TO THE EXTENT THAT YOU (“YOU,” “YOUR,” OR “USER”) HOLD A NORWEGIAN BLOCK EXCHANGE AS (“NBX”) ACCOUNT, THESE TERMS OF SERVICE (“TERMS”) GOVERN YOUR USE OF YOUR NBX ACCOUNT AND USDM SERVICES PROVIDED BY NBX. TO THE EXTENT YOU DO NOT HAVE AN NBX ACCOUNT BUT HOLD USDM ISSUED BY NBX, THESE TERMS DESCRIBE THE CONDITIONS APPLICABLE TO YOUR HOLDING AND USE OF NBX-ISSUED USDM, INCLUDING REDEMPTION THROUGH NBX SUBJECT TO ELIGIBILITY, ISSUER-OF-RECORD VERIFICATION, AML/CTF, SANCTIONS AND KYC REQUIREMENTS. USDM ISSUED BY MONETA DIGITAL LLC OUTSIDE THE EEA IS SUBJECT TO MONETA’S TERMS AND REGULATORY FRAMEWORK AND IS NOT ISSUED BY NBX. BY OBTAINING, HOLDING OR USING NBX-ISSUED USDM, OR BY USING USDM SERVICES PROVIDED BY NBX, YOU UNDERSTAND AND EXPRESSLY AGREE TO THESE TERMS.
If you have an account with NBX, or if you use a platform developed by NBX, you are a NBX customer and these Terms apply to you and all platform interactions and transactions involving USDM Services.
If you do not have an NBX Account but possess or hold NBX-issued USDM, these Terms apply to your holding and use of NBX-issued USDM. Please note that if you are a USDM Holder but are not an NBX Account Holder, you are not considered an NBX customer and will not be able to redeem NBX-issued USDM through NBX until you establish an NBX Account and successfully complete the applicable identity verification, KYC/AML/CTF and sanctions screening. USDM issued by Moneta outside the EEA is not issued by NBX and is redeemable only in accordance with Moneta’s applicable terms and regulatory framework, except where NBX chooses to facilitate redemption strictly in accordance with Section 1.6.3.3.
By obtaining or using USDM:
You confirm that you’ve read, understood, and agree to these Terms. This applies whether you’re a NBX customer (NBX Account Holder) or a USDM Holder.
You acknowledge that you’ve reviewed the details in this section.
You agree to our KYC, AML and Sanction Screening Policies.
You also agree to our Privacy Policy and Cookie Policy.
Remember, these Terms can change. Section 23 explains how we update them. The last revision date is provided at the beginning of these Terms.
You agree to not engage in illegal transactions or other prohibited activities, including but not limited to activities described in Sections 13 and 14 below.
During registration for your NBX Account, or at any other time deemed necessary by NBX, you agree to us with the information we request for the purposes of identity verification, providing NBX Services to you, and the detection of money laundering, terrorist financing, fraud, or any other financial crimes and permit us to keep a record of such information. The information we request may include certain personal information, including, but not limited to, your name, address, telephone number, e-mail address, date of birth, taxpayer identification number, government identification, and information regarding your bank account (such as the name of the bank, the account type, routing number, and account number) and in some cases (where permitted by law), special categories of personal data, such as your biometric information. You confirm that you’ve read, understood, and agreed to the NBX Privacy Policy and our general Terms of Service. You consent to us accessing, processing and retaining any personal information you provide to us for the purpose of us providing NBX Services to you. This consent is not related to, and does not affect, any rights or obligations we or you have in accordance with data protection laws, privacy laws and regulations. You can withdraw your consent at any time by closing your account with us. However, we may retain and continue to process your personal information if we reasonably believe it is necessary in order to comply with laws or regulations. In providing us with this or any other information that may be required, you confirm that the information is accurate and authentic. You agree to keep us updated if any of the information you provide changes. You authorize us to make inquiries, whether directly or through third parties, that we consider necessary to verify your identity or protect you and/or us against fraud or other financial crime, and to take action we reasonably deem necessary based on the results of such inquiries. When we carry out these inquiries, you acknowledge and agree that your personal information may be disclosed to credit reference and fraud prevention or financial crime agencies and that these agencies may respond to our inquiries in full. This is an identity check only and should have no adverse effect on your credit rating. We reserve the right at all times to monitor, review, retain and/or disclose any information as necessary to satisfy any applicable law, regulation, sanctions programs, legal process or governmental request.
