Upd: Jan 21, 2024
Wirex operates a platform accessible through the Wirex application, which is available for download on your mobile device, and our website at https://wirexapp.com, that allows you to buy, sell and manage supported currencies and cryptoassets, as well as to apply for, manage and load money onto a Wirex payment card (the "Wirex Service").
These terms (the "WXK Terms") apply to your purchase and use of WXK tokens, an Ethereum-based crypto token native to the Wirex Service ("WXK") and form the legal agreement between:
You, as the Wirex user; and
Wirex Digital Services s.r.l. is a company incorporated under the laws of Italy, registered company number (MI - 2689156) and whose registered office is in via Larga 15, Milan, Italy, registered as a Virtual Asset Service Provider (VASP) at the no. PSV108, of the register kept by the OAM (Organismo Agenti e Mediatori).
Please ensure that you have read and understood these WXK Terms before subscribing to purchase or redeeming WXKs. If you have any questions about these WXK Terms, the WXKs or the WXK Info Page, you should speak to your stockbroker, bank manager, solicitor, attorney, accountant or other professional adviser.
If you do not agree to these WXK Terms, you should not buy or redeem any WXKs through the Wirex Service.
The sale of WXK in accordance with these WXK Terms is not being offered in any state or jurisdiction where the offer or sale is not permitted.
WXKs are not regulated financial instruments. These WXK Terms are not an offer for the sale or purchase of any regulated financial instrument.
It is important that you understand what rights are attached to the WXK and the risks associated with purchasing WXKs before you purchase WXKs. Please read the WXK Info Page which sets out detailed information about the WXKs, including:
WXKs are not an investment in Wirex and do not give you any rights with respect to Wirex, our revenues or assets. This means you will not own any part of Wirex or its assets, have any rights to receive any amount on the dissolution or winding up of Wirex, or any right to information about us or our affiliates, to receive any dividends or to vote on any matters concerning Wirex or its affiliates. When you buy WXKs, you are not making a loan to Wirex and any amount you pay us when you buy WXKs will not be repayable to you.
The legal status of cryptoassets such as WXKs is unclear or unsettled in many jurisdictions. Changes in applicable laws may affect any rights and functionalities associated with the WXKs. The Wirex Service may also develop over time, which may affect how WXKs can be used (if at all) on the Wirex Service. The ways in which WXKs can be used on the Wirex Service may therefore be amended from time to time, for example to ensure compliance with any legal or regulatory requirements to which the WXKs are subject or to adapt to the changing characteristics of the Wirex Service. Please check Wirexapp.com regularly for any such updates.
Cryptocurrency markets are volatile and the prices of cryptocurrencies can rise or fall rapidly.
Holding and dealing in WXKs, like all cryptocurrencies, can involve significant risk. Before buying any WXKs, you should ensure that you understand the risks associated with cryptocurrencies.
Cryptocurrency markets can be volatile and prices can fluctuate significantly, which could result in sudden and significant increases or decreases in the value of WXKs. The value of any WXKs that you hold can therefore change rapidly.
Cryptocurrencies are unregulated and do not benefit from the protections offered to other investments.
Cryptocurrencies are unregulated in many jurisdictions and their regulatory status can change. If you are in a country where buying and selling cryptocurrencies becomes illegal, you may not be able to trade, use or redeem any WXKs that you hold. You should make sure you are able to buy and sell cryptocurrencies lawfully wherever you are located.
Wirex is not regulated by financial regulators in relation to the provision of the crypto features of the Wirex Service. Cryptocurrencies do not benefit from any financial protections such as those provided for checking, savings, bank or deposit accounts with a bank. Your cryptocurrencies are not covered by insurance against loss or by any banking protections or compensation schemes.
You should carefully assess whether your financial situation and risk tolerance is suitable for buying, selling or holding WXKs, including the possibility that the WXKs you hold lose all of their value or that you are unable to exchange or sell those WXKs.
