OKX Cardholder Agreement
1. Introduction
This Agreement contains the terms on which we provide the Services to you.
Please read this Agreement in full before you start using the Services; it contains important information about us, the Services we will provide to you, the circumstances under which this Agreement may be changed or ended, what to do and how to access help from us in the event there is a problem as well as other relevant information.
Please visit our Help Center if you have any additional questions.
By starting to use the Services (including, for example, downloading the app, logging into your Card Account, loading your Card Account or using the Card to transact) you confirm that you accept and agree to this Agreement (including any updates to this Agreement and the other documents referred to above).
2. Card issuer and how to contact them
Our company information: UAB Monavate is a company incorporated under the laws of Lithuania with entity code: 305628001. Our registered address is Konstitucijos pr. 21a, LT-08130, Vilnius ("Monavate", “us”, “we”, “our”, as applicable in the context).
We are authorised by the Bank of Lithuania: UAB Monavate Limited is authorised by the Bank of Lithuania (“BOL”) (authorisation codeLB002139) to issue electronic money and provide payment services.
How to contact us: You can contact us:
By phone: +37069870638
By email: info@monavate.com
By writing to:
UAB Monavate
Konstitucijos pr. 21a
LT-08130
Vilnius
3. Glossary
Card means the payment card issued by us to you.
Card Account means the personal log in area of our OKX account where you can set your spending spending limit, view a list of transactions you have made using the Card, and other information.
Framework Contract means a contract for payment services which governs the future execution of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account as defined in the EU Payment Services Directive.
Funding Source means a payment instrument (such as a credit card, debit card or bank account) that you can link to your OKX Account.
Services means the Card, Card Account and other services provided by us to you in connection with the Card.
Supported Currencies means those foreign currencies that we support.
Top-Up means loading “topping up” your OKX Account with funds.
OKX Account means your associated OKX platform account.
Programme Manager - OKCoin Europe LTD will act as the Programme Manager for the Card Account.
4. Getting started
4.1 Eligibility: In order to be eligible to use our Services, you must be at least 18 years old. In order to start using our Services, you must apply for a Card and provide the relevant details about yourself when prompted.
4.2 Verification: We are required by law to verify certain details about you. We will not issue the Card or open a Card Account until we have verified your identity and performed such other checks as we may in our discretion deem appropriate.
4.3 The information you provide must be accurate: The information you provide to us must be accurate, complete and truthful at all times. If your personal information changes, then you must update the information we hold about you. We may require additional information from you from time to time and you must cooperate by providing such information upon request.
4.4 Electronic checks with third parties: We may share information which we receive from you with other associated organisations or carry out checks on you electronically as is necessary for the purposes of providing the Card. When we perform electronic checks, we may disclose personal data about you to fraud prevention and credit reference agencies who may keep a record of that information. By applying for the Card, you agree to certain personal data about you being passed to such agencies for this purpose. You have the right of access to the personal records held by such fraud prevention agencies. We will supply the names and addresses of the agencies we use upon written request.
4.5 You must comply with laws applicable to you at all times. You must comply with laws applicable to you at all times. This means when you must comply with all laws applicable to you during the time in which you are applying with us for the Card, throughout the term of this Agreement and for as long as we hold a balance of funds for you after this Agreement ends.
5. About the card
5.1 Description
The Card is issued by us – Monavate. Please see our company’s details in section 2 (Who we are and how to contact us).
The Card is a payment card that can be used for online and in-store purchases worldwide at merchants who accept Mastercard/Visa payment cards as a form of payment for goods and services.
The Card is not a credit card or a charge card, nor is it a debit card linked to a current account, no interest is payable to you on the balance and the funds loaded onto the Card do not amount to a deposit with us.
To use the Card for purchases, you must first load the Card with funds (please see section 5.2).
Once loaded with funds, you may use the Card to pay for goods and services. Each time you use the Card, the balance of your OKX Account will be reduced by the amount of the purchase plus any applicable fees.
Please note that the funds held loaded onto your Card are NOT protected by the Financial Services Compensation Scheme; however, we follow the requirements of the Electronic Money Regulations 2011 and the Electronic Money Directive (Directive 2009/110/EC) which are designed to ensure the safety of funds held on accounts such as this.
5.2 What happens in cases where there are insufficient funds on my Card?
If you attempt to pay for a purchase using the Card and you have an insufficient balance of funds in your OKX Account to pay for that purchase, the payment will be declined. You must have a sufficient balance of funds on your OKX Account in order to pay for a purchase. The balance of funds held on your OKX Account must not be negative.
