Damex UK

About Us / Company Background

Damex.io and our group of companies started as a Gibraltar regulated business serving global clients since 2017. The Damex.io group continues to serve its customers through its OTC (Over-the-Counter) and EMI (Electronic Money Institution) services from Gibraltar. Additionally, Damex has a separate presence and operations in Europe, focusing on retail application customers and aspects of B2B IBAN services and offerings.

We enable cross-border settlements through regulated platforms and leverage blockchain technology for security.

Damex also offers a digital asset finance application designed to facilitate secure financial transactions for its Retail customers. Our platform provides IBAN services for both fiat and digital asset transactions.

Promotion Notice

Since 2017, the Damex.io group has been regulated and has implemented various leading standards in relation to customer care, communications and integrity. This means that we have been ensuring that, among other things, we provide our services and communications to clients and the public in a manner that is transparent, not misleading, fair and honest.

Regulatory changes

With a maturing regulatory environment around Digital Assets in the regions we service, Damex.io continues to improve and implement changes in relation to communications that uphold standards of clear communications that contain fair and honest information.

Notwithstanding our efforts to lead and build on good practices, until there may be a more harmonised regulatory environment across the regions we serve, we are required to frequently revise how we communicate with customers and the public, particularly in relation to promotions. This means that due to regulatory changes, we may need to change how we communicate with you depending on where you may be resident.

United Kingdom

With effect from the 8 October 2023, as a result of regulatory changes in the United Kingdom in the form of the Financial Promotion Rules and their applicability to crypto assets, we have introduced measures that change how we communicate with UK residents. Among the changes, we have introduced and continue to introduce further prominent risk disclaimers as well as other measures to prevent UK residents accessing particular promotions. In addition to this, we are taking more considerable measures to be able to provide full Digital Asset promotions.

If you have an account with us, these changes will not affect your account. Your account, balances and access to services should continue as normal.

As a resident in the UK, if you wish to find out more information or receive updates please consider our UK specific social media channels and web-pages.

This page will be updated from time to time. For any particular enquiries please email [email protected].

12 October 2023.

Sam Buxton
Co-Founder & CEO
Samuel Rondot
Managing Director Damex Business
Scott McKim
Co-Founder & Chief Operating Officer
Erwin Gerritsen
Chief Product Officer

Disclaimer

The information displayed on this website is for general informational purposes only.

Digital Assets are high risk assets
Purchasing and investing in Digital Assets is a high-risk activity which incurs risks which are not inherent in managing traditional financial instruments and other assets. The value of digital assets, other digital assets or fiat currencies is not indicative of future performance.

Digital Asset Management Limited is a Company registered in Gibraltar with registration number 116618, with registered business names and trading as ‘Damex’ and ‘Damex.io’. Damex is authorised by the Gibraltar Financial Services Commission (Licence Number 24738) as a Distributed Ledger Provider to provide custody solutions and broker/dealer services under the Financial Services Act. These services are separate and unrelated to the account and payment services you receive from Modulr FS Ltd. Digital Asset Management Limited is a registered EMD agent of Modulr FS Limited, a company registered in England and Wales with company number 09897919, which is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr FS Limited. Your card is issued by Modulr FS Limited pursuant to a license by Visa Europe. Visa and the Visa brand mark are registered trademarks of Visa Europe.

Damex.io UAB is a joint stock company registered in the Republic of Lithuania (under company number 306148560), with registered address at Žygimanto Liauksmino str. 3, Vilnius, Lithuania and is registered by the State Enterprise Centre of Registers of the Republic of Lithuania as a provider of virtual currency exchange and virtual currency wallet provider. These services are separate and unrelated to the account and payment services you receive from Modulr Finance B.V . Damex.io UAB is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your card is issued by Modulr Finance B.V. pursuant to a license by Visa Europe. Visa and the Visa brand mark are registered trademarks of Visa Europe.

Your account and related payment services are provided by Modulr FS Limited, if you are registered in the UK, and by Modulr Finance B.V., if you are registered in the EU. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme (FSCS) your funds will be held in one or more segregated accounts and safeguarded in line with the Electronic Money Regulations 2011 (in the UK) and the Dutch Financial Supervision Act (Wet op het Financieel Toezicht, Wft) (in the EU). Click here to find out more.

The Damex application is presently undergoing testing and regulatory registrations in various jurisdictions. As a result, full public release and features of the application in your jurisdiction is subject to Damex’s permissions and authorisations.

Please also see our Risk Notice for further information.”

Risk Notice

Damex
Ziglu Migration

December 2024

Frequently Asked Questions

As you may have read, Damex’s retail arm has been acquired by Ziglu, one of the world’s leading licensed cryptocurrency platforms. We’re ready to officially join forces, so you can benefit from Ziglu’s platform.

