Terms & Conditions

Last updated:

These are the terms and conditions for the use of services provided by Independent Reserve SG Pte Ltd (“Independent Reserve Singapore”) through its platform and application. References in these Terms and Conditions to “we”, “us” and “our” refer to Independent Reserve Singapore, and references to “you”, “your”, “user” or “customer” refer to you as the user of our platform and services.

1. Acceptance

  1. You should read these Terms and Conditions carefully before you use the Independent Reserve Singapore Platform or any of our Services.
  2. By accessing the website, applying and registering for an Independent Reserve Singapore Account, and using our Platform and/or Services, you agree that you have read, understood, accepted, and agree to be bound by these Terms and Conditions.
  3. We reserve the right to change, amend, modify, add or delete any of these Terms and Conditions, at any time, in an exercise of our sole discretion. These amendments, modifications, additions or deletions apply to your use of the Platform and Services as soon as they are published on the Platform and we will endeavour to provide you with reasonable notice of such changes. You are advised to continuously review these Terms and Conditions to ensure that you are aware of and understand the rights, obligations and liabilities which apply to your use of the Platform and Services on an ongoing basis.
  4. Your continued use of the Platform and Services following any changes to these Terms and Conditions constitute your acceptance and agreement to the changes, and that all subsequent transactions by you will be subject to the amended Terms and Conditions. If you do not agree to any of the changes or updates, you are advised to cease using the Services.

2. The Platform and Services

  1. Account Types

    1. You must register for an Account to access the Platform and use our Services.

    2. Independent Reserve Singapore offers the following types of Accounts:

      1. Standard personal Accounts for individual use
      2. Multi-user personal Accounts for individual use (“Multi- user Accounts”)
      3. Corporate Accounts for business use by legal entities or organizations
      4. Limited access Sub-Accounts for Multi-user Accounts or Corporate Accounts
    3. Each individual may only hold one Standard personal Account.
    4. A user with a Standard personal Account may create a Multi-user Account by nominating sub-users, who must create Sub-Accounts.
    5. As a Sub-Account holder, there are no limits to the number of Sub-Accounts that you can hold.
    6. A Corporate Account may designate sub-users with different access levels for the management and operation of the Account.

  2. Digital Payment Token (“DPT” or “Cryptocurrency”) Services

    1. Independent Reserve Singapore provides you with a cryptocurrency wallet which you may use receive, store and send cryptocurrency.
    2. We only offer cryptocurrency tokens that meet our Token Risk Standards. A full list of supported tokens may be found on our FAQs.

    3. We reserve the right to:

      1. Delist or suspend trading of any token deemed high-risk or non-compliant.
      2. Reject deposits/withdrawals of unsupported tokens.
      3. End support of any token offered for trade on our platform with prior notice to you.
    4. You may purchase cryptocurrency by funding your Account with a fiat currency of your choice and placing a buy order on the Platform using those funds. Proceeds from the sale of your cryptocurrency will be credited into your fiat currency account based on the currency you select to receive.
    5. When initiating a purchase of cryptocurrency on the Platform, you may be provided with an indicative rate for the price of your purchase. There may be a difference between the rate quoted and the execution price based on the timing of your confirmation of the transaction.
    6. When placing a buy order for any cryptocurrency on the Platform, funds may be debited from your fiat account before your cryptocurrency balance is updated to reflect the purchase.
    7. You may withdraw cryptocurrency funds to an external wallet. We may require you to furnish proof of control or information on the transaction nature and purpose to complete a withdrawal.
    8. You are solely responsible for any withdrawal or transfer of cryptocurrency by you or a sub-user out of your Account to another wallet or trading platform.
    9. You are required to verify incoming cryptocurrency deposits before they are credited into your Account. Any refusal or delay in verification will result in either a withholding or delay in crediting of the tokens into your wallet.

    10. Independent Reserve Singapore will not be responsible for:

      1. Delays in the crediting of tokens to your wallet or in the crediting of funds to an external wallet caused by network or protocol delays or any delays in required action by you;
      2. Changes in the purchase rate resulting from delays in you confirming the purchase transaction;
      3. Any loss or missed opportunities from market movements which occur during delays caused by network or protocol delays.
    11. Any decision to support or not support any new token resulting from the fork of a blockchain is entirely at our discretion.
    12. Customers are advised to withdraw cryptocurrency to an address under their own control prior to a fork if they wish to have access to any resultant tokens.
    13. If we decide to support a forking event, you may opt-out of receiving any of the cryptocurrency that results from the forking event by contacting the support team.
    14. We may, at our own discretion, decide to support or not support any airdrop event. We may decide to provide any airdropped cryptocurrency to you following an airdrop event and we reserve the right to determine any criteria for qualification of the airdrop at our discretion.
    15. If we decide to provide any cryptocurrency as part of an airdrop event, you may opt-out of receiving any of the cryptocurrency that results from the airdrop event by contacting the support team. A sub-user is not able to provide any instructions in relation to opting-out of an airdrop event on your behalf.

  3. Fiat services

    1. You may deposit and store fiat currencies on your Independent Reserve Account in order to purchase cryptocurrency. You must only deposit fiat currency into your Account from a bank account that is in your name or that you have the authority to operate.
    2. You may also sell your cryptocurrency for fiat and hold the funds in your Account or withdraw them to a bank account linked to your own, or the Account holder’s name. We will not process any fiat currency withdrawals to any other bank account and may, at any time, request for additional information to verify control or ownership of the bank account.
    3. You may only spend your fiat funds on the Platform by purchasing cryptocurrency. We do not provide fiat third-party transfers within the Platform or to third-parties.
    4. Fiat funds which are received from a bank account that is not in the Account holder’s name may not be credited into the user’s Account until and unless the nature, purpose and sender of the funds have been identified. We may request for additional information and supporting documentation to verify these details and may continue the withholding until this requirement is satisfied.
    5. Independent Reserve Singapore reserves the right to reject any incoming fiat deposit and reverse the transactions only to the depositing bank account where the incoming deposit does not meet these requirements.