USDM is a USD-referenced e-money token on the Cardano blockchain. Within the EEA, USDM is issued by Norwegian Block Exchange AS (“NBX”) as NBX-issued USDM. Outside the EEA, USDM is issued separately and independently by Moneta Digital LLC (“Moneta”) as Moneta-issued USDM. NBX-issued USDM and Moneta-issued USDM are legally and economically distinct issuance obligations. NBX-issued USDM is backed by the EU NBX USDM Reserve maintained by NBX. Moneta-issued USDM is backed by the Moneta USDM Reserve maintained by Moneta. There is no cross-liability or cross-coverage between the EU NBX USDM Reserve and the Moneta USDM Reserve.
USDM functions on the Cardano blockchain, allowing for easy integration with Cardano-related apps, including wallets and exchanges. All USDM transactions are transparently recorded on the Cardano blockchain.
You can buy USDM on exchanges or via over-the-counter trades.
USDM can be purchased directly from NBX using US dollars.
If you wish to exchange USDM for US dollars through NBX, you must establish an NBX Account, complete all applicable identity verification, KYC/AML/CTF and sanctions screening, and send the USDM to the address designated by NBX. Before executing any redemption, NBX verifies the issuer of record of the USDM presented for redemption.
For NBX-issued USDM, eligible holders have the right to redeem at par through NBX, subject to issuer-of-record verification, applicable AML/CTF, sanctions and KYC requirements, these Terms, the NBX USDM White Paper and Applicable Laws.
For Moneta-issued USDM, NBX may, but is not obliged to, facilitate redemption through NBX. NBX applies the absolute rule “no transfer, no redemption”: NBX will not execute, fund or settle redemption of Moneta-issued USDM, and will not advance any funds from the EU NBX USDM Reserve, unless and until the corresponding amount in cleared USD has first been received from the Moneta USDM Reserve or from Moneta into an NBX-designated safeguarded account. Redemption timing for Moneta-issued USDM is therefore contingent on prior receipt and reconciliation of the corresponding cleared funds from Moneta.
NBX does not charge a fee for redemption of NBX-issued USDM itself where prohibited by Applicable Law. Network fees, third-party fees, transfer fees, currency conversion fees or other permitted charges may apply and will be disclosed before you complete the relevant transaction where required.
USDM is intended to be used as a medium for transactions and preserving value. It’s essential to note that USDM isn’t an investment tool and doesn’t promise any returns. Always weigh the risks before using USDM and consult with professionals as needed.
NBX strictly follows all applicable laws, rules, and regulations regarding USDM, including, without limitation, those centered on tax, anti-money laundering (“AML”), counter-terrorism financing (“CTF”), and know-your-customer (“KYC”) standards.
As a USDM User, you agree to act in compliance and be legally bound by these Terms and all applicable laws, rules, and regulations related to stablecoins, cryptocurrencies, and other digital assets in your location. It is your duty to understand and follow these laws, rules, and regulations. These Terms are conditional on your continued compliance at all times with these Terms and all applicable laws, rules, and regulations.
There might be situations where NBX needs to share user information with governmental bodies or other entities, as demanded by law. In such cases, we’ll always prioritize user privacy and share only what’s necessary.
NBX can deny services to users who don’t follow laws or engage in illegal actions. We also reserve the flexibility to take steps - like altering or stopping the use of USDM - to remain compliant with laws.
By using USDM, users acknowledge and agree to comply with all applicable laws, rules, and regulations. As these laws, rules, and regulations evolve over time or for enhanced security, NBX may update these requirements. It is your duty to stay informed and adjust accordingly.
By holding or using USDM, or accessing or using USDM Services you represent and warrant that you are at least 18 years of age or older, are not a Restricted Person (see Section 3.5), are not holding USDM on behalf of a Restricted Person, and legally capable of entering contracts. Furthermore, by holding or using USDM you further represent and warrant that you will not be using USDM or USDM Services for any illegal activity, including, but not limited to, illegal gambling, money laundering, fraud, blackmail, extortion, ransoming data, terrorism financing, other violent activities or any prohibited market practices, including, but not limited to, those listed under Sections 13 and 14.
