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Contract reading

What BingX legally published, but does not want you to read

Every clause below is published by BingX itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Nieve Cruz PA Corporation

sole discretionaccount closuredispute barrierhidden feeprofit voidingmarketing contradictionrelated accountswithdrawalskyc freezenon disparagement

Closing your BingX account starts a 7 day clock, and clause 11(a) measures what you may take out as your original deposit minus losses. Clause 8.3.2 lets BingX freeze and deduct assets across any accounts it links to you. A deposit below the published minimum is neither credited nor returned. After BingX closes your account, clause 6.3 bars you from criticising it in public.

Back to BingX

Contract risk

Money at risk
8.0/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
7
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
21
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
19
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
7

How the 21 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical7
Warning13
Notice1

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

2 of these 3 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical7 daysProfit at risk. Jump to the clause this comes from.Account closure pays back your deposit, not your balanceCritical$1Fee you were not shown. Jump to the clause this comes from.A deposit under the minimum is not credited or returned60 daysIn the contract. Jump to the clause this comes from.Disputes go to Hong Kong arbitration, where BingX takes no clients

What the documents say

21 clauses worth knowing about, worst first, each quoted from BingX's own files

01

When your BingX account closes, you get 7 days to take your money out. Clause 11(a) measures that money as your original deposit minus trading losses, not as your balance. Profit above the deposit is not mentioned.

Why this matters

Any profit you made sits outside what this clause promises you. The same wording applies when you are the one asking to close. You get 7 days, and no longer.

Exhibit 1CriticalRarely seen7 days

Upon payment of all outstanding charges to the Company (if any), the User will have 7 days to withdraw the original amount(s) deposited into the Account (which, for the sake of avoiding any doubt, is net of any trading losses incurred prior to the termination of the account, whether or not reflected in the Account balance at the time of termination).
Clause 11(a) in Customer Agreement
Read from the broker's site on Open the reference
Our own capture of bingx.com, taken on Oct 10, 2026Account closure pays back your deposit, not your balance (clause 11(a))Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must return a retail client's money when the relationship ends, realised profit included, and must hold that money so it can be identified as the client's. This contract defines the closure payout as the original deposit net of losses.

BingX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingMost platforms return the account balance when an account closes. Defining the payout as the original deposit instead leaves everything the account earned outside the promise.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
On closureEverything left in the account, including anything you owe BingX, becomes payable to BingX immediately.11(a)
After charges are paidYou have 7 days to withdraw the amount you originally deposited, less your trading losses.11(a)
If the balance is under your depositYou withdraw the smaller amount and have no claim against BingX for the rest.11(a)
  • Worse together with Exhibit 18Refusing an amended version of the terms is itself a ground for BingX to cancel the account, which is what starts this clock.
02

If BingX decides your trading broke its rules, it can freeze, deduct or set off assets in your account. Clause 8.3.2 extends that to any account it links to you. BingX also decides what your Improper Gains are, using any method it considers fair.

Why this matters

BingX can act before it finishes investigating and without telling you first. It does not have to set your losing trades against the gains it takes, and any gap becomes a debt you owe.

Exhibit 2CriticalRarely seenNew

Freeze, restrict, withhold, deduct, retain or set off any assets in an affected Account or Related Account and cancel, reverse, disregard or adjust any affected Order, Trade, position, profit, loss, fee, funding payment, rebate, bonus or commission.
Clause 8.3.2 in Customer Agreement
Read from the broker's site on Open the reference
Our own capture of bingx.com, taken on Oct 10, 2026BingX defines your improper gains and deducts them (clause 8.3.2)Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must treat a retail client fairly and give reasons for a decision that takes their money. This contract puts the finding, the calculation and the method in BingX's sole discretion.

BingX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingReversing trades and taking back profit on a finding of market abuse is common. Taking the gains gross, with no duty to offset the client's losses on other trades, and turning the shortfall into a debt, is not.

  • Worse together with Exhibit 7The remedy is only as narrow as the definition of a linked account, and that definition reaches a shared device or a shared home connection.
03

The Risk Disclosure Statement says your maximum risk on a position shall not exceed the assets you put behind it. The Customer Agreement says you stay responsible for any shortfall left after a liquidation.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

One document tells you a liquidation is the worst case. The other lets BingX pursue you for the gap, and that one is the binding agreement.

