Agreement for Fiat Deposits of Huobi Gibraltar Clients

Your Account with the Exchange Platform is not a bank account or a deposit account. When you make a fiat currency deposit with us (“Deposit”), the Deposit will be held in one or more omnibus bank accounts (each an “Omnibus Account”) at depository institutions (each a “Bank”); and/or payment accounts (each a “Payment Accoun”) at a financial institution (collectively known as “Customer Omnibus Accounts”).

Each Omnibus Account is (i) in Huobi Limited’s or its affiliated entities’ name(s) and is under their control; (ii) separate from our business, operating, and reserve bank accounts; (iii) established for the benefit of Huobi and Huobi Gibraltar customers; and (iv) represent a banking relationship, not a custodial relationship, with each Bank. You agree and understand that Omnibus Accounts do not create or represent any relationship between you and any of the Banks.

Each Payment Account is held at a financial institution: (i) in Huobi Limited’s or its affiliated entities’ name(s) and is under their control; (ii) separate from our business, operating, and reserve bank accounts; and (iii) established for processing the fiat funds transfers of Huobi and Huobi Gibraltar customers. You agree and understand that Payment Accounts do not create or represent any relationship between you and any of the related financial institutions.

Upon making your Deposit, a corresponding amount of stablecoins will be issued to you (“Stablecoins”). The Stablecoins are (i) held across cryptocurrency accounts controlled by Huobi Global Limited in the exact proportion that all Huobi Gibraltar customers Deposits are held across the Customer Omnibus Accounts; (ii) not treated as the general assets of Huobi Limited and/or its affiliated entities and Huobi Gibraltar; (iii) fully owned by you; and (iv) recorded and maintained in good faith on the ledger of the Exchange Platform and reflected in a sub-account (i.e., the Stablecoin Balance of your Account) so that your interests in the Stablecoins are readily ascertainable.

When withdrawing your Deposit, your Stablecoins will be redeemed for the corresponding amount of fiat currency and such fiat currency will be transferred to you through the relevant Payment Accounts.

Notwithstanding anything herein to the contrary, you agree and understand that with regards to the Deposits held in the Customer Omnibus Accounts, in the event that such Deposits do receive interest and/or other earnings, you agree to pay Huobi Limited and/or its affiliated entities a fee equal to the amount of any such interest and/or other earnings attributable or allocable to the Deposit as payment for the services we provide to you under this Agreement. You agree and understand that we shall collect any such payment, equal to the amount of such allocable interest and/or other earnings, simultaneously upon being paid such interest and/or other earnings to the Customer Omnibus Accounts. In addition, you agree and understand that we may receive compensation for the Customer Omnibus Accounts, either in the form of services provided at a reduced rate, the payment of a referral fee, or otherwise. Any such compensation will be retained by us and you agree and understand that you will not receive any portion of such compensation.

By using the services as described in this Agreement, you agree that:

Your Deposits with us are in exchange for the Stablecoins issued to you;

Huobi Limited, its affiliated entities or us are acting as a custodian of your Stablecoins;

Neither Huobi Limited and/or its affiliated entities nor we have a reversionary interest in any of the Customer Omnibus Accounts;

You have no rights in the Customer Omnibus Accounts and such Customer Omnibus Accounts are fully controlled by Huobi Limited and/or its affiliated entities;

You can withdraw Deposits by initiating a redemption using the Stablecoins in your Account with the Exchange Platform;

To the extent that interest and/or other earnings are attributable or allocable to the Deposits held across the Customer Omnibus Accounts, you agree to pay us a fee equal to the amount of any such interest and/or other earnings as payment for the Services we provide to you under the Agreement, which you agree and understand that we shall collect simultaneously upon being paid such interest and/or other earnings to the Customer Omnibus Accounts; and

The Banks and financial institutions accept instruction only from Huobi (and its affiliated entities) or Huobi Gibraltar and will not accept any instruction from you.