eligible to receive from us. In particular, TenX reserves the right to require you to provide such additional Customer Information as may be deemed by TenX to be necessary for purposes of:
3.5 You hereby agree to:
3.7 Upon approval by TenX of your application for a Card and receipt by TenX of the issuance fee and all other fees associated with such issuance:
ACCOUNT INFORMATION AND USER CONTENT
4.3 The TenX Services may include parts thereof which allow you to create, post, upload, share or store content, including, but not limited to, photos, videos, sound, text, graphics, code, items or other information and materials (collectively, your “User Content”). You are solely responsible for any of the User Content created, posted, uploaded, shared or stored by you and for your use of any interactive features of the TenX Services. You will not create, post, share or store any User Content that:
RIGHTS TO FEEDBACK AND USER CONTENT
YOUR ACCOUNT SECURITY AND RESPONSIBILITY FOR UNAUTHORISED TRANSACTIONS
6.7 You shall, however, remain liable for any loss resulting from an unauthorised payment or e-money transaction under the following circumstances and subject to the following conditions:
a) Until notification to TenX pursuant to the rules on notification of an incident, of the loss or theft, or misuse of the Credentials which was made possible because you were unable to preserve the security of your Credentials:
6.10 If your account is a Business Account, you hereby agree as follows:
6-A DISPUTED CARD TRANSACTIONS
6-A.1 Subect to the Card Issuer Terms, in the event that TenX is notified by you of any Card Transaction which you discover, suspect or have reason to believe to be arising from or in connection with any loss, theft, or inappropriate or unauthorised disclosure of and/or use of your Card and/or your Credentials in relation to your Card, or any manifest or obvious technical error at any stage of a Card Transaction:
6-B. MONEY PAID INTO YOUR ACCOUNT BY ACCIDENT
6-C. MONEY PAID BY YOU TO THE WRONG PERSON
6-D. PAYMENT TRANSACTIONS FOR UNKNOWN AMOUNTS
6-E. LATE EXECUTION OF PAYMENT TRANSACTIONS
6-F. THIRD-PARTY PROVIDERS
7 USE BY TENX OF CUSTOMER INFORMATION
7.1 Subject to the applicable laws, regulations, rules, directions, orders and requirements and the Policies (including the Privacy Policy), TenX shall be entitled to request, retrieve and collect, and you hereby affirmatively agree, consent to and authorise the collection, retrieval, use and disclosure by and on behalf of TenX of any and all Customer Information, in the manner and for the purposes set out in the Policies and the following purposes:
8 USE OF TENX SERVICES AND TRANSACTION EXECUTION
8.8 We may, at any time, reject a payment instruction submitted to us 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. TenX 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 TenX of a justified refusal of a payment instruction may result in you being charged a fee.
TenX may, without being obliged to do so, refuse to execute a payment instruction:
Should you elect to proceed with a subsequent execution of a payment instruction notwithstanding refusal thereof by TenX, you shall provide TenX with a new payment instruction containing all the required elements. It will not be possible to correct the initial payment instruction.
In the event of a payment instruction which is beyond your Account’s permissible use or applicable limits, TenX may request additional identifying information from you and must receive such information before processing the payment instruction. If you fail to provide this additional required information or documentation, the attempted transaction may be refused or suspended by TenX, without being obliged to do so.
8-A. STATEMENTS
9 PROLONGED INACTIVITY
10 RESPONSIBILITY FOR USE OF EXTERNAL WALLETS AND EXTERNAL ACCOUNTS
11 PROHIBITED USES OF TENX SERVICES
11.1 You hereby agree that you shall not use any part of the TenX Services to conduct, pay for or facilitate activities that:
b) relate to transactions involving:
c) relate to transactions that:
11.2 Further, you agree that you shall not:
12 CARD LIMIT
13 CARD EXPIRY
13-A. INTEREST
13-B. USE OF THE CARD
13B.3 You can use the card to make purchases in-store, via the internet or over the phone. The card can be used to obtain cash through cash machines. There is no cash back facility. This is not a debit card supported by a bank account and is not in any way connected to a bank account. It is also not a guarantee card, charge card or credit card. You will not earn any interest on any funds loaded on to the card.
