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Broker-Dealer Rules

Last updated: January 11, 2024

These rules (the “Broker-Dealer Rules”), in addition to the Terms and Conditions found in https://pdax.ph/terms-and-conditions, and all rules and policies incorporated therein by reference, shall govern your transactions with PDAX under a Broker-Dealer arrangement.

These Broker-Dealer Rules are deemed incorporated into the Terms and Conditions. In case of conflict between the Terms and Conditions and these Broker-Dealer Rules on matters relating to transactions done under a Broker-Dealer set-up, these Broker-Dealer Rules shall govern.

I. BROKER-DEALER RULES IN GENERAL

1. DEFINITION OF TERMS

The capitalized terms used herein which are defined in the Terms and Conditions, shall have the respective meanings assigned to them in the Terms and Conditions except as otherwise provided herein or unless the context otherwise requires. In addition to the definitions under the Terms and Conditions and the Exchange Rules, the following definitions apply:

a. Authorized Communication Channels shall mean a chat group through which the User can place an Order with PDAX.

b. Closed Transaction shall mean a Quote that has been provided by PDAX and accepted by the User.

c. Delivery Time shall mean:

  • if the Closed Transaction is a spot trade, is not subject to net settlement pursuant to Section III(3)(d) of these Broker-Dealer Rules, and the User is delivering Digital Assets, then twenty-four (24) hours after the Time of Acceptance;
  • if the Closed Transaction is a spot trade, is not subject to net settlement pursuant to Section III(3)(d) of these Broker-Dealer Rules, and the User is delivering Fiat Currency, and the Time of Acceptance occurs before 2:00 p.m. Philippine Standard Time on a business day, then 5:00 p.m. Philippine Standard Time on the same day;
  • if the Closed Transaction is a spot trade, is not subject to net settlement pursuant to Section III(3)(d) of these Broker-Dealer Rules, and the User is delivering Fiat Currency, and the Time of Acceptance occurs at or after 2:00 p.m. Philippine Standard Time on a business day. or on a day that is not a business day, then 2:00 p.m. Philippine Standard Time on the following business day;
  • for all Completed Transactions executed during a Net Settlement Period, as promptly as is reasonably practicable following the delivery of the Net Settlement Summary to the User, but in no event later than twelve (12) hours after such delivery, or such later time as PDAX may agree to in writing in its sole discretion.

d. Manual Transactions shall mean Broker-Dealer transactions done through Authorized Communication Channels.

e. Net Settlement Period shall mean the period of time, as agreed upon by the Parties, during which Closed Transactions that are executed between the Parties, shall be settled on a net basis in accordance with Section III(3)(d) of these Broker-Dealer Rules.

f. Quote means, in respect of a potential transaction, an indicative quotation from PDAX to the User as to the price, which may be denominated in Fiat Currency or another Digital Asset, at which it is willing, but shall not be obliged, to sell or purchase, as the case may be, a specified quantity of such Digital Asset and to enter into such transaction with the User.

g. Software Transactions shall mean Broker-Dealer transactions done by the User directly through the PDAX website, the PDAX mobile app, or a Partner Platform, when made available.

h. Time of Acceptance shall mean the point in time when a Quote has been mutually accepted by the Parties.

2. APPLICABILITY OF EXCHANGE RULES

The Exchange Rules shall apply insofar as they may be material to Broker-Dealer transactions.

3. PROVISIONS COMMON TO SOFTWARE TRANSACTIONS AND MANUAL TRANSACTIONS

a. PDAX shall have the exclusive right and authority to set the prices and the duration of their validity, and may exercise this right and authority at any time, without prior notice to, or consent from, the User. PDAX may, but has no absolute obligation, to accept any Order communicated by the User.

b. PDAX shall act as a Broker-Dealer only for forms of Digital Assets that PDAX chooses to include. The User acknowledges that PDAX shall have the exclusive right and authority to include or exclude any Digital Asset, and may exercise this right and authority at any time, without prior notice to the User, in accordance with Section 20 (a) of the Terms and Conditions.

c. The User fully acknowledges and agrees that prices are proprietary in nature. The prices set by PDAX may differ from those of other service providers. Any price information provided by PDAX through the PDAX Platform or the Services constitute mere invitations to make an offer and shall not be binding upon PDAX until acceptance of any specific Order of the User.

