Terms of use

Version date:  June 22, 2023
Last updated: Sept 05, 2023

1. Introduction

1.1  Stablehouse Ltd., a wholly owned subsidiary of XBTO Global Ltd, will be providing certain custody accounts in respect of your digital assets (“XBTO Custody Accounts”). Stablehouse Ltd. ("Stablehouse" /”Company”) is an exempted company limited by shares, incorporated in Bermuda and licensed as a digital assets business by the Bermuda Monetary Authority with a Class M licence to operate as (a) a payment service provider business utilising digital assets, which includes the provision of services for the transfer of funds; (b) a digital asset exchange (c) a digital asset services vendor and (d) a business providing custodial wallet services.


1.2 These Custody Terms and Conditions constitute a legally binding agreement between you and Stablehouse. Please read and keep these Custody Terms and Conditions. You can contact us by e-mail at support@stablehouse.com with any questions about these Custody Terms and Conditions.

2. Definitions and interpretation

Unless stated otherwise, reference is made to the Terms of Use and any capitalised terms not otherwise defined herein shall have the meaning to them in the Terms of Use.

3. Acceptance of terms and conditions

By making an application for access to the XBTO Custody Products, you agree that these Custody Terms and Conditions will govern your XBTO Custody Accounts in addition to any applicable Terms and Conditions (including but not limited to the Terms of Use). Any XBTO Custody Accounts registered to a user who is granted access to the XBTO Custody Product will be governed by these Custody Terms and Conditions, as modified from time to time. We reserve the right to update these Custody Terms and Conditions at any time, and may notify you of such changes via the Site or by email at the address specified on your XBTO Account, but we have no obligation to notify you of every update.

4. Conditions of acceptance

You can enter into these Custody Terms and Conditions and use the XBTO Custody Products only if all of the conditions below are met.

4.1 You have opened a XBTO Account and continue to meet all of the terms and conditions set out in the Terms of Use and any other applicable Terms and Conditions.

4.2 The representations and warranties given by you in the Terms of Use and in these Custody Terms and Conditions are true and accurate and continue to be true and accurate at all times during your use of the XBTO Custody Product.

4.3 You have submitted to the Company and/or its affiliates, only complete, correct and up-to-date information and documents.

4.5 By making an application for access to the XBTO Custody Product, you acknowledge and confirm that you meet all of the conditions set out above. In the event that we subsequently ascertain that you have not met or no longer meet these conditions, we may suspend provision of the XBTO Custody Products and any related services to you and close your XBTO Accounts. See section on Termination below.

4.6 At any time, and in our sole discretion, without liability to you, we can: (i) refuse your request to access and use the XBTO Custody Product; (ii) change the Custody Terms and Conditions; (iii) suspend provision of the XBTO Custody Product or all or part of the XBTO Products and services; or (iv) change, update, remove, cancel, suspend, disable or discontinue any promotion, component, content, incentive or feature of the XBTO Custody Product.

4.7 You shall not be deemed to have access to an XBTO Custody Product and we have no responsibility to you unless and until you have received written (which may be electronic) confirmation from us that you have been granted access to a XBTO Custody Product.

5. Features of the XBTO custody products

5.1 You have access to two custody products:


(a) Pooled Custody Trading Accounts: The Company may pool your supported digital assets with other customer custodied digital assets in omnibus custody wallets, controlled by the Company to provide effective and secure digital assets trading services. This may include a fuel account (“Fuel Account”) that is funded by the Company for and on behalf of customers whose assets are pooled.  (“Pooled Custody Trading Account”).

(b) Segregated Wallets: You may store your supported digital assets in individual segregated custody accounts (“Segregated Wallet”, together with Pooled Custody Trading Accounts, “Custody Account(s)”.)


1. There is currently a minimum amount of digital assets held for custody purposes (“Custodied Assets”) in the Custody Accounts required to access the XBTO Custody Product and we reserve the right to stipulate the minimum or maximum custodied amounts on a case by case basis.
   ‍
2. Following commencement of your access to the XBTO Custody Terms and Conditions, you can purchase digital assets on the Platform by sending a wire transfer from a bank account to the Company and allocate such available digital assets for use with the relevant XBTO Custody Product on the Platform.

