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MELD Terms of Service

Last updated: October, 2024.

Please read these terms and conditions carefully. These terms and conditions are a legal contract governing the use of our Services, provided via MELD App, including digital currency trading services (MELD App Services or Services). These terms and conditions are entered into between you and MELD. By accessing our Services via MELD App and clicking on “I agree with MELD App T&C”, you confirm that you have read, understood, accepted, and agree to be bound by all of the terms and conditions stipulated in these terms and conditions. If you do not agree to any terms and conditions stipulated in these terms and conditions or our privacy policy, or any additional applicable terms and conditions, do not access or utilize our services.

These terms and conditions form an integral part of the General Terms. They establish the specific terms and conditions applicable to accessing our Services via MELD App. Consent to these terms and conditions, which results in a legal contract, shall be deemed to be the entry into force of the general provisions of the General Terms establishing the relationship between you and MELD.

The value of digital currencies may fluctuate significantly, and there is a substantial risk of economic losses when exchanging digital currencies. By making use of the Services, you acknowledge and agree that you have read and understood the Risk Warning document published on our website and:

  • You are aware of the risks associated with transactions of digital currencies;
  • You shall assume all risks related to the use of the services and transactions of digital currencies; and   
  • MELD shall not be liable for any such risks attached thereto or adverse outcomes.

DEFINITIONS

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The following words when capitalized in these Terms have the following meanings:

MELD or we or us – means a legal entity of the MELD Group of Companies, providing the MELD Services in question and indicated in the Terms or Specific Terms. 

  • MELD Group is an international group of companies, consisting of the holding company MetaFinance Pte. Ltd., reg. No 202139173K, based in Singapore, and its subsidiaries;
  • MELD X, UAB, a private limited liability company, established and operating under the laws of Lithuania, legal entity code 306004631, registered address at V. Nagevičiaus st. 3, LT-08237 Vilnius, Lithuania, registered VASP and reporting to Financial Crime Investigation Service (FCIS)of the Republic of Lithuania; MELD X is the party to fiat related clauses hereof and services provision, where applicable;
  • MELD Ltd., a company limited by shares, incorporated in Cayman Islands, legal entity code 395937, VP Number: SCS6729, registered address Kensington House, 69 Dr.Roy's Drive, PO Box 2510, George Town, Grand Cayman, KY1-1208, Cayman Islands; MELD Ltd. is the party to DeFi related clauses hereof and services provision, where applicable;
  • MELD Finance, UAB, a private limited liability company, established and operating under the laws of Lithuania, legal entity code 306236494, registered address at Girulių g. 10-201, LT-12112 Vilnius, Lithuania. MELD Finance is the party to fiat related clauses hereof and services provision, where applicable;

Buyer - the User submitting a Buy Order;

Buy Order - an order to buy Digital Currency;

Crypto Wallet - means the cross-chain, non-custodial wallet that provides users with a secure and convenient way to store, manage, and transact with their digital assets, available on your MELD App Account and operating on the MELD Protocol;

Trading Services – services that enable User to trade Digital Currencies for other assets i. e. Fiat Currency or other Digital Currencies, and are provided by MELD in accordance with these Terms;

MELD Airdrop Program - means the distribution of MELD tokens to eligible users of the MELD Services, as launched from time to time;

MELD App - means the mobile and/or desktop application software developed, owned and released by MELD and any and all updates, upgrades, supplements, releases and versions thereof;

MELD Dao - is a decentralized autonomous organization (DAO) that shall govern the MELD protocol, to be established and launched on separate notice to Users.. MELD token holders shall have the right to participate in governance decisions thereof.

MELD Protocol means the decentralised protocol developed, owned and released by MELD, and functioning on MELD blockchain.

MELD Token - means the cryptographic token ($MELD) to be utilised in conjunction with the MELD Protocol. 

Order - Buy Order and/or Sell Order;

Platform - an IT solution created by MELD for trading Digital Currencies and available via MELD App.

Prohibited Jurisdictions - is a country or region where the use of cryptocurrencies or our services is restricted or prohibited by law. Please see General Terms Prohibited Jurisdictions clause for detailed definition.

Seller - the User submitting a Sell Order.

Sell Order - the Order to sell Digital Currency.

Third Party Providers – legal persons outside the MELD Group, contracted by MELD and providing MELD and its end users services like user identification, KYC / KYB / CDD procedures, AML screening and monitoring, banking as a service, fiat deposits – withdrawals (on-off ramping), trading, liquidity provider and the like. Third Party Providers (i.e. MELD partnership) shall be disclosed to you on MELD Sites. 

Third Party Providers Terms - Where there is a Third Party Provider involved in MELD Services to you, the part of Service shall be by reference regulated with the Third Party Providers terms and conditions of services, as applicable. 

