Terms of Service
1. Introduction
The LMEX Markets platform (the "Platform", "we" or "us"), operated by [LMEX Markets Entity — counsel to confirm], provides a venue for trading leveraged perpetual contracts and forex pairs settled in USDT (the "Services"). For convenience, you and us are collectively referred to as "both Parties" and individually as "each Party".
By registering for an account, accessing the Platform and/or using the Services, you agree that you have read, understood and accepted these Terms of Service, together with any additional documents or terms referred to herein. You acknowledge that you will be bound by and will comply with these Terms, as updated and amended from time to time.
The Platform reserves the right to amend, modify, delete, update, change or otherwise alter (each a "Variation") these Terms at any time. The User is advised to check regularly for updates. By continuing to use the Services after a Variation takes effect, the User is deemed to have accepted the amended Terms.
The Services are not intended for use by individuals who are citizens or nationals of, or resident in, the United States of America, Belarus, Canada, Cuba, Eritrea, Iran, North Korea, Syria, Singapore, Taiwan, Russia and Venezuela (each a "Prohibited Jurisdiction") or any member of the Sanctions List (collectively, a "Prohibited User"). Any Prohibited User accessing the Platform must immediately cease use of the Services.
It is the User's responsibility to understand the laws applying in their jurisdiction in relation to the trading of leveraged derivatives. Use of the Services may not be permitted in all countries where the Platform is accessible. If the User has any doubt as to the legal position in their jurisdiction, the User should consult the relevant authorities prior to using the Services.
The Platform cannot advise on the current legal position in any country and will not be held responsible for the consequences of the User's use of the Services. The User expressly indemnifies the Platform from any legal consequences arising from the User's use of the Services.
2. Definitions
The following defined terms apply throughout these Terms and the related Policies:
"Affiliate" means an entity directly or indirectly controlled by, or under common control of, a holding entity.
"AML Laws" means all laws applicable to the Parties prohibiting money laundering.
"Anti-Bribery Laws" means all laws applicable to the Parties prohibiting bribery of government officials, kickbacks, inducements and other forms of commercial corruption.
"Applicable Laws" means all laws applicable to the Parties.
"Business Day" means a day that is not a Saturday, Sunday, or a bank holiday.
"Collateral" means USDT or other stablecoin assets supported by the Platform from time to time and posted by the User as margin against open positions.
"CTF Laws" means all counter-terrorist financing laws.
"Cross-Margin" means the default margin mode in which a single Collateral pool supports every open position on the User's account; profits and losses across positions net against each other in real time.
"Event of Default" has the meaning given in Clause 13.
"Fee Schedule" means the schedule of fees and commissions payable to the Platform, published at lmexmarkets.com/fees and incorporated into these Terms.
"Funding Rate" means the periodic payment exchanged between holders of long and short positions in a Perpetual Contract, designed to anchor the contract's mark price to its index reference. Settles every 8 hours at 00:00, 08:00 and 16:00 UTC.
"Index Price" means the reference price computed from one or more external markets, used as the anchor for the Mark Price of a Perpetual Contract.
"Insurance Fund" means the pool maintained by the Platform that absorbs the shortfall between a position's calculated liquidation price and its actual close price when the liquidation engine cannot fill at the target.
"Isolated Margin" means the alternative margin mode in which a specified amount of Collateral is ring-fenced to a single position; losses on that position cannot draw on the wider account.
"KYC Process" means the know-your-customer verification process described in Clause 4.
"Leverage" means the multiplier of position notional value relative to posted Collateral.
"Liquidation" means the forced close of a position by the Platform when the User's margin ratio falls below the maintenance margin requirement.
"Mark Price" means the price used to value open positions for the purposes of unrealised P&L calculation and Liquidation triggers. Mark Price is typically derived from the Index Price plus a moving-average premium over the Platform's own order book.
"Perpetual Contract" means a non-expiring cash-settled derivative contract tracking the price of an underlying reference asset (which may be a cryptocurrency, equity, commodity, index, or currency pair) and maintained on price via the Funding Rate mechanism.
"Platform" means the LMEX Markets venue operated by [LMEX Markets Entity — counsel to confirm].
"Policies" has the meaning given in Clause 3.
"Prohibited Jurisdiction" has the meaning given in Clause 1.
"Prohibited User" has the meaning given in Clause 1.
"Sanctions" means the economic sanctions laws, regulations, embargoes, or restrictive measures administered by any Sanctions Authority.
"Sanctions Authority" means OFAC (US), the United Kingdom, the European Union or any member state, the United Nations, the Monetary Authority of Singapore, or any other applicable jurisdictional authority.
"Sanctions List" means the Specially Designated Nationals and Blocked Person List maintained by OFAC, or any equivalent list maintained by any Sanctions Authority.