6. Custody: ownership and control of digital assets

6.1 Title to all supported digital assets in your Custody Accounts shall at all times remain with you and shall not transfer to the Company. All interests in digital assets held in your Custody Accounts are held for you, are not property of the Company and are not subject to the claims of the Company’s creditors. As owner of the supported digital assets in your Custody Accounts, you shall bear all risk of loss of such supported digital assets. The Company shall have no liability for supported digital asset fluctuations or loss.

6.2 None of the supported digital assets in your Custody Accounts are the property of, or shall or may be loaned to, the Company; the Company does not represent or treat digital assets in your Custody Accounts as belonging to the Company. The Company may not grant any security interest in the supported digital assets held in your Custody Accounts. Except as required by law, or except as provided herein, the Company will not sell, transfer, loan, hypothecate, or otherwise alienate supported digital assets in your Custody Accounts unless instructed by you.

6.3 Supported digital assets held in your Custody Accounts are controlled by you whilst being protected by private keys under control of the Company. You may withdraw an equivalent amount of digital assets to those shown in your Custody Accounts at any time to separate blockchain wallets which you control or other third party custodial services in your name.

6.4 The assets of the Custody  Accounts are at all times kept separate from the assets of the Company and used exclusively in accordance with any directions you give in respect of your XBTO Account. All such Digital Asset Transactions are registered and recorded in a ledger (“Customer Account Ledger”) which clearly identifies the relevant customer XBTO Account,  Custody Account; through which the Digital Asset Transaction is to be executed; and the digital asset which is required to be transferred to or from which relevant  Custody  Account.

6.5 For the avoidance of doubt, a Fuel Account is funded by the Company solely for the purpose of customers’ withdrawal from the Pooled Custody Trading Accounts and once funded by the Company into the Fuel Account, no longer the property of the Company. The amount of fuel funded and spent shall be proportionate only to a customer’s withdrawal amount as necessary and not meant to correlate with the number of customer accounts being pooled.

6.6 The Company shall on a daily basis, reconcile all customer supported digital assets held in  Custody Account to the Client Account Ledger and the assets of the Custody  Account and individual XBTO Accounts.

6.7 You accept and understand that digital assets in your XBTO Account do not qualify for insurance and/or protection by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation, or any other similar scheme operating or existing in your jurisdiction of residence or domicile.

6.8 You acknowledge and agree that the Site may be subject to scheduled and unscheduled maintenance. You agree and understand that part of or all of the Platform may be periodically unavailable during such times (collectively, "Downtime"). You acknowledge and agree that the Company is not responsible or liable during periods of Downtime. During such periods of Downtime, the prices of various digital assets may move, which means that you may gain or lose value in your XBTO Account.  The Company is not responsible for those gains or losses resulting from the Downtime.

6.9 Digital Assets held in  Custody  Accounts are subject to the Bermuda Monetary Authority Digital Asset Custody Code of Practice (May 2019) (as the same may be amended or replaced by the Bermuda Monetary Authority from time to time).

7. Digital asset transactions

7.1 Upon being granted access to Custody services via your XBTO Account, you will have the ability to trade, convert, transfer, track and store supported digital assets by giving instructions through the Platform (each such transaction, a “Digital Asset Transaction“) in connection with your XBTO Custody Account. You will be able to obtain evidence of completion of each Digital Asset Transaction through your XBTO Account. 


7.2 The Company reserves the right to refuse to process or to cancel any pending Digital Asset Transaction in its discretion, which may be due to compliance with laws and regulations or in response to a court order, subpoena, other government order or to enforce transaction limits or for risk management purposes. The Company cannot reverse a Digital Asset Transaction which has been broadcast to a digital asset network. In order to provide a valuation of the supported digital assets, the Company receives price streams from multiple counterparties that have gone through the Company’s due diligence process.

7.3 You assume full responsibility and liability for any loss resulting from intentional or unintentional misuse of your XBTO Custody Account, including, without limitation, any loss resulting from (i) depositing one type of digital asset to a wallet intended for another type of digital asset, regardless of whether the relevant digital asset network confirms the applicable Digital Asset Transaction; (ii) depositing a digital asset into an address that you did not intend; (iii) inserting incorrect transaction information into the Platform. The Company assumes no responsibility or liability in connection with any of the foregoing.

