Terms of Use

These Terms of Use apply to your use of any services of Ethena Pay Ltd. (https://pay.ethena.fi) (as described further below, the "Services"). They describe both your and our rights and obligations and form a legally binding contract between you and us.

Ethena Pay is not available in all countries. In the locations where it is available, additional terms apply to your use of Ethena Pay depending on the particular jurisdiction where you reside under Appendix 1. By registering for, accessing, or using any of the Services, you are agreeing to, and acknowledging and confirming you have read and understand, these Country-Specific Terms.

Important Notices and Disclaimers

• You must be at least 18 years old to access, use, or register for the Services.
• When you access, use, or register for the Services, you are agreeing to these Terms. If you do not agree, then you must not use or access the Services or the Platform and must not maintain any active account or profile in connection with the Services or the Platform.
• You can access and use the Services via the Platform or other available website, application, or interface, or through social media, an application programming interface, or a third party that is authorized by us.
• Our Pricing Page shows all our fees, which we will always show to you upfront.
• There are certain types of business and transactions we do not support known as "restricted activities," which are identified in our Acceptable Use Policy incorporated as Exhibit A. You must read this carefully and ensure you do not carry out any of these activities. If you do, we may stop you from using or accessing the Services or the Platform.
• When using the Services, you might be doing business with a different Ethena Pay entity or affiliate, as specified in Appendix 1.
• Your Ethena Pay account, profile, and self-custodial wallet, as applicable, are each for your personal use only. You are solely and absolutely responsible for keeping your own credentials, private keys, and other security details safe and not allowing anyone else to use our Services on your behalf. Any access to or use of the Services or the Platform from your account or profile is deemed to be done by you or otherwise approved by you.
• We might suspend or terminate your access to the Services or the Platform if we think your account, profile, or wallet might be compromised, or if we suspect you have engaged, are engaged, or will be engaged in a restricted activity or any violation of any applicable law.
• We would hate to see you go, but if for any reason you want to stop using the Services or close or terminate your Services account or profile, you can do so by contacting User Support.
• If you have a complaint about the Services or the Platform, please follow our User Complaint Procedure incorporated as Exhibit C.

1. About these Terms of Use

1.1 Your agreement to these Terms

These Terms of Use (these "Terms") constitute a binding written contract between you, in your individual capacity ("you" or "your"), and Ethena Pay Ltd., a Maltese private limited company (or, depending on where you reside, you could be doing business with a different Ethena Pay entity or affiliate, as indicated by Appendix 1) (as applicable, "we," "us," or "our"). By registering for, accessing, or using any of the Services, you are agreeing to, and acknowledging and confirming you have read and understand, these Terms, including the Country-Specific Terms incorporated under Appendix 1, all other Additional Documents (as identified under Section 1.4), and all Third-Party Provider Terms (as identified under Section 1.5).

1.2 Your use of the Services or the Platform

These Terms define the terms and conditions under which we provide to you the particular Ethena Pay products, services, and features that you use or for which you register, including any access to accounts, balances, payments, transfers, and card functionality, as applicable (both altogether and each separately, the "Services"), such as made available through the Ethena Pay website (at https://pay.ethena.fi) or any alternative related mobile application, software, and any application programming interface or other related interface through which we (or through which a channel or third-party agent authorized by us) might make the Services available to you (the "Platform"). The availability of certain Services or the Platform could vary based on the jurisdiction where you reside, your identity verification status, other legal requirements applicable to you, and the capabilities of various third-party service providers.

1.3 Your acceptance of these Terms

By accessing, using, or registering for the Services, and for so long as you access or use the Services or the Platform, maintain an active self-custodial Ethena Pay wallet, or hold an active or open account or profile on or through the Platform, you agree to and are bound by the current version of these Terms; the date of any latest update is marked at the top of these Terms.

1.4 Additional Documents

These Terms specifically refer to and incorporate by reference additional documents that also apply to your use of the Services (the "Additional Documents"):

• Those specific terms applicable to you based on the particular location or jurisdiction in which you primarily reside (as incorporated and attached hereto under Appendix 1, the "Country-Specific Terms");
• Our Acceptable Use Policy, as updated from time to time (incorporated hereunder as Exhibit A), describing the permitted, prohibited, or otherwise restricted ways in which you can access and use the Services;
• Our Privacy Policy, as updated from time to time (incorporated hereunder as Exhibit B), explaining how we may collect and use personal or consumer data about you;
• Our User Complaint Procedure, as updated from time to time (incorporated hereunder as Exhibit C), identifying the paths available to you for reporting user complaints, disputes, or other material issues;
• The USDe Terms and Conditions, as updated from time to time (incorporated hereunder as Exhibit D); and
• Our Pricing Page, as updated from time to time, setting out the fees, charges, and rewards applicable to your use of the Services.

1.5 Third-Party Providers and applicable terms

We may maintain or provide to you certain or all the Services or the Platform in coordination with certain of our third-party partners, vendors, suppliers, and service providers (the "Third-Party Providers"). These Terms also incorporate by reference certain terms and conditions of certain Third-Party Providers (the "Third-Party Provider Terms"). You hereby consent to be bound by each of the Third-Party Provider Terms when you agree to these Terms, including the following:

• The Sumsub Identity Verification Services Terms (incorporated under Exhibit E), as between you and Sumsub Tech Ltd. ("Sumsub") or a Sumsub partner or affiliate;
• The Privy User Terms of Service (incorporated hereunder as Exhibit F), as between you and Horkos, Inc. d.b.a. Privy ("Privy") or a Privy partner or affiliate; and
• The Iron Customer Terms (incorporated hereunder as Exhibit G), as between you and Iron Network UAB or Moonpay USA LLC ("Moonpay") or a Moonpay partner or affiliate.

1.6 Other terms

To receive certain of the Services, you might be required to agree to other terms and conditions not specifically referenced herein or in any of the Additional Documents; we will make current copies of such other terms and conditions available to you before you may access or use those certain of the Services.

1.7 Conflicting terms

These Terms will control if any term, provision, sentence, clause, phrase, or word of these Terms conflicts with or differs from that of any of the Additional Documents, from any other applicable terms and conditions, or from any information provided to you through the Platform or otherwise communicated by us or authorized Third-Party Providers in connection with our delivery of the Services to you. The Third-Party Provider Terms, as applicable, will control over these Terms solely to the extent of any direct conflict and solely with respect to the specific services provided by the applicable Third-Party Provider; provided, however, that the Third-Party Provider Terms shall not override any provision of these Terms relating to governing law, dispute resolution, limitation of liability, or indemnification as between you and us.

1.8 Changes; your access to these Terms

We may amend these Terms from time to time by posting an updated version on the Platform or otherwise notifying you. Unless a later effective date is specified, any amendment takes effect upon posting, provided that material changes to these Terms will be communicated to you with at least thirty (30) days' prior notice where required by applicable law. If you continue to access or use the Services, or if you continue to have any active or open wallet, account, or profile after the effective date of an amendment, then you hereby agree to be bound by the Terms as and when updated. If you do not agree to a material amendment, you may close your account prior to the effective date of such amendment. The most current version of these Terms is always available on the Platform.

2. Defined terms; interpretation

2.1 Definitions

Capitalized terms used but not defined in these Terms assume the meanings assigned to them upon reference herein. Additionally, as used in these Terms, the following terms assume the correspondingly assigned meaning:

• "Digital Assets" are cryptographic tokens or digital representations of value that may be recorded on a distributed ledger or blockchain network.
• The "Balances" are the one or more values reflected through the Platform or related interface in connection with your use of the Services, whether represented by on-chain holdings, off-chain transactions or ledger entries, or a combination of both, in each case relevant to Digital Assets or funds not held, managed, or accessed by us or otherwise accessible to us; instead, the "Balances" only reflect the value or values of Digital Assets or funds with which you might transact or hold in connection with your Ethena Pay wallet or other self-custodial wallet, with your account or balance with any Third-Party Provider, or with your outside custodial wallet or other third-party platform or service.

2.2 References to other capitalized words and phrases

Any capitalized words, phrases, or other terms used in these Terms but not defined herein upon first reference or otherwise under Section 2.1 will assume the meanings assigned to such capitalized terms under the Additional Documents or the Third-Party Provider Terms, as applicable.

2.3 Interpretive principles

• Parts of these Terms. Unless otherwise expressed or implied by the context, all references in these Terms to any "Articles," "Sections," "clauses," "Appendices," or "Exhibits" are to the Articles, Sections, and clauses of, or to the Appendices or Exhibits to, these Terms.
• Common words and phrases. Common words and phrases assume their generally prevailing meaning unless otherwise expressly defined. The words "include," "includes," and "including" are deemed to be followed by the words "without limitation." The word "or" is not exclusive, and both the word "any" and the word "all" as used separately mean both any and all.
• Titles and headings. The titles and headings used in reference to any Article, Section, or clause are for convenience only and do not affect the interpretation of any corresponding provisions.

3. Who we are; how you can contact us

3.1 Us; our role

We are Ethena Pay Ltd., a Maltese limited company with company number C114576 (or a different Ethena Pay entity or affiliate, as indicated by Appendix 1). We operate the Platform and make the Services available in accordance with these Terms. Through the Platform, we provide access to the Services and to the services made available by certain third-party financial institutions and service providers. We provide the Platform, user interfaces, and related technology in accordance with applicable law; provided, however, we do not ourselves perform any form of regulated banking, payment, digital asset, or custodial service activity unless and solely to any limited extent expressly stated otherwise.

3.2 Our offices

Our registered offices are located at 30/1 Kenilworth, Triq Sir Augustus Bartolo, Ta' Xbiex, XBX 1093, Malta (or at a different address, as indicated by Appendix 1). These offices are not publicly open to you or any other members of the public.

3.3 Our contact information

You can contact us by email, chat, or telephone, or by logging into your Ethena Pay account or profile, or otherwise by any of the means specified through the Platform (or at https://pay.ethena.fi/contact).

4. Using the Services

4.1 Supported features

Through the Platform or an interface authorized by us, you may be able to do each of the following, as applicable and as relevant to your use of certain of the Services and subject to certain of the Third-Party Provider Terms:

• Create and maintain a self-custodial Ethena Pay wallet;
• Create, open, and maintain a user service account or profile;
• View Balances provided through or in connection with the Services;
• Initiate and receive payments;
• Send and receive transfers to other users or external recipients;
• Access virtual, prepaid, debit, or other card functionality (such as through the Ethena Pay Card Program); and
• View transaction history and manage account and profile settings.

4.2 The Balances; supported Digital Assets

The Balances displayed through the Platform might be denominated in, referenced to, or backed by one or more supported Digital Assets, including USDe or stablecoin tokens issued by third parties, depending on the applicable Services you use and your settings. The value of any of the Balances depends on the continued operation, stability, liquidity, and market acceptance of the applicable Digital Assets and any associated settlement, custody, reserve, and conversion arrangements. The Balances could be affected by factors outside our control. We do not guarantee the availability, value, convertibility, or redemption of any Digital Asset. As applicable, the Balances might represent any of the following:

• Your on-chain supported Digital Asset holdings, such as in your self-custodial Ethena Pay wallet;
• Off-chain ledger balances maintained by a third-party institution and backed by Digital Assets or other reserves; or
• A hybrid structure combining on-chain and off-chain components, as applicable.

4.3 Self-custodial wallet software

If you use any self-custodial Ethena Pay wallet or any other self-custodial or third-party wallet in connection with the Services or the Platform, then solely you are responsible for securing and maintaining control of the applicable private keys, seed phrases, credentials, devices, authentication methods, and wallet software. Self-custodial wallet software enables you to generate, hold, and use cryptographic keys to authorize transactions, but the security and continued accessibility of the wallet depend on information and devices under your control. We cannot recover lost private keys, seed phrases, passwords, or other wallet credentials, restore access to a wallet that you can no longer access, or reverse, cancel, or modify any transaction that has been signed, submitted, broadcast, confirmed, or otherwise processed through an applicable blockchain network or third-party wallet provider. You should use only wallet software, devices, and network addresses that you have verified and trust, and you are solely responsible for confirming the accuracy of any wallet address, payment instruction, network selection, token type, and transaction details before authorizing any transaction.

4.4 Custody, safeguarding, and the control of value

The Balances, as reflected by the Platform or through the Services, represent records of value associated with your self-custodial Ethena Pay wallet or with services provided to you by third-party custodians or financial institutions. Custody, safeguarding, and account holding functions are to be performed by such third-party institutions in accordance with applicable law; we do not hold customer funds or Digital Assets and do not provide custodial, safeguarding, or account holding services. Our role is limited to providing the Platform, the Services, and related technology through which you may view the Balances, initiate transactions, and access services provided by third-party institutions. Nothing in these Terms creates a deposit relationship, trust relationship, or fiduciary relationship between you and us.

4.5 Your eligibility to use the Services

To access, use, or register for any of the Services or the Platform, you must be at least 18 years old, possess the legal capacity to enter into these Terms, and reside in, or access the Services or the Platform from, a jurisdiction where we have expressly authorized them to be available to residents.

