Updates to StraitsX's General Terms & Conditions

Modified on Thu, 21 Aug at 11:44 AM

Additional Definitions:

Clause 3.1.2.5 of the General T&Cs: Updated the clause to clarify our valuation methodology for accredited investors.
Clause 3.1.5 of the General T&Cs: Updated definition of “Attached Bank Account” to include other bank accounts that you may beneficially own, in order to expand the types of bank accounts we may support for certain services.
Clause 3.1.47 of the General T&Cs: Updated definition of “StraitsX Accounts” to include accounts that StraitsX may introduce from time to time for holding, receiving, sending, remitting, or otherwise transacting in funds or any supported digital assets.
Clause 3.1.56 of the General T&Cs: Updated definition of “StraitsX Services” to include payments, transfers, or remittance.

Instructions and Authorisations:

Clause 5.1 of the General T&Cs: Expanded scope to clarify that you are responsible for accurate instructions to use StraitsX Services, whether it is originating from your StraitsX Accounts or any linked third-party platform accounts.
Clause 5.2 of the General T&Cs: Clarified that the clause applied to any StraitsX Services and condensed various authorisation scenarios (issue, send, receive, redeem, withdraw) into a unified clause, and expanded coverage to include instructions from third-party platforms and remittance-related actions.
Clause 5.3 of the General T&Cs: Updated the clause to clarify that instructions given by the user to access any StraitsX services are irrevocable and binding, whether it is originating from your StraitsX Accounts or any linked third-party platform accounts.
Clause 5.5 of the General T&Cs: Updated the clause to clarify that StraitsX is not obliged to verify the identity or authority of any person issuing any instruction, whether it is originating from your StraitsX Accounts or any linked third-party platform accounts.

Attached Bank Account:

Clause 6.1 & 6.2 of the General T&Cs: Expanded clause to cover provision of Attached Bank Account details via third-party platforms, clarified user’s responsibility for accuracy, and added requirement that (a) all funds sent to StraitsX must originate from the user's Attached Bank Account, and (b) all funds remitted to the user will be sent only to their Attached Bank Account unless otherwise stated.

Our Errors:

Clause 7.2 of the General T&Cs: Amended the clause to make it clear that users are expected to return any excess amount transferred to them if it is not possible to deduct that amount from their StraitsX Accounts.
Clause 7.3 of the General T&Cs: New clause clarifies that in the event of an error resulting in underpayment or failed execution, StraitsX will either top up the shortfall or return the funds/assets to the originating account.

Your Errors:

Clause 8.1 of the General T&Cs: Expanded the clause to state the types of wrong information the user may provide, which includes information such as a wrong bank account number, originating party/beneficiary name, or any details not matching previously collected details. Expanded the clause to also include reconciliation and verification issues arising from the wrong information provided by the user, where StraitsX reserves the right to clarify the issue with the user and/or reject carrying out the user’s instructions.
Clause 8.2 of the General T&Cs: New clause states that StraitsX may refuse to process a transaction if funds are not transferred from the user’s Attached Bank Account or if the user does not transfer within the timeframe communicated to them.
Clauses 8.4, 8.5 of the General T&Cs: New clauses to state the actions StraitsX may take, and StraitsX’s liability where the user transfers an insufficient or excessive amount to StraitsX for any StraitsX Service. Have also made it clear that StraitX, at its sole discretion, can treat the amount as a revised instruction and act based on such revised instructions. This also applies to incoming remittances by third parties where instructions originate from the user.

Restricted Activity:

Clause 9.1.13 of the General T&Cs: Clarified that the prohibition on double recovery applies equally to funds, StraitsX Tokens, and Non-StraitsX Tokens, rather than treating tokens as a subset of funds.
Clauses 9.1.32, 9.1.33 & 9.1.34 of the General T&Cs: Clarified that the clauses applied to StraitsX Services.

Actions by StraitsX:

Clauses 11.1.2 & 11.1.4 of the General T&Cs: Amended the clauses to clarify that they apply in relation to any underlying funds of any StraitsX Service (including any incoming or outgoing payment, transfer, or remittance).
Clause 12.1 of the General T&Cs: Expanded the clause to cover remittance transactions.
Clause 14.1.3 & 14.2.3 of the General T&Cs: Expanded the clauses to make clear that users cannot initiate any transaction or issue any instruction in relation to any StraitsX Services from or involving any blacklisted StraitsX Accounts/Non-StraitsX Account.
Clause 15.1 & 15.2 of the General T&Cs: Expanded clause to clarify that they applied to StraitsX Services.

Set-Off:

Clause 18.1.1 of the General T&Cs: Amended the clause to make clear that the amounts users may owe to StraitsX may include any liability and indemnity arising under the General T&Cs.
Clause 18.1.2 of the General T&Cs: Amended the clause to clarify that StraitsX can deduct any amounts owed to it from any underlying funds of any StraitsX Service (including any incoming or outgoing payment, transfer or remittance).
Clause 18.2 of the General T&Cs: Expanded the clause to state how StraitsX will collect any funds owed by the user if the amount that StraitsX had previously deducted from the user’s Accounts is not sufficient to cover the user’s liability to StraitsX.

Notices:

Clause 20.1 of the General T&Cs: Updated the clause to clarify that StraitsX can cease the provision of any StraitsX Services to the user if the user withdraws consent to receive electronic communications.

Limitation of Liability:

Clause 21.1.6 of the General T&Cs: Amended the clause to clarify that StraitsX does not bear any liability arising from the delay or failure in the provision of any StraitsX Services by StraitsX or any of its affiliates, agents, and/or employees.
Clause 21.1.9 of the General T&Cs: Amended the clause to clarify that it covers situations where instructions are issued by users via their account with a third-party platform.
Clause 21.1.10 of the General T&Cs: Amended the clause to clarify that StraitsX does not bear any liability for any loss, including any loss of funds, tokens, or unsupported digital assets, due to the errors of the users.
Clause 21.1.13 of the General T&Cs: Amended the clause to clarify that StraitsX bears no liability for losses caused by delay or failure in the provision of any StraitsX Services, if it is directly or indirectly caused by third-party platforms.
Clause 21.1.20 of the General T&Cs: Added a new clause to state that StraitsX bears no liability for any loss arising for unsatisfactory goods, assets, or funds provided or promised by a third party (e.g. when a user uses StraitsX Services to buy assets on a third-party platform but does not receive them), including any discrepancies or errors in the amount remitted by third parties to StraitsX based on the user’s original instructions.

Fees:

Clause 22.1 of the General T&Cs: Expanded the clause to clarify that you are responsible for third-party charges (e.g. intermediary or correspondent bank fees), which StraitsX may deduct from transaction amounts or recover from your accounts.