7.4 YOUR XBTO CUSTODY ACCOUNT AND ANY OTHER ACCOUNT YOU MAY HAVE WITH US (AND ANY DIGITAL ASSETS HELD IN SUCH ACCOUNT) IS NOT A BANK ACCOUNT OR AN INTEREST BEARING DEPOSIT ACCOUNT. NO INTEREST WILL BE PAID ON ANY DIGITAL ASSETS YOU USE TO PURCHASE OR TRADE FOR ANY OTHER DIGITAL ASSET WITH OTHER USERS, AND ALL DIGITAL ASSETS DIRECTLY HELD BY US ARE NOT INSURED BY US OR ANY GOVERNMENT AGENCY INCLUDING (WITHOUT LIMITATION) WITH RESPECT TO CYBER SECURITY OR THEFT. PLEASE NOTE, THE ACCOUNT IS NOT FDIC OR SIPC INSURED. YOU ARE POTENTIALLY SUBJECT TO THE CREDIT RISK OF STABLEHOUSE.

7.5 The Company carries commercial crime and cyber liability insurance that protects a portion of digital assets held across our storage systems against losses from theft and cybersecurity breaches.  However, our policy does not cover any losses resulting from unauthorized access to your XBTO Account(s) due to a breach or loss of your credentials.

8. Representations

By applying for access to use the XTBO Custody Product, you represent and warrant as set out below.


1. You are not a citizen or resident of any country whose legislation conflicts with the participation and use by you of the XBTO Custody Products.
   ‍
2. You have sufficient understanding of cryptographic tokens, digital assets, token storage mechanics (such as blockchain wallets) and blockchain technology to understand these Custody Terms and Conditions and to appreciate the risks and implications of the XBTO Custody Products.
   ‍
3. You are in compliance with the Terms of Use and you have read, understand and accept these Custody Terms and Conditions.
   ‍
4. You have obtained sufficient information about the XBTO Custody Product to enable you to make an informed decision to access and use the XBTO Custody Product. You have made your own determination as to (and you acknowledge that the Company does not make any representation or warranty as to: (i) the tax or accounting treatment of the XBTO Custody Product and any remuneration or other funds received by you in respect thereto; (ii) you are the legal and beneficial owner of (or exercise complete discretion over) all Digital Assets in your XBTO Account free and clear of all liens, claims, security interests and encumbrances; and (iii) all transactions you authorize by accessing our XBTO Custody Product and your acceptance of these Custody Terms and Conditions are carried out for your own account and not on behalf of any other person or entity.
   ‍
5. If your XBTO Custody Account is registered in the name of a corporation, company, limited liability company, limited or general partnership, sole proprietorship or other entity holding any account in any capacity other than an individual capacity, each person or entity which has completed any application for access to use the XBTO Custody Account: (i) is fully authorised to execute all documents and otherwise complete our requirements in their stated capacity; (ii) has furnished all necessary documents and other information necessary to demonstrate that authority and; (iii) will furnish all other documents and complete other requirements as we may request from time to time.
   ‍
6. Any funds or Digital Assets which are owned by you and used in connection with the XBTO Custody Product are not derived from money laundering, terrorist financing, fraud or any other illegal or criminal activity under any applicable law in any jurisdiction.

9. Fees

9.1 The Company may, at its discretion, charge a fee, payable in fiat (USD), for the provision, maintenance and moving of assets in and out of the Custody Account. Such fee will be calculated based on the Custodied Assets and will be invoiced on a monthly basis. You are obliged to initiate payment of such fees in accordance with the terms of the issued invoice. 


9.2 The Company reserves the right to put a “hold” on the amount that it is owed.  If the outstanding fees are not paid in accordance with the terms of the issued invoice, the Company reserves the right to automatically take the amount owed from the customer's account, even if this requires liquidation of customer assets.

9.3 The Company reserves the right to immediately suspend your XBTO Custody Account (and any accounts beneficially owned by related entities or affiliates), freeze or lock the Custodied Assets or funds in all such accounts, and suspend your access to the Platform following non-payment of any outstanding fees. 


You agree to pay all applicable fees when you are using the Platform. Please contact your customer representative to to inquire about your fee schedule, or Talk to us to open an account.

10. Restricted persons

You hereby represent and warrant that you have not been listed on the U.S. Treasury Department's Specially Designated Nationals List or the U.S. Commerce Department's Denied Persons List, Unverified List, Entity List, or HM Treasury's financial sanctions regime and you will not use our Platform to conduct any illegal or illicit activity.

