> For the complete documentation index, see [llms.txt](https://docs.extended.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.extended.exchange/extended-resources/legal/terms-of-use/spot-trading-service-terms-of-use.md). # Spot Trading Service Terms of Use Last updated on 30 October 2026 THE SPOT SERVICE IS NOT AVAILABLE TO ANY PERSON WHO IS RESIDENT, DOMICILED, INCORPORATED OR LOCATED IN, OR WITH A REGISTERED OFFICE IN, AN Restricted JURISDICTION, OR WHO IS OTHERWISE A RESTRICTED PERSON (SEE THE SCHEDULE), INCLUDING EVERY STATE OF THE EUROPEAN ECONOMIC AREA AND SWITZERLAND, OR TO ANY SANCTIONED PERSON. NO EXCEPTIONS ARE MADE. USING A VPN, PROXY OR ANY OTHER MEANS TO GET AROUND THESE RESTRICTIONS IS EXPRESSLY FORBIDDEN AND WILL LEAD TO RESTRICTION OR TERMINATION OF YOUR ACCESS. THE SPOT SERVICE IS OPERATED BY GLOBAL INFRASTRUCTURE SERVICES CORP. (PANAMA). IT IS SEPARATE FROM EXTENDED PERPETUALS, WHICH ARE PROVIDED BY X10 LTD UNDER ITS OWN TERMS OF USE. PLEASE READ SECTIONS 12 (DISCLOSURES) AND 13 (DISCLAIMERS AND LIMITATION OF LIABILITY) CAREFULLY. THEY LIMIT OUR LIABILITY TO YOU. ### **1. Who we are and what these Terms cover** 1.1 Who we are. These terms (the Terms) are a contract between you and Global Infrastructure Services Corp., a corporation incorporated in the Republic of Panama (registration number 155788373; tax registration number 155788373-2-2026), whose registered office is at Province of Panama, District of Panama, Betania, Vía Ricardo J. Alfaro, PH The Century Tower, Office 317, Suite 683 (we, us, our). 1.2 Acceptance of the Terms. By accessing or using the Spot Trading service (the Services), you confirm that you have read, understood and accepted these Terms and agree to be bound by and comply with them. If you do not understand and accept these Terms in their entirety, you must not use the Services. 1.3 What these Terms cover. These Terms cover the Spot Trading service provided by us. That includes: (a) terms and definitions; (b) who is eligible; (c) your Spot Account and Account Keys; (d) what the Spot Trading service is, and how it is separated from other Extended products; (e) orders and limits; (f) fees and charges; (g) compliance, security and restrictions, and prohibited activities; (h) suspension and termination; (i) the Settlement Network, Protocol Contracts and Network Migrations; (j) disclosure of risks, disclaimers and limitation of our liability; and (k) our and your other rights and obligations. 1.4 What these Terms do not cover. These Terms do not cover perpetual contracts, the Vault, or any other product, which are provided by X10 Ltd (Seychelles) under the Extended Terms of Use, or the issuance, offer or airdrop of XTEN, which is carried out by Extended Ecosystem Limited (British Virgin Islands) under its own documents. Those terms are not part of these Terms, and these Terms are not part of them. A shared brand, website, wallet connection or API does not make any other entity a party to these Terms. ### 2. Terms and definitions Account Keys means the cryptographic keys controlled by you that authorise instructions relating to your Spot Account, including any API keys you create. Digital Asset means a blockchain-based asset that we support for the Services from time to time. Documentation means the technical and product documentation for the Services published at . Fee Schedule means the fees and rebates published at , as they apply to Spot Trades. Index Price means the reference price for a Digital Asset, sourced from independent oracle price providers, as described in the Documentation. Network Migration means a change to the Settlement Network that involves moving or recreating Digital Assets, Orders or Spot Account state on another network. Official Channels means the Site, including the Documentation, notifications displayed in the Platform, and the official Discord server and social media accounts identified on the Site. Order means an offer to buy or sell a Digital Asset on the Platform, authorised with your Account Keys. Order Book means the order book in respect of a particular Trading Pair. Platform means the designated part of the digital infrastructure operated by us that is made available to you for accessing the Services, including the Spot web interface, REST API and WebSocket API, and identified to you as operated by us. Protocol Contracts means the smart contracts used by the Services to record, hold and settle Spot Balances and Trades, including successor contracts. Restricted Person has the meaning given in the Schedule. Restricted Region means any jurisdiction in which access to or use of the Services is restricted, as described in the Schedule. Sanctioned Person has the meaning given in clause 3.4. Settlement Network means the blockchain network, or combination of networks, used to record and settle Trades and Spot Account state. Site means extended.exchange and the associated websites and applications through which the Platform is made available. Spot means the exchange of one supported Digital Asset for another supported Digital Asset on the Platform, without leverage. No fiat currency is accepted, held or exchanged through the Services. Spot Account means the account, and any sub-accounts, used only for the Services. Spot Balance means the quantity of a Digital Asset recorded to your Spot Account. Trade means a matched exchange of Digital Assets resulting from Orders. Trading Pair means two Digital Assets that may be exchanged against each other on the Platform. Trading Rules means the order types, price, size and value limits, open-order limits and other operating rules for Spot published in the Documentation at . VPN means a virtual private network. 