4.6 Restrictions or limitations on the Services

We may restrict, suspend, or refuse your access to the Services at any time and for any reason, such as in certain jurisdictions or to certain users based on applicable law, regulatory requirements, or the policies of us or our affiliates or third-party service providers. Where practicable, we will provide notice of such action and the reasons for it, unless doing so would be unlawful or compromise security, compliance, or risk-management measures. We will impose any such restrictions when determined, in our discretion, that such restrictions are:

• Reasonably or necessarily requested or required by a third-party service provider;
• Reasonably necessary in connection with, and proportionate to, what we reasonably suspect to be fraudulent, unlawful, or prohibited activity;
• Responsive to your breach of these Terms, any of the Additional Documents, or any of the Third-Party Provider Terms;
• Appropriate to limit your access where continued access would present material legal, regulatory, security, or operational risk.

Without limiting the foregoing, the Services are not offered to, and we will restrict, suspend, or refuse access to the Services for, any person who is located in, ordinarily resident in, established in, or accessing the Services from any of the following jurisdictions (each, a "Restricted Jurisdiction"): Afghanistan; Abkhazia; Belarus; Burma (Myanmar); Burundi; Central African Republic; Crimea; Cuba; the Democratic Republic of the Congo; the Donetsk and Luhansk regions of Ukraine; Ethiopia; Iran; Lebanon; Libya; Mali; Nicaragua; North Korea; Northern Cyprus; Russia; Somalia; Somaliland; South Ossetia; South Sudan; Sudan; Syria; Venezuela; Yemen; and Zimbabwe. We may, in our sole discretion and without prior notice, add to, remove from, or otherwise update the list of Restricted Jurisdictions at any time, including to reflect changes in applicable sanctions, export controls, regulatory guidance, the recommendations of the Financial Action Task Force, or the requirements of our affiliates or third-party service providers.

4.7 Platform registration

To use certain or all of the Services, you must create an account or profile through the Platform and provide the information requested by us or applicable third-party service providers during registration. You agree to provide complete, accurate, and current information and to promptly update such information if it changes. We or our third-party service providers may request additional information or documentation from you at any time to verify your identity, support our provision of the Services, or comply with applicable legal or regulatory requirements. Certain authentication, login, embedded wallet, or account access features may be provided by Privy or its partners or affiliates and are subject to the Privy User Terms of Service incorporated as Exhibit F.

4.8 Identity verification, screenings, and compliance checks

Access to some or all of the Services might be subject to identity verification, sanctions screening, transaction monitoring, fraud screening, liveness checks, document verification, and other compliance checks, screenings, or requirements conducted by us or by third-party service providers, including Sumsub or its partners or affiliates. These services are subject to the Sumsub Identity Verification Services Terms incorporated as Exhibit E. This could include requirements for you to provide government-issued photo identification, proof of address, source of funds information, tax information, biometric or liveness information, or other information or documentation. Failure to provide requested information, or failure to pass or complete any required check, could result in delayed access, restricted functionality, suspension, or termination of your account or profile. Unless expressly permitted otherwise, you may register for and maintain only one account or profile on the Platform or through the Services.

4.9 Acting on your own behalf

You may access, use, or register for the Platform and the Services only on your own behalf and for your own account, unless and solely except to the extent expressly authorized by us in writing. You may not permit any other person to access or use your account, credentials, or authentication methods, except where functionality expressly allows authorized access.

4.10 Platform security

You are responsible for maintaining the confidentiality and security of your login credentials, authentication methods, devices, email accounts, phone numbers, passkeys, wallet credentials, and any other method used to access the Platform or the Services. You are responsible for all activity conducted through your account or profile. You must promptly notify us if you believe your account or profile credentials, authentication methods, wallet credentials, or devices have been compromised or if you suspect unauthorized access or activity.

4.11 Instructions and authorizations

By submitting an instruction through the Platform or in connection with your use of the Services, including any instruction to initiate a payment, transfer, conversion, or other transaction, you authorize us and any applicable third-party service providers to act on that instruction in accordance with these Terms. Once submitted, instructions might not be cancellable or reversible, solely except where required by applicable law or expressly permitted through the Platform.

4.12 The Ethena Pay App

The Ethena Pay App is available for download through the Apple App Store and the Google Play Store. By downloading the Application from either store, you acknowledge and agree to the following:

1. Store Providers Are Not Parties to These Terms. These Terms are entered into solely between you and Ethena Pay Ltd. Apple Inc. ("Apple") and Google LLC ("Google") are not parties to these Terms and have no obligation whatsoever to furnish any maintenance or support services with respect to the Application.

2. Store Terms Also Apply. Your download and use of the Application is also subject to the applicable store's terms of service. If you download the Application from the Apple App Store, the Apple Media Services Terms and Conditions apply. If you download the Application from the Google Play Store, the Google Play Terms of Service apply. In the event of any conflict between these Terms and the applicable store's terms, the store's terms shall govern solely with respect to your use of that store.

3. Store Providers Bear No Warranty Obligation. Neither Apple nor Google has any warranty obligation with respect to the Ethena Pay App. Any claims, losses, liabilities, damages, costs, or expenses attributable to any failure of Ethena Pay App to conform to any applicable warranty are the sole responsibility of Ethena Pay, to the extent required by applicable law.

4. Product Claims. Ethena Pay Ltd., not Apple or Google, is responsible for addressing any claims by you or any third party relating to Ethena Pay App or your possession and/or use of the Ethena Pay App, including: (i) product liability claims; (ii) any claim that the Application fails to conform to any applicable legal or regulatory requirement; and (iii) claims arising under consumer protection, privacy, or similar legislation.

5. Third-Party Beneficiaries. You acknowledge and agree that: (i) Apple and its subsidiaries are third-party beneficiaries of these Terms with respect to your use of the Ethena Pay App downloaded from the Apple App Store; and (ii) Google and its affiliates are third-party beneficiaries of these Terms with respect to your use of the Ethena Pay App downloaded from the Google Play Store.

6. Regional Availability. Ethena Pay App may not be available in all regions or jurisdictions. It is your responsibility to comply with local laws and regulations applicable to your use of the Ethena Pay App.

7. Account Deletion. If you downloaded the Ethena Pay App from the Apple App Store, you may request deletion of your account and associated personal data directly through the Platform or by contacting User Support. Account deletion is subject to applicable legal retention requirements and any outstanding obligations under these Terms.

5. Transactions; related activities

5.1 Transaction execution

Transactions initiated through or in connection with the Services or the Platform are executed by third-party financial institutions or service providers and not by us; we are not responsible for the execution, settlement, or completion of any such transaction, including any delays, failures, or errors arising from any of the following:

• Third-party processing systems;
• Blockchain networks or distributed ledgers;
• Local payment rails or card networks;
• Network congestion; or
• Actions taken by third-party service providers.

5.2 Transaction timing and finality

Transaction processing times could vary depending on the type of transaction, the applicable Digital Asset or payment rail, network conditions, cutoff times, the practices or requirements of third-party service providers, or applicable laws and regulations. Transactions are often treated as final and irrevocable once submitted or processed, subject to applicable law, card network rules, network protocol rules, or third-party provider requirements, as applicable.

5.3 Insufficient amounts in the Balances; failed transactions

You are responsible for ensuring that the Balances, as applicable, are sufficient and otherwise available for transaction before initiating any transaction. If a transaction cannot be completed due to insufficient balance, processing errors, network issues, or third-party restrictions, then the transaction could fail or be reversed or cancelled without notice. We are not responsible for losses arising from failed or rejected transactions.

5.4 Funding the Balances or transactions

Certain of the Services might allow you to fund, purchase, redeem, withdraw, convert, or transfer Digital Assets or other value through conventional payment infrastructure, including bank transfers, payment cards, ACH, or similar debit or credit entries, wire transfers, local payment rails, or other pay-in or pay-out methods. These features are provided by Moonpay or other applicable Third-Party Providers and are subject to the Third-Party Provider Terms, including the Iron Customer Terms incorporated as Exhibit G, subject to the following:

• Permitted funding methods. You may use only payment methods, bank accounts, cards, wallets, or other sources or destinations that are owned by you or that you are expressly authorized to use.
• Your responsibilities. You are responsible for ensuring that all payment, withdrawal, redemption, bank account, card, wallet, recipient, network, and transaction information you provide is complete, accurate, and current.
• Recovery. The applicable Third-Party Providers might be unable to recover funds or Digital Assets sent to an incorrect account, wallet address, network, or recipient; we do not guarantee that any funding, withdrawal, redemption, or conversion method will be available, accepted, or completed.
• Your submissions and authorizations. When you submit or authorize a pay-in, pay-out, debit, card payment, bank transfer, withdrawal, redemption, conversion, or similar instruction, you authorize us and the applicable Third-Party Providers to act on that instruction.
• Clearing and settlement. A funding transaction might not be credited, made available, or used to support a Digital Asset transaction until the applicable Third-Party Provider has received, processed, and settled the funds or otherwise confirmed availability.
• Rejections or reversals. The applicable Third-Party Providers might delay, reject, cancel, reverse, or limit any funding, withdrawal, redemption, conversion, or payment transaction for legal, regulatory, compliance, risk-management, insufficient-funds, provider, payment-network, or operational reasons.

5.5 Ethena Pay Card transactions

If you apply for, receive, activate, maintain, or use any Ethena Pay Card, your card account and card transactions will be issued, sponsored, processed, serviced, or otherwise supported by one or more Third-Party Providers, card issuers, program managers, payment networks, or other card program participants. Your use of any Ethena Pay Card is subject to the applicable Spend Card Terms incorporated as Exhibit H.

• Our role. We are not the issuer of any Ethena Pay Card, are not a card network, and do not guarantee that you will be approved for, receive, maintain, or be able to use any Ethena Pay Card; we may provide technology, interface, support, data, or related services in connection with the Ethena Pay Card Program.
• Use of your card or related features. Any use of an Ethena Pay Card, card number, card credentials, mobile wallet token, PIN, or other card security feature constitutes your authorization of the applicable transaction.
• Declines, delays, adjustments, and reversals. Card transactions could be declined, delayed, reversed, adjusted, or subject to holds or preauthorizations.
• Your responsibilities. You are responsible for safeguarding all physical and virtual Ethena Pay Cards, card numbers, PINs, device credentials, and card security features, for promptly reporting any lost, stolen, compromised, unauthorized, or suspicious use, and for resolving disputes regarding goods or services directly with the applicable merchant.

5.6 Reversals, chargebacks, and adjustments

Certain transactions could be subject to reversal, chargeback, clawback, or adjustment, including where required by law, card network rules, payment rail rules, blockchain network rules, or third-party service provider policies. If a reversal or chargeback occurs, the applicable amount could be deducted from the Balances, and you remain responsible for any resulting negative balance or associated fees to the fullest extent permitted by applicable law. You shall not attempt to obtain duplicate recovery for the same transaction from us, any Third-Party Provider, a card issuer, a card network, a merchant, a bank, or any other person.

5.7 Transaction limits

We or applicable third-party service providers may impose limits on transaction size, frequency, value, or volume, as applicable, which could change at any time without prior notice to you, unless required by law, and based on a variety of factors, including the following:

• Your identity verification, screening, or monitoring status;
• The Services you use or the third-party services you access or use in connection with your use of the Services or the Platform;
• Applicable legal or regulatory requirements; or
• Risk management considerations.

5.8 Accuracy of transaction information

You are responsible for ensuring all transaction details, and all instructions or authorizations, that you provide to us or applicable third-party service providers, including recipient information, payment method information, bank account details, card details, wallet addresses, token types, and network selections, are accurate and complete. Transactions, instructions, or authorizations sent to an incorrect recipient, address, wallet, network, payment method, or account could be irreversible. We are not responsible for losses or damages you might incur resulting from inaccurate or incomplete information provided by you.

5.9 Third-party materials and services

Certain of the Services and certain components of the Platform might rely on Third-Party Providers or rely on systems, networks, or software operated by other third parties or decentralized actors, including blockchain networks, payment processors, card issuers, program managers, card networks, merchant acquirers, banks, and other financial institutions. We do not control these third-party systems and are not responsible for their availability, performance, or security.

5.10 No investment, financial, or other advice

The Services do not constitute investment advice, financial advice, or other advice by us or any recommendation by us to acquire, hold, or dispose of any Digital Asset. You are solely responsible for determining whether any transaction or Digital Asset is appropriate for you or your underlying purposes.

6. Fees, Pricing and Rewards

6.1 Fees

You might be required to pay fees in connection with your use of the Services. Applicable fees, including transaction fees, conversion fees, card-related fees, subscription or membership fees, and other charges, will be disclosed to you through the Platform before you complete a transaction or otherwise incur the fees. Where the Services include any subscription or recurring fee, the applicable subscription plan, billing frequency, amount, and cancellation terms will be presented to you at the time of enrollment and are available at https://pay.ethena.fi/pricing (Pricing Page).

6.2 Fee changes

We may change fees from time to time. Any changes to fees will be made available through the Platform and, where required by applicable law, will be communicated to you in writing in advance. Updated fees apply to transactions submitted after the effective date of the change.

6.3 Third-party fees

Third-party service providers, including payment processors, custodians, blockchain networks, or card networks, might charge fees to you in connection with your use of the Services, the Platform, or related third-party services. Such fees might include network fees, processing fees, miner or validator fees, or fees imposed by card networks or financial institutions. These fees are not controlled by us and could be deducted from the Balances or otherwise charged to you separately.

