Welcome to Real Exchange (REX) Limited’s privacy notice (this “Notice”).
Real Exchange (REX) Limited (C88077) of LEVEL 2, FLAT 1, ST. JULIAN’S BUSINESS CENTRE, TRIQ ELIJA ZAMMIT, ST. JULIANS, STJ 3153, MALTA (“KYRREX.MT”, “we”; “us”; “our”) respects your privacy and is committed to protecting your personal information or, as otherwise termed, your “personal data”. In that regard, KYRREX.MT has launched and offers clients (subject to prior account registration) (i) an online matching and trading platform in respect of virtual financial assets and related digital wallet services (the “Platform”) and related custody services (collectively, the “Services”) which are all accessible via our website kyrrex.mt (the “Site”).
The purpose of this Notice is to set out the basis on which we will process your personal data when you:
This includes any data that you may provide for and in relation to our newsletters, updates, events and other marketing and promotional communications.
This Notice also informs you about:
This Notice is provided in a layered format so you can click through to the specific areas set out below:
We process your personal data in an appropriate and lawful manner, in accordance with the Data Protection Act (Chapter 586 of the Laws of Malta) (the “Act”) as may be amended from time to time, and the General Data Protection Regulation (Regulation (EU) 2016/679) (the“GDPR”), subsidiary legislation and regulations promulgated thereunder.
This Notice aims to give information on how KYRREX.MT collects and processes your personal data in the scenarios outlined above in the‘Introduction’ (namely, through your use of the Site, the Platform and our related Services, including any data that you may provide to us or which we may receive).
The Site and the Platform are not intended for minors and the Services are not intended to be offered to minors. As such, we do not knowingly collect personal data relating to minors.
It is important that you read this Notice together with any other privacy notice or policy which we may provide on specific occasions when we are collecting or processing personal data about you so that you are fully aware of how and why we are using your data. This Notice supplements the other notices and is not intended to override them.
REX as defined above is the controller and responsible for your personal data.
We have appointed a data protection contact point (“DPCP”) who is responsible for overseeing questions in relation to this Notice and our processing activities in general. If you have any questions or requests, including any requests to exercise your legal rights as a data subject, please contact the DPCP using the details set out below.
Full name of legal entity: Real Exchange (REX) Limited (C88077)
Email address: email@example.com
You have the right to lodge a complaint at any time to a competent supervisory authority on data protection matters, such as in particular the supervisory authority in the place of your habitual residence or your place of work. In the case of Malta, this is the Office of the Information and Data Protection Commissioner (the“IDPC”) (https://idpc.org.mt). We would, however, appreciate the opportunity to deal with your concerns before you approach the supervisory authority, so please contact us in the first instance.
This Notice was last updated on 1st of October 2021.
It is imperative that the personal data we hold about you is accurate and current at all times. Otherwise, this will impair our ability to provide you with the availability of our Platform and/or Services (amongst other potential and salient issues). Please keep us informed if your personal data changes during your relationship with us.
Our Site may include links to third-party websites, plug-ins and applications. Clicking on those links or enabling those connections may allow third parties to collect or share data about you. We do not control these third-party websites and are not responsible for their privacy notices, statements or policies. We encourage you to read the privacy notice of every website you visit.
Set out below are key definitions of certain data protection terms which appear in this Notice.
“Sensitive personal data”, “sensitive data” or “special categories of personal data” includes information about a person's racial or ethnic origin, political opinions, religious or similar beliefs, trade union membership, physical or mental health or condition or sexual life, or about the commission of, or proceedings for, any offence committed or alleged to have been committed by that person, the disposal of such proceedings or the sentence of any court in such proceedings. This type of sensitive data can only be processed under strict conditions.
Note that personal data does not include information relating to a legal person (for example, a company or other legal entity). In that regard, information such as a company name, its company number, registered address and VAT number does not amount to personal data in terms of both the Act and the GDPR. Therefore, the collection and use of information strictly pertaining to a legal person does not give rise to data controller obligations at law. Naturally, we will still treat any and all such information in a confidential and secure manner.
