OKX Pay Product Disclosure Statement
Preparation date: 9 June 2026
(This Product Disclosure Statement ("PDS") contains important information about the use of OKX Pay (“Pay") and has been prepared by Bano Pty Limited ("Bano") ACN 643 260 431, AFSL No. 536984 ("Issuer").
It includes:
Section A – General Information
This section provides general information on Pay. You should read this section to find out whether the product is right for you.
Section B - Terms and Conditions
This section sets out terms and conditions that apply if you acquire Pay.
Section C – Definitions
This section sets out the meaning of important words and terms used throughout Sections A and B.
OKX Pay is a financial product issued by Bano Pty Ltd (AFSL 536984) and distributed by OKX Australia Pty Ltd (OKX) as its corporate authorised representative (no. 1318306).
This PDS and Pay are intended for Australian residents only.
This is not an offer or solicitation in any other jurisdiction. Applications will only be accepted from persons in Australia through the OKX App, consistent with our Target Market Determination.
Contents
Quick Reference Guide
Section A – General Information
Introduction
General information only
Reliance on PDS only
Forward looking statements
What you should know before you apply
Issuer, Distributor and Seller of Product
Things you need to know before applying for OKX Pay
Significant risks
Important information
Design and Distribution Obligations
Disputes
Section B – Key Terms summary and Terms and Conditions
Understanding these Terms and Conditions
Eligibility and activation
Activation
Use of Pay
Transfer limits
Wallet
Fees
USDG Promotional Rewards
Pay Wallet closure
Customer Support
Pay security
Suspected unauthorised use
Liability for unauthorised transactions
Changing the Terms and Conditions
Privacy and collection and disclosure of personal information
Our liability
Communications
Third parties
SMS messaging
Governing law
Change Control
Section C – Definitions
Quick Reference Guide
Website
www.okx.com/en-au/pay
Pay Services
Contact OKX via the OKX App, or +61 2 8880 0709 (and leaving a voicemail).
Use of Pay
Pay enables you to send and receive peer-to-peer (P2P) stablecoin transfers to and from other OKX users. Transfers are limited to supported stablecoins (currently USDT, USDG and USDC). Transactions may be declined for risk or regulatory reasons that are described in more detail in this PDS.
Transfer funding
Transfers sent via Pay are funded by a debit of the equivalent amount of stablecoins held in your Wallet. By requesting a transfer you are instructing OKX to debit that amount from your Wallet.
Security
If you think your Pay Passkey security has been breached or you suspect unauthorised use of your Pay Wallet, you should take immediate steps to protect your assets: (i) if you still have access to your Pay Passkey and device, transfer your stablecoins back to your Simple Portfolio in the OKX App; and (ii) contact OKX to request that we restrict further use of your Pay Wallet.
Customer Service Number: +61 2 8880 0709 (if you reach voicemail, leave a message and a support ticket will be automatically created)
OKX App: Contact Customer Service via the Chat function (available 24/7)
Unauthorised Transactions
If you notice an error in any transaction on your Pay Wallet you should contact customer service via the Chat function in the OKX App. For further information, see Disputes in Section A of this PDS.
Section A – General Information
1. Introduction
This Product Disclosure Statement ("PDS") contains important information and terms and conditions about OKX Pay (“Pay") and has been prepared by Bano Pty Limited ("Bano") ABN 93 643 260 431 AFSL 536984 ("Issuer").
General Advice Warning: Any general advice provided in this PDS has been prepared without taking into consideration your individual objectives, financial situation or needs. Before applying for Pay you should consider whether it is appropriate for you, having regard to your own objectives, financial situation and needs.
This PDS has not been lodged with the Australian Securities and Investments Commission (ASIC) and is not required by the Corporations Act 2001 (Cth) (Corporations Act) to be lodged with ASIC. ASIC takes no responsibility for the contents of this PDS.
2. General information only
This PDS does not contain financial product advice. This PDS contains general information only. It has not been prepared having regard to your objectives, financial situation or specific needs. Because of this, you should, before acting on the information in this PDS, consider the appropriateness of the information having regard to your own objectives, financial situation and needs, and seek professional advice as to whether the financial product, ie Pay is suitable for you. You should read this PDS in full before making any decision about whether to use this financial product. You should also carefully consider the Target Market Determination (TMD) for the financial product before making an investment decision. The TMD includes a description of who Pay is appropriate for, and a copy of it is available at https://www.okx.com/en-au/help/okx-pay-target-market-determination.
3. Reliance on PDS only
No person is authorised to give any information or make any representation in connection with Pay which is not contained in this PDS. Any information or representation not so contained or taken to be contained in this PDS may not be relied on as having been authorised by the Issuer in connection with Pay.
4. Forward looking statements
This PDS contains forward looking statements. Forward looking statements are identified by words such as 'aim', 'anticipate', 'assume', 'believe', 'could', 'expect', 'forecast', 'intend', 'may', 'plan', 'predict', 'potential', 'positioned', 'should', 'target', 'will', 'would', and other similar words that imply risks and uncertainties.
You should note these statements are inherently subject to uncertainties in that they may be affected by a variety of known and unknown risks, variables and other factors which could cause actual values or results, performance or achievements to differ materially from anticipated results, implied values, performance or achievements expressed, projected or implied in the statements.
5. What you should know before you apply
Parties and roles at a glance
Party | Name | Role |
Issuer | Bano Pty Ltd (ABN 93 643 260 431) AFSL 536984 | issues Pay and is responsible for this PDS |
Distributor and Authorised Representative | OKX Australia Pty Ltd (ABN 22 636 269 040) | distributes Pay, facilitates P2P transfers and provides customer support on the Issuer's behalf |
Blockchain Network: XLayer | P2P transfers are processed on the X-Layer blockchain network | |
AFCA (for Complaints) | Contact OKX via the OKX App, AUComplaints@okx.com or +61 2 8880 0709 | If we or OKX can't resolve your complaint, you may be able to escalate to AFCA (see Disputes and AFCA) |
The Issuer is not a subscriber to the voluntary ePayments Code. Unauthorised and mistaken transaction protections are set out in the Terms and Conditions found in Section B of this PDS. If you suspect unauthorised use, transfer your stablecoins back to your Simple Portfolio (if you still have access to your Pay Passkey)and contact OKX immediately to request that we restrict your Pay Wallet. AFCA is available if we or OKX cannot resolve your complaint.
If you suspect a scam or fraud, transfer your stablecoins back to your Simple Portfolio (if you still have access to your Pay Passkey) and contact OKX immediately. OKX may restrict your Pay Wallet while OKX or we investigate.
Fees: There are no transaction fees, or network fees for P2P transfers within Pay.
Controls: You can transfer your stablecoins back to your Simple Portfolio at any time via the OKX App. To request that we restrict further use of your Pay Wallet, contact OKX using the details in the Quick Reference Guide.