6.4 Cashback Rewards

(a) Cashback rate. You may earn a cashback Reward equal to 4% (or up to 5% depending on the applicable user tier in which you are currently enrolled) of the U.S. dollar equivalent value of each Qualifying Card Transaction (as defined below), credited to your account in AVAX (the native digital asset of the Avalanche network), valued at the prevailing market rate at the time of credit as determined by us in good faith using one or more reputable pricing sources. The rate applicable to each tier is published on the Pricing Page.

The cashback rate is not a single rate. For each tier it is a schedule of rates over bands of your cumulative spend in the calendar month, and the rate stated above is the rate applicable to the first band. Each band applies only to the portion of your spend falling within it, so crossing a band changes the rate applicable to further spend and does not change the rate applicable to spend already made. Spend is measured per calendar month and resets at the start of each calendar month. The bands and rates applicable to each tier are published on the Pricing Page, which is the authoritative source for them.

(b) Qualifying Card Transactions. A "Qualifying Card Transaction" means a settled purchase transaction made with an Ethena Pay Card at a merchant for the purchase of goods or services that (i) is denominated in a supported currency, (ii) has not been reversed, refunded, charged back, disputed, or cancelled at the time of cashback credit, and (iii) is associated with a merchant category code (MCC) identified by us from time to time as eligible. Eligibility follows the MCC that the card network assigns to the merchant or the transaction, even if that code appears wrong for the merchant or for what you bought. The following transactions are not Qualifying Card Transactions and do not earn cashback:

1. cash advances, ATM withdrawals, money orders, traveler's checks, or other cash equivalents;

2. purchases of cryptocurrency, stablecoins, NFTs, securities, foreign currency, or other monetary instruments;

3. gambling, wagering, lottery, or gaming transactions;
4. gift card or stored-value purchases;
5. peer-to-peer transfers and remittances;

6. account funding, loan or credit repayments, balance transfers, insurance premiums, securities, or other financial-services transactions;

7. fees, taxes, fines, or charges imposed by us, any Third-Party Provider, any card network, any merchant, or any governmental authority, and payments to any government agency (including for passports, visas, licences, court costs, and bail);

8. transactions that are returned, refunded, reversed, charged back, or otherwise unwound; and

9. any other transactions identified as ineligible in these reward terms or that violate these Terms or the Acceptable Use Policy.

The categories excluded from cashback are published on the Pricing Page and may be updated from time to time.

(c) Accrual and credit. Cashback accrues only after the underlying Qualifying Card Transaction has fully settled and cleared all applicable network and processor cutoffs. Pending or authorization-only transactions do not earn cashback, and cashback is therefore not credited at the time of purchase. Accrued cashback is credited in AVAX to your account in a batch process that we ordinarily run once per day, so that in the ordinary course cashback is credited within several days of the underlying purchase, and in any event within a commercially reasonable period after settlement and no later than thirty (30) days. We may defer credit of an amount below the minimum transfer size we apply from time to time until that amount, together with subsequently accrued cashback, exceeds that minimum, and we may defer credit of any amount in the circumstances described in Section 6.4(e). Amounts deferred under this paragraph are not forfeited and are credited once the relevant condition ceases to apply. Transactions below the minimum transaction value published on the Pricing Page do not earn cashback.

(d) Rate schedule and caps. The amount of cashback you may earn in a calendar month is determined by the band schedule described in Section 6.4(a) and published on the Pricing Page. We do not presently apply any separate monthly, annual, or lifetime cap on cashback in addition to that schedule. We reserve the right to impose such caps in the future, in which case the current caps will be published on the Pricing Page before they take effect.

(e) Reversal of cashback. If a Qualifying Card Transaction is later reversed, refunded, charged back, cancelled, disputed, or determined by us to have been fraudulent, manipulative, ineligible, or otherwise in violation of these Terms, we may (i) cancel the corresponding cashback before it is credited, or (ii) recover (including by debit from the Balances or by offset against any other amounts owed to you) the AVAX amount credited, or, at our election, the U.S. dollar equivalent of that AVAX amount valued at either the time of original credit or the time of recovery, whichever is greater. This Section 6.4(e) also applies to cashback credited before an exclusion was applied to the relevant transaction or category, and we may recover that cashback by deducting it from cashback you would otherwise receive in the future.

(f) Digital Asset value risk. You acknowledge that the value of AVAX fluctuates and that the U.S. dollar value of any cashback Reward credited to you may decrease (or increase) between credit and any later disposition. Section 9.4 (Digital Assets-related risks) applies to all cashback Rewards.

6.5 Referral Bonus

(a) Referral bonus amount. If you successfully refer a new user to the Services in accordance with this Section 6.5 (a "Qualifying Referral"), we may credit to your account a referral bonus equal to thirty U.S. dollars (USD $30), or such other or greater amount as we may determine in our sole discretion from time to time, payable in AVAX valued at the prevailing market rate at the time of credit (each, a "Referral Bonus"). The full Referral Program Terms are available at /referral-terms.

(b) Qualifying Referral. A Qualifying Referral requires that all of the following conditions are satisfied:

• New user. The referred individual has never previously registered for, held, or maintained any account, profile, or wallet with us or any of our affiliates;
• Use of referral mechanism. The referred individual registered for the Services using your unique referral link, code, or other referral mechanism, and did so within the period specified in these reward terms;
• Verification. The referred individual successfully completed all identity verification, sanctions screening, and other compliance checks required under Section 4.8;
• Qualifying activity. The referred individual completed the qualifying activity specified in these reward terms within the period specified;
• Both parties in good standing. Both you and the referred individual maintain accounts and profiles in good standing under these Terms at the time the Referral Bonus is credited; and
• Eligible jurisdiction. Both you and the referred individual reside in a jurisdiction where the Referral Bonus is offered.

(c) Standard referral conditions. You agree that:

• No self-referrals. You may not refer yourself, any person acting on your behalf, or any account, profile, or identity that you control or with which you are affiliated.
• Personal referrals only. You may share your referral link or code only with individuals with whom you have a personal relationship and who have consented to receive a referral communication from you. You may not engage in any bulk, mass, automated, scripted, paid-promotion, search-engine-optimization, click-farm, coupon-aggregation, sweepstakes, or similar distribution.
• No misrepresentation. You may not make any statement about us, the Services, the Platform, any Digital Asset, the Referral Bonus, or any other Reward that is false, misleading, deceptive, or unauthorized, or that disparages us, our affiliates, or any Third-Party Provider.
• No spam. You may not transmit your referral link or code via any unsolicited communication that would violate the U.S. CAN-SPAM Act, the U.S. Telephone Consumer Protection Act, the EU ePrivacy Directive, the GDPR, the UK Privacy and Electronic Communications Regulations, or any other applicable anti-spam, telemarketing, or electronic-communications law.
• Disclosure of paid endorsement. You must clearly and conspicuously disclose your material connection to us when promoting the Services.
• No use of our marks. You may not use the Ethena Marks (as defined in Section 13.4) in connection with any referral activity except as expressly authorized in writing by us.
• Compliance with third-party platforms. You may not promote the Services in any manner that violates the terms of service of any third-party platform or any applicable rule governing the promotion of crypto-assets or financial products in any jurisdiction.

(d) Caps and limits. We may impose a maximum number of Qualifying Referrals per user per day, month, year, or lifetime, and a maximum aggregate Referral Bonus per user per period.

(e) Timing of credit. Referral Bonuses are credited within a commercially reasonable period after all conditions in this Section 6.5 are satisfied, ordinarily within thirty (30) days.

(f) Investigation; reversal; clawback. We may investigate any referral activity and delay, withhold, deny, reverse, or claw back any Referral Bonus if we reasonably determine that any condition is not satisfied, that any prohibition has been violated, or that the referral was fraudulent, manipulative, abusive, or contrary to the spirit of the Rewards Program. Our determination is final, subject only to applicable law.

6.6 Daily Boost Incentive

(a) If you maintain Eligible Balances in your Ethena Pay account or profile and satisfy the activity requirement in this Section 6.6, we may, in our sole discretion and as a discretionary promotional incentive, credit to you a daily Reward (the "Daily Boost"), accrued daily on the time-weighted average daily value of your Eligible Balances and paid in USDe.

The Daily Boost is calculated by reference to two components. The "Base Rate" is the underlying rate applicable to USDe from time to time, which we do not set, which varies with market conditions, and which is applied to the whole of your Eligible Balances. The "Boost Rate" is the additional annualized rate we apply, and is the amount (if any) by which the total annualized rate applicable to your tier exceeds the Base Rate; where the Base Rate equals or exceeds the total annualized rate applicable to your tier, the Boost Rate is zero. The Boost Rate is applied only to the portion of your Eligible Balances up to the Boost Cap described in Section 6.6(g).

The total annualized rate applicable to your tier is up to six percent (6%) per annum. That figure is the combined total of the Base Rate and the Boost Rate and is not an additional six percent (6%) applied on top of the Base Rate. The total annualized rate and the Boost Cap applicable to each tier are published on the Pricing Page, which is the authoritative source for them.

(b) Eligible Balances. "Eligible Balances" means the portions of your Balances consisting of the supported Digital Assets identified in these terms (which may include, without limitation, USDe, AVAX and other Digital Assets specified by us) that are (i) reflected in your Ethena Pay account or profile, (ii) not pledged, encumbered, frozen, locked, or subject to any pending transaction, dispute, hold, or investigation, and (iii) within the minimum and maximum balance thresholds published in these reward terms.

(c) Activity requirement. The Daily Boost accrues on a given calendar day only if, during the calendar month in which that day falls, you have completed at least one (1) Qualifying Card Transaction (as defined in Section 6.4(b)) or such other qualifying activity as we may specify from time to time. The Daily Boost is offered as an incentive for your active and continued engagement with the Services, and not as a reward for the passive holding of any Digital Asset.

(d) Accrual and payment. For each calendar day on which the conditions in Sections 6.6(b) and 6.6(c) are satisfied and your Eligible Balances exceed the applicable minimum threshold, a Daily Boost accrues calculated on the time-weighted average daily balance for that day, and is credited in USDe or other Digital Assets to your account once per day at a time of our choosing (ordinarily within twenty-four (24) hours after the close of the relevant accrual day, Central European Time).

(e) Promotional and discretionary nature. You acknowledge and agree that:

• The Daily Boost is a discretionary promotional incentive offered by us at our sole election, is not a contractual right or entitlement, and may be reduced (including to zero), suspended, modified, or terminated at any time pursuant to these Terms;
• The Boost Rate is not a fixed, guaranteed, or contractual rate of return, is subject to change at any time, and is offered for the purpose of marketing and promoting the Services;
• The Daily Boost does not constitute, and is not characterized by us as, interest, yield, dividends, coupon, or any other return on investment;
• Your Eligible Balances remain at all times in your self-custodial wallet or in the accounts maintained for you by third-party custodians or financial institutions referenced in Section 4.4;
• We do not undertake any managerial, operational, entrepreneurial, or other effort to generate, support, sustain, or enhance the Daily Boost, and you should have no reasonable expectation of profit derived from our efforts or those of any third party in connection with the Daily Boost;
• The Daily Boost is funded from our marketing and incentive budgets;
• No deposit, custodial, lending, borrowing, fiduciary, investment-management, broker-dealer, or securities relationship is created between you and us by virtue of the Daily Boost; and
• The Daily Boost is not a deposit, is not insured by any government deposit-insurance scheme (including the U.S. Federal Deposit Insurance Corporation, the U.K. Financial Services Compensation Scheme, the Maltese Depositor Compensation Scheme, or any equivalent), and is not protected by any investor-compensation scheme.

(f) Eligibility and jurisdictional exclusions. The Daily Boost is available only to users who satisfy the conditions in this Section 6.6 and who reside in a jurisdiction eligible for the Daily Boost. Without limitation, the Daily Boost is not available to any person located in or ordinarily resident in any jurisdiction where the offering of the Daily Boost would require us or any of our affiliates to obtain a license, registration, authorization, or notification that we have not obtained.

(g) Caps and limits. The Daily Boost applies only to Eligible Balances up to a maximum balance, which varies by user tier (the "Boost Cap"). The Boost Cap applicable to each tier is published on the Pricing Page. Eligible Balances in excess of the Boost Cap do not accrue any Daily Boost, and continue to earn the underlying USDe rate.

(h) Suspension, forfeiture, and reversal. No Daily Boost accrues during any day on which (i) your account or profile is suspended, restricted, frozen, or under investigation; (ii) you are in breach of these Terms, the Acceptable Use Policy, the reward terms, or any applicable law; (iii) the relevant Eligible Balances are subject to a hold, freeze, dispute, or pending transaction; (iv) the activity requirement has not been satisfied for the relevant calendar month; or (v) we are directed or required by a Third-Party Provider, regulator, or court to suspend the program in respect of you.

(i) Modification of rate and parameters. We may at any time change the Boost Rate (including reducing it to zero), the calculation basis, the accrual period, the payment cadence, the minimum and maximum balance thresholds, the Boost Cap, the activity requirement, the list of supported Digital Assets, the list of eligible jurisdictions, and any other parameter of the Daily Boost. Where required by applicable law, we will provide advance notice of material adverse changes.

(j) Tax treatment. You are solely responsible for determining the tax characterization of the Daily Boost in your jurisdiction, which may, depending on local law, be treated as ordinary income, miscellaneous income, a rebate, a property receipt, or otherwise.