Personal data, or personal information, means any information about an individual from which that person can be identified (as stated above). It does not include data where the identity has been removed ( anonymous data ). In the course of your relationship with us (including during the account opening stage), we may collect, use, store and transfer different kinds of personal data about you which we have grouped together. For avoidance of doubt, categories marked in blue are applicable to customers (i.e. individuals who hold a registered customer account with us).
We also collect, use and share Aggregated Data such as statistical or demographic data for any purpose. Aggregated Data may be derived from your personal data but is not considered personal data in law as this data does not directly or indirectly reveal your identity. For example, we may aggregate your Usage Data to calculate the percentage of users accessing a specific feature of the Site and/or the Platform. However, if we combine or connect Aggregated Data with your personal data so that it can directly or indirectly identify you, we treat the combined data as personal data which will be used in accordance with this privacy notice.
Where we need to collect personal data about you:
and you either fail to provide that data when requested, or else provide incomplete or insufficient data , we may not be able to perform or conclude the contract which we have or are otherwise trying to enter into with you (namely regarding your account opening on the Platform and provision of our related services).
In certain instances, particularly where this relates to AML / KYC Data, we may even need to exercise our prerogative to terminate our contract with you, and thus withdraw the availability of our services to you or else refuse to process any trades which you may try to effect over the Platform. We will, however, notify you if this is the case at that point in time.
We do not knowingly collect Special Categories of Personal Data (or Sensitive Personal Data) about you . Should we receive sensitive personal data about you, we will only process that data where there is a legitimate reason to do so and, in all circumstances, in accordance with our obligations at law and under the appropriate safeguards.
As set out below in Section 5, we collect and process AML / KYC Data in order to be able to (i) comply with legal and regulatory obligations, as applicable (ii) conduct our AML and KYC checks, and other due diligence checks, on you, (iii) verify your identity or claimed identity and identify and/or verify your source of funds and source of wealth, as appropriate (iv) take an informed decision on whether we want to enter into a customer relationship with you, and, if positive, to conduct initial and ongoing screening and monitoring and (iv) to comply with any legal or regulatory obligation that we may have and/or any Court, regulatory or enforcement order that may be issued upon us.
We will ask you to provide us with your Identity Contact and Financial Data when you apply to register and open an account with us on our Platform (including at account finalisation stage). You provide these personal details and information to us, which we collect and process, when you fill in and submit our application form (together with other related forms), and complete our required application steps.
Your Account Data will be generated on the basis of your registration and use of our Platform and Services, and is also processed and stored by us.
This may encompass all of the data categories listed in Section 3 (namely, Identity, Contact, AML and KYC Data, Enhanced KYC Data and Transaction Data).
You may also give us your Identity, Contact, Financial, AML / KYC Data and Transaction Data by filling in our other forms (i.e. separate from our account opening and registration form), or by corresponding with us by post, phone, email or otherwise. This includes personal data that you provide when you:
We may receive personal data about you from various third parties and public sources, as set out below:
We will only use your personal data when the law allows us to. Most commonly, we will use your personal data in the following circumstances:
We have set out below, in a table format, a description of all the ways we plan to use your personal data, and which of the legal basis we rely on to do so. We have also identified what our legitimate interests are where appropriate. We may process your personal data for more than one lawful ground depending on the specific purpose for which we are using your data. Please contact us firstname.lastname@example.org if you need details about the specific legal ground we are relying on to process your personal data where more than one ground has been set out in the table below.
|Purpose/Activity||Type of Data||Lawful Basis for Processing (including Basis of Legitimate Interest)|
|To open and register your account with us and to create your digital wallet||(a) Identity|
|Performance of a contract with you|
|To provide the Services, in particular:|
(i) to match any orders for virtual financial assets in order to find an appropriate trade with another registered user;
(ii) manage payments, fees, charges and subscription costs; and
(iii) collect and recover money as may be appropriate;
(iv) assess and manage your portfolio and decide which trades to carry out; and
(v) investigate any suspected fraudulent transactions
|Performance of a contract with you|
Necessary for our legitimate interest to collect and recover debts and prevent fraudulent transactions
|To conduct due diligence checks on you (following your application to open and register an account).|
To determine if we will enter into a relationship with you and accept to effect any transactions you may request on our Platform or otherwise provide the Services which you request
(d) AML / KYC Data
|Performance of a contract with you.|
Necessary for our legitimate interests, including to establish and verify:
- your identity and suitability for our Platform,
- the existence of any risks that you may present as a prospective customer of our Services,
- your ability to meet financial commitments,
and ultimately, to enable us to take an informed decision on whether to carry out any transactions which you may request.
|(i) To establish and verify your identity.|
(ii) To fulfil our other internal KYC policies and requirements.