Exhibit 3CriticalHarder than usual

If, after your positions are liquidated, your assets are insufficient to cover the outstanding loan, you are still responsible for any additional assets shortfall.
Clause 8.2 in Customer Agreement
Read from the broker's site on Open the reference
Our own capture of bingx.com, taken on Oct 10, 2026The claim, on BingX Cryptocurrency Trading Risk Disclosure Statement, section 1.1, linked from the site footer as Risk DisclosureVisit this page on the broker's siteDownload the full size image file
Our own capture of bingx.com, taken on Oct 10, 2026What the contract says, clause 8.2Visit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA, CySEC or under ESMA's rules must give retail clients negative balance protection, so a client cannot lose more than the money in the account. This contract says you remain responsible for a shortfall after liquidation.

BingX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

04

Once BingX closes or terminates your account, you promise to make no negative comment about the company, anywhere, including online. Clause 6.3 keeps BingX's right to sue you for its loss alive after the account is gone.

Why this matters

A review, a forum post or a word to a journalist about how your account ended is a breach of the contract you signed. BingX says it can pursue you for loss and damage.

Exhibit 4CriticalRarely seenNew

Upon the Company closing or terminating your account, you will strictly refrain from making any negative, misleading or defamatory comment or remark about the Company, whether orally, in writing or anywhere online.
Clause 6.3 in Customer Agreement
Read from the broker's site on Open the reference
Our own capture of bingx.com, taken on Oct 10, 2026The claim, on Why Trust BingX page, under the heading Built on trust. Proven by millions.Visit this page on the broker's siteDownload the full size image file
Our own capture of bingx.com, taken on Oct 10, 2026What the contract says, clause 6.3Visit this page on the broker's siteDownload the full size image file

Our readingNon-disparagement promises belong in settlement agreements, where each side gets something for them. This one binds every customer in advance, and it covers comment that is merely negative rather than untrue.

  • Worse together with Exhibit 8Any goodwill payment BingX makes you is tied to this same silence promise, so the money that settles a complaint also buys the silence.
05

Send less than the minimum deposit for your coin and network and the money is gone. BingX's fee page says it will not be credited and will not be returned. The minimum is 1 USDT on Ethereum, and 170 ENJ.

Why this matters

That sentence sits one line under the words BingX does not charge deposit fees. Get the network or the amount wrong and the page offers you no way to get the money back.

Exhibit 5CriticalHarder than usual$1

BingX does not charge deposit fees. Please note to meet the minimum deposit requirement, otherwise, your deposit will not be credited or returned.
Quoted in Fee Schedule: Deposits and Withdrawals
Downloaded from the broker's site on Open the reference
Our own capture of bingx.com, taken on Oct 10, 2026A deposit under the minimum is not credited or returnedVisit this page on the broker's siteDownload the full size image file

What it costsSend 169 ENJ over Ethereum against the 170 ENJ minimum. You are 1 ENJ short, and the page says nothing is credited and nothing comes back.

06

Break the voucher rules and BingX can confiscate what is left in your account, not only the bonus or the profit. Claiming an event with associated accounts is one of the listed breaches.

Why this matters

Your own deposited money sits inside the penalty for a promotion rule. Two people in one household claiming the same welcome offer is enough to be looked at.

Exhibit 6CriticalRarely seen

Asset confiscation: Confiscate the illicit profits obtained through violations, including but not limited to the remaining assets in the account.
Clause 3.3 in Regulations on the Use of BingX Vouchers
Downloaded from the broker's site on Open the reference
Our own capture of bingx.com, taken on Oct 10, 2026A voucher breach can cost you the rest of your account (clause 3.3)Visit this page on the broker's siteDownload the full size image file
Our own capture of bingx.com, taken on Oct 10, 2026The claim, on Traditional Chinese home page, main bannerThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
Our own capture of bingx.com, taken on Oct 10, 2026What the contract says, clause 2.1Visit this page on the broker's siteDownload the full size image file

