Last Updated: 09 September 2019
Thank you for visiting AAX.com.
AAX Exchange (Malta) Limited (incorporated in the Republic of Malta) and located at Ewropa Business Centre, Level 3 - 701, Dun Karm Street, Birkirkara, BKR 9034, Malta operating under transitory provisions of the Virtual Financial Assets Act (“VFA Act”) to provide VFA Services that include operating a VFA Exchange, holding or control customer’s money, virtual financial assets, and/or private cryptographic keys and custodian or nomination
AAX Limited incorporated under the International Business Companies Act of 1994 of the Republic of Seychelles having company number 211854.)
(together “AAX” or “we” or “our”)
- “AAX” collectively means AAX Exchange (Malta) Limited (incorporated in the Republic of Malta) and AAX Limited (incorporated in the Republic of Seychelles);
- “AAX OTC Trading Platform” means OTC Trading provided by AAX on the Platform;
- Advertisement” means advertisement for Sale or Purchase of VFA and vice versa on the AAX OTC Trading Platform;
- “Affiliate” in relation to AAX or you means a direct or indirect subsidiary of you or AAX Exchange (Malta) Limited or AAX Limited, a holding company of the AAX Exchange (Malta) Limited or AAX Limited, and any other subsidiary of that holding company;
- “Fiat” means the money or currency of any country or jurisdiction that is designated as legal tender and circulated, used and accepted as a medium of exchange in the country or jurisdiction of issuance;
- “Certified OTC Merchant” means User that has been accepted and authorized by AAX to post Sale or Purchase Advertisements on the AAX OTC Trading Platform;
- “Counterparty” means the opposite party in any trade executed on the AAX Platform;
- “OTC Client” means User that executes an order in relation to OTC Trading with a Certified OTC Merchant;
- “Order” means any instruction from a user on the AAX Platform to ‘buy’ or ‘sell’ in relation to products or services available on the Platform;
- “Over the Counter” or “OTC” or “OTC Trading” refers to direct sale and purchase of VFA on the AAX Platform with trades executed directly between OTC Merchants and Purchasers of VFA;
- “Perpetual Contract” means a derivative contact that references the spot price of a VFA that do not have an expiry date or settlement with periodic funding exchanged between counterparties i.e. long and short positions every eight hours;
- “Platform” or “AAX Platform” means our website(s), our application(s), our application programming interfaces (“APIs”), our notifications and any information or content appearing therein
- “Products” or “Services” means trading in VFAs, trading in derivatives linked to VFA or any other services that may be offered by AAX through the AAX Platform from time to time;
- “Restricted Jurisdictions” means all jurisdictions listed above and any jurisdiction referred to in Clause 2.1.2;
- “Trade” means an Order that has been matched, fulfilled or executed on AAX Platform;
- “Virtual Financial Assets” or “VFA” means cryptocurrency, virtual currencies, virtual commodity or digital tokens or virtual financial assets;
- “Wallet” or “AAX Wallet” means a software application (or other mechanism) on the AAX Platform that provides a means for holding, storing and transferring VFA, including users VFA address, VFA balance and cryptographic keys.
1. Description of our Services
1.1. AAX offers Users an online platform for trading of cryptocurrency, virtual currencies, virtual
commodity or digital tokens or virtual financial assets (“Virtual Financial Assets” or “VFA”) and
derivatives linked to VFA. The AAX Platform consists of an automated order matching system
that matches open orders of Users in respect of VFAs and derivatives linked to VFAs. The VFAs
traded do not constitute ‘security tokens’ or VFAs with characteristics of ‘securities’ under
applicable securities laws.
1.2. You may use the AAX Platform to receive the following Services:
1.2.1. Spot Trading: You may exchange one type of VFA for another by placing ‘buy’ or ‘sell’
orders. AAX offers specific pre-defined trading pairs for exchange of VFAs. AAX reserves
the right to add, delete or modify VFAs or VFA trading pairs from time to time at its sole
discretion. Your order may be matched against open orders from either single users or
matched with multiple anonymous users that are not pre-determined.
1.2.2. Futures Trading: You may also trade derivatives that reference the spot price index of
VFAs. These derivative contracts known as Perpetual Contracts do not have an expiry
date or settlement however periodic funding is exchanged between counterparties i.e.
long and short positions every eight hours. As with spot trading, your order will be
matched with anonymous users that are not pre-determined.
1.2.3. OTC Trading: A trading service that facilitates direct sale and purchase of VFA on the
AAX Platform with trades executed directly between OTC Merchants and Purchasers of
1.3. AAX does not act as a Counterparty in any of the Trades executed between Users on the AAX
1.4. Spot Trading and OTC Trading are offered by AAX Exchange (Malta) Limited while futures
trading is offered by AAX Limited.
2. Your AAX Account and Acceptable Use of the AAX Platform
You need to be an individual with full legal capacity and at least 18 years old to use our
Platform. If you are not, AAX shall have the right to cancel or freeze your account in addition
to filing claims against you and your guardian for compensation. If you are using the AAX
Platform on behalf of an a legal person or entity, you represent that you have the necessary
and other documents referred to herein) on behalf of that entity.