  4. Trading Desk

    1. For select customers, Independent Reserve Singapore may also facilitate the buying and selling of cryptocurrencies directly between you and us at agreed-upon rates, outside of the order book (“OTC trades”).
    2. OTC trades will only be executed after final confirmation from both parties and the funds are received from you in full.
    3. Quotes are valid only upon confirmation of receipt of funds in our designated accounts. We are not responsible for any market price fluctuations occurring before we receive cleared funds.
    4. If quote delays occur due to technical, operational, or market conditions, we are not liable for any resulting price movements, whether favourable or unfavourable to you.
    5. Once a trade is accepted by both parties, subsequent market movements (even if favourable to the you) do not entitle you to cancel, adjust, or dispute the executed trade.
    6. OTC trades pricing is determined based on market conditions and may differ from exchange rates.
    7. We are not liable for delays in settlement caused by blockchain congestion, network failures, or other issues inherent to decentralized protocols. You assume all risks associated with on-chain transactions, including but not limited to gas fees, failed transactions, or unexpected processing times.
    8. We are not responsible for delays caused by intermediary banks, compliance reviews, AMLCFT/KYC checks, or other banking-related inquiries. Any resulting settlement delays or price impacts due to such external factors are solely your responsibility.
    9. You are solely responsible for ensuring the legitimacy of your funds. If your funds are frozen or flagged by centralized entities or decentralized protocols due to suspected illicit activity before the trade is executed, we will bear no liability for any resulting delays or loss.
    10. If funds are frozen after trade execution due to any prior illicit activity linked to your wallets or blockchain addresses, we reserve the right to void the transaction, reclaim equivalent assets, or take legal action, with no obligation to compensate you.

  5. AutoTrader

    1. By electing to use our AutoTrader service, you are acknowledging that you have read and understood the information contained in the How does AutoTrader work? education page. You also acknowledge that you understand the details of the strategies available with the AutoTrader service and understand the risks involved in using the AutoTrader service.
    2. All AutoTrader strategies create either a buy or sell order in your Account when the trigger event occurs (e.g. a fiat deposit is credited to your Account). AutoTrader strategies are accepted on a 'best endeavours' basis. In the event of system failure or adverse market conditions, we may cancel existing strategies and prevent any new strategies from being placed.
    3. AutoTrader strategies do not have an expiry date and are valid until you elect to cancel the strategy or your AutoTrader strategy is otherwise cancelled by us. It is your sole responsibility to maintain your AutoTrader strategies and ensure the strategies you have in place remain appropriate for you.
    4. We will use our best endeavours to obtain the best execution for you when your AutoTrader strategy conditions have been met and the orders have been placed. Obtaining the best execution means we will attempt to secure the best price outcome for you taking into consideration time, price, priority and current market conditions.
    5. Your AutoTrader strategy will execute once the conditions for your selected strategy have been met, subject to the availability of funds in your Account.
    6. It may not be possible for us to use all available fiat currency or cryptocurrency to execute your AutoTrader strategy and we do not guarantee that an exact value or volume of fiat currency or cryptocurrency will be traded. If there is any residual balance following our best endeavours to execute your strategy, the residual balance of fiat currency or cryptocurrency will remain in your Account. Residual balances will not re-trigger your AutoTrader strategies.
    7. A sub-user acting on your behalf will be able to create an AutoTrader strategy for you unless they have a "Viewer" only authorisation. Any instruction to establish or cancel an AutoTrader strategy by a sub-user is taken to be an instruction by you in accordance with these Terms and Conditions. You indemnify and hold us harmless for any Loss suffered from any acts or omissions by a sub-user in relation to any AutoTrader strategy set-up, amended or removed by a sub-user, but you will not be liable for any Loss to the extent such Loss is the direct result of our negligent or wrongful acts or omissions in reflecting your AutoTrader strategies whether initiated by you or your sub-users.

3. Risk Warning

  1. RISK WARNING ON DIGITAL PAYMENT TOKEN (“DPT”) SERVICES

    The Monetary Authority of Singapore (MAS) requires us to provide this risk warning to you as a customer of Independent Reserve Singapore.

    Before you:

    1. pay us any money or DPT; or
    2. pay a third party any money or DPT under an arrangement by us, you should be aware of the following:
    1. We are licensed by MAS to provide DPT services. Please note that this does not mean you will be able to recover all the money or DPTs you paid to us or any other third party referred to above, if Independent Reserve Singapore’s or the third party’s business fails.
    2. You should be aware that MAS does not supervise or regulate us for the provision of unregulated services. This includes any service of trading digital payment token derivatives such as futures.
    3. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by us as your DPT service provider.
    4. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all the money you put into such tokens.
    5. You should be aware that, as part of our licence to provide DPT services, we may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.

  2. General Cryptocurrency Risk Warnings

    1. The trading or holding of cryptocurrencies involves significant risk. Prices can and do fluctuate on any given day which may cause large swings in value and may even cause some cryptocurrency tokens to become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading anything on a market.
    2. Cryptocurrency trading also has special risks not generally shared with conventional currencies or goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, or by commodities such as gold or silver, cryptocurrencies are a unique kind of currency, backed by technology and trust. There is no central bank that can take corrective measure to protect the value of cryptocurrencies in a crisis or issue more currency. Instead, cryptocurrencies are an as-yet autonomous and largely unregulated worldwide system of currency firms and individuals.
    3. Due to the significant risks associated with trading cryptocurrency, as well as the impact of technology and the international market, we do not warrant or guarantee that particular cryptocurrencies will be available on our Platform.
    4. We reserve the right to stop offering trades in relation to particular cryptocurrencies on our Platform at any time for any reason. We will use our reasonable endeavours to notify you if we cease to support trading in particular cryptocurrency. If this is the case, you may not be able to convert the affected cryptocurrency into any other currency, however you will be given the option to move the cryptocurrency to another platform or third party.
    5. Cryptocurrency transactions to external wallets are irreversible. When you send your cryptocurrency to a wallet outside of our Platform and Services, there will be no recourse for any loss or theft of the funds once it has left our Platform. Always ensure you know who you are sending your funds to and check the accuracy of the recipient address when making transfers out of the Independent Reserve Singapore platform.
    6. There may be additional risks that we have not foreseen or identified in our Terms and Conditions. You should consider all potential risks, and you may wish to consult professional advisers if you are unsure.
    7. You should carefully assess whether your financial situation and tolerance for risk is We do not provide any financial product advice, any financial products or any financial services aside from that which has been accorded for under our Major Payment Institution license. Nothing on our Platform is intended to be or should be taken as legal, financial, business or taxation advice. Users should seek their own legal, financial, business, tax and accounting advice in relation to any cryptocurrency activities.

