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BitGo Coin Minting & Redemption Services Terms and Public Terms

Last Updated: March 9, 2026

These Coin Minting & Redemption Services Terms and Public Terms (these "Terms") apply to the minting, redemption, transfer, or otherwise use of the Coins (as defined below) by you or the entity you represent. If you are minting, redeeming or using the Coins on behalf of an organization, you are agreeing to these Terms for that organization and promising that you have the authority to bind that organization to these Terms (in which event, "you" will refer to that organization). If you don't agree to these Terms, you must not mint, redeem, hold, transfer, or otherwise use the Coins. In order to mint, redeem, hold, transfer or otherwise use the Coins, you must be legally permitted to use the Minting Services or Coins under Applicable Laws.

As used in these Terms, a "Client" refers to a registered customer of BitGo Trust Company, National Association, formerly known as BitGo Trust Company, Inc. ("BitGo B&T") or its Affiliates (collectively, "BitGo" or "us") who may obtain access to non-public services provided through the website with domains ending in "bitgo.com," or mobile application managed by BitGo (together, the "Platform") . As used in these Terms, "User" refers to any user that is holding or using the Coins without an Account (as defined below). "You" may refer to Client, User, or both as the context requires it.

BitGo may revise and update these Terms from time to time in its sole discretion. All changes are effective immediately upon posting and apply to the minting, redemption and use of the Coins after the "Last Updated" date of the revised Terms. Your continued use of the Minting & Redemption Services or the Coins after such posting constitutes acceptance of the revised Terms. You are responsible for reviewing these Terms periodically to stay informed of any changes. For material changes, BitGo will use commercially reasonable efforts to provide notice in the Platform or by other electronic means, and such posting in the Platform or other electronic notice will be deemed notice to you as of the time it is first made available.

You acknowledge and agree that BitGo's role under these Terms is limited to providing access to the Platform and performing the Minting & Redemption Services described in these Terms. Except where these Terms or the Additional Terms (as defined below) expressly state that BitGo B&T is the issuer of a particular Coin, BitGo is not the issuer of any Coin and does not assume any issuer obligations. Coins are not deposits or other liabilities of any bank, are not bank accounts, and do not create a customer relationship with any bank. Any Fiat Currency or Reference Asset that may be held as part of Reserves are held for the limited purpose of supporting minting and redemption as described in these Terms, and you have no ownership interest in, or right to, any specific reserve account except as expressly provided in these Terms.

I. DEFINITIONS

"Account" means the account accessed through the Platform that permits each Client to submit requests to BitGo to mint and redeem Coins, and to access such other services as BitGo may offer the Client in the Client's jurisdiction.

"Additional Terms" means any supplemental terms and conditions that apply to one or more specific Coins that BitGo makes available at https://www.bitgo.com/legal/bitgo-additional-terms (or any successor URL). BitGo may update the Additional Terms from time to time, and any update will be effective when posted at that URL.

"Affiliate" means, with respect to any Person (defined below), any other Person that directly or indirectly controls, is controlled by, or is under common control with such Person. "Control" means the direct or indirect ownership of more than 50% of the voting securities or voting interests of a Person, or the possession of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of equity interests, or by contract. A Person will be deemed an Affiliate only for so long as such control exists. With respect to BitGo, its current Affiliates are identified on the Platform.

"Applicable Laws" means any applicable statute, rule, regulation, regulatory guideline, order, law, ordinance, or code; the common law and laws of equity; any binding court order, judgment, or decree; any applicable industry code, rule, guideline, policy, or standard enforceable by law (including as a result of participation in a self-regulatory organization); and any official interpretations of any of the foregoing.

"Asset Referenced Coins" means digital assets whose value is tied to underlying non-Fiat assets, such as cryptocurrencies, commodities, securities, or real estate, through mechanisms like pegging or backing. This includes "wrapped" coins that represent an asset from one blockchain usable on another for interoperability and trading. The list of Asset Referenced Coins available for minting through the Platform can be found in the Additional Terms.

"Coins" means Asset Referenced Coins and Fiat Referenced Coins.

"Fiat" or "Fiat Currency" means government-issued legal tender (whether in physical or electronic form) that is designated as legal tender in its country of issuance, including U.S. dollars, euros, and pounds sterling.

"Fiat Referenced Coins" means digital assets whose value is tied to Fiat Currencies through Fiat Reserves to maintain a steady price. The list of Fiat Referenced Coins available through the Platform are identified in the Additional Terms.

"Minted Asset Referenced Coin" means the newly created units of Asset Referenced Coins via the applicable Smart Contract.

"Minted Fiat Referenced Coin" means the newly created units of Fiat Referenced Coins via the applicable Smart Contract.

"Minting & Redemption Services" means the minting and redemption of Coins through the Platform.

"Person" means any natural person, corporation, partnership, limited liability company, trust, unincorporated organization, association, joint venture, governmental authority or agency, or other legal or commercial entity.

"Reference Asset" means the underlying non-Fiat asset that backs the applicable Asset Referenced Coin.

"Reserves" means Asset Reserves and Fiat Reserves.

"Restricted Person" means any Person that is (i) the subject or target of any sanctions, including a Person that is: named in any Sanctions-related list maintained by the U.S. Department of State; the U.S. Department of Commerce, including the Bureau of Industry and Security's Entity List and Denied Persons List; or the U.S. Department of the Treasury, including the OFAC Specially Designated Nationals and Blocked Persons List, the Sectoral Sanctions Identifications List, and the Foreign Sanctions Evaders List; or any similar list maintained by any other relevant governmental authority; (ii) located, organized or resident in a country, territory or geographical region which is itself the subject or target of any territory-wide Sanctions, or in which the purchase or use of Coins is otherwise prohibited by applicable law, decree, regulation, treaty, or administrative act; or (iii) owned or controlled by any such Person or Persons listed above.

"Smart Contract" means the on-chain code governing minting and redemption and related digital asset functionality, whether controlled by BitGo, an issuer, a protocol, or other third parties.