d. The User fully acknowledges and agrees that prices of Digital Assets are subject to constant change and that there will be instances when the prices provided by PDAX are no longer valid or available by the time the Order is received by PDAX. For avoidance of doubt, the User acknowledges that rapid price change may be due to various causes, which includes, but is not limited to, connectivity issues of the User and market volatility. In such instances, PDAX shall have the right to reject the Order. PDAX shall determine how long prices remain valid, in its sole discretion.

e. The User shall not communicate the prices to a third party or the public, or use the prices for any purpose, unless authorized by PDAX in writing.

f. If PDAX reasonably determines that a Quote contains an obvious error with respect to the prices or amounts set forth therein, then PDAX shall have the right to cancel the transaction, despite acceptance.

g. PDAX may promulgate operational guidelines to govern Broker-Dealer transactions and related activities, which guidelines shall be made available for access to the User, and deemed incorporated into, and shall form part of, these Broker-Dealer Rules.

4. REPRESENTATIONS AND WARRANTIES APPLICABLE TO SOFTWARE TRANSACTIONS AND MANUAL TRANSACTIONS

By initiating a Broker-Deal transaction with PDAX, the User represents and warrants that the following statements are true, accurate and correct:

a. The transaction initiated by the User is valid, binding, and enforceable and that all authorizations necessary to place such transaction have been obtained by the User.

b. The User understands the potential risks inherent in trading Digital Assets.

c. The User is solely responsible for verifying all relevant information before initiating any transaction under the Broker-Dealer Rules. The User acknowledges that prior to the placement of any Order, said User should review the amount of Digital Assets to be bought or sold; its purchase price or sale proceeds; any fees associated with such Order; and the net proceeds to be transferred to the User’s designated Digital Asset wallet, Fiat Currency account, or Third Party Account.

d. By initiating any transaction under the Broker-Dealer Rules, you hereby authorize PDAX to undertake and perform each action that is designed and appropriate to facilitate the transaction until its completion.

5. INDEMNITY AND LIMITATIONS OF LIABILITY

In addition to Section 17 (Limitation of Liability) and Section 18 (Indemnity) of the Terms and Conditions, applicable Platform Rules and unless as otherwise provided in a separate written agreement, the User agrees to fully defend, hold harmless, and indemnify PDAX or the PDAX Group from and against all claims, disputes, settlements, awards, damages, losses, expenses and costs (including legal costs) suffered or incurred by PDAX or the PDAX Group in connection with or arising from:

a. The User’s breach of its obligations or warranties or inaccuracy of its representations as conformed or incorporated in these Broker-Dealer Rules, the Terms and Conditions, Privacy Policy, all applicable PDAX Platform Rules and other relevant documents and communications;

b. Any claim, damages, penalties or expenses arising from or in connection with any the User’s violation of Applicable Laws and Rules.

To the extent allowed by Applicable Laws and Rules, the User hereby agrees to fully defend, hold harmless, and indemnify PDAX and the PDAX Group, from and against all claims, disputes, settlements, awards, damages, losses, expenses and costs (including legal costs) suffered or incurred by PDAX and the PDAX Group, in connection with or arising from the execution of Orders, Trades, or similar transactions pursuant to these Broker-Dealer Rules.

6. PERSONAL DATA PROTECTION

You shall abide by all Applicable Laws and Rules in relation to personal data sharing and processing and the [Privacy Policy] (https://pdax.ph/privacy-policy) .

7. CONFIDENTIALITY AND DISCLOSURE OF INFORMATION

All information which is disclosed by PDAX to the User or by the User to PDAX during the course of transactions made under the Broker-Dealer Rules shall be protected hereunder and considered as Confidential Information.

a. Confidential Information For the purposes of this Section 7, “Disclosing Party” shall refer to the party disclosing the Confidential Information and “Receiving Party” shall refer to the party receiving the Confidential Information.