Do not buy or hold WXKs if you do not accept the risks associated with investing cryptocurrencies, including the risk that the value of WXKs may fall significantly or the risk that changes in regulation may prevent you from dealing in WXKs in the future.
Cryptocurrency exchanges and networks may experience down time or attacks
Dealing in cryptoassets also carries other risks inherent in the decentralised technology that allows for the creation, purchase and sale of cryptoassets. For instance, the blockchain network on which the WXK is deployed may be unavailable at certain times, or may suffer a security
breach. You should ensure that you are sufficiently familiar with all of the relevant risks before you purchase WXKs.
We can refuse to sell you or redeem WXKs
You will need to sign up to and create an account on the Wirex Service in order to purchase WXKs from us, or to use or redeem WXKs through the Wirex Service. As part of the account creation process, we will need to conduct certain checks to verify your identity. We may also conduct enhanced due diligence checks before we issue WXK to you or allow you to use or redeem any WXK that you hold through the Wirex Service. We may refuse to issue WXKs to you or allow you to use or redeem WXKs on the Wirex Service if we are unable to verify your identity.
We will not reissue WXKs if you lose them
You must ensure that you keep your access credentials for any crypto wallet which you use to hold and manage WXKs secure. If you lose your access credentials for your crypto wallet, or your credentials are stolen, you may not be able to access or recover the cryptoassets stored in your crypto wallet. If you hold and manage WXKs other than through the Wirex Service, including if you hold WXKs in your Wirex non-custodial wallet, we will not reissue WXKs to you if your WXKs are stolen or if you lose access to your crypto wallet. For information about holding WXKs in your wallet on the Wirex Service, please refer to our Cryptoasset Terms.
WXKs may have no value
WXKs are intended to be used only in connection with the Wirex Service, as specified on the WXK Info Page. WXKs may have no value outside the Wirex Service.
If there is a secondary market for WXKs, the price of WXKs will depend on the liquidity of that potential secondary market for the sale and purchase of WXKs. This will be influenced by a number of factors, including the number of WXK holders, the performance of WXKs, Wirex and the Wirex Service, current market price of WXT tokens, regulatory developments and legal restrictions on the sale and purchase of WXKs. You will not have access to complete information about Wirex or Wirex's performance when deciding whether to buy or sell WXKs and the price at which you may wish to buy or sell WXKs.
WXKs are new cryptoassets for which there is no established public market. We also cannot promise that there will be any demand or trading market for WXKs in future. Because applicable laws may change in the future, we also cannot guarantee that, if you decide to sell or exchange WXKs in future, the sale or exchange of WXKs will be legal in the country where you live. You may be unable to sell any WXKs that you own. Changes in laws may also severely affect the price at which you can buy or sell WXKs.
Your ownership or redemption of WXKs may have tax consequences for you
The purchase, receipt, use and redemption of WXKs may have tax consequences for you. You are responsible for ensuring that you comply with all tax obligations applicable to your purchase, receipt, use and redemption of WXKs. We will not be responsible to you for any
amounts you are required to pay in tax or any penalties you face in connection with your purchase, receipt, use or redemption of WXKs.
You must have registered with us and set up a profile on the Wirex Service (your "Wirex Profile") in accordance with the General Terms in order to purchase or redeem WXKs through the Wirex Service. You may not purchase or redeem WXKs through the Wirex Service if:
You can place orders for WXKs using the applicable functionalities on the Wirex Service. You should check the details in any order for WXKs you submit to us and amend any errors before submitting it to us. Please take the time to read and check your order before you complete the order process.
All orders are subject to acceptance by us. We will notify you by either push notification, within the Wirex Service, or by email to confirm acceptance or otherwise confirm to you in writing when we have accepted your order. The contract for purchase of WXKs between you and us will only be made when we send you this confirmation of acceptance.
You acknowledge that by placing an order for WXKs through the Wirex Service you will be under an obligation to transfer to us the purchase price of the WXKs in that order.