(k) Digital Asset value risk. You acknowledge that the Daily Boost is denominated in USDe. We make no representation or warranty as to the value, liquidity, or convertibility of any USDe received as a Daily Boost. Section 9.4 (Digital Assets-related risks) applies in full.

6.7 Rewards Program not provided by the Card Issuer

The Rewards Program described in these Terms is offered and operated exclusively by Ethena Pay. It is a Rewards program provided by Ethena Pay as an independent benefit to members. This program is not sponsored, administered, endorsed, or guaranteed by the card-issuing bank or financial institution that issues the Ethena Pay Card (the "Card Issuer"). The Card Issuer bears no obligation or liability of any kind in connection with this Rewards Program, and any dispute or claim relating to this program must be directed solely to Ethena Pay. Your card account terms and conditions, which are governed by a separate agreement with the Card Issuer, continue to apply independently of these Terms.

6.8 Errors and corrections

We may correct any pricing, fee, or calculation errors that occur in connection with our provision of the Services or the Platform, including errors resulting from technical issues, third-party failures, or incorrect information displayed through the Platform. If a correction is required, then we may adjust the Balances accordingly, as applicable, and will notify you where required by applicable law.

7. Limits, restrictions, and prohibited uses

7.1 Acceptable uses

You may use the Services only in accordance with these Terms, the Additional Documents, and all applicable laws and regulations. You must not use the Services in any manner that violates the Acceptable Use Policy incorporated hereunder as Exhibit A.

7.2 Transaction and usage limits

We or applicable third-party service providers may impose limits on any of the following, which can vary based on your verification status, transaction history, risk profile, location, applicable legal requirements, or other factors:

• Transaction amounts;
• Transaction frequency;
• Daily, monthly, or lifetime usage;
• Supported Digital Assets;
• Transfer destinations; or
• Access to specific features or any of the Services.

7.3 Monitoring and investigations

You acknowledge that monitoring of your activities can include use of both automated systems and manual review. We and our third-party service providers may monitor activity conducted through the Services or the Platform as necessary to do any of the following:

• Comply with applicable laws or regulations;
• Detect prohibited or restricted activity;
• Investigate suspected fraud or misuse; or
• Manage legal, regulatory, and operational risk.

7.4 Enforcement actions

If we reasonably believe that you have engaged in any prohibited or restricted activity, or that your use of or access to the Services or the Platform presents material risk in our sole discretion, then we may take one or more of the following actions:

• Restrict or suspend your account or profile;
• Refuse or delay transactions;
• Impose transaction limits;
• Reverse or block transactions where permitted by applicable law;
• Require additional information or verification;
• Terminate your account or profile; or
• Report activity to law enforcement or regulatory authorities, as and where required.

7.5 Effect of enforcement

Enforcement actions could be taken without prior notice where required by law or where providing notice could compromise our or our third-party service providers' compliance, security, or investigative obligations. We are not responsible for any losses arising from actions taken by us in accordance with this Article 7.

8. Suspension and termination; account closure

8.1 Suspension or restriction of access

We may suspend, restrict, or limit your access to the Services, in whole or in part, at any time in any of the following events:

• Required by applicable law, regulation, or court order;
• Requested or required by a third-party service provider;
• We reasonably believe you have breached these Terms, any of the Additional Documents, or any of the Third-Party Provider Terms;
• We reasonably suspect fraudulent, unlawful, or prohibited activity;
• Your use of or access to the Services or the Platform presents a material legal, regulatory, security, or operational risk; or
• Continued provision of your access to the Services or the Platform, or to any related or supporting third-party service is no longer commercially feasible.

8.2 Termination by you

You may close your Services account and profile at any time through the Platform, subject to any outstanding transactions, pending investigations, legal requirements, or applicable restrictions.

8.3 Termination or suspension by us

We may terminate or suspend your Services account and profile and otherwise terminate these Terms by providing notice to you, where practicable. We may terminate or suspend your account and profile and your access to the Platform or the Services immediately and without prior notice to you if we determine, in our sole and absolute discretion, that:

• Such termination or suspension is required by an applicable law or regulatory obligation;
• Such termination or suspension is properly directed by a third-party service provider;
• Your account or profile is subject to fraud, misuse, or a material security compromise;
• You or your account or profile are suspected to be in violation of, or to have violated, these Terms or any of the Additional Documents or any of the Third-Party Provider Terms; or
• You or your account or profile are suspected to be engaged, or to have engaged, in prohibited, restricted, or otherwise unlawful activity.

8.4 Effect of closure, cancellation, suspension, or termination

Following any closure, cancellation, suspension, or termination of your Services account or profile:

• You could lose access to the Platform and the Services;
• Pending transactions could be delayed, cancelled, or reversed where permitted by law or otherwise subject to underlying network or infrastructure rules;
• Your access to certain features or certain or all of the Services could be permanently disabled; and
• Your account or profile information could be retained as required or permitted in accordance with applicable law.

8.5 Treatment of the Balances

Subject to applicable law and third-party service-provider requirements, certain of the Balances, depending on the values to which they correspond, could remain in your control, could be returned to you, or could be frozen or locked (such as if required by applicable law) following any closure, cancellation, suspension, or termination of your Services account or profile. Because we do not hold, manage, or otherwise have access to any value underlying any of the Balances, such treatment of the Balances is not under our control, and you possess no right or claim against us as to any of the Balances or any underlying assets or values.

8.6 Your outstanding obligations and fees

You remain responsible for any outstanding obligations, fees, chargebacks, reversals, or negative balances incurred prior to or following suspension or termination, to the extent permitted by law. We may deduct such amounts from balances associated with your account where permitted.

8.7 Continuing effect

Closure, cancellation, suspension, or termination does not relieve you of any obligations incurred prior to such event. No closure, cancellation, termination, or suspension of your Services account or profile, and no termination of these Terms (regardless whether by you or by us, so long as it is in accordance with this Article 8) will affect any rights or obligations of the parties arising prior to the effective date of such closure, cancellation, termination, or suspension.

8.8 Survival

The provisions of these Terms that by their nature reasonably ought to survive any cancellation, termination, or expiration of these Terms will survive, including but not limited to each of the following, as applicable: Article 1 (About these Terms of Use); Article 2 (Defined terms; interpretation); Section 4.2 (The Balances; supported Digital Assets); Section 4.3 (Self-custodial wallet software); Section 4.4 (Custody, safeguarding, and the control of value); Section 4.6 (Restrictions or limitations on the Services); Section 4.10 (Platform security); Section 4.11 (Instructions and authorizations); Article 5 (Transactions; related activities); Article 6 (Fees, Pricing and Rewards); Article 7 (Limits, restrictions, and prohibited uses); this Article 8 (Suspension and termination; account closure); Article 9 (Disclaimers; limitations of liability); Article 10 (Indemnification); Section 11.4 (Communications); Section 11.5 (Notices); Article 12 (Governing law; dispute resolution); Article 13 (Intellectual property); and Article 14 (Miscellaneous).

9. Disclaimers; Limitations of Liability

9.1 No warranties

The Services and the Platform are provided on an "as is" and "as available" basis. To the maximum extent permitted by applicable law, we make no, and hereby expressly disclaim any, representations or warranties of any kind, whether express, implied, or statutory, including any warranties of merchantability, fitness for a particular purpose, non-infringement, availability, accuracy, or reliability of the Services. We additionally do not warrant that the Services will be uninterrupted, timely, secure, or error free.

9.2 No guarantee of availability or performance

We do not guarantee that the Platform or the Services will be available at all times or free from interruption, delay, or error. Availability may be affected by maintenance, system failures, third-party outages, blockchain network congestion, acts of government, or events outside our reasonable control.

9.3 Third-party services and networks

The Services might rely on third-party systems, financial institutions, custodians, payment processors, card networks, and blockchain networks. We do not control and are not responsible for the availability, performance, security, or reliability of any third-party services or networks, including failures, delays, forks, protocol changes, or outages.

9.4 Digital Assets-related risks

Digital Assets involve many inherent risks, including those risks identified under Section 4.3 and Section 4.4, as well as volatility, liquidity constraints, protocol failures, software errors, network congestion, changes in consensus mechanisms, and regulatory developments. We do not guarantee the value, stability, convertibility, or continued availability of any Digital Asset.

9.5 Limitations of liability

To the maximum extent permitted by applicable law, neither we nor any of the Third-Party Providers, nor our or their respective affiliates, directors, officers, employees, or agents will be liable for any indirect, incidental, special, consequential, exemplary, or punitive damages, including loss of profits, loss of revenue, loss of data, loss of digital assets, loss of goodwill, or business interruption, arising out of or relating to your use of, or inability to use, any of the Services or any component of the Platform, even if we are advised of the possibility of such damages.

9.6 Cap on liability

To the maximum extent permitted by applicable law, we and the Third-Party Providers (taken together) total aggregate liability arising out of or relating to the Services or these Terms will be the lesser of $100 or the total fees paid by you to us for the Services during the 12 calendar months preceding the event giving rise to the claim.

9.7 Exceptions

Nothing in these Terms is deemed to in any way limit or otherwise exclude liability for any of the following:

• Death or personal injury caused by negligence;
• Fraud or fraudulent misrepresentation; or
• Any liability that cannot be limited or excluded under applicable law.

9.8 Allocation of risks

You acknowledge and agree that the limitations of liability set out in these Terms reflect a reasonable allocation of risk between you and us and form an essential basis of the agreement between the parties.

10. Indemnification

10.1 Your indemnification responsibilities

You agree to indemnify and hold harmless Ethena Pay Ltd. (and any applicable Ethena Pay entity or affiliate as identified under Appendix 1) (the "Company"), the Third-Party Providers (as defined in Section 1.5), and their respective affiliates, directors, officers, employees, and agents (each, an "Indemnified Party") from and against any claims, losses, liabilities, damages, costs, and expenses (including reasonable legal fees) arising out of or relating to any of the following:

• Your breach of these Terms, any of the Additional Documents, or any of the Third-Party Provider Terms;
• Your actual, alleged, or suspected violation of applicable law or regulation;
• Your use of the Services or the Platform in a manner prohibited under Article 7 or the Ethena Pay Acceptable Use Policy incorporated as Exhibit A;
• Any information you provide that is in any way inaccurate, false, incomplete, missing, misleading, or unlawful; or
• Your use or misuse of the Services or the Platform or your actual, alleged, or suspected violation of the rights of us, our affiliates, or any third party.

10.2 Scope of indemnification

Your indemnification obligations under this Article 10 apply only to the extent permitted by applicable law and do not apply to losses caused by our gross negligence, willful misconduct, or fraud.

10.3 Cooperation

We may notify you of any claim subject to indemnification. You agree to cooperate reasonably in the defense of such claim, including by providing information or assistance requested in connection with the defense. We reserve the right, at our own expense, to assume control of the defense of any claim subject to indemnification, subject to your continued cooperation.

11. Complaints, support, and communications

11.1 User support

You may contact user support through the contact methods made available through the Platform. Support availability, response times, and communication channels could vary depending on your location, the particular Services you use, and the nature of your inquiry or request. For immediate assistance, get information about common questions and user needs by going to the Ethena Pay FAQs at https://pay.ethena.fi/faq.

11.2 Complaints

If you are dissatisfied with the Services, you may submit a complaint using the User Complaint Procedure. We will acknowledge receipt of your complaint and aim to investigate and respond within a reasonable timeframe, in accordance with applicable law.

11.3 Escalations; regulatory complaints

If your complaint relates to services provided by a third-party financial institution or service provider, your complaint may be referred to, or handled by, that third party in accordance with its applicable complaint procedures. Where required by applicable law, you might have the right to escalate unresolved complaints to an appropriate supervisory or dispute resolution authority in your jurisdiction.

11.4 Communications

We may communicate with you electronically, including through the Platform, by email, or by other electronic means. You agree that electronic communications satisfy any legal requirement that such communications be in writing, unless applicable law requires otherwise.

11.5 Notices

Notices from you to us must be submitted through the contact methods specified on the Platform, unless otherwise required by law. We may provide notices to you electronically or by any other method permitted by applicable law.

12. Governing law; dispute resolution

12.1 Governing law

To the fullest extent permitted by applicable law, these Terms and any dispute or claim arising out of or relating to the Services or these Terms will be governed by and construed in accordance with the laws of Malta without regard to such jurisdiction's conflicts principles.

12.2 Jurisdiction

Subject to applicable consumer protection and personal data laws and regulations, the courts of Malta will have exclusive jurisdiction to resolve any dispute arising out of or relating to these Terms or the Services. Nothing in this Section 12.2 limits your right to bring proceedings in the courts of your place of residence but only to the extent expressly required by mandatory consumer protection or personal data regulations or other applicable law.

12.3 Alternative dispute resolution

Where required by applicable law, you may have the right to submit disputes for resolution through an alternative dispute resolution body or online dispute resolution platform. Information regarding applicable alternative dispute resolution options will be made available through the Platform or as part of the Country-Specific Terms incorporated under Appendix 1.

12.4 Injunctive relief

Nothing in these Terms is deemed to prevent either party from seeking interim or injunctive relief from a court of competent jurisdiction where permitted and enforced under applicable law.

