Last Updated: 25/11/2024Version No: 1
Please read these Terms and Conditions ("Terms") carefully before using the services provided by LM Apex LLC ("Company"). The Company is a limited liability company, incorporated and acting under the laws of Saint Vincent and the Grenadines, company number 3524 LLC 2024, having its registered address at Euro House, Richmond Hill Road, Kingstown, St. Vincent and the Grenadines.
By accessing or using our website https://locked.money/ (“System”) and Services, you agree to be bound by these Terms, our Privacy Policy (which also includes our Cookie Policy). If you do not agree to any of these, you must not use our services and System.
1.1. Company: Refers to LM Apex LLC, its affiliates, employees, and representatives.
1.2. Free User: A user who registers an account on the System by providing a crypto wallet address without undergoing KYC procedures and who is using the Services free of charge as indicated in these Terms.
1.3. Professional User: A user who registers an account on the System, undergoes KYC procedures, provides additional documentation, accepts the Membership Agreement and uses Services for a fee as indicated in these Terms.
1.4. Membership Agreement: a separate agreement to be concluded between the Company and a Professional User for obtainment of Ownership Units.
1.5. Ownership Units: Legal units of ownership in the Company issued to Professional Users based on the value of crypto assets transferred to the vault within the System.
1.6. Services: Refers to services provided by the Company to the user through the System. The Services differ for Free user and Professional User and a complete list of Services (including their applicability to different user category) is published on the System. The Company has a right to change the list of Services.
1.6.1. Free Users Services: Free Users can access the Company's infrastructure within the System and use functionalities as the Services, including:
1.6.1.1. Vault Management: Secure multi-signature vault(s) creation, use and management. One user can create/use unlimited amount of vaults.
1.6.1.2. Asset Management: Possibility to store, send, receive and trade assets
1.6.1.3. Interoperable swap: Interoperable swap
1.6.1.4. Staking: Passive income staking
1.6.1.5. Debit Card: Debit card issuance (available from 2025, extra charge might be applicable)
1.6.1.6. Bank Transfers: Bank-to-crypto and crypto-to-bank transfers (available from 2025, extra charge might be applicable)
1.6.1.7. Statistics: Tools to monitor your statistics.
1.6.2. Professional Users Services: Professional Users can access Company's infrastructure within the System and use functionalities as the Services, including:
1.6.2.1. Free User Services: All services indicated in Clause 1.6.1.
1.6.2.2. Ownership: Legal ownership of Ownership Units in the Company.
1.6.2.3. Asset Manager: The service of an Asset Manager for transaction oversight.
1.6.2.4. Professional Dashboard: Enhanced functionalities and access to a professional dashboard on the System.
1.7. System: Refers to Company's website https://locked.money/ and its related digital ecosystem (if any).
1.8. Revoke Wallet: A crypto wallet indicated by the Professional User for account and Membership Agreement termination and withdrawal of all assets.
2.1. The Company offers Services only for natural persons of legal age. You, as a natural person, as well as a user of the Company's Services, shall be responsible to making sure You are eligible to use the Company's Services.
2.2. The Company expressly prohibits and rejects the use of its Services for any form of illicit activity, including money laundering, terrorist financing or trade sanctions violations, consistent with various jurisdictions' laws, regulations and norms.
2.3. By using the System/Services, you warrant not being on any government prohibited, denied, or unverified-party, sanctions, debarment, or exclusion list or export-controlled related restricted party list ('Sanctions Lists').
2.3.1. If you become placed on any Sanctions List, you shall immediately discontinue your use of the Services/System.
2.4. The Company shall have a right not to allow its Services to be accessible in certain jurisdictions/territories. The Company shall have a right to block such jurisdictions/territories making its System/Services not available from such locations.
2.4.1. Persons located in the prohibited jurisdictions, or the residents of prohibited jurisdictions are not permitted to use Services.
2.4.2. For the avoidance of doubt, the foregoing restrictions on Services in relation to prohibited jurisdictions applies equally to residents and citizens of other nations while located in prohibited jurisdictions.
2.4.3. Any attempt to circumvent the restrictions on usage by any persons located (or as a resident) in a prohibited jurisdiction is a breach of the Terms.
2.4.4. The following jurisdictions/territories are blocked (non-exhaustive list): the United States of America and U.S territories, Canada.
2.5. By creating an account and using our Services, you agree to be bound by these Terms and all policies referenced herein, including but not limited to the Privacy Policy (which includes Cookie Policy).
3.1. Free User account can be created by any eligible person (Clause 2) by clicking 'create vault' button and selecting 'free' plan option from the options shown on the System. Your choice is confirmed by clicking 'go free' button. To finish the registration, you shall either connect your personal wallet (from a list provided in the System) or sign in with either your Apple or Google account and connect your personal wallet manually. The account creation is finished once you confirm agreeing to Terms and other applicable policies.
3.2. Professional User account can be created by any eligible person (Clause 2) by clicking 'create vault' button and selecting 'professional' plan option from the options shown on the System. Your choice is confirmed by clicking 'go professional' button. To finalize your account, you must properly complete the following registration steps:
3.2.1. Know-your-customer ('KYC') verification:
3.2.1.1. KYC procedure is done using third-party service provider's decentralized solution Toggle (https://www.togggle.io/, provided by Togggle Ltd.).