“Confidential Information” means all non-public, confidential or proprietary communications or data, in any form, whether tangible or intangible, which are disclosed or furnished through whichever medium by any director, officer, employee, agent, or consultant (collectively, the “Representatives”) of any department or business area of the Disclosing Party hereto, including their Affiliates, to the Receiving Party, its Affiliates, and their Representatives, and which are to be protected hereunder against unrestricted disclosure or competitive use by the Receiving Party. The following are also Confidential Information:

  • Technical information, which refers to methods, processes, formulae, compositions, inventions, machines, computer programs, and research projects.
  • Business information, which refers to customer lists; pricing data sources of supply; marketing, production, or merchandising systems or plans; and all information or material that has or could have commercial value or other utility in the business of the Disclosing Party.
  • Personal Information, which refers to any information, whether recorded in a material form or not, from which the identity of an individual, including but not limited to the Disclosing Party’s applicants, agents, employees, officers, directors, consultants, clients, customers, suppliers, service providers, and partners, is apparent or can be reasonably and directly ascertained, or when put together with other information would directly and certainly identify such individual. This includes but is not limited to such individual’s name, race, ethnic origin, age, place and date of birth, citizenship, residence or office address, contact info (phone and/or email address), marital status, name of spouse and/or child/children/dependents, if any, name of parents, physical attributes or identifying marks, occupation, religious, philosophical or political affiliations, education, health, previous or current health records, criminal background or any proceeding for any offense or court sentences, social security numbers, PhilHealth number and details, Pag-Ibig number and details, Tax Identification No. and details, tax returns, licenses or its denials, suspension or revocation, or any similar information or data protected under the DPA and Applicable Laws and Rules.
  • Information ought reasonably to be treated as proprietary, commercially sensitive or confidential considering the surrounding circumstance, including those that has been derived or created from any Confidential Information.

Confidential Information excludes:

  • Information that becomes generally available to the public other than as a result of the disclosure by the Receiving Party in violation of these Broker Dealer-Rules;
  • Information available or made available to a Receiving Party on a non-confidential basis prior to disclosure by the Disclosing Party;
  • With respect only to such court, tribunal, regulatory authority or entity authorized to request for disclosure, such information that is required to be disclosed by any court, tribunal, or regulatory authority or by any requirement of law, legal process, regulation, or governmental order, decree, or rule, or necessary or desirable for a Party to disclose in connection with any proceeding in any court, tribunal or before any regulatory authority in order to preserve its rights;
  • Information that the Disclosing Party expressly agrees in writing to be disclosed by the Receiving Party to third parties;
  • Information lawfully received by the Receiving Party from an independent third party without any restriction and without any obligation of confidentiality;
  • Information disclosed without restriction by the Disclosing Party to any third party; and
  • Information which is independently developed by the Receiving Party without access to or use of the Disclosing Party's Confidential Information.

b. Restrictions on the Use of Confidential Information

  • The Receiving Party agrees, for itself, its affiliates, and their respective authorized representatives, to (a) hold all Confidential Information (regardless of whether it is specifically marked confidential or not) in strict confidence; (b) transmit the Confidential Information only to its representatives, its affiliates, and its affiliates’ representatives, on a ‘need-to-know’ basis and after each one of them has agreed to be bound by these Broker-Dealer Rules and not to disclose the same except as provided herein; (c) not to directly or indirectly use, copy, digest, or summarize any Confidential Information except as provided in these Broker-Dealer Rules, and (d) not to disclose any Confidential Information to any third party without the prior written consent of the Disclosing Party. In the event that the Receiving Party becomes aware that Confidential Information has been disclosed to or accessed by any unauthorized party, the Receiving Party shall immediately notify the Disclosing Party thereof and shall take all appropriate countermeasures against further disclosure and to prevent or stop suspected or actual breaches of these Broker-Dealer Rules.
  • The Receiving Party shall strictly comply with any and all Applicable Laws and Rules, including but not limited to the DPA, as well as any policy, measures, rules, and regulations of the Disclosing Party implementing such Applicable Laws and Rules. The Receiving Party understands and agrees that the Disclosing Party shall have no liability for any of the Receiving Party’s acts or omissions which may be in violation of such Applicable Laws and Rules, as well as the Disclosing Party’s rules.
  • The Disclosing Party may grant its consent for the disclosure of the Confidential Information in its sole discretion and on a case-to-case basis. The Receiving Party expressly agrees not to use the Confidential Information to gain or attempt to gain a competitive advantage over the Disclosing Party. If requested by the Disclosing Party, the Receiving Party shall acknowledge receipt of any Confidential Information by signing receipts, initialing documents, or any other means that the Disclosing Party may reasonably request.
  • The Receiving Party will not permit copies of the Confidential Information to be made without the express written consent of the Disclosing Party. Copies shall be deemed confidential and, in all respects, subject to the terms of these Broker-Dealer Rules.
  • If the Receiving Party is requested by a governmental entity to disclose any Confidential Information, it will promptly notify the Disclosing Party to allow the Receiving Party to do so. The Receiving Party will also cooperate in the Disclosing Party's efforts to obtain a protective order or other reasonable assurance that confidential treatment will be afforded the Confidential Information. If in the absence of a protective order and the Receiving Party is compelled as a matter of law to disclose the Confidential Information, based upon the written opinion of the Receiving Party addressed to the Disclosing Party, the Receiving Party may disclose to the Party compelling the disclosure only the part of the Confidential Information as required by law to be disclosed. The Receiving Party will advise and consult with the Disclosing Party as to such disclosure and the nature and wording of such disclosure and the Receiving Party will use its best efforts to obtain confidential treatment therefore.

