SCX, by means of the Site, provides registered users with the Service to sell or buy virtual currencies. By placing an order, you confirm and declare that you have read, reviewed, understood and accepted all of the following important legal information and present Order Processing Policy mentioned hereinafter and will comply to them, as well as the Terms and all policies and procedures incorporated by reference. If you do not agree to the Order Processing Policy, the Terms or any policies and procedures incorporated by reference, please exit the Site immediately.
The Order Processing Policy is subject to change at any time without notice and access to, and use of the Site and/or User Account and/or Services may be restricted or terminated at any time. You are therefore advised to review the Order Processing Policy each time you access the Site, your Account or any of our Services.
For information about the financial regulation, please refer to the respective section in the Terms.
It is your exclusive responsibility to determine if any fees shall be applied, and in which measure, to the transactions of virtual currencies performed by means of the Services, and to retain, collect, report and remit the right values of the fees to the tax authorities from your territory. For information about fees for our Services, please refer to our Fee Policy.
Buying and Selling Operations
Buying/ selling operations of virtual currencies that have already been processed are irreversible, and the agreed exchange rate remains the same until the conclusion of the operations. The buying/ selling rate is guaranteed solely in case of operations for which the amount is credited in one of the SCX bank accounts, within 60 minutes at most, according to what was mentioned at the time when the operation was initiated, during the working schedule: Monday-Friday, 09 am-17 pm GMT +1.
If the value of buying operation is not credited in one of the SCX accounts in the established time of 60 minutes, the exchange rate will be established by SCX at the time of collection of the amount transferred by the registered user in the SCX bank account, depending on the buying rate available at that time.
If the amount corresponding to the buying operation is credited in one of the SCX bank accounts in the established time of 60 minutes, but outside the working schedule, we reserve the right to confirm and approve the buying operation in the following business day, at the buying rate available at that time, by mutual agreement with the registered user.
The approval of the operation can last between few minutes and 3 days (business days), depending on the means used to transfer the amount, the acquired value, the history of the Account and the volatility of the market. The confirmation of the operation by the virtual currency network varies depending on how busy the network is.
Withdrawing cryptocurrency from your User Account to a virtual currency wallet, will be possible only if you withdraw to your personal virtual currency wallet, we do not accept third party virtual currency wallets.
We are not creating FIAT deposits for our clients. We are only converting FIAT to virtual currencies or sell virtual currency and send the FIAT to the registered users’ bank account verified during the registration process.
Right to Suspend or Delay Transactions and Settlements
SCX reserves the right to refuse the processing or annulment of any ongoing transaction using virtual currencies or any transaction using the local currency connected to your Account, according to the legal provisions or as an answer to a notice, a legal order or another binding decision. SCX cannot reverse the settlement of the virtual currency that has been communicated and confirmed by the special network for virtual currencies.
SCX reserves the right to deny a procedure or to annul it, with regard to any acquisition or sale of virtual currencies or any transfers, at its own discretion, if it suspects that the transaction implies, or it presents a high risk of implication in money laundering, the financing of terrorism, a fraud or any other type of financial infringement, tax evasion, as well as any offence provided for by the criminal law, as an answer to a notice, legal order or other governmental order, or if it suspects that the transaction refers to a narrowed activity. We reserve the right to modify, suspend or interrupt any aspect of the Services, at any time, including the operating hours or the availability of any facility, without a prior notification and without any liability.
We can deny the processing of any transaction or the settlement without a prior notification and we can limit or suspend your right to use one or several Services, at any time, at our own discretion.
The suspension of your right to use any of the Services will not affect your rights and obligations pursuant to the Terms or any policies and procedures incorporated by reference. It is possible, at our own discretion, to delay the transactions or agreements, if we consider that the transaction is suspicious or that it might imply any frauds or irregularities, or that its infringes the applicable laws or it infringes the Terms or any policies and procedures incorporated by reference.
In case of an increased volatility of a market, unforeseen situations on the economic scene or events of force majeure, the transactions and settlements can be subjected to delays. SCX will not be held liable for these delays, not having any control on these potential events. SCX is not responsible for these delays due to the settlements subjected to a transfer between banks.
Refund and cancellation of Orders
Once submitted a request for a quote by a registered user, the price offered by SCX as response will be valid 60 minutes. Within this timeframe, the payment as implied acceptance of the offer has to be made. Otherwise, the offer will be automatically cancelled and the offer will no longer be available. All sales are final, no cancellations or refunds are available after accepting the offer by initialising the payment.
For more information on refunds in case of Account suspension or closure, please refer to our User Account Policy.
Update and Approval
The present policy should be revised in yearly bases and updated whenever appropriate. For updates in citation, and not material changes the update can be performed immediately with the double approval of the CO and one authorised manager of SCX. For further or material updates or modification, this will be presented to the board of directors for approval. In yearly bases, all changes will be presented to the board of directors for their final approval, or in case in which during a year no change was performed, this situation will be brought to the attention of the board of directors.
Validity and Document Management
This policy and procedure has been approved by SCX board of directors on 15 February, 2018. It replaces and supersedes any prior policy and procedures on this subject matter. This policy shall be reviewed and if necessary updated annually by the CO and hence is valid until 15 February, 2019, unless a revision is published prior.