2.1.2. Restricted Jurisdictions
184.108.40.206. By accessing and using our Platform and our Services, you acknowledge and declare
that you are not on any trade or economic sanctions lists, such as the United Nations
Security Council Sanctions List, US OFAC lists, EU Sanctions Lists and their
equivalent. You are not allowed to access or use our Platform or Services if you are
located, incorporated or otherwise established in, operating from, or a citizen or
a. Asia: Afghanistan, Cambodia; Myanmar; North Korea; Pakistan; Sri Lanka;
b. Europe, Middle East and Africa: Belarus; Botswana; Bosnia and Herzegovina;
Burundi; Central African Republic; Democratic Republic of Congo; Egypt; Ethiopia;
Eritrea; Ghana; Guinea-Bissau; Iran; Iraq; Libya; Lebanon; Mali; Moldova; Syria;
Somalia; Sudan, South Sudan; Tunisia; Zimbabwe; Crimea; Sevastopol; Yemen.
c. The Americas: USA [including all USA territories like Puerto Rico, American Samoa,
Guam, Northern Mariana Island, and the US Virgin Islands (St. Croix, St. John and St.
Thomas); the province of Quebec in Canada; Bahamas; Cuba; Haiti; Panama; Trinidad
and Tobago; Venezuela
Notwithstanding the jurisdictions listed above, you also agree not to access our
Platform from the following jurisdictions:
a. any jurisdiction where the use of our Platform or Services is prohibited or contrary
to local law or regulation or could subject AAX or any of its Affiliates to any local
registration or licensing requirements;
b. any jurisdiction where it would be illegal according to local laws for you (by reason
of your nationality, domicile, citizenship, residence or otherwise) to access our
Platform or use our Services;
“Restricted Jurisdictions” means all jurisdictions listed above and any jurisdiction referred to in (a)
and (b) above (“Restricted Jurisdictions”).
220.127.116.11. AAX has no obligation or capability to verify whether you are eligible to use the Platform and
bears no responsibility for your use of the Platform.
18.104.22.168. AAX reserves the right to, at its sole discretion, select jurisdictions to make available its
Platform and Services and may implement controls to restrict access to our Platform and
Services in any of the Restricted Jurisdictions. In the event AAX decides to restrict access to
any jurisdictions that it currently services, you shall be provided with advance notice to
liquidate your positions and transfer your VFA prior to suspending your Account.
22.214.171.124 In the event, AAX determines that you are accessing our Platform or Services from any
Restricted Jurisdiction or have given false representations as to your location of incorporation,
establishment, citizenship or place of residence, AAX reserves the right to terminate your
Account immediately and liquidate any open positions.
126.96.36.199. In the event that you travel to any Restricted Jurisdictions, our Platform may not be available
and your access to our Services may be blocked which may impact your ability to place orders
or monitor positions. You agree that you will not attempt in any way to circumvent any such
restriction, including the use of any virtual private network (VPN) to modify your internet
2.2. Account Registration
2.3. Identity Verification
2.3.1. You agree to provide personal information and identity documentation that we may request
for you and the entities that you represent for the purposes of identity verification under
our anti-money laundering (AML) programme for the detection and prevention of money-
laundering, terrorist financing, bribery, corruption, fraud and the use of proceeds of crime.
You warrant that such information provided by you is truthful and accurate and documents
provided are genuine and not fraudulent.
2.3.2. You also authorise us to make enquiries, directly or through third parties that are deemed
necessary to verify your identity to protect you, us and the financial system from financial
2.3.3. In the event that you fail to share information and/or documents requested, despite
repeated reminders, AAX reserves the right to suspend or terminate your Account
2.4. License to use the AAX Platform
2.4.1. Signing up to use our Platform entitles you to a personal, worldwide (except for Restricted
Jurisdictions), royalty-free, non-assignable, non-transferrable, non-sublicensable, non-
exclusive and revocable licence to access and use the AAX Platform, including any third
party software or application as part of the services we offer. This licence is for the sole
purpose of enabling you to use and enjoy the benefit of our Platform as provided by us and
2.4.2. This licence to use our Platform will be terminated if you do not comply with this Terms of
Use or other additional terms or conditions imposed by us from time to time.
2.4.3. You shall not copy, modify, distribute, sell, lease, loan or trade any access to the Platform or
any data or information on it.
2.5. Account Security
2.5.1. You agree to keep your password secure and confidential. If you suspect that your username
or password has been stolen or been made known to others, it is your responsibility to
change your password immediately and contact us promptly.
2.5.2. Your Account shall only be used you and not by any other person. AAX reserves the right to
suspend or terminate accounts that are used by persons other than the persons whose
names they are registered under. In the event we detect that an account is shared by
multiple users, unless authorised in the case of business accounts, we may treat this as a
security breach and suspend or terminate your Account.