  3. Market Volatility

    1. If there is a period of high market volatility, high volume trades, rapid movements or illiquidity in the market, the market rate in which you can buy, sell or trade cryptocurrency may vary from the price indicated on our Platform.
    2. We are not liable for any price variation due to market volatility, market or technology disruptions, delays or any other matters caused by things that are outside of our control. You acknowledge and agree that we will process your transaction at the current price. In certain circumstances, we may decide not to execute a trade if the market rate significantly increases or decreases or in the event of a market disruption or an event which is outside of our control and, in such cases, we may cancel any order and return the funds to your Account. We will exercise reasonable care to notify you of these events and when you receive a notification you must check your Account and any pending or cancelled transactions.
    3. When using the AutoTrader function, market conditions may make it impossible for us to execute the orders arising from your AutoTrader strategies. AutoTrader strategies and resulting buy and sell orders do not take any provision for unexpected rises or falls in the price of Cryptocurrencies. It is your sole responsibility to monitor market conditions and your AutoTrader strategies to ensure they remain appropriate for your circumstances.

4. Opening an Account

  1. Personal Account

    1. To be eligible to open an Account with us or gain access as a sub-user, you must:

      1. Be an individual with full legal capacity and authority.
      2. Be at least 18 years old.
      3. Not be an individual designated or sanctioned by any authority.
      4. Not be prohibited from using the Platform or Services by any applicable laws.
    2. The Platform and Services is available only to users and sub-users with no nexus to high-risk and/or sanctioned jurisdictions.
    3. When applying for an Account, you must provide any information requested by us, and perform any and all actions reasonable required for the purposes of complying with any applicable law or regulation, in order to access Platform and Services. By doing so, you, the customer, also expressly consent to your personal information being collected and used in accordance with our Privacy Policy.

    4. For the purposes of verifying your identity during the Account application process, you also consent to:

      1. the verification of your personal information with applicable government and independent databases for the purposes of Anti Money Laundering and Countering the Financing of Terrorism requirements.
      2. the use by third parties of the results of any verification checks on your identity for the purposes of monitoring and improving their verification services.
    5. In order to gain full access to the Services, all Personal Accounts are also required to complete and pass a Risk Awareness Quiz as a pre-requisite to trade in cryptocurrency. Failure to pass the quiz will result in limited service access or a suspension of existing services.

  2. Appointment of Sub-Accounts

    1. We may allow you to nominate additional users to access your Account (each a "sub-user") once your Account has been approved.
    2. Sub-users must meet the Account eligibility criteria in clause 4.1 and are also subject to compliance with these Terms and Conditions.
    3. Where an individual is nominated as a sub-user for multiple Multi-user Account holders they are required to create and hold a separate Sub-Account for each nomination, regardless of whether they hold their own Standard Account or is an existing sub-user for another Multi-user Account.
    4. All sub-users with trading level access are also required to complete and pass a Risk Awareness Quiz as a pre-requisite to trade in cryptocurrency on behalf of the main Account holder. Failure to pass the quiz will result in limited access to the Platform and Services.

  3. Corporate Account

    1. To be eligible to open a Corporate Account with us you must:

      1. Be incorporated in a country supported by Independent Reserve Singapore.
      2. Have the legal right, power and authorization to act on behalf of the legal person or organization the Account is being opened for.
      3. Not be an entity designated or sanctioned by any authority.
      4. Not be prohibited from using the Platform or Services by any applicable laws.
      5. Not be involved in or carrying out any high-risk or illegal business activities.
    2. The Platform and Services is available only to companies with no nexus to high-risk and/or sanctioned jurisdictions.
    3. When applying for an Account, you must provide any information requested by us to access Platform and Services. By doing so, also expressly consent to your information being collected and used in accordance with our Privacy Policy.
    4. In order to gain full access to the Services, all Corporate Accounts are also required to complete and pass a Risk Awareness Quiz as a pre-requisite to trade in cryptocurrency. Failure to pass the quiz will result in limited service access or a suspension of existing services.

  4. Accredited Investors

    1. Personal or Corporate Accounts may opt-in as Accredited Investors to gain access to a wider range of premium services designed for a higher risk appetite.
    2. Accredited Investors are exempted from the Risk Awareness Quiz requirement.
    3. In order to qualify as an Accredited Investor to access premium services, the Account holder must voluntarily opt-in and provide us with information to verify that the individual or entity’s net worth meet the base requirements to qualify as an Accredited Investor.
    4. Approval as an Accredited Investor is entirely at the discretion of Independent Reserve Singapore and we may refuse the opt-in of any individual or entity at our discretion, even where all the requirements for qualification are fulfilled.
    5. The Accredited Investor qualification is only valid for twelve (12) months from the date of submission of the required documentation and to maintain Accredited Investor status, a re-verification of the user’s net worth is required. Failure to provide us with the required documentation or information will result in the Account status reverting to retail status, and access to all premium services blocked.
    6. We may restrict the scope of products and services offered to you if we become aware of a change in your qualification as an Accredited Investor.
    7. By opting-in as an Accredited Investor, you accept and understand that being treated as an accredited investor means, among other things, that you will be deemed to have the resources and ability to understand and manage the risks of the financial products that you choose to invest in. This means that we are allowed to assume that you have a certain level of understanding of financial products and are not obliged to determine your precise level of understanding of such products.
    8. We are also allowed to assume you have sought independent advice prior to purchasing or participating in any financial instrument or investment. In addition, where you hold certain financial instruments or participate in certain activities, you will be afforded fewer statutory protections and remedies than retail investors.

5. Use of the Services

  1. User Permissions

    1. Personal Accounts

      1. Your Account is to be used only by you or any sub-user.
      2. Personal Accounts may not be used for business purposes.
      3. You may not authorise others to use your Account unless you nominate them as a sub-user, and you may not assign or otherwise transfer your Account to any other person or entity.
      4. When nominating an individual as a sub-user you must select what type of sub-user you want.