13. Intellectual property

13.1 Ethena Pay Materials

All rights, title and interest in and to any software, including our websites, the Platform, the Ethena Pay App, any application programming interface, developer tools, sample source code, and code libraries, as well as any other data, materials, content, and printed and electronic documentation developed, provided, or made available by us or our affiliates or service providers to you, and all text, visual or audio content, software code, technology, or other materials created or derived from any of the foregoing (the "Ethena Pay Materials"). The Services and the Ethena Pay Materials are the exclusive property of us and our affiliates and licensors and are protected by intellectual property laws and treaties around the world, and we reserve all such rights.

13.2 Permitted uses of the Ethena Pay Materials

For so long as you are using or accessing the Services, you may use the Ethena Pay Materials only for your personal use unless you have received written permission from us and solely as necessary to enjoy the Services or access the Platform. Subject to your compliance with these Terms and your payment of any applicable fees, we grant to you a revocable, non-exclusive, non-sublicensable, non-transferable, royalty-free limited licence to access and make personal use of the Ethena Pay Materials and the Services; provided, however, that any use of the Ethena Pay Materials or the Services not specifically permitted by these Terms is strictly prohibited.

13.3 Prohibited uses of the Ethena Pay Materials

Unless and solely to the extent that you have received written permission from us to the contrary, you shall not, and you shall not attempt to, directly or indirectly do any of the following:

• Use any of the Ethena Pay Materials for any commercial purpose or otherwise infringe our intellectual property rights;
• Transfer, sublicense, loan, sell, assign, lease, rent, distribute, or grant rights in the Services or the Ethena Pay Materials to any person or entity;
• Remove, obscure, or alter any notice of the Ethena Marks or of any of our or our affiliates' other marks, copyrights, or other intellectual property rights;
• Modify, copy, tamper with or otherwise create derivative works of any software included in the Ethena Pay Materials; or
• Reverse engineer, disassemble, or decompile the Ethena Pay Materials, the Services, or the Platform, or apply any other process or procedure to derive the source code of any software included in the Ethena Pay Materials or as part of the Services or the Platform.

13.4 Our trademarks

Our and our affiliates' trademarks include "Ethena," "Ethena Pay," "Ethena Pay Card," "Ethena USDe," "USDe," "USDe Synthetic Dollar," and any other business and service names, logos, signs, graphics, page headers, button icons, or scripts (the "Ethena Marks") are all registered or unregistered trademarks or trade dress of ours or our affiliates or licensors.

13.5 Use of our trademarks

You shall not copy, imitate, modify, or use the Ethena Marks in any way without our prior written consent. You may use HTML logos provided by us for the purpose of directing web traffic to the Services or the Platform, but you shall not alter, modify, or change these HTML logos in any way, use them in a manner that mischaracterises us or our affiliates, any of the Third-Party Providers, the Services, or the Platform, or display them in any manner that implies our sponsorship or endorsement.

13.6 Other marks

All other trademarks, registered trademarks, product names, and company names or logos not owned by us that appear in the Ethena Pay Materials, in the Services, or in connection with the Platform are or might be the property of their respective owners.

14. Miscellaneous

14.1 Entire agreement

These Terms, together with the Additional Documents and any other terms hereafter agreed in writing between the parties, constitute the entire agreement between you and us relating to your use of the Services and the Platform, superseding all prior or contemporaneous agreements, communications, or understandings between the parties, whether written or oral.

14.2 Severability

If any provision of these Terms is held to be invalid, unlawful, or unenforceable by a court or governmental authority of competent jurisdiction, then that provision is deemed to be severed, and the remaining provisions will remain in full force and effect.

14.3 No waiver

Any failure or delay by us to enforce any provision of these Terms, including the Additional Documents, or by any Third-Party Provider to enforce their rights under the Third-Party Provider Terms or other agreements with you, is not deemed to constitute a waiver of that provision or of any other provision.

14.4 Assignment

You may not assign or transfer your rights or obligations under these Terms without our prior written consent. We may assign or transfer our rights and obligations under these Terms, in whole or in part, to any affiliate or other third party, including in connection with any merger, acquisition, corporate reorganization, sale of assets, or change of control.

14.5 Relationship of the parties

Nothing in these Terms creates any partnership, joint venture, agency, fiduciary, employment, or representative relationship between you and the Company.

14.6 Third-party beneficiaries

Except as expressly stated otherwise, these Terms do not confer any rights or remedies on any third party. Notwithstanding the foregoing, the Third-Party Providers are intended third-party beneficiaries of Article 9, Article 10, and the certain Third-Party Provider Terms applicable as between you and such Third-Party Providers; accordingly, such Third-Party Providers may enforce such provisions against you.

14.7 Force majeure

Neither we nor any Third-Party Provider is responsible for any failure or delay in performance resulting from events beyond its reasonable control, including acts of god, natural disasters, war or other acts of government, labor disputes, power or network failures or disruptions, or interruptions affecting any Third-Party Provider or any other third-party service providers or infrastructure operators.

Appendix 1 — Country-Specific Terms

In the locations where the Services are available, additional terms apply to your use of Ethena Pay depending on the particular jurisdiction where you reside. The full list of jurisdictions covered by Appendix 1 is set out below.

Coming soon also to the United States, the European Union, Canada, Taiwan, South Korea, China, and other jurisdictions.

Introduction

This Appendix 1 (these "Country-Specific Terms") supplements, and is incorporated by reference into, the Ethena Pay Terms of Use. It sets out additional, modified, or local-law-specific provisions that apply if you are located in, ordinarily resident in, or accessing the Services from one of the countries listed below. Capitalized terms used but not defined here have the meanings given to them in the Terms of Use.

In the event of any conflict between these Country-Specific Terms and the main body of the Terms of Use, these Country-Specific Terms control with respect to the relevant country, but only to the minimum extent necessary to give effect to applicable local mandatory law or regulatory requirements.

General Provisions Applicable in All Countries Where Available

The following General Provisions apply to users in each of the jurisdictions listed in this Appendix 1. The country-specific sections that follow set out only additional, modified, or country-specific provisions, and should be read together with these General Provisions. The country-specific sections do not repeat these provisions.

Contracting entity. The entity with which you contract for the Services is Ethena Pay Ltd., a private limited company incorporated in Malta with company number C 114576 and registered office at 30/1 Kenilworth, Triq Sir Augustus Bartolo, Ta' Xbiex, XBX 1093, Malta. No local Ethena Pay entity is established in any of the jurisdictions listed in this Appendix 1 except where expressly stated otherwise.

Regulatory status. Ethena Pay Ltd. is not licensed, registered, authorized, or otherwise approved by any financial services, banking, payments, securities, or crypto asset regulator in your country to provide regulated banking, payment, e-money, securities, custody, or crypto asset services. Certain components of the Services are made available through Third-Party Providers that hold authorizations in their respective home jurisdictions; those authorizations cannot extend to passporting of regulated activity into your country. You should consider whether the Services are appropriate for you having regard to your circumstances, the absence of local authorization, and applicable risks.

Mandatory consumer rights. Nothing in the Terms of Use or these Country-Specific Terms is intended to limit, exclude, or restrict any mandatory consumer protection right that applies to you under the law of your country of residence and that cannot be lawfully waived or excluded by contract.

Digital asset risk. Digital assets, including stablecoins, USDe, AVAX, and other tokens, are volatile, could lose all of their value, are not legal tender in any of the jurisdictions listed in this Appendix 1 except where expressly stated otherwise, and are not deposits or insured by any government deposit insurance or investor protection scheme. The Services are not investment, financial, legal, accounting, or tax advice. You should not transact in any digital asset unless you fully understand and can bear the risk of total loss.

Tax. You are solely responsible for determining and complying with any tax obligations applicable to your use of the Services in your country of residence, including reporting and payment of taxes on rewards, capital gains, or other income arising from the Services. We may report information about you to tax authorities where required by applicable law. The country-specific sections below identify the relevant tax authority only where there is a specific local point worth noting; otherwise, your usual country-of-residence tax rules apply.

Language. The Terms of Use and these Country-Specific Terms are made available in English. Translations might be provided for convenience only; in the event of any conflict between the English text and any translation, the English text prevails, except where applicable mandatory consumer law provides otherwise.

Restricted Jurisdictions. Nothing in this Appendix 1 makes the Services available to any person located in, ordinarily resident in, or accessing the Services from a Restricted Jurisdiction (as defined in Section 4.6 of the Terms of Use).

Spend Card. Unless expressly stated otherwise in a country-specific section below, availability of the Ethena Pay Spend Card depends on the arrangements between the Issuer, the program manager, and applicable local regulatory requirements. Spend Card availability in any particular jurisdiction is confirmed when you agree to the applicable Ethena Pay Spend Card Terms.

Latin America

1.1 Argentina

Regulatory status. Ethena Pay Ltd. is not registered with the Comisión Nacional de Valores (CNV) as a virtual asset service provider (proveedor de servicios de activos virtuales) and is not registered with the Banco Central de la República Argentina (BCRA). Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations and are subject to BCRA foreign exchange controls.

Consumer rights and disputes. Argentine consumers benefit from Ley 24.240 de Defensa del Consumidor. In addition to the procedures in Article 12 of the Terms of Use, consumers may bring complaints before the Secretaría de Industria y Comercio, the Dirección Nacional de Defensa del Consumidor, the Sistema Nacional de Arbitraje de Consumo (SNAC), the Conciliación Previa en las Relaciones de Consumo (COPREC), or the courts of the user's domicile.

Data protection. Processing of personal data is subject to Ley 25.326 and supervised by the Agencia de Acceso a la Información Pública (AAIP). Argentine users may exercise Derechos ARCO in accordance with the Ethena Pay Privacy Policy.

Specific risks. Argentine users acknowledge significant FX volatility and Argentine capital control restrictions, which could affect U.S. dollar liquidity, the redemption or conversion of stablecoins, and onramp or offramp availability.

1.2 Belize

Regulatory status. Ethena Pay Ltd. is not registered with the Belize Financial Services Commission (FSC) and does not provide digital asset services in or from within Belize. Services made available to Belizean users are provided from outside Belize. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Consumer rights and disputes. In addition to the procedures in Article 12 of the Terms of Use, Belizean consumers may seek assistance from the Consumer Protection Unit of the Belize Bureau of Standards and may pursue any remedies available under Belize law before the competent courts.

Data protection. Processing of personal data is subject to the Belize Data Protection Act of 2021, to the extent applicable. Belizean users may exercise applicable rights of access, rectification, erasure, restriction of processing, data portability, and objection in accordance with the Ethena Pay Privacy Policy.

Specific risks. Certain transactions involving foreign currency, cross-border payments, or onramp or offramp services could be subject to Belizean foreign exchange, reporting, identity verification, or other regulatory requirements. These requirements as well as certain compliance measures applied by Third-Party Providers could affect transaction limits, processing times, or service availability.

1.3 Bolivia

Regulatory status. Ethena Pay Ltd. is not authorized by the Banco Central de Bolivia (BCB), the Autoridad de Supervisión del Sistema Financiero (ASFI), or any other Bolivian regulator. Use of the Services is at the user's own risk and is subject to the BCB's evolving framework.

Consumer rights. Bolivian consumer protections under the Ley General de Defensa de los Derechos de los Usuarios y de las Consumidoras y Consumidores apply notwithstanding the choice of Malta law.

Data protection. Processing is carried out in accordance with the Ethena Pay Privacy Policy.

1.4 Brazil

Regulatory status. Ethena Pay Ltd. is not authorized by the Banco Central do Brasil (BCB) as a sociedade prestadora de serviços de ativos virtuais (SPSAV) under Lei No. 14.478/2022 or Resoluções BCB Nos. 519 and 520, and is not licensed by any other Brazilian regulator. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations. Virtual assets that constitute securities remain subject to the jurisdiction of the Comissão de Valores Mobiliários (CVM).

Consumer rights and disputes. Brazilian consumers benefit from the Código de Defesa do Consumidor (Lei No. 8.078/1990). In addition to the procedures in Article 12 of the Terms of Use, consumers may seek assistance from state or municipal Procons or pursue available remedies before the competent Brazilian courts. Complaints concerning services provided by a Third-Party Provider supervised by the Banco Central do Brasil may also be submitted through that provider's applicable customer service and ombudsman (ouvidoria) channels and, where available, to the Banco Central do Brasil.

Data protection: Processing of personal data is subject to the Lei Geral de Proteção de Dados Pessoais (LGPD), Lei No. 13.709/2018, to the extent applicable, and is supervised by the Agência Nacional de Proteção de Dados (ANPD). Brazilian users may exercise applicable rights to confirmation of processing, access, correction, anonymization, blocking or deletion, data portability, information regarding data sharing, revocation of consent, objection, and review of certain automated decisions in accordance with the Ethena Pay Privacy Policy. Brazilian users who are unable to exercise their rights directly with Ethena Pay Ltd.

Specific risks. Certain transactions involving virtual assets, including fiat-referenced virtual assets, international payments or transfers, and transfers involving self-custodied wallets, may be subject to Brazilian foreign exchange, reporting, identity verification, or other regulatory requirements. These requirements as well as certain compliance measures applied by Third-Party Providers could affect transaction limits, processing times, or service availability.

1.5 Colombia

Regulatory status. Ethena Pay Ltd. is not supervised by the Superintendencia Financiera de Colombia (SFC), is not authorized as a financial institution under Colombian law, and is not a participant in the SFC's la Arenera sandbox or any successor framework. Onramp or offramp services are provided by Third Parties and are subject to Banco de la República FX regulations.