"Services" means the trading and account services provided by the Platform, comprising access to the Perpetual Contract and forex pair markets, margin management, deposits and withdrawals of Collateral, and ancillary functionality.
"Surviving Provisions" means Clauses 1, 2, 3, 8, 9, 12, 13, 14, 15, 16, 17, 18, 21, 22, 23, 24, 25, 26 and 27.
"Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature.
"User" or "you" means any natural person or entity that registers for and uses an account on the Platform.
"VIP Tier" means the fee classification applied to the User based on their 30-day perpetuals trading volume, as set out in the Fee Schedule.
3. Incorporation of Other Terms
The User acknowledges that they have read, understood and agreed to the following documents, which are incorporated into and form part of these Terms:
(collectively, the "Policies").
In addition, the use of specific aspects of the Services may be subject to additional terms ("Additional Terms"), which will apply upon notification.
In the event of any inconsistency between these Terms and the Policies, these Terms prevail over the Policies.
4. Setting Up an Account
To use the Services, the User must register for an account on the Platform. The Platform will require the User to provide information satisfactory to the Platform and relevant third parties that the User is not in breach of, or at risk of being in breach of, AML Laws, Anti-Bribery Laws, Sanctions Laws, CTF Laws, and other Applicable Laws.
The User must submit information and documents to verify identity and complete know-your-customer checks (the "KYC Process"). The Platform may engage third-party service providers for the KYC Process; the User irrevocably grants the Platform the right to share information with such providers.
The Platform may, in its sole discretion, refuse to set up an account, terminate or suspend an account, or limit the number of accounts the User may hold.
By setting up an account, the User consents to the collection, use and disclosure of personal data as set out in the Privacy Policy.
5. Scope of Services
The Services consist exclusively of access to a leveraged perpetual derivatives venue. Specifically:
5.1 The Platform provides an order book and matching engine for Perpetual Contracts referencing cryptocurrencies, equities, commodities, indices and currency pairs.
5.2 All Perpetual Contracts are cash-settled in USDT (or other supported stablecoin Collateral). There is no physical delivery of any underlying asset. There is no spot trading of cryptocurrencies or other assets. There is no fiat currency conversion service. There is no OTC service.
5.3 Leverage is available up to the per-market caps published in the Fee Schedule and risk parameters. The maximum leverage offered for any market may be reduced by the Platform at any time without prior notice.
5.4 Margin is held in USDT. The User may opt into Cross-Margin (the default) or Isolated Margin per position, as described in the Risk Warning.
5.5 Funding payments flow trader-to-trader at the times specified in the Funding Rate definition. The Platform takes no portion of funding payments.
5.6 The Platform reserves the right to vary the scope and provision of the Services, including suspending or terminating any market, contract, or service, at its discretion and without prior notice.
6. Trading Mechanics and Liquidation
6.1 Open positions are continuously marked-to-market against the Mark Price. The User's unrealised profit and loss is computed in real time.
6.2 The User's margin ratio is computed as total margin (Collateral plus unrealised P&L) divided by total maintenance margin requirement across all open positions.
6.3 If the margin ratio falls below 100%, the Platform's liquidation engine will close positions to restore the ratio. In Cross-Margin mode, positions are typically closed in order of largest unrealised loss first. In Isolated Margin mode, the affected position is closed and any other positions in that margin sleeve are unaffected.
6.4 Liquidation may occur in seconds during periods of volatility. The User accepts that there is no requirement for the Platform to provide warning of imminent Liquidation.
6.5 The Platform maintains an Insurance Fund as described in the Risk Warning. The User acknowledges the limitations of the Insurance Fund and the residual risk of socialised loss in extreme conditions.
6.6 Important risk acknowledgement. Trading leveraged Perpetual Contracts carries substantial risk of loss, including loss of the entire posted Collateral. The User is referred to the Risk Warning for the full set of risks and is required to read and accept it before commencing trading.
7. Fees
The User agrees to pay the fees set out in the Fee Schedule. The Fee Schedule may be amended by the Platform from time to time.
The Fee Schedule sets out: maker and taker fees for Perpetual Contracts (as a percentage of trade notional); commission for forex pairs (as a per-lot dollar amount); VIP Tier discounts based on 30-day perpetuals volume; deposit and withdrawal charges per chain; and any other ancillary fees.
If the User fails to make a payment when due, an interest rate of 12 per cent per annum will apply to the outstanding amount until the default is remedied.
8. Account Security
The User is fully responsible for all activities that occur under their account, including all information submitted to the Platform.
The User shall:
(a) immediately notify the Platform of any unauthorised use of password, API key, or other credential, or any other breach of security;
(b) ensure prompt exit from the account at the end of each session;
(c) maintain a working email address on the account and complete email verification — the Platform may block sensitive operations (withdrawals, API-key rotation) on accounts without a verified email; and
(d) if two-factor authentication has been enabled, retain access to either the authenticator device or one of the backup codes issued at enablement. The Platform is not obliged to bypass two-factor authentication for any account.
