XREX BitCheck Service Agreement

Last Updated: March 20, 2024

The terms herein (the "Terms") govern your use of the BitCheck offered by our platform (the "Platform"). Before using the BitCheck, you agree to be bound by following Terms:

1. Definitions

1.1 “BitCheck” is XREX’s trademark associated with its specific service of Token transfer. 1.2 “BitCheck Contract” is an optional add-on feature based on a specific BitCheck transaction for the purpose of documentation of such a transaction. 1.3 “BitCheck Issuer” means the BitCheck User who initiates a BitCheck transaction with another BitCheck Recipient. BitCheck Issuer is interchangeable with Bitcheck sender as the context requires. 1.4 “BitCheck Recipient” means the BitCheck User who receives a BitCheck from the BitCheck Issuer. BitCheck Recipient is interchangeable with Bitcheck receiver as the context requires. 1.5 “BitCheck User” means BitCheck Issuer, BitCheck Recipient, or both, as the context may require. Only KYC-completed users are qualified BitCheck Users.

2. Escrow Service via BitCheck

2.1 BitCheck Users may send a certain amount of their Tokens to another user of XREX. Such an amount of Tokens will be locked on the Platform immediately after a BitCheck is issued until (1) both the BitCheck Recipient and the BitCheck Issuer agree to cancel the BitCheck, or (2) the BitCheck Issuer releases the locked Tokens and the BitCheck Recipient accepts the Tokens of BitCheck. That is, if and only if the BitCheck Issuer releases the BitCheck, the BitCheck Recipient may withdraw the relevant Tokens immediately, including transfer to external wallets outside XREX’s control. (a) Whenever the BitCheck Issuer and the BitCheck Recipient have disputes regarding the locked Tokens while using BitCheck, the BitCheck Issuer and the BitCheck Recipient have to resolve the disputes on their own. Upon the BitCheck User’s request, XREX, at its sole discretion, may facilitate amicable communication to resolve such disputes. However, it does not guarantee or promise any result or any kind of dispute resolution to BitCheck Users, nor involve itself in any legal proceedings arising out of such disputes between BitCheck Users. (b) Should such a dispute occur between the BitCheck Users, the BitCheck will not be released until such dispute has been resolved and evidence of the resolution acceptable to XREX has been provided in a form acceptable to XREX (such as a court order or legal judgment). You agree that XREX has no liability or responsibility for such withholding, or for your inability to withdraw Tokens or Fiat Money or to execute Trades for the duration of any such withholding.

3. BitCheck Contract

3.1 When BitCheck Issuer issues a non-open BitCheck, they have the option to purchase a BitCheck Contract, a product that provides electronic documentation for the specific BitCheck transaction. 3.2 To complete the documentation of a BitCheck Contract, (i) the BitCheck Users have to consent to share their personal information with the other BitCheck User. Upon such consent from both the BitCheck Users, XREX will incorporate the BitCheck Users' personal information into the BitCheck Contracts; (ii) the BitCheck Issuer must select the genuine purpose of the BitCheck transaction and provide correct transactional information accordingly, and the BitCheck Recipient must review the BitCheck Contract. If the BitCheck Recipient considers these contents of the BitCheck Contract fair, accurate, and complete, they may agree and approve the BitCheck Contract; (iii) both BitCheck Users approve the content of the BitCheck Contract via their electronic signatures respectively. 3.3 To use the add-on BitCheck Contract to your BitChecks, you agree to share your personal information with the other BitCheck Contract User for the current and all subsequent BitCheck Contract transactions. Should you decide to withdraw your permission, you agree to stop using BitCheck Contract and contact our customer service immediately.

4. Fee

Please note that XREX may charge a fee to BitCheck Users for BitCheck and BitCheck Contracts. XREX reserves the right to adjust the fee schedule. You can find the fee information details here.

5. Limitation of Liability

To the fullest extent permitted by law, the Limitation of Liability shall be limited up to the amount of service or product fees you pay for the BitCheck or BitCheck Contract.

6. Disclaimer on BitCheck and BitCheck Contract

6.1 BitCheck and BitCheck Contract are provided on a “AS IS” and “AS AVAILABLE” basis. To the fullest extent permitted by law, XREX disclaims any representations and warranties of any kind, whether express, implied, or statutory, including, but not limited to, the warranties of merchantability and fitness for a particular purpose. 6.2 The nature of the BitCheck Contract is electronic documentation which is initiated, reviewed, and approved by both BitCheck Users. XREX does not verify nor endorse the agreement. Under no circumstances shall XREX be liable for any damages or loss related to or arising from the use of BitCheck, BitCheck Contract, or both. 6.3 Because the BitCheck Contract is a documentation tool, you agree to take full responsibility for the accuracy and completeness of your BitCheck Contract. XREX does not verify or endorse the BitCheck Contract you created or signed, nor does it offer legal advice. Because whether your BitCheck Contract is legally binding on both parties depends on a variety of factors, XREX highly recommends that you seek legal advice from your counsel before engaging any BitCheck Contracts. 6.4 Every BitCheck Contract contains personal information automatically retrieved from our KYC database. Therefore, if you decide to create the BitCheck Contract for your BitCheck transaction, you and your BitCheck receiver must consent to: (i) the right for XREX to share your information with the other party, AND (ii) the permission for the other BitCheck User to receive your information. BitCheck Contract Users are obligated to keep personal information in confidence unless they explicitly agree otherwise. 6.5 You must keep your information up to date when using all of XREX’s services and products, including BitCheck Contract. You consent to share your personal information with the BitCheck receiver or the BitCheck sender for the current and subsequent BitCheck Contracts, unless you inform XREX otherwise.