Restrictions: Transfers may be declined due to risk or regulatory reasons. Transactions may also be delayed, blocked or cancelled by AML/CTF screening. See the Terms and Conditions found in Section B of this PDS for details.
Unauthorised and mistaken transactions: The Issuer is not a subscriber to the ePayments Code. Your liability depends on how the transaction occurred and how you safeguarded your Pay Passkey. You may be liable where you fail to keep your credentials safe or act with gross negligence. We are responsible where our systems fail or where our fraud or negligence caused the loss. Report suspected unauthorised or mistaken transactions immediately via the OKX App or by calling +61 2 8880 0709.
It is important that you read and understand this PDS before deciding to apply for this product. Information in this PDS that is not materially adverse information is subject to change from time to time. You may access this updated information online at www.okx.com/en-au/pay. Alternatively, you may request a paper copy of the updated information free of charge by contacting OKX using the details in the Quick Reference Guide. The information which the Issuer will make available by way of these updates is subject to change from time to time. By applying for, acquiring and activating this product you are entering into a contractual relationship (governed by the Terms and Conditions) with the Issuer, not with OKX.
For more information about Pay, visit the website listed in the Quick Reference Guide section at the front of this PDS.
6. Issuer, Distributor and Seller of Product
6.1 Product issuer
The Issuer, Bano, issues Pay under an arrangement with OKX Australia Pty Ltd (ABN 22 636 269 040)(OKX). The Issuer holds an Australian Financial Services Licence (AFSL) authorising it to deal in, and provide financial product advice in relation to, certain classes of financial products, including Pay. The Issuer has appointed OKX Australia Pty Ltd as its corporate authorised representative (no. 1318306) for the purpose of distributing Pay, facilitating P2P transfers, and providing customer service as described below. Except for where expressly disclosed, the information contained in this PDS has not been independently verified or audited.
To the maximum extent permitted by law, no representation, warranty or undertaking, express or implied, is made and no responsibility is accepted by the Issuer or any of its associates, related parties, directors, officers, employees, advisers or representatives as to the accuracy or completeness of any part of this PDS. The Issuer gives no guarantee or assurance as to the performance of Pay.
The Issuer can be contacted at Level 13, 2 Bulletin Place, Sydney NSW 2000 Australia
6.2 Product distributor
OKX Australia Pty Ltd, ABN 22 636 269 040 distributes the product and facilitates P2P transfers (including by providing the OKX App interface and co-signing transactions) and is responsible for customer service. OKX can be contacted by:
Registered Address: Level 29, 66 Goulburn St, Sydney NSW 2000
Email: AUComplaints@okx.com
Through the OKX Help Center available on OKX's website at www.okx.com/en-au, which provides an online chat function for customer support and general enquiries.
Pay is offered for application online via the OKX App only. OKX is not authorised by the Issuer to give personal advice about Pay.
Pay can be activated online at www.okx.com/en-au/pay.
Pay is a non-cash payment (NCP) facility which allows you to:
Send supported stablecoins (currently USDT, USDG and USDC) to other OKX users via peer-to-peer (P2P) transfers at no cost.
Receive supported stablecoins from other OKX users directly into your Pay Wallet.
View your transfer history in the OKX App.
You can use Pay to send stablecoins to any other OKX user. If the recipient has an activated Pay Wallet, the transfer is received instantly. If the recipient does not yet have Pay activated, they will be notified and prompted to activate Pay to claim the transfer. If the recipient is not yet an OKX user, they will be notified and prompted to sign up to OKX and activate Pay to claim the transfer. If the transfer is not claimed within 2 days, the funds are automatically returned to your Pay Wallet.
Transfer limits may apply. Current limits are displayed in the OKX App and may change for security or regulatory reasons.
Pay is available only to individuals. It is designed for personal use. Pay must not be used for any illegal activities, including money laundering, terrorism financing, or transferring funds in connection with illegal goods or services.
6.3 Significant benefits
The significant benefits to which you will or may become entitled to include:
6.4 Zero-fee P2P transfers
Pay enables you to send and receive supported stablecoins to and from other OKX users at no cost. There are no transaction fees, gas fees, or network fees for P2P transfers within Pay.
Transfers are processed on XLayer with near-instant confirmation. You do not need to wait for Ethereum mainnet block confirmations.
6.5 USDG Promotional Rewards
OKX may from time to time offer promotional rewards to users who hold USDG in their Pay Wallet. Rewards are paid by OKX as a promotional campaign and are not interest, investment returns, or distributions from a managed investment scheme. OKX may vary the rate, conditions, or discontinue the program at any time without notice. Rewards are credited in USDG to your Pay Wallet.
6.6 How P2P transfers on Pay work
When you send a P2P transfer using Pay, the transfer amount is funded from the stablecoins held in your Wallet.
The transfer process works as follows:
You open the OKX App and navigate to the Pay Wallet.
You select the stablecoin (USDT, USDG or USDC) and the amount you wish to send.
You enter or select the recipient (must be another OKX user or a person who can be invited to become an OKX user).
You authenticate the transaction using your Pay Passkey (biometric or device-based authentication).
The transfer is processed on X Layer (an Ethereum layer-2 blockchain network) and the equivalent stablecoin amount is deducted from your Wallet.
The recipient is notified and can claim the transfer in their Pay Wallet. If the recipient already has an activated Pay Wallet, the transfer is received instantly. If the recipient does not have Pay activated, or is not an OKX user, they will be prompted to sign up and activate Pay to claim the transfer.
If the transfer is not claimed by the recipient within 2 days (48 hours), the full amount is automatically returned to your Pay Wallet.
Your transfer history is available in the OKX App.
6.7 Enhanced Security
The 2-of-2 smart wallet architecture means transactions require authorisation from both you and OKX. PassKey biometric authentication provides an additional layer of security. Neither party can unilaterally move funds from the wallet.
Things you need to know before applying for OKX Pay
1. Significant risks
1.1 Digital asset risk
Pay holds stablecoins in your Wallet, including USDC, USDT and USDG. Although these stablecoins are designed to maintain a 1:1 peg with the US dollar, there is a risk that any stablecoin may trade above or below one US dollar. If a stablecoin loses its peg, the value of the assets in your Wallet may be reduced. In extreme circumstances, a stablecoin could become worthless. You should be aware of the risks in using Pay, including, without limitation, that stablecoins are not bank deposits and may lose value. You should satisfy yourself that you can afford, and have risk tolerance for, loss of value of stablecoins; and accept that Pay is not a bank account with capital protection and guaranteed returns.
1.2 Exchange rate risk
The stablecoins in your Wallet are denominated in US dollars. If you acquire stablecoins using Australian dollars, or if you transfer stablecoins from your Pay Wallet back to your Simple Portfolio and convert them to Australian dollars, movements in the AUD/USD exchange rate will affect the value of your holdings in Australian dollar terms. Even if a stablecoin maintains its USD peg perfectly, the AUD value of your holdings will fluctuate with the AUD/USD exchange rate.