  • Bitlocus. UAB “Bitlocus LT”, company ID No 305727615, reg. address at Žalgirio st. 114, Vilnius, Republic of Lithuania, is a virtual asset service provider incorporated and registered as such in Lithuania. The partnership with Bitlocus is established by MELD X, UAB, and is dedicated to provide Users with access to Services of virtual currency exchange (trading), purchase and/or sale for remuneration and crypto-to-fiat transfers. Bitlocus service terms and conditions may be found here:
    • Bitlocus Terms and Conditions
    • Bitlocus Privacy Policy
  • iDenfy. UAB “Idenfy”, company ID No 304617621, reg. address at Baršausko g. 59, LT-51423 Kaunas, Republic of Lithuania, is user identification service provider. iDenfy service terms and conditions may be found here:
    • iDenfy Terms and Conditions
    • iDenfy Privacy Policy

Transaction – operation of trading Digital Currency on MELD Platform in accordance with these Terms.

Terms – means these MELD App terms and condition and, where context requires so, means comprehensive terms and conditions documentation consisting of MELD App terms, General Terms and other Specific Terms applicable to the relationship of the Parties hereunder.

Other capitalized words in these Terms have the meaning assigned to them by the General Terms.

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AGREEMENT

  1. Contractual Relationship. These Terms (as part of the General Terms) constitute a legal agreement and create a binding contract between you and MELD. These Terms are applicable to you from the moment you access the Services via MELD App. MELD remains solely entitled to restrict or limit your access and/or use of the Services without indicating any reasons;
  2. Comprehensive Terms. These Terms define specific terms and conditions of the MELD App Services and all the general terms and conditions to it are defined and detailed in the General Terms. Therefore, not mentioning of general terms and conditions is aimed to keep this document condense, without unnecessary repetitiveness, and in no case means non-applicability thereof, unless expressly defined otherwise. 

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ACCESSING THE SERVICES

  1. We grant you a revocable, limited, non-exclusive, non-transferable license to access and use the Services. The End User License Agreement (EULA) constitutes inseparable part of these Terms and are binding to you. Your access and use of the Services as well as validity of the EULA is conditioned on your compliance with these Terms;
  2. We may provide you with credentials to access some of the Services. You are solely responsible for maintaining the security of your credentials. You agree that MELD will not be held responsible for any unauthorised access to the Services (or any harm resulting from such unauthorised access);
  3. To be eligible to use the Services, you must comply with eligibility criteria defined in the General Terms, as well as to accept these Terms. The Services are only available for personal, non-commercial use. Your use of any of the Services may be subject to other limitations and restrictions.
  4. Where use of any of the Services is subject to various laws, regulations, and rules of governmental or regulatory authorities applicable to you and our Services, you agree to always comply with all Applicable Law, as well as with the decisions of MELD Dao.
  5. We will use the Services to communicate with you, for example via our website or mobile applications. From time to time, we may also communicate with you using the email address or telephone number you provide us. By providing your email address and telephone number, you consent to us contacting you using those forms of communication.

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ACCOUNT

  1. Use of Services requires a MELD App Account. You are only entitled to create the Account if you meet all the eligibility criteria set forth in General Terms. Creating and Account may require you to complete certain actions pursuant to our Onboarding and Know Your Customer procedures. 
  2. Number of User Accounts. We may limit the number of Accounts that you may create or maintain. We may also terminate or suspend any Account that exceeds such limit, and liquidate, freeze or refund positions and funds associated with such Account.
  3. Hardware and Software Requirements. We may limit use of MELD App to certain hardware devices and/or supported software.
  4. Account Access. We will require you to provide login credentials to access your Account via MELD App. We may impose additional security measures when you access Account, including but not limited to two-factor authentication (“2FA”). This 2FA may include security passcodes sent via mobile text message, electronic mail or an application designed to provide 2FA by other means. You are solely responsible for ensuring the security of any password or login credentials. We may provide data through such 2FA application in order to authenticate your use of MELD App. We accept no responsibility or liability for the use of any 2FA application nor any damage caused by a 2FA application, device, software or method
  5. Account Communications. MELD may offer a “chat” or “messaging” feature in connection with Account to allow you to communicate with other Users. 
  6. In relation to your Account, you undertake to:
    1. create a strong password for your Account (i. e. a password that is different from any other password you use for any other website or online service and that cannot be easily guessed). You must change your password regularly and immediately in case you suspect your password has been compromised;
    2. keep your Account login information, password and any forms of multi-factor authentication confidential and separately from each other, as well as separately from any other information or documents relating to your Account;
    3. not store your login information on any device, irrespectively if such device is of your private or public use;
    4.  not let any person access your Account at any time without our prior written permission;
    5. not leave your computer, phone or any other device unattended while you are logged in to your Account;
    6. always log out from your Account, especially when accessing your Account from public devices;
    7. not open more than one Account, except with our prior written permission. We discourage you from attempting to circumvent this provision, e. g. by requesting to open a second Account unless you have a solid ground for such a request and we find it fit or by trying to open the Account using different email address etc. Such attempt will be considered as an attempt of fraud and will result in termination of the relationship between us and you;
    8. notify us immediately in case you identify or suspect any unauthorised access to your Account.
  7. In relation to your Account, you confirm that:some text
    1. MELD has the right to make inquiries to you directly or through Third Party Providers which we employ to verify your identity and/or for the purpose of protection against fraud, terrorism financing and/or money laundering and otherwise;
    2. you understand that you are responsible for maintaining the security of your Account login information and password. In the event you hand over your login information to a third party, you bear full responsibility and liability for such actions and all consequences will be born on you. In addition to the foregoing, such voluntary handing over of the login information to a third party will be considered a material breach of the Terms and, by our unilateral decision, may result in termination of relationship between us and you;
    3. you understand that MELD shall process your Transactions in accordance with instructions provided by you; thus, you shall carefully verify all instructions prior to placing any Orders. In case there is an error in the instructions provided by you, however, such error does not result in impossibility to execute the Order, MELD will not accept any responsibility or liability for the consequences of execution of such Order;
    4.  you understand that by using our Services you take full responsibility and liability for and accept all risks of unauthorised use of your Account caused by your negligence or breach of these Terms.
  8. Account Information. You will be able to view certain details of your account history up to a specific period of time, as determined by MELD in our sole discretion and which may be subject to change at any time without prior notice. This account history may include information such as: (i) your fiat balance; (ii) your virtual assets balance; (iii) executed transaction details; (iv) unexecuted transaction details; and (v) deposit and withdrawal information.
  9. Depending on the Services used by you, MELD reserves the right, at our sole discretion, to create and maintain certain records of your activity and communications relating to your Account or Crypto Wallet.

