xBTC User Agreement

Publicado el 22 may 2025

Published on: May 22, 2025

1. Overview

1.1 The xBTC Service (the “xBTC Service” or “Service”) Agreement is provided to you (“you” or “Customer”) by the OKX entity applicable to you under the OKX Terms of Service (“OKX”, “we”, “us”), the full content of which is incorporated by reference herein. The Service allows OKX users to subscribe for and redeem xBTC (as defined below), subject to these Terms.

1.2 This xBTC Service Agreement (this "Agreement" or these “Terms”) governs your use of this Service and related services entered into by and between you and OKX. In order to use the Service, you should carefully read and abide by this Agreement. By using the Service, you confirm that you have read and accepted all the terms of this Agreement. Your use of the Service represents that you have read, understood and agreed to this Agreement and that this Agreement is legally binding on you.

1.3 In the event of any conflict or inconsistency between any term or provision set forth in this Agreement and the OKX Terms of Service, such conflict or inconsistency shall be resolved by giving precedence to this Agreement. All provisions, including definitions, of the OKX Terms of Service not modified by this Agreement shall remain in full force and effect. Terms not defined here are defined in the OKX Terms of Service.

2. Eligibility to Use the Service

2.1 The Service is only available to eligible users. OKX reserves the ability to finally determine which users are eligible, at its sole and unfettered discretion. OKX may offer this service only in certain jurisdictions, to users with an OKX account in good standing, and who have passed KYC requirements.

2.2 You agree that OKX may hold your Digital Assets for the duration of your use of the Service.

2.3 You understand and confirm that:

You have agreed to abide by the OKX Terms of Service, and are eligible and permitted to use the Services specified therein;
If you use the Service, this Agreement is binding on you;
You have the experience and risk tolerance required to use the Service, and have the experience and knowledge necessary to invest in non-guaranteed Digital Asset products;
You have the ability to perform operations on the Internet;
This Agreement and your use of the Service does not conflict with the laws of your country or region, and you agree to comply with the laws of your country or region;
You are the legal and beneficial owner of all the Digital Assets in your OKX account and that the sources of your Digital Assets and fiat currency are not from illegal activities.

2.4 You further agree that:

You will not use the Service in connection with any Prohibited Businesses (as defined in the OKX Terms of Service), including without limitation illegal purposes such as money laundering, terrorist financing, or fraud, or any other activities or any businesses prohibited by the law;
You will not use the Service in connection with any forms of price manipulation, insider dealing, market manipulation, market distortion or any other malicious wrongdoings to the market.

2.5 You understand and accept the risks that may arise to you and the related losses you may suffer from using the Service, as set out in this Agreement and the OKX Terms of Service. Those risks and losses include but are not limited to:

Price fluctuations of Digital Assets and their derivatives may cause significant or total loss in a short period of time;
The nature of Digital Assets means that technological difficulties experienced by OKX may prevent a User's access to, or use of, its Digital Assets;
Market risks may occur, which may result in losses of your Digital Assets;
OKX may have to add, remove, or change its terms or policies, including the terms of this Agreement, from time to time, while you are using the Service. Any such actions may benefit or harm users like you.

3. Use of this Service

3.1 Subscribing to xBTC

By withdrawing Bitcoin (BTC) from your account on the OKX Platform to a wallet address on supported blockchains, you agree to receive such BTC in a wrapped format compatible with such blockchains, minted by a smart contract developed by OKX (xBTC). Such withdrawal constitutes a subscription to xBTC (Subscription). By subscribing to xBTC, you agree and acknowledge that:

xBTC is an on-chain Digital Asset and cannot be held in an account on the OKX Platform;
Your Subscription may not be completed instantly, and there may be a time lag between your instruction to withdraw BTC and the receipt of xBTC in the destination wallet address;
Your Subscription may be rejected at OKX’s full discretion or it may fail, either immediately or after a period of time during which you may not have access to either the BTC which is being withdrawn or any corresponding xBTC. OKX may suspend or cease Subscriptions at any time, without notice, at its discretion;
xBTC may not be converted back to BTC other than in accordance with the redemption process described in clause 3.2, below;
If you sell, transfer, pledge, stake, or otherwise dispose of xBTC, you may also dispose of the underlying BTC and your rights to redemption of the xBTC for BTC;
xBTC is not available for spot or derivatives trading on the OKX Platform;
Your Subscription will be subject to OKX’s compliance requirements for transfers into and out of your account, including compliance with Travel Rule requirements (if applicable).