2.1 Incorporated documents. The Trading Rules and the Fee Schedule form part of these Terms as they apply to Spot. If they conflict with these Terms, these Terms prevail. The Documentation describes how the Services work technically; it does not expand our rights over your Digital Assets. ### 3. Eligibility 3.1 Age and capacity. You are at least 18 or have reached the age of majority in your country and are legally able to enter into these Terms. If you accept for a company or other entity, you are authorised to bind it, and the entity is not used to get around a restriction that applies to any other person. 3.2 Terms acceptance. You accept these Terms by clicking the “Agree & Continue” button in the Spot onboarding flow and confirming with your wallet signature. 3.3 Location and residency declaration. You are not a Restricted Person: you are not resident, domiciled, incorporated or located in, and do not have a registered office in, a Restricted Region, and you are not accessing the Services from one. Before your first Order, and whenever we ask, you will declare your country of residence. You repeat this confirmation each time you use the Services. If it stops being true, you must stop placing Orders immediately. 3.4 Sanctions. You are not a Sanctioned Person, meaning a person who is: (a) listed or designated under sanctions administered by the United Nations, the European Union, the United Kingdom or the United States, or any other sanctions that apply to us or the relevant transaction; (b) owned or controlled by, or acting for, such a person; or (c) located in a territory subject to comprehensive sanctions under any of those regimes. You will not use the Services to deal with or for the benefit of a Sanctioned Person. 3.5 Wallet ownership and control. You are the legal owner of the wallet you use to access the Services and you control it. You only deposit Digital Assets that you lawfully obtained and that belong to you. 3.6 Amending eligibility criteria. We may amend our eligibility criteria and the Schedule at any time, with immediate effect where required for legal, sanctions or risk reasons. Where possible, we will give you notice in advance of the change. If you become ineligible, you will be able to withdraw your Spot Balances where lawful and technically feasible. 3.7 Sole discretion. We may, at our sole discretion, review information about you and determine your eligibility in all cases. Our not listing a jurisdiction does not mean the Services are authorised or lawful there. ### 4. Spot Account and Account Keys 4.1 Account required. You must have a Spot Account to access and use the Services. A Spot Account is a separate account type that can be used only for Spot. You may create up to the number of accounts and sub-accounts per wallet shown in the Documentation. 4.2 No account sharing. You may not share your Spot Account or Account Keys or allow any other person to access or use them, and you may not sell, lend or transfer your Spot Account. 4.3 Responsibility for credentials. You are solely responsible for securely maintaining, backing up and keeping duplicate copies of your wallet private keys, Account Keys, API keys and any other information used to access the Services. We do not hold your private keys and cannot recover them. We will never ask you for your private key or recovery phrase. 4.4 Instructions authorised with your keys. Any instruction authorised with your Account Keys is treated as given by you. Each signature authorises only the action described in the signing message. You are responsible for Orders submitted by bots, agents and third-party applications using your Account Keys. We are not liable for carrying out instructions given with your Account Keys by an unauthorised person. 4.5 API access. API access is subject to the same eligibility, trading and compliance rules as the web interface, and to the rate limits in the Documentation. APIs are provided “as is” and “as available”. You must notify us immediately if you become aware of any unauthorised use of your Account Keys or API keys. ### 5. Spot service 5.1 Spot service we are providing. Spot Trading allows you to submit buy or sell Orders via the Platform in respect of Trading Pairs. We operate the Order Book and match Orders off-chain; Trades are settled on the Settlement Network through the Protocol Contracts. The Services do not offer leverage, margin, lending or derivatives. 5.2 Our role. We operate the Platform, set the Trading Rules and decide listings, fees and trading halts. We are not the counterparty to your Trades unless we expressly disclose otherwise. We are not your broker, agent, investment adviser or fiduciary, and we have no discretionary authority to trade your Digital Assets on your behalf. 