2.5.3. You shall be responsible for all actions or activities that happens by, through or under your
Account, unless you report misuse. We shall not be responsible for any loss or damage
resulting from any unauthorised access to your Account due to any failure to comply with
2.5.4. We shall never ask for your password, nor shall we ask you to transmit any VFA to
addressed not listed on the trading platform. We shall not be responsible for any losses
caused by transmitting funds, VFAs or VFAs addresses, as applicable, that are not listed on
the AAX Platform.
2.6. Guidelines on the Use of the AAX Platform
For example, you agree not to do any of the following in connection with the Platform:
- use the Platform for unlawful or unauthorised purposes;
- re-sell or attempt to benefit in a commercial fashion from any data, content or information available on the Platform;
- probe, scan, or test the vulnerability of any system or network;
- breach or otherwise circumvent any security or authentication measures or service use limits;
- access, tamper with, or use non-public areas or parts of the Platform;
- interfere with or disrupt any user, host, or network, for example by sending a virus, trojan, worm, logic bomb, or any other material that is malicious or technologically harmful, overloading, flooding, spamming, or mail-bombing any part of the Platform, or by scripting the creation of any content in such manner as to interfere with or create an undue burden on the Platform;
- reverse engineer, decompile, disassemble, decipher or otherwise attempt to derive the source code for the Platform or any related technology that is not open source;
- access, search, or create accounts for the Platform by any means (automated or otherwise) other than our publicly supported interfaces (for example, "scraping" or creating accounts in bulk) or attempt to do so;
- send unsolicited communications, promotions or advertisements, or spam;
- forge any TCP/IP packet header or any part of the header information in any email;
- send altered, deceptive, or false source-identifying information, including "spoofing" or "phishing";
- conduct surveys, contests, or pyramid schemes, or promote or advertise products or services without appropriate authorisation;
- abuse referrals or promotions;
- post, publish, upload, display, distribute, or share materials that are unlawful, inappropriate, profane, pornographic, obscene, indecent, libelous, defamatory, abusive, or knowingly false, and/or that infringe intellectual property rights;
- violate applicable laws or regulations in any way; or
- violate the privacy or infringe the rights of others.
3. Accuracy and Availability of our Platform and Services
3.1. Availability of Platform and Services
We shall endeavour to make available our Platform at all times however we do not guarantee
that the operation of, or access to our Platform will be uninterrupted or continuous. Our
Platform may be interrupted for maintenance, repairs, upgrades, network or equipment failures
that may be out of our control. We will use reasonable efforts to avoid downtime of the
Platform during anticipated peak hours, but we assume no liability (whether for trading-related
losses or otherwise) if the Services or any part thereof are unavailable at any time or for any
period. We do not represent, warrant or guarantee that our Platform will be free from bugs or
viruses or harmful components that are beyond our control.
3.2. Changes to the AAX Platform and Services
We may from time to time improve, change, modify or discontinue any of the products or
services offered on the Platform, or add or remove functionalities or features, and we may
suspend or stop certain services, functionalities or features altogether. If we discontinue
certain products, services, functionalities or features, we will give you advance notice where
3.3. Beta Versions of the AAX Platform and AAX Testnet
AAX may release products, services, functionalities or features that we are still testing and
evaluating. We will label such services as “beta”, “preview”, “early access” or “trial” or any
words or phrases with similar meanings. You understand that these beta services are not as
reliable as other products or services we offer.
You acknowledge, agree and understand that:
1. AAX Testnet (www.testnet.aax.com) (“AAX Testnet”) is provided for informational and
testing purposes only;
2. whilst AAX Testnet uses the same market data and indices as the Trading Platform, there
may be some discrepancies between the AAX Testnet and our Platform; and
3. any past performance and experience on and with AAX Testnet is not a reliable indicator of
future returns, performance and experience with our Platform.
3.4. Hardware and Internet
3.4.1. You shall be responsible for configuring the hardware devices, software, information
technology, computer programmes and platform or system in order to access our Platform
and services. You are solely liable for the integrity and proper storage of any data
associated with the Services that is stored on your own hardware. You are responsible for
taking appropriate action to protect your hardware and data from viruses and malicious
software, and any inappropriate material. AAX will not be liable to you in the event that
your hardware fails, is damaged or destroyed or any records or data stored on your
hardware is corrupted or lost for any reason.
3.4.2. You shall also be responsible for your use of the internet to access the Platform and
Services or any technical problems, system failures, malfunctions, communication line
failures, high internet traffic or demand, related issues, security breaches or any similar
technical problems or defects experienced. You shall be responsible for any fees incurred
in order to connect to the internet for the purpose of using or accessing our Services.
3.5. AAX Mobile Application
You acknowledge and agree that there are a series of inherent risks with the use of mobile
trading technology such as the AAX mobile application including, but not limited to, latency in
the prices provided. AAX shall not be liable for any and all circumstances in connection with your
use of our mobile application in which you experience a delay in price quotation or an inability to
trade caused by network circuit transmission problems or any other problems outside our direct
control, which include but are not limited to the strength of the mobile signal, cellular latency, or
any other issues that may arise between you and any internet service provider, phone service
provider or any other service provider. Furthermore, some of the features available on our
Platform may not be available on our mobile application. Users may also be required to download
and install updates to our mobile application to maintain provision of the Services. Your failure to
do so might lead to certain features of our Services (including trading functions) becoming
temporarily inaccessible to you until such update has been downloaded and installed.