1.3 Technology risk
Your Wallet operates on the XLayer blockchain network using smart contract technology. There is a risk that the smart contract or network may experience errors, vulnerabilities, failures or security breaches. If this occurs, you may be temporarily or permanently unable to access the stablecoins in your Wallet or use Pay. Smart‑contract processing: P2P transfers rely on smart‑contract execution and third‑party network availability. Processing may be delayed, fail or be reversed in some circumstances due to network conditions or security measures. See the Terms and Conditions found in Section B of this PDS for operational details.
1.4 Regulatory risk
The regulatory treatment of digital assets in Australia is evolving. Changes in law or regulation may affect the availability of Pay, the assets that may be held in your Wallet, or the way Pay operates.
1.5 Security
It is important that you safeguard your Pay Passkey and any other passwords, equipment or software required for your use of Pay. If you do not, then you may be liable for unauthorised transactions and other amounts as explained further in the Terms and Conditions. You may also have other liabilities, and our liability may be limited, as described in the Terms and Conditions. There is a risk of unauthorised or mistaken transactions being made through Pay.
In certain circumstances, the Issuer's liability in respect of unauthorised or mistaken transactions is limited, meaning that you may still be liable for the transaction.
In some circumstances the Issuer may not be liable for losses that are not caused by the Issuer's fraud, negligence or wilful misconduct (including that of its officers, employees, contractors or agents), including where the losses are excluded in the Terms and Conditions, or in the event of equipment or system failure, financial scam or fraud (including consequential losses) meaning that you may still be liable for the transaction and consequential losses.
1.6 Cyber Risk
There is a risk of fraud, data loss, business disruption or damage to the information about Pay or to a user's personal information because of a threat or failure to protect the information or personal data stored within OKX's information technology systems and networks or those of any service providers.
1.7 Operational risk
There is a risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. Adverse impacts may arise internally through human error, technology, or infrastructure changes, or through external events such as third-party failures or crisis events. OKX has procedures in place to manage these risks and will, as much as possible, monitor the controls within these procedures to ensure operational risks are adequately managed.
1.8 Use and access to Pay
Pay is accessed through the OKX App. You are responsible for maintaining access to a compatible smartphone, the OKX App, and an internet connection. If you lose access to your device or the OKX App, you will be unable to use Pay until access is restored.
1.9 No cooling off rights
There is no statutory cooling‑off period for this product under the Corporations Act because it is a non‑cash payment facility. You may stop using your Pay Wallet at any time by withdrawing your stablecoins from your Wallet back to your Simple Portfolio in the OKX App. Your Pay Wallet is an on-chain smart contract and cannot be closed, but it can be left dormant once you have transferred your assets out.
1.10 Taxation risk
When you use Pay to send a P2P transfer, stablecoins in your Wallet are transferred to the recipient. This transfer may be treated as a disposal of a digital asset for Australian tax purposes, including capital gains tax. Even if a stablecoin maintains its USD peg, a capital gain or loss in AUD terms may arise due to AUD/USD exchange rate movements between the time you acquired the stablecoin and the time you disposed of it. You are responsible for determining and meeting any tax obligations that arise from your use of Pay. You should obtain independent tax advice before using Pay. Neither the Issuer nor OKX make any tax representations in relation to Pay and take no responsibility or liability for a user's personal tax position.
1.11 Transaction screening
Pay is subject to anti-money laundering and counter-terrorism financing laws. Transactions may be delayed, blocked, or cancelled as a result of screening processes. Neither the Issuer nor OKX is required to provide reasons for any such delay or cancellation.
1.12 Pay Wallet suspension and termination
The Issuer or OKX may restrict your access to Payat any time, including where fraud is suspected, where there is a risk associated with your Pay Wallet, or where you have breached these Terms and Conditions. If your access is restricted, you will be unable to send transfers (and your Pay Wallet may be unable to receive transfers) until the restriction is lifted.
1.13 Transfer irreversibility
Once you authorise a P2P transfer, it cannot be reversed or cancelled by you, OKX or the Issuer once the recipient has claimed it. If a transfer has not yet been claimed by the recipient, it will be automatically returned to you after 2 days (48 hours).
1.14 ePayments Code
The Issuer is not currently a subscriber to the voluntary ePayments Code. Consumer protections for mistaken and unauthorised transactions are set out in these Terms and Conditions. The Government has proposed making a revised ePayments Code mandatory in future; we will update this PDS and our Terms if required by law.
1.15 Counterparty risk
As counterparty to Pay you are relying upon the Issuer and OKX to fulfil their respective obligations to you and to each other. As a result you have counterparty risk. The stablecoins are not deposits (and Pay does not operate like a bank account) and you do not have any depositor protection under the Financial Claims Scheme or any government guarantee which means you may lose all or part of your remaining balance in your Pay Wallet in the event of an insolvency of the Issuer or OKX. You are also exposed to the risk of the stablecoin issuers (Tether, Circle and the USDG issuer) becoming insolvent or unable to maintain reserves. Bano and OKX have no control over the operations or solvency of stablecoin issuers.
1.16 Service availability
In some circumstances, there is a risk that the Pay service may not be available for a period of time. The Issuer and OKX are dependent upon the reliability and operational processes of technology and communications providers, with respect to computer and telecommunications networks and blockchain infrastructure. While all parties seek to achieve 100% availability, process and service disruptions may occur periodically.
1.17 Fees and other costs
The following standard fees and charges apply to OKX Pay. All fees and charges that are set out in this section are inclusive of GST.
P2P transfer fees
P2P transfer fee (send): Nil. P2P transfer fee (receive): Nil. Gas fee for P2P transfers within Pay: Nil. Account activation fee: Nil. Account maintenance fee: Nil. Account closure fee: Nil.
Other fees
Transfer to/from your Simple Portfolio: No network transaction costs or fees apply when transferring stablecoins between your Simple Portfolio and your Pay Wallet. Current fees (if any) are displayed in the OKX App. You will be notified of any changes to Fees in accordance with this PDS.
If you consider that OKX has charged an incorrect fee, you may dispute this by following the complaints procedure set out below in Disputes in Section A of this PDS. Any incorrectly charged fee will be reversed by the Issuer.
2. Important information
Pay is not a deposit account or bank account with the Issuer, nor is Pay linked to any deposit account or bank account. Accordingly, you do not have any depositor protection under the Financial Claims Scheme or any government guarantee.
You do not earn interest on the stablecoins held in your Pay Wallet. USDG promotional rewards (if offered) are not interest.
The Target Market Determination for this product is available at https://www.okx.com/help/okx-pay-target-market-determination. Distributors must take reasonable steps so that distribution is consistent with the TMD and must report specified information to the Issuer as set out in the TMD.