5.3 Other participants. Your Orders are matched with the Orders of other users, which may include market makers, liquidity providers, the Vault and the XTEN issuer or persons acting for it. They have no priority in the Order Book and no access to other users’ non-public Order information. Market makers and liquidity providers may, under their agreements with us or a published programme, be subject to different order limits, pre-trade checks and fee or rebate terms from other users. 5.4 Non-custodial. Depositing Digital Assets into the Protocol Contracts does not transfer their ownership to us. The Protocol Contracts move or lock your Spot Balances only (a) on an instruction authorised with your Account Keys; (b) to settle your Trades and the fees for them; (c) as described in Section 11; or (d) where required by law. 5.5 Separation from other Extended products. Spot Balances are recorded separately from any balance, position or collateral in another Extended product. They do not count toward margin, equity, collateral, liquidation or deficit calculations of any other product, and equity or unrealised profit in another product does not increase what you can trade on Spot. No other operator can pledge, freeze, liquidate or otherwise use Digital Assets that remain in your Spot Account. 5.6 Transfers between products. You can move Digital Assets between your Spot Account and an account of another Extended product only by a separate instruction, signed with your Account Keys, that identifies the destination and amount. Once the transfer completes, the terms of the destination product apply to the transferred Digital Assets, including any margin or liquidation rules there. We do not offer automatic or standing transfers between products. 5.7 Deposits and withdrawals. Supported Digital Assets, networks, limits and processing times for deposits and withdrawals are set out in the Documentation . Deposits and withdrawals on networks other than the Settlement Network may be processed through a third-party bridge, and limits and processing times may vary with that bridge’s liquidity. You may withdraw your available Spot Balances at any time, subject to these Terms. Digital Assets reserved for open Orders, whether on the buy or the sell side, are not available for withdrawal, and TPSL and conditional orders may also reduce the amount available for withdrawal or be cancelled if you withdraw, as described in the Documentation. Digital Assets sent to an unsupported network, address or contract may be lost permanently, and blockchain transfers cannot be reversed. 5.8 Listings and delisting. We may list, suspend or delist a Trading Pair at any time for legal, risk, security, technical, liquidity or market-integrity reasons. We will give notice of a planned delisting through the Official Channels where practicable. On delisting, open Orders in that Trading Pair are cancelled and the affected Digital Asset remains withdrawable. 5.9 Phased and restricted access. We may make the Services, or particular Trading Pairs, order types or sides of the market (buy or sell), available only to certain users, in stages or for a limited period, including by allowlist, and may restrict your Spot Account to buy-only, sell-only or withdraw-only access. An Order that is not permitted for your Spot Account is rejected. ### 6. Orders and limits 6.1 Order types. The order types, conditions and time-in-force options available for Spot are those enabled on the Platform for the relevant Trading Pair from time to time, as described in the Documentation at . They may include Market and Limit Orders, Take Profit / Stop Loss (TPSL) orders, the Post Only condition and the Good-Till-Cancel (GTC) and Immediate-or-Cancel (IOC) time-in-force options. We may add, change or withdraw order types and options at any time, and options designed for perpetual positions, such as Reduce Only, may not be available for Spot. A Market Order executes immediately against resting Orders and may fill at prices different from the last displayed price; any unfilled portion is cancelled. 6.2 Order cost and balance checks. A buy Order requires enough available USDC to cover the Order value and the applicable fee, and a sell Order requires enough available units of the Digital Asset sold and, where the Trading Rules or the Documentation so provide, enough available USDC to cover the applicable fee and other amounts payable on the Order, calculated as set out at . Amounts reserved for open Orders may be calculated using the taker fee rate even where a lower maker fee later applies. Short selling is not available: you cannot sell a Digital Asset you do not hold. We do not lend Digital Assets to fund an Order. 6.3 Price and size limits. Orders must comply with the Trading Rules for the relevant Trading Pair, including the minimum order size, minimum price change, maximum market and limit order value, maximum balance value and maximum number of open Orders. A buy limit Order may not be priced above, and a sell limit Order below, the Index Price adjusted by the limit price cap or floor in the Trading Rules. Market Orders are also subject to the price protection limits in the Trading Rules, set relative to the best bid or ask and the Index Price. Orders that do not comply are rejected. 