The price of each WXK will be as set out on the WXK Info Page, will vary over time, and will be established and displayed to you before you complete the order process on the Wirex Service.
Wirex only accepts payment in WXT for purchases of WXK through the Wirex Service. For more information about how to purchase or earn WXT, please see the "WXT explained" page on our Help Center here.
When we confirm your order, we will deduct the purchase price of the WXKs in your order from the WXT balance held by Wirex on your behalf, as displayed to you on your Wirex Profile.
We will cancel your order and not deliver the WXKs to you if your WXT balance is lower than the purchase price for the WXKs in your order.
We will only issue a limited number of WXKs, as set out on the WXT Info Page. All orders for WXKs are therefore subject to availability.
We will notify you if, at the time we receive your order for WXKs, we are unable to fulfil all or part of it because all of the available WXKs have been allocated. If we have already deducted any amounts from the cryptocurrencies held by Wirex on your behalf in respect of the purchase price of the WXKs, we will refund you either the full amount deducted or a portion of that amount that relates to the WXKs that could not be issued to you.
We will deliver the WXKs you have ordered to you by:
You can cancel a request to purchase WXKs within 14 days of the date after you submitted an order for WXKs to us (the "cooling off period"). If you do so, we will refund the WXTs you have paid to us in respect of the WXKs you ordered.
You will not be able to cancel a purchase of WXKs if you ask us to issue you with WXKs within the cooling off period.
You can redeem WXKs at any time after 1 June 2025 using the applicable functionality on the Wirex Service. When you do so:
Once we have deducted the WXKs you have selected to redeem from the balance of WXKs we hold on your behalf or received the WXKs you manage using a different crypto wallet, we will credit your Wirex Profile with:
whichever has a lower value at the time you notify us that you wish to redeem your WXKs (or, if you are transferring WXKs into the Wirex Service from a different wallet, the time we receive those WXKs).
Wirex makes available a service, through the Wirex Service, that allows you to multiply the cryptocurrencies managed through your Wirex Profile temporarily when you invest them, so that you can amplify the impact of price changes in the cryptocurrency market on that investment (the "Wirex Multiply Service"). Your use of the Wirex Multiply Service is subject to the Wirex Multiply Terms.
When used in these WXK Terms, the words and expressions "Multiply Transaction", "Investment Amount", "Transaction Cryptocurrency", and "Return" have the meanings given to them in the Wirex Multiply Terms.
Boosting your Multiply Transaction
When you set up a Multiply Transaction, you can use the applicable functionalities on the Wirex Multiply Service to redeem your WXKs. When you redeem WXK as part of a Multiply Transaction in accordance with this paragraph, you will be eligible to receive, in addition to any Return, an additional amount in your chosen Transaction Cryptocurrency equal to 10% of your Return (the "WXK Boost").
To redeem your WXKs in this way, you will need to:
If you choose to redeem WXKs as part of a Multiply Transaction:
Once you have redeemed WXK as part of a Multiply Transaction, that WXK will be burned and not returned to you, regardless of whether you have made a Return. If you do not make a Return on your Multiply Transaction, redeeming WXKs will not increase the amount of your loss, but you will not receive any amounts as a WXK Boost.
Rules for redeeming WXK to receive a WXK Boost
You must select that you wish to use your WXK in connection with a Multiply Transaction at the time you set up that Multiply Transaction. You will not be able to redeem your WXK in connection with a Multiply Transaction after you have submitted your order to set up that Multiply Transaction.
The number of WXK that you must redeem to be eligible for a WXK Boost as part of a Multiply Transaction will vary depending on the value of your Investment Amount. If the value of your Investment Amount does not exceed $1,000 (USD) (the "Boost Limit") you will only need to redeem one WXK when you set up that Multiply Transaction, and you will not be able to redeem more than one WXK for that Multiply Transaction. If the value of your Investment Amount exceeds the Boost Limit, you will need to redeem an additional WXK for each $1,000 (USD) by which the value of your Investment Amount exceeds the Boost Limit.