"Supported Blockchains" means (i) Ethereum, and (ii) any other blockchain networks on which the Coin can be natively issued or minted.

II. TERMS APPLICABLE ONLY TO CLIENTS

1. APPLICATION

These Terms apply to each form or contract, whether electronic or in paper, executed by any Client who accesses or uses BitGo's products or services or the Coins through the Platform. In addition, Client may have a separate written agreement executed with BitGo B&T (the "Agreement") which may include terms related to the subject matter of these Terms. These Terms, the BitGo Terms of Use, and our Global Privacy Notice, which are incorporated herein by reference and form part of these Terms, govern your use of the Platform and products offered through the Platform in your jurisdiction. These Terms supplement the Agreement. In the event of any conflict between these Terms and the Agreement, these Terms will govern and take precedence only with respect to the Minting & Redemption Services, and the Agreement will govern in all other respects. To the extent the BitGo Terms of Use conflict with these Terms regarding Minting & Redemption Services, these Terms control.

2. REGISTRATION

BitGo will only accept Client's requests to mint, redeem, or transfer the Coins if Client is in Good Standing with BitGo. For the purposes of these Terms, "Good Standing" means, to the maximum extent permitted by Applicable Laws, in BitGo's sole discretion, that Client (a) has not violated Applicable Laws; (b) has not taken actions that would expose BitGo or its Affiliates to legal liability; (c) has not violated the Agreement (including those terms incorporated by reference); (d) provides, and continues to provide, information and documentation that BitGo reasonably requests to comply with Applicable Laws (including AML and sanctions requirements); (e) does not present elevated legal, compliance, fraud, or security risk, as determined by BitGo in its sole discretion; (f) is not, and is not holding Coins on behalf of, a Restricted Person; and (g) maintains an active Account that is neither suspended nor subject to suspension or termination.

3. MINTING

(A) Asset Referenced Coin.

To obtain a Minted Asset Referenced Coin, Client must (i) submit a mint request to BitGo through the Platform specifying the type and amount of Asset Referenced Coin to mint; (ii) designate a Supported Blockchain for the Minted Asset Referenced Coin; and (iii) transfer Fiat Currency or in some cases the Reference Asset and any applicable transaction fees and network fees to the account designated by BitGo equal to the number or value of the Asset Referenced Coins to be minted, with any such "value" determined by BitGo at the time BitGo processes the mint request using pricing sources selected by BitGo or, if applicable, the issuer's or protocol's valuation methodology and rules, and BitGo's determination of such value and application of such pricing sources, methodology, and rules will be final and binding absent manifest error. BitGo may reject, hold, or delay any mint request (for any reason, to the maximum extent permitted by Applicable Law, in its sole discretion, including, without limitation, pending compliance, sanctions, fraud, security, or other review), and a mint request will be treated as accepted only when confirmed by BitGo in its reasonable discretion. Upon receipt of payment and completion of the mint transaction, BitGo will deliver the corresponding amount of Minted Asset Referenced Coins to the Account or the wallet address designated by Client. Client acknowledges that market prices may change before or after BitGo processes the mint request, and BitGo is not responsible for any such market movement.

(B) Fiat Referenced Coin.

To obtain a Minted Fiat Referenced Coin, Client must (i) submit a mint request to BitGo through the Platform specifying the type and amount of Fiat Referenced Coin to mint; (ii) designate a Supported Blockchain for the Minted Fiat Referenced Coin; and (iii) transfer Fiat Currency and any applicable transaction fees and network fees to the account designated by BitGo equal to the number of Fiat Referenced Coins to be minted. BitGo may reject, hold, or delay any mint request (for any reason, to the maximum extent permitted by Applicable Laws, in its sole discretion, including, without limitation, pending compliance, sanctions, fraud, security, or other review), and a mint request will be treated as accepted only when confirmed by BitGo in its reasonable discretion. Upon receipt of payment and completion of the mint transaction, BitGo will deliver the corresponding amount of Minted Fiat Referenced Coins to the Account or wallet address designated by Client.

4. REDEEMING

(A) Asset Referenced Coin.

To redeem Asset Referenced Coins, Client must (i) submit a redemption request through the Platform specifying the amount of Asset Referenced Coins to redeem; and (ii) transfer the Asset Referenced Coins to the account or wallet address designated by BitGo. A redemption request will be deemed a "compliant redemption request" only when (1) it is submitted through the Platform with all required fields completed, (2) the applicable Asset Referenced Coins are received in the account or wallet address designated by BitGo with sufficient confirmations or finality, as determined by BitGo in its sole discretion, and (3) all compliance reviews are completed and any information requests by BitGo are satisfied, as determined by BitGo in its discretion. BitGo will then transfer Fiat Currency or in some cases the Reference Asset equal to the number or value of the Asset Referenced Coins the Client is redeeming less any applicable transaction fees and network fees to the bank account designated by and in the name of Client or wallet address designated by Client, with any such "value" determined by BitGo at the time BitGo processes the compliant redemption request using pricing sources selected by BitGo or, if applicable, the issuer's or protocol's valuation methodology and rules. Redemption of Asset Referenced Coins will be deemed to have occurred when BitGo processes and initiates the transfer of Fiat Currency or in some cases the Reference Asset to Client. Client acknowledges that market prices may change before or after BitGo processes the redemption request, and BitGo is not responsible for any such market movement. BitGo will use commercially reasonable efforts to initiate such transfers as soon as reasonably practicable, and typically within two business days after receipt of a compliant redemption request, subject to bank/payment rail processing times, network conditions, outages, liquidity constraints, and Applicable Laws. Any timing referenced in this subsection is a target estimate only, is not a service level agreement or commitment, and BitGo will have no liability for any delay caused by bank/payment rail processing times, blockchain/network conditions, outages, liquidity constraints, and Applicable Laws.

(B) Fiat Referenced Coin.

