These LBank Card Terms and Conditions (the “Terms”) govern your access to and use of the LBank Card services (the “Card Services”). The Card Services are made available by LBank and/or its affiliated entities, subsidiaries, partners, service providers, and authorized program managers (collectively, “LBank”, the “Company”, “we”, “our”, or “us”).

By applying for, activating, accessing, or using any LBank Card, you acknowledge that you have read, understood, and agree to be legally bound by these Terms, together with any related policies, disclosures, fee schedules, privacy notices, and applicable platform agreements published by the Company from time to time.

Definitions

Unless otherwise defined in these Terms, the following terms shall have the meanings set out below:

  1. “Account” means your registered account with the Company and any associated wallet, custody account, or payment account designated for use with the Card Services.

  2. “Applicable Law” means all laws, regulations, rules, directives, sanctions requirements, regulatory guidance, and industry standards applicable to the Card Services, including but not limited to laws relating to anti-money laundering, counter-terrorist financing, sanctions, payment services, consumer protection, and data privacy. 

  3. “Card” means any LBank-branded virtual payment card issued, facilitated, or supported through the Company’s licensed partners, and includes any physical card products that may be introduced by the Company in the future.

  4. “Digital Assets” means cryptocurrencies, stablecoins, tokens, or other blockchain-based digital representations of value supported by the Platform.

  5. “Partner” means any licensed issuer, payment institution, bank, card network, processor, program manager, custodian, or third-party service provider engaged by the Company in connection with the Card Services.

  6. “Platform” means the websites, applications, APIs, wallets, and related services operated by or on behalf of the Company.

  7. “Supported Assets” means Digital Assets approved by the Company from time to time for settlement, collateral, conversion, or payment purposes under the Card Services.

Nature of the Services

  1. The Company facilitates access to the Card Services through one or more regulated third-party Partners. The Card may be issued by a Partner rather than directly by the Company.

  2. The Card enables eligible users to spend Supported Assets through card payment networks at participating merchants, subject to Applicable Law, network restrictions, and Partner requirements.

  3. Digital Asset balances may be converted into fiat currency at the time of transaction settlement in accordance with the applicable exchange rate, spread, fees, and conversion methodology determined by the Company and/or its Partners.

  4. The Company reserves the right to determine: 

    • which jurisdictions are supported;

    • which users are eligible; 

    • which Digital Assets are supported; 

    • the applicable spending limits and settlement methods; and 

    • whether any Card functionality will be restricted, suspended, or discontinued.

  5. Unless expressly stated otherwise by the relevant issuer or Partner, the Card is not a bank account, deposit account, stored value facility, or e-money account.

  6. The Card is not a credit card and does not provide any form of credit, overdraft facility, lending arrangement, or deferred payment functionality. Transactions will only be processed if sufficient Supported Assets are available in your designated wallet.

Eligibility

  1. To access the Card Services, you must:

    • be at least eighteen (18) years old or the age of legal majority in your jurisdiction; 

    • have full legal capacity to enter into binding agreements; 

    • complete all onboarding, KYC, AML, sanctions screening, and verification procedures;

    • reside in an eligible jurisdiction approved by the Company and its Partners; and 

    • comply with these Terms and all Applicable Law.

  2. Subject to Applicable Law, the Company may, at its sole discretion, reject, suspend, restrict, or terminate any application for or access to the Card Services without any obligation to disclose its reasons.

  3. You represent and warrant that:

    • all information provided by you is complete, accurate, and not misleading;

    • unless approved by the Company, you are acting on your own behalf and not for any undisclosed third party; 

    • your use of the Card Services will not violate any Applicable Law; and

    • your funds and Digital Assets originate from lawful sources. 

Account & Wallet Requirements

  1. You must maintain an active Account in good standing and hold sufficient Supported Assets to satisfy all transactions, fees, reversals, chargebacks, and liabilities arising from your use of the Card.

  2. You authorize the Company to:

    • debit, freeze, reserve, or deduct Digital Assets or fiat balances from your Account; 

    • convert Digital Assets into fiat currency; 

    • hold balances pending investigation, dispute resolution, or regulatory review; and

    • settle any amounts or liabilities owed in connection with the Card Services.

  3. This authorization shall survive any suspension, expiration, cancellation, or termination of the Card or Account until all outstanding obligations have been fully satisfied.

  4. If your Account balance is insufficient, the Company may: 

    • decline transactions;

    • suspend or terminate the Card;

    • recover outstanding amounts by any lawful means; or 

    • report relevant information to the applicable authorities or Partners where necessary. 

  5. Card transactions will be settled by directly deducting Supported Assets, including USDT, from the user’s designated spot wallet or such other wallet designated by the Company at the time of transaction processing.