You must not use the card for:
13-B.4 We may stop, suspend or restrict your card or PIN on reasonable grounds relating to:
13C. CARD CANCELLATION RIGHTS
If you change your mind about having the card, you can cancel it within 14 days of the date you receive confirmation of your application being approved by contacting our Support via www.tenx.tech. Your e-money account balance and/or TenX Wallet balances will not be impacted by that decision.
14.1. In relation to Card Payments, you acknowledge and agree that, subject to the applicable laws, regulations, rules, directions, orders and requirements, there may be instances or circumstances in which there are time differences between:
the time at which the relevant invoice, sales draft or other voucher or form is signed or accepted by you for any goods, services and/or other benefits rendered by a Merchant and authorisation has been sought from or given by TenX; and
the time of actual processing and settlement of the Card Payment by TenX, the Card Issuer and/or Visa for payment to such Merchant.
14.2. Subject to the applicable laws, regulations, rules, directions, orders and requirements, in the instances or circumstances as referred to in Paragraph 14.1 above, the actual amount to be deducted from your Available Balance for such Card Payment shall be the amount calculated based on such exchange rate representing the value (in the relevant fiat currency) of a unit of an Accepted Asset as may be determined by TenX to be applicable at the time as referred to in Paragraph 14.1(b) above. Such exchange rate may differ from the Applicable Exchange Rate.
15.1. TenX shall be authorised to deduct the amount(s) of all transactions and any fees as notified by TenX to you in advance (in writing, by displaying in the TenX App or any other form or manner) as being payable by and chargeable to you under these Terms from the Available Balance of your TenX Account.
15.2. You shall be solely responsible for the payment of all fees associated with any transaction.
15.3. To the maximum extent permitted by all applicable laws, regulations, rules, directions, orders and requirements, TenX shall be entitled to impose the following types of fees which are payable by and chargeable to you:
fee for issuance of a Card to you;
any annual fee in relation to your possession of a Card;
foreign exchange fees and other transaction fees
transaction fees associated with blockchain-based transactions;
fee for change of PIN of your Card;
card replacement fees; and
the provision by TenX to you of any information under these Terms other than as required by or pursuant to the applicable laws, regulations, rules, directions, orders and requirements.
With the schedule of fees payable by and chargeable to you being as set out in Annex 2.
15.4. TenX shall have the right in its sole and absolute discretion to revise the amounts of fees which are payable by and chargeable to you by giving notice of such revision no later than two (2) months before the proposed date of applicability of such revision on the TenX Website, through your TenX Account via the TenX App notification, and by e-mail, which shall constitute good and sufficient notice thereof to you by TenX and shall be deemed to have been received by you on the date of such posting or e-mail. TenX shall not be required to provide such notice period of two (2) months in the case where such revision is required by the applicable laws, rules, regulations, directions, orders or requirements or where the change does not have any material or adverse impact for you. In such instances, such revision will be made without prior notice to you and shall be effective immediately.
15.5. In the event that you do not accept a revision of the amounts of fees which are payable by and chargeable to you, you shall forthwith close your TenX Account and terminate your Card by notifying TenX of such closure and/or termination in accordance with Paragraphs 16, 17 and 26 below prior to the proposed date of applicability of such revision. Subject further to Paragraph 16 and 17 below, you shall remain liable to TenX after your closure and/or termination for any liabilities or charges which you may have incurred and are responsible for prior to your closure and/or termination.
15.6. Where you continue to possess or use your Card or continue to hold or use your TenX Account after the proposed date of applicability of a revision of the amounts of fees which are payable by and chargeable to you, you shall be deemed to have agreed with and accepted all parts of such revision and have authorised TenX to deduct such revised amounts of fees from your Available Balance. In the event that your Available Balance becomes negative as a result of deductions from your Available Balance of payable amount(s) for any use of your TenX Account and your Card and the fees associated therewith, you agree to reimburse TenX, upon request, for the amount in excess of your Available Balance in such fiat currency or any other form as may be requested by TenX.