To redeem any Fiat Referenced Coins, Client must (i) submit a redemption request through the Platform specifying the amount of Fiat Referenced Coins to redeem; and (ii) transfer the Fiat Referenced Coins to the account or wallet address designated by BitGo. A redemption request will be deemed a "compliant redemption request" only when (1) it is submitted through the Platform with all required fields completed, (2) the applicable Fiat Referenced Coins are confirmed as received in the account or wallet address designated by BitGo with sufficient confirmations or finality, as determined by BitGo, and (iii) all compliance reviews are completed and any information requests by BitGo are satisfied. BitGo will then transfer Fiat Currency equal to the number of Fiat Referenced Coins the Client is redeeming less any applicable transaction fees and network fees to the Client's bank account designated by and in the name of Client, subject to BitGo's approval and Applicable Laws and payment-rail requirements. Redemption of Fiat Referenced Coins will be deemed to have occurred when BitGo processes and initiates the transfer of Fiat Currency to Client. BitGo will use commercially reasonable efforts to initiate such transfers as soon as reasonably practicable, and typically within two business days, after receipt of a compliant redemption request, however, BitGo will have no liability for any delay caused by bank/payment rail processing times, network conditions, outages, and Applicable Laws.

In the event that BitGo is not the issuer of a Fiat Referenced Coin, BitGo may act as a distribution agent for the applicable issuer. In that case, Client may only redeem the Fiat Referenced Coin through BitGo or other third party distribution agents. Client will have no direct redemption rights against the issuer and will have no privity of contract with, or right to enforce any obligations against, the issuer with respect to redemption.

5. CANCELLATION

BitGo may cancel or nullify mint or redemption requests if the order contains a bug, error, or mistake, involves an actual or suspected breach of these Terms or the Agreement as reasonably determined by BitGo, or if BitGo reasonably determines cancellation is necessary to comply with Applicable Laws, protect the integrity or security of the Platform, or prevent fraud, abuse, or market manipulation, including in the event of compromised credentials, actual or suspected unauthorized access, duplicate or erroneous submissions, or blockchain events affecting transaction finality (including forks or blockchain reorganizations). If BitGo cancels or nullifies a request or places a request on hold pending investigation or compliance review, BitGo may (where permitted) return any received Reference Assets or Fiat net of applicable fees, costs, or expenses, or hold such Reference Assets or Fiat for as long as reasonably necessary to complete any investigation, comply with any legal hold or other legal process, or satisfy Applicable Laws and BitGo compliance requirements. Any return of Reference Assets or Fiat will be made only as permitted by Applicable Laws and only to a destination that is approved by BitGo in its sole discretion. Client may not cancel, reverse, or modify a mint or redemption request once it is pending or finalized.

6. MINTING SERVICES FEES

Applicable transaction fees can be accessed through the Additional Terms and will be displayed in the Platform when submitting a mint or redemption request, and Client's submission of a mint or redemption request constitutes Client's acceptance of the applicable fees. The transaction fees displayed in the Platform at the time Client submits the applicable mint or redemption request will govern that request. In the event of any conflict or inconsistency between the fees in the Additional Terms and the fees shown to Client before completing a transaction, the fees shown to Client will control. If Client becomes aware of any such inconsistency before completing the transaction, Client shall promptly notify BitGo. Transaction fees are separate from, and do not include, any network fees or charges imposed by the underlying blockchain, which are charged to Client as incurred. BitGo reserves the right to modify the fee structure from time to time. Any such changes will be effective upon the updated date of the Additional Terms, subject to any requirement under Applicable Law to provide additional notice. Client's first use of the Account following the posted or otherwise provided changes will constitute Client's acceptance of such changes. If Client does not agree to the changes, Client must cease using the Minting & Redemption Services. BitGo reserves the right to impose transaction limits, in its sole discretion, in accordance with its policies (including policies regarding verification of customer identification and anti-money laundering procedures).

7. INDEMNITY AND LIMITATION OF LIABILITY

(A) Client will defend, indemnify, and hold harmless BitGo B&T, its Affiliates, and each of its or their officers, directors, employees, agents, and representatives, (each, a "BitGo Indemnitee"), from and against any liabilities, damages, losses, costs, and expenses, including reasonable attorneys' fees and costs (collectively, "Losses") resulting from any third-party claim, demand, action or proceeding (a "Claim") arising out of or related to Client's (i) use of the Minting & Redemption Services or the Coin (including any access, purchase, sale, transfer, custody, holding, staking, bridging, wrapping, or other use thereof); (ii) breach of these Terms, (iii) violation of any Applicable Law in connection with its use of the Minting & Redemption Services or the Coin, (iv) marketing, promotion, offering, sale, distribution, or other communications regarding the Coins; (v) failure to provide, deliver, or honor any obligations to any third party with respect to the Coins; (vi) use of the Coin or the Minting & Redemption Services in connection with fraud, manipulation, deceptive practices, or any other misconduct; or (vii) infringement, misappropriation, or other violation of any intellectual property, privacy, publicity, or other rights of any third party.

(B) BitGo will (i) provide Client with prompt notice of any indemnifiable Claim under Section 7(A) (provided that the failure to provide prompt notice shall only relieve Client of its obligation to the extent Client is materially prejudiced by such failure and can demonstrate such prejudice); (ii) permit Client to assume and control the defense of such action with counsel acceptable to BitGo in its discretion; and (iii) upon Client's written request, and at no expense to BitGo, provide to Client all available information and assistance reasonably necessary for Client to defend such Claim. BitGo shall be permitted to participate in the defense and settlement of any Claim with counsel of BitGo's choice at BitGo's expense (unless such retention is necessary because of Client's failure to assume the defense of such Claim, in which event Client will be responsible for all such fees and costs). Client will not enter into any settlement or compromise of any such Claim, which settlement or compromise would result in any liability to any BitGo Indemnitee or constitute any admission of or stipulation to any guilt, fault, or wrongdoing, without BitGo's prior written consent.