(iii) To fulfil any external mandatory reporting obligations that we may have to the FIAU, the MFSA, the RoC, the Police and any other (including overseas) public, regulatory, law enforcement or tax authority.
(c) AML / KYC Data;
|(a) Necessary to comply with a legal obligation.|
(b) Necessary for our legitimate interests (for risk assessment purposes, to prevent and mitigate against fraud, to safeguard the reputation of our business).
|For legal, tax and accounting purposes (e.g. reporting to tax authorities, and accounting record requirements).||(a) Financial; and (b) Transaction.||Necessary to comply with a legal obligation|
|To detect, prevent and report fraudulent or suspicious orders/transactions.|| (a) Identity;|
(d) AML / KYC Data
(e) Enhanced KYC Data;
|Necessary to comply with a legal obligation|
|To manage our relationship with you, including in particular to|
(i) notify you about changes to our terms and conditions or privacy notices;
(ii) inform you about changes to our Platform (including the addition of new cryptocurrencies that are available to trading);
(iii) to send you updates regarding the management and performance of your portfolio where applicable.;
(iv) deal with your enquiries, requests, complaints or reported issues;
(v) provide you with customer support and assistance;
(vi) contact you in relation to your account, portfolio and other related matters;
(vii) ask you to participate in a survey;
(viii) request feedback from you;
(ix) advise you of industry and legislative updates ;
(x) inform you about our events;
(xi) provide you with information about our Platform;
(xii) administer your
(xiii) provide you with any other information or materials that you have requested to receive from us;
(xiv) manage disputes with you or other players;
(xv) to identify and correct issues with the Platform and/or the Site.
| (a) Identity;|
(h) Marketing and Communications.
|(a) Performance of a contract with you.|
(b) Necessary for our legitimate interests (for ‘customer care’ and service matters, to study how clients use our Platform, to assess our operations and the quality of our Services, to develop them and grow our business).
|To administer and protect our business, including the Platform and the Site, (including troubleshooting, data analysis, testing, system maintenance, support, safety and security testing, reporting and hosting of data).|| (a) Identity;|
|(a) Necessary for our legitimate interests (for running and administering our business, network security, to prevent fraud, and in the context of a business reorganisation or group restructuring exercise).|
(b) Necessary to comply with a legal obligation.
(c) Performance of a contract with you.
|To deliver relevant website content and advertisements to you and measure or understand the effectiveness of the advertising which we serve to you. To ensure that our content is presented in the most effective manner for you and your computer and devices, and in a user friendly manner.|| (a) Identity;|
(e) Marketing and Communications;
|Necessary for our legitimate interests (to study how clients use our Platform and our Services, to develop them, to grow our business and to inform our marketing strategy).|
|To use data analytics to improve the Site and Platform, marketing, customer relationships and experiences.|| (a) Technical;|
|Necessary for our legitimate interests (to define types of clients and investors that have registered an account on our Platform, to keep the Site and the Platform updated and relevant, to develop our business and to inform our marketing strategy).|
We make sure we consider and balance any potential impact on you (both positive and negative) and your rights before we process your personal data for our legitimate interests. We do not use your personal data for activities where our interests are overridden by the impact on you (unless we have your consent or are otherwise required or permitted to by law). You can obtain further information about how we assess our legitimate interests against any potential impact on you in respect of specific activities by contacting us at the following email address: email@example.com
We strive to provide you with choices regarding certain personal data uses in relation to your account.
Through your Account, Identity, Contact, Technical, Usage and Marketing and Communications Data , we can form a view on what we think you may want or need. We will send details as to how you may enhance your trading activity in relation to the account.