Our readingBonus terms normally cap the penalty at the bonus and whatever was made with it. Extending confiscation to the remaining assets in the account puts the client's own deposit inside the punishment.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
On issueA bonus voucher works as margin on Standard Futures but cannot be withdrawn.2.1
After 24 hoursBingX closes any order opened with a bonus voucher automatically.2.1(3)
On a verified breachBingX can forfeit the vouchers, freeze the account and take the profit.3.3
Severe breachBingX can confiscate what is left in the account and ban it.3.3
  • Worse together with Exhibit 7Associated accounts here are found the same way linked accounts are found in the agreement, by device, address and behaviour rather than by proof of a scheme.

A shared device is enough to tie two accounts together

BingX can treat accounts as linked through devices, network infrastructure, trading behaviour or transaction patterns, and says no single factor is needed. Once linked, the enforcement powers reach every account in the group, whether or not each one passed its own identity check. Clause 1 also makes any change to the terms binding the moment BingX announces it, with continued use counting as your agreement.

Linked accounts2 clauses flagged

BingX can treat two accounts as one if it sees a shared device, a shared network, similar trading behaviour or a common payment method. Once linked, the clause 8.3.2 remedies reach every account in the group.

Why this matters

Two people trading from the same home connection can be judged together, and neither needs to have done anything with the other. Separate identity checks on each account do not break the link.

Exhibit 7CriticalRarely seenNew

“Related Account” means any Account that the Company reasonably determines is directly or indirectly connected with another Account through common ownership, beneficial ownership, control, access, operation, management, funding, payment methods, devices, network infrastructure, trading behaviour, transaction patterns, or other relevant indicators.
Clause 8.3 in Customer Agreement
Read from the broker's site on Open the reference
Our own capture of bingx.com, taken on Oct 10, 2026Shared wifi or a shared device can link two accounts (clause 8.3)Visit this page on the broker's siteDownload the full size image file

Our readingMost agreements define a related account by ownership or control. This one adds devices, network infrastructure, trading behaviour and transaction patterns, and states that no single factor is needed.

BingX can change the terms at any time, and clause 1 makes the change effective immediately once it is announced. Carrying on using the platform counts as your agreement to it.

Why this matters

Saying you do not accept a change is itself a listed ground for BingX to cancel your account. Either you accept terms you have not read, or you risk the closure payout.

Exhibit 18WarningHarder than usual

Any and all modifications or changes to these Terms will be effective immediately upon being announced on the website or released to users. As such, your continued use of the Company’s services acts as acceptance of the amended agreement and rules.
Clause 1 in Customer Agreement
Read from the broker's site on Open the reference
  • Worse together with Exhibit 1Refusing an amendment is a ground for cancellation, and cancellation is what limits your payout to the original deposit.

The reassuring document is not the binding one

BingX's Risk Disclosure Statement says your maximum risk on a position cannot exceed the assets behind it, while clause 8.2 of the Customer Agreement keeps you liable for any shortfall after a liquidation. The home page sells stocks, gold and commodities, and clause 4.1 describes a crypto to crypto platform. The same page restricts every EEA resident while the contract's restricted list names only the Netherlands from the EEA.

Promise and contract2 clauses flagged

BingX markets stocks, gold, commodities and forex on its home page. The Customer Agreement describes the service as an online digital asset trading platform, crypto to crypto, and names none of those markets.

Why this matters

Trade a stock or gold on BingX and the agreement you accepted does not describe that product. The rules for it sit in help centre articles the footer does not link.

Exhibit 15WarningHarder than usual

The Company provides an online digital asset trading platform (crypto to crypto) for products commonly known as cryptographic tokens, digital tokens or cryptographic currency (collectively, “Digital Currency”).
Clause 4.1 in Customer Agreement
Read from the broker's site on Open the reference
Our own capture of bingx.com, taken on Oct 10, 2026The claim, on English home page, under the heading Break Boundaries. Trade the WorldVisit this page on the broker's siteDownload the full size image file
Our own capture of bingx.com, taken on Oct 10, 2026What the contract says, clause 4.1Visit this page on the broker's siteDownload the full size image file

You promise under clause 3 that you do not live in a country on the Disclaimer's restricted list. That list names the Netherlands as its only EEA country, while BingX's home page says new sign ups are restricted for every EEA resident.