3. Design and Distribution Obligations
Bano, as Issuer, has made a Target Market Determination (TMD) for Pay and monitors outcomes. OKX acts as a distributor and must take reasonable steps to distribute Pay consistently with the TMD. Distribution is restricted to the OKX website and OKX App consistent with the TMD. We may amend the TMD and our distribution arrangements from time to time. The current TMD is available at https://www.okx.com/help/okx-pay-target-market-determination.
4. Disputes
We take complaints seriously and aim to resolve all complaints as quickly as possible. In the first instance, if you have a complaint, you can contact OKX by:
Phone Calling +61 2 8880 0709 (call charges apply) (and leaving a voicemail, if prompted) or refer to additional contact details listed on the website.
Mail: Level 29, 66 Goulburn St, Sydney NSW 2000
Email: AUComplaints@okx.com
OKX will handle complaints in accordance with the following process.
OKX will acknowledge your complaint promptly, either verbally or in writing, and do its best to resolve it straight away. OKX will provide you with a written response providing the final outcome no later than 30 days. Your complaint may take a little longer to assess if OKX need more information or if your complaint is complex. In all cases, OKX will keep you updated on the progress. You can ask for information about how OKX manage complaints in alternative formats and languages upon request.
To contact the Issuer, Bano, about your complaint please email us or write to us:
Email: contact@banosuperapp.com
Mail: Level 13, 2 Bulletin Place, Sydney NSW 2000 Australia
If you are not satisfied with OKX' or our response, you may lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA provides free and independent financial services complaint resolution and can be contacted on
Website: www.afca.org.au
Email: info@afca.org.au
Phone: 1800 931 678 (free call)
Mail: GPO Box 3, Melbourne VIC 3001.
Time limits may apply to complain to AFCA and so you should act promptly or otherwise consult the AFCA website to find out if or when the time limit relevant to your circumstances expires.
Section B – Key Terms summary and Terms and Conditions
1. Understanding these Terms and Conditions
(a) These Terms and Conditions cover how Pay works (including P2P transfers from your Wallet), usage restrictions, transaction limits, fees and charges, unauthorised and mistaken transactions, liability allocation, AML/CTF screening, privacy and data handling, complaints and AFCA, and how we change the Terms and Conditions.
(b) You agree to be bound by these Terms and Conditions by any of the following actions: applying for Pay; activating Pay; or using Pay to send or receive a P2P transfer.
(c) OKX Australia Pty Ltd (ABN 22 636 269 040) is appointed by the Issuer as the distributor and authorised representative of Pay. OKX provides the distribution, transfer facilitation, customer service, and transaction management services for Pay on behalf of the Issuer.
(d) By entering into this agreement, you acknowledge that your contractual relationship is with the Issuer, not with OKX. However, references to "we", "us" or "our" in these Terms mean the Issuer and/or OKX, as the context requires.
(e) The Issuer is not a subscriber to the ePayments Code. The liability and dispute resolution provisions in these Terms and Conditions are set out independently in clauses 13 and 16, and Section 4 of Part A (Things you need to know before applying for OKX Pay) of this PDS.
(f) From time to time, regional addenda may apply for customers onboarded in a particular jurisdiction or on a particular platform. Any applicable regional addendum forms part of these Terms and Conditions and, for affected customers only, prevails over any inconsistent provision in these Terms and Conditions to the extent of the inconsistency.
(g) All amounts of money specified in these Terms and Conditions are in US dollars (unless otherwise specified).
(h) References to days, times or periods of time in these Terms and Conditions are reckoned according to Australian Eastern Standard Time.
(i) These Terms and Conditions govern the use of Pay.
(j) You agree to these Terms and Conditions by applying for Pay, activating Pay, using Pay in any way, or sending or receiving a P2P transfer.
(k) These Terms and Conditions should be read together with the OKX Smart Account Terms (Global Terms) available at https://www.okx.com/en-au/help/smart-account-terms. To the extent of any inconsistency between these Terms and Conditions and the Global Terms, these Terms and Conditions prevail.
2. Eligibility and activation
(a) Pay is available only to individuals who are Australian residents and who hold an active, verified OKX account. Pay is designed for personal use only.
(b) To be eligible for Pay, you must:
(i) be at least 18 years of age;
(ii) hold valid identification acceptable to us (which may be limited to Australian driver licence or passport holders of particular countries);
(iii) satisfy our customer identification, know-your-customer (KYC), and anti-money laundering/counter-terrorism financing (AML/CTF) requirements; and
(iv) have an active OKX Pay Wallet capable of holding supported stablecoins.
(c) We (and/or OKX) reserve the right to refuse any application at our sole discretion on any lawful grounds, including where we (or OKX) are unable to satisfy ourselves as to your identity or where your profile is inconsistent with our customer acceptance criteria.
(d) Your Pay Wallet is operated by the Issuer. You must not transfer, assign, or permit any other person to use your Pay Wallet.
(e) You must set a Pay Passkey (biometric or device-based authentication) when you create your OKX Pay account. You must keep your Pay Passkey secure and follow the rules on security (see clause 11 below).
(f) The Issuer and/or OKX may suspend use of Pay and/or deactivate your Pay Wallet with reasonable notice to you. However, we may suspend and/or deactivate Pay immediately and without notice if:
(i) the Issuer or OKX has reason to suspect Pay has been or is likely to be misused;
(ii) you breach any of these Terms and Conditions and the Issuer and/or OKX reasonably considers that this is likely to have a material impact on your ability to meet the obligations of these Terms and Conditions);
(iii) the Issuer and/or OKX has reason to suspect any illegal use of Pay, such as fraud or criminal activity; or
(iv) you gave us or OKX false, inaccurate or incomplete information when you applied for Pay.
(g) All use of Pay is limited to the stablecoins held in your Wallet and any other limits referred to in these Terms and Conditions.
(h) The Wallet does not amount to a deposit with the Issuer or OKX and the amount standing to the positive balance of the Wallet does not count as an amount or deposit for any purpose, other than as described in these Terms and Conditions.
(i) Activation of Pay is subject to you satisfying the relevant application criteria, as determined by the Issuer and OKX from time to time in order to meet customer identification and 'know your customer' requirements set by law and OKX's relevant obligations to the Issuer, including by you providing OKX with sufficient information and proof in relation to your identity. OKX may limit application criteria to drivers licence and/or passport holders of particular countries or by reference to particular types of identification if OKX reasonably believe this is necessary for 'know your customer' or due diligence purposes. In certain circumstances OKX may also ask you to provide additional details, including but not limited to your source of funds, that OKX may reasonably require to meet the OKX's and the Issuer's legal requirements. OKX may ask you to provide additional information in relation to your identity and/or source of funds at any time, as may reasonably be required to meet OKX's and the Issuer's legal requirements.
(j) The Issuer and OKX must comply with Australian anti-money laundering and counter‑terrorism financing (AML/CTF) laws, including customer identification, ongoing customer due diligence and, where appropriate, reliance on third‑party KYC in accordance with law. OKX may delay, block or refuse transactions where required to meet these obligations
(k) OKX reserves the right to refuse an application in its sole discretion on any lawful grounds, including but not limited to where it is unable to satisfy itself as to your identity or where your profile is inconsistent with its customer profile for Pay.