3.2 Redemption of xBTC

By depositing or procuring the deposit of xBTC to your account on the OKX Platform, you agree to receive such xBTC in an unwrapped format as BTC in your OKX account. Such deposit constitutes a redemption of xBTC (Redemption). By redeeming xBTC, you agree and acknowledge that:

Your Redemption may not be completed instantly, and there may be a time lag between your action to deposit xBTC and the receipt of BTC in your OKX account;
Your Redemption may be rejected at OKX’s full discretion or it may fail, either immediately or after a period of time during which you may not have access to either the xBTC being deposited or any corresponding BTC. OKX may suspend or cease Redemptions at any time, without notice, at its discretion;
xBTC may not be converted back to BTC other than in accordance with the redemption process described herein;
While OKX endeavours to redeem xBTC on a 1:1 basis for BTC, subject to the terms of this Agreement, there may be a divergence in such 1:1 redemption ratio on platforms other than OKX. OKX is not responsible for any such divergence, correcting such divergence, or any loss that occurs arising out of or in connection with such divergence;
BTC held by OKX for Subscriptions is subject to risks, including those set out in the OKX Terms of Service. In the event that the BTC held by OKX for Subscriptions is less than the amount of minted xBTC, then OKX shall return the held BTC to each user redeeming its xBTC in a proportion to the minted xBTC.

3.3 Nature of xBTC

xBTC is an on-chain Digital Asset. It is minted upon Subscription and burnt upon Redemption, by a smart contract developed by OKX. It is thus subject to technological risks, such as smart contract manipulation, hacking or other unforeseen actions. There may be no market for trading of xBTC. While OKX will endeavour to segregate any BTC used to subscribe to xBTC, OKX may from time to time pool such BTC with other users’ assets in non-segregated omnibus accounts, as its discretion. Clause 4.5 of the OKX Terms of Service apply to such BTC.

3.4 Specific risks of xBTC

In addition to the risks set out in other parts of these terms and the OKX Terms of Service, the use of this Service may entail the following specific risks (for the avoidance of doubt, OKX accepts no liability for these or other risks):

Delays or failure to effect a Subscription or Redemption may result in an inability temporarily to access your Digital Assets during which you may suffer a partial or total loss of value in your Digital Assets;
OKX does not guarantee the value of the underlying BTC held in exchange for Subscriptions of xBTC;
OKX does not guarantee the market value or liquidity of xBTC traded on platforms other than OKX;
Your xBTC is subject to the risk of fraud, hacking, theft, in the same manner as any other Digital Asset;
OKX does not guarantee the performance or security of third-party software or technology that interacts with xBTC;
xBTC relies on the supported blockchains and OKX does not control these networks;
xBTC may be affected by regulatory changes that impact OKX’s ability to continue to offer the Service;
xBTC associated with fraud, sanctioned parties or addresses, theft, hacking, or any illicit or illegal activity may be burned without consent or notice to the holder of such xBTC. In such cases, the holder of such xBTC will have no right to effect a Redemption and no recourse to OKX whatsoever;
OKX will not support any version of xBTC created by third parties or any modified versions of xBTC;
OKX may suspend or cease the Service, either temporarily or permanently, at any time, at its sole discretion.

3.5 Fees

OKX may charge fees for withdrawing BTC from the OKX Platform. You will see the fee at the time of your request for a withdrawal of BTC. No other fees are charged for Subscription or Redemption.

3.6 Determination of the Price of the Digital Assets

You agree that the prices and exchange rates of Digital Assets shall be solely determined and as published by OKX.