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ONBOARDING

  1. Onboarding. In order to use some of the Services, you will need to satisfy an onboarding process. By accepting our Services, you agree to the following conditions in relation to our onboarding process:
    1. Information required: You may be required to provide certain information and documentation in line with laws and regulations applicable to you and to us (Onboarding Information). some text
      1. To create an Account, you must provide us with your full name, valid e-mail address, set up a password and confirm your acceptance of these Terms and related documents. You will not be able to access our Services and benefit from them until you have your Account activated;
      2. In case of legal representation, the representative shall also provide us with documents proving his/her authorizations. In case of a legal person, the representative shall also provide us with information about the director of a legal entity. We may ask you to verify your email address and/or phone number;
      3. For example, we may request additional information to verify your identity or source of funds. We may request personally identifiable information such as network address, name, email, residence address, telephone number, date of birth, taxpayer identification or social security number, official government-issued photo identification, and bank account information or other information we may reasonably deem helpful in satisfying our risk management or legal obligations.
    2. We will review and assess information and data and documents submitted to us by you. Should the outcome of such assessment be positive, your Account will be activated and, provided that you accept the separate specific Services Terms, you will be able to start using our Services:some text
      1. Delay in providing Onboarding Information: In the event that the requested Onboarding Information is not received by us by the Onboarding Information Deadline, we reserve the right to charge you an administration fee;
      2. Failure to provide Onboarding Information: If you fail to provide us with the correct Onboarding Information, or keep your information updated, some Services may not be available to you and you might not be able to access your funds
    3. Representations and warranties: In providing the Onboarding Information, you represent and warrant to us that the Onboarding Information is accurate and complete and you agree to update such Onboarding Information in the event of any changes to your Onboarding Information at any time during the onboarding process or whilst you remain onboarded with us;
    4. Timing: You shall comply with any request by us for any Onboarding Information or documents from you by [no later than 14 days following the date of any such request] (the “Onboarding Information Deadline”). You shall update us of any changes to the information that you have provided to us during your onboarding process by no later than 10 days from the date that you became aware of the relevant change;
    5. Onboarding Information includes the Know Your Customer / Know Your Business (KYC / KYB) procedures, when required and as that is understood under and established by Applicable Laws, .
  2. MELD can and will use Third Party Providers assistance in the Onboarding / KYC / KYB  processes. You hereby acknowledge and agree to adhere to specific requirements of the Third Party Provider within the mentioned processes.

