Terms and Conditions
Date: 31th December 2024
Version: 3.0
1. GENERAL PROVISIONS
1.1 Purpose, Scope, and Binding Effect
This Privacy, Regulatory Compliance, Financial, Investment and Operational Policy (the “Policy”) is the official public policy of Tungsten Custody Solutions Ltd. This Policy sets out the complete and mandatory framework governing how Tungsten Custody Solutions Ltd provides custody and operational services, how Tungsten Custody Solutions Ltd manages financial flows related to investments, and how Tungsten Custody Solutions Ltd applies compliance controls, checks, and restrictions to ensure lawful and transparent activity.
This Policy applies to every interaction with Tungsten Custody Solutions Ltd, including (but not limited to) onboarding, communications, asset deposits, asset custody, trading or investment sessions, operational execution of transactions, settlements, withdrawals, conversions, and any other movement of assets that is processed through the systems and procedures of Tungsten Custody Solutions Ltd.
1.2 Mandatory Applicability and No Partial Acceptance
All provisions of this Policy are mandatory. Any investor, counterparty, trader, analyst, service provider, or other participant who uses or relies upon any service, system, infrastructure, or communication channel of Tungsten Custody Solutions Ltd is deemed to have accepted this Policy in full. Partial acceptance is not permitted. If a person accepts the services, that person accepts the entire Policy without exception.
1.3 Acceptance by Conduct
Acceptance of this Policy occurs by conduct. This means that any of the following actions constitutes acceptance of this Policy: initiating communications with Tungsten Custody Solutions Ltd through official channels, initiating onboarding, providing documents or information, depositing assets, requesting a transaction, participating in investment activity, requesting withdrawals, or receiving any operational support. No separate signature is required for acceptance unless explicitly required by a separate contract.
1.4 Refusal to Cooperate
Any person who does not fully agree with this Policy must not use the services of Tungsten Custody Solutions Ltd. If any part of this Policy is not acceptable to the person, that person must refrain from working with Tungsten Custody Solutions Ltd and must not initiate any financial or investment activity through Tungsten Custody Solutions Ltd.
2. LEGAL STATUS AND NATURE OF ACTIVITIES OF TUNGSTEN CUSTODY SOLUTIONS LTD
2.1 Core Service Nature
Tungsten Custody Solutions Ltd operates as a regulated custody and operational services provider for virtual assets. The primary function of Tungsten Custody Solutions Ltd is to hold, safeguard, and control virtual assets, and to administer and operationally execute investment-related movements and settlements under centralized compliance controls.
2.2 Client Segment and Retail Prohibition
Services are provided exclusively to professional and institutional clients. Tungsten Custody Solutions Ltd does not provide services to retail clients. Any person or entity that is classified as a retail client under applicable rules is not eligible to be onboarded or serviced. This is an operational restriction applied to ensure that Tungsten Custody Solutions Ltd remains within the permitted scope of its regulated activity.
2.3 Not a Bank; No Deposit Business; No Investment Advice
Tungsten Custody Solutions Ltd is not a bank. Tungsten Custody Solutions Ltd does not accept deposits in the banking sense, does not offer credit or lending in the banking sense, and does not provide payment services as a bank would. Tungsten Custody Solutions Ltd does not provide investment advice, does not provide legal advice, and does not provide tax advice. Tungsten Custody Solutions Ltd does not guarantee profits, returns, or performance outcomes, and does not guarantee market prices or liquidity outcomes.
3. REGULATION, LICENSING, AND SUPERVISION
3.1 Operating Jurisdiction
Tungsten Custody Solutions Ltd operates within the jurisdiction of Abu Dhabi Global Market, an international financial centre with its own regulatory and supervisory framework.
3.2 Regulatory Authorization
Tungsten Custody Solutions Ltd operates under Financial Services Permission number 220129, issued on 27 November 2023, with Active status, for the regulated activity of providing custody services for virtual assets. This regulatory authorization defines the scope of permissible activities and the limitations applicable to Tungsten Custody Solutions Ltd.
3.3 Supervisory Authority
Tungsten Custody Solutions Ltd is supervised by Financial Services Regulatory Authority. Tungsten Custody Solutions Ltd applies operational governance, compliance controls, and recordkeeping practices designed to remain aligned with supervisory expectations and applicable rules.
