TERMS OF USE - pumlx Bahrain B.S.C. (closed)
Last Updated: 4 December 2023
These terms of use (the “Terms”) constitute a legally binding agreement between you (“you” or “your”) and pumlx Bahrain B.S.C. (closed) (“pumlx”, “we”, “our” or “us”). The Terms govern your use of the pumlx Services made available to you on or through the Platform or otherwise. pumlx Services may be provided by pumlx or, if specified in these Terms, any Product Terms or any additional terms, by any pumlx Affiliate.
By registering for a pumlx Account, accessing the Platform and/or using the pumlx Services, you agree that you have read, understood and accepted these Terms, together with any additional documents or terms referred to in these Terms. You acknowledge and agree that you will be bound by and will comply with these Terms, as updated and amended from time to time.
If you do not understand and accept these Terms in their entirety, you should not register for a pumlx Account or access or use the Platform or any pumlx Service.
RISK WARNING
As with any asset, the value of Crypto Assets can fluctuate significantly and there is a material risk of economic loss when buying, selling, holding or investing in Crypto Assets. You should therefore consider whether trading or holding Crypto Assets is suitable for you in light of your financial circumstances.
Further information on the risks associated with using the pumlx Services is set out in our Risk Warning, which may be updated from time to time. You should read the Risk Warning carefully, however it does not explain all of the risks that may arise, or how such risks relate to your personal circumstances.
It is important that you fully understand the risks involved before making a decision to use the pumlx Services. By using pumlx Services you agree and confirm that you have read and understood the Risk Warning, which forms part of these Terms, and that you knowingly accept the risks set out therein.
We are not your advisor and we have no fiduciary relationship or obligation to you in connection with any Transactions or other activities you undertake when using the pumlx Services. We do not provide investment or consulting advice of any kind and no communication or information that we provide to you is intended as, or should be construed as, advice of any kind.
It is your responsibility to determine whether any investment, investment strategy or related transaction is appropriate for you according to your personal investment objectives, financial circumstances and risk tolerance and you are solely responsible for any associated loss or liability. We do not recommend that any Crypto Asset should be bought, earned, sold or held by you. Before making the decision to buy, sell or hold any Crypto Asset, you should conduct your own due diligence and consult your financial advisor. We are not responsible for the decisions you make to buy, sell or hold Crypto Assets based on the information provided by us, including any losses you incur arising from those decisions.
INFORMATION ABOUT OUR AGREEMENT WITH YOU
Introduction
About us. We are part of the pumlx group, a global blockchain and ecosystem centred around an online exchange for Crypto Assets trading, which provides users with a trading platform to buy and sell Crypto Assets, an integrated custody solution allowing users to store their Crypto Assets and other Crypto Asset-related services.
pumlx Bahrain B.S.C. (closed) is a closed shareholding company, registered in the Kingdom of Bahrain (registration number 152370), and with our registered offices at Block 316, Road 365, Building 1, Flat 907, Manama, Bahrain. We are regulated by the Central Bank of Bahrain to carry out Category 4 Crypto-Assets Services in and from Bahrain.
These Terms. By registering to open a pumlx Account you are entering into a legally binding agreement with us. These Terms will govern your use of the pumlx Services and tell you who we are, how we will provide the pumlx Services to you, how these Terms may be changed or terminated, what to do if there is a problem, along with other important information.
You must read these Terms, together with the documents referenced in the Terms, carefully and let us know if you do not understand anything.
Additional documents. These Terms refer to a number of additional documents which also apply to your use of the pumlx Services. This includes:
Our Privacy Notice, which sets out the terms on which we process any personal data we collect about you, or that you provide to us. By using the pumlx Services, you consent to such processing and you promise that all data provided by you is accurate and up to date.
Our Risk Warning, which sets out important information on the risks that can arise when buying, selling, holding or investing in Crypto Assets.
The Fee Structure page on our Website.
Product Terms, which set out additional terms and conditions that will apply to your use of specific pumlx Services.
You acknowledge that you will be bound by, and agree that you will comply with, any relevant additional terms and conditions that apply to your use of the pumlx Services.