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OFFBOARDING

  1. We may enable or disable any or all of the Services, your access to such Services and/ or close your Account. We will endeavour to return your funds to you, unless our ability to do so is restricted by any law or regulation or it is not possible for us to do so. In the event that we need to send fiat or digital assets to an address other than your Account or Crypto Wallet, we reserve the right to charge you one-off administrative fee;
  2. You may close your Account at any time and for any reason and without prior notice.
  3. Depending on the Services available to you, we may require you to take certain additional actions in order to complete a pending transaction or provide additional information prior to closing your Account. You are solely responsible for any fees already incurred or associated with your Account, including but not limited to, any fees from the closing of your Account, whether incurred directly by you from MELD, or incurred by MELD on your behalf with a third party in order to complete any such action. Please note that closing your accounts may not result in the deletion of information we hold about you or your activity.
  4. Death of Account Holder:
    1. For security reasons, if we receive legal documentation confirming your death or other information leading us to believe you have died, we will freeze your Account and during this time, no transactions may be completed until: (i) your designated fiduciary has opened a new Account, as further described below, and the entirety of your Account has been transferred to such new account, or (ii) we have received proof in a form satisfactory to us that you have not died. If we have reason to believe you may have died but we do not have proof of your death in a form satisfactory to us, you authorise us to make inquiries, whether directly or through third parties, that we consider necessary to ascertain whether you have died.
    2. Upon receipt by us of proof satisfactory to us that you have died, the fiduciary you have designated in a valid will or similar testamentary document will be required to open a new Account. If you have not designated a fiduciary, then we reserve the right to (i) treat as your fiduciary any person entitled to inherit your Account, as determined by us based on Applicable Law and upon receipt and review of the documentation we, in our sole and absolute discretion, deem necessary or appropriate, including (but not limited to) a will, a living trust or a small estate affidavit, or (ii) require an order designating a fiduciary from a court having competent jurisdiction over your estate. In the event we determine, in our sole and absolute discretion, that there is uncertainty regarding the validity of the fiduciary designation, we reserve the right to require an order resolving such issue from a court of competent jurisdiction before taking any action relating to your Account.
    3. Pursuant to the above, the opening of a new Account by a designated fiduciary is mandatory following the death of an Account owner, and you hereby agree that your fiduciary will be required to open a new Account and provide any requisite information under this Agreement in order to gain access to the contents of your Account.

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CRYPTO WALLET

  1. Creating a Crypto Wallet with MELD software:
    1. The software to create your Crypto Wallet is provided to you exclusively by MELD Ltd.;
    2. The Crypto Wallet is only capable of supporting certain virtual assets, as designated by us and subject to change at any time. We will endeavour to give you notice of any such changes. You will be unable to access any virtual assets which we do not support using your Crypto Wallet;
    3. When you create the Crypto Wallet, the Crypto Wallet software generates a cryptographic private and public key pair that you may use to send and receive any supported virtual assets via the relevant virtual assets network;
    4. It is your responsibility to keep a backup of all Crypto Wallet credentials, including your passphrases, identifiers, backup phases, private keys and network addresses and you keep this backup outside the Services. If you do not maintain a backup of your Crypto Wallet data outside the Services, you will not be able to access virtual assets previously accessed using your Crypto Wallet. You may lose access to your virtual assets via the MELD.com interface.
  2. Using your Crypto Wallet:
    1. In order to be completed, any digital assets transaction executed using the interface provided by the MELD App must be confirmed and recorded in the virtual assets ledger associated with the relevant virtual assets network (Relevant Asset Network). Such Relevant Asset Networks are decentralized, peer-to-peer networks supported by independent third parties, which are not owned, controlled or operated by MELD. MELD has no control over the third parties supporting any Relevant Asset Networks and accepts no liability whatsoever for the actions of such third parties;
    2. MELD has no control over (i) the data that you provide to form any transaction using your Crypto Wallet; or (ii) how transactions are processed in any Relevant Asset Network; and therefore, cannot and does not ensure that any transaction details you submit via our Services will be confirmed on the Relevant Assets Network. The transaction details you submit via our Services may not be completed, or may be substantially delayed, by the Relevant Assets Network used to process the transaction. We do not guarantee that the Crypto Wallet can transfer title or right in any digital assets or make any warranties whatsoever with regard to title.
    3. MELD shall not be liable to you for any malformed transaction payloads created using our software, the Crypto Wallet or the services our Crypto Wallet interacts with;
    4. Once transaction details have been submitted to a Relevant Asset Network, we cannot assist you in cancelling or otherwise modifying your transaction or transaction details. MELD has no control over any Relevant Asset Network and does not have the ability to facilitate any cancellation or modification requests.
  3. Forks:
    1. The underlying protocols that form the digital assets that are supported by your Crypto Wallet may be subject to sudden changes in operating rules, known as a “Fork”. Forks may materially affect the value, function, and/or the name of digital assets supported by your Crypto Wallet. It is your sole responsibility to inform yourself about any Forks that impact the digital assets that you use your Crypto Wallet to access and to determine how to respond to the upcoming Forks;
    2. MELD shall have a right to not support any Fork;
    3. In the event of a Fork or other network disruption, there is a risk that:some text
      1. we may need to temporarily suspend operations in relation to that Fork without providing advance notice to you;
      2. we may decline to support either or both branches of a Fork and may do so without prior notice;
    4. You acknowledge the risks presented by Forks and you accept that MELD has no responsibility to assist you to move or sell an unsupported branch of a forked protocol and you understand that the unsupported forked virtual assets may not be made available to you. MELD is not responsible for any loss incurred by you, caused in whole or in part, directly or indirectly, by a Fork or other network disruption.