(C) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL BITGO B&T, ITS AFFILIATES, AND ITS OR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND REPRESENTATIVES, BE LIABLE FOR ANY LOST PROFITS OR ANY SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES, WHETHER BASED IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH AUTHORIZED OR UNAUTHORIZED USE OF THE PLATFORM OR THE MINTING & REDEMPTION SERVICES, OR THESE TERMS, EVEN IF BITGO HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES.

(D) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL THE AGGREGATE LIABILITY OF BITGO B&T, ITS AFFILIATES AND ITS AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND REPRESENTATIVES, IN THE AGGREGATE FOR ALL CLAIMS, EXCEED THE FEES PAID OR PAYABLE TO BITGO FOR MINTING & REDEMPTION SERVICES DURING THE THREE (3)-MONTH PERIOD IMMEDIATELY PRECEDING THE FIRST INCIDENT GIVING RISE TO SUCH LIABILITY.

(E) EXCEPT AS EXPRESSLY PROVIDED IN THESE TERMS AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE MINTING & REDEMPTION SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED, OR STATUTORY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, BITGO SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. BITGO DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO THE PLATFORM, ANY PART OF THE MINTING & REDEMPTION SERVICES, OR ANY OF THE MATERIALS CONTAINED IN ANY OF THE FOREGOING WILL BE CONTINUOUS, UNINTERRUPTED, OR TIMELY; BE COMPATIBLE OR WORK WITH ANY SOFTWARE, SYSTEM, OR OTHER SERVICES; OR BE SECURE, COMPLETE, FREE OF HARMFUL CODE, OR ERROR-FREE.

(F) Client acknowledges and agrees that the Smart Contracts governing the Coins may have been developed and may be managed by a third-party not under the control of BitGo. BitGo makes no representations or warranties regarding the functionality, performance, availability, or security of any third-party Smart Contract. To the maximum extent permitted by Applicable Laws, BitGo and its officers, directors, employees, agents, and representatives (collectively, the "Released Parties") will have no liability for, and Client irrevocably waives, releases, and agrees not to assert, any claims, demands, damages, losses, liabilities, costs, or expenses (including attorneys' fees) arising out of or related to the operation, failure, bug, vulnerability, misconfiguration, unintended behavior, or exploitation of the Smart Contract, except to the extent arising directly from the Released Parties' fraud or willful misconduct.

8. GOVERNING LAW AND DISPUTE RESOLUTION

These Terms are governed, construed and enforced in all respects in accordance with the laws of the State of New York, without giving effect to any conflict-of-laws rules that would result in the application of the laws of another jurisdiction.

You and BitGo agree that any claim, dispute or controversy ("Claim") arising from or relating in any way to these Terms or the Coins, including Claims regarding the interpretation, applicability, or enforceability of this arbitration provision or any portion of these Terms, will be resolved by binding arbitration administered by the American Arbitration Association ("AAA") under the AAA Consumer Arbitration Rules (or, if applicable, AAA Commercial Arbitration Rules), then in effect, except as modified by these Terms.

The arbitration will be conducted before a single arbitrator in accordance with the applicable AAA rules. If the AAA is unable or unwilling to administer the arbitration, you and BitGo will reasonably cooperate to select a mutually acceptable, reputable arbitration provider; if the parties cannot agree, a court of competent jurisdiction will appoint the arbitrator.

Either party may appeal the arbitral award within thirty (30) days after the award is issued to a three-arbitrator panel, which will review the award de novo. The appealing party will be responsible for the additional costs of the appeal, regardless of the outcome. Judgment on the arbitral award may be entered and enforced in any court of competent jurisdiction.

Information about the AAA, including how to file an arbitration, is available at www.adr.org, by mail at 335 Madison Avenue, 10th Floor, New York, NY 10019, or by telephone at 1-800-778-7879.

BitGo will not require arbitration of an individual Claim that you choose to bring in small claims court (or an equivalent court), provided the Claim is pending only in that court and does not exceed $5,000.

Upon your written request, BitGo will advance the AAA filing, administrative, and arbitrator hearing fees for the arbitration, subject to allocation or reallocation by the arbitrator as permitted under the applicable AAA rules and these Terms.

The Arbitration shall be conducted in English and, unless you and BitGo agree otherwise, will take place in New York County, New York (or remotely, if permitted by the AAA rules). The prevailing party shall be entitled to reasonable attorneys' fees and costs paid by the non-prevailing party, unless prohibited by applicable law.

If the class, collective, representative, private attorney general, or consolidated action waiver set forth below is found to be invalid or unenforceable as to a particular Claim, then that waiver will be severed as to that Claim, and (i) any such class, collective, representative, private attorney general, or consolidated Claim must be brought in a court of competent jurisdiction in New York County, New York, and (ii) the parties agree that the arbitration agreement will otherwise remain in full force and effect and will continue to apply to all individual Claims.

YOU AND BITGO AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN AN INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE, REPRESENTATIVE, PRIVATE ATTORNEY GENERAL, OR CONSOLIDATED PROCEEDING.

9. TERM

These Terms commence on the date of the first mint or redemption request and continue until the termination of the Agreement. Notwithstanding anything to the contrary in these Terms or the Agreement, BitGo reserves the right to stop offering Minting & Redemption Services, at any time, in its sole discretion, including, without limitation, suspending or discontinuing support for specific Coins or Supported Blockchains.

III. TERMS APPLICABLE TO CLIENTS AND USERS

1. RESERVES

(A) Asset Referenced Coin.

For all outstanding Asset Referenced Coins, BitGo relies on third parties to maintain the reserves (the "Asset Reserves") with an aggregate value that is equal to or greater than all outstanding Asset Referenced Coins. While the Asset Reserves may be held for custodial purposes, you acknowledge that you are not entitled to any appreciation beyond the redemption value, nor do you have a direct property interest in the Reference Asset held in the Asset Reserve or any specific, identifiable portion thereof. The Asset Referenced Coin itself does not generate any yield or interest; it represents solely your right to redeem for its equivalent asset value, subject to applicable redemption fees and Applicable Laws.