Eligibility
Eligibility criteria. To be eligible to register for a pumlx Account and use the pumlx Services, you must:
be an individual, corporation, legal person, entity or other organisation with the full power, authority and capacity to: (1) access and use the pumlx Services; and (2) enter into and comply with your obligations under these Terms;
if you are an individual, you must be at least 21 years old;
if you act as an employee or agent of a legal entity, and enter into these Terms on their behalf, you must be duly authorised to act on behalf of and bind such legal entity for the purposes of entering into these Terms;
not have been previously suspended or removed from using pumlx Services;
not be a Restricted Person;
not currently have an existing pumlx Account; and
not be located, incorporated, otherwise established in, a citizen of, or resident of:
a jurisdiction where it would be illegal under Applicable Law for you to access or use the pumlx Services, or cause us or any third-party to contravene any Applicable Law or contravene any regulatory requirements in that jurisdiction; or
a country listed in our List of Prohibited Countries.
Suitability and Appropriateness Assessment. pumlx will also conduct a suitability and appropriateness assessment on all users to determine whether a user can properly be classified as a retail client or an accredited investor, as defined by CRA 4.17 of CBB Rulebook, Volume 6 (Capital Markets). As part of the suitability and appropriateness assessment, we may request from you such information as we deem necessary to decide whether the respective pumlx Services or products are suitable and appropriate for you. This information may include, but not be limited to, information that: (i) evidences each user’s knowledge and experience of the types of investment services and transactions which the user is familiar with; (ii) evidences the user’s financial situation; and which (iii) evidences the user’s investment objectives.
Amending our eligibility criteria. We may amend our eligibility criteria at any time at our sole discretion. Where possible, we will give you at least fourteen (14) calendar days’ notice in advance notice of the change. However, we may occasionally need to make changes without telling you in advance. This may include where:
we are making the change as a result of legal and/or regulatory changes;
the changes being made are in your interest; and/or
there is any other valid reason which means there is no time to give you notice.
Where we are unable to give you advance notice, we will let you know of the change as soon as possible after it is made.
How we contact each other
How you can contact us. For more information on pumlx, you may refer to the information found on our Website. If you have questions, feedback or complaints you can contact us via our customer support team at www.pumlx.com/en-BH/support/requests/new. These Terms may specify contact details for particular notices. This address is not monitored for those notices.
How we will contact you. We will contact you using the details you provide to us. This may include contacting you by email, SMS or telephone. It is important that you ensure that your contact details are correct and up to date. If your contact details change, you must let us know immediately. If you do not, we will not be responsible if you do not receive information, notices or other important information from us.
pumlx Services
4.1 Specific product terms. Once you have opened a pumlx Account, you will be able to use the pumlx Services in accordance with these Terms and the Product Terms that govern your use of each specific pumlx Service.
4.2 Intra-group services. You acknowledge and agree that some of the pumlx Services may be provided by pumlx Affiliates, as set out in the relevant Product Terms.
Chat Service
Availability of Chat Service. We may make our interactive online chat service available to you (“Chat Service”) at any time in connection with your use of any of the pumlx Services. By using the Chat Service, you may interact with a bot, chatbot, or other non-human. We will disclose the use of a chatbot, or other non-human, to the extent required by Applicable Law. When engaging with us through use of the Chat Service, you authorise us to monitor and save your chats.
Important information. The Chat Service is provided as a convenience, often to facilitate your understanding of the pumlx Services. Our Chat Service will make reasonable efforts to provide you with accurate and current information based on your question or need. Nothing we communicate in the Chat Service will be considered a legal agreement, representation or warranty as to the pumlx Services, processes, decisions, or response times. By using our Chat Service, you agree that any responses of information obtained is at your sole risk and discretion. Any personal information shared with us when using the Chat Service will be subject to the applicable privacy-related policies and notices described in our Privacy Notice. By accessing and using the Chat Service, you also agree to all Terms and Conditions that apply to users of ChatGPT, which the Chat Service is integrated and powered by. Depending on your questions, the responses provided by the Chat Service to you may also contain publicly available third-party information, views and opinions, obtained from the internet. To the extent that such third-party content is incorporated as part of the Chat Service’s response to you, please note that: (a) all such content is presented to you on an “as is” basis for general information purposes only, without representation or warranty of any kind; (b) all such content, views, comments and/or opinions belong to third parties, and do not purport to reflect the views, comments or opinions of pumlx; and (c) correspondingly, the provision by the Chat Service to you of such content by third parties is not intended to be and shall not be construed as (nor will you represent the same to any other third parties as) an endorsement by pumlx of the views or opinions stated, or the reliability or accuracy of such content. Where content provided by the Chat Service to you include links to third-party sources (if any), please also note that such links and the contents stated therein are also not under our control. We shall likewise not be responsible for the reliability and accuracy of such third-party sites and their contents. You are solely responsible for your own decisions in this regard, and we do not assume any duty of care, responsibility or liability for any losses that you may suffer.