c. Property Rights and Ownership. All Confidential Information, unless otherwise specified in writing, shall remain the sole and exclusive property of the Disclosing Party. The Disclosing Party retains ownership, including intellectual property rights, over all preexisting materials, documents and work originally created by it. The ownership over any materials, documents and work resulting collaboration with and through the joint efforts of the Parties shall be subject to the terms of definitive agreements to be negotiated by the Parties. No other rights, and particularly no license and no assignment of intellectual property rights including copyright, patent rights, design rights, trademarks, and mask work protection rights are implied or granted under these Broker-Dealer Rules. The Parties shall not make use of the existence of any bilateral business relationship between them for the purpose of their own advertisement.

d. Safekeeping. The Receiving Party shall use the same care to avoid disclosure or unauthorized use of the Confidential Information as it uses to protect its own Confidential Information, but in no event less than reasonable care. It is agreed that:

  • All Confidential Information shall be retained by the Receiving Party in a secure place with access limited only to the Receiving Party’s Representatives who need to know such information for purposes of this Agreement;
  • Confidential Information will be disclosed only to each Party’s Representatives on a ‘need-to-know’ basis. It may be disclosed to third-party consultants or advisers only with the prior consent of the Disclosing Party. In the event of such disclosure to any third party, the Receiving Party shall remain liable for any unauthorized disclosure by such person or entity; and
  • The Receiving Party shall ensure that all of its representatives, affiliates, and third-party consultants having access to Confidential Information adhere to the terms and conditions of these Broker-Dealer Rules as if they were Parties hereto.

All confidentiality obligations contemplated under this Section shall be coterminous with the execution of the transaction, one (1) year after completion thereof.

II. SOFTWARE BROKER-DEALER RULES

These rules (“Software Broker-Dealer Rules”) shall govern Software Transactions.

1. GENERAL PROCEDURE

a. Software Transactions shall be entered into in accordance with the following procedure:

  • PDAX will provide the prices, upon the request of the User or via prices that can generally be accessed by the User even if the prices are not made specifically for the User, through the PDAX app, PDAX website, or partner sites.
  • A Quote shall not constitute a definite offer to enter into a transaction but merely an invitation for the User to make an offer to PDAX to enter into a transaction. PDAX shall also have the right to decide whether to respond to a request for a Quote.
  • The User may then place an Order directly through the PDAX Platform or through a Partner Platform. Such Order, when placed shall constitute an offer to PDAX to enter into a transaction, based on the Quote. The User understands and agrees that the Order may not be withdrawn, reversed, recalled or voided without the prior written consent of PDAX.
  • Closed Transactions shall be executed in near real-time by debiting and/or crediting the User’s PDAX Account, as the case may be. Once executed, the User’s Digital Asset and Fiat Currency balance, as reflected in the PDAX Platform or Partner Platform, shall be updated accordingly, subject to technical delays.

b. A Closed Transaction under these “Software Broker-Dealer Rules shall be evidenced by an electronic summary and receipt.

III. MANUAL BROKER-DEALER RULES

These rules (“Manual Broker-Dealer Rules”) shall govern Manual Transactions.