15.7. You agree and accept that in the event of an error at any stage of a transaction, TenX shall be authorised to initiate debit or credit entries to your TenX Account (or any payment instrument or bank account connected thereto) to correct such error, provided that any such correction is subject to all applicable laws, regulations, rules, directions, orders and requirements. You agree and accept that if TenX is unable to debit your TenX Account (or any payment instrument or any bank account connected thereto) for any reason, TenX shall be authorised to resubmit the debit, plus any applicable fees, to any other bank account or payment instrument that you have on record with TenX.
15.8. In the case of a Card Transaction, you will have access to the Applicable Exchange Rate by accessing your TenX Account through the TenX App before you proceed with instructing TenX to proceed with such Card Transaction. By instructing TenX to proceed with such Card Transaction, you are agreeing to the Applicable Exchange Rate including any applicable fees associated therewith. Where a currency conversion is offered by a payment service provider other than TenX and you elect to instruct TenX to proceed with such Card Transaction on the basis of the exchange rate and charges offered to you by such service provider, TenX shall have no liability to you, and shall not be responsible, for such currency conversion.
15.9. You shall be wholly responsible for determining any and all taxes and duties, including without limitation, sales, use, transfer, value added, withholding, and other taxes and/or duties assessed, incurred, or required to be collected, paid, or withheld for any reason in connection with any access to or use of any part of the TenX Services, the sale or purchase of any products or services in connection with any access to or use of the TenX Services, or otherwise in connection with any action, inaction, or omission by you or any affiliate of yours, or any of your or their respective employees, agents, contractors, or representatives. You shall also be wholly responsible for collecting, withholding, reporting, and remitting correct taxes and duties to the appropriate authority.
15A. SURCHARGING AND TOPUP FEES
TenX will not charge you any fees or surcharges beyond those specified in the FEE SCHEDULE below, Specifically, we will not charge you any fees for topping up of your e-money account from another financial or payment instrument, however, your other payments service provider may charge you for executing your transactions with them, as the case may be.
15.B. CHARGES ASSOCIATED TO CALLS
For customer support, please visit www.tenx.tech support section. If situation requires so, we may ask to contact you via a phone call, and those call would normally be charged at your standard network rate, calls from mobiles may be higher.
16.1. If TenX determines that you are incurring an excessive number of chargebacks, disputes, complaints or other irregularities, TenX may establish controls or conditions governing your use of your TenX Account and/or your Card, including without limitation, by:
establishing new processing fees payable by and chargeable to you;
creating a reserve of an amount reasonably determined by TenX to cover anticipated reversals, losses and related fees;
lowering your Card Limits and limits applicable to your TenX Wallet Transactions; or
terminating, restricting or suspending your access to and use of the TenX Services, closing your TenX Account and terminating your Card.
16.2. TenX shall be further entitled to close your TenX Account or terminate your Card for any reason at any time in the event that:
you have violated, breached or failed to comply with any part of these Terms, the Card Issuer Terms or the Policies;
TenX determines that you pose an unacceptable credit or fraud risk to us;
you provide or have provided false, incomplete, inaccurate, or misleading Customer Information (including without limitation any information in relation to your registration for a TenX Account or your application for a Card) or otherwise engage in fraudulent or illegal conduct;
TenX has security concerns regarding your TenX Account, your Card, or your Credentials; or
TenX suspects or has reason to believe that there has been loss, theft, or inappropriate or unauthorised disclosure of and/or use of your TenX Account, your Card and/or your Credentials.
In the case where TenX determines that it will close your TenX Account or terminate your Card in any of the above events, TenX shall provide you with a notice of such closure or termination in accordance with these Terms, and where practicable, the reasons for closing your TenX Account or terminating your Card, and allow you to withdraw any remaining Available Balance from your TenX Account.
In the case where you wish to request for reactivation of your TenX Account, Card or Credentials, or replace it/them, you shall notify TenX in accordance with Paragraph 26 below. TenX may, at its sole and absolute discretion, take such action to reactivate your TenX Account, Card or Credentials.
