Payment Policy & Procedure


Last update: 15 November, 2018

1. PURPOSE

The purpose of this Payment Policy & Procedure (hereinafter – the “Payment Policy”) is to establish operational processes and procedures for Bank transfer and Card payment on the Platform to minimize risk and provide the greatest value, and availability of high quality services to each CEX.IO User. CEX.IO provides legal services.


2. DEFINITIONS

  1. Agreement on the Storage of the Cardholder’s Credentials (hereinafter “ASCC”): agreement between CEX.IO LTD and the User. ASCC authorize CEX.IO and its payment service provider to store the User’s name, surname, card expiry date and PAN number (hereinafter “the Credentials on File (COF)”) and/or to process transactions initiated by User by using COF.
  2. Bank: means any bank, which collects payments made by the CEX.IO Users on its account.
  3. Bank transfer: means an electronic transfer of the User's Funds from one bank/financial institution to another.
  4. Banking Day: means the part of a day on which the Bank is open to the public for carrying on substantially all of its banking functions.
  5. Cardholder: means any User, who makes payments on the Platform using a Payment card.
  6. Fiat currency: means government-issued currency, that is designated as legal tender in its country of issuance through government decree, regulation, or law.
  7. Funding (also mentioned as “Deposit” on the Platform): means a transfer of a certain amount of money to the User’s Account via a Payment card or Bank transfer.
  8. Funds: means a certain amount of money transferred to and accumulated on the User’s Account.
  9. Online bank transfer: means a technical connectivity service enabling any User to fund their Accounts with a valid bank account by submitting an electronic transfer request to their bank for selected funds to be transferred to CEX.IO.
  10. Order: means a personal application to the Terms of Use.
  11. Payment card, Card, Debit card, Credit card: means a payment card Visa, Visa Electron, MasterCard, Maestro or CUP verified under KYC, which is used by the User as the means of payment on the Platform.
  12. Rules of International Payment Systems: means any rule, instruction, recommendation, etc., of MasterCard and/or Visa, which regulates order of processing transactions, technical requirements for processing transactions, as well as other provisions on acceptance of a Payment card.
  13. Withdrawal: means removing User’s Funds from his/her Account under the User’s instructions.
  14. SEPA (Single Euro Payments Area): means process initiated by European banks and supported, inter alia, by the Eurosystem and the European Commission with a view to integrating retail payment systems and transforming the euro area into a true domestic market for the payment industry.
  15. 3-D Secure: means XML-based protocol designed to be an additional security layer for online payment card transactions.

All other terms and definitions in the Payment Policy are used in the same meaning as under the Terms of Use.

3. AGREEMENT ON THE STORAGE OF THE CARDHOLDER’S CREDENTIALS (ASCC)

For CEX.IO’s possibility to provide appropriate services it should obtain from the User prior permission, with the User’s explicit consent, to store credentials of the User, to enable COF transactions by entering into open-ended agreement on the storage of the User credentials when capturing for the first time a credential of the User for storage.

Please note that if the User reject to agree on the ASCC such User will has no possibility to deposit and withdraw fiat currencies.

The User can accept or not accept the ASCC within the registration process and every time before the transactions.

An online cancellation procedure for the ASCC is simply and easily accessible and is linked with the process of payment card removal: the User should click on the red cross sign in the User’s card manager when the User logged in with CEX.IO.

4. PAYMENT METHODS

For the Users’ convenience, CEX.IO offers several payment methods for Funding Account, including Bank transfer and Card payment. Please note that withdrawal is available for verified Users only through Wire transfer and SEPA bank transfer.

Available Currencies:

  • USD (United States dollar);
  • EUR (Euro);
  • GBP (Pound sterling);
  • RUB (Russian ruble).

4.1. Bank transfer

Bank transfer includes: (a) Wire transfer, (b) SEPA bank transfer and (c) Online bank transfer.

(a) Wire transfer

- Payment procedure

For Wire transfers, to initiate Funding, the User needs to obtain an electronic document with payment details on the Platform. The document should be printed and provided to the User’s bank for relevant payment.

In order to initiate Withdrawal via Wire transfer, the User has to fill in the electronic form on the Platform. After successful acceptance of the details provided by the User within the electronic form, the Withdrawal transaction will be done within the timeline indicated herein.

- Amount limits

Referring to CEX.IO internal policies and rules, the User should make payments with regard to the following amount limits set for the Wire transfer:

Thresholds USD EUR
Min. 200 200
Max. unlimited unlimited
(b) SEPA bank transfer

SEPA bank transfer is available in the countries covered by SEPA. The information on the countries covered by SEPA is available here. User will be able to use SEPA bank transfer under the following conditions:

  • a payment should be done in EUR, and
  • user who wants to use SEPA bank transfer has at least one successful Wire transfer on the Platform.