The Platform shall not be liable for any loss or damage arising from failure to comply with this Clause.
Two-factor authentication. The Platform offers TOTP-based two-factor authentication. When enabled, a valid 6-digit code (or a single-use backup code) is required at login, on every withdrawal request, and on every API-key rotation. The TOTP shared secret is stored encrypted at rest. Backup codes are stored as bcrypt hashes; the plaintext codes are shown to the User once at enablement and cannot be recovered by the Platform thereafter.
Email verification. New accounts receive a verification link by email at signup. Until the verification link is clicked, the Platform may block withdrawals and API-key rotation on the account. The verification link may be re-sent from the trader's account page, rate-limited to one resend per minute.
9. Prohibited Uses
The User may not:
(a) use the Services to disguise the origin or nature of illicit proceeds, or to transact in illicit Collateral, funds, property, or proceeds;
(b) use the Services in a manner that violates Applicable Laws, including AML Laws, CTF Laws, Anti-Bribery Laws or Sanctions Laws;
(c) use the Services to evade Taxes;
(d) trade using anything other than Collateral that has been legally obtained by the User and that belongs to the User;
(e) use the Services to interfere with or subvert the rights of the Platform or other Users;
(f) trade using misleading or inaccurate information, or take advantage of any technical glitch, malfunction, delay or security breach;
(g) falsify any account, registration, or administrative details;
(h) reverse-engineer, decompile, or disassemble any software running on the Platform;
(i) maintain more than one account per natural person without prior written consent;
(j) access the Services from a Prohibited Jurisdiction using any virtual private network, proxy service, or other technical means designed to disguise the User's location;
(k) engage in market manipulation, wash trading, spoofing, layering or any other practice prohibited under any applicable market-abuse regime; or
(l) violate, cause a violation of, or conspire to violate these Terms or Applicable Laws.
If the Platform determines that the User has engaged in any Prohibited Use, the Platform may, in its sole discretion, suspend or terminate the User's access, report to any government or law enforcement authority, and take any other action it considers appropriate to comply with Applicable Laws.
10. Rights of the Platform
10.1 The Platform reserves the right to modify or discontinue, temporarily or permanently, the Services (or any part thereof) with or without notice. The Platform shall not be liable for any modification, suspension, or discontinuance.
10.2 The Platform reserves the right to refuse to process or to cancel any pending transaction at its sole discretion or as required by law or by court order, or to enforce transaction limits.
10.3 The systems used by the Platform may encounter technical limitations or interruptions. Increased utilisation may cause unanticipated system disruptions, slower response times, and delays. The Platform shall not in any circumstances be liable for any loss in respect thereto.
10.4 The Platform reserves the right to impose transaction or position limits upon the User at its sole discretion.
11. Taxes
11.1 It is the User's sole responsibility to determine whether, and to what extent, any Taxes apply to any transactions conducted through the Services, and to withhold, collect, report and remit the correct amounts of Taxes to the appropriate authorities.
11.2 If the User must, as required by Applicable Laws, deduct or withhold any Tax from any payment to the Platform, the User shall pay such additional amount as is necessary to ensure that the Platform receives the sum on the due date free of any Tax-related reduction.
11.3 The User shall pay, and within three Business Days of demand indemnify the Platform against, any cost, loss or liability the Platform incurs on account of Tax in relation to any payment received or receivable under these Terms.
12. Term and Termination
The term of these Terms commences on the date the User accepts them and terminates upon:
(a) mutual agreement in writing by the User and the Platform; or
(b) unilateral termination by the Platform upon the occurrence of an Event of Default, or if so decided by the Platform acting in its absolute discretion.
13. Event of Default
For the purposes of these Terms, "Event of Default" means any one of the following:
(a) the User defaults in payment of any amount payable under these Terms;
(b) the User defaults in performance of any other covenant or agreement;
(c) any representation or warranty made by the User proves to have been untrue, incorrect or misleading in any material respect;
(d) the User commits any fraud or act of dishonesty;
(e) any Insolvency Event occurs in respect of the User;
(f) it becomes unlawful for the User or the Platform to perform any obligation under these Terms; or
(g) any material provision of these Terms becomes illegal, invalid or unenforceable.
Termination is without prejudice to any antecedent breach and does not affect the validity of the Surviving Provisions.
14. Indemnity
The User irrevocably undertakes to fully indemnify and hold harmless the Platform, its Affiliates, shareholders, officers, directors, employees and agents (the "Indemnified Parties") from and against any losses, claims, actions, damages, costs and expenses arising out of, or relating to:
(a) information provided by the User;
(b) breach by the User of any obligation, undertaking, representation or warranty under these Terms; or
(c) any breach or non-compliance by the User with any Applicable Law.