Card Usage

  1. The Card may only be used by the authorized cardholder. 

  2. You shall not:

    • use the Card for any unlawful, fraudulent, deceptive, abusive, or prohibited activity;

    • use the Card in connection with any sanctioned person, jurisdiction, or activity; 

    • use the Card for gambling, illegal gaming, money laundering, terrorist financing, or any restricted merchant category identified by the Company or the card networks;

    • permit any third party to access or use the Card; or 

    • circumvent any transaction, geographic, or compliance restriction.

  3. The Company and its Partners may, at their sole discretion, block or decline any transaction for compliance, anti-fraud, risk management, operational, or other reasons.

  4. Merchant acceptance of the Card is subject to the rules of the applicable card network and the merchant’s own policies. The Company does not guarantee that any merchant will accept the Card.

  5. Certain merchants, merchant categories, payment gateways, or jurisdictions may reject or restrict Card transactions based on their own internal policies, acquiring bank requirements, or risk control measures. The Company does not guarantee compatibility with all merchants or payment scenarios. 

Digital Asset Conversion

  1. Transactions may require the automatic conversion of Supported Assets into fiat currency. 

  2. Exchange rates, spreads, and settlement calculations shall be determined by the Company or its liquidity providers at the time of processing.

  3. You acknowledge and agree that:

    • Digital Asset prices are volatile; 

    • conversion rates may differ from publicly quoted market prices; 

    • delays may occur due to blockchain congestion, liquidity conditions, compliance reviews, or third-party processing; and

    • completed conversions may be irreversible.

  4. The Company shall not be liable for any losses arising from market volatility, conversion timing, slippage, or exchange rate fluctuations.

Fees

  1. You agree to pay all applicable fees associated with the Card Services, including but not limited to:  

    • Currency Conversion Fee: 1.1% of the converted USD transaction amount where the original transaction currency is not denominated in USD. This fee applies when the transaction amount is converted into USD at the applicable exchange rate at the time of settlement; 

    • Card Spending Fee: 0.8% of each successfully authorized transaction amount; 

    • Per-Transaction Processing Fee: USD 0.25 (or the equivalent) per transaction; 

    • foreign exchange fees or card network assessment fees; 

    • replacement card fees;

    • chargeback handling fees or dispute processing fees; and 

    • any third-party fees imposed by banks, card networks, payment processors, or merchants.

  2. The Per-Transaction Processing Fee applies regardless of whether the relevant transaction is ultimately approved, declined, reversed, refunded, or otherwise unsuccessful.

  3. All applicable fees may be automatically deducted from your Account balance or Supported Assets.

  4. The Company reserves the right to revise, amend, or introduce fees at any time by publishing an updated fee schedule on the Platform or otherwise notifying users in accordance with these Terms.

Transaction Limits

  1. Unless otherwise determined by the Company or its Partners, the following default transaction limits apply: 

Transaction Type

Limit

Single Transaction Limit

USD 80,000.00

Daily Aggregate Limit

USD 1,000,000.00

Monthly Aggregate Limit

USD 1,000,000.00

  1. Transaction limits may vary depending on:

    • verification tier;

    • jurisdiction; 

    • compliance assessment;

    • Partner requirements;

    • transaction risk profile; and

    • Applicable Law.

  2. For large, unusual, or potentially suspicious transactions, the Company reserves the right to require enhanced due diligence, source-of-funds verification, source-of-wealth verification, or other compliance reviews in accordance with its anti-money laundering and counter-terrorist financing obligations. 

  3. The Company may modify, reduce, suspend, or remove transaction limits at any time without prior notice where reasonably necessary for compliance, operational, security, or risk management purposes. 

Security & Unauthorized Use

  1. You are solely responsible for:

    • safeguarding the Card and related credentials; 

    • maintaining the security of your devices and authentication methods; and 

    • preventing unauthorized access to your Account.

  2. You must notify the Company immediately upon becoming aware of: 

    • loss or theft of the Card;

    • suspected compromise of credentials;

    • unauthorized transactions; or

    • suspicious activity. 

  3. Failure to notify the Company promptly may affect your ability to recover losses or dispute transactions.

  4.  The Company shall not be liable for unauthorized transactions resulting from:

    • your negligence; 

    • compromise of your devices or credentials; 

    • phishing, malware, SIM swap, or social engineering attacks; 

    • misuse by persons authorized by you; or 

    • circumstances beyond the Company’s reasonable control.

Chargebacks & Dispute Resolution

  1. If you wish to dispute a transaction or request a chargeback, you must submit a formal dispute request together with all supporting documents and evidence reasonably required by the Company or its Partners.

  2. Supporting materials may include, without limitation:

    • proof of transaction;

    • merchant communications;

    • Screenshots;

    • invoices or receipts; 

    • identity verification documents; and

    • any additional materials requested during the investigation process.