      5. You can nominate an individual as one of the following sub-user roles on your Account:

        • Viewer
        • Trader (no withdrawals)
        • Trader (restricted withdrawals)
        • Trader (unrestricted withdrawals)
        • Administrator
      6. The applicable permissions of each sub-user type is detailed in the "Manage Users" tab of your Account on the Platform. We strongly encourage you to read this information before selecting the sub-user type that will apply to any particular individual you wish to nominate as a sub-user.
      7. You may change the sub-user permissions or roles at any time, subject to the nominated sub-user meeting all Account verification requirements of the updated role.
      8. You may be appointed a sub-user of more than one Account. You will receive a separate invitation for each Sub-Account and will have separate log-in credentials for each Sub-Account.
      9. A sub-user that also holds an Account for their personal trading is not able to access their own Account whilst using the Sub-Account. A sub-user will only be able to access one Sub-Account at a time.

      10. Each Multi-user Account is subject to the following Sub-Account limits:

        1. Only 1 "Administrator" type Sub-Account;
        2. Only 1 "Trader" type Sub-Account, irrespective of the Trader role type;
        3. There is no limit to the amount of "Viewer" type Sub-Account.

    2. Corporate Accounts

      1. Corporate Accounts may only be used for business transactions.
      2. The Account Operator or the individual opening the Account on behalf of the entity must be an authorized individual.

      3. Each Corporate Account is subject to the following Sub-Account limits:

        1. Up to 2 "Administrator" type Sub-Accounts;
        2. Up to 2 "Trader" level Sub-Accounts, irrespective of the Trader role type;
        3. There is no limit to the amount of "Viewer" type Sub-Accounts.
      4. All transactions made through a Corporate Account is deemed to have the necessary authorization of the legal entity or organization named as the Account holder.
      5. You must inform us of any change or update of the main Account operator or Sub-Account holders as soon as possible.

  2. User management of Sub-Accounts

    1. You are solely responsible for selecting a sub-user and agreeing to any terms and conditions between you and your sub-user (to the extent applicable) in which they may view, trade via or administer your Account.
    2. You are solely responsible for the administration and maintenance of all sub-users linked to your Account.
    3. You may, at any time, deactivate any sub-users from your Account by accessing the "Manage Users" tab of your Account.
    4. You must approve the linking of any sub-user, even if that sub-user was nominated by an existing "Administrator" type sub-user on your Account.
    5. Where a sub-user has their own Multi-user Account which has granted access to other sub-users, the sub-user under that Multi-user Account is not a sub-user of your Account and will not have any access rights to your Account.
    6. We do not in any way endorse, verify, attest, warrant or otherwise indicate that a sub-user nominated by you is appropriately skilled, competent or capable of operating your Account in accordance with the type of Sub-Account and / or your needs and instructions.
    7. You are solely responsible for determining whether each sub-user you nominate is appropriately knowledgeable, skilled and trustworthy and has sufficient experience to operate, trade via or administer your Account in accordance with your needs and instructions.
    8. You indemnify and hold us harmless in respect of any acts or omissions of your sub-users and we will not be liable for any loss suffered by you as a result of any acts or omission of your sub-users, except to the extent that it directly arises from our negligent or wrongful acts or omissions.
    9. We may suspend or terminate your sub-user’s access to your Account in accordance with these Terms and Conditions, or where we otherwise reasonably form the view such suspension or termination is required to protect your Account or the Platform.

  3. Negative Balances

    1. You are required to have sufficient funds in your Account to make any trade using the Platform. If at any time your Account has a negative balance, you agree to pay us:

      1. An administration fee determined by us from time to time to cover our reasonable costs and expenses arising from the negative Account balance; or
      2. The total negative balance including the Account administration fee.
      3. We may suspend or terminate your Account at any time and without notice to you if you fail to pay the outstanding balance and Account administration fees.

      4. If, after a demand is made by us, you have not made payment of the amounts due, then:

        1. You authorise us to sell any cryptocurrency in your Account to recover the outstanding balance; and/or
        2. You authorize us to clawback, deduct or offset any amounts due to us plus any applicable fees from any subsequent deposit made into your Account; and
        3. You agree to indemnify us against all costs, expenses and losses incurred, including brokerage fees, taxes, overdraft fees and any other fees in connection with any transaction executed by us in accordance with this clause to recover the outstanding balance where you do not pay the outstanding debit balance.
      5. We reserve the right to engage a third-party collection agency to recover any amounts you owe us under these Terms and Conditions without your consent. You will be liable to pay on demand all costs incurred by us in recovering the amounts you owe us under these Terms and Conditions, including debt collection fees and enforcement costs.

  4. Rights and Obligations

    1. By registering and holding an Account with us, you agree to:

      1. maintain and promptly update any information in your Account to keep it current, accurate, and complete;
      2. check your Account and monitor the movement of your cryptocurrency including any pending, lapsed or cancelled transaction through your transaction history and to re-execute any transactions which fail;
      3. make deposits into your Account only in accordance with any instructions provided by us from time to time;
      4. not to allow others to access your Account using your login credentials at any time;
      5. not assist others in obtaining unauthorised access to any persons' Account (this includes access between different Sub-Accounts);
      6. fully cooperate with us in investigating any improper, unlawful or fraudulent access to or use of your Account or any other Account;
      7. contact us immediately if you believe that your Account (or a Sub-Account) may be subject to any unauthorised access or other type of fraudulent activity or security breach. Failure to notify us in a timely manner may limit the options available to us to protect your Account. We will not be responsible or liable for any loss you suffer from any unauthorised access, fraudulent activity or security breach, except to the extent that such loss arises from our failure to take reasonable steps to secure the Platform;
      8. cooperate fully with us to investigate any suspected unlawful, fraudulent or improper activity on the Account;
      9. provide us with accurate, correct and valid information that we require and promptly notify us of any changes and you will not provide us with any false, inaccurate, misleading or deceptive information; or
      10. if you provide any inaccurate or incomplete information to us, or we have reasonable grounds to suspect you have, we may suspend or terminate your Account.
    2. The creation or use of Accounts without obtaining the prior express permission from us will result in the immediate suspension of all said Accounts, as well as all pending purchase/sale offers. Any attempt to do so or to assist others (Account holders or otherwise), or the distribution of instructions, software or tools for that purpose, will result in the Accounts of such Account holders being terminated. Termination is not the exclusive remedy for such a violation, and we may elect to take further action against you.
    3. You warrant that if you are creating an Account on behalf of an Entity you are authorised to create an Account for and to use the Platform as an agent of the Entity.
    4. We may, in our complete discretion, require you to produce evidence that you are authorised to act on behalf of the Entity and you must provide us with any information we reasonably request for this purpose.

