Terms and Conditions
MYEG Lock-Earn is a beta program (the “Program”) that allows the customers (“you” or “your”) of MYEG Finance Technologies Sdn. Bhd. (“MYEG”) and/or any of MYEG’s business partners or affiliates which are licensed Digital Asset Exchanges in Malaysia (collectively, the “DAXs” and each, a “DAX”)) to deposit certain digital assets into a designated DAX-controlled wallet (“Lock-Earn Wallet”) to earn fees.
MYEG and the DAXs are collectively referred to as “we”, “us” or “our”.
The Program is part of our loyalty and incentivisation initiatives in partnership with MYEG Finance Technologies Sdn. Bhd. (“MYEG”) to promote wider adoption and trading of digital assets on licensed digital asset exchanges in Malaysia.Key Terms:
- The fees rate is variable and subject to change from time to time.
- Any withdrawal from the Lock-Earn Wallet may take up to seven (7) business days.
- The fees will be paid out to your Lock-Earn Wallet at the end of the chosen tenure.
- Your digital assets will remain deposited in the Lock-Earn Wallet and will not be used for any lending, investment or otherwise used to generate any investment return.
1. Participation in the Program
1.1. The following terms and conditions (these “Terms”) constitute a legally binding agreement between you and us. By participating in the Program, you represent and affirm that you are at least eighteen (18) years old and have the legal capacity to enter into these Terms.
1.3. You also accept and agree that you are solely responsible for understanding and complying with all laws, rules, regulations and requirements of the jurisdiction in which you are subject to that may be applicable to your participation of the Program or use of the Lock-Earn Wallet, including but not limited to, those related to taxation, export or import activity, or foreign exchange administration.
1.4. Please read these Terms carefully before participating in the Program as they may affect your legal rights and obligations.
1.5. We reserve the rights to amend these Terms from time to time. You should check these Terms regularly and we will use our best endeavours to notify you of any amendments to these Terms which we consider are likely to materially affect your rights and obligations. Any such notice will be posted on our website or sent by email to the email address associated with your DAX account.
1.6. Your continued use of the Lock-Earn Wallet, after any amendment made to these Terms, constitutes your acceptance of these Terms, as modified by such amendment. If you do not accept these Terms, or any amendment made to them, you must immediately stop using the Lock-Earn Wallet.
2. Lock-Earn Wallet
2.1. The Program allows you to earn fees on certain digital assets deposited into the Lock-Earn Wallet. The Lock-Earn Wallet is not a lending or investment product, but a loyalty and incentivisation program for the purpose of promoting wider adoption and trading of digital assets on licensed digital assets exchanges in Malaysia.
2.2 Any reference to "fees" in these Terms refers to fees earned from the Supported Digital Assets (as defined below) deposited by you into the Lock-Earn Wallet which, for the avoidance of doubt, will itself be denominated in the same Supported Digital Assets which you deposit into the relevant Lock-Earn Wallet.
2.3. The Lock-Earn Wallet is currently only available in Bitcoin and Ethereum but we may, in our sole discretion, decide to support additional digital assets in the Lock-Earn Wallet from time to time (each a “Supported Digital Asset” and, collectively, the “Supported Digital Assets”). Under no circumstances should you attempt to transfer any digital asset (other than a Supported Digital Asset) into your Lock-Earn Wallet.
2.4. The Lock-Earn Wallet may not be available in jurisdictions which we determine that we would not be able to implement the Program for regulatory or policy reasons. Due to the dynamic nature of regulatory requirements and interpretations in the digital asset market, we reserve the right to update or amend the list of prohibited jurisdictions and/or reject applications to participate in the Program in our sole and absolute discretion.
2.5. Your Lock-Earn Wallet shall not be deemed to have been opened, and we have no responsibility or obligation towards you in connection therewith unless and until you have received a written confirmation from us that your Lock-Earn Wallet has been successfully opened. You agree and understand that we shall not be obliged to accept an application to open a Lock-Earn Wallet, and we reserve the right not to open a Lock-Earn Wallet for any applicant in our sole and absolute discretion.
3. Transfer of Information to Affiliates
You authorise us to share with our affiliates your DAX account information and personally identifiable information hereunder solely for marketing purposes. Such information may include, but are not limited to, your name, date of birth, state and country of residence, account information and trading activities. Our affiliates may store, access, transfer or use your personal information differently than we do. You should review our affiliates’ respective privacy policies to familiarise yourself with their terms and conditions. If you do not wish to share personally identifiable information with our affiliates, you should not participate in the Program.
4. Calculation and Crediting of Fees
4.1. The fees rate offered on the Lock-Earn Wallet is variable, and accordingly is subject to change from time to time. The applicable fees rate will be communicated to you via the relevant DAX’s website and will depend on your chosen tenure, referral and trading volume. We will determine the applicable fees rate at our sole discretion.
4.2. Fees will be capitalised (i.e. credited) to the principal amount held in your Lock-Earn Wallet on the last day of your selected tenure. The fees will be calculated by applying a daily effective rate to the principal amount in your Lock-Earn Wallet on each day, which is calculated by dividing the applicable effective fees rate by three hundred sixty-five (365) days, regardless of whether the relevant year is a leap year.
4.3. All fees will be denominated in the relevant Supported Digital Asset. Please take note that once the fees have been credited into your Lock-Earn Wallet, they will not be compounded to the capital amount.
5. Deposits, Withdrawals & Early Withdrawal
5.1. You can utilise your Lock-Earn Wallet by depositing Supported Digital Assets from your trading wallet into the Lock-Earn Wallet subject to such minimum deposit amount required to participate in the Program or to use the Lock-Earn Wallet. We may, in our sole discretion, determine the minimum and/or maximum deposit of any Supported Digital Assets allowable for each participant for the Lock-Earn Wallet at any time and from time to time.