6.4 Acceptance and matching. An Order is binding once it passes signature, balance, eligibility and limit checks and is accepted into the Order Book. These checks are repeated when Orders are matched and, for conditional and TPSL orders, when they trigger, so an Order that was accepted may later be rejected, reduced or cancelled if the checks no longer pass. An order ID or acknowledgement does not mean your Order has been accepted or executed. Accepted Orders are matched on price-time priority and may execute in part or not at all. Displayed prices and depth are indicative only. We do not guarantee the best price available on any other venue. 6.5 Self-trade prevention. Self-trade prevention is enabled by default: opposing Orders from the same Spot Account do not match, and the resting Order is cancelled. 6.6 Execution and settlement. A Trade is executed when it is matched by our matching engine and becomes final when it is settled on the Settlement Network. A matched Trade that fails on-chain validation does not settle, and the reserved balances are released. A final Trade cannot be cancelled or reversed. 6.7 Cancellation and expiry. A cancellation takes effect only when confirmed, and only for the unexecuted quantity. Orders with an expiry, including GTC Orders, are cancelled automatically when they expire or reach the maximum order lifetime stated in the Documentation. Where available, a Chase Order re-prices only while your browser session is active. 6.8 Connectivity and dead man’s switch. You may use the mass auto-cancel (dead man’s switch) function described in the Documentation to cancel your Orders if you lose connectivity. If you do not, your Orders remain open and may execute while you are disconnected. 6.9 Your responsibility for Orders. You must check the Trading Pair, direction, size, price and fee before submitting an Order. You are responsible for all Orders you submit, including erroneous Orders. We do not correct erroneous Trades caused by your mistakes. 6.10 Rights in relation to Orders. We may reject, cancel or partially execute an Order that has not been finally settled where it breaches these Terms or the Trading Rules, results from a system malfunction or is executed at a price manifestly outside the limits in the Trading Rules. We will not reverse a Trade that is final on the Settlement Network. 6.11 Automatic order management. To keep Orders consistent with your available balance, the Platform automatically adjusts or cancels Orders as described in the Documentation, including by (a) reducing a TPSL or conditional order, when it triggers or matches, to the balance then available and cancelling the rest; (b) cancelling the other linked TPSL order when one of them triggers, cancelling linked TPSL orders when the parent Order is cancelled, and cancelling TPSL orders for a Trading Pair when the balance of the relevant Digital Asset reaches zero; and (c) cancelling Orders as provided in clauses 5.8, 10.1 and 10.3. TPSL orders to sell do not reserve the Digital Asset, so the same balance may support several Orders and only some or none of them may execute. TPSL orders to buy reserve USDC in the same way as conditional orders. ### 7. Fees and charges 7.1 Trading fees. You pay the trading fees set out in the Fee Schedule at in force when your Trade executes. 7.2 How fees are charged. Fees are calculated on the value of the executed Trade and deducted in USDC at settlement. Where an Order specifies a maximum fee, that is the ceiling you authorise and not necessarily the fee charged. 7.3 Maker rebates. Eligible makers may earn the rebates in the Fee Schedule, based on their share of maker volume over the preceding 30 days, calculated and paid as described there. Rebates on Spot Trades are paid by us to your Spot Account. A rebate is not guaranteed and may be withheld or corrected where it results from prohibited activity, linked accounts or a calculation error. 7.4 Changes to fees. We may change the Fee Schedule at any time by publishing the change in the Documentation. A change applies to Trades executed after it takes effect and does not affect Trades already executed. 7.5 Network and third-party costs. You pay all network (gas) and bridge fees for deposits, withdrawals and transfers, and they may be deducted from the amount you withdraw. Fee estimates shown to you are estimates, and the actual network cost may differ. 7.6 Promotions and referrals. Trading competitions, referral programmes and other promotions are subject to their own terms and eligibility conditions, which may exclude Restricted Regions. We may change, suspend or end any promotion, or discount without separate terms, at any time. 7.7 Taxes. You are solely responsible for determining, reporting and paying any taxes arising from your use of the Services. We do not provide tax advice. ### 8. Compliance, security and restrictions 8.1 Compliance requirements and restrictions. We maintain internal compliance policies and procedures to comply with applicable requirements and to prevent prohibited activities, including sanctions violations and other illicit activity. You agree to comply with any restrictions we impose under those policies and procedures. 