(l) You must provide all information to OKX which it reasonably requires in order to manage anti-money laundering or counter-terrorism financing and economic and trade sanctions risks or to comply with any laws or regulations in Australia or any other country.
(m) Where these Terms and Conditions permit OKX to suspend a transaction or your use of Pay for any reason, OKX will investigate the grounds for the suspension as soon as reasonably practicable. Where OKX is reasonably satisfied that there is no ground to continue the suspension, it will be released as soon as practicable.
(n) You are entitled to access, correct and update all personal information we hold about you. You can contact us to find out what personal information we hold about you or if you have any concerns about the completeness or accuracy of the information we hold. If you want us to correct any personal information we hold, please contact us using the details in this PDS.
3. Activation
(a) To apply for and activate Pay:
(i) Download the OKX App (if not already installed) and complete KYC Level 2 identity verification.
(ii) Navigate to the Pay Wallet section of the OKX App and activate your Pay Wallet.
(iii) Transfer supported stablecoins (USDC, USDT or USDG) from your OKX exchange account (Simple Portfolio) to your Pay Wallet.
(iv) Set up your Pay Passkey (biometric or device-based authentication).
(v) If your Wallet holds sufficient stablecoins, you can begin using Pay to send P2P transfers.
(b) Your Pay Wallet is a 2-of-2 Account Abstraction (AA) smart contract wallet on the X Layer blockchain network. You can view your Wallet balance and transfer history in the OKX App.
4. Use of Pay
(a) Pay may be used to send and receive P2P transfers of supported stablecoins (currently USDT, USDG and USDC) to and from other OKX users, subject to applicable transaction limits and the terms of this PDS. Pay must not be used for any unlawful activity.
(b) When you send a P2P transfer, you select the stablecoin, the amount, and the recipient within the OKX App. You authenticate the transfer using your Pay Passkey. The transfer amount is deducted from your Wallet.
(c) The recipient will be notified of the transfer. If the recipient has an activated Pay Wallet, they receive the transfer instantly. If the recipient does not have an activated Pay Wallet or is not an OKX user, they will be notified and prompted to activate Pay (and, if necessary, sign up to OKX) to claim the transfer.
(d) If the recipient does not claim the transfer within 2 days (48 hours), the full amount is automatically returned to your Pay Wallet.
(e) The Wallet will be debited with the amount of each P2P transfer you send. Each transfer will require authorisation via your Pay Passkey before completion.
(f) Pay is funded from the stablecoins held in your Wallet. When a transfer is initiated, OKX checks whether your stablecoin balance in the selected stablecoin is sufficient to cover the transfer amount. If it is, the required amount is deducted from your Wallet. If your balance in the selected stablecoin is insufficient, the transfer will be declined.
(g) A P2P transfer cannot be cancelled once you authorise it, unless the recipient has not yet claimed it (in which case it will be returned after 2 days).
(h) You must comply with all laws and regulations in respect of Pay.
(i) By successfully applying for and using Pay, you acknowledge and agree that we do not provide and you will not receive paper statements. Your transfer history is available at any time in the OKX App.
(j) Where required by relevant law, for example where we reasonably believe you to be a Proscribed Person, you acknowledge that we may be required to block access to Pay and immediately refuse to process or complete any transaction or suspend or terminate our arrangements with you. You agree that under these circumstances we are under no liability to you, except to the extent there has been fraud, negligence or willful misconduct on our part (including that of our officers, employees, contractors or agents).
(k) You agree that we may delay, block or refuse to process any transaction without incurring any liability if we suspect that the transaction:
(i) may breach any laws or regulations in Australia or in any other country;
(ii) involves any person (natural, corporate or governmental) that is itself sanctioned or is connected, directly or indirectly, to any person that is sanctioned under economic and trade sanctions imposed by the United States Office of Foreign Assets Control, United Nations, the European Union or any country; or
(iii) may directly or indirectly involve the proceeds of, or be applied for the purposes of, any unlawful conduct.
You agree that under these circumstances we are under no liability to you, except to the extent that the liability is caused by our fraud, negligence or willful misconduct (including that of our officers, employees, contractors or agents).
5. Transfer limits
No transfer limits apply to P2P transfers.
6. Wallet
(a) Your Wallet is an OKX Pay Wallet, being a 2-of-2 Account Abstraction (AA) smart contract wallet on the XLayer blockchain network. The Wallet holds stablecoins supported from time to time as listed in the OKX App and is used to fund P2P transfers.
(b) Pay is not a credit facility. All use is limited to the stablecoins held in your Wallet and any other limits set out in these Terms. The Wallet can only be used to fund transfers if it has a positive balance.
(c) The Wallet does not amount to a deposit with the Issuer or OKX. The positive balance of the Wallet does not constitute a deposit for any purpose. You do not have depositor protection under the Financial Claims Scheme or any government guarantee in respect of your Wallet balance.
(d) You do not earn interest on the stablecoins held in your Wallet.
(e) Wallet operations are effected via smart contracts and third‑party infrastructure. Processing may be delayed, fail or be reversed in some circumstances due to network congestion, outages, security measures or other operational reasons. Where feasible, we will notify you of material incidents that affect Pay.
(f) Only the digital assets identified as supported in the OKX App are available for P2P transfers. We may add or remove supported assets from time to time. Where a change is materially adverse to you, clause 21 (Change Control) applies.
(g) For security purposes, you must keep your Pay Passkey secure. You should not share your Pay Passkey with any other person or allow anyone else to register their biometrics for your Wallet.
(h) Information sent over the internet may not be completely secure and the internet and the online systems are not controlled or owned by the Issuer the Issuer cannot guarantee that they will function at all times and the Issuer accepts no liability for unavailability or interruption or for the interception or loss of Personal Information or other data, except to the extent that the liability is caused by our fraud, negligence or willful misconduct (including that of our officers, employees, contractors or agents).
(i) If you notice any error in any transaction in your Wallet then you must notify OKX promptly. The Issuer or OKX may request you to provide additional written information concerning any error and you must comply with that request to the extent reasonable.
(j) Provided that you have complied with all reasonable requests for information either Issuer or OKX (as relevant) will correct the error, to the extent it was caused by , a service provider, or either Issuer or OKX (as relevant) or due to any related fraud, negligence or willful misconduct (including that of its respective officers, employees, contractors or agents). Where either Issuer or OKX (as relevant) reasonably determines that it is not liable for the error, it will notify you in writing or by email as soon as this decision is made. Where either Issuer or OKX (as relevant) are required to do so, OKX will normally re-credit the Wallet within 10 business days, although there may be a delay while investigations are completed.