    5. Where a Sub-Account is opened, you acknowledge and agree that:

      1. Your sub-users must read and agree to these Terms and Conditions before gaining access to their Sub-Account;
      2. We are not involved, responsible or liable for any sub-user that is nominated by you and approved by us;
      3. We may provide personal information held about you to any one or more of your sub-users in accordance with our Privacy Policy.
      4. All sub-users will have access to your Account information including personal information;
      5. Any activity performed by a sub-user is taken to be performed on your behalf in accordance with your express instructions and consent;
      6. You will continue to be responsible and liable for any activity that is conducted by a sub-user in relation to your Account and any related activities and all such activities will be attributed to you;
      7. We, in our absolute discretion, may decline any trading or transfer instruction given by a sub-user, at any time. You agree that we may, at our discretion, require from you written or verbal confirmation of any instruction given by a sub-user. If we don’t request written or verbal confirmation for a trading or transfer instruction given by a sub-user, this does not imply that we endorse or otherwise take any responsibility or assume any liability for that trading or transfer instruction.
      8. The existence of a sub-user does not in any way transfer, assign, encumber, dispose of or hypothecate any of the fiat currency or cryptocurrency (or any rights in, or interests to, the fiat currency or cryptocurrency) held in your Account at any time to any of the sub-users.
      9. The existence of a sub-user does not in any way change, reduce or assign any of the obligations that apply to you under these Terms and Conditions.
      10. A sub-user is not able to terminate your Account under these Terms and Conditions.
      11. A sub-user may have access levels that allow them to add any linked bank account or external wallet address without your express approval.

  5. Account Changes

    1. You may only make changes to your Account with our consent. We may require you to comply with our security procedures before we consent to any changes.
    2. The type of changes that can be made by you will depend on whether you are the Account Owner or a Sub-User.
    3. We may require you to comply with our security procedures before we consent to any changes.

  6. Security

    1. You are solely responsible for maintaining and protecting the confidentiality and security of your Account or Sub-Account, including your log-in credentials and any information you have provided in connection with the opening of the Account/ Sub-Account.
    2. We are not responsible or liable for any unauthorised access to, or use of, your Account (even where you may not be aware of such unauthorised access) except to the extent we have failed to take reasonable steps to secure the Platform.
    3. In order to nominate sub-users on your Account, you must have two-factor authentication activated. Any sub-user must also have two-factor authentication activated.
    4. Any sub-user will only be able to access your Account with their own log-in credentials for the Sub-Account that is linked to your Account. For the avoidance of doubt, this means you must not share your Account credentials with any person (including a sub-user) and a sub-user must not share their Account credentials with any other person (including you or any other sub-users).

  7. Restrictions on Use

    1. When using the Platform or Services, you are prohibited from doing any of the following:

      1. Opening or attempting to open more than one Account (excluding Sub-Accounts) for yourself, or the entity you represent, without any reasonable justification for doing so.
      2. Using a name that is not yours/your entity’s, using a temporary phone number or providing any other falsified registration information.
      3. Using the Services or Platform for any unlawful, fraudulent or improper activity, including for any experimental, testing or research purposes or otherwise in a manner for which the Services or Platform have not been designed.

      4. Using the service to engage in any criminal or restricted activities, including but not limited to:

        1. Terrorist financing;
        2. Money laundering;
        3. Illegal gambling;
        4. Distributing or funding drugs;
        5. Malicious hacking;
        6. Any other illegal or prohibited activities;
        7. Acting in a manner that is defamatory, threatening or harassing.
        8. Causing or permitting any damage to or otherwise interfering with our Platform, including the software and user interface by which you submit your information; or
        9. Taking advantage of any technical or technological error, loophole or glitch on the Platform or Services for, where you do take such advantage, we reserve all our rights to recover any proceeds that you make (whether or not they remain in the Platform).

  8. Export Controls and Sanctions

    Your use of the Services may be subject to export restrictions, end-user restrictions, economic sanctions requirements and anti-terrorism laws. By using the Services, you are agreeing to comply with any and all applicable laws, regulations, and requirements. You are not permitted to use or transact through the Services if it will result in a breach of applicable law or regulatory restrictions.

  9. Requests for Information

    From time to time, we may request for additional information or supporting documentation relating to the nature and purpose of your transactions on the Platform as part of our compliance and risk management measures. This may include information on your source of wealth or source of funds. Failure to comply with our requests or to provide us with satisfactory documentation may result in the suspension of the Services or the closure of your Account without notice.

6. Transactions

  1. Transfers out

    1. All cryptocurrency transfers are final and irreversible. You are solely responsible for the transfer of any cryptocurrency by you or any sub-user out of your Account to another wallet or trading platform.
    2. You acknowledge and agree that we will not be responsible or liable for any fiat currency or cryptocurrencies once you or any sub-user has transferred them from your Account to your linked bank account or other wallet or trading provider.

    3. You are solely responsible for ensuring that:

      1. Your linked bank account details are correct for any fiat withdrawal, and
      2. any recipient wallet address is correct for any withdrawal.
    4. All cryptocurrency transactions are irrevocable once sent and we take no responsibility for verifying recipient addresses for withdrawals from your Account. We cannot cancel a transfer once it has been made.
    5. You must take precautions when withdrawing and storing your cryptocurrency, especially when withdrawing from your Account to an overseas-based provider.