16.3. To the maximum extent permitted by all applicable laws, regulations, rules, directions, orders and requirements (including the Directive and the Directive Transpositions), TenX shall be entitled, or remain entitled, in connection with any closure of your TenX Account and/or termination of your Card by TenX, to:
deduct your Available Balance for any amount and charges incurred in or related to Card Transactions and/or TenX Wallet Transactions that are carried out before such closure of your TenX Account and/or termination of your Card, and you shall remain liable to TenX for such amounts and charges until such amounts and charges are deducted or otherwise paid to TenX in full;
cancel any pending Card Transactions or TenX Wallet Transactions,
suspend, limit or terminate your access to the TenX Website, software, systems (including any networks and servers used to provide any of the TenX Services) operated by TenX or any third party for or on its behalf;
retain your Available Balance after such closure of your TenX Account and/or termination of your Card to such extent and for such period of time as may be reasonably required to protect TenX and/or any third party against the risk of reversals, chargebacks, claims, fees, charges, fines, penalties and other liabilities of whatever nature, after which you shall be entitled to withdraw any undisputed Available Balance which TenX holds.
Please contact TenX in accordance with Paragraph 28 below if you have any questions on your Available Balance held in your TenX Account upon any closure of your TenX Account and/or termination of your Card by TenX.
16.4. Subject to the applicable laws, regulations, rules, directions, orders and requirements, you shall not be entitled to any payment, compensation or damages from TenX in relation to any closure of your TenX Account and/or termination of your Card by TenX pursuant to the foregoing of this Paragraph for any reason.
16.5. Subject to the applicable laws, regulations, rules, directions, orders and requirements, any closure of your TenX Account and/or termination of your Card for any reason shall not release you from any liability or responsibility on your part, which at the time of such suspension or termination, has already accrued.
16.6. In the event of a closure of your TenX Account by TenX, TenX will mark your TenX Account in its database as "Closed", but will maintain a record of the Customer Information provided by you to TenX in TenX’s database for TenX’s compliance with applicable laws, rules, regulations, directions, orders and requirements. Such maintenance of a record by TenX of the Customer Information provided by you to TenX is, for instance, necessary in order to deter against fraud, by ensuring that persons who try to commit fraud will not be able to avoid detection simply by closing their initial TenX Accounts and opening new TenX Accounts. However, the Customer Information provided by you to TenX will not be used by TenX for any further purposes, nor sold or shared with third parties, except to the extent necessary to prevent fraud and assist law enforcement authorities, or as required by law.
16.7. The rights of suspension, restriction, closure and termination of TenX under these Terms shall be without prejudice to any other rights or remedies which TenX may have (whether under these Terms, at law, in equity or otherwise).
17.1. You shall be entitled to close your TenX Account or terminate your Card at any time by notifying TenX of your intention of such closure or termination in accordance with Paragraph 26 below.
17.2. In the case of termination by you of your Card within six (6) months from the date of issue thereof to you, such termination shall be subject to charges and TenX shall give you prior notice (in writing or any other form or manner) of the actual amounts of fees payable by and chargeable to you in connection with such termination, and unless you notify TenX of your disagreement with your payment of such amounts of fees within five (5) days from the date of your receipt of the notice given by TenX, you shall be deemed to have agreed to payment of such amounts of fees and have authorised TenX to deduct such amounts of fees from your Available Balance.
17.3. In the case of termination by you of your Card after six (6) months from the date of issue thereof to you, such termination shall be free of charge.
17.4. In the event of closure by you of your TenX Account, TenX will mark your TenX Account in its database as "Closed", but will maintain a record of the Customer Information provided by you to TenX in TenX’s database for TenX’s compliance with applicable laws, rules, regulations, directions, orders and requirements. Such maintenance of a record by TenX of the Customer Information provided by you to TenX is, for instance, necessary in order to deter against fraud, by ensuring that persons who try to commit fraud will not be able to avoid detection simply by closing their initial TenX Accounts and opening new TenX Accounts. However, the Customer Information provided by you to TenX will not be used by TenX for any further purposes, nor sold or shared with third parties, except to the extent necessary to prevent fraud and assist law enforcement authorities, or as required by law.
17A. SURVIVING TERMS FOR ACCOUNT CLOSURE, CARD TERMINATION AND COMPLIANCE
These Terms shall survive termination to the extent necessary for the closure of your TenX Account by you or TenX and/or termination of the Card by you or TenX, and for compliance by TenX with applicable laws, rules, regulations, directions, orders and requirements.