15. Exclusion of Liability
To the fullest extent permitted by law, the Platform shall not be liable for any loss or damage, whether direct, indirect, special, consequential, punitive, or incidental, arising out of or in connection with these Terms, including but not limited to:
(a) any investment losses incurred by the User pursuant to use of the Services, including losses arising from Liquidation;
(b) the use or accuracy of the Platform interface;
(c) information contained in any third-party materials accessible via the Platform;
(d) any loss of profits, business, business opportunities, revenue, reputation or goodwill;
(e) lost or damaged data;
(f) damage to or interruption of any local area networks;
(g) the introduction of viruses, worms or other destructive programs;
(h) any decision made in reliance on the Services;
(i) any delay, failure or corruption of any data transmitted in connection with the Services; or
(j) any inaccuracies, errors or omissions in connection with the Services or Platform content.
16. Representations and Warranties
The User represents and warrants that:
(a) the User is at least 18 years old (or has otherwise attained the age of majority in their jurisdiction);
(b) the User has full capacity to enter into these Terms and to engage in the trading activities contemplated;
(c) the User is not a Prohibited User and is not prohibited by Applicable Laws from using the Services;
(d) all information provided by the User is true, complete, accurate and not misleading;
(e) the User will not use the Services to conceal or disguise the origin of illicit proceeds;
(f) the User is in compliance with all Applicable Laws, including AML Laws, CTF Laws, Anti-Bribery Laws, Sanctions Laws and Tax laws;
(g) neither the User nor any Affiliate is subject to Sanctions or listed on any Sanctions List;
(h) the User will fairly and promptly report all income associated with their activity on the Platform and pay any Tax due thereon;
(i) the User has read and understood the Risk Warning and accepts the risks of trading leveraged Perpetual Contracts; and
(j) the User understands that the Platform makes no representation, warranty or guarantee as to the suitability of leveraged derivatives for the User's individual circumstances.
Each representation and warranty shall survive the execution of these Terms and shall be true and correct at all times during the User's use of the Services.
The Platform makes no representations, warranties, or guarantees to the User of any kind. The Platform and Services are offered on an "as is" basis.
17. Confidentiality
Subject to the Privacy Policy, the User permits and authorises the Platform to disclose information provided by the User for the purposes of operating the Platform, including disclosure to third-party service providers, regulators, and as required by Applicable Law.
18. Limited License
The User is granted a limited, non-transferable licence to use the Platform interface and related content for the permitted purposes. All other right, title and interest in the Platform is the exclusive property of the Platform. "LMEX", "LMEX Markets", "lmexmarkets.com" and related marks and logos are trade marks of the Platform or its Affiliates and may not be used without prior written consent.
19. Notices
Any notice in connection with these Terms shall be in writing and delivered by hand, electronic mail or registered post. Notice is effective upon receipt.
20. Severability and Validity
The illegality or unenforceability of any provision under the law of any jurisdiction shall not affect its legality or enforceability under the law of any other jurisdiction, nor the legality or enforceability of any other provision. Provisions held to be illegal or unenforceable shall be modified to the minimum extent necessary to render them enforceable, or where not possible, deemed not to form part of these Terms.
21. Entire Agreement
These Terms (together with the Policies) constitute the whole agreement between the Parties relating to their subject matter and supersede any prior drafts, agreements, undertakings, representations and arrangements.
22. Force Majeure
The Platform shall not be liable for any failure, delay or variation in performance caused by a Force Majeure Event, including but not limited to hacker attacks, malware, power outages, communications failures, strikes, fire, flood, acts of God, regulations of any governmental authority, or pandemic.
23. No Assignment
The User may not assign or transfer any rights or obligations under these Terms.
24. Variations
The Platform reserves the right at any time in its absolute discretion to make any Variation to any provision of these Terms, without prior notice. The User shall be bound by such Variation from the date directed by the Platform.
25. Remedies and Waiver
No failure or delay by any Party to exercise any right or remedy shall operate as a waiver thereof. Rights provided in these Terms are cumulative and not exclusive of any rights or remedies provided by law.
26. No Rights of Third Parties
No term of these Terms is enforceable by a person who is not a Party.
27. Governing Law and Jurisdiction
These Terms shall be governed by, and construed in accordance with, the laws of [jurisdiction to be confirmed by counsel — currently expected to mirror parent group: British Virgin Islands].
If any dispute arises between the Parties under or in connection with these Terms, the Parties shall attempt for a period of 30 days to settle the dispute by mutual discussion. If the dispute cannot be settled within 30 days, the dispute shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (SIAC) in accordance with the SIAC Arbitration Rules in force at the time. The seat of arbitration shall be Singapore, the language shall be English, and the tribunal shall consist of one arbitrator.