Why this matters

You warrant something against a list BingX says may change and may vary by service. Getting it wrong is a ground for termination, and termination triggers the deposit only payout.

Exhibit 16WarningHarder than usual

To maintain our strong reputation in the market and ensure a robust compliant marketplace, we have decided not to seek nor accept customers from certain jurisdictions, including but not limited to: Afghanistan, Burundi, Cambodia, Canada, Central African Republic, China (Mainland), Cuba, Democratic Republic of the Congo, Hong Kong SAR, Iran, Laos, Macau SAR, Myanmar, Netherlands, North Korea, Panama, Singapore, Somalia, United Kingdom, United States (including all U.S. Territories & Minor Outlying Islands), and the Crimea, Donetsk, and Luhansk regions of Ukraine.
Quoted in Disclaimer
Read from the broker's site on Open the reference
Our own capture of bingx.com, taken on Oct 10, 2026The claim, on Banner across the top of the English home pageVisit this page on the broker's siteDownload the full size image file
Our own capture of bingx.com, taken on Oct 10, 2026What the contract says, clause DisclosureVisit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 1A warranty that turns out to be wrong makes the information you gave untruthful, which is a listed ground for cancelling the account.

A 0.1% spread, and a deposit that can vanish

BingX's public Standard Futures fee page shows a 0.0450% commission and no spread, while the fee schedule the contract binds you to adds a spread averaging 0.1% on most pairs, set from the long to short ratio. That schedule lists no withdrawal fees at all and says its figures are for reference only. The deposit page warns that a payment below the minimum is neither credited nor returned.

Cost disclosure3 clauses flagged

The public Standard Futures fee page shows one number, 0.0450%. BingX's fee schedule adds a spread averaging 0.1% on most pairs, set from the ratio of long to short positions.

Why this matters

On most pairs that spread costs you more than twice the fee you were shown. BingX also says it adjusts the spread for larger positions, frequent trading or multiple accounts.

Exhibit 11WarningHarder than usual0.1%

Spreads are determined by the long-short ratio. If the long positions > short positions, the spread of buying will be larger, and vice versa.
Clause 1.1.1 in Fee Schedule
Read from the broker's site on Open the reference

What it costsA $10,000 Standard Futures trade on a 0.1% spread pair carries $10 of spread. The 0.0450% fee shown on the public page is $4.50.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must disclose the total cost of a trade to a retail client before they trade, spread included. BingX's public fee page for this product shows the commission alone.

BingX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Clause 7.3 binds you to the fees at one address, which BingX can change at its sole discretion. The withdrawal section at that address lists no figures and says the fees there are for reference only. The 0.2% currency exchange fee appears only in that document.

Why this matters

The fee page you were pointed to leaves the withdrawal cost to be worked out by the system at the time. You agreed to a price list that can be rewritten without your agreement.

Exhibit 12WarningHarder than usual0.2%

You agree to pay the Company the fees set forth at https://support.bingx.com/hc/articles/360027240173 which may be updated from time to time in the Company’s sole discretion.
Clause 7.3 in Customer Agreement
Read from the broker's site on Open the reference

If your balance cannot cover a fee you owe, clause 7.3 gives you three working days to pay it in. Miss that and BingX can suspend, close or cancel the account and chase the money as a debt.

In plain words

Indemnities are money it says you owe it.

Why this matters

Interest and all recovery costs fall on you, on an indemnity basis. A shortfall of a few dollars can end the account and start a debt claim.

Exhibit 13WarningHarder than usual3 working days

Should there be insufficient balance in your BingX Account to deduct any fees due and owing to the Company under this provision, you agree that you shall forthwith deposit such amount into your BingX Account as soon as possible (and in no event later than three (3) working days after such fees become payable) as to enable the Company to deduct the appropriate fees.
Clause 7.3 in Customer Agreement
Read from the broker's site on Open the reference

A hold on your funds has no stated end date

BingX can place an administrative hold on your account and keep it until the underlying dispute is resolved and the evidence satisfies BingX, while saying it will not involve itself in resolving that dispute. It can also restrict login or withdrawals for security, fraud prevention, market integrity or preservation of evidence. No BingX document states how long a normal withdrawal should take.