Consumer rights and disputes. Colombian consumers benefit from Ley 1480 de 2011 (Estatuto del Consumidor) and the financial consumer regime under Ley 1328 de 2009. Complaints can be brought to the Superintendencia de Industria y Comercio (SIC) for consumer matters, the SFC where applicable, or the courts of the user's domicile.

Data protection. Processing is subject to Ley 1581 de 2012, supervised by the SIC (Dirección de Investigación de Protección de Datos Personales). Cross-border transfers are made in accordance with that framework.

1.6 Costa Rica

Regulatory status. Ethena Pay Ltd. is not licensed by the Superintendencia General de Entidades Financieras (SUGEF), the Banco Central de Costa Rica (BCCR), or any other Costa Rican regulator.

Consumer rights and data protection. Costa Rican consumers benefit from Ley N° 7472. Processing of personal data is subject to Ley N° 8968, supervised by the Agencia de Protección de Datos de los Habitantes (PRODHAB).

1.7 Ecuador

Regulatory status. Ethena Pay Ltd. is not authorized by the BCE, the Superintendencia de Bancos, the Superintendencia de Compañías, Valores y Seguros, or any other Ecuadorian regulator.

Consumer rights and data protection. Ecuadorian consumers benefit from the Ley Orgánica de Defensa del Consumidor. Processing of personal data is subject to the Ley Orgánica de Protección de Datos Personales (2021), supervised by the Superintendencia de Protección de Datos Personales.

1.8 El Salvador

Availability. Services involving transactions in certain payment stablecoins or other digital assets are not available to El Salvadoran users unless Ethena Pay expressly confirms the relevant Service is available at the time of user onboarding.

Regulatory Status. Ethena Pay Ltd. is not registered with or supervised by the Comisión Nacional de Activos Digitales (CNAD) under the Ley de Emisión de Activos Digitales. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Consumer rights and disputes. Salvadoran consumers benefit from the Ley de Protección al Consumidor. In addition to the procedures in Article 12 of the Terms of Use, consumers may submit complaints to the Defensoría del Consumidor or pursue other remedies available under applicable Salvadoran law.

Data protection. To the extent applicable, users in El Salvador have rights under the Ley para la Protección de Datos Personales, including rights of access, rectification, cancellation or deletion, opposition, limitation of processing, data portability, and the right to be forgotten. The Agencia de Ciberseguridad del Estado (ACE) supervises compliance with the law. Users may exercise applicable rights in accordance with the Ethena Pay Privacy Policy.

Specific risks. CNAD requires digital asset service providers to refrain from commercializing stablecoins that have not been authorized by CNAD or received a no-objection. These restrictions could affect the availability of certain stablecoins or related services in El Salvador. These restrictions and other requirements imposed by the CNAD as well as certain compliance measures applied by Third-Party Providers could affect transaction limits, processing times, or service availability.

1.9 Guatemala

Regulatory status. Ethena Pay Ltd. is not authorized by the Banco de Guatemala, the Superintendencia de Bancos (SIB), or any other Guatemalan regulator.

Consumer rights and data protection. Guatemalan consumers benefit from the Ley de Protección al Consumidor y Usuario (Decreto 06-2003), supervised by the Dirección de Atención y Asistencia al Consumidor (DIACO). Processing is carried out in accordance with the Ethena Pay Privacy Policy and applicable sector-specific rules.

1.10 Guyana

Regulatory status. Ethena Pay Ltd. is not licensed or registered in Guyana to provide virtual asset services under the Guyana Compliance Commission Act of 2023. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Consumer rights and disputes. Guyanese consumers benefit from the Consumer Affairs Act 2011. In addition to the procedures in Article 12 of the Terms of Use, consumers may submit complaints to the Competition and Consumer Affairs Commission (CCAC) or pursue available remedies before the competent Guyanese courts.

Data protection. Guyana has enacted the Data Protection Act of 2023, which establishes protections relating to the processing of personal data and provides data subjects with rights including access, rectification, erasure, objection, and data portability. Guyanese users may exercise applicable data protection rights in accordance with the Ethena Pay Privacy Policy.

Specific risks. Virtual assets are not legal tender in Guyana. Certain transactions involving foreign currency, cross-border payments, or onramp or offramp services could be subject to Guyanese foreign exchange, anti-money laundering, identity verification, transaction monitoring, or other regulatory requirements. These requirements as well as certain compliance measures applied by Third-Party Providers could affect transaction limits, processing times, or service availability.

1.11 Honduras

Regulatory status. Ethena Pay Ltd. is not authorized by the Banco Central de Honduras (BCH), the Comisión Nacional de Bancos y Seguros (CNBS), or any other Honduran regulator.

Consumer rights and data protection. Honduran consumers benefit from the Ley de Protección al Consumidor (Decreto N° 24-2008). Honduras does not currently have a comprehensive omnibus data protection law.

1.12 Mexico

Regulatory status. Ethena Pay Ltd. is not authorized by the Comisión Nacional Bancaria y de Valores (CNBV) as a Financial Technology Institution (Institución de Tecnología Financiera, or "ITF") under the Ley para Regular las Instituciones de Tecnología Financiera (the "Ley Fintech"), is not authorized by Banxico to operate with virtual assets under Article 30 of the Ley Fintech, and is not licensed by any other Mexican regulator. Where any Service would constitute electronic payment funds institution activity under the Ley Fintech, it is not offered in Mexico through Ethena Pay or is offered only through Third-Party Providers under their own authorizations.

Consumer rights and disputes. Mexican consumers benefit from the Ley Federal de Protección al Consumidor and, in respect of financial services, the Ley para la Transparencia y Ordenamiento de los Servicios Financieros. Financial consumer matters can be brought to CONDUSEF, and consumer matters generally to PROFECO.

Data protection. Processing of personal data is subject to the Ley Federal de Protección de Datos Personales en Posesión de los Particulares (LFPDPPP).

1.13 Panama

Regulatory status. Panama does not currently maintain an operative licensing or registration regime specifically applicable to providers of virtual asset services. Ethena Pay Ltd. is not regulated by the Superintendencia de Bancos de Panamá (SBP) as a provider of virtual asset services. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Customer rights and disputes. Panamanian consumers benefit from Ley 45 de 31 de octubre de 2007 which establishes consumer protection and competition rules. In addition to the procedures in Article 12 of the Terms of Use, consumers may submit complaints to the Autoridad de Protección al Consumidor y Defensa de la Competencia (ACODECO) or pursue available remedies before the competent Panamanian courts.

Data Protection. To the extent applicable, Panamanian users have rights under Ley 81 de 26 de marzo de 2019 sobre Protección de Datos Personales, which is supervised by the Autoridad Nacional de Transparencia y Acceso a la Información (ANTAI), including rights of access, rectification, cancellation, opposition, and data portability. Users may exercise those rights in accordance with the Ethena Pay Privacy Policy.

Specific Risks. Transactions involving virtual assets or onramp or offramp services could be subject to enhanced due diligence, identity verification, transaction monitoring, or other compliance measures applied by Panamanian financial institutions or Third-Party Providers. These measures could affect transaction limits, processing times, or service availability.

1.14 Paraguay

Regulatory status. Ethena Pay Ltd. is not authorized by the Banco Central del Paraguay (BCP), the Superintendencia de Bancos, or any other Paraguayan regulator.

Consumer rights. Paraguayan consumers benefit from Ley N° 1334 de Defensa del Consumidor y del Usuario.

1.15 Peru

Regulatory status. Ethena Pay Ltd. is not authorized by the Superintendencia de Banca, Seguros y Administradoras Privadas de Fondos de Pensiones (SBS), the Superintendencia del Mercado de Valores (SMV), or any other Peruvian regulator.

Consumer rights. Peruvian consumers benefit from the Código de Protección y Defensa del Consumidor (Ley N° 29571), supervised by INDECOPI.

Data protection. Processing is subject to the Ley de Protección de Datos Personales (Ley N° 29733), supervised by the Autoridad Nacional de Protección de Datos Personales (ANPDP).

1.16 Suriname

Regulatory status. Ethena Pay Ltd. is not licensed or supervised by the Centrale Bank van Suriname (CBvS) as a virtual asset service provider.

Consumer rights and disputes. In addition to the procedures in Article 12 of the Terms of Use, Surinamese consumers may submit complaints to the Consumer Affairs Department of the Ministry of Economic Affairs, Entrepreneurship and Technological Innovation or pursue available remedies before the competent Surinamese courts.

Specific risks. Certain transactions involving foreign currency, cross-border payments, or onramp or offramp services could be subject to Surinamese foreign exchange, anti-money laundering, identity verification, transaction monitoring, or other regulatory requirements. These requirements as well as certain compliance measures applied by Third-Party Providers could affect transaction limits, processing times, or service availability.

1.17 Uruguay

Regulatory status. Ethena Pay Ltd. is not authorized or supervised by the Banco Central del Uruguay (BCU) as a proveedor de servicios de activos virtuales (PSAV). Services made available to Uruguayan users are provided from outside Uruguay and are not specifically marketed or promoted to customers or prospective customers in Uruguay. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Consumer rights and disputes. Uruguayan consumers benefit from Ley No. 17.250 de Relaciones de Consumo. In addition to the procedures in Article 12 of the Terms of Use, consumers may submit consultations, claims, or complaints to the Unidad Defensa del Consumidor of the Ministerio de Economía y Finanzas or pursue available remedies before the competent Uruguayan courts.

Data protection. To the extent applicable, Uruguayan users have rights under Ley No. 18.331 de Protección de Datos Personales y Acción de Habeas Data, including rights of access, rectification, updating, inclusion, or deletion of personal data and the right to challenge certain decisions based solely on automated processing. The Unidad Reguladora y de Control de Datos Personales (URCDP) supervises compliance with the law. Users may exercise those rights in accordance with the Ethena Pay Privacy Policy.

Specific Risks. Certain transactions involving virtual assets or onramp or offramp services could be subject to anti-money laundering, identity verification, transaction monitoring, or other regulatory requirements. Uruguayan financial institutions are not required to process transactions associated with virtual assets, and conversion of virtual assets into Uruguayan pesos or other currencies may be limited or delayed. These requirements as well as certain compliance measures applied by Third-Party Providers could affect transaction limits, processing times, or service availability.

Caribbean

2.1 Bahamas

Regulatory status. Ethena Pay Ltd. is not registered with or supervised by the Securities Commission of The Bahamas (SCB) under the Digital Assets and Registered Exchanges Act of 2024. Ethena Pay Ltd. does not carry on digital asset business in or from within The Bahamas. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Consumer rights and disputes. Bahamian consumers benefit from the Consumer Protection Act, Ch. 337C. In addition to the procedures in Article 12 of the Terms of Use, consumers may submit complaints to the Consumer Commission or pursue available remedies before the competent Bahamian courts.

Specific risks. Digital assets may be treated as foreign assets for Bahamian exchange control purposes. Certain transactions involving virtual assets, foreign currency, cross-border payments, or onramp or offramp services could be subject to Bahamian exchange control, anti-money laundering, identity verification, transaction monitoring, or other regulatory requirements. These requirements as well as certain compliance measures applied by Third-Party Providers could affect transaction limits, processing times, or service availability.

2.2 Barbados

Regulatory status. Ethena Pay Ltd. is not licensed or supervised by the Financial Services Commission (FSC) as a virtual asset service provider. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Consumer rights and disputes. Barbadian consumers benefit from the Consumer Protection Act, Cap. 326D. In addition to the procedures in Article 12 of the Terms of Use, consumers may submit complaints to the Fair Trading Commission (FTC) or pursue available remedies before the competent Barbadian courts.

Data protection. Processing of personal data is subject to the Data Protection Act, 2019-29, to the extent applicable, and is supervised by the Data Protection Commissioner. Barbadian users may exercise applicable rights of access, rectification, erasure, restriction of processing, objection, and data portability in accordance with the Ethena Pay Privacy Policy.

Specific risks. Certain transactions involving foreign currency, cross-border payments, or onramp or offramp services could be subject to Barbadian exchange control, anti-money laundering, identity verification, transaction monitoring, or other regulatory requirements. These requirements as well as certain compliance measures applied by Third-Party Providers could affect transaction limits, processing times, or service availability.

2.3 Cayman Islands

Regulatory status. Ethena Pay Ltd. is not registered with or licensed by the Cayman Islands Monetary Authority (CIMA) under the Virtual Asset (Service Providers) Act. Services made available to users in the Cayman Islands are provided from outside the Cayman Islands. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

2.4 Dominica

Regulatory status. Ethena Pay Ltd. is not registered with or supervised by the Financial Services Unit (FSU) under the Virtual Asset Business Act of 2022. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Consumer rights and disputes. Dominican consumers have protections under the Electronic Transactions Act of 2013 applicable to transactions conducted electronically. In addition to the procedures in Article 12 of the Terms of Use, consumers may pursue available remedies before the competent Dominican courts.

Specific risks. Certain outbound money transfers may be subject to a 2% stamp duty and other applicable Dominican regulatory requirements. These requirements as well as certain compliance measures applied by Third-Party Providers could affect transaction limits, processing times, or service availability.

2.5 Dominican Republic

Regulatory status. Ethena Pay Ltd. is not authorized by the Superintendencia de Bancos, the Banco Central de la República Dominicana, the Superintendencia del Mercado de Valores (SIMV), or any other Dominican regulator.

