6- Fiat Pegged Tokens

Where we are able to do so (for example, where we can access appropriate banking facilities), we may offer Fiat Pegged Tokens to enable you to upload fiat dollars to your Account in exchange for the equivalent Fiat Pegged Tokens which are tradeable on our Platform.

There will be an individual Fiat Pegged Token for each fiat currency we offer (for example, USD is a Fiat Pegged Token for US Dollars).

Each Fiat Pegged Token is equivalent to one fiat dollar of the respective fiat currency.

Fiat Pegged Tokens allow you to send, receive and store fiat currencies.

Fiat Pegged Tokens are not financial products in themselves and do not give you any rights or carry any obligations. They are a digital representation of fiat dollars held on trust for you in the Custodial Account. Under these Terms, you hold the beneficial interest in those fiat dollars and can instruct us as trustee to deliver them to you at any time, subject to these Terms (including the risks set out in the Bsgex Risk Statement). We do not promise to pay you any amount in relation to Fiat Pegged Tokens out of our own funds.

In order to obtain Fiat Pegged Tokens from the equivalent fiat currency you must provide us with details of a Nominated Account held with a bank registered to the country of the fiat currency you wish to use. When we are able to offer Fiat Pegged Tokens supported by Bsgex, you can transfer fiat dollars from your Nominated Account to our Custodial Account. We will hold an amount equal to your deposit in the Custodial Account on trust for you. For each fiat dollar we hold in the Custodial Account on your behalf we will issue and credit one equivalent Fiat Pegged Token to your Coin Wallet.

If you transfer or trade a Fiat Pegged Token with another person through our Platform, you instruct us to hold one fiat dollar in the Custodial Account on a new trust for the transferee.

You may request a withdrawal of Fiat Pegged Tokens supported by Bsgex through the Platform and, subject to these Terms, we will pay the equivalent amount in the respective fiat currency from the Custodial Account to your Nominated Account held with a registered bank, subject to any minimum and maximum withdrawal amounts in place, and less any withdrawal fee and deductions required by Applicable Law.

We will try to action any issue of new Fiat Pegged Tokens or your withdrawal request as soon as we are reasonably able to do so. However, there may be a delay as a result of events outside of our control, including as a result of a sudden increase in Transaction volumes, regulatory changes, blockchain issues, or as a result of a request coming through outside of normal banking hours.

You will not receive any interest earned on fiat dollars stored in the Custodial Account. Any interest earned on the Custodial Account will be paid to Bsgex as a fee.

We will not use the fiat dollars held on trust in the Custodial Account for any purpose other than to meet our obligations to you in respect of your Fiat Pegged Tokens, nor can we charge or otherwise encumber them.

Fiat Pegged Tokens are available at our discretion. For regulatory, commercial or other reasons we may give notice to Users that we have decided to suspend or to cease offering one or more of our Fiat Pegged Tokens. If we cease offering a Fiat Pegged Token we will, where possible, give affected Users notice of a timeframe within which they must withdraw, or exchange for Coins, the Fiat Pegged Tokens in their Wallets. Any remaining Fiat Pegged Tokens will, after this time, be withdrawn and the matching fiat dollar amount paid to the relevant User's Nominated Account. If this is unavailable or difficult Bsgex may instead chose to remove the tokens from your account and replace them with the equivalent value of BTC or another major currency at an appropriate market rate of exchange.