4. Suspension / Cancellation / Termination

OKX may suspend, cancel or terminate the Service, or your use of the Service at any time at its sole and unfettered discretion. The OKX Terms of Service set out the circumstances in which OKX may suspend, cancel or terminate the Service. Without prejudice to the generality of the foregoing, those circumstances may include situations where:

you do not provide additional information to verify your identity or source of funds as requested by OKX;
OKX is required to do so by court order, to comply with any Applicable Laws and Regulations;
OKX is required to do so to comply with any direction or instruction from a government body or agency;
OKX reasonably determines that any information you have provided to OKX is wrong, untruthful, outdated or incomplete; or
you do not provide additional information that we request to our reasonable satisfaction or in a timely manner.

In the event of a termination of the Service, OKX will continue to permit Redemptions subject to the terms of this Agreement.

5. Representations and Warranties

5.1 You hereby represent, warrant and undertake that:

a. The source of the BTC and xBTC used in the Service is legal, and the ownership is not disputed;

b. The BTC and xBTC used in the Service is not subject to any litigation, preservation, mortgage, judicial freeze, and enforcement and thus becomes unenforceable, otherwise you shall be deemed to have breached these Terms and shall bear all responsibilities;

c. You will not infringe the legitimate rights and interests of OKX;

d. You are not on the sanctions list issued by any government and international organizations;

e. If the above representations, warranties and covenants are no longer correct, complete and valid due to changes in the applicable laws, you will immediately notify OKX in writing.

5.2 You hereby acknowledge that if you breach the foregoing representations, warranties and covenants, OKX shall have the right to stop providing you with any and all services (including but not limited to this Service). If OKX suffers losses due to your breach of the foregoing representations, warranties and covenants, OKX has the right to hold you liable and you agree to indemnify and hold OKX harmless for the breach of these Terms.

6. Limitation of Liability

6.1 Risk Disclosure

a. YOU EXPRESSLY AGREE THAT YOUR USE OR NON-USE OF THIS SERVICE AND RELATED SERVICES ARE AT YOUR OWN RISK. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY UNDER THESE TERMS, THE SERVICES, ALL PRODUCTS AND SERVICES PROVIDED TO YOU THROUGH THIS SERVICE AND RELATED SERVICES PROVIDED TO YOU ARE STRICTLY OFFERED ON AN “AS IS” AND “AS AVAILABLE” BASIS, AND OKX AND ITS AFFILIATES OR ITS SERVICE PROVIDERS OR SUPPLIERS MAKE NO REPRESENTATIONS, WARRANTIES, OR GUARANTEES TO YOU OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, MERCHANTABILITY, QUALITY OR FITNESS FOR A PARTICULAR PURPOSE, TITLE, OR NON-INFRINGEMENT, NO ERRORS OR OMISSIONS, CONTINUITY, ACCURACY, RELIABILITY OF THIS SERVICE. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES IN CONTRACTS, SO THE ABOVE EXCLUSION MAY NOT APPLY TO YOU. OKX DOES NOT MAKE ANY UNDERTAKINGS AND WARRANTIES FOR THE VALIDITY, ACCURACY, CORRECTNESS, RELIABILITY, QUALITY, STABILITY, COMPLETENESS OR TIMELINESS OF THE TECHNOLOGY AND INFORMATION IN CONNECTION WITH THIS SERVICES OR OTHER SERVICES PROVIDED BY THE OKX.

b. NOTHING IN THESE TERMS SHALL EXCLUDE OR LIMIT LIABILITY OF EITHER PARTY FOR FRAUD, DEATH OR BODILY INJURY CAUSED BY NEGLIGENCE, VIOLATION OF LAWS, OR ANY OTHER ACTIVITY THAT CANNOT BE LIMITED OR EXCLUDED BY LAW OR REGULATIONS.