Consumer rights and data protection. Dominican consumers benefit from Ley N° 358-05. Processing of personal data is subject to Ley N° 172-13, supervised by the Instituto Dominicano de las Telecomunicaciones (INDOTEL).

2.6 Grenada

Regulatory status. Ethena Pay Ltd. is not registered with or supervised by the Grenada Authority for the Regulation of Financial Institutions (GARFIN) under the Virtual Asset Business Act of 2021. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Customer rights and disputes. Grenadian consumers benefit from the Consumer Protection Act of 2018. In addition to the procedures in Article 12 of the Terms of Use, consumers may submit complaints to the Consumer Affairs Office, institute proceedings before the Consumer Affairs Tribunal, or pursue available remedies before the competent Grenadian courts.

Data protection. To the extent applicable, Grenadian users have rights under the Data Protection Act, 2023, including rights of access to and rectification of personal data. Users may exercise those rights in accordance with the Ethena Pay Privacy Policy.

2.7 Saint Kitts and Nevis

Regulatory status. Ethena Pay Ltd. is not registered with or supervised by the Financial Services Regulatory Commission (FSRC) under the Virtual Asset Act of 2020. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Consumer rights and disputes. To the extent applicable, consumers have rights under the Consumer Protection Act, 2023. In addition to the procedures in Article 12 of the Terms of Use, consumers may submit complaints to the Consumer Affairs Department or pursue available remedies before the competent courts of Saint Kitts and Nevis.

Data Protection. To the extent applicable, consumers have rights under the Consumer Protection Act, 2023. In addition to the procedures in Article 12 of the Terms of Use, consumers may submit complaints to the Consumer Affairs Department or pursue available remedies before the competent courts of Saint Kitts and Nevis.

2.8 Saint Lucia

Regulatory status. Ethena Pay Ltd. is not licensed with or supervised by the Financial Services Regulatory Authority (FSRA) under the Virtual Asset Business Act of 2022. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Consumer rights and disputes. To the extent applicable, Saint Lucian consumers have rights under the Consumer Protection Act (No. 9) of 2016. In addition to the procedures in Article 12 of the Terms of Use, consumers may submit complaints to the Consumer Affairs Department or pursue available remedies before the competent Saint Lucian courts.

2.9 Saint Vincent and the Grenadines

Regulatory status. Ethena Pay Ltd. is not registered with or supervised by the Financial Services Authority (FSA) under the Virtual Asset Business Act of 2022. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Consumer rights and disputes. To the extent applicable, consumers in Saint Vincent and the Grenadines have rights under the Consumer Protection Act (No. 12) of 2020. In addition to the procedures in Article 12 of the Terms of Use, consumers may submit complaints to the Consumer Affairs Department or pursue available remedies before the competent courts of Saint Vincent and the Grenadines.

2.10 Trinidad and Tobago

Regulatory status. Ethena Pay Ltd. is not authorized by or supervised by the Trinidad and Tobago Securities and Exchange Commission (TTSEC) under the Virtual Assets and Virtual Asset Service Providers Act of 2025 and is not admitted to the TTSEC Regulatory Sandbox. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Consumer rights and disputes. To the extent applicable, consumers in Trinidad and Tobago have rights under the Consumer Protection and Safety Act, Chap. 82:34. In addition to the procedures in Article 12 of the Terms of Use, consumers may submit complaints to the Consumer Affairs Division of the Ministry of Trade, Investment and Tourism or pursue available remedies before the competent courts of Trinidad and Tobago.

Data protection. To the extent applicable, users in Trinidad and Tobago have protections under the Data Protection Act of 2011 relating to the collection, use, accuracy, security, and disclosure of personal information, including access to personal information and the ability to challenge its accuracy and completeness. Users may exercise applicable rights in accordance with the Ethena Pay Privacy Policy.

Specific risks. Certain transactions involving foreign currency, cross-border payments, or onramp or offramp services could be subject to Trinidad and Tobago foreign exchange, anti-money laundering, identity verification, transaction monitoring, or other regulatory requirements. These requirements as well as certain compliance measures applied by Third-Party Providers could affect transaction limits, processing times, or service availability.

2.11 Turks and Caicos

Regulatory status. Ethena Pay Ltd. is not regulated or supervised by the Turks and Caicos Islands Financial Services Commission (FSC) as a virtual asset service provider. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Consumer rights and disputes. To the extent applicable, consumers in the Turks and Caicos Islands have rights under the Consumer Protection Ordinance of 2016. In addition to the procedures in Article 12 of the Terms of Use, consumers may submit complaints to the Department of Trade, Industry and Fair Competition or pursue available remedies before the competent courts of the Turks and Caicos Islands.

Asia & Middle East

3.1 Hong Kong

Regulatory status. Ethena Pay Ltd. is not licensed by the Securities and Futures Commission (SFC) of Hong Kong as a virtual asset service provider (VASP) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) ("AMLO") and is not authorized by the Hong Kong Monetary Authority (HKMA) as a stored value facility (SVF) operator, money service operator, or licensed bank. Where the Services involve dealings in virtual assets, Ethena Pay does not solicit retail investors in Hong Kong other than as permitted by applicable exemptions; any such Services are offered only on the basis of reverse solicitation, as applicable.

Consumer rights. Hong Kong users benefit from applicable rights under, among others, the Sale of Goods Ordinance (Cap. 26), the Supply of Services (Implied Terms) Ordinance (Cap. 457), the Control of Exemption Clauses Ordinance (Cap. 71), and the Unconscionable Contracts Ordinance (Cap. 458), in each case to the extent applicable. Nothing in the Terms of Use excludes any non-excludable consumer right under those ordinances.

Data protection. Processing of personal data is subject to the Personal Data (Privacy) Ordinance (Cap. 486) ("PDPO"), supervised by the Privacy Commissioner for Personal Data (PCPD).

Specific risks. Transactions in virtual assets are not protected by the SFC's Investor Compensation Fund or any other investor protection scheme.

3.2 Japan

Availability. Where certain of the Services are made available to Japanese users, they are limited to functions that, on a conservative view, do not constitute crypto asset exchange services, electronic payment instruments services, or other regulated activities in Japan.

Regulatory status. Ethena Pay Ltd. is not registered with the Financial Services Agency (FSA) of Japan as a crypto asset exchange service provider, electronic payment instruments services provider, funds transfer business operator, type II financial instruments business operator, or other regulated person. Ethena Pay does not undertake solicitation of Japanese residents; any Japanese resident accessing the Services does so on a reverse solicitation basis, to the extent permitted by Japanese law. Where the Services are made available to Japanese users, they are limited to functions that do not constitute crypto asset exchange services, electronic payment instruments services, or other regulated activities in Japan.

Consumer rights. Japanese consumers benefit from the Consumer Contract Act (Act N° 61 of 2000), the Act on Specified Commercial Transactions (Act N° 57 of 1976), and other applicable consumer protection laws.

Data protection. Processing of personal data is subject to the Act on the Protection of Personal Information (APPI), supervised by the Personal Information Protection Commission (PPC).

Specific risks. Japanese users acknowledge that the Services are not offered by an FSA-registered CAESP and that the protections under the Payment Services Act applicable to FSA-registered CAESPs do not apply. The deposit insurance protections under the Deposit Insurance Act do not apply.

3.3 Malaysia

Regulatory status. Ethena Pay Ltd. is not registered with or supervised by the Securities Commission Malaysia (SC) as a recognized market operator for a digital asset exchange or as a digital asset custodian under the Capital Markets and Services Act 2007 and applicable SC guidelines. Onramp or offramp services, where available, are provided by Third-Party Providers under their own authorizations.

Consumer rights and disputes. To the extent applicable, Malaysian consumers have rights under the Consumer Protection Act 1999 (Act 599). In addition to the procedures in Article 12 of the Terms of Use, consumers may pursue available remedies before the Tribunal for Consumer Claims or the competent Malaysian courts, as applicable.

Data protection. To the extent applicable, Malaysian users have rights under the Personal Data Protection Act 2010, including rights of access and correction and rights to withdraw consent and object to certain processing. Users may exercise applicable rights in accordance with the Ethena Pay Privacy Policy.

Specific risks. Digital assets are not legal tender in Malaysia. Transactions involving virtual assets or onramp or offramp services may be subject to anti-money laundering, identity verification, transaction monitoring, foreign exchange, or other regulatory requirements. These requirements as well as certain compliance measures applied by Third-Party Providers could affect transaction limits, processing times, or service availability.

3.4 Pakistan

Availability. Services involving transactions in virtual currencies or other digital assets are not available to Pakistani users unless Ethena Pay expressly confirms the relevant Service is available at the time of user onboarding.

Regulatory status. Ethena Pay Ltd. is not licensed by or supervised by the Pakistan Virtual Assets Regulatory Authority (PVARA) under the Virtual Assets Act of 2026. Any onramp or offramp services, if and where available, are provided by Third-Party Providers under their own authorizations.

Consumer rights and disputes. To the extent applicable, consumers in Pakistan have rights under applicable provincial or territorial consumer protection laws. In addition to the procedures in Article 12 of the Terms of Use, consumers may pursue available remedies before the applicable consumer courts or other competent Pakistani courts.

Specific risks. Certain transactions involving virtual assets, stablecoins, foreign currency, cross-border payments, or onramp or offramp services may be subject to Pakistani licensing, foreign exchange, anti-money laundering, identity verification, transaction monitoring, or other regulatory requirements. These requirements as well as certain compliance measures applied by Third-Party Providers could affect transaction limits, processing times, or service availability.

3.5 Philippines

Regulatory status. Ethena Pay Ltd. is not registered with the Bangko Sentral ng Pilipinas (BSP) as a Virtual Asset Service Provider (VASP) under BSP Circular N° 1108, is not authorized by the SEC Philippines, and is not registered with the Anti-Money Laundering Council (AMLC). Where currency onramps or offramps are made available, they are provided by Third-Party Providers under their own BSP VASP or other authorizations.

Consumer rights. Philippine consumers benefit from the Consumer Act of the Philippines (Republic Act N° 7394) and, in respect of financial products and services, the Financial Products and Services Consumer Protection Act (Republic Act N° 11765).

Data protection. Processing of personal data is subject to the Data Privacy Act of 2012 (Republic Act N° 10173), supervised by the National Privacy Commission (NPC).

3.6 Singapore

Regulatory status. Ethena Pay Ltd. is not licensed by the MAS under the Payment Services Act 2019 to provide digital payment token services, is not licensed as a financial institution or payment service provider under any other Singapore legislation, and is not a recognized market operator or capital markets services license holder under the Securities and Futures Act 2001. Where the Services involve digital payment token services within the meaning of the Payment Services Act, they are made available only on a basis that does not require MAS licensure (including, where applicable, on the basis of reverse solicitation) or are provided by Third-Party Providers under their own MAS authorizations.

Consumer rights. Singapore users benefit from the Consumer Protection (Fair Trading) Act 2003 and applicable common law rules.

Data protection. Processing of personal data is subject to the Personal Data Protection Act 2012 ("PDPA"), supervised by the Personal Data Protection Commission (PDPC). Cross-border transfers are conducted in accordance with section 26 of the PDPA and the Personal Data Protection Regulations 2014.

MAS retail risk warning. The trading of digital payment tokens is highly risky and is not suitable for the general public. Singapore users should not transact in any digital payment token unless they understand and can bear the risk of loss of the entire amount invested.

Marketing and inducements. In accordance with the MAS Guidelines on Provision of Digital Payment Token Services to the Public (PS-G02), the Services will not be promoted or advertised through means accessible to the Singapore public other than as permitted by those Guidelines. No incentive (including the cashback Rewards, the Daily Boost incentive, or the Referral Bonus) is offered to Singapore retail customers as an inducement to acquire any DPT services in a manner inconsistent with those Guidelines.

3.7 Thailand

Regulatory status. Ethena Pay Ltd. is not licensed by SEC Thailand as a digital asset exchange, broker, dealer, ICO portal, fund manager, advisor, or custodial wallet provider under the Digital Asset Businesses Emergency Decree, and is not authorized by the BOT or any other Thai regulator. Where Services involve activities within scope of that Decree, they are not offered in Thailand through Ethena Pay or are offered only through Third-Party Providers under their own authorizations.

Data protection. Processing of personal data is subject to the Personal Data Protection Act, B.E. 2562 (2019) ("PDPA Thailand"), supervised by the Personal Data Protection Committee (PDPC).

3.8 United Arab Emirates

Regulatory status. Ethena Pay Ltd. is not authorized by the Virtual Assets Regulatory Authority (VARA) of the Emirate of Dubai (mainland Dubai, excluding the DIFC), the Securities and Commodities Authority (SCA) at the federal level, the Financial Services Regulatory Authority (FSRA) of the ADGM, the Dubai Financial Services Authority (DFSA) of the DIFC, or the Central Bank of the UAE (CBUAE). Where any Service involves regulated virtual asset activity in the UAE, it is made available only on terms that do not require local authorization or is provided by Third-Party Providers under their own UAE authorizations.

Consumer rights. UAE consumers benefit from Federal Decree Law N° 15 of 2020 concerning Consumer Protection.

Data protection. Processing of personal data is subject to Federal Decree Law N° 45 of 2021 ("UAE PDPL"), supervised by the UAE Data Office, or, where the user is located in the DIFC or ADGM, by the DIFC Commissioner of Data Protection or the ADGM Office of Data Protection respectively.