(B) Fiat Referenced Coin.

For all outstanding Fiat Referenced Coins for which BitGo B&T is the issuer, as specified in the Additional Terms, BitGo B&T maintains an equivalent amount of Fiat Currency (the "Fiat Reserves") that, at the end of each business day, has an aggregate U.S. dollar value that is equal to or greater than the value of all outstanding Fiat Referenced Coins. Fiat Currency in the Fiat Reserve may include cash held in FDIC-insured bank accounts (to the extent and subject to the terms, conditions, and limitations of FDIC insurance applicable to the relevant account), U.S. Treasury bills that are three months or less to maturity dates, government money-market funds, reverse repurchase agreements fully collateralized by the U.S. Treasury bills, U.S. Treasury notes, and/or U.S. Treasury bonds on an overnight basis, or other similar types of assets. BitGo B&T will maintain the Fiat Reserve in accordance with designations required by Applicable Law or BitGo B&T's regulators, and will use such assets for the purpose of providing Fiat Currency in exchange for Fiat Referenced Coins. The Fiat Currency in the Fiat Reserve will be held in accounts that are segregated from BitGo B&T's own assets, with U.S. depository institutions and securities custodians, as applicable. While BitGo B&T may maintain the Fiat Reserve in interest-bearing accounts or other yield-generating instruments, you acknowledge that you are not entitled to any interest or other returns earned on such funds, nor do you have any property interest in the securities or other financial instruments held in the Fiat Reserve. The Fiat Referenced Coin itself does not generate any interest or return for holders of Fiat Referenced Coins and only represents your right to redeem the Fiat Referenced Coins for an equivalent amount of Fiat Currency, subject to applicable redemption fees.

2. ADDITIONAL TERMS

Mints, redemptions, transfers, or otherwise use of each Coin may also be subject to issuer or protocol-level terms and conditions that are made publicly available and accessible through the Additional Terms (the "Public Terms"). These Public Terms are between Client and the issuer (if such issuer is not BitGo B&T), which is a third party not under the control of BitGo. If BitGo is not a party to the Public Terms, then BitGo has no responsibility or liability for any issuer or protocol obligations under the Public Terms. As between Client and BitGo, these Terms and the Agreement govern BitGo's services notwithstanding any conflicting Public Terms. In the event of a conflict between these Terms and the Public Terms, these Terms will control with respect to the Minting & Redemption Services, the Coins, and your relationship with BitGo.

3. THIRD PARTY SERVICES

Third parties may offer or provide services, content, features, products, non-BitGo websites or services or applications, offers and promotions in connection with the Coins (individually and collectively, "Third Party Services"). We may make Third Party Services available to you and disclose that such third party is not BitGo. Making a Third Party Service available to you does not reflect a sponsorship, endorsement, approval, investigation, verification, certification or monitoring of such Third Party Services by BitGo. Your acquisition of Third Party Services, and any exchange of data between you and any non-BitGo provider, is solely between you and such provider. BitGo does not warrant Third Party Services in any way. Under no circumstances will we have any liability for Third Party Services or your use of Third Party Services. You agree that you use Third Party Services at your own risk, and under terms and conditions between you and the provider of Third Party Services that are different from the provisions of these Terms.

4. LISTED COINS ONLY

As a result of the decentralized and open-source nature of the Coins, it is possible that a party unaffiliated with BitGo could create an alternative version of the Coins either on a Supported Blockchain or on an unsupported blockchain that operates independently from the Coins (each, a "Copy Coin"). Similarly, it is possible that a party unaffiliated with BitGo may create an asset and purport that such asset is collateralized by or otherwise incorporates the Coins into its design (each, a "Wrapped Coin"). BitGo supports only the Coins expressly listed in the Additional Terms and does not support any Copy Coin or Wrapped Coin and assumes no responsibility for any value that might be lost as a result of not supporting any Copy Coin or Wrapped Coin, including any inability to redeem, transfer, or otherwise use such assets.

5. FORKS

The underlying operating rules of the Supported Blockchains may change from time to time in such a way as to result in more than one related version of a Supported Blockchain (each instance of any such change, a "Fork"). If a Fork occurs, it will result in the creation of a new branch of a Supported Blockchain. BitGo will evaluate all Forks and make a determination, based on a number of factors and in its sole and exclusive discretion, to support the Coins on one, and only one, of the Forks. For more information regarding BitGo's evaluation of Forks, please see our Fork Policy at https://www.bitgo.com/resources/fork-policy/. In our sole discretion, BitGo may revise its Fork Policy at any time and without notice to you by posting an updated Fork Policy at https://www.bitgo.com/resources/fork-policy/ and, for material changes, by commercially reasonable notice in the Platform or by other electronic means. You acknowledge and agree that BitGo may decide to not support Forks and make no representation as to whether it will support any Fork. You further acknowledge and agree that you will not receive any additional value or return on your Coins from BitGo as a result of any Fork.

6. FREEZES AND SEIZURES

(A) Blocked Addresses. BitGo reserves the right to block certain blockchain wallet addresses from transacting the Coins, and, if such addresses are BitGo custodied addresses, freeze associated Coins (temporarily or permanently) that BitGo determines, in its sole discretion, may be associated with illegal activity or activity that otherwise violates these Terms ("Blocked Address"). If you send or receive Coins with a Blocked Address, BitGo may freeze such Coins. BitGo may report suspected illegal activity to applicable law enforcement agencies, and you may forfeit any rights associated with your Coins in connection with illegal activity, including the ability to exchange the Coins.