7. Fees
(a) You agree to pay and authorise OKX to debit your Wallet for any fees (if any) set out in the Fees and Other Costs section of this PDS. These fees may be deducted from your Wallet as soon as they are incurred.
(b) If any amount payable under this PDS represents consideration for a taxable supply, then those amounts shall be taken to be exclusive of GST.
8. USDG Promotional Rewards
OKX may from time to time offer promotional rewards to users who hold USDG in their Pay Wallet. Promotional rewards are paid by OKX and are not interest, investment returns, or distributions from a managed investment scheme. The current rate, conditions, and eligibility criteria are available on the OKX Website. OKX may vary the rate, conditions, or discontinue the program at any time without notice. Rewards are credited in USDG to your Pay Wallet.
9. Pay Wallet closure
(a) The Issuer and/or OKX may restrict your access to Pay and/or terminate this agreement with you at any time with at least 14 days' notice to you. However we may restrict your access to Payand/or terminate this agreement with you immediately and without notice if:
(i) we have reason to suspect Pay has been or is likely to be misused;
(ii) you breach any of these Terms and Conditions and we reasonably consider that this is likely to have a material impact on your ability to meet the obligations of these Terms and Conditions;
(iii) we reasonably suspect any illegal use of Pay, such as fraud or criminal activity; or
(iv) you gave us false, inaccurate or incomplete information when you applied for Pay.
Once your access toPay Wallet is restricted or this agreement is terminated, no further transfer can be made via your Pay Wallet. Any stablecoin balance in your Wallet may be made available for withdrawal to your OKX exchange account (Simple Portfolio) when access is restored, or via your existing Pay Passkey is if access remains.
You may stop using Payat any time by withdrawing your stablecoins to your Simple Portfolio in the OKX App. Your Pay Wallet is an on-chain smart contract and cannot be closed, but it can be left dormant. You may contact OKX to request that we restrict further use of your Pay Wallet.
10. Customer Support
(a) You are entitled to customer support from Activation of Pay. Customer support is provided by OKX and is available:
(i) via the in-app chat in the OKX App (available 24/7); and
(ii) by calling +61 2 8880 0709.
If your Pay Passkey is compromised, OKX can assist you with account recovery via the OKX App.
(b) OKX does not promise that the customer support services will:
(i) always be available;
(ii) be suitable for any purpose; or
(iii) be provided to any particular standard.
(c) You acknowledge that any changes to, or discontinuation of, the customer support services can occur without the Issuer's participation.
(d) You also acknowledge and agree that:
(i) the customer support services are used at your own risk;
(ii) neither OKX or the Issuer are liable for any liability or loss arising in connection with the use by you of the customer support services or because of the customer support services being unavailable or discontinued, except to the extent that liability is caused by our fraud, negligence or willful misconduct (including that of our officers, employees, contractors or agents, other than OKX); and
(iii) you do not rely on the customer support services being available, being suitable for any purpose or being provided to any particular standard in deciding to use Pay.
11. Pay security
(a) You must make sure that you keep your Pay Passkey, the Security Details and all Security Codes safe and secure by taking the following precautions ("Security Requirements"). You must not:
(i) allow anyone else to use your Pay Wallet;
(ii) share your Pay Passkey or allow anyone else to register their biometrics for your Wallet;
(iii) record any Security Code where it may be accessed by other people unless you make a reasonable attempt to protect the Security Code;
(iv) voluntarily disclose any Security Code to anyone else, including a family member or friend; or
(v) fail to comply with any reasonable instructions we give about keeping your Pay Wallet and any Security Details safe and secure; or
(vi) act with carelessness in failing to protect the security of the Security Code.
(b) You must set a Pay Passkey (biometric or device-based authentication) when you create your OKX Pay account. The Pay Passkey is used to authorise transfers in your Wallet and must be kept secure. You must not share your Pay Passkey or allow anyone else to register their biometrics for your Wallet.
12. Suspected unauthorised use
(a) If you know or have reason to suspect that your Pay Passkey has been compromised, or you suspect unauthorised use of your Pay Wallet, you must notify OKX immediately by:
(i) transferring your stablecoins to your Simple Portfolio in the OKX App (you can do this yourself) if you still have access to your Pay Passkey;
(ii) calling OKX on +61 2 8880 0709 (and leaving a voicemail); or
(iii) contacting OKX via the in-app chat in the OKX App (available 24/7).
(b) You may be required to confirm details of the misuse or suspected compromise in writing (and to provide particular information in the confirmation) and you must comply with that request to the extent reasonable.
13. Liability for unauthorised transactions
(a) You are responsible for safeguarding your Pay Passkey, the device on which it is registered, and any other Security Codes or Security Details. You must comply with the Security Requirements in clause 11.
(b) A transaction authenticated using your Pay Passkey is treated as authorised by you. Your Pay Passkey is bound to your device and to your biometric or device-based authentication, and we are unable to verify the identity of the person presenting the Pay Passkey behind that authentication.
(c) You are not liable for losses resulting from an Unauthorised Transaction where:
(i) the loss was caused by the fraud or negligence of OKX, Bano, or our respective staff or agents;
(ii) the Unauthorised Transaction occurred before you activated Pay; or
(iii) the Unauthorised Transaction occurred after we received your notification, and we had a reasonable opportunity to act on that notification.
(d) Subject to clause 13(c), you are liable for the actual loss caused by an Unauthorised Transaction, up to the balance of your Wallet at the time we are notified.
(e) You are responsible for checking your transfer history and Wallet balance, both available free of charge in the OKX App. You must notify us of any disputed transaction promptly through the channels in clause 12. We may not be responsible for losses where you have unreasonably delayed notification.
14. Changing the Terms and Conditions
(a) We reserve the right to change these Terms and Conditions of Use at any time. If a change is materially adverse to you, we will notify you at least 14 days before the effective date of the change, unless earlier implementation is required to address security concerns, prevent fraud or comply with law or a longer notice period is required by law. Where a materially adverse change affects information retail clients reasonably need to decide whether to acquire or hold the product, we will also issue a Supplementary PDS.
(b) If you do not accept the updated Terms and Conditions, you should cease using the services. We will not be in breach of these Terms and Conditions if we take necessary action to make a change necessitated by an immediate need to restore or maintain the security of the system or your Wallet.
15. Privacy and collection and disclosure of personal information
(a) The Privacy Act 1998 (Cth) regulates, among other things, the collection, disclosure and access to personal information. A copy of OKX's Privacy Policy is available at https://www.okx.com/en-au/help/privacy-policy-statement and a paper copy will be sent to you free of charge on request.
(b) Certain laws require the Issuer and/or OKX to collect, store and disclose information about you (including personal information), for example, The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Law), the Corporations Act, the Foreign Account Tax Compliance Act (FATCA) and the Tax Laws Amendment (Implementation of the Common Reporting Standard) Act 2016 (CRS). We may be required under the AML/CTF Law to provide information about you (including personal information) to the Australian Transaction Reports and Analysis Centre (AUSTRAC), the body responsible for regulating the AML/CTF Law. By applying for and using Pay you consent to the Issuer and OKX and their respective agents collecting, using and disclosing your Personal Information under these Terms and Conditions. If you do not agree to our doing so then we cannot make Pay available to you and you should not apply for Pay.