8.2 How we check. We use IP-based geolocation, account-level indicators (including historical access data), your residency declaration, Know Your Transaction (KYT) blockchain analytics and, where deployed, VPN and proxy detection. These checks are applied before any Order is accepted, whether it is submitted through the web interface, the REST API or the WebSocket API. 8.3 No circumvention. You must not use a VPN, proxy, Tor, location spoofing, a nominee, a shared or borrowed account or any other means to get around our checks or to hide your location. We may block VPN or proxy traffic even if you do not intend to evade our checks. If we have reliable information connecting your Spot Account with a Restricted Region, your Spot Account stays restricted even if your IP address changes, and your declaration does not override that information. 8.4 Further information requests. We may request any information and documentation we consider necessary to determine or verify your eligibility, your ownership or control of a wallet or account, or the source or destination of Digital Assets, at any time and as often as we consider appropriate. 8.5 Completeness of the information. The information you provide to us must be complete, accurate and not misleading. If you do not provide the information we request within the period stated, or provide inaccurate, incomplete or misleading information, we may suspend or terminate the Services. 8.6 Sources of compliance. To determine whether you are in, resident in or otherwise connected with a Restricted Region, we may use third-party service providers and rely on the information, data and verification services they provide. 8.7 Internal monitoring. We may monitor your use of and activity on the Services, and we may share information with our service providers, affiliates and competent authorities, and report suspected unlawful activity, as permitted or required by law. 8.8 No assurance. Our checks cannot detect every ineligible user, and not being detected does not make you eligible. Our checks do not mean that any user has been identity-verified or that any Digital Asset or transaction is lawful. ### 9. Prohibited activities 9.1 You must not engage in any of the following activities in connection with your access to or use of the Services: (a) Circumvention of Restricted Region restrictions. Any attempt to get around geographical or access restrictions, including by using a VPN, geolocation spoofing or any other method of concealing, falsifying or misrepresenting your actual location or eligibility. (b) Market manipulation. Any activity that violates any law, rule or regulation concerning the integrity of trading, or that creates a false or misleading impression of supply, demand, price, volume or liquidity, including wash trading, spoofing, layering, pre-arranged or accommodation trades, fictitious transactions, cornering, pump-and-dump schemes and front-running. (c) Abuse of incentives. Using linked accounts, self-dealing or any other means to abuse fees, rebates, referrals, points or promotions. (d) Cyberattack. Any activity that seeks to interfere with or compromise the integrity, security or proper functioning of the Platform, the Protocol Contracts or any other computer, server, network or device, including deploying viruses, denial-of-service attacks, exploiting vulnerabilities without our written permission and evading rate limits. (e) Fraud and misrepresentation. Any activity that seeks to defraud us or any other person, including providing false, inaccurate or misleading information or impersonating another person. (f) Illicit funds. Using the Services to transfer or exchange Digital Assets derived from or intended for money laundering, terrorist financing, sanctions evasion, fraud, tax evasion or any other unlawful activity. (g) Community misconduct. Any activity that disrupts, abuses or harms community platforms affiliated with us, including harassing other members, promoting illicit content, scams, misinformation about the Services, excessive self-promotion, or advising others how to get around our restrictions. (h) Intellectual property infringement. Any activity that infringes any copyright, trademark, patent, right of publicity, right of privacy or other proprietary right, including unauthorised use of the Extended name or logo. (i) Any other unlawful conduct. Any activity that violates any applicable law, rule or regulation in any jurisdiction, or assisting or encouraging any other person to do any of the above. 9.2 Our response. We may ask you to explain any activity, apply technical limits, cancel unexecuted Orders, exclude abusive volume from fee, rebate and promotion calculations, restrict or terminate your access and report the activity to competent authorities. These rules apply whether or not the activity is an offence where you live. ### 10. Suspension of providing Services 10.1 Suspension of Services. We may restrict Order entry, cancel unexecuted Orders, place your Spot Account in withdraw-only mode, or suspend or terminate your access, without prior notice, if we detect or reasonably suspect that: (a) you are a Sanctioned Person; (b) you are located in or resident in a Restricted Region, or have given an inaccurate residency declaration; (c) you have engaged in any activity described in Section 9; (d) you have failed to provide information requested under clause 8.4, or provided inaccurate, incomplete or misleading information; or (e) any other activity is suspicious or potentially harmful to the Services, other users or us, or suspension is required by law or a competent authority. 