17B. COMPLAINTS
17B.1. If you would like to make a complaint, or contact us for any other reason connected to these terms and conditions please write to the TenX Customer Support team via www.tenx.tech Support section.
17B.2. TenX will send an acknowledgment letter or email or text to inform you upon receipt of your complaint within 2 business days.
17B.3. TenX will try to resolve any complaints you have about your payment instrument or the service TenX provides to you within 15 business days of receiving your complaint and in exceptional circumstances, within 35 business days (and TenX will let you know if this is the case).
17B.4. TenX have procedures in place to make sure that TenX handles your complaint fairly and quickly. However, if you are not satisfied with the outcome of your complaint, you can write to the FCA Liechtenstein (Landstrasse 109 Postfach 279, 9490 Vaduz Liechtenstein), which is the regulatory authority responsible for supervising TenX regulatory activities in the EEA. If you are the user of the TenX card and your complaint relates to the card service, you can also write to the Financial Ombudsman Service (Exchange Tower, Harbour Exchange, London E14 9SR).
17C. CONTACTING IN CASE OF AN EMERGENCY
TenX may need to contact you urgently if TenX suspects or finds fraudulent activity has occurred on your account (provided TenX is not prohibited from doing so by law) or if TenX suffers a security threat. To do so, TenX may (for example) send you a text message instead of calling or emailing you, if TenX thinks this is the quickest way to contact you. When TenX contacts you, TenX will also give you information on how you can minimise any risk to your payment instrument depending on the nature of the security threat. Well use the same contact details which you have already provided us with when contacting you. You must inform us immediately if your personal details or contact information change.
18.1. You hereby agree and accept that TenX’s records of all transactions, Customer Information and any other matter in relation to these Terms or your use of TenX Services (including any communications transmitted electronically or telecommunications between TenX and you) are final and conclusive and binding for all purposes, in the absence of manifest error.
18.2. Without prejudice to any of TenX’s other rights and remedies (whether under these Terms, at law, in equity or otherwise), TenX is required to act in accordance with any and all applicable laws, regulations and rules and directions, orders and of any applicable regulatory authority and/or law enforcement body relating to anti-fraud, anti-terrorism, CFT, AML and the provision of financial and other services to any persons or entities requirements, and may be subject to sanctions in relation thereto. TenX shall be entitled to take any action which may be required by any applicable regulatory authority and/or law enforcement body or which it, in its sole and absolute discretion, considers appropriate to take in order to comply with such laws, directions, orders and requirements.
18.3. Without prejudice and in addition to any right of set-off to which TenX is otherwise entitled and to the maximum extent permitted by all applicable laws, regulations, rules, directions, orders and requirements, TenX may, at any time, upon written notice to you, set-off any amounts owing by you to TenX for any breach by you of these Terms against any amounts which TenX owes to you.
19.1. Subject to the applicable laws, regulations, rules, directions, orders and requirements and the Policies, TenX shall not in any event be liable in any way to you or any person for any loss, liability, damages or expense, howsoever arising from or in connection with:
your use of the Card, the TenX App or a TenX Account, or any transaction initiated or received by you using our services;
any loss, theft, or inappropriate or unauthorised disclosure of and/or use of the private keys to the cryptocurrency wallet associated with your TenX Account;
any rejection of use of your Card by any Merchant or any terminal used to process Card Transactions or refusal by any Merchant for any reason to authorise any Card Transaction or to accept or honour the Card;
any transfer of any Unsupported Assets by any person to an address associated with a TenX Account;
any malfunction, defect or error in any terminal used to process Card Transactions or to facilitate the usage of the Card, or of other machines or systems of authorisation whether belonging to or operated by TenX or other persons or the inability of any terminal, machine or system to accurately, properly or promptly transmit, process or store any data;
any failure, malfunction or breakdown of, or disruption to, the operation of the TenX App or your TenX Account, the relevant blockchain(s), blockchain-based software system(s) or any source code(s) with which the Accepted Asset(s) are associated or any part of the TenX App or your TenX Account relies on, due to occurrences of forks, hacks, mining attacks (including but not limited to double-spend attacks, majority mining power attacks and “selfish-mining” attacks), cyber-attacks, distributed denials of service, errors, vulnerabilities, defects, flaws in programming or source code or otherwise, regardless of when such failure, malfunction, breakdown, or disruption occurs;