1. GENERAL PROCEDURE

a. The User understands and agrees that PDAX shall have the sole discretion: [a] to permit Users to avail of Manual Transactions; [b] to prescribe the procedure governing Manual Transactions; [c] to determine the Fiat Currency and Digital Assets covered by Manual Transactions; and [d] to determine all logistical and operational particulars of Manual Transactions, including settlement procedures and operating hours. Additional rules may be found in https://prime.pdax.ph/ which shall supplement these Rules.

b. Manual Transactions shall be entered into in accordance with the following procedure:

  • To initiate a Manual Transaction, the User must place an Order through an Authorized Communication Channel.
  • Upon receipt of the Order, PDAX will provide a Quote through the Authorized Communication Channel.
  • The User must accept the Quote within a sixty (60) seconds acceptance window from the time the Quote is sent; provided, however, that PDAX may withdraw a Quote through the Authorized Communication Channel at any time prior to the User accepting such Quote or the expiry of the acceptance window.
  • If the User timely accepts the Quote within the acceptance window, a binding transaction will be deemed to have been executed at the Time of Acceptance, under the terms set forth in the accepted Quote. PDAX shall send a confirmation containing trade details to the User.
  • If the Quote is not accepted by the User within the acceptance window, the Quote shall be deemed to be rejected, withdrawn, and expired, and no transaction shall be effected in respect of such Quote.
  • After the execution of a Closed Transaction, PDAX shall send a summary of the Closed Transaction to the User through the Authorized Communication Channel, which shall contain the following information: (i) the type of Digital Assets to be purchased or sold; (ii) whether PDAX is selling or purchasing Digital Assets; (iii) where PDAX is selling Digital Assets, the kind of Digital Assets and the price; and (v) where PDAX is purchasing Digital Assets, the kind of Digital Assets and the price. The failure of PDAX to send the summary shall not affect the validity of the Closed Transaction.
  • If the User fails to inform PDAX of any error in the summary within ​​one (1) business day from transmittal, the account entries as kept by PDAX and the details contained in the summary shall be conclusive evidence as to the correctness of the details set forth therein, as well as, the terms of the Closed Transaction.

2. CONTACT PERSONS AND AUTHORIZED COMMUNICATION CHANNELS

a. Each of the Parties shall appoint one or more individuals who shall serve as the contact person for the purpose of carrying out Manual Transactions. Each Party shall notify the other Party, in writing, of the name, e-mail address and telephone number of its designated contact person, and his or her future replacements.

b. The User shall submit the identity, contact information, and residential address of its contact person to PDAX without any delay and without the need for any demand or request from PDAX, and shall keep a complete record of the foregoing information throughout the duration of your relationship with PDAX and for up to five (5) years after its termination. PDAX reserves the right to request information from time to time on the identity of the User’s contact person, and his/her suitability to enter into Manual Transactions.

c. The User warrants that its contact person is duly authorized, through the appropriate corporate documents and actions, to act on behalf of the User under the Manual Broker-Dealer Rules, the Terms and Conditions, applicable PDAX Platform Rules, and all rules, policies, and documents incorporated therein by reference. A contact person’s authority to act on behalf of a User shall be deemed continuing until PDAX is notified otherwise. PDAX may refuse a contact person, and may require the User to appoint another. The User shall only appoint contact persons who are officers or employees.

d. The contact persons shall communicate with one another through any of the Authorized Communication Channels.

e. The User shall be bound by, and be solely responsible for, any act of the contact person with respect to Manual Transactions, the PDAX Account, the PDAX Platform, and the Services.

f. The User represents and warrants that it has implemented, and shall maintain, appropriate policies and procedures to ensure that it can and will monitor and supervise its contact person in order to secure and maintain full control of their access to, and use of, Manual Transactions, the PDAX Account, the PDAX Platform, and the Services.

g. The User shall ensure that its contact persons are adequately trained and have the appropriate skills, experience and knowledge to access and use the PDAX Account, the PDAX Platform, and the Services. The Counterparty shall bear all responsibility for training its contact persons to ensure that it can comply with this provision.

h. The User shall be solely responsible for maintaining and keeping secure all security credentials or passwords required to access the PDAX Account, PDAX Platform, Services, and the Authorized Communication Channels. If the User becomes aware that any of its contact persons has lost or misplaced their security credentials, or that the security credentials have become or may become compromised, it shall inform PDAX immediately. PDAX reserves the right to suspend the User’s access to and use of the PDAX Account, PDAX Platform, and Services until such time as changes are made to the User’s security credentials. Until such time as the User notifies PDAX that the security credentials have been lost or misplaced, PDAX shall be entitled to rely on any instructions made by a contact person and the User shall remain solely liable for any Orders or transactions entered into as a result.

i. The User shall also be responsible for all authorized and unauthorized actions in connection with the Authorized Communication Channels, purporting to be actions performed by the User, including transmittal of messages, invitation of unauthorized persons without PDAX’s or the User’s consent, and other activities which may compromise the integrity and reliability of the Authorized Communication Channels, or lead to false and unauthorized transactions and Orders.

j. The User represents and warrants that it has implemented, and shall maintain, appropriate policies and procedures to ensure it can and will monitor and supervise all Authorized Communications Channels, including all communications and transactions therein. The User undertakes to report all unauthorized communications, and all communications purporting to be, but in fact are not, officially made by the User, within ten (10) minutes from its timestamp. All communications and/or transactions not reported within this period shall conclusively be presumed to be authorized by the User.