5.3 Loading funds onto your Card with Top-Up
5.3.1. Top-Up: You can designate funds within your OKX Account to make purchases with your Card.
5.3.2. When we receive a payment from your Funding Source, we may hold the funds for so long as we determine that there is no risk that the issuer of the Funding Source (i.e. your card-issuing or account-issuing bank) may reverse the transfer due to there being insufficient funds in your bank account.
5.3.3 In order to ensure you receive good outcomes from your use of our Services, we may limit the Funding Sources available for a transaction. If we limit a Funding Source, we may alert you that there is a higher-than-normal level of risk associated with the payment (for example, a risk that the payment may be challenged for some reason). If we contact you for this reason, we are not asserting that you or the merchant who you seek to pay is acting in a dishonest or fraudulent manner. It means that we consider there may be a higher-than-normal risk associated with the payment and we are investigating to ensure you receive a good outcome, as far as possible.
6. Use of the Card
6.1 How to authorise a payment
6.1.1. You will need to authorise a transaction before we may charge it to your Card. To do this, you will need to use the Card or the Card number. You may need to take additional steps to authorise a transaction at the time you are paying, for example, you may need to enter details on a merchant’s online payment page, tap your Card at the point of sale in-store or enter your PIN on the key pad. Depending on the circumstances, you may be required to undergo some further security checks at the time such as providing biometric data (e.g. a fingerprint).
If the Card, card number and PIN, biometric data or other security details have been used, we will assume you have authorised the transaction. You must therefore tell us immediately if you do not recognise a transaction that has been charged to your Card and is listed as a transaction in your Card Account.
6.1.2. You cannot cancel a transaction after it has been authorised. For payments that you have authorised to be made on a future date, please contact the merchant for cancellation.
6.2 Situations where we may refuse to authorise a transaction
There are certain situations in which we may refuse to authorise a transaction and/or where we may suspend your use of your Card and/or the Card Account. These situations are:
if legal or regulatory requirements prevent us from making the payment or mean that we need to carry out further checks;
if you have infringed this Agreement in a way that we reasonably believe justifies our refusing or delaying your payment;
if we believe that processing your transaction would break this Agreement or that you have not provided all the information we need to make the payment properly;
if the amount is over, or would take you over, any limit that applies to your Card. Please see your OKX Account for limits that may apply to your Card.
if there are not enough funds loaded onto your OKX Account to make the payment and cover any fees;
if a bankruptcy order is made against you or you have entered into an individual voluntary arrangement with your creditors;
if, even after doing everything reasonably possible, we will not be able to make the payment on time;
if a third party prevents us from making the payment (for example, a card scheme);
if you owe us money;
if we have asked you for important information we reasonably need and you have not given us that information; or
if we have suspended your account.
6.3 Time we will receive the payment order
If your payment order is received by us after 4pm on a business day or not on a business day, your payment order will be deemed received on the following business day.
6.4 Execution times
6.4.1. Within the EEA, we will execute any transaction:
a. in euro; or
b. involving only one currency conversion between the euro, provided that:
i. the required currency conversion is carried out in the EEA; and
ii. in the case of cross-border transactions, the cross-border transfer takes place in euro,
by transferring the amount of the transaction to the payment service provider of the payee by the end of the next business day following the receipt of the payment order.
6.4.2. Any other transactions within the EEA will be executed no later than four business days following the receipt of the payment order.
6.4.3. If the payment service provider of the merchant is located outside the EEA, we will execute the transaction as soon as possible.
6.5. Limits placed on the Card
We may also place limits on using the Card for purchases above a certain amount, from time to time. Such limits will be listed in your OKX Account.
6.6. Accounting for service charges or tips
When using the Card at certain merchants (such as, for example, hotels or car rentals), an additional amount (typically 10%-20%) may be added to anticipated service charges or tips, temporarily reducing the balance on the Card. This is to ensure there are sufficient funds available to cover the final cost of the transaction and to reduce the risk of a negative balance arising on the Card. If your actual service charge or tip is less than the additional amount added, it may take up to seven (7) days from the date of the transaction before the difference is available to spend. Only the actual amount of the final bill agreed between you and the merchant will be deducted from the Card.