any delay or inability on TenX’s part to perform any of its obligations under these Terms because of any electronic, mechanical system, data processing or telecommunication defect or failure, act of God, terrorism, civil disturbance or any event outside of TenX’s reasonable control or the reasonable control of any of TenX’s servants, agents or contractors;
any access to or use of any External Wallet or External Account by any person;
any breach of any obligation of confidentiality by any third party provider of any service or facility associated with any Card or TenX Account, and you acknowledge and understand that use of the same involves the transmission of your personal data and transaction details through third parties which TenX may be unable to control, and TenX is not responsible or liable to you for their performance or the non-performance of their obligations to you;
any loss, theft, or inappropriate or unauthorised disclosure of and/or use of your TenX Account, your Card and/or your Credentials;
any injury to your credit, character and reputation in relation to your use of the Card or a TenX Account;
any delay in the release of any amount of your Available Balance which is put on hold for any reason;
your failure, in any manner, to follow the instructions delivered to you together with the Card; and
any circumstance for any matters relating to or in connection with any dispute, refund request or chargeback request in relation to your use of the Card,
and you hereby waive claim you may now or in the future have against TenX for the same. You shall fully and effectively indemnify, defend and hold harmless the Indemnified Parties from and against, any and all losses arising directly or indirectly from or in connection with any or all of the foregoing matters.
19.2. TenX makes no warranty or representation as to the quality, value, merchantability or fitness for purpose of the any goods and/or services purchased via the Card and assumes no liability or responsibility for the acts or omissions of Merchants. Any dispute about the value, condition or performance of any of such goods/services is to be resolved directly with the relevant Merchants.
19.3. To the maximum extent permitted by all applicable laws, regulations, rules, directions, orders and requirements, you shall indemnify and keep the Indemnified Parties fully indemnified against all losses (including legal costs on an indemnity basis) incurred, suffered or sustained by the Indemnified Parties, directly or indirectly, by reason of or in connection with these Terms, including but not limited to:
any use of the Card for any Card Transactions or the TenX Account for any TenX App regardless of whether or not authorisation has been sought and/or given;
breach of any provision of these Terms or the Card Issuer Terms on your part;
the enforcement or protection of the Indemnified Parties’ rights and remedies against you under these Terms or the Card Issuer Terms, or in obtaining or seeking to obtain payment of all or any part of the monies hereby agreed to be paid by you;
insufficiency of your Available Balance to meet any request for payment for any Card Transaction or settlement of any other liability under these Terms or the Card Issuer Terms; and
applicable laws, regulations, rules, directions, orders and requirements which may have an effect on your Available Balance and/or these Terms.
19.4. This Paragraph shall survive any expiry, termination or other cessation of your relationship with TenX and/or your use of the Card.
TenX shall not be liable to you or be deemed to be in breach of any provision of these Terms by reason of any delay in performing, or any failure to perform, any of its obligations if the delay or failure was due to any Force Majeure Event.
21.1. TenX shall have the right in its sole and absolute discretion to amend, modify or vary these Terms (and such part of the Policies to the extent that it is entitled to make such amendments, modification or variation) by giving notice of such amendment, modification or variation (“Changes”) no later than two (2) months before the proposed date of entry into force of the Changes to these Terms via e-mail, and on the TenX Website, through your TenX Account via the TenX App or in any other form or manner deemed appropriate by TenX (which shall constitute good and sufficient notice thereof to you by TenX and shall be deemed to have been received by you on the date of such posting or e-mail notice. TenX shall not be required to provide such notice period of two (2) months in the case where a Change is required by the applicable laws, rules, regulations, directions, orders or requirements or relates to the addition of a new service, extra functionality to the existing TenX Services 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.
21.2. In the event that you do not accept a Change as set out in a notice given by TenX, you shall forthwith close your TenX Account and terminate your Card by notifying TenX of such closure and/or termination in accordance with Paragraph 17 above prior to the proposed date of entry into force of the amended, modified or varied Terms. Subject further to Paragraph 17 above, you shall nevertheless remain liable to TenX after your closure and/or termination for any liabilities or charges which you may have incurred and are responsible for prior to your closure and/or termination.
