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Wealth Management Terms

Acceptance of these Terms

By clicking “I Accept” you acknowledge and agree that you have read and understood these terms and conditions (“WM Terms”) of the wealth management products (“WM Products”), together with any additional terms or documents referred to in these WM Terms, and that you will be specifically bound by and will comply with these WM Terms, as updated and amended from time to time. By accessing and/or subscribing the WM Products, you hereby unconditionally and irrevocably: (a) confirm that you understand, accept and assume full responsibility for subscribing the WM Products together with any and all associated risks with your subscription, including without limitation the risks described in the Risk Disclosures (as defined below), (b) explicitly consent to, and grant Xfinance Group all necessary rights for, Xfinance Group using your WM Assets as described in these WM Terms and any associated risks, and (c) have independently and carefully assessed whether, and determined that, the WM Products are appropriate for you. These WM Terms should be read carefully and it is important that you fully understand the risks involved before subscribing to any of the WM Products. You should consult independent advice in relation to your investment. If you do not understand or accept these WM Terms, you should not subscribe to the WM Products.

Scope of these Terms and Changes

These WM Terms will specifically apply to you when you subscribe to the WM Products as are available on our website from time to time.

These WM Terms are supplemental to and shall be read together with the Xfinance Terms of Use (“Terms of Use”) and the provisions set out in the Terms of Use shall continue to apply. All terms and clauses contained in the Terms of Use (except to the extent expressly modified herein) are incorporated by reference and have the same force and effect as if set out in their entirety in these WM Terms. These WM Terms constitute part of the Terms of Use in relation to WM Products. Any issues which are not included in these WM Terms shall be governed by the Terms of Use. References in the Terms of Use to Xfinance Services shall include references to the WM Products contemplated hereunder. In the event of any conflict or inconsistency between these WM Terms and the Terms of Use, these WM Terms shall prevail with respect to the services contemplated hereunder, unless expressly stated otherwise. Xfinance may make changes to these WM Terms (or any terms or information incorporated by reference) at any time in accordance with the Terms of Use. These WM Terms and other terms that apply to your activities in connection with the WM Products may change from time to time. You should check our website for the latest terms and additional information before you enter into any new VA Loan Services transactions.

Risk Disclosure

By Subscribing to a WM Product you can earn WM Rewards, in exchange for providing Xfinance with your WM Assets. WM Rewards are not guaranteed or fixed, and the rates and timing of WM Rewards may vary. 

WM Assets used to Subscribe for a WM Product will not be segregated from the Digital Assets of others. WM Assets may be commingled in hot wallets and cold wallets with Digital Assets belonging to Xfinance Group and clients of Xfinance Group globally. You will not have a right to recover any specific Digital Assets except where provided in the “Redemption from Flexible Saving” section and “Redemption from Fixed Saving” section below.       

WM Assets may, at Xfinance’s sole discretion and without prior notice, be used for operating purposes by Xfinance Group including, but not limited to, loans to other clients of Xfinance and Xfinance Group globally under Margin products and Loan products and for on-chain staking activities. In addition, WM Assets that are subscribed to Fixed Saving may also be used by Xfinance Group in on-chain staking activities in a tightly controlled manner.  Any use of WM Assets for operating purposes will be subject to stringent policies and explicit limitations as to how Simple Earn Assets are deployed.

Your WM Assets can be redeemed in accordance with the terms of the WM Product that you have subscribed to and Xfinance will return your redeemed WM Assets in full, in the same quantity and type of Digital Asset with which you subscribed.  However, the use of WM Assets for operating purposes by Xfinance Group (including, but not limited to, loans to other clients of Xfinance and Xfinance Group globally under Margin products and Loan products as well as on-chain staking activities) may be subject to various risks.  In extreme circumstances, Xfinance may be adversely affected by such risks resulting in the inability to return the entirety or part of the WM Assets to you.  

Information of some of the risks associated with using the WM Products is set out in the risk disclosure pages on our website (“Risk Disclosures”), which may be updated from time to time. for a summary overview of some (but not all) of the risks that may result from subscribing Digital Assets to a WM Product, including risks that may arise from the use of your WM Assets by Xfinance Group for operating purposes.

Although Xfinance takes reasonable precautions to minimise the risks described in the Risk Disclosures and to safeguard the return of WM Assets to you in accordance with these WM Terms, in exceptional circumstances Xfinance may not have sufficient assets readily available to return WM Assets to users in a timely manner.  This could result in you losing some or all of your WM Assets. These exceptional circumstances could arise, for example, following a catastrophic hack or major technical failure, a significant number of borrowers to whom loans have been made under Margin products and Loan products defaulting at the same time, depletion of the margin insurance fund, systemic risk or other black swan events that affect the cryptocurrency market as a whole.