3.2.1.2. During KYC you shall provide your personal information and documents. The list of required documents is non-exhaustive and may be changed by the sole decision of the Company: copy of your passport and second identification document, copy of your address confirmation, reference letter.
3.2.1.3. The Company shall have a right to change the scope of KYC and to ask you to do the KYC procedure at any time of the Service use.
3.2.2. Signing of Membership Agreement: you must read and confirm conclusion of Membership Agreement.
3.2.3. First payment completion: the payment details will be shown on the System. You shall make sure the amount is correct and proceed with the transaction by signing it. The amount shall be deducted from the wallet indicated by you.
3.2.4. Vault setup: you shall indicate the address of your wallet you will use as a Revoke wallet. Once the Revoke wallet is confirmed, you shall enter vault name (as per your choosing) and confirm agreeing to the Terms and other applicable policies.
3.3. It is mandatory for the user to accept Terms and other applicable policies.
3.4. For the proper provision of certain Services the Company shall have a right to ask you to verify your identity or any provided information.
3.5. The Client might be asked to perform a test to tell computers and humans apart and to complete it successfully as a mandatory step for creating an Account. The user may be asked to perform such tests while completing logging-in procedure or when conforming order/payment/withdrawal or at any other stage at the discretion of the Company.
3.6. The account can be created only for personal use. The user shall not share its log-in credentials with any third-party or unauthorized person. The account is strictly for own use and cannot be used to use Services behalf of another individual or entity.
4.1. Professional Users are required to pay an annual subscription fee.
4.2. The subscription fee will be automatically deducted from the wallet indicated during registration.
4.3. The fee applicable to you shall be seen on the System during the registration process.
4.4. The Company reserves the right to change the subscription fee at its discretion. Any changes will be notified to Professional Users, and the updated fee will apply from the following billing cycle.
4.5. The subscription fee is non-refundable, even if the user decides to withdraw from the Terms and Membership Agreement and has no remaining Ownership Units.
4.6. It is the responsibility of the Professional User to ensure sufficient funds are available in the wallet for the payment of the subscription fee. Failure to pay the fee may result in suspension or termination of access to Professional User services.
5.1. Professional Users receive Ownership Units based on the value of crypto assets transferred to the vault in the System.
5.2. Ownership Units are calculated at the time of the transfer based on real market value.
5.3. One Ownership Unit is always equivalent to 1 USD.
5.4. Professional User must maintain at least Ownership Unit to retain status of Professional User, thus the Professional User will be asked to deposit 1 USD equivalent of crypto asset after the first subscription fee is paid (Clause 3.2.3) by the user. The deposited sum is kept separately as a deposit and can be returned to the user only upon Membership Agreement termination.
5.5. At any time, Professional User shall have a right to transfer cryptocurrency form its vaults to any outside wallet. Units will be deducted proportionally upon withdrawal of crypto assets, based on real-time market value at the time of withdrawal.
6.1. Users may withdraw their crypto assets at any time without restrictions, except for the mandatory 1 USD equivalent required for Ownership Unit retention.
6.2. Professional Users may terminate their account by using the Removal Wallet to confirm the action.
6.2.1. If the user chooses to withdraw all assets, including the 1 USD deposit, all Ownership Units will be forfeited, and the user will lose access to the Professional User benefits.
6.2.2. If the user opts not to withdraw the 1 USD deposit, the user will retain access to the professional dashboard and will remain owner of 1 Ownership Unit. To continue the use of Services, user shall transfer additional crypto.
6.3. Free User may terminate their account by transferring all assets to the outside wallet.
6.4. Upon termination, all crypto assets held in the System will be automatically transferred to the indicated wallet.
6.5. For the avoidance of doubt, the termination of the account on the System does not equate to the deletion of the vault itself, as the vault remains on the blockchain indefinitely.
6.1. Users may withdraw their crypto assets at any time without restrictions, except for the mandatory 1 USD equivalent required for Ownership Unit retention.
6.2. Professional Users may terminate their account by using the Removal Wallet to confirm the action.
6.2.1. If the user chooses to withdraw all assets, including the 1 USD deposit, all Ownership Units will be forfeited, and the user will lose access to the Professional User benefits.
6.2.2. If the user opts not to withdraw the 1 USD deposit, the user will retain access to the professional dashboard and will remain owner of 1 Ownership Unit. To continue the use of Services, user shall transfer additional crypto.
6.3. Free User may terminate their account by transferring all assets to the outside wallet.
6.4. Upon termination, all crypto assets held in the System will be automatically transferred to the indicated wallet.
6.5. For the avoidance of doubt, the termination of the account on the System does not equate to the deletion of the vault itself, as the vault remains on the blockchain indefinitely.