3.4 International Compliance Standards
Tungsten Custody Solutions Ltd applies internationally recognized standards for combating illicit finance and enhancing financial transparency, including standards issued by Financial Action Task Force. These standards inform how Tungsten Custody Solutions Ltd performs checks, monitoring, and restrictions, and how Tungsten Custody Solutions Ltd responds to suspected circumvention, suspicious activity, and external regulatory requests.
4. INVESTMENT OPERATING MODEL AND ROLE OF TUNGSTEN CUSTODY SOLUTIONS LTD
4.1 Centralized Custody, Operational, and Compliance Hub
Tungsten Custody Solutions Ltd acts as a centralized custody and operational hub for investment-related activity. This means all custody functions, operational execution, settlements, and compliance checks are performed through Tungsten Custody Solutions Ltd. The centralized model exists to maintain consistent control, prevent uncontrolled financial flows, and ensure that investment-related activity is executed only through approved procedures.
4.2 Safekeeping and Control of Assets
4.2.1 Acceptance of Virtual Assets
All virtual assets deposited for investment purposes are accepted only through the official infrastructure and designated processes of Tungsten Custody Solutions Ltd. Deposits and transfers must follow the instructions provided through official channels to ensure that assets are properly recorded, attributed, and controlled.
4.2.2 Continuous Operational and Compliance Control
Once assets are received, those assets remain under continuous operational control and compliance control by Tungsten Custody Solutions Ltd. Control includes restrictions on movement, technical access governance, operational authorization requirements, and monitoring. The objective is to prevent unauthorized transactions, prevent procedural bypass, and maintain integrity of investment and settlement operations.
4.2.3 Prohibition of Unauthorized Disposal
No person may request or perform the use, disposal, transfer, pledge, or re-routing of assets outside the approved procedures of Tungsten Custody Solutions Ltd. Any attempt to move assets through unofficial channels is treated as a breach of this Policy and may trigger restrictions or suspension procedures.
4.3 Administration of Investment Processes
4.3.1 Full Lifecycle Administration
Tungsten Custody Solutions Ltd administers the full lifecycle of investment activity, which includes initiation of an investment process, operational execution, monitoring, settlement, and closure. Administration means that Tungsten Custody Solutions Ltd provides the operational framework and control environment through which the activity is executed.
4.3.2 Long-Term and Short-Term Activity
Tungsten Custody Solutions Ltd supports operational administration for both long-term investment arrangements and short-term trading activity. The difference in time horizon does not change the requirement that all activity must be conducted through the infrastructure and controls of Tungsten Custody Solutions Ltd.
4.3.3 No Investment Decision-Making by the Company
Tungsten Custody Solutions Ltd does not decide whether an investment strategy is good or bad. Tungsten Custody Solutions Ltd does not promise performance. The role of Tungsten Custody Solutions Ltd is custody, operational administration, compliance control, and execution of properly authorized operations under applicable procedures.
4.4 Execution of Operations
4.4.1 Operational and Technical Execution
Tungsten Custody Solutions Ltd executes operations in an operational and technical sense. This includes confirming that transaction parameters match instructions, ensuring that authorization conditions are satisfied, ensuring that internal controls are met, and then executing the operation through the Company infrastructure.
4.4.2 Recordkeeping and Audit Logging
Tungsten Custody Solutions Ltd maintains records of operational actions and transaction activity to the extent required by internal governance and applicable expectations. Records may include operational logs, confirmations, checks outcomes, and other relevant information necessary to demonstrate compliance and operational integrity.
4.5 Guarantor and Intermediary Role Between Investor and Trader or Analyst
4.5.1 Mandatory Intermediation
Tungsten Custody Solutions Ltd acts as the required intermediary between the investor and the trader or analyst for all financial settlements and operational flows connected to investment activity. This structure exists to prevent uncontrolled financial flows and to ensure transparency of settlements.
4.5.2 Prohibition of Direct Financial Settlements
Direct payments or direct settlements between an investor and a trader or analyst outside Tungsten Custody Solutions Ltd are prohibited. Any attempt to settle outside the Company infrastructure may be treated as circumvention and may trigger restrictions.
4.6 Payment for Trader and Analyst Services
4.6.1 Exclusive Processing Through the Company
All compensation payable to traders and analysts is processed exclusively through Tungsten Custody Solutions Ltd. This ensures centralized accounting, settlement controls, and compliance checks.