Getting paid1 clause flagged

BingX can put an administrative hold on your funds and keep it until the dispute behind it is resolved and the evidence satisfies BingX. It also says it will not involve itself in resolving that dispute.

Why this matters

No document gives a deadline for releasing a hold, and none gives a processing time for a normal withdrawal. The contract also says BingX owes you nothing for the time your money is stuck.

Exhibit 10WarningHarder than usual

If the Company does place an administrative hold on some or all of your funds or Account, the Company may continue such hold until such time as the dispute has been resolved and evidence of the resolution acceptable to the Company has been provided to the Company in a form acceptable to the Company. The Company will not involve itself in any such dispute or the resolution of the dispute.
Clause 11 in Customer Agreement
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must pay a retail client's money out promptly on request and must give reasons when they do not. No BingX document states a withdrawal timeframe or a limit on how long a hold can last.

BingX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

What you can take out is measured by what you paid in

Clause 11(a) of the BingX Customer Agreement gives you 7 days to withdraw after an account closes, and describes that money as your original deposit minus trading losses rather than your balance. Clause 8.3.2 separately lets BingX freeze, deduct and set off assets once it decides your trading broke its rules, across every account it links to you. BingX picks the method it uses to work out what you owe, and need not offset your losing trades.

Exit conditions1 clause flagged

Work for a broker and you must tell BingX in writing within 24 hours of opening the account. Missing that is a material breach, and BingX can close the account and recover what it decides your gains were.

Why this matters

The clause catches employees, not just owners, and nothing in the account opening flow asks the question. You stay liable for BingX's losses as well.

Exhibit 19WarningRarely seen

Users who have registered an account on the BingX platform, completed KYC, and are professional brokers or employees of brokers according to local laws and regulations, must notify the Company in writing of such status within 24 hours.
Clause 8.3.1 in Customer Agreement
Read from the broker's site on Open the reference

Our readingA 24 hour window to volunteer your own job description, with asset consequences for silence, is unusual. The duty is not mentioned at sign up, so most people in scope would never learn of it.

Criticising BingX after closure is a breach of contract

Clause 6.3 of the BingX Customer Agreement has you promise, in advance, to make no negative comment about the company once it closes your account, orally, in writing or anywhere online. Clause 9.4 ties any goodwill payment to that same promise, and makes you repay it with interest if you speak. Clause 9.2 caps everything BingX can owe you at the fees you paid in the preceding twelve months.

Right to complain2 clauses flagged

Take a goodwill payment from BingX to settle a dispute and clause 9.4 ties it to the silence promise in clause 6.3. Speak afterwards and you have to give the money back with interest.

Why this matters

The payment that ends your complaint also buys your silence, whether or not your account is still open. Breaking it means repaying the full amount plus interest from the day you got it.

Exhibit 8WarningHarder than usualNew

In this respect, you further agree to observe all the obligations of confidentiality set out in this agreement (and particularly clause 6.3 above) regardless whether your account with the Company has been terminated at the time of the payment of the Goodwill Sum.
Clause 9.4 in Customer Agreement
Read from the broker's site on Open the reference

Whatever goes wrong, clause 9.2 limits what BingX can owe you to the fees you paid it in the twelve months before the event. Clause 9.3 then has you cover BingX's costs if a claim arises from your use of the platform.

Why this matters

A small trader pays small fees, so the cap is small. If BingX loses your funds through an error that is not gross negligence or fraud, your recovery stops at those fees.