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SUPPORTED DIGITAL CURRENCIES

Funding your Account
  1. Digital Currencies supported by MELD are reflected on the Platform and are accessible here. In case it is required in accordance with the applicable laws, order of a court or government agency, change of the operating rules in the underlying Digital Currency’s network, or any technological issue outside of our reasonable control, MELD, in its absolute sole discretion, shall have a right to add or remove from the Platform any Digital Currency at any time and without any notice.
  2. MELD assumes no responsibility or liability for your attempt to use your Account for any Digital Currencies that MELD does not support at a particular time.
  3. MELD does not control or own any of the underlying networks or software protocols that govern the operation of the Digital Currencies supported by MELD.
  4. MELD shall not stand behind or underwrite any Transaction you enter into using the Platform.
  5. Digital Currency withdrawal may be delayed for an indefinite period due to MELD retrieving it from offline storage.
  6. The amount of time required to process a Transaction will depend on various factors, including the performance of third parties. We make no guarantee as to when a particular Transaction will be executed.
  7. MELD shall have a right at any time to establish Transaction limits without prior notice and without specifying any reasons.
  8. MELD shall have the right to refuse to process and/or cancel any Order or Transaction at any time in accordance with the requirements set forth by the applicable law, in response to a court or government order, to enforce Transaction limits or in case a Suspension Event occurs, or in case of other significant (in MELD opinion) circumstances.
  9. Digital Currencies are a risky asset class and trading in Digital Currencies increases those risks. You confirm that you have read and understood the Risk Warning and agree to solely accept those risks.
  10. The amount or value of the Digital Currencies held by you is guaranteed or underwritten neither by MELD, nor by any third party, and you may lose the Digital Currencies or the value thereof stored on your Account in a short period of time. In such case, you shall have no right to claim damages to MELD or any other third party (including loss of profit), as well as any liability or incurred inconveniences, unless the loss resulted from MELD’ breach of these Terms.

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TRANSACTIONS

  1. Deposits and Withdrawals to your Account:
    1. The methods of depositing/withdrawing Digital Currencies to/from your Account shall be indicated on your Account. We shall have a right to unilaterally add and respectively discontinue any deposit/withdrawal method at any time and without indicating any reason. We do not give a guarantee regarding any deposit/withdrawal method available on your Account at a particular time, as long as at least one deposit/withdrawal method is available to you;
    2. . In order to complete a virtual assets transaction, you will need sufficient funds in your Account prior to executing the order, either in the form of virtual assets or fiat currency, depending upon the order type you select. MELD may not support all funding methods at all times and may alter the funding methods at any time without prior notice. You are solely responsible for your use of any external account, provider, or service used to transfer funds to your Account. The timing associated with any deposit will vary and may depend in part upon the performance of third parties unrelated to MELD. We shall not be responsible for damages resulting from any order, including but not limited to, failed or delayed funding.
    3. Treatment of Fiat Funds. We shall hold fiat currency deposited by you in your Account for your benefit and on your behalf in an account at a Third Party Provider. For USD- denominated balances, we may hold your deposit balance in a combination of USD fiat currency, USDC, and by using Trading function on MELD App you agree that we may manage such balances by converting your USD fiat currency to USDC in our discretion as part of those management services. Accordingly, any USD balance that is shown in your Account may comprise any combination thereof. Each such account is separate from MELD’s operating bank account(s). We will maintain true, complete and accurate records relating to the fiat currency held on your behalf and your ownership thereof.
    4. Withdrawing Funds from Your Account. In the event that the balance of available funds in your Account is greater than any minimum balance requirement needed to satisfy all open orders, you may request a withdrawal of virtual assets or fiat currency, as applicable. If you are using the Services with a balance in a USD-denominated Virtual Asset or fiat currency, amounts you withdraw may, in your discretion, be in USD fiat currency or USDC (irrespective of the type of currency initially deposited). By using the Trading functions on MELD App you agree that we may convert your USDC to USD fiat currency at our discretion. You are solely responsible for losses resulting in whole or in part from any external account, provider, or service. We cannot guarantee the timing of any withdrawal request. Subject to compliance considerations, regulatory requirements or other controls which we may apply in our sole discretion, requests may be delayed or cancelled.
    5. Deposit and Withdrawal Limits. We may, in our sole discretion, impose daily, weekly, monthly, or other periodic limits on deposits and withdrawals, which we may implement, eliminate, increase or decrease at any time without advance notice.
    6. Payment Service Providers. We may, at our discretion, use a Third Party Provider for payment services to process deposit and withdrawal requests in fiat currencies.
    7. Reversals of Payment Instructions and/or Negative Balances. If you reverse a payment instruction initiated with your bank, payment services provider or equivalent or part of a transaction fails for any reason which results in your Account having a negative balance, we may liquidate any assets held in any account you hold with us (including the Account) to offset and reduce the negative balance. You remain fully responsible for settling the balance and we may engage debt collectors to pursue any outstanding debt on our behalf and you will be liable for all such costs, damages and any fines or fees which we or a third-party may assess.
    8. Erroneous Deposits. In the event that any amount of fiat currency or virtual assets is deposited into your Account in error in connection with a transaction or otherwise (an "Erroneous Deposit"), you must notify MELD immediately and return the Erroneous Deposit as soon as possible. In the event you do not return the Erroneous Deposit to MELD, you shall be indebted to MELD in the amount of the Erroneous Deposit and MELD shall have the right to debit this amount from your Account in whole or in part until such time as the full amount has been returned. In addition, MELD may, but is under no obligation to, take whatever further action it considers necessary in order to recover the Erroneous Deposit. Until the full amount of the Erroneous Deposit is returned to MELD, you remain fully responsible for settling the balance and we may engage debt collectors to pursue any outstanding debt on our behalf and you will be liable for all such costs, damages and any fines or fees which we or a third-party may assess.
  2. You consent that, whenever a Transaction is made, the MELD App operator shall send and receive funds to/from the Buyer’s and the Seller’s Accounts opened in their name and on their behalf in relation to the Transaction.