4.6.2 Operational and Compliance Controls for Payments
Payments are subject to operational approval processes and compliance checks. Tungsten Custody Solutions Ltd may require supporting information to ensure that payments are legitimate and consistent with the approved investment structure.
5. STRICT PROHIBITION OF BYPASS TRANSACTIONS AND CENTRALIZED TRANSACTION CONTROL
5.1 Exclusive Transaction Routing Requirement
All financial movements connected with investment activity must be routed exclusively through Tungsten Custody Solutions Ltd. This includes deposits, internal movements, trading-related movements, settlements, withdrawals, and any other transfer of value.
5.2 Rationale and Compliance Basis
The bypass prohibition exists to reduce risks associated with money laundering, terrorist financing, sanctions breaches, fraud, and other financial crimes. Uncontrolled transfers outside the Company infrastructure can create unacceptable compliance risk. Therefore, bypass activity is not permitted under any circumstances.
5.3 Consequences of Attempted Bypass
Any attempt to bypass Tungsten Custody Solutions Ltd may result in immediate protective measures including isolation of assets, restriction of accounts, blocking of withdrawals, and escalation to competent authorities where required.
6. ASSET TYPE AND OPERATING ENVIRONMENT
6.1 Crypto-Only Operating Principle
All custody, investment sessions, trading sessions, and financial movements are conducted exclusively using virtual assets. The default operating environment is crypto-only. This includes storage, movement, settlement, and distribution of results.
6.2 Fiat Currency Not Used for Trading Operations
Fiat currencies are not used for trading operations. Fiat currency may be involved only where conversion is requested or required for a bank account that cannot accept virtual assets, and only under the conditions described in this Policy.
7. COMMUNICATIONS AND MEETING RULES
7.1 Official Online Communications Only
All communications with Tungsten Custody Solutions Ltd are conducted only online through official channels of Tungsten Custody Solutions Ltd. Any communication through unofficial accounts, personal accounts, or third-party intermediaries is not recognized as official and may be treated as a security risk.
7.2 In-Person Meetings
In-person meetings are permitted only if pre-approved and scheduled in advance, and only with legal entities. In-person meetings are not a standard method of operational control. All operational instructions and confirmations remain subject to the Company’s official online processes.
8. MIDDLE EAST AND NORTH AFRICA REGIONAL OPERATIONS AND LOCAL METHODS
8.1 Regional Infrastructure Objective
In the Middle East and North Africa region, Tungsten Custody Solutions Ltd may use local operational methods and local settlement routes where legally permitted, to improve speed of confirmations and efficiency of processing for eligible transactions.
8.2 Examples of Local Regions and Countries
Where permitted and available, local methods may be used in the Middle East and North Africa region and in specific jurisdictions including the United Arab Emirates, India, Pakistan, the Philippines, and other jurisdictions where such methods are legally permitted, operationally available, and compliant with this Policy.
8.3 Centralized Control Remains Mandatory
Use of local methods never removes centralized control. Even when a local method is used, the transaction remains controlled, monitored, and executed through Tungsten Custody Solutions Ltd and may not be initiated outside the Company’s approved procedures.
9. TRANSACTION THRESHOLD CONTROL AT 10,000.00 UNITED STATES DOLLAR TETHER
9.1 Threshold Definition and Purpose
A key control threshold is set at an amount equivalent to 10,000.00 United States Dollar Tether. This threshold is used to determine when enhanced checks and additional requirements are mandatory, including identity checks, source of funds checks, and operational routing requirements.
9.2 Transactions Below the Threshold
Transactions below the threshold may be processed using permitted local methods, including those described in the regional section, provided that centralized control through Tungsten Custody Solutions Ltd is maintained and all operational checks are satisfied.
9.3 Transactions Above the Threshold
Transactions above the threshold must be initiated and executed only through the official Company account routes and procedures of Tungsten Custody Solutions Ltd. The use of third-party accounts, alternative routes, personal intermediaries, or parallel settlement structures is prohibited.
9.4 Prohibition on Structuring and Fragmentation
Fragmentation, splitting, structuring, or any other method designed to evade the threshold is prohibited. Such behaviour may be treated as circumvention and may trigger restrictions, checks escalation, and external reporting where required.