3.6. Third Party Integration
3.6.1. AAX integrates with third-party software providers in order to provide the Services and a full
suite of functionalities to Users on the AAX Platform. Where the third party software is part
of the infrastructure and basic functionality of the AAX Platform infrastructure, your access
accept that you shall have no claim against providers of third party software integrated into
the AAX Platform.
3.6.2. In some cases, Your access and use of the third-party software shall be governed by the
terms of service or user agreements of that third-party software. We shall not be
responsible for any issues or loss arising from the use of such third-party software. Any
amounts or commissions payable to third party vendors or service providers under such agreements are your sole responsibility and shall be paid directly by you to such third party vendors or service providers.
4. Trading on the AAX Platform
4.1. Funding Your Account
4.1.1. After creating your AAX Account, you may deposit VFA into your AAX Account or AAX
Wallet a specified address provided by us. After depositing VFAs into your Account, you
may commence to place orders and trade on the AAX Platform. You may deposit only
specified VFA that is supported by the AAX Platform. AAX reserves the right to list or
remove VFA at its sole discretion.
4.1.2. You represent and warrant that you are, and shall remain at all times, the ultimate and
effective legal and beneficial owner of any VFAs held by you in your AAX Account.
4.1.3. You agree to the pooling of your VFAs with VFAs of other users. The VFA deposited may
not be identifiable as separate and distinct documents of title or other electronic records.
In case of an irreconcilable shortfall, you may not receive your full entitlement and may
shore in the shortfall pro rata.
4.2. Placing Orders
4.2.1. You may proceed to trade VFAs buy placing an instruction to effect a ‘buy’ or ‘sell’ order
for Spot Trading or Futures trading.
4.2.2. Once you place an instruction, your account will reflect an open order and your order will be
included in our order book for matching with orders from other users. If your order is
matched with another user, a trade will be executed by AAX Platform order matching
engine and your account will be updated to reflect that the order has either been partially or
fully executed on account of being fully executed or updated to reflect partial fulfilment of
4.2.3. AAX is under no obligation to accept, match or execute any order between you and another
user. We reserve the right to cancel any unmatched orders. You order will remain open until
may be matched with open orders from single users or multiple anonymous Users that are
4.2.4. In the event of a sell order in relation to an OTC Trade, you authorise AAX to take temporary
control of the VFAs and place the applicable amount of VFA in escrow till receipt of
payment or Fiat by the Purchaser.
4.3. Cancelling Orders
You may only cancel an order before it is matched with an order from another user. Once your
order has been matched, you may not change, withdraw or cancel your authorization for the
Platform to complete your order and execute a trade. In case of partial fulfilment, you may
cancel the unfulfilled or unmatched portion of your order. AAX reserves the right to refuse
such a cancellation request. If you have an insufficient amount of VFAs in your wallet to fulfil
an order, AAX reserves the right to cancel such order or partially fulfil the order to the extent of
VFA in your wallet.
4.4. Futures Trading
You may enter a long (‘buy’) or a short (‘sell’) position with respect to a perpetual contract and
may choose the leverage and margin amount you wish to utilise in respect of a perpetual
contract upto the leverage limit provided by the AAX Platform. We reserve the right to revise or
change the maintenance margin and minimum initial margin rate on the Platform. The leverage
you choose to employ will decide the initial margin and liquidation price in respect of a
Perpetual contracts do not have any expiry or settlement. You may hold a position as long
as you wish. A periodic funding mechanism means payments are exchanged between
counterparties every 8 hours. If the rate is positive, the counterparty holding a long
position will pay and if the rate is negative, users holding short position will pay. Funding
occurs every 8 hours at 00.00 hours, 08:00 hours and 16:00 hours. You will only pay or
receive funding if you hold a position at one of those times. Funding is charged on the
notional value of the contract and is not based on the margin assigned to the position. The
funding price aims to keep the market price in line with spot price index of VFA.
4.4.2. Closeout and Liquidation
188.8.131.52. You may close your position at any time you wish by placing an order in the opposite
direction of your position. Whether you make a profit or a loss will depend on
fluctuations in the price of the respective VFA.
184.108.40.206. If the market moves against your position or margin levels are increased you may be
requested to transfer additional VFAs on short notice to maintain your position. You
agree to maintain in your Account, sufficient VFA for funding your position.
220.127.116.11. The AAX Platform will recover from available VFA in your Account. In the event, that
you do not have sufficient VFA in tour Account, or fail to comply with a request for
additional transfer of VFA to your Account, AAX reserves the right at its sole
discretion to close open positions to recover funding costs in relation to perpetual
contracts and other fees and costs incurred by you in relation to your Account or
liquidate any or all of your positions at a loss.
18.104.22.168. When the market price of the contract touches liquidation price, the AAX Platform will
trigger liquidation of your position i.e. automatically trigger a position closure and
AAX has the right to recover the margin in relation to the contract. In such a situation,
you will sustain a total loss of initial margin and any additional VFAs deposited with us
to maintain your position.