(c) You must notify OKX promptly of any change to your address by updating your details via the OKX App. Other contact details may be changed via the OKX App and typing the relevant changes yourself or by contacting OKX. You should also contact OKX if you change your name. OKX will not be responsible if you do not receive any notice or correspondence that has been sent in accordance with the contact details you have provided to OKX, except to the extent that the liability is caused by OKX's fraud, negligence or willful misconduct (including that of its officers, employees, contractors or agents).
(d) You may be required to provide information to OKX (including evidence of identity) when applying for Pay and OKX may require you to provide further information about yourself to the Issuer and/or OKX in circumstances where OKX or the Issuer have a reasonable concern regarding the lawfulness of your use of Pay.
(e) OKX will take all reasonable precautions to keep Personal Information secure and protect it under the Privacy Policy.
(f) Your Personal Information may be disclosed by the Issuer or OKX and their respective agents to third parties to facilitate the provision of Pay and related services, to monitor compliance with these Terms and Conditions and for data analysis, anti-money laundering, detection of crime, legal compliance and fraud prevention purposes. The Issuer and OKX may also disclose Personal Information to collection agencies and lawyers in the event that we seek to recover any money that you owe under these Terms and Conditions.
(g) In addition, by activating Pay, you are consenting to the Issuer and OKX using your Personal Information to notify you of product features, related products, promotions and customer surveys that we may conduct from time to time. You can elect to not receive further notifications by clicking on the unsubscribe link in the marketing material or by contacting OKX. You also consent to OKX sending SMS's to your mobile phone to advise you of Pay features or information relevant to your Pay Wallet. If you have provided your mobile phone number, you may also receive product related alerts via SMS. See clause 17 below for details on SMS Messaging.
(h) Your Personal Information will be disclosed and processed outside Australia to overseas recipients including the United States of America for the purposes disclosed in these Terms and Conditions but all service providers are required to have adequate safeguards in place to protect your Personal Information to a standard comparable to privacy laws in Australia. Further information on how we collect, use and disclose your Personal Information can be found at https://www.banosuperapp.com/privacy.
(i) We handle Personal Information in accordance with the Australian Privacy Principles (APPs), including obligations on collection notices, use and disclosure, overseas disclosure and security of personal information. Further details are in our Privacy Policy.
(j) Your Personal Information may also be used where we are required or permitted to do so as a result of any government laws and regulations, by a court order or by any business or persons to whom we transfer our rights and obligations under the agreement between you and the Issuer which is governed by these Terms and Conditions.
(k) OKX will continue to keep Personal Information that is necessary after the closure of your Pay Wallet on the same terms as are set out above.
(l) You are entitled to ask the Issuer or OKX to supply you with any Personal Information that the Issuer or OKX hold about you. You must submit your request in writing and may be required to provide sufficient evidence proving your identity. The Issuer and OKX will delete any incorrect information or correct any errors in any of your Personal Information that come to its attention.
(m) To aid the Issuer and OKX in the provision of the services provided under these Terms and Conditions, in the interests of security, and to help the Issuer and OKX maintain and to improve their level of service, all telephone calls may be recorded and/or monitored.
(n) You agree that the Issuer and OKX may disclose any information concerning you to:
(i) any law enforcement, regulatory agency or court where required by any such law or regulation in Australia or elsewhere; and
(ii) any person the Issuer and OKX use to make payment for the purpose of compliance with any such law or regulation.
16. Our liability
(a) The Issuer and OKX will not be liable to you for any loss due to:
(i) any instructions given by you not being sufficiently clear where this was caused by reasons outside of our reasonable control;
(ii) any failure by you to provide correct information;
(iii) any failure due to events outside our reasonable control;
(iv) any industrial dispute;
(v) the way in which any refusal to process a transfer is communicated to you;
(vi) any indirect, special or consequential losses;
(vii) any infringement by you of any laws, including currency laws in the country where Pay is used;
(viii) our taking any action required by any government, federal or state law or regulation or court order; or
(ix) anything specifically excluded or limited elsewhere in these Terms and Conditions except to the extent that the liability is caused by our fraud, negligence or wilful misconduct (including that of the Issuer and OKX's respective officers, employees, contractors or agents).
You are not liable for any loss caused by the failure of a system or equipment provided by any party to a shared electronic network to complete a transaction accepted by the system or equipment in accordance with your instructions. However, if you were aware, or should reasonably have been aware, that the system or equipment was unavailable or malfunctioning, our responsibility will be limited to:
(i) correcting any errors; and
(ii) refunding any charges or fees imposed as a result.
except to the extent that the liability is caused by our fraud, negligence or willful misconduct (including that of the Issuer and OKX's respective officers, employees, contractors or agents).
(b) Liability for Unauthorised Transactions will be determined according to clause 13 above.
(c) You should not interpret anything in these Terms and Conditions as excluding, restricting or modifying any guarantee, condition or warranty which is implied by the Australian Consumer Law. Where the Issuer and/or OKX are liable for a breach of these Terms and Conditions, then its liability is limited to:
(i) the supplying of the services again; or
(ii) the payment of the cost of having the services supplied again.
(d) The Issuer is not responsible for and accepts no liability for any other goods or services that may be offered or provided to you by OKX.
(e) The Issuer does not maintain the OKX website or OKX App. You agree that the Issuer is not responsible for any content on that website other than information relating specifically to the offer of Pay.
17. Communications
(a) You agree that the Issuer and OKX may give written notices or other communications to you under or in connection with these Terms and Conditions either:
(i) by writing to you at your residential or postal address last known to the Issuer or OKX;
(ii) by giving it to you personally or leaving it at your residential or postal address last known to the Issuer or OKX;
(iii) by electronic communication to your email address or fax number last known to the Issuer or OKX or which you last gave the Issuer or OKX for sending notices and communications to you; or
(iv) if the notice or communication is not personal to you – by publishing a notice on the website of the Issuer and/or OKX or via the OKX App.
(b) For the purposes of giving you information:
(i) the Issuer and/or OKX may notify you by electronic communication;
(ii) you have the right to vary your nominated email address, mobile phone or fax number;
(iii) you have the right to terminate your Agreement to receive the information electronically (a fee for the provision of paper communications may apply); and
(iv) if within six months after the electronic communication is given, you ask for a paper copy of the information provided electronically, the paper copy will be provided to you.
(c) If the Issuer and/or OKX give a notice or other communication to you by email, the content of the notice or communication may be:
(i) set out in the body of the email;
(ii) included as an electronic document attached to the email; or
(iii) made available via the OKX App or on OKX's website for retrieval by you (with the email advising you of this and of the general nature of the information, and giving you the ability to readily retrieve the information electronically). For example, by means of a link to https://www.okx.com/en-au/help/section/announcements-latest-announcements.