If you are a UK or Gibraltar retail customer, we invite you to transfer your account and services with Ziglu. 

If you are an EEA customer migration to Ziglu will be available in phase two, expected in Q1 2025.

The transfer process of your Damex account to Ziglu is simple and secure.

Simply follow the link in your email to create your Ziglu account, where you will be guided through the necessary steps to confirm your account details and agree to Ziglu’s Terms of Service. 

Suppose you are already a Ziglu customer then, good news! In that case, simply email us at [email protected] requesting a balance transfer to your Ziglu account. Once we’ve done all the necessary verification we will connect your Ziglu account and you will see your Damex funds reflected there within 5 business days, at no cost to you.  

Once you’ve been verified as a Ziglu customer, Damex will receive a prompt and any remaining balance on your Damex App will be automatically transferred to your Ziglu account within 5 business days, at no cost to you.

Accounts & Payments

  • GBP Safeguarded Account
  • FPS Deposits & Withdrawals
  • Confirmation of Payee
  • Open Banking – Inbound Payments
  • Peer to Peer payments (transfer instantly to other Ziglu customers)
  • Standing Orders (outbound)

Exchange & Trading Features

  • FX – EUR and USD Exchange
  • Crypto – 15+ curated cryptocurrencies
  • Crypto Price Alerts – daily price notification and volatility notifications
  • Trading types: instant market order / recurring orders / target price orders – exchange when market hits a target price set by the user
  • Crypto – Financial Promotions Assessment (customer required to complete prior to accessing Crypto features)

Crypto Yield Accounts

  • Ziglu Boost accounts with up to 6% yield on 6 currencies
  • Yield paid weekly with instant deposit & withdrawals to the account

Cards [UK only, GIB feature access from 2025]

  • Physical Card
  • Virtual Card
  • Mobile Wallet – Apple Pay & Google Pay

Settings & Other

  • marketing preferences – SMS/ Email/ Push Notification
  • contact customer support – email only

There is no charge to a customer when ordering either a Virtual or Physical card.

Ziglu does not currently support direct debits for the account.  It’s recommended that customers change any required direct debits to a supported account.

  • Ziglu customers can deposit and withdraw GBP onto the platform using their safeguarded account.
  • Customers can also instantly transfer Fiat and Crypto to other Ziglu customers using peer-to-peer transfers
  • Customers are also able to use their GBP, EUR, and USD balances to pay and make purchases at vendors using their Ziglu Mastercard Debit Card

Transactions will be charged to the currency the card has been issued in. Any transactions that take place outside of the issued currency will incur the Mastercard FX rate fee.  When traveling there is the option to temporarily convert currency into either USD or EUR with a favourable FX rate, transactions will then be linked to that currency.  

  • Damex customers have to download the latest version of the Ziglu app from their device app store
  • Customers are then to complete the sign up process to become a Ziglu customer
  • If you’re already a Ziglu customer then X

More information on asset support and services offered by Ziglu for Damex clients can be found here. 

Not all assets provided by Damex are offered by Ziglu. If you own one of the following assets, you must exchange or withdraw it from the Damex App before signing up with Ziglu:

  • Damex Token 
  • USDT 
  • USDC 
 
If you currently hold Damex tokens and wish to continue trading it after the specified transition date, please note that Ziglu does not offer support for this asset. However, you can still trade (buy, sell & hold) your Damex Token by creating an account with BitMart or AscendEX (BitMax).
 
Here’s what you will need to do:
 
  1. Create a BitMart or AscendEX (BitMax) account: Please use the below links to sign up – BitMart or AscendEX (BitMax)
  2. Transfer Your Tokens: Ensure you transfer your Damex Token to Coinstore before the transition date to avoid any disruptions in trading.
 
Remember, transferring to an ERC-20 address is crucial for compatibility with the above providers platform.
 
If you encounter any issues or need further guidance, please reach out to customer support for assistance.
 
Please act promptly to avoid disruption of your trading activities with Damex Token.

If you do not wish to transfer your Damex account to Ziglu, you can withdraw your assets and close your account.

  • Max number of ATM withdrawals allowed (per day): 10
  • Max number of ATM withdrawals allowed (per 4 days): 30
  • Max value of ATM withdrawals allowed (per day): £500
  • Max number of POS transactions allowed (per day): 50
  • Max value of POS transactions allowed (per day): £10,000
  • Max value of POS transactions allowed (per 4 days): £40,000
  • Max number of Virtual Cards allowed in a 28 day period: 5
  • Max number of Virtual Cards allowed: 20

Apple Pay is currently not present in Gibraltar