  3. A non-refundable dispute handling fee of USD 75 shall apply to each chargeback or dispute request, and may be deducted directly from your Account balance or Supported Assets.

  4. The Company will conduct a preliminary review of the submitted materials and notify you within fourteen (14) business days whether the dispute request has been accepted for formal processing.

  5. Upon formal acceptance of a chargeback request:

    • the existing Card associated with the disputed transaction shall be permanently canceled or deactivated for security and risk management purposes; and

    • the user may apply for and activate a new Card without any additional card issuance fee.

  6. Chargeback investigations are subject to card network rules, merchant acquiring bank procedures, issuing bank review processes, compliance obligations, and third-party determinations beyond the Company’s control.

  7. The estimated timeframe for final resolution of a chargeback request is between thirty (30) and one hundred eighty (180) calendar days, depending on the complexity of the dispute and responses from the relevant parties.

  8. Submission or acceptance of a chargeback request does not guarantee a refund, reversal, recovery of funds, or a successful outcome.

Restricted Jurisdictions

  1. The Card Services are not available to persons located in, residing in, incorporated in, or otherwise associated with jurisdictions restricted by the Company, its Partners, card networks, banking service providers, or Applicable Law. 

  2. Without limiting the foregoing, the Company reserves the right to prohibit, suspend, restrict, or terminate the issuance, access, or use of the Card Services in certain jurisdictions and territories, including but not limited to: 

    • Afghanistan, Akrotiri and Dhekelia, Albania, Antarctica, Armenia, Ashmore and Cartier Islands, Bassas da India, Belarus, Bosnia and Herzegovina, Bouvet Island, Burundi, Central African Republic, Clipperton Island, Coral Sea Islands, Cuba, Cyprus, Democratic Republic of the Congo, Ethiopia, Europa Island, French Southern and Antarctic Territories, Glorioso Islands, Guatemala, Guinea, Guinea-Bissau, Haiti, Heard Island and McDonald Islands, Iran, Iraq, Juan de Nova Island, Kyrgyzstan, Lebanon, Libya, Mali, Moldova, Montenegro, Myanmar, Navassa Island, Netherlands Antilles, Nicaragua, Niger, North Korea, Paracel Islands, Pitcairn Islands, Russian Federation, Serbia, Somalia, South Georgia and the South Sandwich Islands, South Sudan, Spratly Islands, Saint Kitts and Nevis, Sudan, Syria, Tajikistan, Tromelin Island, Tunisia, Türkiye, Ukraine, Vanuatu, Venezuela, Wake Island, Yemen, and Zimbabwe.

  3. The Company reserves the right to amend, expand, or reduce the list of restricted jurisdictions at any time in accordance with Applicable Law, sanctions obligations, Partner requirements, or internal compliance policies. 

  4. You represent and warrant that you are not located in, residing in, or otherwise subject to sanctions or restrictions applicable to any prohibited jurisdiction.

Compliance & Regulatory Matters

  1. The Company may monitor, review, investigate, retain, and disclose information relating to your Account or use of the Card where required for compliance with Applicable Law or internal compliance obligations.

  2.  You agree to provide any information or documentation reasonably requested by the Company or its Partners, including information relating to source of funds, source of wealth, tax matters, or transaction explanations.

  3. The Company may, without prior notice, suspend, freeze, restrict, or terminate the Card Services where:

    • required by law or regulatory instruction; 

    • suspicious activity is detected;

    • sanctions concerns arise;

    • compliance verification is incomplete; or 

    • the Company determines that continued provision of the services presents legal, regulatory, reputational, or financial risk. 

  4. Where permitted or required by law, the Company may report suspicious or unlawful activity to regulators, law enforcement agencies, financial institutions, or other competent authorities without prior notice to you. 

Enhanced Due Diligence & Large Transactions

  1. The Company and its Partners may require you to provide additional documents, information, or supporting materials in connection with high-value transactions, unusual transaction patterns, or transactions flagged for compliance review.

  2. Such materials may include, without limitation:

    • proof of identity;

    • source of funds documentation;

    • source of wealth documentation;

    • bank statements; 

    • explanations of transaction purpose;

    • invoices or commercial agreements; and 

    • any other information reasonably requested by the Company or its Partners.

  3. Failure to provide the requested materials within the prescribed timeframe may result in:

    • rejection of the transaction;

    • delayed settlement;

    • Account restrictions;

    • temporary suspension of the Card; or

    • termination of the Card Services.

Intellectual Property

  1. All intellectual property rights relating to the Card Services, the Platform, software, branding, content, and materials are owned by or licensed to the Company or its licensors.

  2. Nothing in these Terms transfers any ownership rights to you.

  3. Unless expressly permitted by the Company, you shall not:

    • copy; 

    • reproduce;

    • modify; 

    • reverse engineer; 

    • distribute; or

    • commercially exploit any part of the Card Services. 