No Xfinance Group makes any representation or warranty that a WM Product is appropriate (a) for any user or in any location, or (b) that the transactions and services described in these WM Terms are (or will continue to be) available or appropriate for any user or in any location.  You are strongly encouraged to carefully review these WM Terms and seek independent professional advice as to whether WM Products are appropriate for you having regard to your personal circumstances and objectives, financial position and risk tolerance.   

Available Products

When you provide Digital Assets to Xfinance for the purposes of subscribing WM Products, you will be prompted to agree to and confirm some or all of the following terms:

a. the type of Digital Assets that you will use to subscribe; 

b. the amount of the designated Digital Assets that you will use to subscribe;

c. the WM Rewards Rate applicable at the time of subscription, which is subject to change at a future date in accordance with these WM Terms;

d. whether the WM Product being subscribed is Flexible Saving or Fixed Saving; and

e. if you subscribe to Fixed Saving, the Fixed Saving Term and the Locked Distribution Frequency.

Upon your subscription to a WM Product your assets will be treated as received by Xfinance, provided that Xfinance reserves the right, at any time and from time to time in its sole discretion and without prior notice, to:

a. reject or remove any Digital Asset or WM Assets; 

b. specify a minimum or maximum amount of WM Assets that are required to subscribe to a WM Product;

c. specify, introduce, alter or revoke Subscription Limits that may apply from time to time; 

d. mandatorily redeem or otherwise return all or some WM Assets of any user.  

WM Products comprise of the following and are added and/or removed from time to time at Xfinance’s sole discretion:

a. Flexible Saving; and

b. Fixed Saving 

• Flexible Saving

You can subscribe to Flexible Saving at any time as long as this product is available on our website.

Digital Assets that are subscribed to Flexible Saving can be redeemed at any time.  WM Rewards for Flexible Saving comprise Fixed-Time Rewards and Bonus Tiered Rewards (where applicable). 

(i) “Fixed-Time Rewards” are WM Rewards that:   

a. start accruing at the Fixed-Time Rewards Rate every hour after you subscribe; 

b. will be distributed to your Trading Account the hour after they accrue;  

c. are calculated every hour in respect of the relevant WM Assets in your Trading Account on a compounding basis;

d. are distributed in the form of the Digital Asset with which you have subscribed, unless the relevant WM Product expressly states otherwise; and

e. are rounded down to a number of decimal places determined by Xfinance in its sole discretion, which may vary for different Digital Assets.

The Fixed-Time Rewards Rate may vary from hour to hour as determined by Xfinance in its sole discretion.  Any variation to the Fixed-Time Rewards Rate will apply from the next hour and will continue to apply until the next variation takes effect.          

Xfinance may from time to time in its sole discretion offer Bonus Tiered Rewards in respect of one or more WM Products.  

(ii) “Bonus Tiered Rewards” are WM Rewards that:  

a. start accruing at the Bonus Tiered Rewards Rate every hour after you subscribe;

b. will be distributed to your Trading Account the hour after they accrue;

c. are calculated hourly based on the relevant WM Assets (other than the Bonus Tiered Rewards) in your Trading Account. Accordingly, the Bonus Tiered Rewards are not compounding;

e. are distributed in the form of the Digital Asset with which you subscribed, unless the relevant WM Product expressly states otherwise; and

f. are rounded down to a number of decimal places determined by Xfinance in its sole discretion, which may vary for different Digital Assets.

The Bonus Tiered Rewards Rate may vary from time to time as determined by Xfinance in its sole discretion. Any variation to the Bonus Tiered Rewards Rate will be made available on our website with effect from the date stated therein, unless otherwise indicated.

Your eligibility to receive all or part of any applicable Bonus Tiered Rewards Rate may be conditional upon you satisfying or complying with any applicable Bonus Criteria and will be subject to any applicable Bonus Terms, as determined by Xfinance in its sole discretion.     

Redemption from Flexible Saving

Redemption of WM Assets from Flexible Saving can be requested at any time.  

Your WM Assets will be returned to your Trading Account upon approval of the redemption request.

No further Fixed-Time Rewards and (where applicable) Bonus Tiered Rewards will be accrued after you request for redemption in respect of the redeemed assets. If you redeem only a portion of your WM Assets, the WM Assets that you do not redeem will continue to earn Fixed-Time Rewards and (where applicable) the Bonus Tiered Rewards. 

Xfinance may at its discretion specify a minimum and maximum amount of WM Assets that are available for redemption from Flexible Saving. Xfinance may also at its discretion vary the minimum and maximum amount from time to time without prior notice to you. 