NBX may determine not to make NBX-issued USDM or USDM Services provided by NBX, in whole or in part, available in every market, either in its sole discretion or due to legal or regulatory requirements, depending on your location. NBX may also, without liability to you or any third party, refuse to let you register for an NBX Account, especially if you are from a region where USDM usage is legally restricted or where NBX cannot provide services in compliance with Applicable Laws. Moneta-issued USDM outside the EEA is subject to Moneta’s own terms and regulatory framework.
NBX might set limits on the amount of USDM you can mint or redeem. These limits are in place to follow the law, ensure USDM’s safety, and maintain its stability.
If NBX suspects or determines that you or any of your authorized users or customers have violated these Terms, including but not limited to attempting to transact or transacting with Blocked Addresses, NBX can suspend or stop your access to the NBX platform if you breach terms or take part in unlawful or misleading activities. We’ll always prioritize the safety and stability of USDM.
Applicable laws require us to prevent Restricted Persons from holding USDM or using USDM Services. A Restricted Person means any person that is subject or target of any sanctions, including a person that is:
named in any of the sanctions list by EU, UN, Canada, FATF High Risk, EU High Risk (Weak AML), Norway, Global Terrorism Index; named in any Sanctions-related list maintained by the U.S. Department of State; the U.S. Department of Commerce, including the Bureau of Industry and Security’s Entity List and Denied Persons List; or the U.S. Department of the Treasury, including the OFAC Specially Designated Nationals and Blocked Persons List, the Sectoral Sanctions Identifications List, and the Foreign Sanctions Evaders List; or any similar list maintained by any other relevant governmental authority;
located, organized or resident in a country, territory or geographical region which is itself the subject or target of any territory-wide Sanctions (a “Restricted Territory”) (currently, the Crimea region of Ukraine, Cuba, Iran, North Korea, and Syria); or owned or controlled by any such person or persons listed above.
When you use or hold USDM, you agree to these criteria and constraints. As the regulatory landscape changes or for better security, NBX may revise these standards. Keep yourself updated and adhere to them.
NBX strictly adheres to all applicable laws and regulations pertaining to Anti-Money Laundering (“AML”) and Counter-Terrorism Financing (“CTF”). Our procedures are crafted to prevent USDM Services from being exploited for money laundering, terrorist financing, and illicit financial activities. NBX and its partners actively and passively monitor the Cardano network to detect and deter fraudulent transactions, promptly report suspicious actions, and staunchly work against all endeavors that enable money laundering, terrorist funding, or other financial crimes. All USDM users should review our KYC, AML, and Sanction Screening Policies.
The NBX platform, including your NBX Account, is designed to handle a variety of crypto transactions, fiat on/off ramp, as well as to send and receive USDM and ADA. If you try sending USDM to centralized exchanges, a “Byron-era” address, or another address type that doesn’t support Cardano native assets such as USDM, your USDM could be irretrievably lost. NBX is not responsible for losses from sending unsupported assets to your account or for sending USDM to incompatible addresses or centralized exchanges.
Due to USDM’s decentralized design, third parties unrelated to NBX might introduce a similar version of USDM on various blockchains, known as a “copy” or “bridged asset.” Likewise, they might design an asset linked with or collateralized by USDM, termed as a “wrapper.” NBX exclusively supports original USDM and won’t necessarily recognize its copies, bridged assets, or wrappers. We’re not liable for any losses due to non-recognition of such assets.
The Cardano blockchain may undergo changes, resulting in alternate versions or “forks.” If a fork happens on Cardano, NBX may temporarily suspend minting, transfers or other USDM-related services while NBX determines which version to support, if any. Operational or external disruptions may temporarily delay redemption processing, but do not extinguish the holder’s redemption right in respect of NBX-issued USDM. Restrictions on or suspension of redemptions may be applied only in accordance with NBX’s Recovery Plan, NBX’s Redemption Plan, Applicable Laws, or a direction or decision of Finanstilsynet.