21.3. Where you continue to possess or use your Card or continue to hold or use your TenX Account after the proposed date of entry into force of the Changes to these Terms, you shall be deemed to have agreed with and accepted such Changes to these Terms.
In the event that any provision in these Terms results in any direct or indirect non-compliance by TenX with any provision in any applicable law, regulation, rule, direction, order and requirement in any jurisdiction, you acknowledge and agree that:
such provision in these Terms shall be null and void to the extent of such non-compliance by TenX; and
TenX shall be entitled to take such action as may be required for compliance by TenX, or omit to take such action as may result in continued or future non-compliance by TenX, with such provision in the applicable law, regulation, rule, direction, order or requirement.
No failure to exercise or enforce, and no delay on the part of TenX in exercising or enforcing its rights under these Terms shall operate as a waiver thereof nor shall such failure or delay in any way prejudice or affect the rights of TenX at any time.
You agree that TenX shall not be under any obligation of confidentiality to you regarding any such information or material provided by you using the Card, unless agreed otherwise in a separate direct contract between you and TenX and, or otherwise required under applicable law.
25.1. The Card and the TenX Account are non-transferable and all rights, interests and obligations under these Terms shall be non-assignable upon issue of the Card and/or establishment of the TenX Account without the prior written consent of TenX. The Card and/or the TenX Account shall be used only by you and no other person for Card Transactions and/or TenX Transactions strictly.
25.2. To the maximum extent permitted by all applicable laws, regulations, rules, directions, orders and requirements, TenX may assign and transfer any or all of its rights, interests and obligations under these Terms to any person. Any such assignment or transfer shall take effect upon fulfilling notification requirements, as stipulated in Paragraph 21 of these Terms. In the event that TenX assigns and transfers all its rights, interests and obligations under these Terms:
all references to TenX in these Terms shall upon and after any such assignment and transfer be construed as a reference to the assignee and transferee of TenX; and
such assignee and transferee shall be entitled to enforce all rights and perform all obligations of TenX and to be paid all sums due from you under these Terms as at the date of such assignment and transfer thereafter.
26.1. All notices and communications by TenX to you shall be in writing in the English language, unless specifically allowed by TenX otherwise. You agree that TenX may provide notice or other information to you by posting it on the TenX Website or through your TenX Account via the TenX App (including the posting of information which is only accessible by you by logging into your TenX Account), emailing it to the email address provided by you as Customer Information in connection with your TenX Account, mailing it to the registered address provided by you as Customer Information in connection with your TenX Account, calling you by telephone, or sending you an text message. You must have internet access and an email account to receive communications and information relating to the TenX Services. With the exception of amendments to these Terms, such notice shall be considered to be received by you within twenty-four (24) hours of the time it is posted on the TenX Website or through your TenX Account via the TenX App or emailed to you. If a notice is sent by mail, such notice shall be deemed to have been received by you three (3) days after it is posted. You may request a copy of any legally required disclosures (including these Terms) from TenX. TenX will provide this to you in a form which allows you to store and reproduce the information in these Terms (for example, by email) and you may terminate your consent to receive required disclosures through electronic communications by contacting TenX at support@tenx.tech. TenX may charge you a fee to provide such legally required disclosures. TenX reserves the right to close, restrict, suspend or terminate your access to the TenX Account and/or use of the Card if you withdraw your consent to receive electronic communications from TenX.
26.2 . All notices and requests from you to TenX shall be in writing in the English language and no other language and sent via email to support@tenx.tech unless otherwise specified by TenX to you. TenX shall be entitled to regard as ineffective and invalid any notice or request by you the receipt of which has not been confirmed by TenX to you.
27.1. These Terms shall not entitle you to any intellectual property rights, including the rights in relation to the use, for any purpose, of any information, image, user interface, logos, trademarks, trade names, Internet domain names or copyright in connection with any part of these Terms, the Card Issuer Terms, the Policies, the TenX Website, the TenX App or the Card.
27.2. TenX observes a policy of limiting access to the TenX Services by users who infringe the intellectual property rights of others. If you believe that anything associated with the TenX Services infringe any copyright that you own or control, you may notify TenX in accordance with Paragraph 26 above.