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FEES

  1. MELD may charge a fee for the provision of certain Services or certain features of a particular Service (Service Fees). You agree to pay any fees associated with your use of any Service. 
  2. The list of applicable Service fees may be found here. General terms and conditions applicable to Fees and payments thereof are found in the General Terms.
  3. MELD reserves the right to modify or change our fees and charges at any time, effective upon posting of the updated fee schedule on our Sites or within MELD App. We will provide reasonable notice of any fee changes. By continuing to use our services after such changes are posted, you agree to be bound by the updated terms and conditions.
  4. MELD does not currently charge a fee for receiving, sending or controlling your virtual assets via your Crypto Wallet. However, we reserve the right to do so in the future. Network  fees (including, without limitation “miner’s fees”) required to use a Relevant Assets Network may apply to a transaction. We may attempt to calculate such a fee for you. Our calculation may not be sufficient, or it may be excessive. You may select a greater or lesser fee. You are solely responsible for selecting and paying any such fee and MELD shall not advance or fund such a fee on your behalf. MELD shall not be responsible for any excess or insufficient fee calculation.
  5. MELD will debit fees for orders from the total cost of your order. MELD may charge other fees, or process fees in an alternative manner, but only with prior written notice to you. We shall post a fee schedule in the Services that we may change at any time in our sole discretion without prior notice. If we determine you owe us any amount of fiat currency or virtual assets, we may offset such amount against any funds we hold for you, whether in virtual assets or fiat currency.

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MELD TOKEN

  1. MELD token - $MELD – is a utility token. 
  2. [Clause 44. shall enter into force upon establishment of the MELD Dao and further notice] MELD Dao. MELD token holders may participate in governance decisions related to the MELD protocol. This includes voting on proposals for changes, upgrades, or new features, such as those related to lending and borrowing. Through their voting rights, MELD token holders can indirectly influence the development and direction of the protocol:some text
    1. Initiation: Any MELD token holder can propose changes, upgrades, or new features to the MELD protocol;
    2. Voting: MELD token holders can vote on proposals using their MELD tokens. The outcome of a vote is determined by the number of MELD tokens supporting or opposing the proposal;
    3. Quorum: A minimum number of MELD tokens must be staked to form a quorum for a vote to be valid.
    4. Voting Threshold: The threshold for a proposal to pass may vary depending on the nature of the change.
    5. Voting Rights: MELD token holders have voting rights proportional to the number of tokens they hold.
    6. Delegation: Token holders may delegate their voting rights to other users;
    7. Abstention: Token holders may abstain from voting on proposals.
    8. Responsibility: MELD token holders are responsible for understanding the implications of their voting decisions and acting in good faith.
    9. Please note that the specific governance mechanisms and rules may evolve over time.
  3. MELD token holders can stake their tokens to earn rewards in the form of additional MELD tokens or other assets. MELD token holders may be eligible for discounted fees on certain services within the MELD ecosystem.
  4. MELD tokens were initially distributed through various mechanisms, such as private sales, public offerings, and staking rewards. The total circulating supply of MELD tokens is subject to the specific tokenomics outlined in the MELD whitepaper.
  5. The MELD protocol may employ mechanisms to control inflation or deflation of the MELD token, such as token burning or minting.
  6. MELD tokens are one of the accepted forms of collateral for borrowing fiat currency on the MELD platform.

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MELD LENDING AND BORROWING

[MELD Lending and Borrowing Protocol is intended for launch in November, 2024 for the Website / Desktop use only; thus the “MELD LENDING AND BORROWING Article of these Terms with all underlying clauses shall enter into force upon launching of the Protocol and further notice]

