Non-discriminatory Commercial Policy Switzerland
NON-DISCRIMINATORY COMMERCIAL POLICY
1. INTRODUCTION
1.1. This non‑discriminatory commercial policy (hereinafter referred to as the “Policy“) has been developed by Xchange360 SA, a company registered in Switzerland (hereinafter referred to as the “Company“), registered in the Switzerland Commercial Register under number CHE‑342.141.056, with its registered address at Chemin de la Joliette 3, 1006 Lausanne, Switzerland, to align with applicable Swiss anti‑money‑laundering requirements and with Article 77 of Regulation (EU) 2023/1114 on Markets in Crypto‑Assets (MiCA) where relevant to the Company’s cross‑border activities. The Policy sets out the conditions to ensure transparency, fairness and equal treatment of all market participants.
1.2. In accordance with Article 77 MiCA and Swiss expectations on fair dealing, the Company applies the principles of a non‑discriminatory trading policy in which it clearly defines the type of clients eligible to transact with the Company, and the conditions they must meet. The Company’s actions are aimed at ensuring fairness, market integrity and adherence to the principles of fair competition.
1.3. As part of its adherence to the principles of transparency, the Company publishes binding prices for crypto‑assets or the methods for determining them and any limits on the amounts to be exchanged. Execution of client orders is carried out at the prices in force at the time the order becomes final and clients are informed of the conditions under which their orders are considered final.
1.4. Acting in accordance with Swiss law and European standards under MiCA, the Company also ensures, where appropriate and permitted by law, the publication of information on transactions made, including volumes and transaction prices, which supports the building of trust and transparency in the cryptocurrency sector. These activities are in line with the broader regulatory approach that aims to adapt the key rules of the financial markets to the specificities of crypto‑assets.
1.5. In line with the principle of technological neutrality, the Company ensures that its commercial practices and client‑onboarding processes do not confer preferential treatment to any specific category of crypto‑assets, distributed‑ledger‑technology protocols, or client profiles, unless such differentiation is objectively justified based on risk‑based criteria and proportionality principles.
1.6. The Company undertakes to implement robust internal governance frameworks that ensure the operational independence of commercial decision‑making from undue influence, including from affiliated entities, majority stakeholders, or high‑volume clients. Such independence is key to upholding the market‑integrity obligations mandated under MiCA Article 77 and relevant Swiss supervisory standards.
1.7. The Company commits to continuously monitoring market conditions, systemic vulnerabilities, and cross‑border regulatory developments to ensure that its commercial terms, pricing models, and transaction criteria remain aligned with the dynamic risk profile of the crypto‑asset ecosystem, while maintaining full compliance with the principles of equal access and non‑discrimination.
2. POLICY OBJECTIVE
2.1. The purpose of this Policy is to ensure that the Company’s activities comply with the regulatory requirements set out in applicable Swiss law and, where relevant, the MiCA Regulation, and to establish rules for the fair and transparent conduct of exchanges of crypto‑assets for fiat or other crypto‑assets. The procedure aims to eliminate the risk of discrimination against clients, ensure equal access to services and increase the transparency of transactions. In addition, the document sets out mechanisms for monitoring and enforcing compliance with the regulations, as well as ways to inform clients about the Company’s rules.
2.2. This Policy also seeks to operationalize the principles of fair treatment, client categorization, and transparency by setting forth clear internal standards for assessing client eligibility, access to specific services, and pricing schemes, thereby ensuring that any differentiation in service levels is based solely on objective, risk‑based, and legally justifiable criteria.
2.3. In line with the Company’s commitment to good governance and client protection, this Policy reinforces the obligation to disclose commercial terms, pricing models, and risk factors in a manner that is clear, comprehensible, and accessible to all categories of clients, irrespective of their sophistication or jurisdiction of residence.
2.4. The Company seeks to cultivate a culture of accountability and regulatory alignment by ensuring that all relevant stakeholders — including senior management, staff, and service providers — are fully informed of, and trained on, the practical application of the principles enshrined in this Policy and their role in safeguarding non‑discriminatory market conduct.
3. DEFINITIONS
3.1. Client — a natural or legal person who is eligible to use the Company’s services and enters into a business relationship with the Company under the terms of this Policy.
3.2. Know Your Customer (KYC) — the process through which the Company verifies a client’s identity, legal status, and business activity as part of initial and ongoing due diligence.
3.3. High‑Risk Jurisdiction — a country or territory identified as presenting elevated AML/CFT risks, including those listed by FATF, the EU, the UN, Switzerland or other competent authorities.