27.3. The Application Programming Interface (API) of the TenX App is the copyrighted technology of TenX and may not be copied, imitated or used, in whole or in part, outside of the TenX App’s intended use. TenX retains all its rights related to its databases, websites, graphics, software, applications, programs, code, etc, including chat text, the content of TenX’s emails, and data such as transaction prices developed or provided by TenX or its affiliates which can be acquired by various external APIs. TenX may demand any third parties stop using TenX’s API for any purposes not authorised by TenX.
27.4. The TenX logo, any other TenX service names, logos or slogans that may appear on the Services, and the look and feel of any part of the TenX Services, the TenX App, the Card and the TenX Website, including all page headers, custom graphics, button icons and scripts, are trademarks, service marks or trade dress of TenX and its suppliers and its licensors, and may not be copied, imitated or used, in whole or in part, without its or the applicable trademark holder’s prior written consent thereto. You may not use any metatags or other “hidden text” utilising any name, trademark or product or service name of TenX without TenX’s prior written consent thereto. Further, you may not use, frame or utilise framing techniques to enclose any TenX trademark, logo or other proprietary information, including the images found on any part of the content of any text or the layout or design of any page, or form contained on a page, on any part of the TenX Services, the TenX App, the Card and the TenX Website without TenX’s prior written consent thereto.
You shall 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 to any part of the TenX Services, the TenX App, the Card or the TenX Website to any person or entity;
modify, alter, tamper with, repair, or otherwise create derivative works of any software included in any part of the TenX Services, the TenX App, the Card or the TenX Website;
reverse engineer, disassemble, or decompile any part of the TenX Services, the TenX App, the Card or the TenX Website or apply any other process or procedure to derive the source code of any software included in any part of the TenX Services, the TenX App, the Card or the TenX Website.
27.6. You shall not issue any press release or make any public statement related to any part of the TenX Services, the TenX App, the Card or the TenX Website, or except as expressly provided in these Terms, use the name, trademarks or logo of TenX or any of its affiliates in any form or manner (including in promotional material) without TenX’s prior written consent thereto, or misrepresent TenX or any of its affiliates.
27.7. TenX may display third-party content, advertisements, links, promotions, logos and other materials on or through any part of the TenX Services, the TenX App, the Card or the TenX Website (collectively, “Third-Party Content”). TenX does not control, endorse, sponsor or adopt any Third-Party Content or any third parties referenced on the Services, and TenX makes 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 TenX is not responsible or liable in any manner for such interactions or Third-Party Content. When you leave the TenX App or the TenX Website and enter a third-party application or website, these Terms and the Policies will no longer be applicable.
28.1. If any of these Terms is rendered void, illegal or unenforceable by any legislation to which it is subject, it shall be rendered void, illegal or unenforceable to that extent and no further and, for the avoidance of doubt, the rest of these Terms shall continue to be valid and in full force and effect.
28.2. The illegality, invalidity or unenforceability of any provision of these Terms under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision.
These Terms shall be subject to and construed in accordance with the laws of Liechtenstein and you hereby submit to the non-exclusive jurisdiction of the courts of Liechtenstein.
ANNEX 1
LIST OF ACCEPTED ASSETS
Virtual Currency / Cryptographic token / Digital asset | Ticker Symbol |
---|---|
Ethereum | ETH |
Bitcoin | BTC |
Litecoin | LTC |
Please note that the list of Accepted Assets as set out above is subject to change from time to time by TenX at its sole and absolute discretion, with the agreement of Wirecard Card Solutions Ltd. (WDCS), as it related to our join product offering, and any such change will be notified by TenX to you in advance (in writing or in any other form or manner).
ANNEX 2
SCHEDULE OF FEES
Item | Generally applicable fee - denominated in EUR and collected in one of our supported cryptocurrencies or accepted assets |
---|---|
Annual fee (for first year) | - |
Annual fee (from second year) | - |
Foreign exchange purchases | - |
Card Withdrawals (foreign exchange) | 3 |
Card replacement fee (inclusive of shipping fee) | 15 |
Virtual card | 5 |
Buy crypto fee | 4.1% |
Card Transaction fee: for BTC for ETH for LTC |
2.25% 3% 3% |
Exchange fee | 1% |