4.5. General Trading Provisions – Spot and Futures Trading
4.5.1. Your orders placed on the AAX Platform may be fulfilled with single or multiple matching
orders from users that are not pre-determined. You will not be able to undertake a trade
with a specific or pre-determined user.
4.5.2. Your order may be subject to trading limits that we may establish.
4.5.3. You agree that our Platform cannot and does not warrant or guarantee that any Order placed
through the Platform will be executed at the best posted price.
4.5.4. All calculations performed by our Platform’s trading engine and as verified by AAX are final.
4.6. About OTC Trading on the AAX Platform
4.6.1. You may apply for approval as Certified OTC Merchant. You agree to provide information
and/or identity documentation for advanced KYC verification in relation to approval as
Certified OTC Merchant on the AAX Platform and warrant that such information provided
by you is truthful and accurate and documents provided are genuine and not fraudulent.
4.6.2. AAX has sole discretion to approve or reject applications for Certified OTC Merchant.
4.6.3. You agree to maintain applicable amount of VFA in your AAX Wallet and agree to authorize
AAX to block VFA for the purposes of security deposit in accordance with Clause 5 below
for the posting of Purchase or Sale Advertisements on AAX OTC Platform.
4.6.4. After activation of your OTC Merchant Account, you may proceed to post Sale or Purchase
Advertisements in accordance with this OTC Merchant Terms and directly communicate,
negotiate and place or execute Orders for Trades with OTC Clients.
4.6.5. Once Sale or Purchase Advertisements are posted, you agree to be accessible and respond
to queries from OTC Clients. If you are not available, you agree to cancel or suspend your
Advertisements failing which Orders may be executed and the applicable VFA will be placed
in escrow and blocked for trading and will only be released on acceptance of the trade or
resolution of the dispute on the AAX Platform.
4.6.6. You agree to use ‘real time’ remittance methods such as Alipay, WeChat Pay or real time
remittance offered by banks for payment in relation to Trades. You agree to complete
Orders in accordance with timeframe for such real-time remittance in relation to Trades.
4.6.7. You agree to maintain applicable VFA balance in your AAX Wallet and authorize AAX to
freeze and place the applicable VFA in escrow for the processing of an executed Order in
relation to an Advertisement. Such VFA placed in escrow shall not be available for trading on
the AAX Platform.
4.6.8. You may as far as possible avoid accepting payments from third parties or payment from
accounts not in the name of Certified OTC Merchant, OTC Client or User on AAX Platform. In
the event of a mismatch in name or inconsistencies between User Account names and
name of the payment account holder, you shall have the right to withhold transfer of VFA to
the Purchaser for 72 hours and you may ask the OTC Client to provide Identity
documentation and video KYC to prove that the source of funds or VFA are legal. In the
event that the OTC Client fails to provide proof of identity and video KYC, you may choose to
refund the payment to the OTC Client and notify AAX at email@example.com If you accept
third party payments from remittance account that is not in the OTC Client name, causing
the payment account of another person to be frozen, AAX shall investigate the source of the
mismatch between the name of the bank account and the OTC Client and shall have the right
to directly freeze the Certified OTC Merchant Account and cancel Sale Advertisements
posted by the Certified OTC Merchant.
4.6.9. You agree and accept that it is your sole responsibility to verify and check if the payment
amount received from the Certified OTC Merchant or OTC Client matches the amount in
accordance with the executed Order prior to releasing VFA. AAX shall not be liable for
shortfall for payment received if you have failed to check the payment amount prior to
releasing VFA to OTC Client.
4.6.10. You also agree that you shall not accept payments from OTC Clients from bank accounts in
4.6.11. You shall agree to indemnify AAX and hold us harmless for any losses suffered by AAX as a
result of any regulatory action suffered by AAX on account of failure to follow these OTC
4.6.12. AAX does not automatically match orders or guarantee Trades on AAX OTC Trading Platform.
Certified OTC Merchants and OTC Clients are expected to make their own decision to
negotiate and execute OTC trades in accordance with information and terms specified on the
Advertisements and OTC Merchant Terms.
4.6.13. AAX reserves the right to place limits on Your ‘buy’ or ‘sell’ Orders or temporarily suspend
Sale or Purchase Advertisements in the event of frequent order cancellations or unpaid orders
over a certain daily threshold.
4.6.14. AAX is not a counterparty to Trades executed on the OTC Platform and shall not supervise
OTC Trades on AAX OTC Trading Platform. OTC Clients are required to make their own
decision to place Orders and execute Trades with Certified OTC Merchant after viewing
information on the Certified OTC Merchants profile such as trades executed, ratings or
conditions for listed on the Advertisement.
4.7. User Dispute Resolution for OTC Trades
4.7.1. The AAX Platform provides a dispute resolution mechanism which attempts to resolve
disputes between Certified OTC Merchants and OTC Clients (“OTC Users”) of VFAs through
4.7.2. In the event you are in disagreement with another OTC User, you may raise a dispute for
resolution through mediation via the AAX Platform. You may raise a dispute only on trades
that are open and marked as paid by the OTC User within 12 hours of the Order placed.