  1. Eligibility:
    1. Users must complete Know-Your-Customer (KYC) and Anti-Money Laundering (AML) verification before accessing lending and borrowing functionalities;
    2. Users must provide acceptable collateral (e.g., ADA, ETH, BTC, BNB) to borrow fiat currency.
  2. Lending and Borrowing Limits:
    1. Loan-to-Value (LTV) Ratio: MELD may establish Loan-to-Value (LTV) ratios that limit the amount a user can borrow based on the value of their collateral;
    2. Minimum and Maximum Loan Amounts: Minimum and maximum loan amounts might be set to manage risk and service availability.
  3. Interest Rates and Fees:
    1. Variable Rates: Interest rates for borrowing may be variable and subject to change based on market conditions and user risk profile;
    2. Fees: MELD may charge various fees associated with lending and borrowing, including origination fees, late fees, and processing fees;
    3. Calculation on Interest Rates and Fees: [TBD]
    4. Applicable Lending and Borrowing Fees may be found here.
  4. Collateral Management and Liquidation:
    1. Collateral Risk Management: MELD may have the right to automatically sell collateral to repay a loan if the user fails to maintain a minimum margin requirement.
    2. Liquidation Thresholds: The terms should outline the specific margin thresholds that trigger automatic collateral liquidation.
    3. Notification of Liquidation Risk: Users should be notified of the risk of collateral liquidation and potential consequences.
  5. User Responsibilities:
    1. Accuracy of Information: Users are responsible for providing accurate and complete information during the borrowing process;
    2. Risk Acknowledgement: Users need to acknowledge the inherent risks associated with borrowing, including potential losses due to crypto price volatility;
    3. Repayment Obligations: Users are obligated to repay the borrowed funds with interest and fees on time.
    4. User is responsible for understanding and complying with their own tax obligations, in relation to the borrowing, lending and liquidation events
  6. MELD does not guarantee profits or returns from borrowing and lending activities.
  7. MELD is not liable for technical malfunctions or limitations that impact borrowing and lending functionalities.

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MELD TRADING

  1. MELD facilitates trading services through the Third-Party Provider (Bitlocus). The following specific terms and conditions governing these trading services in this “MELD TRADING” Article are provided by the Third-Party Provider and may be subject to additional fees or limitations. MELD acts as an intermediary between users and the Third-Party Provider, but is not a party to the trading transactions themselves, thus the following clauses of this Article shall read accordingly. 
  2. Placing Orders
    1.  You will be able to place the following Orders in accordance with these Terms:some text
      1. Buy Order;
      2. Sell Order.
    2. ”In order” status:some text
      1. A Transaction is not deemed to be complete while it is in “in order” state on the Platform. Funds associated with such Transactions that are in “in order” state shall be designated as such and shall not be available for the conduction of other Transactions (including, but not limited to, withdrawals).
    3. Limits:some text
      1. MELD shall have a right at any time to establish Transaction limits without prior notice and without specifying any reasons.
      2. MELD shall have a right at any time to determine minimum and/or maximum amounts for a single Buy/Sell Order indicating such limits here.
    4. Regulatory and fraud prevention requirementssome text
      1. In order to comply with regulatory and fraud prevention requirements, we shall have a right to review your any action and Transaction within your Account, including a request for withdrawals, and to request further information, data and/or documents from you, including prior to releasing funds. Failure to satisfy our request may result in freezing of your funds for an indefinite period.
    5. Cancellation of Orderssome text
      1. You will be able to cancel the Order once you have placed it but only for an uncompleted (not executed) part.
      2. MELD shall have the right to immediately and unilaterally cancel any Order in case it has not been completed or in the uncompleted part thereof if:
      3. MELD considers it necessary or prudent due to a suspicion that the Order involves money laundering, terrorist financing or another illegal or unlawful activity;
      4. the Order relates to a Prohibited Use;
      5. MELD is required to do so by a court order or under the instruction of a competent authority; or
      6. in MELD 's opinion, there are other significant circumstances.
    6. Order Recordssome text
      1. MELD shall maintain the records of Orders in MELD Order book. After MELD Order matching engine matches Buy Orders and Sell Orders in the Order book, we shall record the trade thus transferring the ownership of the Seller’s traded Digital Currency to the Buyer accordingly.
    7. By placing an Order, you confirm your understanding of, and your agreement to the following:some text
      1. it is your responsibility to confirm that the Order details are accurate, including the amount of Digital Currencies you intend to buy and/or sell, the amount of any fees, the gross price for your Order and the amount and nature of the Digital Currencies to be transferred to you;
      2. it is solely your responsibility to cancel any Order or part thereof in case you do not want it completed;
      3. there is a risk that an Order or part thereof will be completed before your any cancellation request is received by us;
      4. the amount of time required to complete an Order i. e. to transfer to you the Digital Currency you bought or to transfer Fiat/Digital Currency to you for the Digital Currency you sold, will depend on various factors, including the performance of third parties. MELD makes no guarantee as to when the relevant Fiat/Digital Currency will become available to you;
      5. the Fiat/Digital Currency you use for an Order must be of a sufficient amount (for an Order and applicable fees) and free and clear of any liens, charges or encumbrances as well as the ownership of such Fiat/Digital Currency must belong to you;
      6. MELD shall not be held liable in case of any of the above circumstances.
  3. Buy Orders
    1. All Buy Orders:some text
      1. involve the purchase of a Digital Currency supported by MELD;
      2. are opened immediately, provided a sufficient amount of funds has been pre-loaded to your Account; and
      3. are recorded by us.
    2. Processing of Buy Ordersome text
      1. You can place the Buy Order on your Account, authorise MELD to initiate debits and execute the Buy Order.
      2. After the placement of the Buy Order by you, the full amount of the purchase price and associated fees shall be locked and marked as “in order” on your Account.
    3. Partial execution of Buy Ordersome text
      1. In case the Buy Order is only partially executed, the amount of remaining Digital and/or Fiat Currency required to settle the balance (including fees) shall remain “in order” until the remaining part of the Buy Order is executed or is cancelled.
  4. Sell Orders
    1. All Sell Orders:some text
      1. Involve the sale of a Digital Currency supported by MELD;
      2. are opened immediately,
      3. are recorded by us.
    2. Processing of Sell Ordersome text
      1. You can place the Sell Order on your Account, authorise MELD to initiate debits and the execution of the Sell Order.
      2. After the placement of the Sell Order by you, the full amount of Digital Currencies offered for sale are marked as “in order” on your Account. Any fees associated with the sell Transaction shall be deducted by MELD from the sale proceeds before they appear on your Account.
    3. Partial execution of Sell Ordersome text
      1. Until the Sell Order completes, expires or is cancelled, the relevant amount being offered for sale will not be available to be used for any other purpose, including other sell Orders or withdrawals. For partially executed Sell Orders, the unsold portion of the relevant amount offered for sale shall remain “in order” until the remaining Sell Order is executed, expires, or is cancelled.
  5. Match Makingsome text
    1. MELD operates Order matching engines for each trading pair. MELD supports the trading pairs listed here. Our Platform operates 24 (twenty-four) hours per day, 7 (seven) days per week (except for brief maintenance periods about which you will be informed in advance).
    2. We require all Orders to be pre-funded i. e. you must have sufficient funds in your Account before you can trade.
    3. All Buy and Sell Orders made on the Platform shall be managed in an anonymous manner so that Buyers and Sellers are not acquainted with each other. The Transaction price shall be calculated on the basis of actual matched Orders made by the Buyers and Sellers participating in the bidding process on the Platform combined with the applicable Transaction fees.
  6. Trading may not be available in all markets and jurisdictions. We may restrict or prohibit use of Trading in certain jurisdictions including Restricted Jurisdictions (as defined in the General Terms) in our sole discretion. We may also update these limitations at any time. 
  7. We may offer you different types of orders that may be placed for Trading. We do not guarantee any order you place will be executed or executed at any particular time and we will not be responsible whatsoever for any delays or for any orders that are not executed.
  8. Cancellation Policy: Trading happens in an active and live marketplace. By entering any order, you are bound to its terms and may not be able to cancel such an order. You must review all of the details of an order prior to entering such an order on the MELD App, including the quantity and price of the virtual assets to be bought or sold, as well as the amount of funds, either virtual assets or fiat currency, that will be required in connection with your trade request.
  9. MELD Own Account Dealing: Any member of the MELD Group may be actively participating on the MELD App and placing its own orders. This means that the counterparty to an order you place for Trading may be MELD acting in such a capacity.

