What are the changes StraitsX is making to the StraitsX Terms and Conditions?

We have provided below a summary of some notable changes to the StraitsX Terms and Conditions (”StraitsX T&Cs”):

1. Split in services: Digital payment token services will now mostly be provided by StraitsX Payment Services Pte Ltd.

2. Separation of terms and conditions: The StraitsX T&Cs have been divided into two segments:

   1. General terms and conditions: It generally governs the provision and use of all StraitsX Services and StraitsX Website.
   2. Additional terms and conditions: It governs the use of specific StraitsX Services - e.g. the StraitsX Tokens, StraitsX Accounts, OTC & Swaps, and StraitsX E-money. It also contains our Privacy Policy.

3. StraitsX entities identified clearly: At the start of each service-specific section of the Additional T&Cs, we have clearly identified the StraitsX entity responsible for that StraitsX Service. This ensures that you always know which StraitsX entity you are engaging with for a particular service.

4. Important disclosures and risk warnings: To ensure transparency and ease of finding key information, we have compiled all key risk warnings and disclosures we are required to make by law, as well as additional risks specific to StraitsX products, under one section. This relates to how we safeguard your StraitsX Tokens, maintain reserve asset backing for XSGD and XUSD, and protect your StraitsX E-Money. We have also provided details on how your assets are protected in the event of insolvency. You can refer to the section under the Additional T&Cs titled “Risk Warnings, Notices & Disclosures” for more information.

5. Redemption rights and process: We have made it clear that users have the right to redeem their StraitsX Tokens (such as XSGD or XUSD) at any time, provided they meet the necessary requirements. We have outlined the step-by-step process and the conditions for redemption to ensure transparency and ease of use. You can refer to the section under the Additional T&Cs titled “Purchasing and redeeming StraitsX Tokens and Non-StraitsX Tokens” for more information.

6. Account closure: We have updated our account closure terms to address operational challenges and streamline the process. The changes ensure that inactive accounts are handled efficiently, including the conversion of any remaining tokens to fiat currency and efforts to contact users before account closure. You can refer to the General T&Cs for more information.

7. Actions that StraitsX may take: We have updated the various actions StraitsX may take, including placing holds, freezing funds, blacklisting accounts, or even closing accounts under certain conditions. These actions help us:

   1. Address potential risks, such as fraud or suspicious activity.
   2. Comply with regulatory requirements and legal orders.
   3. Manage disputes, claims, or chargebacks efficiently.

   Rest assured, we strive to provide notice whenever possible and act in accordance with the law. You can refer to the General T&Cs for more information.

8. OTC and Swaps Services: Specific terms now govern access to the Over-the-Counter (OTC) and Swaps services. You can refer to the section under the Additional T&Cs titled “OTC & Swaps Services” for more information.

9. General improvements: Throughout the StraitsX T&Cs, we made changes to improve scope and clarity of various clauses, and to address grammar, typos, and other similar issues. We also updated naming and hyperlinks.

To see all of the changes, please read the full updated StraitsX T&Cs. You can do so by logging into your StraitsX Accounts, where you will be prompted and shown the updated StraitsX T&Cs.