USDM is initially a native asset on the Cardano blockchain, but Moneta and NBX may launch USDM on other blockchains. NBX doesn’t possess the capability or responsibility to counteract attacks or fix problems on these blockchains. Any complications, such as attacks or delays on these blockchains, could significantly hamper your ability to send or retrieve USDM. NBX isn’t accountable for any losses stemming from these difficulties.
Under specific circumstances, such as the emergence of a copy, fork, technical disruption or the discovery of a security flaw in Cardano or another supported blockchain, NBX may need to suspend or delay certain USDM-related services, including minting, transfers or operational processing. Such interruption, known as “Downtime”, may begin suddenly and may last for an extended period. Operational or external disruptions may temporarily delay redemption processing, but do not extinguish the holder’s redemption right in respect of NBX-issued USDM. Restrictions on or suspension of redemptions may be applied only in accordance with NBX’s Recovery Plan, NBX’s Redemption Plan, Applicable Laws, or a direction or decision of Finanstilsynet.
NBX may decide to migrate NBX-issued USDM to another blockchain or protocol where NBX reasonably considers this necessary or appropriate for security, scalability, operational resilience or regulatory-compliance reasons. If NBX decides to migrate NBX-issued USDM, NBX will provide information through the NBX website and/or other appropriate channels, including instructions on how affected holders may migrate their holdings where relevant. Any material change will be disclosed in accordance with Applicable Laws, including through an updated or modified white paper where required. NBX shall not be liable for losses resulting from a holder’s failure to complete a migration within the specified timeframe, except to the extent liability cannot lawfully be limited.
NBX prioritizes the protection of your personal data and seeks to offer clarity about how this information is used. Personal data may be shared between NBX and Moneta only where necessary and lawful for purposes such as issuer-of-record verification, redemption processing, AML/CTF, sanctions screening, fraud prevention, incident handling, dispute resolution, regulatory cooperation or compliance with Applicable Laws, and subject to an applicable data processing agreement or other GDPR-compliant data protection arrangement where required.
All users should carefully and thoroughly review the NBX Privacy Policy, as it provides details on the methods involved in the collection, storage, protection, and usage of your personal data.
Under the conditions set in these Terms, Moneta and NBX bestows upon you a constrained, non-exclusive, non-sublicensable, and non-transferable license. This license allows you to access and utilize the USDM Services solely for purposes sanctioned by Moneta and NBX. Unauthorized use of the USDM Services is strictly prohibited.
All inherent rights in the USDM Services rest with Moneta and its licensors. These Terms do not confer upon you any rights or licenses pertaining to the USDM Services, apart from the aforementioned limited license.
Without explicit authorization from Moneta, you are prohibited from engaging in activities such as modifying, reverse engineering, copying, framing, scraping, renting, leasing, loaning, selling, distributing, or creating derivative works that draw upon the USDM Services, either in entirety or in part. Infringement of any segment of these Terms could result in the revocation of your access to, and use of, the USDM Services, as outlined in these Terms.
“Moneta.global”, “USDMoneta.io”, “Moneta”, “USDM”, and all associated logos related to the USDM Services are either trademarks or registered trademarks belonging to Moneta or its licensors. Regardless of whether you possess a NBX Account, these marks cannot be copied, mimicked, or utilized without obtaining prior written consent from Moneta.
Moneta and its licensors are the exclusive owners of all rights, titles, and interests related to the Moneta website, its content, the USDM Services, the technology associated with it, and any content originating or derived from any of the aforementioned assets.
Fee Clarity Unless stated in the USDM Fee Schedule or otherwise communicated to you before finalizing a transaction in your NBX Account, NBX will not impose fees for converting USD to USDM or for the receipt of USDM. However, as detailed in the USDM Fee Schedule, NBX does levy fees when you transfer USDM on-chain. You should always check the USDM Fee Schedule before completing a transaction in your NBX account to make sure you understand exactly what fees might be incurred. You also agree to pay any other fees that may be charged by your bank in connection with sending funds to NBX or receiving funds from NBX. Current limits and fees are specified in the NBX Knowledge Base.
Users of the Cardano blockchain, including users sending USDM on the Cardano blockchain, will encounter network fees associated with the operation of the Cardano blockchain. These fees are deterministically calculated based on network parameters and are not controlled by NBX or its affiliates.