3. SETTLEMENT PROCEDURE

a. Closed Transactions shall be settled, in general, as follows:

  • User pays Fiat Currency and buys Digital Assets
  1. PDAX debits Fiat Currency from the User’s PDAX Account.
  2. PDAX credits the User’s Digital Asset wallet on the PDAX Platform.
  3. PDAX notifies the User via email of the delivery of Digital Assets.
  4. The User confirms receipt of the Digital Assets via email.
  • User sells Digital Assets and buys Philippine Peso (PHP).
  1. PDAX debits the User’s Digital Asset wallet on the PDAX Platform.
  2. PDAX credits the User’s cash wallet on the PDAX Platform with PHP.
  3. PDAX notifies the User via email of the delivery of PHP.
  4. User confirms receipt of the PHP via email.
  • User sells digital assets and buys United States Dollar (USD).
  1. PDAX debits the User’s Digital Asset wallet on the PDAX Platform.
  2. PDAX initiates a wire transfer on the same day or on the next immediate banking day.
  3. PDAX notifies the User of the incoming wire transfer. User confirms receipt of USD via email.

b. If the Closed Transaction cannot be settled by debiting and crediting the User’s PDAX Account, the Parties shall settle Closed Transactions in accordance with the following settlement terms:

  • If the User is purchasing Digital Assets, the User shall transfer, or cause to be transferred, the purchase price to PDAX by transfer of immediately available Fiat Currency to a bank account duly designated by PDAX, no later than the Delivery Time. As promptly as is reasonably practicable following receipt of the purchase price, PDAX shall deliver, or cause to be delivered the Digital Assets to the User’s designated wallet.
  • If the User is selling Digital Assets to PDAX, the User shall transfer, or cause to be transferred the Digital Assets to a wallet duly designated by PDAX no later than the Delivery Time. As promptly as is reasonably practicable following receipt of the Digital Assets, PDAX shall transfer, or cause to be transferred the purchase price to the User’s designated bank account.
  • PDAX and the User shall designate bank accounts and Digital Asset wallets through a separate document. Each Party bears sole responsibility for ensuring that its bank accounts and Digital Asset wallets are up to date.
  • On-chain settlement of Digital Assets shall be subject to the clearing times and inherent process of the relevant blockchain.

c. The User understands and agrees that with respect to any and all wire transfers from the User or on behalf of User, to PDAX, the name on the originating account must match exactly the User’s name as provided by the User to PDAX. If it does not, PDAX reserves the right to reject the wire transfer.

d. To the extent that the Parties have payment and delivery obligations with respect to multiple Transactions in the same Digital Assets, upon request by the User, PDAX may, in its sole discretion, net such completed transactions executed during a Net Settlement Period against each other as follows: (i) purchased Digital Assets by each Party will be offset against one another; (ii) purchased prices to be paid by each Party will be offset against one another; and (iii) a net number of units of Digital Assets will be delivered by one Party against a net purchase price to be paid by the other Party. At the completion of the Net Settlement Period, PDAX shall provide the User with a net settlement summary of the Closed Transactions executed during the Net Settlement Period, which shall set forth the net number of units of the Digital Assets to be delivered by one Party and the net purchase price to be paid by the other Party.

e. Notwithstanding the above, upon acceptance of an Order by PDAX, PDAX is authorized and entitled to set off or net against, without further notice or consent of the User, the full extent of the purchase price or Digital Assets due from a User to PDAX, with those held in the User’s PDAX Account. PDAX shall have full title and ownership to the aforementioned offset purchase price and/or Digital Assets.

f. If the User fails to settle a Closed Transaction in accordance with these Rules, disavows or repudiates any summary of a Closed Transaction, or becomes insolvent or files for or enters liquidation or receivership proceedings as the debtor, PDAX may, among other remedies, liquidate, close-out, cancel and/or terminate any transaction, at its discretion. Any proceeds obtained from the liquidation shall be applied to the discharge of the User’s obligations to PDAX.

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