c. Like any asset, the value of Digital Assets may fluctuate significantly, and there is a significant risk that Users may incur economic losses when buying, selling, holding or investing in Digital Assets and other related transactions. The choice of using and how to use the Services of the Platform is the User's personal decision, and the User shall bear any and all of the risks and potential Losses. OKX does not make any express or implied warranties regarding the market, value or price of Digital Assets. Users acknowledge and understand the instability of the Digital Asset market. The price and value of Digital Assets may fluctuate or collapse at any time. Trading Digital Assets is the free choice and decision of Users, and Users shall solely bear their own risks and possible losses. Your use of this Service means that you confirm and agree: (i) You fully understand all of the risks associated with Digital Assets and related transactions; (ii) You agree to solely bear any and all risks and Losses associated with the use of these Services and engaging in any transactions involving Digital Assets; and (iii) OKX shall not be responsible for any of these risks or Losses or any other adverse consequences.

d. The Platform cannot guarantee the authenticity, sufficiency, reliability, accuracy, completeness or validity of the content on the Platform, and shall not bear any legal liability arising therefrom. The User shall rely on the User’s independent judgment to conduct transactions, and the User shall bear all responsibilities for User’s judgment and/or decisions.

e. Digital assets involve a high degree of risk. Using the Service involves market risk, smart contract risk, liquidity risk, oracle risk, volatility risk, and legal and compliance risks, among other risks. Digital assets are not the legal tender of any government, and their value is not guaranteed by a specific government. The value of Digital Assets may fluctuate greatly. Users shall be fully aware of the above risks and should exercise caution when conducting any transactions regarding Digital Assets. Users of the Service must have sufficient financial capability, maturity, experience and willingness to bear all investment risks and potential investment losses. Thus, Digital Asset investment is not suitable for all investors.

f. You understand and accept the risks that you may incur by using this Service, and the related losses that you may suffer as a result, including but not limited to:

If OKX terminates this Service for any reason whatsoever, which it may do at its complete discretion, you may not be able to obtain the expected profits within the expected holding period (if any) which may result in the loss of your Digital Assets;
If there is a force majeure event, or a force majeure event that causes the price of Digital Assets to collapse, it may cause loss of your Digital Assets;
Technical abnormalities may occur, which may delay or prevent you from using this Service or conducting related transactions, which may cause loss of your Digital Assets;
Market abnormalities may occur, which may cause loss of your Digital Assets;
In order to maintain the overall health of the market, OKX may add, delete or modify the relevant provisions of these Terms, the policies, the terms and conditions or other related user agreements, service agreements or terms from time to time. Such modifications may benefit or harm you.

You confirm that you fully understand the nature, risks and potential losses related to the Service. Before making a decision to use the Service, you should exercise independent judgment and carefully consider using the Service based on your own investment experience and capability, financial situation, investment objectives, investment period, willingness and ability to bear investment risks, the extent of your understanding of the nature and risks of this product, and other relevant circumstances. The aforementioned risks do not include all the risks and all the market conditions of the user's transactions related to this Service. If you have any questions or concerns, please seek advice from an independent financial advisor and/or legal counsel.

6.2 The trading market is volatile and may change rapidly in terms of liquidity, market and trading dynamics. You are fully responsible and liable for any and all trading and non-trading activities and your account used on or through the OKX Platform. You acknowledge and agree to be fully responsible for all your transactions and non-trading behaviours and omissions on OKX or through OKX, as well as all gains and losses arising from your use of the OKX website and this Service and any other services provided on the OKX Platform. You are responsible for any of your assets and liabilities in your OKX Account, and you are responsible for all your obligations for all your financial activities on OKX. OKX is not responsible for any and all losses arising from this Service and any other services provided on the OKX Platform and shall not assume any compensation or any other responsibility.

6.3 You agree and accept that when you redeem your assets, the time it takes for you to receive the Digital Assets in your account may vary and the assets received and displayed on the Platform shall be final. OKX shall not be liable for any losses caused by or related to time differences or discrepancies for receipt of Digital Assets.

6.4 You agree and accept that OKX reserves the right to amend the content of this Agreement any time in its sole discretion, including when you are using the Service. OKX shall not be liable for any losses arising from your misunderstanding of this Agreement, or your delay of reading the amendments to this Agreement.