6.7. Shortfall
In the unlikely event, a transaction is completed when there are insufficient funds on the Card for that transaction (a "Shortfall"), the Shortfall shall be reimbursed by you unless it is due to an error on the part of the Merchant where the Card was presented, in this circumstance we may seek the Shortfall from the Merchant.
You agree that once we make this Shortfall known to you, we may charge you for the Shortfall amount and deduct the amount from the balance of your OKX Account or from your linked Funding Source. We may also charge the amount of the Shortfall from any other Cards that you hold with us, or any other payment method which you may designate at that time, or against any funds which you may subsequently load onto the Card. Until we are reimbursed the Shortfall amount, we may suspend the Card. In addition, we reserve the right to charge you an administration fee for each transaction that you make using the Card that results in a Shortfall or increases the Shortfall amount on the Card.
7. Expiry
You may only use your Card up until the expiry date on your Card or otherwise shown in your OKX Account. We may ask you to confirm some details prior to renewing your Card.
If you do not want your Card to be renewed, please contact us via our Help Center.
8. Withdrawing funds loaded onto your Card
Your OKX Card is issued without any funds and it will always have a zero balance therefore no funds can be withdrawn from your OKX Card. The OKX Card will only cover the cost of the transaction you approve and no balance of funds will remain on your OKX Card.
9. How much will you pay
9.1. Fees: You must pay the fees in connection with your use of the Services. We will not process your payment until we have received the relevant fees from you. You can see all fees applicable to you in your OKX Account.
9.2. Interest: The funds associated with your Card will not earn any interest.
10. OKX Communicating with you
10.1. OKX may contact you by telephone, letter, SMS or email using the details that you have provided in your OKX Account. You must keep your contact details in your OKX Account up-to-date at all times.
10.2. Information: Where we are required to provide information to you on a durable medium, we will either send you a notification in your OKX Account pointing you to information in your OKX Account in a way that enables you to keep that information, unchanged, and refer to it in the future, such as pdf. Please keep copies of information provided by us to you. If you would like us to provide information in a different manner than agreed, then we may charge you a reasonable administration fee to cover our costs.
10.3. Language: We will communicate with you in English.
10.4. Your right to receive a copy of this Agreement: A copy of this Agreement is always available in a form to download in your OKX Account. Please visit our Help Center if you need assistance in obtaining a copy.
11. Keeping your card safe
11.1. Steps you must take to keep your card safe
You must take adequate measures and use best efforts to prevent unauthorized access/use of the Services:
To help you keep your Card and use of the Services secure, you are required to:
keep your Card, Card number, CCV, login codes and other security features used to access the Services strictly to yourself; do not share your security credentials to access the Services with any other person or otherwise allow another person to use the Services;
not permit any other person to use your Card;
make sure all your devices are properly protected (set at least one form of access protection, for example a login code);
keep the operating systems of your devices clean (no illegal software) and up-to-date;
frequently review the list of transactions in your OKX Account to confirm they are as expected as per your spending;
inform yourself about common scams, such as phishing;
always immediately report irregularities by contacting us via our Help Center and follow our instructions.
11.2. How to notify us if there is a problem
If you lose your Card details or if they are stolen, or you suspect that the Card has been used by someone other than you, you must tell us immediately by contacting us via our Help Center. You must also immediately lock your card from your OKX Account.
Please note that we may require you to provide some information in relation to the Card’s being lost, theft or misuse in writing. You must assist us (as well as the police) with any related enquiries.
11.3. How we will contact you if there is a problem
In the event we suspect there is an issue with the Card (for example, such as fraud or security threats) we may contact you, in the first instance, via the contact information stored under your OKX Account.
For this reason, you must maintain current up to date information in your OKX Account at all times.
12. Unauthorised or incorrectly executed transactions
In case of an unauthorised payment or where we have incorrectly executed a transaction, upon your request, we will, without delay, refund to you the amount of the transaction including all fees that we have charged for that particular transaction. You will not be entitled to a refund under this section:
(a) where your Card, or the personalised security features used to access your OKX Account, are lost, stolen or misappropriated. You will be liable up to EUR 50 of any unauthorised payments if we believe you should have been aware of the loss, theft or unauthorised use. We will not hold you liable up to EUR 50 if the unauthorised payment was caused either by our acts or omissions, or those of a third party expressly carrying out activities on our behalf.
Your liability up to EUR 50 also does not apply to any unauthorised transactions made after you have notified us that the security of your Card or OKX Account has been compromised.