User Chats. In addition, we may make available to you chats that allow you to interact directly with other users of the Platform (“User Chat”).
Prohibited actions. You must not use the Chat Service or any User Chat to send any abusive, defamatory, dishonest, or obscene message, or any messages intended to manipulate a market or to spread false or misleading information or messages that are otherwise in contravention of Applicable Laws, and doing so may result in termination of the Chat Service session and may lead to restrictions on the availability of pumlx Services to you.
Fees
Payment of fees. You agree to pay all applicable fees in connection with your use of the pumlx Services as set out on the Fee Structure page on our Website, or otherwise communicated to you in any relevant Product Terms.
Deductions. You authorise us to deduct all applicable fees, commissions, interest, charges and other sums that you owe from your pumlx Account under these Terms or any Product Terms in accordance with the method of calculation set out on our Fee Structure page. If you owe us an amount in one Crypto Asset and do not have sufficient assets in that Crypto Asset, we may deduct the sums owed in another Crypto Asset to effect payment (in which case we will convert the Crypto Asset you hold into the Crypto Asset in which the sums owed to us are denominated (or the Fiat Currency equivalent), at the rate currently offered on the Platform or at such other commercially reasonable rate as we may determine). In the event that there are insufficient Crypto Assets in your pumlx Account, you acknowledge that any amount due and payable from you under this clause 6.2 is a debt immediately due and owing by you to us in such amount and form (whether in the form of a Crypto Asset or otherwise) as we may determine, acting in a commercially reasonable manner and that debt may be deducted from you in accordance with the provisions of this clause 6.2 without notice to you.
Client Money. Fees charged in Fiat Currency will be held in a separate account from Client Money. pumlx does not provide interest on Client Money.
Spread. In addition to our fees, we may also include a “spread” within our quoted Crypto Asset prices. Your continued use of the pumlx Services constitutes your express consent to the application of such spread.
Amending our fees. We may adjust our fees from time to time in accordance with clause 20 of these Terms.
INFORMATION ABOUT YOUR pumlx ACCOUNT
Creating a pumlx Account
Account opening. You must create and maintain a pumlx Account in order to access most aspects of the pumlx Services and the Platform. This may be a pumlx Account for an individual user, or a Corporate pumlx Account where the user is a corporation, entity or other organisation.
All pumlx Accounts are provided at our absolute discretion. We reserve the right to refuse any application for a pumlx Account without reason or to limit the number of pumlx Accounts that you may hold.
Sole benefit. By opening a pumlx Account you agree that:
where you are an individual user, you will use your pumlx Account only for yourself, and not on behalf of any third-party, unless you have obtained our prior written consent; and
where you are a corporate user, your Permitted Users will use the Corporate pumlx Account only for your benefit, and not on behalf of any third-party, unless our prior written consent has been obtained.
You are fully responsible for all activity that occurs under your pumlx Account.
Identity verification. You will need to comply with our identity verification procedures before you are permitted to open a pumlx Account and access and use the pumlx Services, by providing us with certain information about yourself and, where relevant, your Permitted Users. All information that you provide must be complete, accurate and truthful. You must update this information whenever it changes.
You authorise us to make inquiries, whether directly or through third parties and without notice to you, that we consider necessary to verify your identity, and that of any Permitted Users, or protect you and/or us against fraud, money laundering, terrorist financing or other financial crime, and to take any action we deem necessary based on the results of such inquiries.
When we carry out inquiries, you acknowledge and agree that your personal information, and that of any Permitted Users, may be disclosed to identity verification, compliance data recordation, credit reference, fraud prevention, or financial crime agencies without notice to you, and that these agencies may respond to our inquiries in full.
