Do the Keys expire?

Yes, the Keys will expire within 7 days from the moment you receive the Key (subject to an Administrative decision), so please make sure to use them in the available timeframe. 7 days mean exact full days, so if you activate the Key at 15:35 on Monday, it will expire next Monday 15:34.
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You can check the expiry date information in your Inventory > Key Ring, under the name of each Key.