(b) if you have acted fraudulently, in which case we will not refund you in any circumstances;
(c) if the payment transaction was unauthorised but you have with intent or gross negligence compromised the security of your Card or OKX Account or otherwise failed to comply with your obligations to use your Card or OKX Account on the terms of this Agreement. In such a case you shall be solely liable for all losses; or
(d) if you do not let us know about the unauthorised or incorrectly completed transaction without undue delay, and in any event, no later than 13 months from the date of the payment transaction.
13. Refunds and Chargebacks
13.1. You may claim a refund for a transaction that you authorised provided that:
a. your authorisation did not specify the exact amount when you consented to the transaction;
b. the amount of the transaction exceeded the amount that you could reasonably have expected it to be (taking into account your previous spending pattern on the account, this Agreement and the circumstances of this case);
c. you requested a refund from us by contacting us via the Help Center within 8 weeks of the date the transaction took place.
13.2. When you request a refund under this section 13, we may require you to provide us with evidence to substantiate your claim. We will refund you within 10 business days of receiving your claim for a refund or, where applicable, within 10 business days of receiving any further information we requested - or we will provide you with reasons for refusing the refund. The refund shall be equal to the amount of the relevant transaction.
13.3. We accept no responsibility for the goods or services purchased by you with your Card. All such disputes must be addressed directly with the merchant providing the relevant goods or services. Where you have used your Card to buy goods or services you may have a claim against the merchant if the goods or services are unsatisfactory, not supplied, supplied only in part or do not match the supplier’s description. You must notify us of any dispute within 60 days of the purchase in question and the chargeback will only be applied to your OKX Account if successfully secured from the merchant. If you wrongly make a chargeback claim, we will be entitled to charge you any fees we reasonably incur in pursuing the chargeback claim and we will be entitled to debit your OKX Account with the amount of any such fees. All chargeback claims will be handled in accordance with the Agreement and the requirements of Mastercard, as the relevant Card Scheme.
14. Our right to make changes to the Agreement
We may, at our discretion, amend the Agreement at any time (including amendments and additions to our fees).
14.1. Changes that we may make immediately: In certain exceptional circumstances such as where:
a. we have a reasonable belief that fraud is likely to or has occurred; or
b. the amendments are made in order to comply with any regulation,
we may make such amendments immediately and notify you following such amendments.
14.2. Changes we may make upon notice to you: Other than for immediate changes as set out above, if we wish to make a change to this Agreement, we will provide you with at least two (2) months’ notice in writing, via email.
If you do not agree to our proposed changes, you have a right to terminate the Agreement immediately free of charge. If you do not notify us of any disagreement with the proposed changes, we may assume you have accepted the changes to the Agreement on the date the change comes into force.
15. Our right to suspend access to the Services and/or close the Card and Card Account
We may close your Card and OKX Account or otherwise suspend access to the Services immediately in the following circumstances:
if we consider, acting reasonably, that you are behaving fraudulently or otherwise criminally;
if you have not given us any information we have requested from you, or we have good reason to believe that information you have provided is incorrect or not true;
if you have broken this Agreement in a serious or persistent way and you have refrained from putting the matter right within a reasonable time of us asking you to do so;
if we have good reason to believe that you continuing to use your Card and/or OKX Account could damage our reputation or goodwill;
if we have asked you to repay money you owe us and you have not done so within a reasonable period of time;
if you have been declared bankrupt; or
if we have to do so under any law, regulation, court order or the BOL’s instructions.
16. Closing your Card and ending this Agreement
16.1 You may close your Card and end this Agreement at any time. You may close your Card, redeem any funds (if applicable) and end this Agreement at any time. You may do this by contacting us via the Help Center. You only need to inform us at the time; you do not need to give us any prior notice.
17. Redeeming the funds held in your Card Account
Refer to section 8 Withdrawing funds loaded onto your Card.
18. Liability
18.1. We will not be liable for:
18.1.1. any fault or failure relating to the use of the Services that is a result of abnormal and unforeseeable circumstances beyond our control which would have been unavoidable despite all our efforts to the contrary, including but not limited to, a fault in or failure of data processing systems;
18.1.2. the goods or services that you purchase with using the Services (unless otherwise agreed);
18.1.3. any loss of profits, loss of business, or any indirect, consequential, special or punitive losses;
18.1.4. a merchant refusing to honour a transaction or refusing a payment; or
18.1.5. any acts or omissions that are a consequence of our compliance with any EU law or any other laws to which we are subject.