10.2 Maintenance and outages. The Services may be unavailable because of planned or unplanned maintenance, equipment or infrastructure failures, unavailability of the Settlement Network or third-party providers, or events beyond our control. We announce planned maintenance in advance through the Official Channels as described at . After a restart, the Platform may operate in post-only mode for a period during which Market Orders and Orders that would match are rejected. 10.3 Emergency pause. We may pause the Services or a Trading Pair, and cancel unexecuted Orders, where we consider it necessary because of a security incident, a defect in the Protocol Contracts, network congestion, a fork or reorganisation of the Settlement Network, market disorder or a legal requirement. 10.4 Notification. We will notify you of any suspension or termination through the Platform interface, API status messages or the Official Channels, unless doing so would be unlawful or create a security or market-integrity risk. 10.5 Your Spot Balances. Suspension or termination does not remove your entitlement to your Spot Balances. Where lawful and technically feasible, you will be able to withdraw them, or we will return them to the wallet associated with your Spot Account, subject to sanctions, court orders and legal freezing requirements. Digital Assets returned to that wallet are treated as delivered to you once the transfer is confirmed on the relevant network, even if you no longer control that wallet. A withdraw-only facility is not permission to trade. 10.6 Termination by you. You may stop using the Services at any time by cancelling your open Orders and withdrawing your Spot Balances. 10.7 Survival. Clause 10.5, Sections 12, 13 and 14 and any other provision that by its nature should survive will survive termination. ### 11. Settlement Network, Protocol Contracts and Network Migration 11.1 Protocol Contracts. The Protocol Contracts for the Services are administered by us. No other Extended entity has upgrade, pause or fee-routing rights over them. The Protocol Contracts are audited as listed at ; an audit does not guarantee their security. 11.2 Upgrades and Network Migration. We may upgrade or replace the Protocol Contracts, or carry out a Network Migration, where reasonably necessary to improve security, reliability, scalability, performance or cost efficiency, to address the discontinuation or degradation of existing infrastructure, to enable access to infrastructure, liquidity or Digital Assets, or to comply with applicable law. 11.3 Migration Notice. For a planned Network Migration, we will give notice through the Official Channels at least 10 days before any restriction applies to your Spot Account. The notice will state the destination network, cut-off dates, expected interruptions, the treatment of each supported Digital Asset and open Order, any change to Account Keys, signing or API requirements, and how to withdraw. A shorter period may be used only where reasonably necessary to address an urgent security risk or comply with applicable law, and we will explain why. 12\. Disclosures 12.1 Risk disclaimer. As with any asset, the value of Digital Assets can fluctuate significantly and there is a material risk of economic loss, including total loss, when buying, selling or holding Digital Assets. You should consider whether Spot trading is suitable for you in light of your financial circumstances, and only trade with money you can afford to lose. 12.2 Additional risks you should consider include: (a) Execution and liquidity risk: Orders may be subject to price volatility, slippage and lack of liquidity. There is no guarantee that Orders will be filled at the expected price or at all. Liquidity providers, including related entities, have no obligation to provide liquidity. (b) Stablecoin and wrapped-asset risk: no Digital Asset, including USDC or a wrapped or bridged asset, is guaranteed to maintain its peg, value or redeemability. Issuers may freeze, blacklist or redeem assets in ways outside our control. (c) Technology and settlement risk: the Platform, matching engine, Protocol Contracts and Settlement Network may have defects or fail. Matching and on-chain settlement occur at different times, and server errors, outages, forks or reorganisations may delay, prevent or affect Trades, deposits and withdrawals, or cause incorrect information to be displayed. (d) Price reference risk: limit price caps, price protection and other checks use the Index Price, which is sourced from third-party oracle price providers and may be inaccurate, delayed or different from prices on other venues. (e) Bridge and third-party risk: deposits and withdrawals through third-party bridges, wallets and networks depend on their availability, liquidity and security. (f) Cryptography and security risk: advances in cryptography, including quantum computing, phishing, malicious