- Payment procedure

For SEPA bank transfer, to initiate Funding, the User needs to obtain an electronic document with payment details on the Platform. The document should be printed and provided to the User’s bank for relevant payment.

In order to initiate Withdrawal via SEPA bank transfer, the User has to fill in the electronic form on the Platform. After successful acceptance of the details provided by the User within the electronic form, the Withdrawal transaction will be done within the timeline indicated herein.

- Amount limits

Referring to CEX.IO internal policies and rules, the User should make payments with regard to the following amount limits set for the SEPA bank transfer:

Thresholds EUR
Min. 200
Max. unlimited
(c) Online bank transfer

- Payment procedure

Online bank transfer is available in the following countries: Austria, France, Germany, Italy and Spain. Users from the mentioned countries will be able to use Online bank transfer to fund their Accounts on the Platform under conditions provided by the Online bank transfer service provider and with regard to the following limits:

Thresholds EUR
Min. 20
Max. unlimited

4.2. Card payment

- Payment procedure

In order to make Funding, CEX.IO will accept from the User only that Payment card on which he/she is indicated as the Cardholder.

CEX.IO WILL ACCEPT ONLY VERIFIED PAYMENT CARDS.

The User has the right to use several Payment cards as long as they are verified.

CEX.IO warns that for the payment purposes the User can use only a 3-D Secure Payment cards.

NOTE: You can check if your card is 3-D Secure protocol with your bank.

- Amount limits

With regard to CEX.IO internal policies and rules, as well as taking into account the Rules of International Payment System the User should make payments with regard to the following maximum amount limits, but no less that USD20/EUR20:

The maximum amount limits for the User, who passed the card verification procedure specified in the AML/KYC Policy:

USD Period EUR Period
1000 per one funding 1000 per one funding
1000 per day 1000 per day
1000 per month 1000 per month

After the User has reached the abovementioned amount limit, for the further Funding he/she needs to pass the identity verification procedure.

The maximum amount limits for the User, who passed the identity verification procedure specified in the AML/KYC Policy:

USD Period EUR Period
1500 per one funding 1500 per one funding
1500 per day 1500 per day
15000 per month 15000 per month

5. PAYMENT PROCESSING TIMELINE

In accordance with the internal rules and requirement of CEX.IO and taking into account the Rules of International Payment Systems, Bank transfer and Card payment processing timeline will be as follows:

Action Timeline
Funding up to 14 Banking Days
Withdrawal up to 20 Banking Days

CEX.IO reserves the right, in its sole discretion, to change the abovementioned processing timeline.

Banks/financial institutions, which initiate and make the Bank transfer and Card payment, can prolong the above processing timeline with regard to their internal rules and procedures.

6. PAYMENT INVESTIGATION

In case if the User discovers that Funding or Withdrawal has failed (i.e. no Account Funding/Funds Withdrawal occurred within the processing timeline indicated above and no notification on processing timeline prolongation was obtained) the User has the right to initiate the investigation by notifying CEX.IO on the payment problems. The User should comply with notification procedure indicated in the Terms of Use.

CEX.IO will investigate User’s case and will notify the User on the investigation results. The time needed to complete an investigation will be set on the case-by-case basis.

CEX.IO reserves the right to suspend the User's Account and to lock the User’s Funds in accordance with the Terms of Use, including for investigation purpose, which means that the Funds could be inaccessible during certain period.

NOTE: All expenses, which arise upon investigation process, shall be borne solely by the User.

7. FUNDING/WITHDRAWAL CHARGES

Bank/financial institution fee will be charged on the amount of Withdrawal/Funding and will depend on the chosen payment method. Such fee will be reflected on the Platform when choosing payment method and will be charged automatically while processing payment transaction.

8. SECURITY

CEX.IO has implemented technical and organisational security for transaction capabilities that offer reliable protection from unauthorized access and provide the User with the safest way to make transactions over the Internet.

9. RESPONSIBILITY

CEX.IO is responsible for the Transaction, including services or other facilities that are the subject of the Transaction, and for related customer service, dispute resolution, and execution of the Transaction, and such services, including customer support and related service, that are not provided by the Payment Service Provider.

10. MODIFICATIONS

The amount limits and processing timeline, as well as other terms and conditions of this Payment Policy are subject to modification by CEX.IO and in the case of any such modification, CEX.IO will make proper announcement. The modifications will apply after CEX.IO has given notice.

In case if the User does not wish to accept the revised Payment Policy, he/she should not continue to use CEX.IO Services. If the User continues to use the Services after the date on which the modifications come into effect, his/her use of the Services to be bound by the modified Payment Policy.