XREX Anti-Money Laundering and Platform Rules
Last Updated: March 12, 2024
XREX’s mission is to create a robust, user-friendly, and secure trading environment while adhering to the Money Laundering Control Act. In pursuit of this mission, we have established the XREX Anti-Money Laundering and Platform Rules (hereinafter referred to as "the Rules") to regulate your use of our platform (the "Platform").
Anything not covered hereby shall be otherwise determined in XREX General Terms and Conditions.
XREX firmly prohibits any direct or indirect involvement in illegal activities or the violation of the Rules (the Violation), such as fraud, gambling, money laundering, selling or lending accounts, and the use of dummy accounts. In the event of detecting any potentially suspicious illegal activities, we will commence investigations and apply risk management measures in accordance with our internal procedures. These investigations and risk management measures include a comprehensive approach, including Enhanced Due Diligence (EDD), interviews, freezing of assets, and suspension of account privileges, among other actions.
To effectively prevent and combat illegal activities such as money laundering, fraud, and terrorism financing, XREX will report potentially suspicious illegal activities to competent authorities and cooperate with government agencies, including but not limited to assisting in asset seizure, freezing, and providing necessary information, based on lawful requests.
If you need assistance with unfreezing assets or reinstating account privileges, please reach out to us at aml@xrex.io. Our anti-money laundering staff will coordinate interviews to understand the situation further. Following a thorough review of the pertinent evidence, the determination of whether assets should be refunded or frozen will be made. To safeguard the rights of our users and ensure the smooth operation of the platform, serving regular users will be XREX’s priority. For users who have triggered our risk control and anti-money laundering mechanisms, the processing time varies based on the severity and complexity of the case, typically ranging from 1 to 6 months. Once assets are unfrozen, they will be returned to the original account.
If the Violation is confirmed by XREX, up to 25% of frozen assets may be charged as a penalty contributing to the “XREX Anti-Money Laundering and Fraud Prevention Fund,” (the “Fund”), with the amount proportional to the severity of the Violation. The penalty fee will be deducted from the user's assets frozen by XREX on the platform to the extent permitted by applicable laws. This Fund will be exclusively allocated to bolster initiatives against illicit groups, encompassing expenditures on equipment, software, internal training, legal compliance, and related endeavors. Transparent disclosure of the Fund’s utilization details will be made public.
Before the frozen assets are returned after our investigation, a settlement agreement between the infringing user and XREX may be signed and notarized. d to ensure that (1) the user fully understands the terms regarding the Rules and the potential consequences of any violations, and (2) the user agrees to a penalty of up to 25% of their frozen assets to the Fund.
Based on XREX’s internal evaluation, the suspension may be lifted considering the risk level. Users are responsible for all costs or losses incurred during investigations, risk management measures, and all subsequent processes.
XREX reserves the right to change the Rules at any time. If you do not agree to the modified terms, please contact our Customer Service Team for assistance.
Anything not covered hereby shall be otherwise determined in XREX General Terms and Conditions.
Last updated