5.3. If any withdrawal is made by you before the end of your selected tenure, then we shall have the right and discretion to deduct any or all of the fees which would otherwise be payable to you at the end of the chosen tenure had you not made such early withdrawal from your Lock-Earn Wallet.
5.4. However, please note that we do not guarantee a time period for the processing of any withdrawals, and expressly disclaim any loss, liability or damage, whether direct or indirect, which you may suffer as a result of any delay in processing a withdrawal request.
6. Service Availability
While we will do everything we can to provide continuous operations, we do not provide any warranty in relation to the availability of the Lock-Earn Wallet. Without limiting the generality of the foregoing, we do not guarantee continuous access to the relevant DAX’s website or to your Lock-Earn Wallet, and make no representation that the relevant DAX’s website, your DAX account and/or your Lock-Earn Wallet or services offered therein will be available without interruption, or that there will be no delays, failures, errors, omissions or loss of transmitted information.
7. Restriction, Suspension and Termination
7.1. We reserve the right to, at any time:
- restrict or suspend your use of the Lock-Earn Wallet when we, in the DAX’s sole discretion, consider it necessary for any reason whatsoever; or
- terminate the Program for any reason whatsoever including but not limited to upon such time as the budget allocated for Program is used up.
7.2. We will use all reasonable efforts to provide you with notice of any decision to restrict, suspend or terminate your DAX account and/or the Lock-Earn Wallet, unless we are prevented from doing so by any legal or regulatory process or requirement, or where doing so may compromise our security and/or risk management procedures. You accept and agree that we are under no obligation to disclose to you the fact of or reason for any decision to restrict, suspend or terminate your DAX account and/or the Lock-Earn Wallet, and shall have no liability to you in connection with the restriction, suspension or termination of your DAX account and/or the Lock-Earn Wallet.
You are solely responsible for determining whether, and to what extent, any taxes apply to any transactions you carry out through the Lock-Earn Wallet, and for withholding, collecting, reporting and remitting the correct amounts of tax to the appropriate tax authorities.
9. Disclaimer of Warranties
The Lock-Earn Wallet and any related products or services are offered on a strictly "as-is" and "where-available" basis and we expressly disclaim, and you waive, all warranties of any kind, whether express or implied. Without limiting the generality of the foregoing, the Lock-Earn Wallet and any other related products or services are offered without any warranty as to merchantability or fitness for any particular purpose.
10. Limitation of liability
10.1. In no event shall we, our operating entities or any of our affiliates (including their respective directors, members, employees or agents) be liable to you for any direct, indirect, special, consequential, exemplary or punitive damages or any other damages of any kind, including but not limited to loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, whether in contract, tort or otherwise, arising out of or in any way connected with your use of, inability to use, or unavailability of the Lock-Earn Wallet and/or your DAX account, including without limitation any damages caused by or resulting from any reliance upon any information received from us, or that result from mistakes, omissions, interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission or any failure of performance, whether or not resulting from a force majeure event, communications failure, theft, destruction or unauthorised access to our records, programmes or services.
10.2. Without limiting the generality of the above, in no event shall any liability on our part, our operating entities or any of our affiliates (including their respective directors, members, employees or agents) arising in relation to your use of the Lock-Earn Wallet or your DAX account, exceed (in aggregate) the fees earned by us in connection with your use of your DAX account in the six (6) months’ period immediately preceding the event giving rise to the claim for liability.
10.3. The above limitations of liability shall apply to the fullest extent permitted by law in the applicable jurisdiction. As some jurisdictions do not allow for the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages, some of the limitations in this section may not apply to you.
11. Entire Agreement
These Terms constitute the entire agreement and understanding between you and us with respect to their subject matter and supersede any and all prior discussions, agreements and understandings of any kind between you and us (including but not limited to any prior versions of these Terms).
If any provision of these Terms, as amended from time to time, is determined to be illegal, invalid or unenforceable, in whole or in part, under any law, such provision or part thereof shall to that extent be deemed not to form part of these Terms but the legality, validity and enforceability of the other provisions in these Terms shall not be affected and everything else in these Terms will continue in full force and effect.
You may not assign or transfer any of your rights or obligations under these Terms without our prior written approval. You hereby give us your approval to assign or transfer these Terms in whole or in part, including but not limited to: (i) a subsidiary or affiliate; (ii) an acquirer of our equity, business or assets; or (iii) a successor by merger.
14. Force Majeure
We shall not be liable for any delay, failure in performance or interruption of services which results, directly or indirectly, from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labour dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, pandemic or other catastrophe or any other occurrence which is beyond our reasonable control.
All provisions of these Terms which by their nature extend beyond the expiry or termination of these Terms, including but not limited to, sections relating to the suspension or termination of your Lock-Earn Wallet, will continue to be binding and operate after the termination or expiration of these Terms.
You and us agree to notify the other party in writing of any claim or dispute that may arise in relation to the Lock-Earn Wallet or these Terms within thirty (30) days of such claim or dispute. You and us further agree to attempt informal resolution of any dispute prior to bringing a claim in any court or other body.
17. Governing Law and Jurisdiction
These Terms shall be governed by, and construed in accordance with, the laws of Malaysia. You and us irrevocably agree that the courts of Malaysia are to have exclusive jurisdiction to settle any disputes which may arise out of or in connection with these Terms and that, accordingly, any legal action or proceedings arising out of or in connection with these Terms may be brought in those courts, and you and us irrevocably submit to the jurisdiction of those courts.Back to MYEG Lock-Earn Page