CEX.IO News

Changes to Terms of Use: Fees and Account Security

, October 29, 2019

Recently, we’ve made several important changes to certain sections of CEX.IO’s Terms of Use. Below you will find a brief overview of the updates, for your convenience. However, we highly recommend getting acquainted with the changes in detail by checking out the full version of our Terms of Use here.

Section 11. Maintenance and Storage Fees

The Storage fee charged for both fiat money and cryptocurrencies has been divided into two separate fees: a Storage Fee and a Maintenance Fee. The Storage Fee will be applied only to cryptocurrencies that are not supported by CEX.IO. The Maintenance Fee will be applied to both fiat and crypto funds in inactive and dormant accounts.

What are inactive accounts?

If a user doesn’t sign into his/her CEX.IO account or deposit funds for more than 12 months and his/her account has a balance of less than $5 USD (or equivalent in any other currency), then such an account qualifies as inactive. 

What are dormant accounts?

If a user doesn’t sign into his/her CEX.IO account or deposit funds for more than 24 months and his/her account has a balance of more than $5 USD (or equivalent in any other currency), then such an account qualifies as dormant.

Maintenance fee policy for dormant and inactive accounts

CEX.IO has a right to close inactive accounts as the non-refundable Maintenance Fee upon 31 days prior to email notification to the user. The balance from dormant accounts upon 31 days prior to email notification to the user will be transferred into CEX.IO’s special segregated account in order to secure user’s funds. Inactive and dormant accounts with zero balances shall be deactivated. 

CEX.IO reserves the right to apply the Maintenance Fee thereafter against user’s funds transferred into CEX.IO’s special segregated account, reducing the secured balances held. If a dormant account has a zero balance due to maintenance fees applied, it can be formally closed. If the user has funds within the CEX.IO special segregated account, the user’s balances will be transferred back to his/her account in case it has been reactivated.

How to reactivate inactive and dormant accounts?

For reactivating inactive or dormant accounts, users are required to provide a request from an authorized e-mail address through CEX.IO Support. CEX.IO reserves the right to ask for updated ‘KYC’ documentation and hence, retain the proof of identity, proof of address, a recent photograph, and a bank statement. Account reactivation is free of charge.

Paragraph 15.3. Account Security

With the new update, CEX.IO customers are required to change the password to their account every 3 months to reduce the risk of a security breach.

Join our official Telegram groups for the prompt updates:

English https://t.me/CEX_IO
Russian https://t.me/CEXIORU

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