(B) Freeze, Seizure, or Forfeiture. Your Coins and the associated Reserves may be subject to seizure or forfeiture by law enforcement, and we will comply with the legal process in respect thereof. Your use of, or access to, the Coins may be frozen or otherwise restricted, temporarily or permanently, with or without advance notice: (i) if such action is required by Applicable Law; (ii) pursuant to a formal notification by BitGo or any partner or Third Party Service provider in accordance with previously agreed contractual terms, or (iii) as deemed necessary or advisable by BitGo or any Third Party Service provider in such party's sole discretion. If we determine after an investigation that any of your Coins or associated Reserves have been used, or are being used, for illegal (or sanctioned) activity, we may not permit you to exchange your Coins with BitGo, and, if presented for redemption, such Coins and the relevant Reserves may be forfeited. Any Coins that are subject to freeze, seizure, forfeiture or similar limitation on their use imposed by law may become wholly and permanently unrecoverable and unusable, and in appropriate circumstances, may be destroyed.

(C) BY USING THE COINS, YOU AGREE THAT WE MAY TAKE THE ACTIONS SET FORTH IN THIS SECTION AND THAT WE WILL NOT BE LIABLE TO YOU FOR SUCH ACTIONS.

7. DISCLOSURES, RISK FACTORS, AND DISCLAIMERS

This Section provides a summary of certain risks you should consider, in addition to those disclosed elsewhere in these Terms, when deciding whether to use the Minting & Redemption Services or the Coins. You should not use the Minting & Redemption Services or the Coins unless you understand the associated risks. By using the Minting & Redemption Services or the Coins, you acknowledge that you have read and understand and assume full responsibility for the following risks.

(A) Coins and Third Party Services. BitGo or providers of Third Party Services may offer rewards, financial incentives, or other forms of compensation in connection with the Coins. Such incentives are designed to enhance the distribution and awareness of such Coins. You are encouraged to independently assess the appropriateness of participating in such offers based on your individual needs.

(B) Your Compliance Responsibilities. Your use of Minting & Redemption Services or the Coins is subject to Applicable Laws, including, without limitation, all applicable tax, anti-money laundering ("AML") and counter-terrorist financing ("CTF") provisions and sanctions. You agree to act in compliance with and be legally bound by these Terms and all Applicable Laws. You agree that BitGo is not responsible for determining whether or which laws may apply to your transactions. You are solely responsible for reporting and paying any taxes arising from your use of the Coins including any accurate reporting of the tax or legal status of such Coin in your jurisdiction.

(C) Coins Are Not Legal Tender. The Coins are not money or legal tender. The Coins are not issued, backed, or guaranteed by any government and, consequently, some of the protections that apply to fiat currencies do not apply to the Coins. They may not be accepted as legal payment for goods and services and financial obligations.

(D) Coins Do Not Benefit From Deposit Insurance Protections. The Coins are not subject to deposit insurance protection, including, but not limited to the FDIC insurance or the SIPC protection, or any other governmental or non-governmental insurer. Accordingly, any loss you experience may not be offset by insurance payments or at all.

(E) Consequences of Sending the Coins. Losses due to fraudulent actions or accidental Coin transactions may not be recoverable. Once you send the Coins to a Supported Blockchain address, you accept the risk that you may lose access to, and any claim on, those Coins indefinitely or permanently. You accept all consequences of sending Coins off the Platform. Most Coin transactions are not reversible.

(F) Software Protocols and Operational Challenges. You acknowledge and accept the inherent risks of transacting with blockchain networks and related software protocols, including the risk of transaction failure resulting from unanticipated technical difficulties, network congestion, backlogs, or higher-than-normal fees. You understand that BitGo does not own or control blockchain networks and is not responsible for their operation, security, functionality, or availability. BitGo, its service providers, and the Smart Contracts underlying the Minting & Redemption Services or the Coins may experience sophisticated cyber-attacks, security breaches, unexpected surges in activity, bugs, or exploits that may cause interruptions, delays, or the loss of funds. Furthermore, you acknowledge that employees, contractors, or integrated service providers may inadvertently or maliciously compromise the system or expose vulnerabilities. You agree to accept these operational risks—including those affecting the minting, redemption, transfer, or otherwise use of Coins—and agree not to hold BitGo accountable for any related losses resulting from such technical difficulties, platform downtime, or network failures.

(G) Regulatory Treatment of the Coins. The regulatory status of cryptocurrency, including the Coins, and blockchain technology is unclear or unsettled in many jurisdictions. As such, it is difficult to predict how or whether regulatory agencies may apply existing or new laws and regulation with respect to the Coins, blockchain technology, and its applications, and it is not possible to determine whether or how certain transactions involving the Coins would be recognized under Applicable Law by a court or regulator in your jurisdiction. The Coins can be subject to various regulations depending on the jurisdiction. Depending on jurisdiction and structure, the Coins may be classified as securities, commodities, or other regulated instruments. This means that the Coins, and Third Party Services, might need additional licenses or follow more compliance rules. BitGo may need to secure certain licenses or other regulatory approvals in one or more jurisdictions, and failure to secure or maintain these licenses could impact BitGo's ability to allow you to use the Minting & Redemption Services. Moreover, interpretations of existing laws and regulations as well as legislative and regulatory changes or actions at the U.S. state, U.S. federal, or international level may adversely affect, on a go forward basis, the minting, redemption, transfer, use, and/or value of the Coins, and impose restrictions on issuers and other parties.

(H) No Security Interest in the Coins. Your right to request redemption of your Coins is a contractual right with BitGo and does not represent a security interest in favor of a holder of the Coins. Following the minting of the Coin, BitGo's only obligation to any holder is to redeem Coin subject to these Terms and the applicable Public Terms, and BitGo has no other obligation.

(I) Fiat Referenced Coin Reserves May be Subject to Liquidity Risks. Although BitGo seeks to ensure that the majority of its Fiat Reserves are held in liquid assets, there can be no assurance that the value or liquidity of such Fiat Reserves will always be sufficient to meet redemption requests of Fiat Referenced Coins as and when made. If the Fiat Currency held in the Fiat Reserves decline in value or become illiquid, it could impair the ability to honor redemptions at par value. Changes in interest rates or yield on the Fiat Currency held in the Fiat Reserves can affect the Fiat Reserve adequacy. A rapid spike in Fiat Referenced Coin redemption requests may outpace liquidity, leading to delays, forced asset sales, or a "run" on Fiat Referenced Coins. As a consequence, it is possible that the redemption of Fiat Referenced Coins may be deferred or suspended in certain circumstances. BitGo is not responsible for any delays or losses resulting from such circumstances, and users should be aware of the potential risks when buying, selling, holding, redeeming, or otherwise using Fiat Referenced Coins.