The return of the WM Assets that you have redeemed from Flexible Saving may be delayed in exceptional circumstances, which may include without limitation, extreme market volatility, network outages and delays, validator or protocol failure, a significant number of simultaneous instructions to redeem from other Xfinance users, or other unanticipated events. Please refer to the Risk Disclosures for more information about some (but not all) of the risks that may be associated with the subscription of WM Products.

 

• Fixed Saving

For certain Digital Assets, Xfinance may from time to time in its discretion offer Fixed Saving products at a Fixed Saving Rewards Rate. The Fixed Saving Rewards Rate may have a variable rate or a fixed rate, as indicated on our website. If you subscribe for a Fixed Saving, the Fixed Saving Rewards Rate will remain the same for the entire duration of the Fixed Saving Term. For the avoidance of doubt, any alternative rates that may be offered by Xfinance from time to time for the same Digital Assets will not apply to or in any way affect any existing Fixed Saving subscriptions.

You can subscribe to Fixed Saving during the subscription period as indicated on our website which is available from time to time. You will not be able to subscribe to Fixed Saving outside of the subscription period.

Digital Assets that are subscribed to Fixed Saving cannot be redeemed until the end of the relevant Fixed Saving Term.  Simple Earn Rewards for Fixed Saving:

a. start accruing at the Fixed Saving Rewards Rate from the Value Day;

b. are distributed in the form of the Digital Asset with which you subscribed, unless otherwise stated;

c. are calculated daily based on the relevant WM Assets (other than the Fixed Saving Rewards) in your Funding Account. Accordingly, the Fixed Saving Rewards are not compounding; 

e. will be distributed to your Funding Account, at the pre-determined Locked Distribution Frequency; 

f. are rounded down to a number of decimal places determined by Xfinance in its sole discretion which may vary for different Digital Assets.

The Fixed Saving Rewards Rate may vary from time to time as determined by Xfinance in its sole discretion. Any variation to the Fixed Saving Rewards Rate will be made available on our website with effect from the date stated therein, unless otherwise indicated.

Redemption from Fixed Saving

Upon the expiry of the Fixed Saving Term, Xfinance will automatically return your WM Assets to your Funding Account within 72 hours after the expiry. You are not required to submit a redemption request of your WM Assets at the end of the Fixed Saving Term. 

Early redemption of your WM Assets in Fixed Saving is not currently supported by Xfinance.  

Xfinance may at its discretion from time to time specify a maximum amount of WM Assets that are available for early redemption from Fixed Saving each day.  Xfinance may also at its discretion vary the maximum amount from time to time without prior notice to you.

The return of the WM Assets upon expiry of the Fixed Saving Term may be delayed in exceptional circumstances, which may include without limitation extreme market volatility, network outages and delays, validator or protocol failure, a significant number of simultaneous automatic redemptions to other Xfinance users, or other unanticipated events. Please refer to the Risk Disclosures for more information about some (but not all) of the risks that may be associated with the subscription of WM Products.     

Changes to WM Rewards Rate

The WM Rewards Rates may fluctuate from time to time, including during a Fixed Saving Term. Xfinance does not in any way represent or guarantee that the WM Rewards Rate applicable at the time you subscribe for a WM Product or anytime thereafter will remain constant, whether during the Fixed Saving Term or otherwise. The applicable WM Rewards Rate may fluctuate up or down from time to time. You hereby acknowledge and agree that any representation, whether express or implied, regarding the possible rewards associated with a WM Product, applicable or otherwise shown at (or after) the time of subscribing to a WM Product (i) is an estimate based on observations of available on-chain reward rates, general market rates, as well as special rates during promotion periods and is subject to significant risks and uncertainties , (ii) is not guaranteed in any way by Xfinance Group or indicative of future performance or rewards, (iii) is calculated based on the WM Rewards Rate, which may change from time to time in Xfinance’s sole discretion and (iv) is not in any way a form of advice, solicitation or offering for WM Products and should not be interpreted as such.    

Changes to the WM Rewards Rate will be published on our website from time to time. YOU MUST REFER TO OUR WEBSITE REGULARLY. NO XFINANCE GROUP WILL HAVE ANY LIABILITY WHATSOEVER FOR ANY LOSSES ARISING FROM, OR CONNECTED WITH, CHANGES TO THE WM REWARDS RATE, WHETHER OR NOT YOU WERE AWARE OF THOSE CHANGES.

Reporting and Valuation

You can access reports on your WM Assets and WM Rewards in your account at any time. You will be able to see and download reports showing the amount and value of your WM Assets, as well as any subscriptions, redemptions and distributions of WM Rewards. The valuation of your WM Assets displayed in your account is based on the current spot price on our website.