8.1. The Company reserves the right to suspend, deactivate, or terminate any user account in the event of:
8.1.1. A material breach of these Terms, applicable laws, or general rules of moral behavior.
8.1.2. For Professional User: non-payment of the subscription fee or material breach of Membership Agreement.
8.1.3. Suspicion of fraudulent or criminal activities while using Services/System.
8.2. If the Company suspects any user involvement in fraudulent, illegal, or unethical activities, it reserves the right to:
8.2.1. Suspend the account immediately without prior notice.
8.2.2. Report the suspected activities to relevant law enforcement authorities.
9.1. The use of the Company's website and services involves substantial risks associated with the volatility of crypto assets and decentralized finance solutions. Users should carefully consider their risk tolerance before engaging in any transactions.
9.2. The Company does not provide legal, financial, tax, or investment advice. Nothing on the website should be construed as a guarantee of financial performance or outcomes.
9.3. Users are solely responsible for their own decisions, and the Company is not liable for any losses incurred.
9.4. As a user, you acknowledge understanding and accepting the following risks associated with the use of System and Services. Not limited to these examples, you acknowledge being aware of the inherent risks set forth above and hereinafter:
9.4.1. Risk of software or other IT weaknesses: there is no guarantee or warranty that the process of using System and/or Services will be uninterrupted or error-free, and there is an inherent risk that the software and associated technologies and theories could contain weaknesses, vulnerabilities or bugs.
9.4.2. Regulatory risk: it is possible that certain legal systems apply existing regulations or introduce new regulations that have a negative impact on the current setup of the System, as well as usage of the System and/or Services. The Company will make every effort to abide with and always comply with all forms of the applicable regulation. However, the user has an obligation to make sure its usage of the System/Services is in compliance with the applicable law.
9.4.3. Tax risk: the tax consequences of using the System/Services might have tax implications at the level of you, as a user; therefore you should consult your own tax advisors regarding the tax consequences in connection with the System/Services.
9.4.4. Security risk: a significant risk includes the potential for hacking or exploits of the System. In the crypto industry, it is not uncommon for decentralized finance (DeFi) protocols to be compromised, which could result in asset theft. To mitigate these risks, the Company conducts third-party audits of its smart contracts to ensure their security and integrity.
10.1. You agree to defend, indemnify, and hold harmless the Company, its affiliates, and each of their respective directors, officers, employees, and agents from and against any and all claims, including third-party claims, demands, and liabilities, including reasonable attorney's fees, resulting from or arising out of: (i) any breach of your representations and warranties; or (ii) your failure to comply with obligations under any and all laws, rules or regulations applicable to you under the Terms and/or Membership Agreement, except to the extent such violation arises out of Company's failure to comply with Company's obligations hereunder.
10.2. You may from time to time provide suggestions (feedback) to the Company. All suggestions are and shall be given entirely voluntarily. You acknowledge and agree that suggestions, even if designated as confidential, shall not, absent a separate written agreement, create any confidentiality obligation for the Company. Furthermore, except as otherwise provided herein or in a separate subsequent written agreement between the parties, the Company shall be free to use, disclose, reproduce, license or otherwise distribute, and exploit the suggestions provided to it as it sees fit, entirely without obligation or restriction of any kind on account of intellectual property rights or otherwise. For the avoidance of doubt, you agree that the Company shall have a royalty-free, worldwide, transferable, sublicensable, irrevocable, perpetual license to use or incorporate into the Services (and/or System) any suggestions, enhancement requests, recommendations or other feedback provided by you, relating to the operation of the Services/System.
10.3. You, as a user, shall be solely responsible of making sure you are able to use Services and access System, meaning you shall be responsible for any hardware, software or other technical requirement compatibility.
11.1. The System and the Services are provided "as is" and you use the System and/or Services on your own risk. It is expressly acknowledged and agreed by you that no representations and warranties of any kind, except those set forth in these Terms, have been made by the Company with respect to the System/Services, and that any statements whatsoever made by the Company to you outside of the Terms are not material and have not relied upon by you.
11.2. To the fullest extent permitted by law, the Company disclaims any liability for any direct, indirect, incidental, special, consequential, or punitive damages arising from your use of the Website and Services.
12.1. These Terms shall be governed by and construed in accordance with the laws of Saint Vincent and the Grenadines.
12.2. Any disputes arising from these Terms shall be subject to the exclusive jurisdiction of the courts of Saint Vincent and the Grenadines.
12.3. You expressly waive any right to participate in class action lawsuits against the Company.
12.4. The Company expressly prohibits and rejects the use of its Services for any form of illicit activity, including but not limited to fraud, money laundering, terrorist financing or trade sanctions violations, in accordance with the applicable laws, regulations, and standards.
13.1. If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
13.2. The Company's failure to enforce any right or provision of these Terms shall not be deemed a waiver of such right or provision.
13.3. You consent to the English language as a primary language of communication and Service provision. The English language version of this Agreement is the prevailing version to any other possible version.
13.4. The Company reserves the right to update these Terms at any time without prior notice.
13.5. Continued use of the System and Services after such changes indicates your acceptance of the revised Terms. The most recent version of the Terms will always be available on our website (System).
14.1. If you have any questions about these Terms, use of Services or System, please contact us at hello@locked.money.
14.2. The Company shall reply to your inquiries within 30 days (with the possibility of two 30-day extensions)