4.7.3. Trades that are not marked as paid by an OTC User, have been released by the Certified OTC
Merchant, cancelled by the Purchaser, automatically cancelled, or already disputed and
resolved are considered completed and cannot be disputed, reversed, or altered.
4.7.4. If you have raised a dispute you are required to respond to dispute requests and requests by
AAX to provide information or documents or any photo or video evidence within 12 hours.
These documents must be added to the disputed trades request on the Platform. If you fail to
respond or provide information, so you may be deemed as ‘unresponsive’ and the dispute may
be resolved against you.
4.7.5. AAX will monitor the dispute and in the view of information and evidence provided resolve the
dispute in accordance with the following criteria:
a. The OTC Client has not provided payment or not provided payment in full
b. The OTC Client or the Certified OTC Merchant has become unresponsive
c. The payment made by the OTC User has been held/frozen/stopped by the payment
d. The OTC User has not provided payment according to the instructions provided to them by
the Certified OTC Merchant in the trade chat, advertisement terms of trade or
advertisement payment details.
e. The payment is made by a third party to the trade or the payment is made from a payment
account not registered in the name of the Purchaser.
f. If the OTC Client or the Certified OTC Merchant of a disputed trade provides fraudulent
information or fraudulent documents or makes false claims or otherwise tries to force a
certain outcome of a disputed trade the dispute may be immediately resolved against the
g. The OTC Client has made payment according to the instructions provided by the Certified
OTC Merchant in the trade chat, advertisement terms of trade, or advertisement payment
details and the OTC Client has provided sufficient proof that the payment was made
according to these instructions.
4.7.6. Once the dispute is resolved, the VFAs under escrow will be released to either User. In the
event the dispute cannot be resolved between the disputing users, AAX shall decide to resolve
the dispute by splitting the escrowed VFA between the OTC Users evenly or unevenly at the
sole discretion of AAX.
4.7.7. If you are not satisfied with the dispute resolution, you may specifically request a review by
contacting AAX customer support no later than 120 days after the dispute resolution by
notifying customer care. You agree and acknowledge that AAX decision on the dispute and
review is final.
4.8.1. You may request withdrawal of your VFA, subject to termination conditions in Clause 11 by
making a withdrawal instruction through the Platform.
4.8.2. AAX shall credit the VFA available in your account to an address specified in your Account.
Withdrawals to unspecified addresses shall not be permitted. AAX shall verify identity of
the destination Wallet before approving withdrawals.
4.8.3. You agree and acknowledge that AAX has the right to set withdrawal limits and decline to
approve withdrawals in the event withdrawals are made to an address rated as ‘High Risk’
by our transaction monitoring team.
4.8.4. We may at our discretion, withhold your request to withdraw VFA to you in the event that
your open positions show notional losses or additional VFA are required to meet any margin
requirements on open positions or if you have any liability towards us or there is an
unresolved dispute between you and AAX.
5.1. You agree to pay the Fees for the Services provided by us to you
through the AAX Platform. We reserve the right to set or modify our fee structure or introduce
fees for free services at our own discretion. We shall notify you of such changes by email in
advance to such changes coming into effect
5.2. You agree that we have the right to automatically and without prior notice deduct the Fees
directly from the VFAs in your Account. If we do not receive the Payment of our Fees in full
and on time, we reserve the right to interrupt, suspend or terminate your Account.
5.3. If you do not agree with any Fees charged, you may stop using our Services on the AAX
Platform immediately. You are still responsible for any fees previously incurred.
6. Risk Disclosures
6.1. The price and liquidity of VFAs have been subject to large fluctuations in the past and may be
subject to large fluctuations in the future. Therefore the risk of loss in trading VFAs and
derivatives linked to VFA may be substantial and losses may occur over a short period of time.
6.2. The value of VFAs may be derived from the continued willingness of market participants to
exchange fiat currency or exchange of one VFAs for another, which may result in the
potential for permanent and total loss of value of a particular VFA, should the market for that
6.3. Trading in derivatives linked to VFA exposes you to the following risks and loss that you may
- You may suffer a loss as a result of a position moving against you. If you hold a long position
and the VFA price declines or if you hold a short position and the VFA price increases, you
will lose all of your VFA and initial margin in respect of the Trade;
- You may suffer a loss in the event you are unable to close out of a position because there is
no demand to take the other side of that trade;
- You may suffer a loss because of a malfunction of the Platform, for example resulting from
scheduled or unscheduled downtimes, matching system failure, database failure,
cryptocurrency transfer or storage failure, failure or malfunction of the API, hacker attacks or
other failure or malfunction.
6.4. You should be aware that you may sustain a total loss of the funds in your Account, and that
under certain market conditions, you may find it difficult or impossible to liquidate a position.
You should, therefore, carefully consider whether such risk is suitable for you in light of your
circumstances and financial resources.
6.5. Transactions in VFAs may be irreversible, and, accordingly, losses due to fraudulent or
accidental transactions may not be recoverable. The nature of VFAs may lead to an
increased risk of fraud or cyber-attacks, and may mean that technological difficulties
experienced by the Platform may prevent the access to or use of your VFA.