Africa

4.1 Côte d'Ivoire

Regulatory status. Ethena Pay Ltd. is not authorized by the Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) or any Ivorian regulatory authority as a virtual asset service provider, payment institution, or electronic money issuer. Under Ordinance N° 2023-875 of 23 November 2023, professional virtual asset service provider activities require the prior approval or authorization of the competent authority. Payment services are separately regulated under the UMOA framework administered by the BCEAO. Ethena Pay does not itself provide in Côte d'Ivoire any Service that requires an approval, authorization, license, or registration unless the applicable requirement has been satisfied. Where a regulated Service is provided by a Third-Party Provider, that provider acts under its own applicable authorization.

Consumer rights and data protection. Ivorian consumers benefit from Law N° 2016-412 of 15 June 2016 relating to consumption, to the extent applicable. Processing of personal data is subject to Law N° 2013-450 of 19 June 2013 relating to the protection of personal data, supervised by the Autorité de Régulation des Télécommunications/TIC de Côte d'Ivoire (ARTCI).

Exchange control. Cross-border transfers are subject to the UEMOA regulations governing external financial relations, including Regulation N° 06/2024/CM/UEMOA. The availability of particular Services may be restricted where necessary to comply with applicable exchange control requirements.

Specific risks. The regulatory framework applicable to virtual asset services remains developing. Ethena Pay may limit, suspend, or discontinue affected Services in Côte d'Ivoire where required by applicable law or regulatory requirements.

4.2 Egypt

Regulatory status. Ethena Pay Ltd. is not authorized by the CBE, the Financial Regulatory Authority (FRA), or any other Egyptian regulator. Article 206 of the Central Bank and Banking Sector Law N° 194 of 2020 prohibits the issuance, trading, promotion, and operation of platforms for crypto assets, electronic money, or similar instruments without a license from the CBE's Board of Directors. Users should not infer that the Services are licensed under that law.

Consumer rights and data protection. Egyptian consumers benefit from Consumer Protection Law N° 181 of 2018. Processing of personal data is subject to the Personal Data Protection Law N° 151 of 2020.

Specific risks. Egyptian users acknowledge that the regulatory environment for digital assets in Egypt is restrictive and that the use of the Services could be subject to action by Egyptian authorities.

4.3 Ghana

Regulatory status. Ethena Pay Ltd. is not licensed by the Bank of Ghana (BoG), the Securities and Exchange Commission of Ghana (SEC), or any other Ghanaian regulator as a virtual asset service provider. Ghana's Virtual Asset Service Providers Act of 2025 (Act 1154) establishes a framework for the registration, licensing, and supervision of virtual asset service providers, with regulatory responsibilities allocated among the BoG, SEC, and other applicable authorities. Ethena Pay does not itself provide in Ghana any Service that requires registration, licensing, or other authorization unless the applicable requirement has been satisfied. Where a regulated Service is provided by a Third-Party Provider, that provider acts under its own applicable authorization or registration.

Data protection. Processing of personal data is subject to the Data Protection Act of 2012 (Act 843), supervised by the Data Protection Commission (DPC).

Specific risks. Ghana's virtual asset regulatory framework continues to be implemented through regulations, guidance, and regulatory programs. The availability of particular Services could therefore change as that framework develops.

4.4 Kenya

Regulatory status. Ethena Pay Ltd. is not licensed by the Central Bank of Kenya (CBK), the Capital Markets Authority (CMA), or any other Kenyan regulator as a virtual asset service provider. The Virtual Asset Service Providers Act of 2025 establishes a licensing and regulatory framework for virtual asset service providers, administered by the CBK and CMA according to the relevant regulated activity. Ethena Pay does not itself provide in Kenya any Service that requires a license, registration, or other authorization unless the applicable requirement has been satisfied. Where a regulated Service is provided by a Third-Party Provider, that provider acts under its own applicable authorization or registration.

Consumer rights and data protection. Kenyan consumers benefit from the Consumer Protection Act (N° 46 of 2012). Processing of personal data is subject to the Data Protection Act (N° 24 of 2019), supervised by the Office of the Data Protection Commissioner (ODPC).

Tax. Kenyan users might be subject to the Digital Asset Tax under section 12F of the Income Tax Act.

4.5 Morocco

Availability. Services involving transactions in virtual currencies or other digital assets are not available to Moroccan users unless Ethena Pay expressly confirms the relevant Service is available at the time of user onboarding.

Regulatory status. Ethena Pay Ltd. is not authorized by Bank Al-Maghrib, the Autorité Marocaine du Marché des Capitaux (AMMC), the Office des Changes, or any other Moroccan regulator to provide regulated virtual currency or financial services. Moroccan financial authorities have stated that the use of virtual currencies remains unauthorized in Morocco and that transactions conducted through virtual currencies can violate applicable exchange regulations.

Consumer rights and data protection. Moroccan consumers benefit from Law N° 31-08 establishing consumer protection measures, to the extent applicable. Processing of personal data is subject to Law N° 09-08 relating to the protection of individuals with regard to the processing of personal data, supervised by the Commission Nationale de contrôle de la protection des Données à caractère Personnel (CNDP).

Exchange control and specific risks. Moroccan exchange control regulations generally require financial transactions with foreign countries to be conducted through authorized intermediaries and using foreign currencies quoted by Bank Al-Maghrib. Users must not use the Services to circumvent applicable exchange control requirements. Ethena Pay may reject, restrict, or suspend transactions or Services where necessary to comply with those requirements.

4.6 Senegal

Regulatory status. Ethena Pay Ltd. is not authorized by the Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) or any Senegalese regulatory authority as a virtual asset service provider, payment institution, or electronic money issuer. Under Law N° 2024-08 of 14 February 2024, professional virtual asset service provider activities require the prior approval or authorization of the competent authority. Payment services are separately regulated under the UMOA framework administered by the BCEAO. Ethena Pay does not itself provide in Senegal any Service that requires an approval, authorization, license, or registration unless the applicable requirement has been satisfied. Where a regulated Service is provided by a Third-Party Provider, that provider acts under its own applicable authorization.

Consumer rights and data protection. Senegalese consumers benefit from Law N° 2021-25 of 12 April 2021 on prices and consumer protection, to the extent applicable. Processing of personal data is subject to Law N° 2008-12 of 25 January 2008 on the protection of personal data, supervised by the Commission de Protection des Données Personnelles (CDP).

Exchange control. Cross-border transfers are subject to the UEMOA regulations governing external financial relations, including Regulation N° 06/2024/CM/UEMOA. The availability of particular Services may be restricted where necessary to comply with applicable exchange control requirements.

Specific risks. The regulatory framework governing virtual asset services remains developing. Ethena Pay may limit, suspend, or discontinue affected Services in Senegal where required by applicable law or regulatory requirements.

4.7 South Africa

Regulatory status. Ethena Pay Ltd. is not authorized as a financial services provider (FSP) under the Financial Advisory and Intermediary Services Act of 2002 ("FAIS") by the Financial Sector Conduct Authority (FSCA) and is not registered with the Financial Intelligence Centre (FIC) as an accountable institution. Under FSCA Declaration 1 of 2022, crypto assets are financial products for purposes of FAIS, and the provision of financial services in respect of crypto assets may require authorization as an FSP. Certain crypto asset service activities may separately require registration with the FIC and compliance with the Financial Intelligence Centre Act of 2001. Ethena Pay does not itself provide in South Africa any Service that requires FSP authorization or FIC registration unless the applicable requirement has been satisfied. Where a regulated Service is provided by a Third-Party Provider, that provider acts under its own applicable authorization or registration.

Consumer rights. South African consumers benefit from the Consumer Protection Act 68, 2008 ("CPA"), to the extent applicable.

Data protection. Processing of personal information is subject to the Protection of Personal Information Act of 2013 ("POPIA"), supervised by the Information Regulator. Cross-border transfers are conducted in accordance with section 72 of POPIA.

Exchange control. South African users are subject to the South African Exchange Control Regulations administered by the South African Reserve Bank (SARB). Users are solely responsible for compliance with those regulations in connection with any cross-border transfer of value through the Services.

4.8 Uganda

Regulatory status. Ethena Pay Ltd. is not licensed by the Bank of Uganda (BoU) as a payment service provider, payment system operator, or issuer of payment instruments. The National Payment Systems Act, 2020 prohibits the provision of regulated payment services, operation of a payment system, or issuance of a payment instrument without a BoU license. Virtual asset service providers are separately subject to applicable anti-money laundering requirements, including registration with the Financial Intelligence Authority (FIA) as accountable persons. Ethena Pay does not itself provide in Uganda any Service that requires a BoU license or FIA registration unless the applicable requirement has been satisfied. Where a regulated Service is provided by a Third-Party Provider, that provider acts under its own applicable authorization or registration.

Consumer rights. To the extent applicable, electronic consumer transactions are subject to the Electronic Transactions Act, 2011. Certain rights under that Act do not apply to financial services.

Data protection. Processing of personal data is subject to the Data Protection and Privacy Act, 2019, supervised by the Personal Data Protection Office (PDPO).

Specific risks. Uganda continues to develop a comprehensive regulatory framework for virtual assets and virtual asset service providers. Registration with the FIA addresses applicable anti-money laundering requirements and does not replace any BoU license or other authorization that may separately be required.

4.9 Zambia

Regulatory status. Ethena Pay Ltd. is not licensed or designated by the Bank of Zambia (BoZ) to conduct regulated payment system business. The BoZ requires resident and nonresident virtual asset service providers offering virtual asset services to persons in Zambia to register with the BoZ. Virtual asset service providers are also subject to applicable anti-money laundering requirements administered by the Financial Intelligence Centre (FIC), including applicable registration requirements. Ethena Pay does not itself provide in Zambia any Service that requires registration with the BoZ or FIC or any other license, designation, or authorization unless the applicable requirement has been satisfied. Where a regulated Service is provided by a Third-Party Provider, that provider acts under its own applicable authorization or registration.

Consumer rights and data protection. Zambian consumers benefit from the Competition and Consumer Protection Act of 2010, to the extent applicable. Processing of personal data is subject to the Data Protection Act of 2021 and supervised by the Office of the Data Protection Commissioner.

Specific risks. Zambia is developing a comprehensive regulatory framework for virtual asset service providers. Registration with the BoZ or FIC does not eliminate any separate licensing, designation, or other compliance requirement that may apply to a particular Service.

Oceania

5.1 Australia

Availability. The Ethena Pay Spend Card is not generally available to Australian users unless expressly offered through a local issuer; users in Australia will be notified when onboarding with Ethena Pay whether the Spend Card is available or whether any other services might be limited.

Regulatory status. Ethena Pay Ltd. is not registered with AUSTRAC as a digital currency exchange (DCE) provider, does not hold an Australian Financial Services Licence (AFSL) from ASIC, and is not authorized by APRA. Onramp or offramp services are operated by Third-Party Providers under their own AUSTRAC and ASIC authorizations.

Australian Consumer Law. If you acquire the Services as a consumer within the meaning of the Australian Consumer Law (Schedule 2 to the Competition and Consumer Act of 2010 (Cth)) (the "ACL"), nothing in the Terms of Use excludes, restricts, or modifies any guarantee, condition, warranty, right, or remedy under the ACL that cannot lawfully be excluded, restricted, or modified. Our liability for failure to comply with any nonexcludable ACL guarantee is limited, at our election and to the maximum extent permitted by law, to: (i) re-supply of the relevant Service; or (ii) payment of the cost of having the relevant Service re-supplied.

Dispute resolution. Australian users may bring complaints to the Australian Financial Complaints Authority (AFCA) where AFCA has jurisdiction over a relevant Third-Party Provider, to the ACCC where applicable, or to the courts of the user's residence.

Data protection. Processing of personal information is subject to the Privacy Act 1988 (Cth) and the Australian Privacy Principles, supervised by the Office of the Australian Information Commissioner (OAIC). Notifiable Data Breaches under Part IIIC of the Privacy Act will be reported in accordance with applicable law.

5.2 New Zealand

Regulatory status. Ethena Pay Ltd. is not registered under the Financial Service Providers (Registration and Dispute Resolution) Act of 2008, is not licensed by the Financial Markets Authority (FMA), and is not authorized by the Reserve Bank of New Zealand. Where any Service constitutes a "financial service" within the meaning of the FSP Act, it is made available through Third-Party Providers acting under their own authorizations or relevant exemptions.

Consumer rights. New Zealand users benefit from the Consumer Guarantees Act of 1993 and the Fair Trading Act of 1986. The Consumer Guarantees Act applies only where the Services are acquired for personal, domestic, or household use, and to the extent not contracted out of in accordance with that Act.

Data protection. Processing of personal information is subject to the Privacy Act of 2020, supervised by the Office of the Privacy Commissioner (OPC). Cross-border disclosures are made in accordance with Information Privacy Principle 12.

Specific risks. The protections under the Financial Markets Conduct Act of 2013 applicable to licensed market participants do not apply to the Services.

Exhibits

• Exhibit A — Acceptable Use Policy
• Exhibit B — Privacy Policy
• Exhibit C — User Complaint Procedure
• Exhibit D — USDe Terms and Conditions
• Exhibit E — Sumsub Identity Verification Services Terms
• Exhibit F — Privy User Terms of Service
• Exhibit G — Iron Customer Terms