You may not redeem fractions of WXK and the amount of WXK that you need to redeem to be eligible for a WXK Boost as part of a Multiply Transaction will be calculated based on rounding upwards in full increments of $1,000 (USD) in the value of your Investment Amount.
The value of cryptoassets such as WXKs is volatile and subject to a range of factors, including the performance of Wirex and the Wirex Service, changes in applicable law, the number of holders of WXKs and the availability of a secondary market. The value of WXKs may also be susceptible to manipulation.
The value of WXKs may therefore rise or fall due to circumstances outside our control. You must ensure that you are aware of, and prepared to accept all risks associated with buying or trading in cryptoassets. We will not be responsible to you for any losses you suffer as a result of any fluctuations in the price of WXKs.
WXKs are intended to be used only on the Wirex Service, and may have no value outside the Wirex Service. We will not be responsible to you if you suffer any losses as a result of being unable to use the WXKs other than through the Wirex Service.
As with any new tokens or other cryptoassets, there may not at any time be a market for trading in WXKs. This means that you may not be able to sell any WXKs that you buy, and the WXKs may not have any value outside the Wirex Service. You acknowledge that this is an inherent risk associated with the launch of new tokens such as WXKs and we will not be responsible to you for any losses you might suffer as a result.
We do our best to ensure that:
However, the Wirex Service and your purchase, use and redemption of WXKs through the Wirex Service may rely on networks and connections that are beyond our control. Due to the nature of the internet and technology in general, the Wirex Multiply Service and the Wirex Service generally you may not be able to purchase, use or redeem WXKs during any emergency or scheduled maintenance on our systems.
This means that we are unable to promise that your ability to purchase, use or redeem WXKs will always be uninterrupted, without delays, error-free or meet your expectations. We will notify you of any planned outages; however, we may not be able to do this if any outages are caused by circumstances outside of our control.
We also give no guarantee as to the fitness for purpose of WXK for your specific needs.
In every case, we will never be responsible for any loss or damage that:
We may revise these WXT Terms from time to time but the most current version will always be at https://wirexapp.com/legal.
Changes will usually occur because of new features being added to the Wirex Service and new ways to use WXK, changes in the law or where we need to clarify the position on something.
Where possible, we will notify you at least one week in advance of the date of these changes. If you do not agree to the changes, you should not purchase or redeem WXKs through the Wirex Service.
Certain changes may, however, occur immediately and without notice. This may happen when we are required to make changes by law, or where we make minor changes to these WXK
Terms that do not impact your rights and remedies or our obligations. When such changes occur, we will notify you as soon as reasonably practicable.
Any changes will not affect your right to redeem WXKs that you have already purchased.
We hope you enjoy your use of the WXKs. If, however, you have a complaint or dispute with us relating to the WXKs, we would welcome the opportunity to make things right. Please contact us at firstname.lastname@example.org so that we can investigate and try to resolve the complaint or dispute.
In the unlikely event that we have not been able to resolve your complaint or dispute, we can then discuss and agree with you the most effective way of resolving our dispute.
Croatian law will apply to these WXK Terms, including all disputes and the interpretation of these WXK Terms. Save as set out below, the courts of the country where you are resident will have non-exclusive jurisdiction over any dispute arising from or related to your purchase and redemption of WXKs.
The current version of the WXK Terms contains the only terms and conditions that apply to our relationship with you in relation to the Wirex Multiply Service.
We intend to rely on these WXK Terms as setting out the written terms of our agreement with you for the provision of the Wirex Service. If part of the WXK Terms cannot be enforced then the remainder of the WXK Terms will still apply to our relationship.
If you do not comply with these WXK Terms and we do not take action immediately, this does not mean we have given up any right we have and we may still take action in the future.