Customer Classification. (Applicable to customers who are residents of the UAE only) During the course of establishing a business relationship with you and thereafter, we may undertake a customer classification exercise and classify you as a Retail Investor, Qualified Investor or an Institutional Investor. A customer will be classified as a Retail Investor if they are not a Qualified Investor or an Institutional Investor. 1. A customer will be classified as a Qualified Investor if: The customer is an individual: o The individual is maintaining a cash holding of AED 500,000 supported by documentary proof of funds that illustrate relevant assets have remained, and will remain, liquid for a reasonable period of time and which shall be checked periodically; and o has relevant knowledge in respect of Virtual Assets. 2. Where the customer is a legal entity validly incorporated in the jurisdiction in which it is located, it is: o maintaining a cash holding of AED 500,000 supported by documentary proof of funds that illustrate relevant assets have remained, and will remain, liquid for a reasonable period of time and which shall be checked periodically; and o whose directors have relevant knowledge in respect of Virtual Assets. 3. A customer will be classified as an Institutional Investor if such customer is: o any legal entity regulated by a competent financial services regulator in the jurisdiction in which it is located, including but not limited to the Central Bank of UAE, the UAE Securities and Commodities Authority, the Dubai Financial Services Authority of Dubai International Financial Center and the Financial Services Regulatory Authority of the Abu Dhabi Global Market,; o any Virtual Assets Service Provider (VASP); o any government with relevant knowledge in respect of Virtual Assets for the nature of the Virtual Asset activities to be provided; o any institution which performs the functions of a central bank; or o any multilateral agency with relevant knowledge in respect of Virtual Assets for the nature of the Virtual Assets activities to be provided. 4. Backpack Exchange reserves the right to perform regular reviews of customer classification. You agree to notify Backpack Exchange of any change likely to affect your classification. If Backpack Exchange becomes aware, including through the review process, information received from you or by any other means, of any circumstances that in its reasonable opinion would warrant reclassification, then Backpack Exchange may by written notice via the Platform reclassify you in the suitable user category.
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Samples: User Agreement, User Agreement, User Agreement