18.2. Nothing in this Agreement shall exclude or limit any regulatory responsibilities we have which we are not permitted to exclude or limit, or our liability for death or personal injury.
18.3. If you have used the Services or allowed the Services we provide to you to be used fraudulently, in a manner that does not comply with this Agreement, for illegal purposes, or if you have allowed access to the Services to be compromised due to your gross negligence, you will be held responsible for the use and misuse of the Services.
19. Law governing this Agreement and jurisdiction
The law governing this Agreement is the laws of Lithuania. The courts of Lithuania have jurisdiction to adjudicate any dispute between you and us in connection with this Agreement.
20. Complaints and Dispute resolution
If You have any complaints, feedback, or questions, please contact our Customer Service via the Help Center. When you contact us, please provide us with your name, email address, and any other information we may need to identify you, as well as the transaction on which you have feedback, questions, or complaints. Correspondence may be monitored or recorded.
We will provide you a full response to your complaint by email within fifteen (15) Business Days after the date we receive your complaint. In exceptional circumstances where we are unable to respond in full to your complaint, we will inform you of this giving our reasons for the delay and the timeframe within which you will receive a full reply, which in any event shall be within thirty-five (35) Business Days of the date we received your complaint. If you are not happy with our response you shall raise your complaint with UAB Monavate.
Following a response from UAB Monavate, if you are still not satisfied with the resolution offered to you, you may apply to the Bank of Lithuania for the settlement of a dispute with us, which is an alternative dispute resolution institution between financial service providers and the Consumers in accordance with the following terms and procedures: (i) before applying to the Bank of Lithuania for dispute settlement, you must apply to us, specifying the circumstances of the dispute and your claim. You shall apply to us no later than within 3 months from the day when you became aware of possible violation of your rights; (ii) in the event where our reply does not satisfy you or you have not received our reply as outlined above, you shall have the right to apply to the Bank of Lithuania for the dispute settlement within 1 year after we have been contacted. Upon expiration of this term, you lose the right to apply to the Bank of Lithuania for the same dispute;
You may apply to the Bank of Lithuania for a dispute with us: (i) via the electronic dispute settlement tool "E-Government Gateway"; (ii) by filling in the Consumer Application Form available on the website of the Bank of Lithuania and sending it to the Bank of Lithuania Supervision Service at Žalgirio str. 90, LT-09303, Vilnius, Lithuania, or by e-mail pt@lb.lt; (iii) by filling in the free form application and sending it to the Bank of Lithuania Supervision Service at Žalgirio g. 90, LT-09303, Vilnius, Republic of Lithuania, or by e-mail pt@lb.lt.
More information on the dispute settlement procedure is available on the website of the Bank of Lithuania: https://www.lb.lt/en/dbc-settle-a-dispute-with-a-financial-service-provider.
When you consider that we have violated the legislation regulating the financial market, you have the right to file a complaint with the Bank of Lithuania regarding possible violations of financial market legislation.
Your complaint to the Bank of Lithuania can be submitted as follows: (i) in writing, by sending a complaint to the address: Totorių str. 4, LT-01121, Vilnius, Republic of Lithuania or Žalgirio str. 90, LT-09303, Vilnius, Republic of Lithuania; (ii) by e-mail: info@lb.lt or pt@lb.lt; (iii) by fax (8 5) 268 0038; (iv) by filling in the online form at the designated section of the Bank of Lithuania website; (v) by other means specified by the Bank of Lithuania.
In case a dispute cannot be resolved through negotiations, the dispute may be solved in the courts of the Republic of Lithuania in accordance with the procedure set forth by the laws of the Republic of Lithuania.
21. Data protection
We need to collect information about you to provide you with the Services under this Agreement. For information on how we use your personal data, please refer to the OKX Privacy Notice relevant to your jurisdiction in the Help Center.
By entering into this Agreement, you acknowledge and agree that we may collect, process and store your personal information for the purposes of providing our Services to you. This does not affect any rights and obligations you or we have under data protection law.
22. Other legal terms
22.1. We may transfer this Agreement to someone else
We may assign or otherwise transfer any of our rights and obligations under the Agreement, without your prior consent, to any other person or business, subject to such party continuing the obligations in the Agreement to you.
22.2. Third parties
This Agreement is between you and us only. Except for any party to whom we transfer this Agreement (under section 22.1), nothing in the Agreement gives any third party any benefit or right (including any enforcement right).