contracts and cyber-attacks may lead to loss or theft of Digital Assets. Loss of your private keys or Account Keys will result in permanent loss of access to your Digital Assets. (g) Network cost risk: network fees are variable and can increase without warning. (h) Legal and regulatory risk: Digital Asset regulation is evolving globally. Changes in law, or action by a regulator, may adversely affect your ability to use the Services or the value of Digital Assets. (i) Conditional and TPSL order risk: TPSL and conditional orders are not guaranteed to trigger, or to execute at or near the trigger price or at all, including because of price gaps, illiquidity, trigger prices based on the Last or Index price, or balance checks made when they trigger, and they may be reduced or cancelled under clause 6.11. 12.3 No insurance. Spot Balances are not bank deposits and are not covered by any deposit insurance, investor compensation or guarantee scheme. 12.4 No advice. No information provided to you by us, whether in these Terms, through the Platform, in the Official Channels or otherwise in connection with the Services, constitutes or should be construed as financial, investment, legal, tax or other professional advice. Pricing information is not an offer or recommendation. We do not provide recommendations or express any opinion as to the merits, suitability or advisability of any Digital Asset, transaction or investment decision. Any decision to buy, sell or otherwise transact in Digital Assets is made by you at your own discretion and risk. 12.5 No fiduciary duties. To the extent permitted by law, we owe you no fiduciary duties. The only duties we owe you are those expressly set out in these Terms. ### 13. Disclaimers and limitation of liability 13.1 Services provided as is. TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE SERVICES, THE PLATFORM, THE PROTOCOL CONTRACTS, THE APIS AND ALL MARKET DATA ARE PROVIDED “AS IS” AND “AS AVAILABLE”, WITHOUT ANY REPRESENTATION OR WARRANTY OF ANY KIND, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING WARRANTIES OF MERCHANTABILITY, QUALITY, FITNESS FOR A PARTICULAR PURPOSE, ACCURACY, AVAILABILITY, SECURITY OR NON-INFRINGEMENT. WE DO NOT WARRANT THAT THE SERVICES WILL BE UNINTERRUPTED, TIMELY, SECURE OR ERROR-FREE, OR THAT DEFECTS WILL BE CORRECTED. 13.2 Events beyond our control. We are not liable for any loss caused by: (a) delays, inaccessibility or malfunctions of equipment or technology; (b) maintenance; (c) the Settlement Network, bridges, wallets, stablecoin or token issuers, oracle or price sources, or other third-party infrastructure; (d) forks, reorganisations or changes to blockchain protocols; (e) events beyond our reasonable control, including natural disasters, war, governmental action, power or communication failures; or (f) measures we take in good faith to comply with sanctions or other law. 13.3 Your instructions and keys. We are not liable for any loss caused by your Orders or instructions, including erroneous Orders, by your failure to secure your private keys or Account Keys, by instructions given with your Account Keys, by your use of bots or third-party applications, or by Digital Assets sent to an incorrect address or network. 13.4 Excluded losses. TO THE MAXIMUM EXTENT PERMITTED BY LAW, WE WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL LOSS, OR ANY LOSS OF PROFIT, REVENUE, TRADING OPPORTUNITY, DATA OR GOODWILL, OR ANY LOSS ARISING FROM MARKET MOVEMENTS, HOWEVER CAUSED AND WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STATUTE OR OTHERWISE, EVEN IF WE WERE ADVISED OF THE POSSIBILITY OF SUCH LOSS. 13.5 Cap on our liability. TO THE MAXIMUM EXTENT PERMITTED BY LAW, OUR TOTAL LIABILITY TO YOU UNDER OR IN CONNECTION WITH THESE TERMS AND THE SERVICES, HOWEVER ARISING, WILL NOT EXCEED THE GREATER OF (A) THE TOTAL TRADING FEES YOU PAID TO US UNDER THESE TERMS IN THE TWO (2) MONTHS IMMEDIATELY BEFORE THE EVENT GIVING RISE TO THE CLAIM AND (B) USD 500. 13.6 Only the Company is liable. Your claims under these Terms may be brought only against us. You agree not to bring any claim relating to the Services against our affiliates, shareholders, directors, officers, employees, agents, suppliers or contractors (Representatives), who may rely on this clause, except to the extent such claim cannot be excluded by law. 13.7 Assumption of risk and release. You accept the risks described in Section 12. To the maximum extent permitted by law, you release us and our Representatives from all claims relating to those risks. 13.8 Time limit for claims. To the extent permitted by law, any claim against us must be notified to us under clause 14.4 within one (1) year after you became aware, or ought reasonably to have become aware, of the facts giving rise to it, failing which it is waived. 13.9 What we do not exclude. Nothing in these Terms excludes or limits our liability for fraud, wilful misconduct (dolo), or any other liability that cannot be excluded or limited under applicable law. Where the law does not allow an exclusion or limitation, our liability is limited to the minimum extent permitted. 