Conversion Rate – When you mint USD, the credited amount in USDM to your NBX Account will be at the rate of one (1) USDM for every 1 USD ($1), less applicable fees (if any).
For those using the service as a NBX Account Holder, if you decide to send funds to NBX for the purpose of converting them into USDM, it’s essential that your wire transfer is denominated in one of our supported fiat currencies. Currently NBX supports NOK, SEK, DKK, EUR and USD. See Section 10.3 and 10.4 for transfers of other currencies.
Should you send a wire transfer in a currency other than the supported currencies, and if the banks associated with NBX support this, the banks will perform the currency conversion to a supported currency. This will be done using the bank’s current conversion rate, and additional fees might be charged for this conversion service. After conversion and the deduction of any applicable fees, your NBX Account will be credited accordingly. We would like to clarify that NBX is not accountable for any potential delays during this conversion process.
It’s worth noting that not all non-supported currencies may be supported by NBX’s banking partners. In situations where a non-supported currency is transferred, the bank might have to decline or return the wire.
Your NBX Account is designed to support USDM amounts up to six decimal places. Any redeemed USDM value will be truncated at 2 digits to ensure it aligns with fiat transfer standards. Any remaining USDM will remain in your NBX Account.
NBX may modify, suspend or discontinue components of the USDM Services, including operating hours or the availability of specific features, where necessary or appropriate for legal, regulatory, security, operational, technical, risk-management or customer-protection reasons. This does not limit the statutory redemption rights of eligible holders of NBX-issued USDM except to the extent permitted by Applicable Laws, NBX’s Recovery Plan, NBX’s Redemption Plan, or a direction or decision of Finanstilsynet.
NBX may decline, delay or restrict issuance, transfer or redemption processing where NBX reasonably considers this necessary or prudent due to AML/CTF, sanctions, fraud, market integrity, customer protection, operational, technical or regulatory concerns, or where required by Applicable Laws or a competent authority. For NBX-issued USDM, any restriction on redemption will be applied only in accordance with Applicable Laws, NBX’s Recovery Plan, NBX’s Redemption Plan, or a direction or decision of Finanstilsynet.
Should there be a suspension in your usage of the USDM Services, it will not alter or extinguish any statutory redemption right you may have in respect of NBX-issued USDM.
For security, operational, technical and compliance reasons, NBX may postpone issuance, transfer or redemption processing if there is a reasonable belief that a transaction is suspicious, potentially fraudulent, in violation of law, affected by operational disruption, or not in line with these Terms. Any such delay does not extinguish the holder’s redemption right in respect of NBX-issued USDM.
If a transaction meant to tokenize USD into USDM is reversed either by your financial institution or by NBX’s affiliated banks subsequent to the completion of said tokenization, then NBX is entitled to:
Retroactively nullify the said tokenization and reduce the corresponding USDM amount from your NBX Account.
Deduct the relevant sums from any upcoming issuances of USDM into your NBX Account or from any other funds directed to your NBX Account.
Impose a suspension on your NBX Account and restrict access to USDM Services until the matter is fully resolved.
In scenarios where you operate multiple NBX Accounts, NBX has the discretion to offset any negative USDM balances in one account by utilizing the positive balances available in your other NBX Accounts
Initiate legal proceedings or deploy any other lawful recovery methods at its disposal.
To ensure adherence to these Terms, NBX is endowed with the right to:
Block any USDM-related transactions from your account, encompassing accounts not associated with USDM.
Counterbalance any dues or outstanding amounts against the funds that NBX retains on your behalf.
Should NBX necessitate third-party intervention for the retrieval of any outstanding amounts you owe, you will bear the cost of any expenses accrued by NBX during this process. This encompasses, but isn’t limited to, fees associated with collections, legal consultations, or convenience fees levied by third parties.
You hereby acknowledge and consent to electronic or telephonic communications concerning any outstanding amounts or overdue accounts. These communications might originate from NBX or any designated third party, including third-party collection agencies. Be advised that resorting to third-party involvement for the recovery of your outstanding dues to NBX may adversely affect your credit standing.