10. IDENTIFICATION PROCEDURES AND CHECKS
10.1 General Identification and Checks Requirement
Tungsten Custody Solutions Ltd applies identification procedures and checks to confirm the identity of the investor, the legitimacy of the relationship, and the acceptability of transactions and settlement routes. Checks are applied in accordance with the regulatory scope applicable to Tungsten Custody Solutions Ltd and in accordance with internationally recognized standards.
10.2 Enhanced Checks for Higher-Risk and Above-Threshold Activity
Where a transaction exceeds the threshold amount equivalent to 10,000.00 United States Dollar Tether, Tungsten Custody Solutions Ltd may require expanded documentation and expanded checks. Such checks may include identity checks, source of funds checks, operational consistency checks, counterparty checks, and route checks.
10.3 CHECKS Transaction (Mandatory Checks Transaction for Account Activation and Route Confirmation)
10.3.1 Purpose of the Checks Transaction
The checks transaction is a mandatory operational procedure used to ensure that the investor’s receiving account is correctly linked, that the routing is functional, and that the transaction can be processed safely under centralized control. The checks transaction also serves as an internal identifier for the receiving account within the systems of Tungsten Custody Solutions Ltd.
10.3.2 Steps of the Checks Transaction Procedure
The checks transaction procedure includes all of the following steps, in strict order:
Activation of the investor account within Tungsten Custody Solutions Ltd systems, which includes internal confirmation that the investor account is eligible to receive assets under this Policy.
Assignment of a unique checks amount by Tungsten Custody Solutions Ltd. This amount is individual to the investor receiving account and is used as an identifier and routing check value.
Execution of an exact-value checks transaction by the investor using precisely the checks amount assigned. The investor must not change the amount, round the amount, or send a different amount. Exact value is mandatory.
Processing of the primary movement of funds from the platform of Tungsten Custody Solutions Ltd to the investor account (meaning completion of the initiation of withdrawal from the platform to the investor account).
Automatic return of the checks amount within one hour following successful completion of the movement of funds to the investor account. The return is processed as a separate transaction or may be merged into a full crediting process depending on operational feasibility, but the checks value is treated as refundable and not as a fee.
10.3.3 No Fees for the Checks Transaction
Tungsten Custody Solutions Ltd does not charge any fee, commission, withholding, or deduction for the checks transaction procedure. The checks amount is refundable and is returned as described above.
10.3.4 Failure or Inconsistency Handling
If the investor does not send the exact checks amount, or if the routing or account ownership cannot be confirmed, Tungsten Custody Solutions Ltd may suspend processing until the discrepancy is resolved, request additional information, or apply protective restrictions to ensure compliance and asset integrity.
11. PRIMARY TRANSFER INITIATION RULES FOR FIRST-TIME COOPERATION
11.1 Full Initiation Requirement
For the first cooperation experience between the investor and Tungsten Custody Solutions Ltd, only full initiation of the movement of funds from the Company account route to the investor account is permitted. Partial transfers are not permitted for first-time cooperation.
11.2 Purpose of Full Initiation
The purpose of full initiation is to ensure accurate checks of routing, consistent operational recordkeeping, and avoidance of ambiguous partial flows that may increase compliance risk or create settlement disputes.
12. FEES, DEDUCTIONS, AND INVESTOR-INITIATED ACTIONS
12.1 No Automatic Deductions from Investor Assets
Tungsten Custody Solutions Ltd does not make any automatic deductions, withholdings, or unilateral commissions from investor assets that are held for investment purposes.
12.2 Investor Initiation Requirement
If any additional action is needed, including conversion actions, optional service fees, or additional operational steps requiring investor funds, such action must be initiated by the investor and must be clearly confirmed by the investor through the official processes of Tungsten Custody Solutions Ltd.
13. CONVERSION INTO FIAT CURRENCY WHERE REQUIRED
13.1 Conversion Only When Necessary
If an investor requests movement of funds to a bank account that cannot accept virtual assets, Tungsten Custody Solutions Ltd may provide conversion into fiat currency as an operational service.
13.2 Conversion Fee and Market Rate
Any conversion is performed using a dynamic market rate at the time of conversion. A conversion fee may be applied to reflect conversion costs and execution. The conversion process remains subject to checks and compliance controls.
14. TRANSACTION INSURANCE AND REFUNDABLE GUARANTEE MECHANISM
14.1 Purpose
Certain transactions initiated through official Company routes may require an insurance mechanism designed to reduce delays, reduce additional external banking checks, and accelerate crediting in permitted scenarios.