Exhibit 9WarningHarder than usual

EXCEED THE AMOUNT OF THE FEES PAID BY YOU TO THE COMPANY UNDER THIS AGREEMENT IN THE TWELVE-MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM FOR LIABILITY.
Clause 9.2 in Customer Agreement
Read from the broker's site on Open the reference
Our own capture of bingx.com, taken on Oct 10, 2026The claim, on Why Trust BingX page, $150M Shield Fund sectionVisit this page on the broker's siteDownload the full size image file
Our own capture of bingx.com, taken on Oct 10, 2026What the contract says, clause 9.2Visit this page on the broker's siteDownload the full size image file

Every claim ends in Hong Kong arbitration

Hong Kong law governs the BingX Customer Agreement, and clause 15 sends every unresolved claim to a sole arbitrator seated in Hong Kong after a 60 day wait. BingX's own Disclaimer lists Hong Kong SAR among the places it will not accept customers from. The earlier version of the agreement let a small claim go to the Singapore small claims tribunal, and that route has been removed.

Where you sue1 clause flagged

Hong Kong law governs the agreement, and a dispute ends with a single arbitrator seated in Hong Kong. BingX's own Disclaimer lists Hong Kong SAR among the places it will not accept customers from.

Why this matters

Arbitration costs far more than a small claim is worth, and you must wait 60 days before starting. The earlier version let you use the Singapore small claims tribunal, and that route is gone.

Exhibit 17WarningHarder than usual60 daysNew

These Terms and any contractual or non-contractual obligation arising out of or relating to them are governed by the laws of the Hong Kong Special Administrative Region (“HKSAR”), without regard to conflict-of-laws principles.
Clause 15(a) in Customer Agreement
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give retail clients access to an independent complaints scheme that is free to the client. This contract routes every claim to arbitration the client helps pay for.

BingX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

An eligibility list BingX will not show you

Clause 5.2 of the BingX Customer Agreement lets the company refuse applicants who use digital or virtual government residency documents, keep the list of those countries confidential, and change it whenever it likes. It states that it need not show the list to any applicant or user. BingX also keeps your identity records for the life of the account plus five years after it closes.

Identity checks1 clause flagged

BingX can reject you for using a digital or virtual government residency document, and clause 5.2 lets it keep the list of those countries confidential and change it when it likes. It says it need not show the list to anyone.

Why this matters

You cannot check in advance whether your own national identity scheme is on it. BingX also keeps your identity records for the life of the account plus five more years after it closes.

Exhibit 20WarningRarely seen

The Company further reserves the right to keep confidential the list of such countries and amend or alter such list as and when it deems fit without requiring permission or approval from any third parties, nor shall it be required to divulge this list to any party, applicant or user unless lawfully compelled to do so by a competent authority.
Clause 5.2 in Customer Agreement
Read from the broker's site on Open the reference

Our readingAn eligibility rule the firm refuses to publish cannot be checked by the person it applies to. Most agreements publish the countries they will not serve, as this one does elsewhere in its Disclaimer.

BingX quotes the price and says it is only the venue

Clause 4.1 of the BingX Customer Agreement says the company is a platform provider and not a buyer or seller in trades between traders. Its own fee schedule then gives the formula BingX uses to set Standard Futures prices, adjusts the spread for larger or more frequent traders, and says trades are not guaranteed to execute at the index price. Clause 12 adds that BingX is not your broker and owes you no duty of loyalty.

Who sets the price1 clause flagged

BingX describes itself as a venue that matches trades between traders, not a buyer or seller. On Standard Futures it sets the price itself with its own spread formula, and does not promise the index price.

Why this matters

The firm quoting your entry and exit price is the firm collecting the difference. Clause 12 also says BingX is not your broker and owes you no duty of loyalty.

Exhibit 14WarningHarder than usual

The Company functions as a trading platform provider and not as a buyer or seller in trades made between traders.
Clause 4.1 in Customer Agreement
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must tell a retail client when they deal on their own account against that client, and must manage the conflict. No BingX document in the footer shelf says who is on the other side of a Standard Futures trade.

BingX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Nieve Cruz PA Corporation, and no regulator named

The BingX Customer Agreement says it is between you and Nieve Cruz PA Corporation alone, and clause 16(h) sends you to company and licence information on the website that the About Us page does not carry. None of the four documents in BingX's footer names a regulator, a licence number or a registered address. None says whether client money is held separately, or what happens to it if the company fails.

Who you contract with1 clause flagged

Your contract is with Nieve Cruz PA Corporation, and with that company alone. Clause 16(h) points you to company and licence information on the website, and the About Us page carries no company name, no address and no regulator.

