Buying Securities with Crypto. The FTX Platform will offer Customers the functionality and option to purchase securities with their cryptocurrency holdings. Customer must have adequate cryptocurrency holdings in their Customer MSB Account in order to place a securities buy order using crypto with FTX through the Customer Account. For clarity, Customer will be prohibited from placing securities buy orders with cryptocurrency through their Account in an amount that exceeds the specific cryptocurrency holdings in their Customer MSB Account. When a Customer places a securities buy order using cryptocurrency as the purchasing currency, the Customer is entering into and authorizing two separate transactions. First the Customer is entering into a spot transaction to sell the cryptocurrency for USD. Second, the Customer is entering into a transaction to buy securities with the USD sale proceeds realized from the first transaction to sell cryptocurrency. When placing a securities buy order with crypto, Customer explicitly agrees, acknowledges and instructs MSB to sell the cryptocurrency designated by Customer as the purchasing currency for the purchase of securities. Thereafter, and pursuant to Section 16(B)(2), the Customer explicitly agrees, acknowledges and instructs MSB to transfer necessary funds for the purchase price of such security from Customer MSB Account to Customer Account held at the Clearing Broker. Customer understands that all sales of cryptocurrency will be executed as a spot transaction at the then current market rate. Customer further understands that transfers of the cryptocurrency sale proceeds from Customer MSB Account to the Clearing Broker will be batched with transfers initiated by other Customers on the same trading day. Batched transfers will be sent to the Clearing Broker via a single wire transfer at the end of the relevant trading day rather than immediately upon such instruction by Customer to MSB.
Appears in 6 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