6.6. VFAs are not legal tender and are not backed by the government. Deposits into your Account
may not be considered deposits under local laws, rules, or regulations in your jurisdiction
and therefore not subject to deposit insurance protection or investor protection.
6.7. Legislative and regulatory changes or actions at the state, federal, or international level may
adversely affect the use, transfer, exchange, and value of VFAs. You may suffer a loss in the
event we are required to restrict or terminate elements of our Service in response to
7. No Financial Advice
7.1. AAX does not give advice or recommendations regarding VFA, including the suitability and
appropriateness of, and investment strategies for VFA. The trading guides provided on our
Platform and AAX Testnet are solely for information and educational purposes and do not
amount to financial advice.
7.2. You agree and understand that you are solely responsible for determining the nature, potential
value, suitability, and appropriateness of any risks related to accessing our Platform or using
our Services for yourself.
7.3. You are solely responsible for any losses, damages or costs resulting from your reliance on
any data or information that we provide in connection with your use of the Services. You will
make your own independent decision to access or use the Services.
8. Intellectual Property
8.1. All intellectual property rights subsisting in the Platform or the products or services we
provide belong to us or have been lawfully licensed to AAX. All rights under applicable laws
are hereby reserved. You must not upload, post, publish, reproduce, transmit or distribute
any content or component of our Platform in any way, or create any derivative works with
respect to any such content or component.
8.2. We may (at our discretion but are not obliged to) review content or information submitted or
posted by users on our Platform. We shall reserve the right to remove any content which we
consider as offensive, harmful, deceptive, discriminative, defamatory or otherwise
inappropriate or misleading, or content that we believe may be infringing rights of third
parties. We do not endorse or support any views expressed by any users on our Platform.
8.3. Our name “AAX” and our marks and logos are our trade marks (be it registered or
unregistered) and shall not be used without our express prior written consent.
8.4. You retain your rights to any information or content you submit, post or display on or through
the Platform (“Your Content”). You warrant that such content is not and will not infringe
rights of any third parties and that you have all the necessary rights, power and authority to
responsible or liable for any use of Your Content, nor the use of any content or information
submitted or posted by other users or visitors.
8.5. By submitting, posting or displaying such content, you grant us a worldwide, non-exclusive,
royalty-free licence (with the right to sublicense) to use, process, copy, reproduce, adapt,
modify, publish, transmit, display and distribute such content in any and all media or through
any distribution channels (now known or later developed), subject to the applicable
provisions in our Privacy Notice.
9. Limitation on Liabilities
9.1. To the fullest extent permitted by law, AAX and its Affiliates (including directors, officers,
collectively, “Affiliates”) expressly limit our liabilities in connection with or arising out of the
provision of the Platform as follows:
(a) we provide the Platform and any products or services we offer on an “as is” and “as
available” basis, and your access to or use of our Platform is at your own risk;
(b) we give no assurance, representation or warranty of any kind (whether express or implied)
about the Platform and any products or services we provide;
(c) we do not guarantee that the information or content you find on the Platform is always
accurate, truthful, complete and up-to-date;
(d) we expressly disclaim all warranties and representations (for example, warranties of
merchantability, fitness for a particular purpose, and non-infringement);
(e) we are not responsible for any delay or disruption in our Platform or any defect, viruses,
bugs or errors; and
(f) we are not responsible for the conduct of or any content or information submitted or
posted by any user of the Platform (whether online or offline).
To the fullest extent permitted by law, our Affiliates exclude all implied conditions, warranties, representations or other terms that may apply to our Platform or any content of it. AAX and its Affiliates shall not be liable to you or others for:
(a) any indirect, incidental, special, exemplary, consequential or punitive damages;
(b) any loss of data, business, opportunities, reputation, profits or revenues; or
(c) relating to the use of our Platform or any products or services we offer.
9.2. We do not exclude or limit our liability to you where it would be illegal to do so. This includes
any of our liability for fraud or making fraudulent misrepresentation in operating the Platform
or providing the products or services we offer.
9.3. If you are using the Platform as a consumer, in some countries or jurisdictions you may have
rights as a consumer that may not be waived by contract.
9.4. Other than the types of liabilities that we cannot limit by law, the liabilities of AAX (on
aggregate) are limited to the amount you have paid us (if any) for the use of our Platform or
for any products or services we offer over the last twelve (12) months.
10.1. You agree to indemnify and hold AAX harmless from and against all liabilities, damages,
claims, costs (including legal fees and costs), and expenses in connection with or arising
misrepresentation made by you.
10.2. You also agree to fully co-operate with us in the defence or settlement of any claim in
11.1. Suspension or Termination of Your Account
11.1.1. We have the right to immediately suspend your Account (and any accounts
beneficially owned by related entities or Affiliates), freeze or lock the funds in all such
accounts, and suspend your access to AAX if we suspect any such accounts to be in
AAX shall have the right to keep and use the transaction data or other information
related to such accounts. We also reserve the right to suspend your Account in the
(a) The account is subject to a governmental proceeding, criminal investigation or
other pending litigation;
(b) we detect unusual activity in the account;
(c) we detect unauthorized access to the account;
(d) we are required to do so by a court order or command by a regulatory/government
(e) suspension in accordance with our AML policy.