By utilizing USDM or any associated USDM Services, you solemnly commit to refrain from engaging in the following actions:
Breaching, or aiding others in breaching, any laws, regulations, statutes, or local ordinances.
Deliberately partaking in, or aiding others in, fraudulent activities targeting NBX or its Users.
Supplying information that is false, misleading, or devoid of accuracy.
Undertaking actions that disrupt, intercept, or misappropriate any data, system, or information.
Engaging in any financial transaction that originates from illegal activities.
Introducing or circulating malicious software, including but not limited to viruses and worms.
Attempting unauthorized access to NBX’s website, NBX Accounts, or any affiliated networks and systems.
Operating the USDM Services on behalf of third parties, or acting as a liaison between NBX and third-party entities.
Gathering private data of other Users, such as email addresses, without consent.
Engaging in actions that slander, harass, infringe upon privacy, or violate the intellectual property rights of Moneta, NBX or its Users.
Posting, sharing, or transmitting content that showcases illegal items, non-consensually created pornographic photos, promotes violence, is obscene, or violates copyright regulations. Engaging in any of the aforementioned actions constitutes “Prohibited Activities.”
Utilizing USDM or the affiliated USDM Services for any transactions linked to the undermentioned categories is strictly forbidden. NBX holds the right to oversee, and where deemed fit, either prevent or block transactions involving:
Any individuals or entities that are restricted (“Restricted Persons”).
Any form of weaponry, encompassing but not limited to firearms, explosives, ammunition, knives, or related equipment.
Regulated substances which include narcotics, prescription medications, steroids, and any related equipment or accessories, unless there’s a valid license and it’s authorized by the governing jurisdiction of both the User and the transaction location.
All gambling-related activities. This covers sports betting, horse or dog racing, casino games, games deemed as gambling (e.g., poker), and any action supporting these activities. Exceptions are only for those licensed and approved by the jurisdiction governing the User and the transaction.
Activities linked to money laundering or financing of terrorist activities.
Any operations related to pyramid schemes, Ponzi schemes, or multi-level marketing programs.
Services or products infringing upon intellectual property rights, including copyrights and trademarks, under any jurisdiction’s laws.
Services related to credit repair or those with potential consumer protection risks.
Court-ordained payments, structured settlements, and any tax-related settlements or payments.
Activities of unregulated money transmission.
Systems of layaway or annuities.
Counterfeit merchandise, including “novelty” or fake identification.
Market fraud activities such as front-running, wash trading, insider trading, or other deceptive market practices.
Procurement of any goods from “Darknet” markets or other platforms that serve as a hub for illegal items, regardless of them offering legal products as well.
Or any other transactions that we might specify as impermissible, influenced, for instance, by the restrictions laid out by our banking or payment partners (these are referred to as “Banned Transactions”).
Should NBX discover your involvement in any such Banned Transactions, it will be considered a breach of these Terms. NBX may suspend or terminate your NBX Account, block or reject transactions, freeze assets where legally required or permitted, report activity to competent authorities, and take any other action required or permitted under Applicable Laws. Any restriction on redemption of NBX-issued USDM will be applied only to the extent required or permitted by Applicable Laws, sanctions obligations, AML/CTF requirements, a valid legal order, NBX’s Recovery Plan, NBX’s Redemption Plan, or a direction or decision of Finanstilsynet.
The following list of risks associated with USDM and USDM Services is not exhaustive.
NBX reserves the right to “block” certain USDM addresses and, if such addresses are NBX custodied addresses, freeze associated USDM (temporarily or permanently) that it determines, in its sole discretion, may be associated with illegal activity or activity that otherwise violates these Terms (“Blocked Addresses”). In the event you send USDM to a Blocked Address, or receive USDM from a Blocked Address, NBX may freeze such USDM and take steps to terminate your NBX Account. In certain circumstances, NBX may deem it necessary to report such suspected illegal activity to applicable law enforcement agencies and you may forfeit any rights associated with your USDM, including the ability to redeem USDM for USD. NBX may also be required to freeze USDM and/or surrender associated USD held in NBX’s Reserves in the event it receives a legal order from a valid government authority requiring it to do so.