14.2 Refundable Guarantee Amount
Where required, the insurance mechanism may be implemented by temporary placement of a refundable guarantee amount by the investor. The guarantee amount is calculated case-by-case and depends on operational, route, and compliance factors.
14.3 No Insurance Fee
Tungsten Custody Solutions Ltd does not charge a fee for insurance itself. The guarantee amount is refundable and is returned automatically following successful completion of the insured transaction, subject to satisfaction of the defined conditions.
15. ACCOUNT BLOCKING, RESTRICTION, INDEPENDENT COMMISSION, AND INTERNATIONAL REGULATOR PARTICIPATION
15.1 Grounds for Blocking or Restriction
Tungsten Custody Solutions Ltd may restrict, suspend, or block account functions or asset movement where there are reasonable grounds to suspect bypass attempts, compliance breaches, illicit finance risk, inconsistent information, suspicious patterns, or where Tungsten Custody Solutions Ltd receives binding instructions or lawful requests from competent authorities.
15.2 Immediate Protective Measures
Where a material risk is detected, Tungsten Custody Solutions Ltd may immediately apply protective measures, including asset isolation, suspension of outgoing movements, and restriction of account functions, to prevent further risk exposure and preserve asset integrity.
15.3 Independent Commission and Participation of International Regulators
If account blocking or significant restriction occurs, Tungsten Custody Solutions Ltd shall convene an independent commission to review the case. The independent commission is convened to ensure objective assessment, due process, and proportionality of measures.
The independent commission may include independent legal specialists, independent compliance specialists, independent auditors, forensic specialists, and, where applicable and appropriate, representatives or observers from international regulatory bodies or supervisory authorities relevant to the circumstances of the case. Participation may also include representatives or observers associated with competent regulators where such involvement is permitted, required, or necessary to ensure proper oversight and resolution.
15.4 Inspection, Review, and Determination
The independent commission reviews transaction records, communications, checks outcomes, compliance triggers, and any supporting documents. The commission determines whether the restriction is justified and proportionate, and whether restrictions should be lifted, modified, maintained, or escalated.
15.5 Investor Notification and Cooperation
Tungsten Custody Solutions Ltd will notify the investor without undue delay, except where prohibited by law or regulatory instruction. The investor may be required to provide information or documents necessary for the review. Failure to cooperate may extend the duration of restrictions.
15.6 Outcomes
Based on the independent commission’s findings, Tungsten Custody Solutions Ltd may restore access, partially restore access under conditions, maintain restrictions pending further guidance, or escalate the matter to competent authorities in accordance with applicable legal obligations.
15.7 No Presumption of Wrongdoing
Blocking or restriction does not by itself constitute a finding of guilt or wrongdoing. Measures are preventive and protective, applied to ensure compliance, transparency, and asset safety.
16. COOPERATION WITH REGULATORS AND INTERNATIONAL ORGANIZATIONS
16.1 Duty to Cooperate
Tungsten Custody Solutions Ltd cooperates with lawful requests from competent regulators and international organizations as required by applicable law.
16.2 Investor Notification Where Permitted
Where legally permitted and not restricted by confidentiality obligations or legal prohibitions, Tungsten Custody Solutions Ltd may inform the investor that a request has been received and may request investor cooperation to reduce delays and resolve issues.
17. LIMITATION OF LIABILITY AND RISK DISCLOSURE
17.1 No Advice
Tungsten Custody Solutions Ltd does not provide investment advice, legal advice, or tax advice. Investors must obtain independent advice where needed.
17.2 No Performance Guarantees
Tungsten Custody Solutions Ltd does not guarantee profitability, returns, or any investment outcome. Market risk, volatility risk, and loss risk remain with the investor.
17.3 Operational Limitations
Tungsten Custody Solutions Ltd is not responsible for delays or failures caused by third-party systems, external networks, force majeure, or legal restrictions imposed by competent authorities.
18. FINAL PROVISIONS
18.1 Mandatory Familiarization
Reading and understanding this Policy is a mandatory condition before any cooperation begins. Investors are responsible for reviewing the Policy and ensuring it is acceptable to them.
18.2 Continued Use Means Full Acceptance
If an investor continues to use the services of Tungsten Custody Solutions Ltd, continues to communicate through official channels, or continues to request investment operations, that continued activity constitutes full and unconditional acceptance of all terms of this Policy.