Customer funds will be held in accordance with the ‘Client Money Rules’ under the FSRA rulebook.
Interest is not payable by MidChains on client funds deposited by Customer.
MidChains shall at no time be required to return to Client the identical Virtual Assets deposited to MidChains.
Client Assets held within and outside ADGM:
Any funds received by MidChains from Clients will be deposited in a client account with it’s bank that is approved by the FSRA.
The Company provides to the Client access to an online system on which the Client can obtain information in relation to the Client money that the Company holds on behalf of the Client, as provided by Applicable Regulations.
MidChains only holds client funds in the client funds accounts separate corporate and revenue accounts are kept for segregation.
MidChains will record daily statements from it’s partner banks.
Please be aware that the legal and regulatory regime of our banks outside United Arab Emirates with which we place client funds are different to the laws applicable in United Arab Emirates.
Accordingly, in the event of default of the applicable banks, client funds may be treated differently than they would be in United Arab Emirates.
By accepting MidChains Client Agreement the Client hereby consents to client funds being held with banks outside of United Arab Emirates.
Assets are held with our appointed banks in a pooled client account.
A pooled client account is an account containing the funds of multiple clients and, therefore, the assets of one client are not physically segregated from those of another.
In the event of default by one of our appointed banks, such a designation may prevent or delay our ability to control your assets.
MidChains performs daily reconciliations between pooled client funds and our internal records.
By accepting these terms and conditions User hereby consents to client funds being held in pooled accounts outside United Arab Emirates.
Default of Bank and Monitoring:
In the event of default of one of our appointed Banks, MidChains does not accept responsibility and is not subject to any liability arising from losses to clients arising from such a default.
However, we conduct appropriate and continuing risk assessment of our appointed banks in order to ensure that our appointed banks are safe repositories.
We will supply the details of our appointed Banks to clients, including the names of those institutions and the client account details.