Enhanced due diligence. We may also require you to comply with our enhanced due diligence procedures by submitting additional information about yourself, your business or your Permitted Users, providing additional records or documentation, or having face to face meetings with representatives of pumlx.
Records. We may maintain records of any information you provide to us in connection with your pumlx Account and/or the pumlx Services for the lifetime of your pumlx Account and after the termination or closure of your pumlx Account for business and regulatory compliance purposes, subject to Applicable Laws. Please review our Privacy Notice for more information on how we collect and use data relating to the use and performance of our Sites and the pumlx Services.
Sub-Accounts. At our discretion, you may create and access a pumlx Sub-Account. Each natural person associated with a pumlx Sub-Account is subject to the identity verification requirements set out in this clause 7. Only one natural person may be associated with a particular pumlx Sub-Account.
Client Money
Segregation. Client Money will be held segregated from money belonging to pumlx. Client Money will be held in dedicated Client Money accounts by a third-party banking partner licensed to hold Client Money.
Protection. Client Money held by pumlx in a Client Money account shall be subject to the protections conferred by Applicable Law in the Territory.
Pooling. You acknowledge that your Client Money shall be pooled with other Client Money into one Client Money account, therefore, whilst your money is segregated from money belonging to pumlx, it is not segregated from other users’ Client Money. In the event of pumlx’s insolvency, winding up or other such similar event, Client Money will be treated in accordance with Applicable Law in the Territory.
Reconciliations. pumlx shall conduct a daily reconciliation of your Client Money. pumlx will not send out physical statements but you may instead view your near-real time statement at any time logging into your pumlx Account. pumlx will at all times maintain records for individual balances.
Liability. pumlx shall not be liable for the insolvency of third-party banking partner(s) holding Client Money. pumlx conducts an extensive due diligence assessment of any third-party banking partner(s) prior to entering into a Client Money account agreement, in order to ensure that those banks are safe repositories and licensed to hold Client Money.
Safe Custody
Safeguarding. pumlx shall record, register and hold Client Assets in an appropriate manner to effectively safeguard and control such Client Assets.
No interest. pumlx does not provide interest on Client Assets, unless otherwise specified in applicable Product Terms.
Offshore holding. You acknowledge that pumlx may hold Client Assets outside the Territory and the market practices, insolvency and legal regime in that jurisdiction may differ from the regime applicable in the Territory.
Segregation of accounts. Your Client Assets will be recorded in your pumlx Account and segregated in our ledger from Supported Crypto Assets belonging to pumlx and/or other users.
Omnibus wallets and asset segregation. Your Client Assets, other than Excluded Client Assets, will be pooled on-chain with the Client Assets of other pumlx users in dedicated omnibus cold wallets. These cold wallets will be used only for Client Assets and will not contain Crypto Assets belonging to pumlx, pumlx Affiliates or clients of pumlx Affiliates. Excluded Client Assets will be held in custody by pumlx and pooled in omnibus hot and cold wallets that may also contain Crypto Assets belonging to pumlx, pumlx Affiliates or clients of pumlx Affiliates.
Reconciliation. pumlx shall conduct a daily reconciliation of your Client Assets that are held by pumlx on your behalf. pumlx will not physically send out statements, instead, you may view your near-real time statement at any time upon logging into your pumlx Account.
Treatment of Client Assets. Unless agreed otherwise in the relevant Product Terms, Client Assets are held in custody by pumlx on behalf of users and are not used by pumlx for any other purpose. Where the relevant Product Terms permit pumlx to make use of your Supported Crypto Assets for other purposes, such assets do not benefit from the on-chain segregation described in clause 9.5 above.
Information requests
When we may request information. We may require information from you at any time for the purposes of complying with any Applicable Law, identity verification requirements, or in connection with the detection of money laundering, terrorist financing, fraud, or any other financial crime, or for any other valid reason. You agree to provide us with any such information we request and permit us to keep a record of the information for at least ten (10) years, or such other period as prescribed by Applicable Law.
What happens when you provide information. Your access to your pumlx Account and the Transaction limits that apply to your use of the pumlx Services may be altered as a result of information collected about you on an ongoing basis. If there is a reasonable suspicion that any information provided by you is wrong, untruthful, outdated, or incomplete, we may send you a notice to request corrections, remove relevant information, or do such other things that we consider necessary to ensure that the information provided by you is true and correct.
