Frequently asked questions pertaining to account migration from Fusang Exchange to Block Tree.
Fusang Exchange is changing its focus to serve regulated financial institutions exclusively, similar to traditional stock exchanges. As a result, access by individual investors will only be possible through one of our Exchange Members. In order to continue to serve our existing clients, Fusang Exchange has decided to move all individual clients to Block Tree Ltd, an associated member of the Fusang Group and a broker member of Fusang Exchange.
Yes. Block Tree is a licensed fund management company and is regulated by the Labuan Financial Services Authority.
The migration to Block Tree is a mandatory process for all clients to ensure compliance with regulatory requirements and to maintain the integrity and security of your assets and data. However, should you request for a further migration from Block Tree to another broker member within the Fusang Exchange network, that is possible when your desired broker joins us as an Exchange Member. Alternatively, you may also choose to move all your holdings to another service provider even before the migration takes place.
While we encourage our clients to consent for a smooth transition, in case of disagreement, your assets will still be safeguarded by us. However, they will be treated as unclaimed assets and custodised in segregate wallets in accordance with regulatory requirements.
Your personal information and assets will be securely protected throughout the migration process. We have implemented robust security measures and encryption protocols to safeguard your data and assets, ensuring compliance with all relevant legal and regulatory requirements.
You will have time to respond till 11 December 2023, after which your account balances will be moved to an unclaimed asset pool, and your account with Fusang Exchange will be deactivated. Should you wish to move your balances (not FSC tokens) to another third-party wallet please contact support@fusang.co.
After receiving our email notification on [30 October 2023 / 6 November 2023], you will soon receive an official notice outlining the account migration. Subsequently, you will receive an email containing a link that allows you to electronically provide your consent.
By agreeing to the migration on the consent form, you are granting Fusang Exchange the right to transfer your digital identity and associated assets to Block Tree to facilitate the seamless transition to the new platform. Specific details about the rights and implications of this transfer will be outlined in the consent form for your review and acceptance.
Once you have provided your consent for the migration, it may not be easily revocable due to regulatory and operational considerations. However, any specific provisions regarding the revocability of consent will be detailed in the consent form for your review and understanding.
There will be no changes while your account balances are accessible and transferable till 11 December 2023.
There are no fees charged, except when assets are withdrawn to external wallets.
There are no changes.
Block Tree will send out a notification to all clients once the migration has been concluded, and it is expected full migration will take [1 week], after which you will be able to start trading again.
FSC tokens will continue to be administrated by Fusang Custody Ltd. In cases where clients disagree or do not respond, Fusang Custody will hold their FSC tokens in trust. It is worth noting that account holders who do not consent to the migration, will lose access to view their account holdings until an account is established with Block Tree. However, please rest assured that your FSC tokens will continue to be held in safe custody.
Trading (buying, selling, and transferring) of FSC tokens will be addressed separately. The status of FSC tokens and their tradability via Block Tree will be communicated to you once Fusang Corp decides on the way forward with regards to its initial public offering.
FSC token is non-tradable at the moment.
There is no split nor consolidation of the FSC tokens. You will continue to hold the same number of tokens.
If you have given a positive consent, you will be able to access your account after migration and view all your account balances including FSC token holdings, if any.
There are no changes.
Yes you can. Should you wish to deactivate or close your account permanently, you may write to us at support@fusang.co.
If you've lost your two-factor authentication ("2FA"), please contact us at support@fusang.co to request access to your account. We will need you to undergo an identity verification process through a Zoom call before we can issue you a new 2FA.
After the migration, a dedicated support email account will be made available to assist you.
There is no cost charged.
You will use the same login credentials to access your new Block Tree account.
Your personal and financial data will be safeguarded with the utmost security during the migration. We have implemented stringent data protection measures and encryption protocols to ensure full compliance with legal and regulatory requirements.
If you have further questions or concerns about the migration, you can reach out to us by emailing support@fusang.co. We are here to assist you and address any inquiries you may have.
Please refer to our Guidance Note for a detailed step-by-step explanation of how the migration will take place. If you require further clarification or assistance, don't hesitate to reach out to us.