You may receive marketing communications from us (which may consist of newsletters, industry updates, mailshots, publications, promotional materials and/or information about our events) where:
We will get your express opt-in consent before we share your personal data with any third parties (including our associated or related corporate entities) for marketing purposes.
You can ask us to stop sending such advertising and marketing communications at any time by:
Where you opt out of receiving such communications, this will not apply to personal data processed or provided to us as a result of your entry into a customer relationship with us and our Platform or as a user of our Services.
We will only use your personal data for the purposes for which we collected it, unless we reasonably consider that we need to use it for another reason and that reason is compatible with the original purpose, or we are obliged to process your data by applicable laws or court or other enforceable orders.
If you wish to get an explanation as to how the processing for the new purpose is compatible with the original purpose, please contact us at firstname.lastname@example.org
If we need to use your personal data for an unrelated purpose, we will notify you and we will explain the legal basis which allows us to do so.
Please note that we may process your personal data without the need to obtain your consent, in compliance with the above rules, where this is required or permitted by law.
We may have to share your personal data with the parties set out below for the purposes set out in the table in Section 5 above.
We require all third parties to respect the security of your personal data and to treat it in accordance with the law (including applicable data protection and privacy law). We do not allow our third party business partners or service providers to use your personal data for their own purposes and only permit them to process your personal data for specified purposes and in accordance with our documented instructions. Furthermore, these third parties access and process your data on the basis of strict confidentiality and subject to the appropriate security measures and safeguards.
We may also disclose your data if we are under a duty to disclose or share your personal data to comply with any legal obligation, judgment or under an order from a court, tribunal or authority.
We may also disclose your data to enforce our contractual terms against you, or to protect our rights, property or safety, and that of other users of the Site and the Platform. This includes exchanging information with other companies and organisations for the purposes of fraud protection.
We do not generally transfer your personal data to entities outside the European Economic Area (“EEA”) except as may be necessary to: (i) enable your use of the Platform or as necessary to provide the Services, (ii) fulfil our contractual obligations to you or exercise our contractual obligations against you, (iii) comply with our legal or regulatory obligations or (iv) assert, file or exercise a legal claim. Where we do need to transfer your personal data outside the EEA (whether for these stated purposes or any other purpose listed in Section 5 above), we will ensure a similar degree of protection is afforded to that personal data by ensuring at least one of the following safeguards applies or is otherwise implemented:
We have put in place appropriate security measures to prevent your personal data from being accidentally lost, used or accessed in an unauthorised way, altered or disclosed. In addition, we limit access to your personal data to those employees, agents, contractors and other third parties who have a business need to know. They will only process your personal data on our instructions and they are subject to a duty of confidentiality.
We have put in place procedures to deal with any suspected personal data breach and will notify you and any applicable regulator of a breach where we are legally required to do so.
Please note that we consider our relationship with you to be an ongoing and continuous customer relationship, until terminated. We will only retain your personal data for as long as necessary to fulfil the purposes we collected it for (i.e. the ongoing service provision) and, thereafter, for the purpose of satisfying any legal, accounting, tax and reporting requirements or obligations to which we may be subject and/or to the extent that we may also need to retain your personal data to be able to assert, exercise or defend possible future legal claims against or otherwise involving you.
By and large, our retention of your personal data shall not exceed the period of five (5) years from the date of the termination of your relationship with us (which would typically arise from the closure/de-registration of your account on the Platform). This period of retention enables us to use the data in question for the possible filing, exercise or defence of legal claims (taking into account the timeframe of applicable statutes of limitation and prescriptive periods). In certain cases though, we may need to retain your data for a period of up to ten (10) years in order to comply with applicable accounting and tax laws (this will primarily consist of your Transaction Data). In the event that KYRREX.MT activities are held by competent legislators and regulators to amount to a ‘relevant activity’ at law, we will retain your AML and KYC Data for the duration of your business relationship with us and for a further period of five years following its termination and, in certain instances, for a maximum period of ten (10) years post-termination if mandated by the FIAU or other applicable competent authority. We may need to revise this AML retention period in the event of applicable legal or regulatory developments, but we will notify you if this is the case at the time.