3.4. Restricted Jurisdictions List — a dynamic internal register of countries from which clients are not accepted, based on regulatory guidance and the Company’s risk appetite.
3.5. Client Classification — a formal categorization process applied to incorporated legal entities during onboarding, determining the client’s risk level, service permissions, AML/CFT monitoring intensity, and reporting obligations.
3.6. Ultimate Beneficial Owner (UBO) — the natural person(s) who ultimately owns or controls a legal entity, whose identity must be disclosed and verified during the onboarding process.
3.7. Client Reclassification — a regulated process whereby a client’s classification may be modified based on material changes in business model, licensing status, transactional behavior, or ownership structure.
3.8. Classification Binding Status — the assigned classification becomes enforceable upon confirmation and may not be altered by client request alone without documented grounds and compliance approval.
3.9. Periodic Classification Review — a scheduled or event‑driven reassessment of a client’s classification to reflect updated risk factors, changes in structure, or compliance alerts.
3.10. Source of Funds / Source of Wealth — documentary evidence indicating the origin of funds used in crypto transactions and the overall financial background of the entity and its UBOs.
3.11. Non‑Discriminatory Access — the principle of applying uniform onboarding and verification standards to all eligible clients regardless of size, jurisdiction, or commercial importance.
3.12. Functional Parity — the principle that all client categories receive the same interface, API tools, transaction routing, and post‑trade services without preferential handling or expedited paths.
3.13. Objective Pricing Model — a fixed and transparent pricing structure based solely on market inputs, excluding subjective discounts, mark‑ups, or discretionary pricing incentives.
3.14. Pricing Methodology — a structured, algorithm‑driven approach used by the Company to determine crypto‑asset prices based on real‑time liquidity provider data, public indices, and internal validation mechanisms.
3.15. Client Dashboard — the digital interface through which clients view real‑time pricing, applicable fees, and order‑confirmation data before transaction execution.
3.16. Compliance Management System (CMS) — the Company’s primary internal repository for storing and managing KYB files, classification decisions, approvals, and compliance documentation.
3.17. Customer Risk Register (CRM Extension) — a dedicated module that tracks a client’s risk score, classification category, and ongoing AML alerts or reclassification triggers.
3.18. Document Management System (DMS) — the secured archive for official client records, including certificates, licenses, declarations, and correspondence, stored in audit‑compliant, tamper‑evident formats.
3.19. Transaction Ledger — a tamper‑proof system record of all executed client transactions, including timestamps, pricing, spread, and client identifiers, maintained for audit and supervisory review.
4. TYPE OF CLIENTS AND TERMS OF TRANSACTIONS
4.1. The Company indicates that it agrees to transact with the following types of Clients:
(i) Professional clients — legally registered small and medium‑sized enterprises engaged in cross‑border digital activities (e.g., SaaS providers, IT companies, marketing and consulting firms), primarily using crypto‑assets for business‑to‑business invoicing, payroll, and settlement purposes;
(ii) Financial Institutions (Fintech and Payment Platforms) — regulated or licensed financial technology entities, including PSPs, EMIs, and neobanks, that integrate crypto‑fiat exchange flows into their operational infrastructure through APIs or white‑label solutions;
(iii) Corporate Clients (Regulated Advisors and Corporate Service Providers) — licensed legal, tax, and fiduciary professionals (e.g., accountants, law firms, corporate advisors) transacting on behalf of corporate clients for the purposes of treasury operations, settlements, and managed client mandates;
(iv) Financial Institutions (Licensed iGaming and Forex Operators) — entities operating under national, EU or Swiss regulatory frameworks for online gaming or foreign‑exchange services, using compliant crypto payment rails and engaging in crypto‑fiat conversion and acceptance activities;
(v) Crypto‑Asset Service Providers (OTC Brokers, Funds, and Corporate Treasuries) — institutional participants managing proprietary or client‑held crypto portfolios, including OTC desks and investment funds, typically involved in high‑frequency, high‑volume crypto‑to‑crypto transactions and treasury operations.
5. The entire pricing process is governed by internal controls to safeguard against arbitrary, biased, or preferential pricing, in full compliance with applicable Swiss law and, where relevant, the non‑discrimination requirements of MiCA Article 77(2).
6.FINAL PROVISIONS
This Policy is reviewed at least once per year by the Compliance Department or earlier in case of regulatory updates, supervisory feedback, or internal risk triggers.