11. Taxes

You are solely responsible for determining whether, and to what extent, any taxes apply to any transactions you carry out through the Platform (including, without limitation, your use of the XBTO Custody Products), and for withholding, collecting, reporting and remitting the correct amounts of tax to the appropriate tax authorities.

12. Risk disclosures

12.1 The XBTO Custody Product may not be available in jurisdictions which the Company determines it would not be able to offer the Product due to regulatory or policy reasons.

12.2 The Company is not a bank or institution and we are not a member of the Securities Investor Protection Corporation or insured by the Federal Deposit Insurance Corporation or equivalent regulatory regimes.

12.3 Before using the XBTO Custody Products, you should ensure that you understand the risks associated with digital assets. Digital assets markets may be volatile and subject to significant price fluctuations which could result in sudden and significant decreases or increases in the value of your digital assets.

12.4 You should carefully assess whether your financial situation and risk tolerance is suitable for buying or selling digital assets. You agree and accept that the Company does not guarantee any return on your digital assets.

13. Termination of Terms of Use

i. Suspension of XBTO Custody Accounts

You agree that we shall have the right to immediately suspend your XBTO Custody Account (and any accounts beneficially owned by related entities or affiliates), freeze or lock the Custodied Assets or funds in all such accounts, and suspend your access to the Platform for any reason including if we suspect any such accounts to be in violation of these Terms and Conditions, our Privacy Policy, or any applicable laws and regulations. You agree that we shall not be liable to you for any permanent or temporary modification of your XBTO Custody Account, or suspension or termination of your access to all or any portion of our services. We shall reserve the right to keep and use the transaction data or other information related to such XBTO Custody Accounts.

The above access control may also be applied in the following cases:

Your XBTO Custody Account is subject to a governmental proceeding, criminal investigation or other pending litigation;

We detect unusual activities in or unauthorised access to your XBTO Custody Account;

We are required to do so by a court order or command by a regulatory/government authority.

ii. Cancellation of XBTO Custody Accounts

In case of any of the following events, we shall have the right to directly terminate these Terms of Use by cancelling your XBTO Custody Account, and shall have the right to permanently or temporarily suspend your XBTO Custody Account upon the occurrence of the below:


• upon our termination of services to you;
• you allegedly register or register any other person’s name as a User more than once, directly or indirectly;
• the information that you have provided is untruthful, inaccurate, outdated or incomplete;
• your application for cancellation of your XBTO Custody Account;
• you request that our services be terminated; and
• any other circumstances where we reasonably deem it appropriate to terminate our services within our risk appetite.

Should your XBTO Custody Account be terminated, all account and transactional information that meet data retention standards will be securely stored for at least 5 years in accordance with our Privacy Policy. In addition, if a transaction is deemed incomplete during the account termination process, we shall have the right to notify you of the process.

You acknowledge that where you initiate termination of an account, right to erasure under GDPR, PIPA or other equivalent regulations, will also be subjected to the data retention protocols stated above.

If we are made aware that any Custodied Assets or funds held in your XBTO Custody Account are stolen or otherwise are not lawfully possessed by you, we may, but have no obligation to, place an administrative hold on the affected funds and your XBTO Custody Account. We may continue such hold until any dispute has been resolved and evidence of the resolution acceptable to us has been provided. You agree that we will have no liability or responsibility for any such hold, or for your inability to withdraw Custodied Assets or funds or execute trades during the period of any such hold.

iii. Remaining Funds After XBTO Custody Account Termination

Except as set forth in paragraph iv. below, once a XBTO Custody Account is closed/withdrawn, all remaining fees, charges and liabilities owed to the Company will be netted off immediately. In relation to termination fees, the Company shall have the right to charge an administrative fee of US$10 value equivalent upon the termination of a XBTO Account. Upon netting off all outstanding charges to the Company (if any), you will have 30 business days to withdraw all Digital Assets or funds from your XBTO Custody Account. If you fail to withdraw all funds as above, we shall have the right to transfer any remaining digital assets contained therein to an isolated omnibus wallet and we reserve the right to deduct an administrative fee as necessary. In the event that such transfer has taken place, you have the right to retrieve your digital assets subject to satisfying our verification requirements. Where the Company deems it administratively necessary, you authorize us to liquidate your digital assets and return your funds (less any fees, rebates, debts owed to the Company and/or damages to which we are entitled) to any bank account linked to your account, unless otherwise required by law.