13.10 Indemnification. You agree to indemnify us and our Representatives against any claims, demands, losses, liabilities, costs (including reasonable legal costs) and any fines, fees or penalties imposed by any regulatory authority, to the extent they arise from your breach of these Terms, your breach of applicable law, your misrepresentation of your location or eligibility, your fraudulent, negligent or reckless act or omission, or your infringement of any third-party right. This indemnity does not apply to the extent a loss is caused by our own fraud, wilful misconduct or gross negligence. ### 14. General 14.1 Changes to these Terms. We may amend these Terms at any time by publishing a revised version on the Site and updating the “Last updated” date. Changes take effect on publication. We will aim to give advance notice of material changes through the Official Channels, but we may not be able to do so, in particular where a change is required for legal, sanctions or security reasons, in which case it may take effect immediately. We may ask you to accept the revised version before your next Order. Changes do not affect Trades already executed. 14.2 Electronic communications. You agree to receive all communications relating to these Terms and the Services electronically, through the Platform, API status messages or the Official Channels, and agree that electronic acceptance, signatures and records have the same effect as signed writing to the extent permitted by law. 14.3 Your data. We process your personal data as described in our Privacy Notice at . Accepting these Terms is not consent to that processing. 14.4 Contact, complaints and notices. You can contact us, make a complaint or give us notice of a claim by raising a ticket in the official Extended Discord server linked on the Site or by email to . Please include your wallet address and the relevant Order or transaction reference. Never share your private key or recovery phrase. 14.5 Intellectual property. We and our licensors own all rights in the Platform, software, Documentation, data and marks, except open-source components, which are subject to their own licences. We grant you a limited, non-exclusive, revocable, non-transferable licence to use the Platform to access the Services in accordance with these Terms. 14.6 Assignment. You may not assign or transfer these Terms without our prior written consent. We may assign or transfer these Terms to an affiliate, a successor operator of the Services or a Partner that takes over their operation, and you consent to this in advance. We may also make the Services available through white-label or co-branded interfaces, integrations or distribution arrangements with third parties (each a Partner). If you access the Services through a Partner, these Terms still apply to the Services we provide, the Partner’s own terms apply in addition to them, we are not responsible for the Partner’s services, and Section 3 and the Schedule apply as if you accessed the Services directly. An assignment, or the involvement of a Partner, does not move any Digital Assets between products or give anyone other than us any right over your Spot Balances. 14.7 Other terms. These Terms, together with the Trading Rules and the Fee Schedule, are the entire agreement between you and us about the Services. If a court finds any part of these Terms invalid, the rest still applies. If we delay enforcing these Terms, we can still enforce them later. No person other than you, we and our Representatives (for clauses 13.6, 13.7 and 13.10) has rights under these Terms. If these Terms are translated, the English version prevails. 14.8 Governing law. These Terms, and any non-contractual obligations connected with them, are governed by the laws of the Republic of Panama. 14.9 Disputes and courts. Before starting any proceedings, you must notify us of your claim under clause 14.4, stating the nature and basis of the claim and the relief you seek, and allow us 30 days to resolve it. The courts of Panama City, Republic of Panama, have exclusive jurisdiction over any dispute arising from or in connection with these Terms or the Services. To the extent permitted by law, disputes will be resolved on an individual basis and not as a class, collective or representative action. ### SCHEDULE: RESTRICTED REGIONS (SPOT) Access to the Extended Spot services and API is not available to Restricted Persons. “Restricted Persons” includes any individual or entity residing in, located in, incorporated in, or with a registered office in any jurisdiction in which access to or use of Extended Spot is restricted, including without limitation: (A) Afghanistan, Canada, China (Hong Kong), Cuba, Iran, Iraq, Myanmar, Yemen, North Korea, Russia, Syria, Seychelles, Ukraine (Crimea, Donetsk, Kherson, Luhansk and Zaporizhzhia), Panama, the United Kingdom and the United States of America; (B) the European Economic Area, being Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden, and Switzerland; and (C) any other individual or entity whose access to or use of Extended Spot, website, API, and services would be contrary to any applicable law or regulatory requirement. Restricted Persons must not access or use the Extended Spot services. Circumventing these restrictions, including by using a VPN, is expressly forbidden. This Schedule may be updated from time to time.