(J) Asset Referenced Coins Reserves May be Subject to Liquidity Risks. Although BitGo seeks to ensure that the assets backing its Asset Referenced Coins are appraised, secured, and maintained to meet redemption requirements, there can be no assurance that the market value, physical condition, or liquidity of such Asset Reserves will always be sufficient to meet redemption requests as and when made. If the underlying physical assets decline in market value, suffer physical degradation, or become illiquid due to market dislocation, it could impair the ability to honor redemptions at par value or the prevailing market rate. Costs associated with storage, insurance, and maintenance, as well as changes in regulatory environments or geopolitical stability, can affect the adequacy of the Asset Reserve. Unlike Fiat Referenced Coins, the liquidation of physical assets often involves logistical delays, transport requirements, and third-party verification. A rapid spike in redemption requests may outpace the timeline for physical asset liquidation, leading to significant delays, forced "fire sales" at a discount, or a "run" on the Asset Referenced Coins. As a consequence, it is possible that the redemption of Asset Referenced Coins may be deferred, capped, or suspended in certain circumstances. BitGo is not responsible for any delays, losses, or value fluctuations resulting from such circumstances, and users should be aware of the inherent risks—including storage risk, appraisal error, and liquidity mismatch—when buying, selling, holding, or redeeming Asset Referenced Coins.

(K) Risks Involving Third-Party Financial Institutions. BitGo relies on financial institutions and intermediaries to hold Fiat Currency or Reference Assets forming part of the Reserves backing the Asset Referenced Coin or the Fiat Referenced Coin. Such Reserve held at or through financial institutions or intermediaries may be subject to the risk of loss, theft, insolvency, and governmental or regulatory freezes and seizures. Furthermore, these parties have their own policies and practices, and they may change their policies or support of the Reserves, which could affect the ability of BitGo to access the Reserves.

(L) Reputational and Market Risks. Unfavorable media coverage can negatively affect the value of the Coins on the secondary market, regardless of whether such coverage relates specifically to BitGo. Unfavorable publicity regarding, for example, liquidity, litigation or regulatory activity, privacy practices, political perceptions, Public Terms, the use of the Coins for illicit or objectionable ends, could result in reputational harm, which can adversely affect the value and utility of the Coins. The digital asset market is highly competitive, and dominant players or new entrants could erode the Coins' market share, which can adversely affect the value and utility of the Coins. Continued adoption may depend on exchanges, market makers, businesses and others deciding to support the Coins. A collapse or crisis involving other Digital Assets or platforms (e.g., exchanges, other digital assets, protocols) could have contagion effects, impacting the stability and trust in the Coins.

(M) Secondary Markets. Secondary market prices for the Coins can fluctuate and be unpredictable due to a variety of factors. There is no assurance that the Coins will maintain its value in the future or that Coins may be accepted for payments or other purposes by other parties. The Coins may trade at, above or below the value of the Fiat Currency or Reference Asset for which such Coin is redeemable. The market price of Coins in secondary markets could fluctuate in response to conditions in those markets irrespective of the value of the Fiat Currency or Referenced Asset underlying the Coins. The amount of the discount or premium in the market price for the Coins relative to the value of the Fiat Currency or the Reference Asset for which the Coins are redeemable may be affected by trading activity in the Coins, the ease and costs of redemption, and other factors. BitGo cannot control how third parties value the Coins.

(N) Interests May Differ. The interests of BitGo may differ from those of Coin holders. BitGo benefits from net fees earned from interest on the Reserves. Because BitGo may seek to maximize earnings on Reserves, and Coin holders are not entitled to those earnings, their interests may diverge. From time to time, BitGo may also enter into agreements or transactions with parties, whose interests may differ from the interests of the Coin holders.

(O) Other Risks. These Terms do not disclose all of the risks associated with the Coins. You acknowledge and agree that you are solely responsible for determining the nature, potential value, suitability, and appropriateness of those risks for you in light of your circumstances and financial resources. BitGo does not give advice or recommendations regarding the Coins including the suitability and appropriateness of, and investment strategies for, such Coins. You should be aware that you may sustain a total loss of the Coins, and that under certain market conditions, you may find it difficult or impossible to liquidate a position. BitGo is not giving tax advice, legal advice or other professional advice by allowing you to mint, redeem, hold, transfer, or otherwise use Coins. No content on our website, services, or that we otherwise provide to you will be considered tax advice, legal advice or investment advice. Before you make any financial, legal, or other decisions involving the Coins, you should seek independent professional advice from an individual who is licensed and qualified in the area for which such advice would be appropriate.

(P) YOU ACKNOWLEDGE AND AGREE THAT YOU WILL MINT, REDEEM, HOLD, TRANSFER, OR OTHERWISE USE THE COINS AT YOUR OWN RISK.

8. RESTRICTED AND PROHIBITED CONDUCT

(A) You will comply with BitGo's Prohibited Uses and Businesses Terms, which are incorporated herein by reference.