    6. You acknowledge and agree that:

      1. it is your responsibility to read these articles and to keep up to date on any changes;
      2. these articles are an educational tool only and are not intended to be a comprehensive list of all potential scams;
      3. the Monetary Authority of Singapore or other regulators or government bodies may provide information or alerts about current scams, and it is your responsibility to review any such information prepared from time to time;
      4. it is your responsibility to ensure that any withdrawals from your Account are sent to a valid and correct address and for a valid purpose;
      5. we are not under any obligation to verify a withdrawal address or identify whether a withdrawal may be the subject of scam regardless of whether a scam has been listed in these articles or published elsewhere; and
      6. under no circumstances, will we be responsible or liable to you for any loss resulting from any transfer from your Account regardless of whether the scam is specifically contemplated in our articles or published elsewhere.

  2. Unallocated Deposits & Unclaimed Funds

    1. Deposits of funds which originate from unidentified third-party bank accounts or unrecognized wallets may be marked as an Unallocated Deposit if the funds remain unclaimed.
    2. Unallocated Deposits in fiat may be reversed back to the originating bank account where we do not receive confirmation on the origin of the funds from you.
    3. We will exercise all reasonable efforts to reach out to you for confirmation on the funds and the funds will be marked as an Unallocated Deposit if we do not receive any response from you after 18 months from the date of our notification.
    4. Unallocated Deposits will be safeguarded in accordance with our regulatory safeguarding obligations.
    5. Where your Account is subject to closure, either by us or at your request, any remaining funds held in the Account on the date of the closure will be deemed Unclaimed Funds if you have been notified of the date of closure and fail to remove your funds by the given deadline.
    6. The Unallocated Deposit or Unclaimed Funds will incur a search fee and a monthly management fee of based on a percentage of your holdings which may be deducted while those funds remain unallocated/ unclaimed.
    7. You can make a claim for an Unallocated Deposit (less any accumulated fees) by contacting us through the support screen or by email support@independentreserve.com. We may conduct additional checks to confirm the claim and may, at our discretion, refuse such claims if the requirements in our requests or checks are not met to our satisfaction.

  3. Withholding of Transactions

    We reserve the right to suspend transactions or withhold your access to any funds on our platform where we perceive a risk of money laundering, terrorist or proliferation financing, tax evasion, fraud or scam activity occurring through the Account.

  4. Unauthorized Transactions

    You are solely responsible for the transactions made on and through your Account, whether initiated by yourself of through any linked Sub-Account.

7. Service Representations and Platform Availability

  1. We give no guarantees on the fitness for purpose of the Platform and Services for your specific needs. To the extent we may legally do so, we exclude any commitments that may be implied by law.
  2. The Platform and Services are provided without warranty of any kind, whether express, implied, statutory or otherwise.
  3. While we do our best to ensure that the features and functionalities of the Platform and Services are of a reasonably satisfactory standard and are available to you all of the time, certain features may rely on networks and connections that are beyond our control. We do not represent that the Platform and Services will be available 100% of the time to meet your needs or requirements. Due to the nature of the internet and technology, the Platform and Services are therefore provided on an “as is” and “as available” basis. As such, we cannot guarantee that the Platform or Services won’t be interrupted, or that you will not experience delays, failures or errors when using the Platform.
  4. We will strive to provide you with the Service and access to the Platform as soon as possible but there are no guarantees that access will be uninterrupted, secure, or that there will be no delays, failures, errors, omissions or loss of transmitted information.
  5. We will use reasonable endeavours to ensure that the Platform and Services can normally be accessed by you in accordance with these Terms and Conditions.
  6. You agree that we are not responsible for temporary interruptions in service due to failure beyond our control including, but not limited to, the failure of interconnecting operating systems, computer viruses, and forces of nature, labour disputes, pandemics and armed conflicts.
  7. We may suspend use of the Platform or Services for maintenance and will make reasonable efforts to give you notice. You acknowledge and agree that this may not be possible in an emergency.

8. Safeguarding of Funds

  1. We will hold all fiat deposited with us on your behalf in a customer trust account opened with a duly licensed Singapore-based Bank.
  2. Your fiat is deposited in this customer trust account together with and commingled with fiat received by our customers.
  3. Due to the nature of our customer trust account(s), delays or disruptions may arise during the course of our operations.
  4. Our insolvency will not give us any right to set off any debt owed by us against the fiat you have deposited with us, except in so far as this relates to any fees owed to us in accordance with these Terms and Conditions.
  5. You acknowledge and agree that all interest earned under the maintenance of fiat deposits in our customer trust account(s) is due and payable to us.

9. Dormancy

  1. If you hold an Account balance on our Platform and do not log into your Account or transact for a period of twelve (12) months, we may charge you a custody and Account management fee, which we may deduct from any remaining funds in your Account.
  2. We may also be required by applicable laws to report and/or deliver our holdings of balances in dormant Accounts to the authorities as unclaimed property.

10. Intellectual Property

  1. We grant to you a personal, non-exclusive, non-transferable, revocable and limited right to enter and use the Platform and our Services. We reserve all rights, title and interest not expressly granted under this licence to the fullest extent possible under law. Any use of the Platform or Services not specifically permitted under these Terms and Conditions is strictly prohibited.
  2. You acknowledge and agree that the Platform and the Services are our property and are protected by copyright, intellectual property and other applicable laws.
  3. You may view, print and/or download a copy of any materials from the Platform on any single computer solely for your personal, informational, non-commercial use, provided you keep intact all copyright and other proprietary notices. You agree not to modify the material on the Platform in any manner or form, or to use modified versions of the Platform or any materials on the Platform, including without limitation for the purpose of obtaining unauthorised access to the Platform.
  4. You agree not to access our Services by any means other than through the Platform.
  5. The trademarks, service marks, product names, company names and logos used on the Platform are either owned by us or are licenced or used with permission from a third party owner. Any third party trademark, service mark, product name, company or logo remains the property of the respective owner.
  6. The software, text, images, graphics, data, prices, trades, charts, graphs, video, audio or other similar information used, displayed or otherwise made available on the Platform belong to us or is available to us under licence, unless otherwise stated. This information should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected, or distributed in any form or by any means, whether manual or automated.

11. Termination or Suspension of Services

  1. You may terminate your acceptance of these Terms and Conditions, and close Your Account at any time, following settlement of any pending transactions.