You are responsible for complying with applicable law. You agree that NBX is not responsible for determining whether or which laws may apply to your transactions, including tax laws. You are solely responsible for reporting and paying any taxes arising from your use of USDM or the USDM Services, including any accurate reporting of the tax or legal status of USDM in your jurisdiction.
The regulatory status of USDM and blockchain technology is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether regulatory agencies may apply existing regulation with respect to USDM, blockchain technology and its applications. Accordingly, it is not possible to determine whether a USDM transfer would be recognized under applicable law by a court or regulator at the Norwegian, EU, U.S. state, U.S. federal, or international level.
Legislative and regulatory changes or actions at the Norwegian, EU U.S. state, U.S. federal, or international level may adversely affect the tokenization of USD into USDM, and the use, transfer, redemption and/or value of USDM.
You hereby commit to defending, indemnifying, and holding harmless NBX, its associated entities, and service providers, along with their respective directors, officers, employees, agents, partners, and representatives from and against any claim, demand (inclusive of legal fees, penalties levied by regulatory authorities, and any other relevant costs) that may arise due to your breach of these Terms, any violation of laws or regulations, or your acquisition or usage of USDM.
Within the context of this Section 16, the term “losses” encapsulates all net costs that are rationally accrued by us or other individuals delineated in this section as a result of the situations elucidated in this Section 16. These costs may encompass, but aren’t limited to, claims, demands, legal actions, debts, expenses, or other liabilities, including but not limited to reasonable legal fees (preventing any overlapping).
In instances where you find yourself in disagreement or dispute with one or several Users or third parties, you hereby release Moneta and NBX (and its affiliates, service providers, and each of their respective directors, officers, agents, partners, employees, and representatives) from any and all claims, demands, and damages. This includes both actual and consequential damages of any kind or nature that might emerge or correlate with such disputes.
Nothing in this Section limits any statutory redemption right you may have in respect of NBX-issued USDM, any safeguarding obligation of NBX, or any liability that cannot lawfully be excluded or limited under Applicable Laws.
For NBX Account Holders: Please note that the general Terms of Service for the NBX Account is a part of these Terms and will apply fully to the use of USDM Services, as well as our other offerings.
For USDM Holders:
LIABILITY: YOU SHOULD BE AWARE THAT NBX, ALONG WITH OUR ASSOCIATES, PARTNERS, AND AFFILIATES, AND ASSIGNS WILL NOT BE HELD ACCOUNTABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY DAMAGES, OR DAMAGES FOR LOSS OF PROFITS. This encompasses damages due to lost goodwill, use, data, or other non-tangible losses. This stands even if we’ve been informed of such potential damages. This includes damages resulting from: Your usage or inability to use or hold USDM. Costs arising from replacements or substitutes for any goods, data, services, or messages linked to USDM. Unauthorized alterations or access to your data. Any other situations involving USDM. JURISDICTIONAL CAVEAT: Some areas might have legal exceptions that disallow certain types of exclusions. If you reside in one of those, some or all of these exclusions might not apply to you. IF YOU ARE NOT SATISFIED WITH USDM SERVICES, YOUR OPTION IS TO STOP USING THE USDM SERVICES AND, WHERE APPLICABLE, REQUEST REDEMPTION OF NBX-ISSUED USDM IN ACCORDANCE WITH THESE TERMS, THE NBX USDM WHITE PAPER AND APPLICABLE LAWS. USDM WARRANTIES: USDM is provided “AS IS” and without any representation or warranty, whether express, implied or statutory. NBX specifically disclaims any implied warranties of title, merchantability, fitness for a particular purpose and non-infringement. “AS IS” means we’re not providing additional guarantees or assurances about it. NBX, along with our affiliates, explicitly states that there are no implied promises about USDM being fit for a specific purpose, being of a particular quality, or being non-infringing. While we aim for USDM to fit your needs, be secure, timely, and error-free, we can’t assure that. As NBX does not have any control over the products or services you acquire using USDM, we don’t promise that the quality of any products or services you acquire using USDM will be up to your expectations. NBX does not guarantee continuous, uninterrupted or secure access to any part of the USDM Services, and operation of our websites, software, or systems (including any networks and servers used to provide any of the NBX’s services) operated by us or on our behalf may be interfered with by numerous factors outside of our control. NBX makes no representations or warranties regarding the amount of time needed to complete processing because USDM Services are dependent upon many factors outside of our control, such as delays in the banking system. Some states do not allow the disclaimer of implied warranties, so the foregoing disclaimers may not apply to you.