(d) If the Issuer and/or OKX give a notice or other communication to you:
(i) by writing to you – you are taken to have received it when it would be delivered in the ordinary course of the post;
(ii) by giving it to you personally or leaving it for you – you are taken to have received it on the day of delivery; or
(iii) electronically – you are taken to have received it on the day it is transmitted.
(e) In addition to the ways set out in these Terms and Conditions, the Issuer and/or OKX may give you a notice or other communication by using any method allowed or required by a law. If a law requires us to use a particular method, we will do so.
(f) You agree that, for the purpose of telephone communications originated or received by the Issuer and/or OKX, and for the purpose of electronic communications received by the Issuer and/or OKX, the Issuer and/or OKX may verify your identity by reference to any or all of the Security Details information on the SMS services provided by us from time to time, please visit the website.
18. Third parties
(a) The Issuer may transfer its rights and obligations under its agreement with you to any other person or business. If this happens, the person or business to which this agreement is transferred assumes all of the Issuer's rights and obligations under the agreement. From then on, references in these Terms and Conditions to the Issuer are to be read as references to the person or business to which the agreement was transferred. The Issuer does not need your consent to transfer its rights. The Issuer will notify you in writing as soon as reasonably practicable if it is reasonable to do so.
(b) Except in those circumstances, nothing in these Terms and Conditions will confer on any third party any benefit or the right to enforce any terms of the agreement between you and the Issuer.
19. SMS messaging
The Issuer and/or OKX may from time to time send you SMS alerts relating to your OKX Pay Wallet and Pay activity. You can stop the SMS alerts at any time by sending "STOP" to the number indicated in the SMS (your mobile phone provider will charge you their standard SMS fee for sending this SMS). For more information on the SMS services provided by the Issuer and/or OKX from time to time, please visit the websites of the Issuer and/or OKX.
20. Governing law
(a) These Terms and Conditions, and the agreement between you and the Issuer, are governed by the laws of New South Wales, Australia and any legal questions concerning the Terms and Conditions or the agreement will be decided under those laws.
(b) You submit to the non-exclusive jurisdiction of the courts of New South Wales to hear and determine any disputes or legal questions concerning these Terms and Conditions or the agreement between you and the Issuer.
21. Change Control
(a) We reserve the right to change these Terms and Conditions at any time in accordance with this clause 21.
Materially adverse changes
(b) If a change to these Terms and Conditions is materially adverse to you, we will give you at least 14 days' written notice before the change takes effect, unless a longer period is required by law.
(c) A change is materially adverse if it:
(i) increases a fee or charge, or introduces a new fee or charge;
(ii) reduces a significant benefit of Pay;
(iii) imposes a new or more onerous obligation on you; or
(iv) alters the liability framework in a way that increases your potential liability.
Exceptions to 14-day notice
(d) We may implement a change without 14 days' prior notice (including immediately) where the change is necessary:
(i) to comply with any change or anticipated change in any relevant law, code of practice, or regulatory guidance;
(ii) to reflect any decision of a court, ombudsman, or regulator;
(iii) for security reasons where reasonably necessary to address security concerns or vulnerabilities; or
(iv) to restore or maintain the security of the system or your Wallet.
Non-materially adverse changes
(e) Changes that are not materially adverse to you may be made without advance notice. We will publish updated Terms and Conditions on the Website and in the OKX App.
SPDS linkage
(f) Where a materially adverse change affects information in this PDS that would reasonably be expected to influence a reasonable person's decision whether to acquire Pay or to maintain use of Pay, the Issuer will issue a Supplementary Product Disclosure Statement (SPDS) in accordance with the Corporations Act 2001 (Cth). The updated SPDS will be made available on the Issuer's website and the OKX Website, and in the OKX App.
Your options
(g) If you do not accept a change to these Terms and Conditions, you may stop using Pay in accordance with clause 9(b) before the change takes effect. Continued use of Pay after the effective date of a change constitutes acceptance of the updated Terms and Conditions.
Section C – Definitions
Activate and Activation refers to the activation of Pay to enable you to use Pay.
Pay means the OKX Pay peer-to-peer stablecoin transfer facility described in the PDS and these Terms and Conditions.
Pay Services means any services provided by us (or by service providers on the Issuer's behalf) in connection with Pay.
Global Terms means the OKX Smart Account Terms available at https://www.okx.com/en-au/help/smart-account-terms, as amended from time to time.
GST means any form of goods and service tax or other value added tax and, without limitation, includes GST as defined in the A New Tax System (Goods and Service Tax) Act 1999 (Cth) as amended.
Identifier means information that you know but are not required to keep secret and which you must provide to perform a transaction (for example, an account identifier or username).
Issuer means Bano Pty Limited ABN 93 643 260 431 AFSL 536984, which is the issuer of Pay.
P2P Transfer means a peer-to-peer transfer of supported stablecoins from one OKX user’s Pay Wallet to another OKX user’s Pay Wallet.
PassKey means the biometric or device-based authentication credential used to authorise transfers in your Pay Wallet.
Personal Information is the information that the Issuer, OKX and their respective agents collect from you, including any application form, correspondence, emails, telephone calls, internet communications and transactional information, in connection with Pay.
Privacy Policy means the Issuer's and OKX's respective privacy policies in relation to Pay, available on each company's website.
Proscribed Person means:
(a) a proscribed person or entity under the Charter of United Nations Act 1945 (Cth);
(b) a person who appears in a list of persons with whom dealings are proscribed by the government or a regulatory authority of any jurisdiction, including the Consolidated List published by the Australian Department of Foreign Affairs and Trade; or
(c) a person acting on behalf of, or for the benefit of, a person listed in paragraphs (a) or (b).
Security Codes means the Pay Passkey and the passcodes and passwords to access related services.
Security Details means the information given by you when applying for Pay or during Activation, for the purposes of verifying your identity, or any changes made to this information. Security Requirements means the Security Requirements set out in this PDS.
SMS means the Short Messaging Service provided by your mobile phone service provider.
TMD means the Target Market Determination in relation to Pay.
Unauthorised Transaction means a transaction not authorised by you, but does not include any transaction carried out by you or by anyone performing the transaction with your knowledge and consent.
USD means the lawful currency of United States of America.
Wallet means your OKX Pay Wallet, a 2-of-2 Account Abstraction (AA) smart contract wallet on the X Layer blockchain network that holds the stablecoins supported from time to time as listed in the OKX App, and is used to fund P2P transfers.
Website means the website specified in the details at the start of this PDS.
We, Us, Our means the Issuer and/or OKX as applicable or as the context requires, and, except where the context indicates a different intention, also includes any agent acting on behalf of the Issuer and/or OKX.
You, Your means the user of Pay.