  2. You agree that we may, by giving notice, in our sole discretion terminate your access to the Platform, Services and Account, including without limitation:

    1. to limit, suspend or terminate you access and any or all of your sub-users’ access to the Services or Account;
    2. prohibit or restrict access to the Platform and its content, services and tools;
    3. delay or remove hosted content; and

    4. take any technical or legal steps to keep you from accessing the Platform or Services if we are of the reasonable belief that you are:

      1. creating problems or legal liabilities;
      2. infringing the intellectual property rights of us or any third parties; or
      3. acting in a manner that is inconsistent with or in breach of these Terms and Conditions.

  3. Additionally, we may, at our complete discretion, suspend, restrict, limit or terminate your Account for any reason, including without limitation, where:

    1. there are attempts to gain unauthorised access to the Platform, Services or another user's Account (including any Sub-Account) or providing assistance to others who are attempting to do so;
    2. there are attempts to overcome software security features limiting use of or protecting any content;

    3. there are attempts to use the Platform, Service or Account to perform any illegal activities such as:

      1. money laundering;
      2. illegal gambling operations;
      3. financing terrorism;
      4. funding drugs;
      5. malicious hacking; or
      6. any other criminal or prohibited activities;
    4. there is a violation of these Terms and Conditions, our Privacy Policy or our security procedures by you or any of your sub-users;
    5. there is a failure to pay for any transaction;
    6. there are unexpected technical or operational difficulties; or
    7. there is a request of law enforcement or other government agencies, if deemed to be legitimate and compelling by us, acting in our sole discretion.
  4. We also reserve the right to cancel unverified Accounts or Accounts that have been inactive for a period of 6 months or more, and/or to modify or discontinue our Platform or Services.
  5. You agree that we will not be liable to you or to any third party for the termination, suspension or restriction of an Account or access to the Platform and Services in accordance with these Terms and Conditions.
  6. The suspension of an Account shall not affect the payment of any fees due for past transactions that have been made on the Platform.
  7. Upon termination, you must provide us with all reasonable assistance to allow for the transfer of any fiat currency or cryptocurrency credited to your Account. Cryptocurrency may not be transferred to a valid bank account and must be converted to fiat currency before it can be transferred to your linked bank account.
  8. If you terminate your Account, we reserve the right to liquidate your cryptocurrency balances at the current market rate (less any applicable fees) into the fiat currency that you used to initially fund your Account for you to withdraw your funds to your linked bank account.
  9. We will transfer fiat currency as soon as practicable following your request upon termination of your Account.
  10. We will send to you the credit balance of your Account, however in some circumstances several intermediaries may be involved in an international payment and these intermediaries or the beneficiary bank may deduct charges. We will use reasonable efforts to ensure that such charges are disclosed to you prior to sending your payment. However, you acknowledge and agree that these charges cannot always be calculated in advance, and that you are solely responsible and liable for such charges regardless of whether we disclose them to you.

12. Limitation of Liability

  1. To the maximum extent permitted by law, we will not be held liable for any fines, penalties, taxes (except GST) and any exemplary, aggravated or punitive damages, liquidated damages or any indirect or consequential loss (including but not limited to loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, loss of contract, loss of production and loss of cryptocurrency).

  2. Our total aggregate financial liability in respect of claims based on events arising out of or in connection with your use of the Platform or Services, whether in contract or tort (including negligence) or otherwise, will in no circumstances exceed the lesser of either:

    1. the total amount held in your Account less any amount that may be due and payable to us in respect of your Account under these Terms and Conditions; or
    2. the amount of the transaction(s) that are the subject of any claim less any fees that may be due and payable in respect of such transaction(s).
  3. In every case, we will never be responsible for any loss or damage that is not reasonably foreseeable, or that is caused by a failure by you or your authorized representative to comply with these Terms and Conditions.

13. Indemnities

To the maximum extent permitted by law, you hereby agree to indemnify us, and our partners, officers, directors, employees and agents against any action, liability, cost, claim, demand, loss, damage, proceeding or expense (Loss) of any nature arising under tort, statute, equity, contract or some other cause of action that we suffer as a result of:

  1. Your (and your sub-users’) negligent or wrongful acts or omissions;
  2. your breach of any law, regulation or rules;
  3. any damage that you cause to our Platform or any other user, person or entity;
  4. your use of the Platform or Services; or
  5. your violation of these Terms and Conditions or Privacy Policy, but you will not be liable for any loss to the extent such Loss is the direct result of our negligent or wrongful acts or omissions.

14. Governing Law and Dispute Resolution

  1. These Terms and Conditions shall be governed by and construed in accordance with the laws of the Republic of Singapore, without regard to its conflict of law principles.
  2. In the event of any dispute, controversy, or claim arising out of or in connection with this Agreement, including any question regarding its existence, validity, or termination, the parties shall first attempt to resolve the dispute amicably through good-faith negotiations within 30 days from the date a written notice of dispute is served by one Party on the other.
  3. If the dispute remains unresolved after negotiation, the Parties may, by mutual agreement, submit the dispute to arbitration administered by the Singapore International Arbitration Centre (“SIAC”) .The arbitration shall be conducted by a single arbitrator appointed in accordance with SIAC rules for the time being in force. The language of the arbitration shall be English, and the award shall be final and binding on the Parties.
  4. Notwithstanding the above, either Party may seek injunctive or interim relief from the courts of Singapore to prevent irreparable harm or preserve rights pending arbitration.
  5. Subject to the dispute resolution mechanism above, the Parties irrevocably submit to the exclusive jurisdiction of the courts of Singapore for any judicial proceedings in aid of arbitration or enforcement of an arbitral award.

15. Data Protection

  1. As a condition to offering access to the Platform and our Services, we may collect personal information from you. All information will be collected, used, shared, stored and managed in accordance with our Privacy Policy.
  2. If you receive or have access to information about another User through the Services, you must inform us immediately, destroy the information, and/or keep the information confidential. You may not use or share the information unless you have been expressly authorized to do so either by us or the subject of the information.