NBX is not responsible for delays or failures caused by events or conditions we can’t control. This includes things like government actions, terrorist acts, natural disasters like earthquakes and floods, worker strikes, power outages, equipment problems, and disruptions to the Internet.
You may not assign or transfer your rights, duties, or obligations under these Terms. Such attempted assignment shall be void, subject to the following exception described herein:
If you send NBX-issued USDM to someone else’s address, that person and any subsequent holder may request redemption of such NBX-issued USDM for USD from NBX, provided that the USDM is verified as NBX-issued USDM and the holder successfully establishes an NBX Account and meets the applicable eligibility, AML/CTF, KYC and sanctions-screening requirements.
Every USDM Holder is subject to all terms of these Terms as if a User including, but not limited to, the requirements to not transact with Blocked Addresses and not engage in Restricted Activities or Prohibited Transactions.
By entering into these Terms, you agree to receive electronic and telephonic communications regarding your USDM or your NBX account. These communications might originate from NBX or any designated third party.
Please contact Support at support@nbx.com to report any violations of these Terms or to ask any questions regarding these Terms or USDM or USDM Services, as applicable.
NBX strives to provide accurate and reliable information and content on the NBX website, but such information may not always be correct, complete, or up to date. NBX will update the information on the NBX website as necessary to provide you with the most up-to-date information, but you should always independently verify such information.
NBX can update these Terms at any time. When we do, we’ll post the new version and update the date at the top. If you continue using USDM or the USDM Services after we post the new Terms, that means you accept them. If you don’t agree with the changes, your only option is to stop using the USDM Services and close your NBX Account. We’re not responsible for any losses you might experience due to changes in these Terms. Heads up on Major Changes: If we make a major change, we’ll let you know in advance through our website or an email. By “major change”, we mean any change that isn’t just beneficial to you, required by law or our regulators, related to a new product or service, or a clarification of something already in these Terms.
USDM and USDM Services are subject to AML and CTF provisions, including Sanctions. By holding or using USDM, or using the USDM Services, you represent and warrant that your actions are not in violation of Sanctions. Without limiting the foregoing, you may not hold or use USDM, or use the USDM Services if you are a Restricted Person or intend to transact with or on behalf of any Restricted Persons. NBX can suspend or end access to USDM if users break these Terms or partake in illegal actions, including but not limited to the activities described in Sections 13 and 14.
These Terms and any non-contractual obligations arising out of or in connection with them shall be governed by Norwegian law and applicable EU/EEA law.
Any dispute, claim or controversy between you and NBX concerning NBX-issued USDM, USDM Services provided by NBX, redemption rights, safeguarding, customer rights or these Terms shall be brought before the District Court of Ringerike, Asker and Bærum, Norway, unless mandatory law provides otherwise or requires another competent forum. Nothing in these Terms limits your right to submit a complaint to NBX, to a competent complaints body where available, or to a competent authority.
Upon termination of these Terms (and termination of your NBX account, if you are a NBX account holder), all rights and obligations of the parties that by their nature are continuing will survive such termination.
These Terms constitute the entire agreement between NBX and its Users. Just because NBX does not act on a right or rule from these Terms does not mean that it has given up that right or rule. If any provision of these Terms is determined to be unenforceable, illegal or unlawful, the remainder of these Terms shall remain in full force and effect, so long as the invalidity of such provision does not materially affect the essence of the Terms. Should a section of these Terms be determined to be invalid or unenforceable for certain persons, such section of these Terms shall still remain in full force and effect and apply to all other individuals bound by these Terms. The headings and any explanatory text are for reference purposes only and in no way define, limit, construe, or describe the scope or extent of such section. These Terms, plus NBX’s rules about holding or using USDM, its general Terms of Service, its Privacy Policy, and Cookie Policies, constitute the entire agreement between you and NBX with respect to the holding or use of USDM. These Terms are not intended and shall not be construed to create any rights or remedies in any parties other than you and NBX and NBX’s assigns.
