Payment Policy & Procedure


Last update: 4 July, 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 LTD (hereinafter – “CEX.IO”) User. CEX.IO provides its services legally.


2. DEFINITIONS

  1. Account: means an account registered by the User on the Platform.
  2. 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.
  3. Bank: means any bank, which collects payments made by the CEX.IO Users on its account.
  4. Bank transfer: means an electronic transfer of the User's Funds from one bank/financial institution to another.
  5. 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.
  6. Cardholder: means any User, who makes payments on the Platform using a Payment card.
  7. Cryptocurrency: means peer-to-peer decentralized digital representation of value (e.g. bitcoins, ethers, etc.).
  8. Deposit: means a transfer of a certain amount of money to the User’s Account via a Payment card or Bank transfer.
  9. Fiat currency: means government-issued currency, that is designated as legal tender in its country of issuance through government decree, regulation, or law.
  10. Funds: means a certain amount of money (Fiat currency and Cryptocurrency) transferred to and accumulated on the User’s Account.
  11. 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.
  12. Order: means a personal application to the Terms of Use.
  13. Payment card, Card, Debit card, Credit card: means a payment card Visa, Visa Electron, MasterCard or Maestro , which is used by the User as the means of payment on the Platform.
  14. 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.
  15. User: means a person or an entity that uses the Services, agrees to follow the Terms of Use and is a holder of an Account.
  16. Withdrawal: means removing User’s Funds from his/her Account (to User’s bank account) under the User’s instructions.
  17. 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 rejects to agree on the ASCC such User will has no possibility to Deposit and Withdraw fiat currencies via Сard.

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 METHOD

For the Users’ convenience, CEX.IO offers several payment methods for Deposit Account, including Bank transfer and Card payment. Please note that withdrawal via Bank transfer is available for verified Users.

Available Currencies for trade:

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

Please, be informed that in case the User’s local currency is different from USD, EUR, GBP or RUB, it will be automatically converted into selected deposit currency. The exchange rate and any other fees associated with the transaction are calculated and deducted by your card issuer. That works only for cards.

4.1. BANK TRANSFER

4.1.1. International bank transfer

International bank transfer is processed via SWIFT (available for USD, EUR, GBP)

- Payment procedure

For international bank transfer, to initiate Deposit, 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 case the User wants to make Deposit via international bank transfer payment by online banking the User should receive CEX.IO’s bank details and use them.

In order to initiate Withdrawal via international 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 and Deposit will be done within the timeline indicated herein.

- Timeline and Amount limits:

Timeline, Amount Limits and Commissions for Deposit with regard to every Currency could be found here;

Timeline, Amount Limits and Commissions for Withdrawal with regard to every Currency could be found here.

4.1.2 Domestic bank transfer
(a) USD domestic bank transfer is processed via ACH transfer or domestic wire

Processed by the ACH or domestic wire network available only for Users that have US bank account. User will be able to use ACH or domestic wire only if the payment has been done in USD.

- Payment procedure

For transfer via ACH or domestic wire, to initiate Deposit, 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 case the User wants to make Deposit via ACH or domestic wire by online banking the User should receive CEX.IO’s bank details and use them.

In order to initiate Withdrawal via ACH or domestic wire, 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 and Deposit will be done within the timeline indicated herein.

- Timeline and Amount limits:

  • Timeline, Amount Limits and Commissions for Deposit via ACH or domestic wire could be found here;
  • Timeline, Amount Limits and Commissions for Withdrawal via ACH or domestic wire could be found here.
(b) EUR domestic bank transfer is processed via SEPA

(available only for account holders in EU banks).

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 only if the payment has been done in EUR.

- Payment procedure

For SEPA bank transfer, to initiate Deposit, 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 case the User wants to make Deposit via SEPA by online banking the User should receive CEX.IO’s bank details and use them.

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 and Deposit will be done within the timeline indicated herein.

- Timeline and Amount limits

  • Timeline, Amount Limits and Commissions for Deposit via SEPA could be found here;
  • Timeline, Amount Limits and Commissions for Withdrawal via SEPA could be found here.
(c) Faster payments

(available only for account holders in the United Kingdom’s banks).

User will be able to use Faster Payments only if the payment has been done in GBP.

- Payment procedure

For bank transfer via Faster Payments, to initiate Deposit, 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 case the User wants to make Deposit via Faster Payments by online banking the User should receive CEX.IO’s bank details and use them.

In order to initiate Withdrawal via Faster Payments, 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 and Deposit will be done within the timeline indicated herein.

- Timeline and Amount limits

  • Timeline, Amount Limits and Commissions for Deposit via Faster Payments could be found here;
  • Timeline, Amount Limits and Commissions for Withdrawal via Faster Payments could be found here.
4.2. Card payment

- Warnings and Restrictions

In order to make Deposit, 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.

- Timeline and 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 in accordance with the following Timeline, Limits and Commissions:

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 payment processing time depends on the chosen direction, payment method and Currency could be found here:

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 Deposit or Withdrawal has failed (i.e. no Account Deposit/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. PAYMENT DEPOSIT/WITHDRAWAL CHARGES

Bank/financial institution fee will be charged on the amount of Deposit/Withdrawal 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 provides 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 and the Bank.

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.