The following terms and conditions ("SA Terms") govern your use of the Smart Account services ("SA Services") provided by OKX. By accessing or using the SA Services, you agree to be bound by these SA Terms. Please read them carefully.
1. Smart Account Services
The SA Services offer advanced digital asset management tools through blockchain-powered smart contract wallets. These services are designed to enhance user control, security, and flexibility in managing supported digital assets.
Key Features and Responsibilities
- Non-Custodial Nature: OKX does not directly manage or host assets within your SA Services wallet. You retain control over your wallet interactions, while OKX facilitates transaction signing when required.
- Supported Assets Only: The SA Services support only specific digital assets as clearly identified in your wallet interface. Depositing unsupported assets may result in permanent loss, with no recovery option available.
- Wallet Funding Options: You may fund your SA Services wallet by transferring supported digital assets from your OKX account or a third-party wallet you control.
- Withdrawals to OKX Account: Unstaked digital assets can be withdrawn from your SA Services wallet back to your main OKX account at any time, subject to system availability and verification processes.
- Transaction Authorization: Any on-chain interaction—such as transfers, contract creations, or product operations—requires both your approval and OKX’s co-signature ("fully signed") before execution.
- User Authorization and Risk Acknowledgment: By initiating any on-chain action from your SA wallet, you authorize OKX to sign the relevant transactions. You assume full responsibility for all risks associated with these actions, including irreversible transactions and financial loss.
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- Network Fees (Gas Fees): Transfers, smart contract interactions, and other on-chain activities may incur variable miner or gas fees. These fees fluctuate based on network congestion and demand and are borne solely by you.
- Transfer Limits: OKX reserves the right to impose limits on the amount and frequency of transfers between your SA wallet and OKX account to ensure system integrity and regulatory compliance.
- Pre-Authorized Transactions: In certain cases, OKX may allow pre-authorization of transactions. It is your sole responsibility to monitor and manage all such authorizations.
- Compliance Monitoring: OKX has the right to investigate any transaction and reject any initiated or pre-authorized transaction to comply with applicable laws, regulations, or law enforcement requests.
- Usage Restrictions: OKX may impose restrictions on any transaction conducted via the SA Services, including blocking high-risk or suspicious activities.
- Service Fees: Some features of the SA Services may involve fees. Detailed fee structures will be displayed within the service interface prior to confirmation.
- Incorporation of General Terms: The OKX Terms of Service applicable to your jurisdiction are incorporated into these SA Terms. Please refer to the official OKX website for the full version of those terms.
2. Web3 Payment Services
The Web3 Payment Services enable peer-to-peer digital asset transfers using blockchain technology, offering fast and transparent payment solutions.
Payment Rules and Execution
- Eligible Assets and Limits: Payments can only be made using specific digital assets approved by OKX. These must be held in your SA Services wallet. Transaction amounts may also be subject to predefined limits.
- Smart Contract Execution: Once a payment transaction is fully signed, it is submitted for execution via a smart contract. In some cases, the recipient must explicitly accept the payment for it to proceed.
- Auto-Rejection Policy: If a payment requires recipient acceptance and remains unaccepted for 48 hours after initiation, it will be automatically rejected, and the funds returned to your SA wallet.
Irreversibility of Transactions: Completed transactions cannot be reversed, withdrawn, or refunded under any circumstances. A transaction is considered complete when:
- The recipient accepts it (if acceptance is required), or
- The transaction is fully signed (if no acceptance is needed).
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- Prohibited Commercial Use: Unless explicitly authorized by OKX, you must not use the payment service for business, commercial, or merchant purposes. This includes sending or receiving payments for goods or services with users you do not personally know.
- Information Sharing: You agree to share necessary transaction details—such as your name, transaction amount, and other relevant data—with the counterparty involved in the payment. For more information, please review OKX’s Privacy Policy.
- Gift Card Compatibility: These payment terms also apply to any OKX Gift products offered through the platform.
3. Web3 Smart Staking Service ("Staking Service")
To participate in the Staking Service, you must accept both these SA Terms and any additional terms that may apply based on your jurisdiction.
Stablecoin Reward Program (Region-Specific)
For users located in regions where stablecoin staking rewards are available:
- Reward Calculation: Rewards accrue based on the annual percentage rate (APR) displayed on your client interface. They are calculated using the daily average balance of supported stablecoins in your SA Services wallet.
- Monthly Payouts: Accrued rewards are distributed to your SA wallet on a monthly basis. No partial or early payouts are allowed.
- OKX’s Right to Modify Terms: OKX reserves the right to adjust, change, suspend, or terminate the reward program at any time without prior notice. Changes will be reflected in-app and take effect immediately upon publication.
Frequently Asked Questions (FAQ)
Q: Can I recover assets if I send unsupported tokens to my Smart Account wallet?
A: No. Depositing unsupported digital assets into your SA wallet may result in permanent loss. Always verify asset compatibility before making transfers.
Q: Who controls my Smart Account wallet?
A: While OKX facilitates transaction signing for security and usability, you maintain operational control. However, final execution requires dual authorization—your action and OKX’s co-signature.
Q: Are staking rewards guaranteed?
A: No. Reward rates are variable and subject to change. OKX may modify or discontinue the program at any time based on market conditions or regulatory requirements.
Q: Why do I need a co-signature for transactions?
A: Co-signing enhances security by preventing unauthorized transactions. It ensures that both you and OKX approve every on-chain action, reducing the risk of fraud or error.
Q: Can I use Smart Account payments for online shopping?
A: Not unless explicitly permitted by OKX. The payment service is primarily designed for personal peer-to-peer transfers, not commercial merchant transactions.
Q: How often are gas fees updated?
A: Gas fees are dynamically adjusted based on real-time blockchain network conditions. You’ll always see an estimated fee before confirming any transaction.
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By using the SA Services, you acknowledge that blockchain transactions are irreversible and understand the responsibilities involved in managing digital assets. Always exercise caution when interacting with smart contracts and ensure you fully understand each action before authorizing it.