6.5 You agree and accept that if the OKX Platform cannot function properly or the Service is interrupted arising from the following conditions, such that you are unable to use the Service or cannot make commands or perform related trading operations, including but not limited to failure, delay, interruption, lack of system response, delayed system response or any other abnormal circumstances, OKX and its affiliates shall not be liable for any losses. These circumstances include but are not limited to:

Service suspension for maintenance as announced by OKX;
Hacker attack(s) on the OKX Platform;
Failure to transmit data as a result of telecom equipment failures;
Force majeure events or accidents, such as but not limited to typhoons, earthquakes, tsunamis, flooding, plagues, power outage, war, turmoil, government actions, terrorist attacks and any other events that may lead to the suspension of the OKX Platform;
Service interruption or delay arising from hacking, computer virus, technical adjustment or failure, website upgrades, banking issues, temporary closure arising from government regulations and any other reasons;
Service interruption or delay caused by OKX’s systems being damaged, defective or unable to perform normally for any reason;
Losses arising from technical problems that cannot be predicted or solved by existing technical forces in the industry;
Losses suffered by you or other third parties arising from the fault or delay of the third party;
Losses suffered by you or other third parties arising from changes in laws and regulations or government orders;
Losses suffered by you or other third parties arising from force majeure events or accidents caused by other objectively unforeseeable, unavoidable and/or unsolvable circumstances.

You agree and accept that the aforementioned reasons may lead to abnormal transactions, market interruptions and other possible abnormal circumstances, and OKX reserves the right to refuse to or for any reason in its sole discretion to not execute your commands based on the actual circumstances. You understand and agree that OKX shall not be liable for any of your losses (including but not limited to direct or indirect losses, actual losses, or loss of possible yield and other similar or related losses).

6.7 Software Protocols and Operational Challenges

Software protocols that underlie Digital Assets are typically open source projects, which means that: (i) the development and control of such Digital Assets are outside of OKX's control, and (ii) such software protocols are subject to sudden and dramatic changes that may have a significant impact on the availability, ease of use, or value of a given Digital Asset. You also are aware of and accept the risks associated with operational challenges. OKX may experience sophisticated cyber attacks, unexpected surges in activity or other operational or technical difficulties that may cause interruptions to the Service. You understand that the Service may experience operational issues that lead to delays. You agree to accept the risk of transaction failure resulting from unanticipated or heightened technical difficulties, including those resulting from sophisticated attacks. You agree that OKX shall not be responsible or liable for any related losses.
You understand that the technology underlying Digital Assets is subject to change at any time, and such changes may affect your Digital Assets stored on our platform. You agree to be fully responsible for monitoring such technological changes and understanding their consequences for and regarding your Digital Assets. Users conduct all trading and make all related decisions based on their own volition, and OKX shall not be liable for any loss or damage incurred as a result of your use of any Services or your failure to understand the risks involved or associated with Digital Asset use in general or your use of our Services.

6.8 The aforementioned provisions do not indicate all the risks arising from or related to your transactions through the Platform or all the conditions of the market. Before making any trading decisions, you shall fully understand the relevant Digital Assets; make cautious and prudent decisions based on your own trading objectives, risk tolerance, and financial conditions; and solely bear all risks and losses.

7. Mandatory Measures

You agree and accept that OKX strictly prohibits unfair trading practices. OKX reserves the right to exercise control over your account, restrict, suspend or shut down your account in its sole discretion if you engage in any of the following conduct:

Market manipulation, price manipulation, insider dealing, market distortion, or any other malicious wrongdoing or behaviour;
Participation in any activities that OKX regards as harmful to the market;
Violation of any Applicable Laws and Regulation.

In order to eliminate any adverse effects on the overall market, OKX reserves the right and sole discretion to suspend or terminate your account, use of the Service, or refuse to execute or cancel your commands. OKX shall not be liable for any losses (including but not limited to any direct or indirect losses, actual losses or losses of possible profits) incurred in connection with the above measures.

8. Indemnification

8.1 You shall take every possible measure to protect OKX from any damages arising out of your use of the Service or other actions related to your OKX account.