(B) You will not buy, sell, hold, or otherwise use Coins other than for their intended purpose and if you are not eligible in accordance with these Terms.

i. In connection with your holding or use of Coins, you will not:

  • Violate any Applicable Law, contract, intellectual property or other third-party right, or commit a tort;

  • Engage in any harassing, threatening, intimidating, predatory, or stalking conduct;

  • Use or attempt to use another's account or information without authorization from that client and BitGo;

  • Impersonate or post on behalf of any Person or otherwise misrepresent your affiliation with a Person;

  • Modify Coins, remove any proprietary rights notices or markings, or otherwise make any derivative works based on Coins;

  • Use Coins in any manner that could interfere with, disrupt, negatively affect, or inhibit other users from fully enjoying Coins or that could damage, disable, overburden, or impair the functioning of Coins in any manner;

  • Transmit or upload any virus, worm, or other malicious software or program; or

  • Use Coins for any illegal or unauthorized purpose, or engage in, encourage, or promote any activity that violates these Terms.

ii. Buying, selling, holding, or otherwise using Coins for transactions related to the following is prohibited, and BitGo reserves the right to monitor and, if appropriate, block or otherwise prevent transactions that relate to:

  • any Restricted Person;

  • weapons of any kind, including but not limited to firearms, ammunition, knives, explosives, or related accessories;

  • controlled substances, including but not limited to narcotics, prescription drugs, steroids, or related paraphernalia or accessories, unless licensed and authorized;

  • gambling activities including but not limited to sports betting, casino games, horse racing, dog racing, games that may be classified as gambling (i.e. poker), or other activities that facilitate any of the foregoing, unless licensed and authorized;

  • money-laundering or terrorist financing;

  • any sort of Ponzi scheme, pyramid scheme, or multi-level marketing program;

  • goods or services that infringe or violate any copyright, trademark, or proprietary rights under the laws of any jurisdiction;

  • credit repair services, or other services that may present consumer protection risks;

  • court ordered payments, structured settlements, tax payments, or tax settlements;

  • any unlicensed money transmitter activity;

  • layaway systems, or annuities;

  • counterfeit goods, including but not limited to fake or "novelty" IDs;

  • wash trading, front-running, insider trading, market manipulation or other forms of market-based fraud or deceit;

  • purchasing goods of any type from "Darknet" markets, or any other service or website that acts as a marketplace for illegal goods; or

  • any other matters, goods, or services that from time to time we communicate to you that are unacceptable and which, for example, may be restricted by our and your bank or payment partners.

9. FORCE MAJEURE

BitGo will have no liability for any failure or delay resulting from any condition beyond our reasonable control, including but not limited to governmental action, acts of terrorism, earthquake, fire, flood, pandemics, or other acts of God, labor conditions, power failures, equipment failures, cyber attacks, and Internet disturbances or interruptions in blockchain or network functionality.

10. ASSIGNMENT

BitGo reserves the right to freely assign these Terms and the rights and obligations of these Terms to any third party at any time including, without limitation, in connection with a merger, acquisition, corporate reorganization, or sale of all or substantially all assets. BitGo will use commercially reasonable efforts to notify you of this change. If you object to such transfer or assignment, your sole remedy is to stop holding and using Coins and, if you are a Client, to close your Account.

IV. TERMS APPLICABLE ONLY TO USERS

1. TERM

These Terms commence on the date you start holding and using the Coins and continue until the day you no longer hold or use the Coin.

2. RELEASE

If you have a dispute with one or more third parties, you release BitGo (and its officers, directors, employees, agents, representatives, partners, or licensors) from any and all claims, demands, and damages (actual and consequential) of every kind and nature arising out of or in any way connected with Coins or any Third Party Services.

3. GOVERNING LAW

These Terms will be construed in accordance with the laws of the State of New York as applied to contracts made and performed entirely therein, and without regard to choice of laws rules.

4. DISPUTE RESOLUTION

You and BitGo agree that any claim, dispute or controversy ("Claim") arising from or relating in any way to these Terms or the Coins, including Claims regarding the interpretation, applicability, or enforceability of this arbitration provision or any portion of these Terms, will be resolved by binding arbitration administered by the American Arbitration Association ("AAA") under the AAA Consumer Arbitration Rules (or, if applicable, AAA Commercial Arbitration Rules), then in effect, except as modified by these Terms.

The arbitration will be conducted before a single arbitrator in accordance with the applicable AAA rules. If the AAA is unable or unwilling to administer the arbitration, you and BitGo will reasonably cooperate to select a mutually acceptable, reputable arbitration provider; if the parties cannot agree, a court of competent jurisdiction will appoint the arbitrator.

Either party may appeal the arbitral award within thirty (30) days after the award is issued to a three-arbitrator panel, which will review the award de novo. The appealing party will be responsible for the additional costs of the appeal, regardless of the outcome. Judgment on the arbitral award may be entered and enforced in any court of competent jurisdiction.

Information about the AAA, including how to file an arbitration, is available at www.adr.org, by mail at 335 Madison Avenue, 10th Floor, New York, NY 10019, or by telephone at 1-800-778-7879.

BitGo will not require arbitration of an individual Claim that you choose to bring in small claims court (or an equivalent court), provided the Claim is pending only in that court and does not exceed $5,000.

Upon your written request, BitGo will advance the AAA filing, administrative, and arbitrator hearing fees for the arbitration, subject to allocation or reallocation by the arbitrator as permitted under the applicable AAA rules and these Terms.

The Arbitration shall be conducted in English and, unless you and BitGo agree otherwise, will take place in New York County, New York (or remotely, if permitted by the AAA rules). The prevailing party shall be entitled to reasonable attorneys' fees and costs paid by the non-prevailing party, unless prohibited by applicable law.

If the class, collective, representative, private attorney general, or consolidated action waiver set forth below is found to be invalid or unenforceable as to a particular Claim, then that waiver will be severed as to that Claim, and (i) any such class, collective, representative, private attorney general, or consolidated Claim must be brought in a court of competent jurisdiction in New York County, New York, and (ii) the parties agree that the arbitration agreement will otherwise remain in full force and effect and will continue to apply to all individual Claims.

YOU AND BITGO AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN AN INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE, REPRESENTATIVE, PRIVATE ATTORNEY GENERAL, OR CONSOLIDATED PROCEEDING.

5. SEVERABILITY

If any provision of these Terms is held to be invalid, illegal, or unenforceable, the remaining provisions will remain in full force and effect. Any invalid, illegal, or unenforceable provision will be deemed modified to the minimum extent necessary to make it valid, legal, and enforceable while best effecting the original intent.