Why this matters

No document says whether your money is held apart from the company's own, or what happens to it if the company fails. No compensation scheme is named anywhere.

Exhibit 21NoticeHarder than usual

This agreement is between you (hereinafter referred to as "you" or "your") and Nieve Cruz PA Corporation (hereinafter known as the "Company") solely.
Quoted in Customer Agreement
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must hold client money in segregated accounts and must tell clients which compensation scheme covers them. None of the four documents in BingX's footer mentions segregation, insolvency or any compensation scheme.

BingX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The risk statement caps your loss at the money behind the position, and the binding agreement makes you liable for whatever is left over.

Said in public, in English

The Trading Platform is designed to ensure that the maximum risk associated for any users with respect to their position(s) on the platform shall not exceed the actual amount of digital assets allocated to relevant position(s) (by way of fees, funding, margin and/or premium).

BingX Cryptocurrency Trading Risk Disclosure Statement, section 1.1, linked from the site footer as Risk Disclosure

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of bingx.com

In the contract · clause 8.2

If, after your positions are liquidated, your assets are insufficient to cover the outstanding loan, you are still responsible for any additional assets shortfall.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of bingx.com

02

The public fee page for Standard Futures shows a 0.0450% commission and never mentions the spread, which averages 0.1% on most pairs.

Said in public, in English

0.0450%

The only cost shown on the public Standard Futures fee page, repeated for every VIP tier from VIP 0 to Supreme VIP

In the contract · clause 1.1.1

Spreads are determined by the long-short ratio. If the long positions > short positions, the spread of buying will be larger, and vice versa.

03

The home page restricts every EEA resident while the restricted list you warrant against names the Netherlands as its only EEA country.

Said in public, in English

BingX has updated its service structure for the European Economic Area (EEA). New client onboarding on this global platform is restricted for EEA residents.

Banner across the top of the English home page

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In the contract · clause Disclosure

This list of Restricted Jurisdictions is subject to change and may vary from service to service. More information can be obtained by contacting BingX customer support.

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04

BingX sells itself on transparency while its agreement bans former customers from saying anything negative about it.

Said in public, in English

Trust isn't given. It's earned through transparency, reliability, and putting our users first.

Why Trust BingX page, under the heading Built on trust. Proven by millions.

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In the contract · clause 6.3

Upon the Company closing or terminating your account, you will strictly refrain from making any negative, misleading or defamatory comment or remark about the Company, whether orally, in writing or anywhere online.

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05

A $150 million safety net is advertised while the contract caps what BingX can owe you at the fees you paid it in a year.

Said in public, in English

BingX Shield Fund is a safety net exceeding $150 million, established to safeguard users against unexpected incidents, including technical vulnerabilities, security risks, or malicious cyber threats on the platform.

Why Trust BingX page, $150M Shield Fund section

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In the contract · clause 9.2

EXCEED THE AMOUNT OF THE FEES PAID BY YOU TO THE COMPANY UNDER THIS AGREEMENT IN THE TWELVE-MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM FOR LIABILITY.

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06

Stocks and commodities are sold on the home page while the agreement describes the service as crypto to crypto only.

Said in public, in English

From crypto to global stocks and commodities, trade the world's core assets with one account.

English home page, under the heading Break Boundaries. Trade the World

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In the contract · clause 4.1

The Company provides an online digital asset trading platform (crypto to crypto) for products commonly known as cryptographic tokens, digital tokens or cryptographic currency (collectively, “Digital Currency”).

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07

A welcome gift worth 8,000 USDT is advertised, and the voucher rules say the bonus itself can never be withdrawn.

Said in public, in Chinese

立即註冊即可領取價值8,000 USDT的歡迎禮包

Word for word in English: Register now to receive a welcome gift package worth 8,000 USDT

Traditional Chinese home page, main banner

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In the contract · clause 2.1

Bonus vouchers can be used as margin when trading Standard Futures, but they're not available for withdrawals.

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What changed quietly

First review of BingX, so no earlier review exists for comparison.