In case of any of the following events, AAX shall have the right to terminate your Account
along with any authorizations to AAX where:
a) AAX terminates provision of Services to you;
b) you allegedly register or register in any other person’s name as AAX user again,
directly or indirectly;
c) you have provided user or identity information that is untruthful, inaccurate,
outdated or incomplete;
that they are amended;
e) any other circumstances where AAX deems it should terminate Services; and
11.1.2. Should the account be terminated, the account & transactional information required for
meeting data retention standards will be securely stored for six (6) years after termination
in accordance with our Privacy Notice. In addition, if a transaction is unfulfilled during the
account termination process, AAX shall have the right to notify your counterparty of the
situation at that time.
Clauses 9 to 17.
to law enforcement authorities and we will cooperate with such authorities by disclosing
your identity and providing any information about you within our systems to them.
11.4. Withdrawal and Account Closure
You may stop using the Platform any time by deactivating your account and requesting
withdrawal of your VFA. After Closure or Termination of Your Account, all remaining balances
(including charges and liabilities owed to AAX) on the account will be payable at once to
AAX. Upon payment of all outstanding charges to AAX (if any), the user will have 5 working
days to withdraw available VFA from the Account to a specified Wallet address subject to
verification of the Wallet. The procedures for withdrawal of VFA post termination of your
Account shall be in accordance withdrawal procedures in Clause 4.7.
11.5. Withdrawal and Account Termination (Event arising from fraud/AML)
You agree that AAX shall maintain full custody of the funds and user data/information which
may be turned over to the authorities in event of account suspension/closure arising from
AAX from a sanctioned country.
12. Force Majeure
out of our control, including but not limited to, change of law, regulations or policy, or an event of
force majeure including but not limited to riots, acts of God, malicious acts of damage, fires, AAX
shall not be held liable.
13. Compliance with applicable laws
13.1. You shall be responsible to comply with local laws and regulations in relation to accessing
our Platform and Services from your local jurisdiction. Users must also factor, to the extent
of their local law all aspects of taxation, the withholding, collection, reporting and
remittance to their appropriate tax authorities. All users of AAX and any of its services
acknowledge and declare that the source of their VFA and funds come from a legitimate
manner and are not derived from illegal activities.
13.2. AAX maintains a stance of cooperation with law enforcement authorities globally and will not
hesitate to seize, freeze, terminate the account and funds of users which are flagged out or
investigated by regulatory authorities.
14. Dispute Resolution
service first to address your concerns. You agree to first attempt to resolve the dispute
mutually in good faith with AAX by contacting us at firstname.lastname@example.org. In the event that the
dispute is unresolved within 60 days, you may seek relief through arbitration as set forth
14.2. Any dispute, controversy or claim arising out of or relating to this contract, or the breach,
termination or invalidity thereof, shall be settled by arbitration, in accordance with Part V
(International Arbitration) of the Malta Arbitration Act and the Arbitration Rules of the Malta
Arbitration Centre as at present in force. The administrator of the arbitration shall be Malta
Arbitration Centre. The arbitral tribunal shall consist of a sole arbitrator appointed by AAX.
The language of the arbitration shall be English and the venue of arbitration shall be Malta.
14.3. In the event, your concern has not been resolved, either you or AAX may submit a notice or
letter requesting arbitration and describing your claims, only after seeking mutual resolution
of the dispute in accordance with Clause 14(a) above. The notice may be sent to:
We will collect, use and share your personal information in accordance with our Privacy Notice.
16. Other Important Terms
16.1. Entire agreement
extinguish all other agreements, promises, assurances, warranties, representations and
understandings between any user and us, whether written or oral, in relation to the use of
or any transactions on the Platform.
You acknowledge that you will have no remedies in respect of any statement,
representation, assurance or warranty (whether made innocently or negligently) that is not
16.2. No Transfer of Rights or Obligations
person if we agree to this in writing. AAX reserves the right to freely assign or transfer the
time without prior notice to you or your consent. If you object to such transfer or assignment,
you may stop using the Platform and terminate your Account by contacting us.
shall not affect the remaining Terms.
16.4. No Waiver
Even if we delay in enforcing the rights of this Term of Use, we can still enforce it later. If we
do not insist immediately that you do anything you are required to do under this Terms of
Use, or if we delay in taking steps against you in respect of your breaching this Term of Use,
that shall not mean that you do not have to do those things and it shall not prevent us taking
steps against you at a later date.
We value and welcome feedback on our Platform. You agree that we are free to use, disclose,
adopt and/or modify any feedback and any information (including any ideas, concepts, proposals,
suggestions or comments) provided by you to use in connection with our Platform or any
products or services we offer, without any payment to you. You hereby waive and agree to waive
any rights to claim for any fees, royalties, charges or other payments in relation to our use,
disclosure, adoption and/or modification of any of your feedback.