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NO ADVICE

  1. MELD does not provide any investment, tax, legal, or other professional advice by allowing you to use the Services, the ability to purchase, sell, or store virtual assets, and we do not recommend, suggest, advise or endorse that you purchase or sell virtual assets, or make any purchase of any good or service. Before engaging in any transaction or any other activity, you should consult a qualified professional. You acknowledge that (a) you are solely responsible for determining the nature, potential value, suitability, and appropriateness of these risks for you; (b) you are familiar with the operation of virtual asset trading and have the experience required to use the Services; and (c) you assume all liability and responsibility for determining whether using the Services is legal in your jurisdiction and you shall not use any of the Services if such use is illegal or otherwise prohibited or limited by any rule or regulation. Your use of the Services requires you to bear all attendant risks and MELD expressly disclaims any and all liability or responsibility for any such risks. We list some of the potential risks below but this list is not intended to cover all potential risks or otherwise be comprehensive and you acknowledge that you may be subject to and liable to significant other potential risks.

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MISCELLANEOUS

  1. A party’s failure or delay to enforce, or partially enforce, any provision of these Terms shall not be construed as a waiver of any rights.
  2. These Terms shall be binding on your successors, heirs, personal representatives, and assignees. You may not assign or transfer any of your rights or obligations under these Terms without prior written consent of MELD, which may be withheld at MELD’s sole discretion. We may assign rights or delegate duties under this Agreement at our sole discretion.
  3. These Terms are an integral part of the General Terms and are governed by the provisions contained therein, and shall be interpreted in conjunction with them.
  4. For technical support requests only, you may submit a request via our in-App support tool powered by Userback (subject to change) or send an email to support@meld.com . For purposes other than technical support requests, you may contact us by registered post or courier via addresses indicated by Definition of MELD; With an electronic copy to: info@meld.com; Please note, however, that all formal legal documents and claims must be formally and properly served on the correct MELD entity according to Applicable Law.

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