If you fail to provide any requested information. You must comply with any information request we send to you. If you decline to provide the requested information, or otherwise do not comply in a timely manner, we reserve the right to suspend or terminate your access to your pumlx Account or all or part of the pumlx Services immediately and without notice.
Accessing your pumlx Account
Access. To access your pumlx Account you or, where relevant, your Permitted Users, must have the necessary equipment (such as a computer or smartphone) and access to the internet. Your pumlx Account can be accessed directly using the Platform or by such other modes of access (including APIs) as we may prescribe. You are only permitted to access your pumlx Account by using the Access IDs we provide to you or your Permitted Users for such purposes. We may require multi-factor authentication to keep your pumlx Account safe and secure.
The use of the Platform and other access methods may be subject to such additional terms as we communicate to you.
Restricting access to third parties. You must ensure that any pumlx Account(s) registered under your name will not be used by any person other than yourself or, with respect to Corporate pumlx Accounts, your Permitted Users, other than in accordance with these Terms.
Account information and Transaction records
Your Account History. You will be able to access your Account History on the Platform. You must review your Account History carefully and let us know if you see any entries or Transactions that you do not recognise or you think are incorrect within fourteen (14) calendar days of the date that your Account History is provided or made available to you.
Errors. We may rectify any error in your Account History at any time and reserve the right to void or reverse any Transaction involving or deriving from a Manifest Error or to amend the details of such Transaction to reflect what we reasonably consider to be the correct or fair details of such a Transaction absent Manifest Error. Notwithstanding anything to the contrary, in the absence of fraud or bad faith, pumlx shall in no circumstances be liable to you for any loss or demand of any type or nature you may suffer or incur in connection with any Manifest Error howsoever arising, whether direct or indirect, special or consequential, including, but not limited to, loss of profit or loss of opportunity, even if pumlx had been advised of the possibility of the same arising or that the same was reasonably foreseeable.
Information sharing. We may be required under Applicable Law to share information about your pumlx Account and Account History with third parties. You acknowledge and agree that we are entitled to disclose such information.
USING YOUR ACCOUNT
Instructions
Giving Instructions. You must ensure that any Instruction submitted is complete and accurate. We are not required to verify the accuracy, authenticity or validity of any Instruction and will not monitor or reject Instructions on the basis that they are, or appear to be, duplicates. However, if we are in doubt as to the accuracy, authenticity or validity of an Instruction, we may refuse to act upon or defer acting upon any Instruction or seek further information with respect to the Instruction.
Instructions are irrevocable and therefore once an Instruction has been submitted you, or your Permitted Users, have no right to rescind or withdraw it without our written consent. Your Instruction is not deemed to be received by us until it has been received by our server. Our record of all Instructions will be conclusive and binding on you for all purposes.
Acting on your Instructions. By submitting an Instruction, you or your Permitted Users are authorising us to initiate the Transaction on your pumlx Account. We are therefore authorised to credit or debit (or provide settlement information to third-parties for the purposes of the third-party crediting or debiting) your Crypto Assets from your pumlx Account in accordance with your Instruction. If you have insufficient Crypto Assets or Fiat Currency in your pumlx Account to effect the Transaction (i.e. less than the required amount to settle the Transaction and to pay all the fees associated with the Transaction), then we have the right to refuse to effect any Transaction. It is your responsibility to hold sufficient Crypto Assets credited in your pumlx Account. In certain cases, and at pumlx's sole discretion, we may require additional confirmation before acting on an Instruction, if the account activity falls outside usual patterns.
Protection of Instructions. You are aware that Instructions and information transmitted on the Platform or by email are generally transmitted via the internet and may be routed via public, transnational installations which are not specifically protected. We cannot guarantee that the Instructions and information transmitted will be completely protected against unauthorised access, and you accept the associated risks.
Transactions
Entering into Transactions. You may enter into Transactions directly with us, or directly with other users, which may or may not be facilitated by us.
We do not represent or warrant that any Transaction will be completed successfully or within a specific time period.