iv. Remaining Funds After XBTO Account Termination Due to Fraud, Violation of Law, or Violation of These Terms of Use

We shall maintain full custody of the Custodied Assets, funds and User data/information which may be turned over to governmental authorities in the event of XBTO Custody Accounts’ suspension/closure arising from fraud investigations, investigations of violation of law or violation of these Terms of Use.

v. Dormant Accounts

Notwithstanding any provision of this Section on Termination, we may provide a written notice requiring you to close all of your open positions and withdraw all of your Custodied Assets from your XBTO Custody Account within 30 days of the notice. In the event that you fail to do so, we may in our absolute discretion and without prior notice to you:

1. deem your XBTO Custody Account as a dormant account;
   ‍
2. close any open positions in any products or services;
   ‍
3. convert the Custodied Assets to a different type of Digital Asset (e.g., from BTC to USDC). For the avoidance of doubt, we shall not be liable for any loss of profit, tax obligations or any other loss, damage or expense incurred by you resulting from such conversion;
   ‍
4. transfer such dormant account (including any Custodied Assets contained therein) to an isolated omnibus wallet. In the event that such transfer has taken place, you have the right to retrieve your digital assets from subject to satisfying our verification requirements, including completing KYC;
   ‍
5. charge a dormant account fee of US$10 value equivalent a month to cover the cost of maintaining the assets by us, its affiliates or any third-party and such fee shall be withdrawn directly from the dormant account on a monthly basis until there remains a nil balance; and
   ‍
6. close a dormant account at any time, and we will not be liable for any loss, damage or expense incurred by you as a result of the closure of a dormant account unless there was fraud or willful conduct by the Company. Any assets in these dormant accounts will be transferred in accordance to paragraph (d) above. Where the Company deems it administratively necessary, you authorize us to liquidate your digital assets and return your funds (less any fees, rebates, debts owed to the Company and/or damages to which we are entitled) to any bank account linked to your account, unless otherwise required by law. After a dormant account is closed, if you wish to continue to use our services, you will need to reach out to support@stablehouse.com to reactivate your account.

vi. Following Termination of your XBTO Custody Account

At termination of your XBTO Custody Account (for any reason), the Company will provide to you confirmation in writing or access upon request of the following information:

1. the name and contact information of the Company;
   ‍
2. contact information allowing for you to request information about (i) your XBTO Account, (ii) the Company's business activities, or (iii) the making of a complaint to the Company;
   ‍
3. the type, value, date, precise time, and amount of all transactions applicable to your XBTO account; and
   ‍
4. the fees charged to your XBTO Account, including for conversions of your Digital Assets.

14. Indemnification

By using the XBTO Custody Products, you agree to and hereby indemnify the Company, its affiliates and their respective directors, members, officers, employees or agents) to the fullest extent permitted by applicable law, against any loss, liability, action, costs, claims, damages, penalties, interest, proceedings or expenses that you may suffer, directly or indirectly, in connection with the XBTO Custody Products, including (without limitation) the loss of any Custodied Assets or any part thereof and you hereby waive any and all claims that you may have against the Company arising therefrom (including, in respect of any claim for direct, indirect, consequential or pecuniary damages) except for any claims arising as a result of the gross negligence, wilful misconduct, fraud or dishonesty on the part of the Company.

15. Assignment

You may not assign any of your rights or obligations under these Custody Terms and Conditions without our prior written consent. The Company may assign its rights or obligations under these Custody Terms and Conditions in whole or in part to (i) an affiliate (ii) an acquirer of the Company's business or assets or (iii) a successor or surviving company pursuant to a merger or amalgamation.

16. Governing law disputes

These Terms and Conditions will be governed by and construed and enforced solely in accordance with the laws of Bermuda and you consent and submit exclusively to the jurisdiction of the courts of Bermuda for the purposes of litigating any dispute arising out of these Terms and Conditions against the Company, except with regard to injunctive relief.

17. Force majeure

We shall not be responsible for any losses, costs or damages suffered by you resulting directly or indirectly from war, riot, revolution, terrorism, pandemic, governmental actions or causes beyond our reasonable control or apprehension.