8.2 You agree to indemnify, hold harmless and promptly defend OKX and OKX’s affiliates and associates (including our and their respective agents (if any) and the shareholders, directors, officers and employees of OKX and OKX’s affiliates and associates) (each an “Indemnified Party”) from and against any and all losses arising from or in connection with any claims, losses, liabilities, damages, judgments, penalties, fines, costs and expenses of whatever kind (including professional fees and reasonable attorney’s fees) which may be suffered or incurred by any of the Indemnified Party arising out of or related to your use of the Service or other circumstances set out in the OKX Terms of Service.

9. Miscellaneous

9.1 The contents of this Agreement also include OKX's various system specifications, guidance notes, product documents, or other relevant documents that OKX may issue from time to time. Upon release, such content becomes an integral part of this Agreement, and you should also abide by it. In the event of any conflict between the above content and this Agreement, this Agreement shall prevail.

9.2 OKX reserves the right to unilaterally modify this Agreement or any terms applicable to the use of the Service in its sole discretion. Such modification could happen at any time without prior notice, including while you are using the Service. If any changes are made, the revised contents shall be posted on OKX's website promptly. Please check the latest information posted therein to inform yourself of any changes. Your continued use of or access to the Service following the posting of any changes constitutes acceptance of those changes. If you do not accept the revised content, you should stop using the Services.

9.3 You should carefully read this Agreement, and any document referred to in clauses 9.1 and 9.2 of this Agreement that constitute the contents of this Agreement, in conjunction with the OKX Terms of Service. In the event of any discrepancy between the English version of this Agreement and any translated version, the English version of this Agreement shall prevail.

9.4 If any provisions of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired in any way. However, if any provision of this Agreement shall be invalid, illegal or unenforceable under any such applicable law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law, or if for any reason it is not deemed so modified, it shall be invalid, illegal or unenforceable only to the extent of such invalidity, illegality or limitation on enforceability without affecting the remaining provisions of this Agreement, or the validity, legality or enforceability of such provision in any other jurisdiction.

9.5 The failure or delay of OKX’s enforcement of any right or provision of this Agreement will not be deemed a waiver of such right or provision.

9.6 This Agreement, your use of the Services, any claim, counterclaim or dispute of any kind or nature whatsoever arising out of this Agreement, directly or indirectly, shall be governed by, and construed in accordance with the laws of England and Wales without regard to the principles of conflicts of laws thereof.

9.7 Dispute Resolution

a. You acknowledge and agree that in the event of any dispute, controversy, difference or claim, including the existence, validity, interpretation, performance, breach or termination of the Terms or any dispute arising out of or relating to the Terms (“Dispute”), the parties shall first refer the Dispute to mediation at the Hong Kong International Arbitration Centre (“HKIAC”) in accordance with HKIAC’s Mediation Rules in force at the time of the reference.

b. If the Dispute has not been settled by the signing of a settlement agreement within ninety (90) days following the filing of a request for mediation set forth in the above paragraph, such Dispute shall be referred to and finally resolved by arbitration administered by the HKIAC under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be the laws of the Hong Kong Special Administrative Region of People’s Republic of China (“Hong Kong”).

c. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be three (3). OKX shall appoint one (1) arbitrator and you shall appoint one (1) arbitrator. The third arbitrator shall be appointed by the HKIAC. Such arbitrators shall be freely selected, and the parties shall not be limited in their selection to any prescribed list. The arbitration proceedings shall be conducted in English.

d. You agree that OKX shall not be required to give general discovery of documents, but may be required only to produce specific, identified documents which are relevant and material to the outcome of the Dispute.

e. Any arbitral award shall be final and binding upon the parties hereto and shall be enforceable in any competent court which has jurisdiction.

9.8 You shall not transfer, novate or assign this Agreement, and the rights and obligations hereunder, in whole or in part, without the prior written consent of OKX. OKX has the right to transfer, novate or assign any rights or obligations under this Agreement by serving written notice on you, which takes effect upon the delivery of such notice.

9.9 The headings of all the terms of this Agreement are for convenience only and have no actual meaning and cannot be used as a basis for interpretation of the meaning of this Agreement.

9.10 OKX shall have the sole and final discretion to interpret this Agreement.