Unauthorised Transactions. You are solely responsible for the control and use of your pumlx Account. As such, we will assume that you, or a Permitted User, have authorised any Instruction sent from your pumlx Account unless we are notified otherwise. It is important that you monitor your Account History to ensure any unauthorised or suspicious activity on your pumlx Account is identified and notified to us as soon as possible. We are not responsible for any claim or losses resulting from an Transaction executed as a result of an unauthorised Instruction unless you have notified us in accordance with this clause 14.2.
Retention of Transaction information. To facilitate compliance with global industry standards for data retention, you agree to permit us (but agree to not require us) to keep a record of all Transaction information for the lifetime of your pumlx Account plus ten (10) years beyond your pumlx Account’s termination, or such other period as prescribed by Applicable Law, as well as a copy of these Terms for a period of ten (10) years. Please review our Privacy Notice for more information on how we collect and use data relating to the use and performance of our Sites and the pumlx Services.
Trading Rules. pumlx operates Order Books on which Orders may be placed by users to be matched with the Orders of other users. pumlx may issue trading rules from time to time that apply to orders placed on the Order Book, in addition to these Terms and any Product Terms.
Material interests and conflicts
pumlx group. You understand that pumlx is a member of a group of companies which is involved in activities connected with Crypto Assets and other digital assets.
Market makers. You acknowledge, agree, and accept that: (1) we may appoint one or more market makers to provide liquidity on the Platform, and any such market maker may enter into any Transaction with you as your counterparty; (2) market makers may also maintain positions in various Crypto Assets as part of their market making activities, including positions in Crypto Assets that are contrary to your positions; and (3) such market making activities may be done by way of algorithmic trading.
Such market making activity can have an impact on the price of Crypto Assets and the liquidity at levels necessary to execute a transaction. We will not deliberately carry out market making activity with the intention of harming your interests and will endeavour to minimise any market impact. We may realise a profit, or equally, a loss, in connection with market making activity.
Nature of our duties. You understand and agree that neither your relationship with us nor any pumlx Service we provide to you, nor any other matter, will give rise to any fiduciary or equitable duties on our part, or the part of any pumlx Affiliate. In particular, we and any pumlx Affiliate may from time to time act in more than one capacity (for example, as both market maker and broker and/or as principal and agent), and in those capacities we may receive fees or commissions from more than one user (including you). You agree that we may act in such capacities and provide any other pumlx Services or carry out any business with or for you, any pumlx Affiliate or any other user.
Material interests. You understand and agree that neither we nor any pumlx Affiliate will be required to: (1) have regard to any information known to us, or to any pumlx Affiliate, which is a material interest; (2) disclose any such information to you; or (3) use any such information for your benefit. You further acknowledge that from time to time we may receive general market information in the course providing pumlx Services to you, which we may use in the ordinary course of our business.
Conflicts of interest. We have established and maintain effective organisational and administrative arrangements with a view to taking all appropriate steps to identify and manage conflicts of interest between us and our users and relevant third parties, so as to prevent conflicts of interest from adversely affecting the interests of our users. In cases where such organisational and administrative arrangements are not sufficient to ensure that the risks of damage to your interests will be prevented, we will inform you of the nature and/or sources of the relevant conflicts of interest and the steps taken to mitigate those risks in order to allow you to make an informed decision as to whether to continue to transact with us. We reserve the right at all times to decline to act for you where we are not able to manage a conflict of interest in any other way.
Transaction limits
Your Transaction limits. Your pumlx Account may be subject to a limit on:
the amount or volume of Transactions you may undertake in connection with your pumlx Account ; and/or
the amount or value of Fiat Currency or Crypto Assets you may transfer into or out of your pumlx Account,
in each case in a given period (e.g. daily). Any applicable limits are shown in your pumlx Account.
Changes to your Transaction limits. We reserve the right to change any Transaction limit that applies to your pumlx Account at any time at our absolute discretion. It may also be possible for you to request a change in your limits. Any change will be made in our absolute discretion and will be subject to any further conditions that we deem necessary.