  • REWRITTENClause 11(a) · 2025-03-19 to 2026-09-02

    BingX changed the window from 5 business days to 7 days, which no longer leaves out weekends and holidays.

    the User will have 7 days to withdraw the original amount(s) deposited into the Account

  • REWRITTENClause 11(a) · 2025-03-19 to 2026-09-02

    The flat forfeiture of all net trading profits on closure was replaced by a power to forfeit what BingX decides are improper gains.

    The Company may deduct, retain or forfeit any Improper Gains in accordance with Section 8.3.2.

  • ADDEDClause 6.3 · 2025-03-19 to 2026-09-02

    The silence promise after closure is new, and the earlier version of section 6 ended at clause 6.2.

    Upon the Company closing or terminating your account, you will strictly refrain from making any negative, misleading or defamatory comment or remark about the Company, whether orally, in writing or anywhere online.

  • ADDEDClause 9.4 · 2025-03-19 to 2026-09-02

    Tying a goodwill settlement to silence, with repayment plus interest if you speak, is new in this version.

    A breach of this clause will render you liable to return the Goodwill Sum to the Company together with interest thereon from the date of receipt, and thereafter, the Company retains all its rights under the law as if such compensation arrangement had never been entered into in the first instance.

  • ADDEDClause 8.3 · 2025-03-19 to 2026-09-02

    Linked accounts, coordinated trading and improper gains arrived as a new framework, replacing a short list of prohibited trading matters.

    “Related Account” means any Account that the Company reasonably determines is directly or indirectly connected with another Account through common ownership, beneficial ownership, control, access, operation, management, funding, payment methods, devices, network infrastructure, trading behaviour, transaction patterns, or other relevant indicators.

  • REWRITTENClause 15 · 2025-03-19 to 2026-09-02

    The cheap route for a small claim was removed when the forum moved from Singapore to Hong Kong arbitration.

    If we are not able to resolve your claims within 60 days of receiving the notice, you may seek relief through arbitration as set forth below.

The documents this reading is based on

19 files, all published by BingX. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording BingX publishes.

How this reading was done

Every clause above was read out of a document BingX publishes itself

This reading was published on .

Documents
15 of 19downloaded from the broker's site, and 15 read in full
Pages opened
80pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Marketing pages
11public pages set against what the contract says
Languages
EN vs ZH-HANTthe language it advertises in, against the language it contracts in

Who the contract is with

Nieve Cruz PA Corporation

The Customer Agreement says it is between you and Nieve Cruz PA Corporation, which it calls the Company, and with that entity solely. None of the four documents in the footer gives that company's registered address, its regulator or a licence number. Clause 16(h) sends you to the company and licence information on the website, and the About Us page carries no company name, no address and no regulator. No document says whether your money is held separately from the company's own, or what happens to it if the company fails.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

The Risk Disclosure Statement is detailed and honest: it warns you may lose all your capital, and it explains liquidity, deposit crediting, forks and cyber risk. The public deposit page lists a fee and a minimum for every coin and network, and says deposits are free. No dormancy or inactivity fee appears anywhere in the agreement. The 2026 revision also improved two things: it dropped the flat statement that net trading profits are forfeited when an account closes, and it added a line letting you log in, read your records and withdraw an undisputed balance while restrictions apply.

BingX keeps its legal documents as help centre articles, and the footer links four of them: the Customer Agreement, the Privacy Policy, the Disclaimer and the Risk Disclosure Statement. Addresses such as /terms, /legal and /policies serve a feedback form rather than legal text, so the contract is not where most readers would look for it. This review covers the Customer Agreement in full from BingX's own page, and every quotation comes from the page named beside it. It covers only part of the Privacy Policy, the Risk Disclosure Statement and the voucher rules. An earlier Customer Agreement dated 2025-03-19 is still published at a second address, and the wording we show as previous comes from there. No earlier copy of the other documents is available. The review covers BingX's English pages and its traditional Chinese home page, not its other language versions.

How to check any of this yourself

Every quote above links to the BingX file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document BingX publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge BingX on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 10, 2026.

If you represent BingX and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on BingX. Whether its licence is real and current is a separate check on the broker profile.

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