Disclaimers

  1. The Card Services are provided on an “as is” and “as available” basis.

  2. To the maximum extent permitted by Applicable Law, the Company disclaims all representations and warranties, whether express, implied, statutory, or otherwise, including but not limited to warranties of:

    • merchantability;

    • fitness for a particular purpose; 

    • availability;

    • accuracy;

    • uninterrupted access; and

    • non-infringement.

  3. The Company does not guarantee that:

    • transactions will always be processed successfully;

    • the Card Services will be uninterrupted or error-free; 

    • any particular merchant will accept the Card; or Digital Asset conversion rates will be favorable or available.

  4. The Company shall not be liable for losses arising from: 

    • market volatility; 

    • blockchain failures or congestion; 

    • smart contract vulnerabilities; 

    • cyberattacks; 

    • third-party service failures;

    • card network disruptions;

    • regulatory changes; or

    • force majeure events.

Limitation of Liability

  1. To the fullest extent permitted by Applicable Law, the total aggregate liability of the Company arising out of or relating to the Card Services shall not exceed the total fees paid by you to the Company during the six (6) months preceding the event giving rise to the claim.

  2. Under no circumstances shall the Company be liable for any indirect, incidental, consequential, punitive, special, or exemplary damages, including any loss of profits, revenue, goodwill, opportunity, data, or Digital Assets, whether arising in contract, tort, negligence, strict liability, or otherwise.

  3. Nothing in these Terms excludes any liability that cannot lawfully be excluded under Applicable Law.

Indemnification

  1. You agree to indemnify, defend, and hold harmless the Company, its affiliates, directors, officers, employees, agents, licensors, Partners, and service providers from and against any claims, losses, liabilities, damages, penalties, fines, costs, or expenses (including legal fees) arising out of or relating to: 

    • your use of the Card Services;

    • your breach of these Terms;

    • your violation of Applicable Law;

    • your infringement of any third-party rights; or 

    • any fraud, misconduct, negligence, or unlawful activity attributable to you.

Suspension, Freeze, Deactivation, & Termination

  1. The Company may immediately and without prior notice suspend, restrict, freeze, deactivate, or terminate the Card Services where:  

    • required by Applicable Law; 

    • directed by a regulator, Partner, banking institution, or card network;

    • fraud, suspicious activity, sanctions concerns, or compliance risks are identified; 

    • you breach these Terms; or 

    • the Company determines that continued provision of the Card Services presents legal, operational, financial, or reputational risk. 

  2. If your Account balance is insufficient to cover the applicable fees, charges, reversals, or liabilities associated with the Card Services, the Company may freeze or suspend the Card.

  3. If the outstanding balance or applicable fees remain unpaid for a continuous period of thirty (30) calendar days following suspension, the Company may permanently cancel or terminate the Card without further notice.

  4. If no successful Card transaction occurs for a continuous period of three (3) months, the Company reserves the right to deactivate or terminate the Card due to inactivity.

  5. Upon termination:

    • your right to use the Card shall immediately cease;

    • pending transactions may continue to be processed; 

    • outstanding obligations shall remain payable; and 

    • the Company may retain records in accordance with Applicable Law and internal compliance obligations.

Privacy & Data Sharing

  1. You acknowledge and agree that the Company may collect, process, transfer, store, and share your personal data with its affiliates, Partners, processors, regulators, and service providers for the following purposes: 

    • service provision;

    • compliance management; 

    • fraud prevention;

    • risk management;

    • transaction processing; and

    • operational support.

  2. Such processing shall be conducted in accordance with the Company’s Privacy Policy and Applicable Law. 

Governing Law & Dispute Resolution

  1. These Terms shall be governed by and construed in accordance with the laws of the Republic of Singapore, without regard to conflict of law principles.

  2. Any dispute, controversy, or claim arising out of or relating to these Terms or the Card Services shall first be attempted to be resolved through good faith negotiations.

  3. If the dispute is not resolved within thirty (30) days, it shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre in accordance with the SIAC Rules in force at that time. 

  4. The seat of arbitration shall be Singapore.

  5. The language of the arbitration shall be English.

  6. The arbitral award shall be final and binding.

General Provisions

  1. Your continued use of the Card Services constitutes acceptance of the revised Terms. 

  2. If any provision of these Terms is determined to be invalid or unenforceable, the remaining provisions shall remain in full force and effect. 

  3. No failure or delay by the Company in exercising any right shall constitute a waiver of that right. 

  4. These Terms constitute the entire agreement between you and the Company relating to the Card Services.

  5. You may not assign or transfer any of your rights or obligations under these Terms without the Company’s prior written consent.

  6. The Company may assign or transfer its rights and obligations under these Terms without restriction.

  7. These Terms may be executed and maintained electronically, and electronic acceptance shall have the same legal effect as a physical signature.