In some circumstances, you can ask us to delete your data. See below for further information.
Kindly contact our DPCP for further details about the retention periods that we apply.
Whenever and to the extent possible, we anonymise the data which we hold about you when it is no longer necessary to identify you from the data which we hold about you (anonymous data) .
In some circumstances, we may even anonymise your personal data (so that it can no longer be associated with you) for research or statistical purposes, in which case we may use this information indefinitely without further notice.
Under certain circumstances, you have rights under data protection laws in relation to your personal data.
If you wish to exercise any of the rights set out above, please contact us at email@example.com. These rights are explained below.
You will not normally have to pay a fee to exercise your data subject rights.
However, we may charge a reasonable fee if your request is clearly unfounded, repetitive or excessive. Alternatively, we may refuse to comply with your request in the above circumstances.
We may need to request specific information from you to help us confirm your identity and ensure your right to access your personal data (or to exercise any of your other data subject rights). This is a security measure to ensure that personal data is not disclosed to any person who has no right to receive it. We may also contact you to ask you for further information in relation to your request to speed up our response.
We try to respond to all legitimate requests within the period of one month from receipt of the request.
Occasionally it may take us longer than a month if your request is particularly complex or you have made a number of requests. In this case, we will notify you and keep you updated.
You have the right to:
i. Request access to your personal data (commonly known as a “data subject access request”). This enables you to receive a copy of the personal data we hold about you and to check that we are lawfully processing it. You may send an email to firstname.lastname@example.org requesting information as the personal data which we process. You shall receive one copy free of charge via email of the personal data which is undergoing processing.
ii. Right to information when collecting and processing personal data about you from publicly accessible or third party sources. When this take places, we will inform you, within a reasonable and practicable timeframe, about the third party or publicly accessible source from which we have collected your personal data.
iii. Request correction or rectification of the personal data that we hold about you. This enables you to have any incomplete or inaccurate data we hold about you corrected and/or updated, though we may need to verify the accuracy of the new data you provide to us. As mentioned, it is in your interest to keep us informed of any changes or updates to your personal data which occur during the course of your relationship with us.
iv. Request erasure of your personal data. This enables you to ask us to delete or remove personal data where:
Note, however, that we may not always be able to comply with your request of erasure for specific legal reasons which will be notified to you, if applicable, at the time of your request. These may include instances where continued processing is necessary in order to be able to:
v. Object to processing of your personal data where we are relying on a legitimate interest (or those of a third party) and there is something about your particular situation which makes you want to object to processing on this ground as you feel it impacts on your fundamental rights and freedoms. You also have the right to object where we are processing your personal data for direct marketing purposes (see Marketing in Section 5 above).
In some cases, we may demonstrate that we have compelling legitimate grounds to process your information which override your rights and freedoms.
vi. Request restriction of processing of your personal data. This enables you to ask us to suspend the processing of your personal data in the following scenarios:
vii. Request the transfer (data portability) of your personal data to you or to a third party. We will provide to you, or a third party you have chosen, your personal data in a structured, commonly used, machinereadable format. Note that this right only applies to automated information which you initially provided consent for us to use or where we used the information to perform a contract with you.
ix. Withdraw consent at any time where we are relying on consent to process your personal data (which will not generally be the case). This will not however affect the lawfulness of any processing which we carried out before you withdrew your consent. Any processing activities that are not based on your consent will remain unaffected.
Kindly note that none of these data subject rights are absolute, and must generally be weighed against our own legal obligations and legitimate interests. If a decision is taken to override your data subject request, you will be informed of this by our data protection team along with the reasons for our decision.
We reserve the right to amend or revise this Notice in the future, particularly where we need to take into account and cater for any (i) business developments and/or (ii) legal or regulatory developments to the issuance or trading of cryptocurrencies and virtual financial assets under applicable law.
Changes, revisions and amendments to this Notice will be duly notified to you.
If you have any questions regarding this Notice, or if you would like to send us your comments, please contact us today or alternatively write to us using the details on our website.