Supported Crypto Assets
Supported Crypto Assets. The pumlx Services are only available in connection with Supported Crypto Assets, which may change from time to time. A list of the Supported Crypto Assets is published on our Website. We may remove or suspend one or more Crypto Assets from the list of Supported Crypto Assets at any time (with or without advance notice to you), meaning that you will no longer be able to access such Crypto Assets as part of the pumlx Services and will be no longer able to hold such Crypto Assets credited to your pumlx Account or make any deposits or withdrawals. We may do so with immediate effect and without reason. If Crypto Assets that are no longer Supported Crypto Assets remain in your pumlx Account beyond a specified period, pumlx may in its discretion convert such Crypto Assets to a Supported Crypto Asset that is a stablecoin. pumlx shall notify you in advance of any such conversion and you shall always have the opportunity during a period of time specified by pumlx to withdraw the relevant Crypto Assets before they are converted into a stablecoin.
We assume no responsibility or liability in connection with any attempt to use your pumlx Account for Crypto Assets that we do not support at the relevant time.
Forks. We may temporarily suspend any pumlx Services in relation to a particular Crypto Asset while we determine whether or not to support a Fork. We are under no obligation to support a Fork of a Crypto Asset that you hold in your pumlx Account, regardless of whether or not any resulting version of such Forked Crypto Asset is a Dominant Crypto Asset or not. If we elect to support a Fork of a Crypto Asset, we will make a public announcement through our Website or by such other means as we may deem appropriate.
You acknowledge that we have no control over, nor do we have the ability to influence, the creation or implementation of a Fork. We can provide no assurances about the security, functionality or supply of any Crypto Asset, including both the new Dominant Crypto Asset or other Crypto Assets subject to the relevant Fork. You may not be able to trade the Forked Crypto Assets on the Platform and you may lose any value associated with the relevant Crypto Assets.
Backed Crypto Assets. We may from time to time support Crypto Assets that purport to be backed by or otherwise tied or pegged in value to another asset, including Crypto Assets, Fiat Currency or commodities such as silver or gold (“Backed Crypto Assets”). You agree that you have read, understood and accepted all of the terms and conditions and risks associated with each particular Backed Crypto Asset before entering into any Transaction relating to that Backed Crypto Asset. We have no obligation to purchase, repurchase or effect or facilitate the redemption of your Backed Crypto Assets for any particular Fiat Currency or asset. We reserve the right to change, suspend, or discontinue any service in relation to any Backed Crypto Asset. We make no representation as to whether any particular Backed Crypto Asset will hold its value as against any asset, nor as to the amount or quality of reserves or collateral held by each issuer of any third-party in relation to any Backed Crypto Asset.
Account security
Your responsibility. You are responsible for taking appropriate action to protect your hardware and data from viruses and malicious software, and any inappropriate material. Except as provided by Applicable Law, you are solely responsible for backing up and maintaining duplicate copies of any information you store or transfer through the pumlx Services. We are not responsible for any claim or losses resulting from your failure to comply with this clause 18.
Security measures. At all times, you and any Permitted Users shall maintain adequate security and control of all of your Access IDs. You are solely responsible for taking the necessary security measures (or ensuring that your Permitted Users take such measures) to protect your pumlx Account and to keep your Access ID secure, including by:
strictly abiding by all of our mechanisms or procedures;
creating a strong password and maintaining security and control of your Access IDs;
keeping the Email Account and telephone number provided to us up to date in order to receive any notices or alerts that we may send you;
never allowing remote access or sharing your computer and/or computer screen with someone else when you are logged on to your pumlx Account;
remembering that under no circumstances will we ask you to share your passwords or 2-factor authentication codes; and
logging out from the Sites or Platform at the end of each visit.
You must keep the Email Account and Access IDs secure against any attacks and unauthorised access. You must notify us immediately if you have knowledge or have reason for suspecting that the security of your Email Account, or that of a Permitted User, has been compromised or if there has been any unauthorised use of your or any Permitted User’s Email Account.
Monitoring your Account History. It is important that you monitor your Account History to ensure any unauthorised or suspicious activity on your pumlx Account is identified and notified to us as soon as possible. You acknowledge that any Security Breach may result in unauthorised access to your pumlx Account by third parties and the loss or theft of any Crypto Assets and/or funds held in your pumlx Account and any associated accounts, including your linked bank account(s) and credit card(s).
If you suspect a Security Breach. If you suspect a Security Breach, you must ensure that:
we are notified immedi
