Multiple Accounts. The Customer understands that the FTX trading platform (the “Platform”) is operated by FTX as well as FTX’s affiliate, West Realm Xxxxxx Services Inc., doing business as XXX.XX, a Financial Crimes Enforcement Network (“FinCEN”) registered and state licensed Money Services Business (the “MSB”). Customer understands that in order to access the Platform and open an Account with FTX, that Customer must also open an account with the MSB(the “Customer MSB Account”). Customer’s relationship with each of FTX and MSB (collectively, the “FTX Entities”) with respect to the use of the Platform is controlled by separatedocumentation governing such relationships (collectively, the “Platform Documentation”). For the avoidance of doubt, this Customer Agreement solely governs the relationship between Customer and FTX. Customer understands and acknowledges that their funds are treated differently and subject to separate regulatory regimes depending on whether or not such funds are held in the Customer MSB Account or the Customer Account at the FTX. Specifically, FTX is a member of the Securities Investor Protection Corporation (“SIPC”), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). The MSB maintains Customer MSB Accounts at a bank which is a member of the Federal Deposit Insurance Corporation (FDIC). Customer holdings in their Customer MSB Accounts are insured up to $250,000 per depositor against the failure of the FDIC member bank. FDIC insurance does not protect against the failure of the MSB or malfeasance by any MSB employee. MSB and the bank at which Customer Accounts are held are not members of FINRA or SIPC and therefore your funds held in the Customer MSB Account are not SIPC protected. Customer understands and acknowledges that when accessing the Platform and engaging in various types of activity, including but not limited to buying and selling securities, that Customer funds will move from their Customer MSB Account to their Customer Account at the FTX and vice versa, as indicated and explained in further detail below. CUSTOMER UNDERSTANDS AND AGREES THAT WHEN IT OPENS AN ACCOUNT AND ACCESSES THE PLATFORM, THAT CUSTOMER WILL INTERACT WITH EACH OF THE RELEVANT FTX ENTITIES DEPENDING ON CUSTOMER’S ACTIVITIES ON THE PLATFORM. CUSTOMER FURTHER ACKNOWLEDGES AND UNDERSTANDS THAT CLEAR, EXPLICIT AND REPEATED DISCLOSURES WILL BE PROVIDED TO CUSTOMER AT ALL RELEVANT TIMES DURING CUSTOMER ACCESS OF THE PLATFORM. IN THE EVENT THAT CUSTOMER HAS ANY QUESTIONS REGARDING CUSTOMER’S RELATIONSHIP WITH FTX, OR ANY OF THE FTX ENTITIES, OR QUESTIONS REGARDING ANY OF THE INFORMATION CONTAINED IN THIS CUSTOMER AGREEMENT, CUSTOMER WILL IMMEDIATELY CONTACT FTX AT FTX SUPPORT PRIOR TO ENGAGING IN ANY TRADING AND/OR RELATED ACTIVITY ON THE PLATFORM.
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Samples: Capital Markets LLC Customer Agreement, Capital Markets LLC Customer Agreement, Capital Markets LLC Customer Agreement
Multiple Accounts. The Customer understands that the FTX trading platform (the “Platform”) is operated by FTX as well as FTX’s affiliate, West Realm Xxxxxx Services Inc., doing business as XXX.XX, a Financial Crimes Enforcement Network (“FinCEN”) registered and state licensed Money Services Business (the “MSB”). Customer understands that in order to access the Platform and open an Account with FTX, that Customer must also open an account with the MSB(the “Customer MSB Account”). Customer’s relationship with each of FTX and MSB (collectively, the “FTX Entities”) with respect to the use of the Platform is controlled by separatedocumentation governing such relationships (collectively, the “Platform Documentation”). For the avoidance of doubt, this Customer Agreement solely governs the relationship between Customer and FTX. Customer understands and acknowledges that their funds are treated differently and subject to separate regulatory regimes depending on whether or not such funds are held in the Customer MSB Account or the Customer Account at the FTX. Specifically, FTX is a member of the Securities Investor Protection Corporation (“SIPC”), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). The MSB maintains Customer MSB Accounts at a bank (see below) which is a member of the Federal Deposit Insurance Corporation (FDIC). Customer holdings The MSB is not FDIC insured, and no cryptocurrency balances (including stablecoins) benefit from FDIC insurance. To the extent the customer holds USD fiat balances (and such balances are not held in their Customer MSB Accounts stablecoins or other investments), these fiat balances are held in customer omnibus accounts at FDIC-insured banks (Silvergate Bank and Signature Bank for customers of the MSB, and Evolve Bank & Trust for users of our virtual accounts, as of August 2022). These customer omnibus accounts have been established in a manner that is intended to make pass-through FDIC insurance available up to the per-depositor coverage limit then in place (currently up to at least $250,000 per depositor, per ownership category). Availability of pass-through FDIC insurance is subject to the bank's records expressly disclosing that the deposits being held for your benefit, our maintaining accurate records that identify you as the actual owner of the funds in the omnibus account and your respective ownership interest in the omnibus account, and a favorable determination by the FDIC as receiver (in a bank insolvency case) at the time of a receivership of the bank holding a customer omnibus account. Again, if determined to be available by the FDIC as receiver following a bank insolvency, FDIC insurance only covers fiat balances held in these banks up to the per-depositor against coverage limit then in place, and does not extend to any cryptocurrency, stablecoin, or other non fiat balances. As a reminder, FDIC insurance is only relevant in the case of the failure or insolvency of the FDIC member bank, and is not relevant in the case of the failure or insolvency of the MSB. Similarly, FDIC insurance does not protect against the failure apply to funds lost through changes in market prices, or losses due to a hack or other similar breach or other misuse of either the MSB generally or malfeasance by any MSB employeeyour account specifically. The MSB and the bank at which the fiat balance of Customer Accounts are held are not members of FINRA or SIPC and therefore your funds held in the Customer MSB Account are not SIPC protected. Customer understands and acknowledges that when accessing the Platform and engaging in various types of activity, including but not limited to buying and selling securities, that Customer funds will move from their Customer MSB Account to their Customer Account at the FTX and vice versa, as indicated and explained in further detail below. CUSTOMER UNDERSTANDS AND AGREES THAT WHEN IT OPENS AN ACCOUNT AND ACCESSES THE PLATFORM, THAT CUSTOMER WILL INTERACT WITH EACH OF THE RELEVANT FTX ENTITIES DEPENDING ON CUSTOMER’S ACTIVITIES ON THE PLATFORM. CUSTOMER FURTHER ACKNOWLEDGES AND UNDERSTANDS THAT CLEAR, EXPLICIT AND REPEATED DISCLOSURES WILL BE PROVIDED TO CUSTOMER AT ALL RELEVANT TIMES DURING CUSTOMER ACCESS OF THE PLATFORM. IN THE EVENT THAT CUSTOMER HAS ANY QUESTIONS REGARDING CUSTOMER’S RELATIONSHIP WITH FTX, OR ANY OF THE FTX ENTITIES, OR QUESTIONS REGARDING ANY OF THE INFORMATION CONTAINED IN THIS CUSTOMER AGREEMENT, CUSTOMER WILL IMMEDIATELY CONTACT FTX AT FTX SUPPORT PRIOR TO ENGAGING IN ANY TRADING AND/OR RELATED ACTIVITY ON THE PLATFORM.
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