16. General

  1. Relationship of the Parties

    Independent Reserve Singapore does not act as your trustee, broker, agent, or advisor in any fiduciary capacity. Any communication from us to you is not intended as, nor shall be construed, as investment, financial, legal, or tax advice, or advice of any other kind. All actions performed by us while providing you with the Services are solely based on your instructions and within our rights or authority under these Terms and Conditions. Nothing in these Terms and Conditions, or through your use of the Services, is intended to create a partnership, joint venture, or agency arrangement between you and Independent Reserve Singapore.

  2. Taxes

    You are solely responsible for determining the taxes which arise from your use of the Services and reporting and paying such taxes with the relevant tax authorities. Independent Reserve Singapore may be required by law to report information with respect to your transactions on the Platform to relevant authorities and you shall be solely responsible and accountable for any amounts due to such authorities. If we are required or instructed to pay taxes or duties on your behalf, you agree that we may deduct such sums as required from your Account balances, and we may, without liability, refuse to execute such payments where your Account hold insufficient balances. We may also be required to withhold or add taxes to your transaction if required by any applicable laws.

  3. Assignment

    You may not assign your rights, obligations, liabilities or obligations under these Terms and Conditions to any other party without our express consent, which may be withheld at our discretion. Notwithstanding this, Independent Reserve Singapore reserves the right to assign, transfer or novate its rights without restriction to any entity within the Independent Reserve Group or to any successor in interest of any business associated with us.

  4. Third Parties

    1. Any person or entity not party to these Terms and Conditions shall have no right under the Contracts (Rights of Third Parties) Act 2001 to enforce or enjoy the benefit of these Terms and Conditions.
    2. In a change of control event where Independent Reserve Singapore is acquired by or merged with a third-party entity, we reserve the right to transfer, assign, or novate any and all information we have obtained from you, including your acceptance of these Terms and Conditions, as part of the acquisition, merger or change of control. If you do not agree to this, you must immediately stop using the Services.

  5. Entire Agreement

    1. These Terms and Conditions (and any applicable appendices or policies referenced herein) constitute the entire understanding and agreement between you and Independent Reserve Singapore for the use of the Services, and shall supersede any and all prior discussions, agreements, understanding, or earlier versions of these Terms and Conditions between you and Independent Reserve Singapore.
    2. We may, from time to time, supplement these Terms and Conditions with additional terms relating to specific products or services.

  6. Severability

    If any provision of these Terms and Conditions is found to be invalid or unenforceable, either in whole or in part, for any reason, the remaining terms shall continue in full force and read without the unenforceable part.

  7. Enforcement of Rights

    Our rights and remedies under these Terms and Conditions are cumulative and not exclusive of any rights or remedies provided by any other laws or agreements. Any failure or delays by us to enforce our rights or seek remedies under these Terms shall not be deemed a waiver of such right or remedy and any single or partial exercise of those rights or remedies shall not preclude us from any other exercise of our other rights and remedies under these Terms.

  8. Language

    1. The headings used in these Terms and Conditions are for reference and convenience only and shall not govern the meaning or interpretation of the provisions in these Terms and Conditions.
    2. These Terms and Conditions may be translated into other languages for your understanding and convenience only. Where there is a conflict between the English version of these Terms and Conditions with a version in any other language, the English language version shall prevail.

  9. Survival

    Notwithstanding any termination or expiration of these Terms and Conditions, the provisions relating to termination of services, data protection, indemnities, service representations, limitation of liability, intellectual property, dispute resolution, and general terms shall survive and continue in full force and effect. The obligations under these surviving provisions shall remain binding indefinitely or for the duration specified therein, whichever is shorter.

17. Definitions

"Account" refers to the fiat and cryptocurrency accounts provided by Independent Reserve Singapore in order for a user or sub-user to access and use the Platform and Services.

"Account Owner" means the individual or entity who is the main holder of the Account and not a sub-user.

"AMLCFT" refers to anti money laundering and countering the financing of terrorism.

"Autotrader" means our automatic trading service, which allows you to create automated trading strategies.

"Cryptocurrency, Cryptocurrencies or DPTs" refer to the digital payment tokens, coins, tokens, crypto, digital currency, or digital assets listed by us on our Platform from time to time.

"Corporate Account" refers to a business Account set up by a legal entity to access the Services.

"KYC" refers to our customer due diligence processes.

"MAS" refers to the Monetary Authority of Singapore

"Multi-user Account" refers to a Personal Account linked to Sub-Accounts.

"OTC trades" refers to over-the-counter trades facilitated by Independent Reserve Singapore’s trading desk which occur outside of the exchange.

"Party" may refer to a user or Independent Reserve Singapore interchangeably and “Parties” refers to both a user and Independent Reserve collectively.

"Platform" means the Website, mobile application or other API made available by us from time to time.

"Privacy Policy" means the privacy policy that we have available on our Website from time to time, accessible at https://www.independentreserve.com/sg/help/privacy-policy.

"Services" collectively refers to:

  1. the issuance of accounts used to access the Platform;
  2. exchange services used to convert, buy, sell, trade or transfer cryptocurrency;
  3. the wallet services provided by us to hold cryptocurrency;
  4. the safeguarding of fiat and cryptocurrency funds deposited with us;
  5. the facilitation, receiving, and execution of orders for the buying and selling of cryptocurrency;
  6. and any other services that may be introduced on the platform or which are incidental to any of the above services.

"Sub-user" means an individual person with a Sub-Account that has been granted limited access to an Account by an Account Owner.

"Sub-Account" means an account opened by a Secondary user under a Multi-user Account.

"Terms and Conditions" means these terms and conditions.

"Unallocated Deposit" refers to cryptocurrency and fiat deposits made to our bank accounts without a unique deposit code, or without information which would allow us to identify the intended account for allocation of the deposit despite reasonable attempts to ascertain the intended beneficiary Account.

"Unclaimed Funds" are remaining balances in closed accounts which have not been withdrawn by the user prior to account closure.

"Website" means the internet site at the address https://www.independentreserve.com/sg or any other site operated by us.

"Independent Reserve Singapore", "we", "us" or "our" means Independent Reserve SG PTE. LTD, UEN 201942383Z.

"Independent Reserve Group" refers to all parent, subsidiaries, and affiliates of Independent Reserve Singapore.

"you or your" means any user of the Platform, including a secondary user unless expressly provided otherwise.