Limitation of Liability

Neither Xfinance nor any of its agents or nominees shall be liable for: (i) the management or performance of your Digital Assets (including any depreciation in the value); and (ii) any taxes, levies or duties payable in respect of your Digital Assets.

Severance

If any provision of these WM Terms shall be found by any court or administrative body of competent jurisdiction to be invalid or unenforceable, the invalidity or unenforceability of such provision shall not affect the other provisions of these WM Terms and all provisions not affected by such invalidity or unenforceability shall remain in full force and effect. Such provision will be changed and interpreted to accomplish the objectives of the provision to the greatest extent possible under any applicable laws.

Definitions

Unless otherwise defined, capitalised words used in these WM Terms shall have the same meaning given to them in the Terms of Use. The rules of interpretation set out in the Terms of Use shall apply to these WM Terms, except that references to clauses are to clauses in these WM Terms, unless otherwise stated.

Xfinance Group means has the meaning given to it in the Terms of Use. 

Bonus Criteria means any criteria that Xfinance may in its discretion require you to meet in order to be eligible to receive Bonus Tiered Rewards.

Bonus Terms means all terms and conditions that apply to Bonus Tiered Rewards, as determined by Xfinance in its sole discretion, including but not limited to, Bonus Criteria, any limitations on the amount of Bonus Tiered Rewards that may be distributed to you, the maximum amount of WM Assets that are eligible to accrue Bonus Tiered Rewards or the period during which Bonus Tiered Rewards will accrue.

Bonus Tiered Rewards means the rewards earned by you as described in the sub-section entitled “Flexible Saving” under the section entitled “Available Products” above.

Bonus Tiered Rewards Rate means the annual percentage rate at which Bonus Tiered Rewards are earned, as determined by Xfinance in its sole discretion and amended from time to time. The Bonus Tiered Rewards Rate will be calculated pro rata based on a 365-day calendar year.

Digital Assets has the meaning given to it in the Terms of Use.

Fixed-Time Rewards means the rewards earned by you as described in the sub-section entitled “Flexible Saving” under the section entitled “Available Products” above.

Fixed-Time Rewards Rate means the annual percentage rate at which Fixed-Time Rewards are earned by you in respect of Simple Earn Assets that are subscribed to a Flexible Saving.

Flexible Saving means a WM Product with the features described in the sub-section entitled “Flexible Saving” under the section entitled “Available Products” above.

Loan means the cryptocurrency lending services offered by Xfinance or Xfinance Group, permitting users to use their Digital Assets as collateral in order to borrow other Digital Assets for a predetermined duration.

Locked Distribution Frequency means the time or frequency at which Fixed Saving Rewards will be distributed to your Funding Account as designated by Xfinance.

Fixed Saving means a WM Product with the features described in the sub-section entitled “Fixed Saving” under the section entitled “Available Products” above.

Fixed Saving Rewards means the rewards earned by you as described in the sub-section entitled “Fixed Saving” under the section entitled “Available Products” above. 

Fixed Saving Rewards Rate means the annual percentage rate at which Fixed Saving Rewards are earned, as determined by Xfinance in its sole discretion from time to time. The Fixed Saving Rewards Rate will be calculated pro rata based on a 365-day calendar year.

Fixed Saving Term means the pre-determined period for which your WM Assets as subscribed to Fixed Saving must be maintained and not redeemed, in order for you to be entitled to Fixed Saving Rewards.

Margin means the margin facility offered by Xfinance or any Xfinance Group, allowing users to borrow Digital Assets from the Platform by leveraging their existing Digital Asset holdings as collateral.

Platform means the cryptocurrency exchange platform of Xfinance.

Trading Account means the Xfinance Account that you use for trading purposes.

Funding Account means the Xfinance Account that you use for funding purposes.

Subscription Limits means the maximum amount of WM Assets that may be used to subscribe to a WM Product, as determined by Xfinance at its sole discretion, from time to time.

WM Assets means the Digital Assets used by you to subscribe for a WM Product.

WM Products means any and all of the WM Product as described in the section entitled “Available Products” above. 

WM Rewards means the Digital Assets that will be earned by and distributed to you, as consideration for providing your WM Assets to Xfinance pursuant to the subscription of a WM Product.

WM Rewards Rate means the rewards rate in respect of a WM Product, as updated from time to time. Currently, these include the Fixed-Time Rewards Rate, the Bonus Tiered Rewards Rate and the Fixed Saving Rewards Rate. 

Value Day means the day as designated by the Exchange being the day from which interest starts to accrue in relation to the subscription of a WM Product .